Financial Performance - The company's operating revenue for Q1 2025 was ¥835,003,533.61, a decrease of 23.83% compared to ¥1,096,238,079.65 in the same period last year[3] - Net profit attributable to shareholders was ¥81,990,935.83, down 29.82% from ¥116,836,671.73 year-on-year[3] - Basic and diluted earnings per share were both ¥0.3843, reflecting a decrease of 29.82% from ¥0.5476 in the previous year[3] - Total revenue for Q1 2025 was CNY 835,003,533.61, a decrease of 23.87% compared to CNY 1,096,238,079.65 in Q1 2024[16] - The net profit for Q1 2025 was CNY 82,852,170.37, a decrease of 28.8% compared to CNY 116,374,405.83 in Q1 2024[17] - The total comprehensive income for Q1 2025 was CNY 89,129,790.77, down from CNY 113,697,072.53 in Q1 2024, representing a decline of 21.5%[18] - The company's total revenue for Q1 2025 was ¥805,568,420.71, a decrease of 26.4% compared to ¥1,093,783,629.84 in Q1 2024[26] - The net profit for Q1 2025 was ¥82,523,558.20, down 30.1% from ¥118,022,865.92 in Q1 2024[27] Cash Flow and Assets - The net cash flow from operating activities increased by 36.74% to ¥909,628,640.68, primarily due to advance payments received for the Singapore VSMC project[6] - Cash and cash equivalents increased to CNY 3,348,938,374.90 as of March 31, 2025, up 34.83% from CNY 2,483,621,459.26 at the end of 2024[12] - Cash and cash equivalents at the end of Q1 2025 reached CNY 3,322,187,735.66, up from CNY 1,683,457,657.35 at the end of Q1 2024, indicating a growth of 97.4%[21] - The company's cash and cash equivalents at the end of Q1 2025 were ¥3,165,042,137.81, up from ¥1,506,410,665.25 at the end of Q1 2024, representing a growth of 109.0%[30] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,957,390,786.98, an increase of 22.72% from ¥4,039,585,433.57 at the end of the previous year[4] - Total assets reached CNY 4,957,390,786.98, a growth of 22.73% compared to CNY 4,039,585,433.57 at the end of 2024[15] - Total liabilities increased to CNY 3,016,961,571.69, up 37.83% from CNY 2,189,645,964.88 at the end of 2024[14] - The total liabilities rose to ¥2,837,748,885.60 in Q1 2025, compared to ¥2,149,845,662.31 in Q1 2024, marking an increase of 31.9%[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,874[8] - The largest shareholder, 亚翔工程股份有限公司, holds 53.99% of the shares, totaling 115,200,000 shares[10] Research and Development - Research and development expenses for Q1 2025 were CNY 8,280,016.05, a decrease of 12.09% compared to CNY 9,419,841.38 in Q1 2024[16] - Research and development expenses for Q1 2025 were ¥8,280,016.05, a decrease of 12.1% from ¥9,419,841.38 in Q1 2024[26] Other Financial Metrics - The return on equity (ROE) decreased to 4.38%, down 3.49 percentage points from 7.87%[4] - The company reported a significant reduction in accounts payable, which decreased to CNY 1,357,998,732.48 from CNY 1,579,408,476.62[14] - The company experienced a net cash outflow from investing activities of CNY -50,955,015.78 in Q1 2025, compared to CNY -49,284,873.99 in Q1 2024[21] - The company's cash flow from investing activities for Q1 2025 was negative at -¥50,963,041.81, compared to -¥40,522,240.58 in Q1 2024[30] Future Outlook - The company has not disclosed any new product developments or market expansion strategies in this report[9] - The company will implement new accounting standards starting from 2025, which will involve adjustments to the financial statements at the beginning of the year[31]

附调研内容：1.公司认为关税问题是否影响公司的业务？答：亚翔集成作为系统集成工程建设企业，业 务不涉及对美出口且进口量极小，美国关税政策调整对公司影响有限。公司采用成本挂钩的定价机制， 可灵活调整报价策略以保障利润率，当前国际贸易环境变化对公司经营影响可控。在供应链方面，公司 材料和设备国产化率已达99%，仅少量客户指定进口高端设备。近年来，公司持续优化供应链布局，通 过与客户沟通减少进口依赖，有效增强了供应链稳定性，为应对国际贸易波动提供了有力支撑。公司将 继续聚焦工程服务领域，保持稳健发展态势。2、新加坡项目是否会持续高毛利率？海外市场的竞争情 况？答：首先，新加坡作为成熟市场，产业投资需求稳定但专业工程服务商相对有限，形成了良好的竞 争格局；其次，公司通过本地化运营团队与国际化管理体系的结合，实现了高效的资源整合与精准的成 本管控；再者，公司在新加坡市场已建立品牌口碑，具备承接优质项目的能力。未来，公司将继续发挥 工程管理优势，通过优化供应链、提升施工效率等措施维持合理利润水平，同时密切关注东南亚市场动 态，审慎评估新进入者带来的竞争变化，确保海外业务的可持续发展。3、公司感受到国内客户需求增 强，是否 ...

关于接待投资者调研情况的公告 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。 亚翔系统集成科技（苏州）股份有限公司于 2025 年 4 月11日通过现 场会议交流形式接待了投资者调研，现将有关主要调研情况公告如下： 一、 调研情况 调研时间： 2025 年 4 月 11 日 调研方式：现场会议交流 调研机构（排名不分先后）：华泰证券、国泰基金、华夏久盈、东北证券、 东吴证券、国信证券、宁银理财、淳厚基金、天风证券、中信证券、九富公关、 国金证券、广发证券、新华基金、九方智投、德汇集团、兴业证券、国海证券、 东方财富。 公司接待人员：CEO 执行长毛智辉，董事会秘书李繁骏，财务负责人王明 君，证券事务代表钱静波。 证券代码：603929 证券简称：亚翔集成 公告编号：2025-016 亚翔系统集成科技（苏州）股份有限公司 二、 调研交流主要内容及公司回复概要 1.公司认为关税问题是否影响公司的业务？ 答：亚翔集成作为系统集成工程建设企业，业务不涉及对美出口且进口量 极小，美国关税政策调整对公司影响有限。公司采用成本挂钩的 ...

Core Viewpoint - In 2024, Yaxiang Integrated achieved record-high revenue and net profit, driven by strong performance in engineering construction and effective cost management strategies [2][3]. Financial Performance - Yaxiang Integrated reported a total revenue of 5.381 billion yuan in 2024, representing a year-on-year increase of 68.09% [2][3]. - The net profit attributable to shareholders reached 636 million yuan, marking a year-on-year growth of 121.66% [2][3]. - The engineering construction segment generated 5.291 billion yuan in revenue, up 72.40% year-on-year, while equipment sales decreased by 35.33% to 65.8537 million yuan [3][5]. Profitability Metrics - The overall gross margin for 2024 was 13.55%, down from 14.17% in 2023, reflecting a decrease of 0.62 percentage points [5][7]. - The gross margin for the engineering construction business was 13.35%, a slight decrease of 0.12 percentage points year-on-year, while the equipment sales segment saw a more significant drop in gross margin to 23.03%, down 8.4 percentage points [5][7]. Regional Performance - Revenue from the domestic market was 3.038 billion yuan with a gross margin of 7.74%, down 5.68 percentage points from the previous year [7]. - The Singapore branch generated 2.282 billion yuan in revenue with a gross margin of 21.22%, an increase of 7.66 percentage points year-on-year [4][7]. - Revenue from Vietnam was 43.5444 million yuan, with a gross margin of 8.71%, down 63.24 percentage points compared to the previous year [7]. Client Concentration - Sales to the top five clients amounted to 4.723 billion yuan, accounting for 87.77% of total annual sales [8]. - The electronic industry, including IC semiconductors and optoelectronics, represented 99.15% of Yaxiang Integrated's main business revenue in 2024 [8].

证券代码：603929 证券简称：亚翔集成 公告编号：2025-015 亚翔系统集成科技（苏州）股份有限公司 2024 年年度股东大会决议公告 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 4 月 8 日 (二) 股东大会召开的地点：苏州工业园区方达街 33 号会议室 (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： | 1、出席会议的股东和代理人人数 | 178 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 148,959,800 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数 | 69.8161 | | 的比例（%） | | (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，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 ...

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 2024 年年度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 二〇二五年四月 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 2024 年年度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 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真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 4、本法律意见书仅供公司本次会议之目的使用，不得用作任何其他用途。 本所律师同意将本法律意见书随公司本次会议决议一并公告。 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、 ...

公司公告汇总 亚翔集成新加坡分公司中标了VisionPower Semiconductor Manufacturing Company Pte.Ltd.的MEP工程项 目，中标金额约为人民币3,163,000,000.00元（未税）。项目名称为VSMC FACILITY SYSTEM，位于新 加坡TAMPINES INDUSTRIAL AVENUE 1/2，预计工期到2027年9月。工程内容涵盖机械空调、电力、 给排水、消防、自控、广播、安保监控、PCW/PV/CV、工艺排气、共架、AMC、THC等。新厂计划于 2027年开始量产，预计2029年总产能达到单月5.5万片，主要生产混合信号、电源管理和模拟产品，支 持汽车、工业、消费性电子及移动装置等市场需求。此项目的成功实施将提升公司在海外工程业务承接 能力和国际工程项目开拓合作的经验，同时对公司的经营业绩和工程管理人才产生积极影响。公司需与 发包单位签署正式项目合同，具体建设内容、结算及付款方式等以正式合同为准。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构 成投资建议。 截至2025年3月2 ...

丨证券研究报告丨 公司研究丨点评报告丨亚翔集成（603929.SH） [Table_Title] 亚翔集成中标 VSMC MEP 31.63 亿元工程大单 报告要点 [Table_Summary] 亚翔系统集成科技（苏州）股份有限公司新加坡分公司于近日收到 VisionPower Semiconductor Manufacturing Company Pte.Ltd.发来的订单，确认亚翔新加坡分公司成为 VisionPower Semiconductor Manufacturing Company Pte.Ltd.的 MEP 工程承包单位。中标金额约为人民币 31.63 亿元。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 亚翔集成（603929.SH） cjzqdt11111 [Table_Title2] 亚翔集成中标 VSMC MEP 31.63 亿元工程大单 公司研究丨点评报告 [T ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][6] Core Views - The company has secured a significant order worth approximately RMB 3.163 billion for the VSMC Singapore wafer fab MEP (Mechanical, Electrical, and Plumbing) project, with a total of RMB 3.793 billion in orders accumulated from the VSMC project [2][10] - The company is a leading player in semiconductor plant system integration engineering, benefiting from the growing demand for semiconductor expansion in China and Southeast Asia [2][13] - The establishment of a wholly-owned subsidiary in Singapore aims to accelerate the company's layout in the Southeast Asian market, which is expected to drive continuous growth in performance [2][16] Summary by Sections Company Orders and Projects - The company announced the receipt of a major order from VSMC for the Singapore wafer fab project, with an expected completion date in September 2027 [2][10] - The company has previously secured a contract worth RMB 630 million for the VSMC facility system project, indicating a strong pipeline of projects [2][10] Market Dynamics - The semiconductor supply chain is shifting towards "short-chain" localization due to geopolitical uncertainties, with Southeast Asia emerging as a key region for semiconductor capacity construction [4] - The Southeast Asian semiconductor market is projected to grow from approximately USD 27 billion in 2020 to around USD 41.1 billion by 2028 [4] Financial Projections - The profit forecast for the company has been raised for 2025-2027, with expected net profits of RMB 478 million, RMB 637 million, and RMB 732 million respectively, reflecting a positive growth trajectory [3][19] - The earnings per share (EPS) estimates have also been adjusted to RMB 2.24, RMB 2.98, and RMB 3.43 for the same period [3][19] Strategic Positioning - The company is leveraging its parent company’s customer resources to accelerate its overseas market expansion, particularly in major projects [9] - The successful execution of the UMC Singapore project is expected to contribute significantly to the company's revenue and profit in 2025 [9][10]

每经记者 程雅 每经编辑 梁枭 4月1日晚，亚翔集成（SH603929，股价32.59元，市值69.53亿元）披露，公司新加坡分公司（以下简称 亚翔新加坡分公司）于近日收到VisionPower Semiconductor Manufacturing Company Pte.Ltd.（以下简称 VSMC）发来的订单，确认亚翔新加坡分公司成为VSMC的MEP工程承包单位。 资料显示，VSMC是世界先进积体电路股份有限公司与恩智浦半导体在新加坡共同成立的合资公司。 此次，亚翔集成新加坡分公司中标的项目名称为"VSMC FACILITY SYSTEM"，中标金额约31.63亿元， 预计工期到2027年9月。VSMC首座晶圆厂将采用130nm至40nm的技术，生产混合信号、电源管理和模 拟产品，支持汽车、工业、消费性电子及移动装置等市场的需求。新厂自2027年开始量产，预估2029年 总产能达到单月5.5万片。中标项目为该厂的MEP工程，包括机械空调、电力、给排水、消防、自控、 广播、安保监控等。 亚翔集成表示，项目的顺利实施将有助于提高公司在海外工程的业务承接能力，为公司后续国际工程项 目的开拓和合作提供更多的国际 ...