Group 1 - The company announced a semi-annual distribution plan for 2025, proposing a cash dividend of 10 yuan per share (before tax), with a total payout of 213 million yuan, marking the 10th distribution since its listing [3] - The payout amount represents 132.61% of the company's net profit for the period, indicating a high payout ratio [3] - The calculated dividend yield based on the average trading price for the first half of 2025 is 3.19% [3] Group 2 - The company reported a revenue of 1.683 billion yuan for the first half of 2025, reflecting a year-on-year decline of 40.95% [1] - The net profit for the same period was 161 million yuan, down 32.20% year-on-year, with basic earnings per share at 0.75 yuan [1] - Recent market activity shows a net outflow of 2.6534 million yuan in principal funds today, with a total net outflow of 26.5089 million yuan over the past five days [2]

Financial Performance - The company reported a revenue of 1.683 billion yuan for the first half of 2025, representing a year-on-year decline of 40.95% [2][3] - The net profit attributable to shareholders was 160 million yuan, down 33.51% compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses was 160 million yuan, reflecting a decrease of 32.33% year-on-year [2][3] - The total assets as of June 30, 2025, were 4.724 billion yuan, an increase of 16.95% compared to the end of the previous year [2][3] - The net assets attributable to shareholders were 1.816 billion yuan, showing a slight decline of 0.71% year-on-year [2][3] Earnings Per Share - Basic earnings per share for the first half of 2025 were 0.75 yuan, down 32.43% from 1.11 yuan in the same period last year [4] - Diluted earnings per share were also 0.75 yuan, reflecting the same percentage decrease [4] - The weighted average return on equity decreased to 8.83%, down 7.66 percentage points from the previous year [4] Industry Position and Market Outlook - The company primarily provides high-end cleanroom system integration solutions, with 96.84% of its revenue coming from the electronics industry, including IC semiconductors and advanced packaging [5] - The company's clients are mainly large and medium-sized leading enterprises in the relevant industries, which have strong risk resistance and are less affected by global financial crises [5] - The demand for cleanroom engineering services is expected to remain strong in the medium to long term, supported by ongoing economic growth in China [5] - The company is benefiting from accelerated investments in overseas chip-related fields, with contract targets for the first half of 2025 expected to be met [5] - Although revenue has declined due to the preparatory phase of large projects, the company anticipates that revenue will rebound with the commencement of project installations in the third quarter [5]

股东大会法律意见书 北京海润天睿律师事务所 关于亚翔系统集成科技（苏州）股份有限公司 2025 年第一次临时股东大会的法律意见书 中国·北京 朝阳区建外大街甲 14 号广播大厦 5/9/10/13/17 层 二〇二五年七月 股东大会法律意见书 北京海润天睿律师事务所 关于亚翔系统集成科技（苏州）股份有限公司 2025 年第一次临时股东大会的法律意见书 致：亚翔系统集成科技（苏州）股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受亚翔系统集成科技（苏 州）股份有限公司（以下简称"公司"）的委托，指派吴团结、杜羽田律师出席 公司 2025 年第一次临时股东大会并对本次股东大会进行律师见证。 2、本所律师无法对网络投票过程进行见证，参与本次会议网络投票的股东 资格、网络投票结果均由相应的证券交易所交易系统和互联网投票系统予以认证。 3、本所及经办律师依据《中华人民共和国证券法》《律师事务所从事证券 法律业务管理办法》和《律师事务所证券法律业务执业规则》等规定及本法律意 见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽 责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认定的事实 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-027 亚翔系统集成科技（苏州）股份有限公司 2025年第一次临时股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 7 月 24 日 (二) 股东大会召开的地点：苏州工业园区方达街 33 号 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，半数以上董事推选董事毛智辉先生主持会议， 大会采用现场投票和网络投票相结合的表决方式进行表决，会议的召开和表决方 式符合《公司法》和《公司章程》的规定，合法有效。 (五) 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 | 1、出席会议的股东和代理人人数 | 191 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 46,977, ...

公司监事在全面了解和审阅公司 2025 年半年度报告后，发表审 核意见如下： （1）公司 2025 年半年度报告全文及摘要的编制和审议程序符合 法律、法规、公司章程和公司内部管理制度的各项规定。 （2）公司 2025 年半年度报告全文及摘要的内容和格式符合中国 证监会和上海证券交易所的相关规定，所包含的信息从各个方面真实、 准确、完整地反映了公司的经营管理和财务状况等事项。 证券代码：603929 证券简称：亚翔集成 公告编号：2025-029 亚翔系统集成科技（苏州）股份有限公司 关于第六届监事会第九次会议决议的公告 本公司监事会及全体监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 完整性承担个别及连带责任。 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"） 第六届监事会第九次会议于 2025 年 7 月 16 日以书面方式发出会议通 知和会议材料，并于 2025 年 7 月 24 日以现场、通讯的方式召开。本 次监事会会议应到监事三名，实到监事三名,符合《公司法》和《公司 章程》的规定。会议由监事会主席王富琳先生主持。本次会议的召开 符合《公司法》、《 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-028 表决结果：赞成 9 票；反对 0 票；弃权 0 票。 具体内容详见同日披露的《公司 2025 年半年度报告全文及摘要》（公告 编号：2025-030）。 亚翔系统集成科技（苏州）股份有限公司 关于第六届董事会第九次会议决议的公告 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个 别及连带责任。 一、董事会会议召开情况 亚翔系统集成科技（苏州）股份有限公司（以下简称"公司"）第六届 董事会第九次会议于 2025 年 7 月 16 日以书面方式发出会议通知和会议材料， 并于 2025 年 7 月 24 日以现场、通讯的方式召开。本次会议应出席会议董事 9 名，实际出席会议董事 9 名。 本次会议由半数以上董事推选董事毛智辉先生主持，公司监事和高级管 理人员列席会议。本次会议的召开符合《公司法》、《上海证券交易所股票上 市规则》等有关法律、行政法规、部门规章、规范性文件和《公司章程》的 规定。会议决议合法有效。 二、董事会会议审议情况 1、审议通过《关于公司 2025 年 ...

证券代码：603929 证券简称：亚翔集成 公告编号：2025-031 亚翔系统集成科技（苏州）股份有限公司 关于 2025 年度中期对 2024 年度剩余可分配利润进行 现金分红的公告 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 担个别及连带责任。 重要内容提示： 每股分配比例：每 10 股派发现金红利 10 元（含税）。 本次中期分红预案以实施权益分派股权登记日登记的总股本 为基数，具体日期将在权益分派实施公告中明确,本次分红预案不涉 及差异化分红。 在实施权益分派的股权登记日前公司总股本发生变动的，维持 分配总额不变，相应调整每股分配比例，并将另行公告具体调整情况。 一、中期分红预案内容 公司 2025 年半年度实现净利润 159,024,667.16 元（未经审计）。 截至 2025 年 6 月 30 日，公司未分配利润为 1,148,922,363.72 元（未 经审计）。公司董事会依据利润分配政策以及 2024 年度股东大会的授 权，提出 2025 年半年度利润分配预案如下： 公司拟以实施权益分派股权登记日登记的总股本为基 ...

亚翔系统集成科技（苏州）股份有限公司2025 年半年度报告 公司代码：603929 公司简称：亚翔集成 亚翔系统集成科技（苏州）股份有限公司 2025 年半年度报告 1 / 191 亚翔系统集成科技（苏州）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人姚祖骧、主管会计工作负责人王明君及会计机构负责人（会计主管人员）刘澍 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经本公司2025年7月24日董事会会议同意，公司决定以2024年年末总股本21,336万股为基数向 全体股东每10股派发现金红利 10元(含税)，分红总额为人民币213,360,000.00元，不送股，不转增 股本，剩余未分配利润全部结转以后年度分配。该项议案已获2025年4月8日召开的2024年度股东 大会授权。 六、 前瞻性陈述的风 ...

Key Insights - The report highlights the significant growth potential for Yaxin Integration (亚翔集成) in the semiconductor industry, particularly in Singapore, as it becomes a preferred destination for semiconductor capacity migration due to geopolitical uncertainties [8][9] - The company has secured major semiconductor engineering orders in Singapore, indicating a strong demand for its services and a robust pipeline of future projects [9] - The valuation of Yaxin Integration is significantly lower than its peers, suggesting potential for revaluation as its overseas business continues to grow [10] Industry Overview - The semiconductor industry is experiencing a shift in investment towards Southeast Asia, particularly Singapore, as companies seek to mitigate risks associated with supply chain disruptions and geopolitical tensions [8] - The high-tech manufacturing sector is showing stable performance, with indicators suggesting a steady economic environment and positive trends in consumer spending [11][14] - The report notes that the high-tech manufacturing diffusion index remains stable, reflecting consistent growth in sectors such as semiconductors and pharmaceuticals, while some areas like new energy are facing challenges [11][12]

Investment Rating - The investment rating for the company is "Outperform the Market" [5]. Core Views - The company is positioned to benefit from the ongoing semiconductor capacity migration to Singapore, which is seen as a safe haven amid geopolitical uncertainties [1][46]. - The company has secured significant semiconductor engineering orders in Singapore, indicating strong demand and potential for revenue growth [2][30]. - The valuation of the company is significantly lower than its peers, suggesting potential for revaluation as overseas business continues to grow [2][19]. Summary by Sections Investment Recommendations - The profit forecast has been raised, maintaining the "Outperform the Market" rating. The projected net profits for 2025-2027 are 477 million, 816 million, and 713 million yuan respectively, with corresponding earnings per share of 2.24, 3.83, and 3.34 yuan [3][4]. Financial Forecasts and Indicators - The company’s revenue is expected to grow significantly, with projected revenues of 3,201 million, 5,381 million, 4,570 million, 6,369 million, and 5,871 million yuan from 2023 to 2027, reflecting a growth rate of 5.3%, 68.1%, -15.1%, 39.4%, and -7.8% respectively [4]. - The company's EBIT margin is projected to improve from 10.1% in 2023 to 12.8% in 2027, indicating enhanced profitability [4]. Market Trends - Singapore is becoming a key hub for semiconductor manufacturing, contributing 10% of global semiconductor output and 20% of semiconductor equipment output, with a manufacturing output value exceeding 1,330 billion SGD (approximately 1,010 billion USD) in 2023 [33][34]. - The Singapore government is actively supporting the semiconductor industry through strategic fiscal policies, including a 180 billion SGD investment from 2021 to 2025 to bolster R&D and infrastructure [34][37]. Company Positioning - The company has a strong competitive edge in the semiconductor cleanroom engineering sector, leveraging its parent company's resources and expertise to expand its overseas market presence [11][12]. - The company has secured major contracts with leading semiconductor manufacturers, including UMC and VSMC, which are expected to significantly contribute to its revenue in the coming years [30][31].