华泰联合证券有限责任公司 关于深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买资产并募集 配套资金暨关联交易 之 独立财务顾问报告 独立财务顾问 签署日期：二〇二五年九月 华泰联合证券有限责任公司 独立财务顾问报告 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"本独立财务顾问"） 接受深圳至正高分子材料股份有限公司（以下简称"至正股份"、"上市公司"或 "公司"）委托，担任本次重大资产置换、发行股份及支付现金购买资产并募集 配套资金暨关联交易（以下简称"本次交易"）的独立财务顾问，就该事项向上 市公司全体股东提供独立意见，并制作本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大 资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的 监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等法律法规及 文件的规定和要求，以及证券行业公认的业务标准、道 ...

深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书摘要 | 项目 | 交易对方 | | --- | --- | | 重大资产置换 | 南宁市先进半导体科技有限公司 | | 发行股份及支付现金 购买资产 | Kong Holding Limited、通富微电子股 ASMPT Hong 份有限公司、深圳市领先半导体发展有限公司、南 | | | 宁市先进半导体科技有限公司等 11 名交易对方 | | 募集配套资金 | 不超过 35 名特定投资者 | 独立财务顾问 签署日期：二〇二五年九月 深圳至正高分子材料股份有限公司重大资产置换、发行股份及支付现金购买资产并募集配套资金暨关联交易报告书摘要 声 明 股票代码：603991 股票简称：至正股份 上市地点：上海证券交易所 本部分所述词语或简称与本报告书摘要"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地披露 信息，保证本报告书摘要内容的真实、准确、完整，不存在虚假记载、误导性陈述或 者重大遗漏，保证本报告书摘要所引用的相关数据的真实性和合理性 ...

股票代码：603991 股票简称：至正股份 上市地点：上海证券交易所 深圳至正高分子材料股份有限公司 重大资产置换、发行股份及支付现金购买资产 并募集配套资金暨关联交易报告书 | 项目 | 交易对方 | | --- | --- | | 重大资产置换 | 南宁市先进半导体科技有限公司 | | 发行股份及支付现金 购买资产 | ASMPT Hong Kong Holding Limited、通富微电子股 份有限公司、深圳市领先半导体发展有限公司、南 | | | 宁市先进半导体科技有限公司等 名交易对方 11 | | 募集配套资金 | 不超过 名特定投资者 35 | 独立财务顾问 签署日期：二〇二五年九月 声 明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地披露 信息，保证本报告书及其摘要内容的真实、准确、完整，不存在虚假记载、误导性陈 述或者重大遗漏，保证本报告书所引用的相关数据的真实性和合理性，并对所提供信 息的真实性、准确性、完整性负相应的法律责任。 如本次交易所披露或提供的信息涉嫌虚假记载、误导性陈述 ...

深圳至正高分子材料股份有限公司 关于重大资产置换、发行股份及支付现金购买资产并 募集配套资金暨关联交易报告书修订说明的公告 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法律责任。 深圳至正高分子材料股份有限公司（以下简称"公司"）拟通过重大资产置 换、发行股份及支付现金的方式取得先进封装材料国际有限公司（Advanced Assembly Materials International Limited）的股权及其控制权、置出上海至正新材 料有限公司 100%股权并募集配套资金（以下简称"本次交易"）。 公司于 2025 年 8 月 15 日披露了《深圳至正高分子材料股份有限公司重大资 产置换、发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案） （注册稿）》（以下简称"《草案（注册稿）》"）及相关文件，具体内容详见 上海证券交易所网站（www.sse.com.cn）披露的相关公告。 2025 年 9 月 5 日，公司收到中国证券监督管理委员会出具的《关于同意深 圳至正高分子材料股份有限公司发行股份购买资产并募集配套资金注册 ...

Core Viewpoint - The company plans to conduct a significant asset swap, issuing shares and cash to acquire assets while raising matching funds, involving multiple counterparties [1] Group 1: Transaction Details - The transaction involves 11 counterparties, including ASMPT Hong Kong Holding Limited, Tongfu Microelectronics Co., Ltd., Shenzhen Leading Semiconductor Development Co., Ltd., and Nanning Advanced Semiconductor Technology Co., Ltd. [1] - The assets to be acquired are valued at 3.069 billion yuan, while the assets to be disposed of are valued at 256 million yuan [1] Group 2: Control and Impact - Upon completion of the transaction, the company will gain control over AAMI, and the non-participation of Beijing Jianguang in this transaction will not affect the company's control over AAMI [1]

Group 1 - The core point of the article is that Shenzhen Zhizheng High Polymer Materials Co., Ltd. (stock code: 603991) has received approval from the China Securities Regulatory Commission (CSRC) for a major asset swap and issuance of shares to purchase assets, along with raising supporting funds [1][3] - On September 5, 2025, the company's stock closed at 62.79 yuan, up 1.44%, with a turnover rate of 2.53%, a trading volume of 18,900 shares, and a transaction amount of 117 million yuan [1] - The main funds on September 5 saw a net outflow of 7.605 million yuan from institutional investors, accounting for 6.48% of the total transaction amount [1][3] Group 2 - The company plans to acquire equity and control of Advanced Packaging Materials International Limited through a major asset swap, while divesting 100% equity of Shanghai Zhizheng New Materials Co., Ltd. [1] - The CSRC approved the company's application to issue a total of 54,173,962 shares to purchase related assets and to raise supporting funds not exceeding 1 billion yuan [1] - The approval from the CSRC is valid for 12 months from the date of issuance, and the company is required to strictly follow the application documents submitted to the Shanghai Stock Exchange for the transaction [1]

Group 1 - The core stock price of Zhizheng Co., Ltd. (603991) closed at 62.79 yuan on September 5, 2025, up 1.75% from the previous week [1] - The stock reached a peak price of 63.9 yuan on September 3, 2025, and a low of 60.1 yuan on September 2, 2025 [1] - The current total market capitalization of Zhizheng Co., Ltd. is 4.68 billion yuan, ranking 147th out of 163 in the semiconductor sector and 3441st out of 5152 in the A-share market [1] Group 2 - Zhizheng Co., Ltd. received approval from the China Securities Regulatory Commission (CSRC) for a major asset swap and fundraising through share issuance [2] - The company plans to acquire equity and control of Advanced Packaging Materials International Limited through a combination of asset swap, share issuance, and cash payment, while divesting 100% of Shanghai Zhizheng New Materials Co., Ltd. [2] - The CSRC approved the issuance of a total of 54,173,962 shares to 11 counterparties for the asset purchase and allowed the company to raise up to 1 billion yuan in supporting funds [2][3]

Core Viewpoint - The company, Zhizheng Co., Ltd. (603991), has received approval from the China Securities Regulatory Commission to acquire a controlling stake in Advanced Packaging Materials International Limited (AAMI) through a major asset swap, issuance of shares, and cash payment, while divesting its wholly-owned subsidiary, Shanghai Zhizheng New Materials Co., Ltd. [1][3] Group 1: Transaction Details - The proposed asset acquisition is valued at 3.069 billion yuan, with the company planning to issue shares to 11 counterparties to purchase related assets and raise up to 1 billion yuan in supporting funds [3][4] - The restructuring plan indicates that Zhizheng Co. aims to acquire 87.47% of AAMI's equity while divesting 100% of its subsidiary, with an expected post-transaction ownership of approximately 99.97% in AAMI [3][4] - The market valuation of the acquired asset AAMI is estimated at 3.526 billion yuan, with a combined net asset value of 2.966 billion yuan, resulting in a premium rate of 18.88% [3][4] Group 2: AAMI Overview - AAMI is a leading global supplier of semiconductor lead frames, with strong competitive advantages in high-precision and high-reliability applications across various sectors, including automotive, computing, communication, industrial, and consumer markets [5] - In the first half of 2025, AAMI reported revenues of 1.317 billion yuan, a year-on-year increase of 14.13%, while net profit was 21.8591 million yuan, a decline of 13.19% [5] - AAMI was previously part of ASMPT's materials division and became an independent company in 2020, having over 40 years of experience in the lead frame sector [5] Group 3: Strategic Shift of Zhizheng Co. - Since 2022, Zhizheng Co. has been strategically transitioning towards the semiconductor industry, reducing the proportion of traditional business [6] - As of the transaction, the company's semiconductor equipment business revenue is expected to exceed 30% of total revenue by 2024 [6] - The acquisition is aimed at accelerating the company's transformation towards new semiconductor production capabilities, enhancing overall company quality, and optimizing its governance structure through the involvement of ASMPT Holding as a significant shareholder [6] Group 4: Market Performance - On September 5, Zhizheng Co.'s stock closed at 62.79 yuan per share, with a market capitalization of 4.7 billion yuan [7]

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Publicly Raised Securities Investment Fund Sales Expense Management Regulations" which indicates the completion of the third phase of fee rate reform in the public fund industry, expected to save investors approximately 30 billion yuan annually [1] - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release disclosure guidelines on three environmental issues: "Pollutant Emission," "Energy Utilization," and "Water Resource Utilization," aimed at enhancing sustainable development awareness among listed companies [2] - The National Financial Regulatory Administration has revised the "Insurance Company Capital Guarantee Fund Management Measures" to strengthen the regulation of insurance company capital guarantee funds, ensuring the protection of policyholder interests [2] Group 2: Company News - Hikvision's chairman proposed a mid-term dividend plan for 2025, suggesting a cash dividend of 4 yuan per 10 shares, amounting to approximately 3.666 billion yuan, which represents 64.80% of the net profit attributable to shareholders for the first half of the year [4] - Aerospace Hongtu signed a strategic cooperation agreement for an internet satellite project worth 2.9 billion yuan, although it is still in the preliminary intention stage and specific contracts have yet to be signed [5] - Kweichow Moutai's controlling shareholder has received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans, with a planned repurchase amount between 3 billion and 3.3 billion yuan [5] - Yihuatong announced the termination of a transaction to acquire 100% of Dingzhou Xuyang Hydrogen Energy Co., Ltd. due to a lack of consensus among parties involved, stating that this will not adversely affect its operations or financial status [6] - Kuangda Technology's controlling shareholder plans to transfer 412 million shares, representing 28% of the total share capital, at a price of 5.39 yuan per share, totaling 2.22 billion yuan [7] - Zhizheng Co. has received approval from the CSRC for a major asset swap and fundraising not exceeding 1 billion yuan to acquire control of Advanced Packaging Materials International Limited [7] Group 3: Industry Insights - According to a report from Zhongtai Securities, the domestic medical device industry is in a rapid development phase, with expectations for a turning point in the third quarter of 2025, highlighting opportunities in innovation-driven import substitution and globalization [8]

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations" to lower fees for fund subscriptions, purchases, and sales service fees, expected to save investors approximately 30 billion yuan annually [2] - The CSRC has guided the Shanghai, Shenzhen, and Beijing stock exchanges to release disclosure guidelines on "pollutant emissions," "energy utilization," and "water resource utilization," aiming to enhance sustainable development awareness among listed companies [3] - The National Financial Supervisory Administration has revised the "Insurance Company Capital Guarantee Fund Management Measures" to strengthen regulation over insurance company capital guarantee funds, with a minimum deposit requirement of 20 million yuan [3] Group 2: Company News - Hikvision's chairman proposed a mid-term dividend plan for 2025, suggesting a cash dividend of 4 yuan per 10 shares, amounting to approximately 3.666 billion yuan, which represents 64.8% of the company's net profit for the first half of the year [5] - Aerospace Hongtu signed a strategic cooperation agreement for an internet satellite project worth 2.9 billion yuan, although it is still in the preliminary intention stage and subject to formal contracts [5] - Kweichow Moutai's controlling shareholder received a loan commitment of up to 2.7 billion yuan from Agricultural Bank of China to support stock repurchase plans [5] - Yihuatong announced the termination of a planned acquisition of 100% equity in Danzhou Xuyang Hydrogen Energy Co., citing a lack of consensus among parties involved [6] - Delisted Longyu received a notice of administrative penalty from the Shanghai Securities Regulatory Bureau, with a total fine of 38.1 million yuan for financial misconduct [6][7] - Kuangda Technology's controlling shareholder signed a share transfer agreement to transfer 4.12 billion shares at a price of 5.39 yuan per share, totaling 2.22 billion yuan [6] - Zhizheng Co. received approval from the CSRC for a major asset swap and fundraising not exceeding 1 billion yuan to acquire control of Advanced Packaging Materials International Limited [8] Group 3: Industry Insights - According to a report from Zhongtai Securities, the domestic medical device industry is in a rapid development phase, with expectations for a turning point in the third quarter of 2025, highlighting opportunities in policy support and innovation-driven growth [9]