Summary of Key Points Core Viewpoint - The company has announced a guarantee agreement with CITIC Bank Shanghai Branch, providing a maximum guarantee of RMB 10 million for Shanghai Shengjian Microelectronics Co., Ltd. from November 13, 2025, to November 13, 2028, to support its business operations and development [1][6]. Group 1: Guarantee Overview - The company signed a maximum guarantee contract with CITIC Bank Shanghai Branch, agreeing to provide joint liability guarantees for a series of contracts signed by Shanghai Shengjian Microelectronics [1]. - The total expected guarantee amount for 2025 is RMB 140 million, which includes guarantees for several subsidiaries [2]. - The forms of guarantees include credit guarantees, mortgage guarantees, and pledge guarantees, among others [3]. Group 2: Internal Decision-Making Process - The company aims to improve the efficiency of its subsidiaries' applications for comprehensive credit limits from banks, complying with relevant regulations [2]. - The board of directors approved the expected guarantee amount during meetings held on December 23, 2024, and January 16, 2025 [3]. Group 3: Guarantee Agreement Details - The guarantor is Shanghai Shengjian Technology Co., Ltd., and the creditor is CITIC Bank Shanghai Branch, with the debtor being Shanghai Shengjian Microelectronics [6]. - The maximum guarantee amount includes not only the principal but also interest, penalties, and all related costs [6][7]. - The guarantee period is three years from the expiration of the debt performance period [7]. Group 4: Necessity and Reasonableness of the Guarantee - The guarantee is deemed necessary for the business development of Shanghai Shengjian Microelectronics and aligns with the company's overall interests and development strategy [8]. - The company can effectively manage the subsidiary's operations and creditworthiness, ensuring that the guarantee risk is controllable [8]. Group 5: Board of Directors' Opinion - The board believes that the expected guarantee amount is a reasonable need for the daily operations and funding of the subsidiaries, contributing to the company's stable and sustainable development [9]. - The board has noted that some subsidiaries have a debt-to-asset ratio exceeding 70%, but the company can effectively control the associated risks [9]. Group 6: Cumulative Guarantee Situation - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to RMB 140 million, accounting for 83.26% of the latest audited net assets [10]. - There are no overdue guarantees, and the company has not provided guarantees to controlling shareholders or related parties [10].

Core Viewpoint - Shengjian Technology announced that the company has no overdue external guarantees [2] Summary by Relevant Sections - Company Announcement - Shengjian Technology released a statement confirming the absence of overdue external guarantees [2]

上海盛剑科技股份有限公司 关于 2025 年度担保额度预计的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 证券代码：603324 证券简称：盛剑科技 公告编号：2025-069 | | | 被担保人名称 本次担保金额 | 1,000.00 | 上海盛剑微电子有限公司 万元 | | | --- | --- | --- | --- | --- | --- | | 担 象 | 保 对 | | | | | | | | 实际为其提供的担保余额 | 万元 0.00 | | | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 140,000.00 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净 ...

Core Viewpoint - The company has officially launched its "Domestic Semiconductor Process Auxiliary Equipment and Key Components Project (Phase I)" in March 2023, focusing on producing essential semiconductor auxiliary equipment and components [1] Group 1: Project Overview - The project aims to manufacture products such as process waste gas treatment equipment, vacuum equipment, and temperature control equipment [1] - The semiconductor auxiliary equipment and core components business is a strategic focus for the company, which is actively increasing product research and market expansion efforts [1] Group 2: Market Development - The company is continuously expanding its L/S market and is making progress in customer validation and supplier access for new products [1] - The company has secured some important customer testing orders, intention orders, or formal orders, indicating positive market reception for new products [1] Group 3: Performance Outlook - The new products are currently in the market promotion stage, and there is uncertainty regarding their short-term impact on the company's performance [1]

Group 1 - The core viewpoint of the article highlights that Shengjian Technology's production bases in Hefei and Shanghai are operational, focusing on electronic materials products [1] - The company reported that revenue from electronic chemical materials reached 24.0557 million yuan in the first half of 2025, marking a significant year-on-year growth of 90.43% [1]

Core Viewpoint - Shengjian Technology (603324) is recognized as a leading green technology service provider in China's high-tech industry, focusing on semiconductor and electronic chemical materials [1] Group 1: Business Overview - The company has developed a main business model consisting of three pillars: "green factory system solutions, semiconductor auxiliary equipment and core components, and electronic chemical materials" [1] - Shengjian Technology has established long-term service relationships with numerous well-known enterprises in the integrated circuit, semiconductor display, and new energy sectors [1] Group 2: Industry Engagement - The company actively participates in significant industry exhibitions and forums to showcase its products and services, as well as to explore new collaboration opportunities [1] - In October, the company attended the 2025 Bay Area Semiconductor Industry Ecosystem Expo ("Bay Chip Expo") held in Shenzhen [1]

Core Viewpoint - The company has confirmed that its production bases in Hefei and Shanghai are operational and focused on electronic materials, with significant revenue growth projected for electronic chemical materials by mid-2025 [1]. Group 1: Production and Capacity - The company produces photoresist stripping solutions at both the Shanghai Chemical Park and the Hefei base [1]. - Both production bases have either commenced production or are in trial production phases [1]. - The company plans to achieve revenue of 24.06 million yuan from electronic chemical materials in the first half of 2025, representing a year-on-year growth of 90.43% [1].

Macro Overview - 2025 is characterized as a turning point for China's macroeconomic landscape, with expectations for a brighter macroeconomic outlook in 2026 [2] - The U.S. economy is experiencing a dual-speed growth pattern, with rapid expansion in AI-related investments and slightly below-trend growth in traditional sectors [2][3] Investment Strategy - The profit cycle is expected to rebound due to approaching turning points in capacity and inventory cycles, with positive signals from the real estate cycle and overseas expansion [3] - Relative valuations in the Chinese market still have room for improvement, making Chinese assets attractive [3] - The market style is anticipated to rebalance rather than switch, focusing on seven key investment themes including policy, technology, real estate, and capital market reforms [3][4] Fixed Income Market - The global investment landscape is expected to see a shift with a focus on domestic demand and technology, leading to a potential recovery in nominal GDP growth [6] - The bond market is likely to exhibit characteristics of low interest rates and high volatility, with a projected yield range for ten-year government bonds between 2.0% and 2.1% [6] Equity Market Insights - The insurance sector is shifting towards dividend insurance products, with positive sales trends expected to continue into 2026 [8] - The securities market is undergoing a transformation, with low interest rates enhancing the attractiveness of equity assets and sustainable inflows of new capital [9] Company-Specific Analysis - Xinquan Co., Ltd. reported Q3 revenue of 3.954 billion yuan, a year-on-year increase of 14.91%, but net profit decreased by 27.10% due to competitive pressures [10] - Jifeng Co., Ltd. achieved Q3 revenue of 5.608 billion yuan, with a net profit increase of 116.62% year-on-year, indicating strong order backlog and production ramp-up [11] - Guobo Electronics reported Q3 revenue of 498 million yuan, with a focus on mobile terminal expansion and military product recovery [12] - Icewheel Environment's Q3 revenue grew by 6.88% year-on-year, supported by recovery in commercial cold chain and new applications in data centers [13] - Changfei Optical Fiber's Q3 revenue increased by 16.27% year-on-year, driven by AI data communication demand [14] Sector Performance - The traditional energy sector, represented by Gansu Energy, showed a revenue increase of 1.33% year-on-year in Q3, benefiting from strong profitability in hydropower [26] - The pump manufacturing sector, led by Southern Pump, is expanding into new applications such as liquid cooling and data centers, with Q3 revenue showing a slight decline but net profit growth [27]

Core Insights - Shengjian Technology (603324.SH) reported its Q3 2025 financial results, revealing a total of 3 institutional investors holding shares, amounting to 5.7353 million shares, which represents 3.88% of the company's total equity [1] - The institutional holding percentage decreased by 2.17 percentage points compared to the previous quarter [1] Institutional Holdings - Three institutional investors disclosed their holdings in Shengjian Technology, including Shanghai Kunsheng Enterprise Management Partnership, Shanghai Science and Technology Venture Capital Co., Ltd., and the employee stock ownership plan of Shengjian Technology [1] - The total institutional holding percentage is now at 3.88% [1] Public Fund Disclosures - In this reporting period, 25 public funds were not disclosed compared to the previous quarter, including notable funds such as CITIC Prudential Multi-Strategy Mixed (LOF) A, Southern CSI Yangtze River Protection Theme ETF, and others [1]

Group 1 - The company, Shengjian Technology, held its 17th meeting of the third board session on October 28, 2025, via telecommunication to review the proposal for the Q3 2025 report [1] - For the first half of 2025, Shengjian Technology's revenue composition was as follows: semiconductor display accounted for 52.93%, integrated circuits for 45.25%, new energy for 0.98%, and others for 0.84% [1] - As of the report date, Shengjian Technology's market capitalization was 3.9 billion yuan [1]