Group 1 - The company, Hangzhou Lion Microelectronics Co., Ltd, has issued convertible bonds totaling 339 million RMB, with 3.39 million bonds at a face value of 100 RMB each [3][4][15] - The bonds have a maturity period of up to 6 years, with an interest rate that increases from 0.3% in the first year to 2.0% in the sixth year [4][6] - The initial conversion price for the bonds is set at 45.38 RMB per share, subject to adjustments based on various corporate actions [6][8] Group 2 - The company reported a significant decline in net profit for 2024, with a loss of 26.58 million RMB, a decrease of 504.18% compared to the previous year [18] - The total revenue for 2024 was 309.23 million RMB, reflecting a 14.97% increase from 2023 [18] - The company's total assets increased by 5.73% year-on-year, reaching 1.93 billion RMB by the end of 2024 [18] Group 3 - The company is engaged in the semiconductor industry, focusing on the research, production, and sales of semiconductor silicon wafers and power device chips [18] - The main applications of the company's products include 5G communication, automotive electronics, and artificial intelligence [18] - The company has faced challenges in project timelines due to external economic conditions, leading to delays in the construction of certain projects [21][22]

东方证券股份有限公司 （上海市黄浦区中山南路 119 号东方证券大厦） 二〇二五年六月 1 杭州立昂微电子股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 股票简称：立昂微 股票代码：605358 债券简称：立昂转债 债券代码：111010 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《杭州 立昂微电子股份有限公司与东方证券承销保荐有限公司关于向不特定对象发行 可转换公司债券之受托管理协议》（以下简称"《受托管理协议》"）、《杭州立昂微 电子股份有限公司公开发行可转换公司债券募集说明书》（以下简称"《募集说明 书》"）、《杭州立昂微电子股份有限公司 2024 年年度报告》等相关公开信息披露 文件、第三方中介机构出具的专业意见等，由本期可转换公司债券受托管理人东 方证券股份有限公司（以下简称"东方证券"）编制。东方证券对本报告中所包 含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息 的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判 ...

公司报告 | 公司点评 立昂微（605358） 证券研究报告 营收创新高与盈利困境并存，行业复苏曙光初现 事件：公司发布 2024 年年度报告和 2025 年一季报。2024 年度公司实现营业收入 30.92 亿元，同 比增长 14.97%；实现归母净利润-2.66 亿元，同比下降 504.18%；扣非归母净利润-2.66 亿元，同比 下降 152.04%。2025Q1 公司实现营业收入 8.20 亿元，同比增长 20.82%；实现归母净利润-0.81 亿 元，同比增亏；实现扣非归母净利润-0.81 亿元，同比增亏。 点评：营收再创新高展现增长韧性，盈利承压待解多重挑战。2024 年，公司全员攻坚克难， 推动 产能、技术、市场与良率实现显著提升，发展态势持续向好，营业收入创历史新高，市场份额持续 扩大，2024 年公司营业收入的大幅增加主要系 2024 年半导体行业景气度的见底回暖及公司加强市 场拓展、调整产品结构，产品销量同比实现了大幅增长所致。然而，由于欧美发达经济体受高利率 与能源转型阵痛制约增速放缓，叠加地缘政治冲突及产业链重构加速，使得公司经营迎来多重挑战： 产能扩张带来成本压力，产品降价导致毛利率 ...

Investment Rating - The investment rating for the company is "Accumulate" [9] Core Views - The company achieved a record high revenue of 3.092 billion yuan in 2024, representing a year-on-year growth of 14.97%, but faced significant losses with a net profit attributable to shareholders of -266 million yuan, a decline of 504.18% [1][5] - The revenue growth in Q1 2025 was 20.82% year-on-year, reaching 820 million yuan, but the net profit continued to decline, indicating ongoing profitability challenges [1][2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.092 billion yuan, a 14.97% increase from the previous year, while the net profit attributable to shareholders was -266 million yuan, down 504.18% [1][7] - For Q1 2025, the company generated 820 million yuan in revenue, marking a 20.82% increase year-on-year, but the net profit remained negative at -81 million yuan [1][2] Business Development - The company has expanded its market share and improved production capacity, technology, and yield, contributing to the revenue increase [2][3] - The semiconductor wafer business saw a sales volume increase of 62.91% and revenue growth of 26.93%, reaching 1.906 billion yuan [3] - The RF chip business experienced a significant revenue increase of 115.08%, becoming a key driver of performance growth [3][4] Research and Innovation - The company invested 290 million yuan in R&D in 2024, accounting for 9.39% of revenue, focusing on high-value-added products and key technology breakthroughs [4] - The company developed 14 new products in the semiconductor wafer sector and achieved mass production of 72 new 12-inch products [4] Market Outlook - The global semiconductor market is recovering, driven by demand for memory and logic chips, as well as power semiconductors in electric vehicles and photovoltaics [4] - The company is building a "reservoir" capacity reserve system to meet the growing downstream demand in AI, electrification, and smart technology [4] Investment Forecast - Due to declining product prices impacting profitability, the profit forecast for 2025 and 2026 has been revised downwards, with expected net profits of 89 million yuan and 180 million yuan respectively [5]

Core Viewpoint - The global semiconductor industry is showing signs of recovery, but the recovery of semiconductor wafer production is lagging behind the overall market, with several A-share semiconductor wafer companies experiencing profit declines in Q1 2025 [1] Group 1: Market Trends - The semiconductor wafer industry entered a cyclical inventory adjustment phase since Q4 2022, with global wafer shipments expected to decline to 12.266 billion square inches in 2024, a year-on-year decrease of 2.67%, and sales expected to drop to $11.5 billion, a decline of 6.5% [2] - In Q1 2024, the semiconductor wafer market maintained a mild recovery, with global wafer shipment area increasing by 4.6% year-on-year, although there was a divergence in different sizes: 300mm wafer shipments grew by 5.7%, while 200mm shipments declined by 2.9% [2] Group 2: Company Performance - Shanghai Silicon Industry reported a revenue of approximately 3.388 billion yuan last year, with a net profit loss of about 971 million yuan, and a net profit loss of around 200 million yuan in Q1 this year [2] - Li Wei, the executive vice president of Shanghai Silicon Industry, indicated that sales and overall revenue are expected to rise in 2024 and Q1 2025, but price recovery depends on further market recovery [2] - Lian Microelectronics reported a revenue of 3.092 billion yuan last year, a year-on-year increase of nearly 15%, but a net profit loss of 266 million yuan due to cost pressures from capacity expansion and product price declines [3] Group 3: Capacity Expansion - The focus of capacity expansion is shifting towards 12-inch semiconductor wafers, with Lian Microelectronics' factories in Jiaxing and Quzhou currently in the ramp-up phase [4] - Lian Microelectronics plans to invest 1.23 billion yuan in a project to produce 960,000 pieces of 12-inch epitaxial wafers annually [4] - Shanghai Silicon Industry's 12-inch wafer capacity is expected to reach 600,000 pieces per month by the end of 2024, with ongoing capacity construction in Taiyuan [5] Group 4: Capital Operations - Semiconductor wafer companies are actively engaging in capital operations, with Shanghai Silicon Industry planning to acquire minority stakes in subsidiaries for 7.04 billion yuan to enhance its 300mm wafer business [6] - Yuyuan Silicon is expanding through acquisitions, including a plan to acquire 60% of High Frequency (Beijing) Technology Co., a supplier of ultra-pure water systems for chip manufacturing [7] - Yuyuan Silicon also plans to acquire 70% of DG Technologies for 11.91 billion yen, which will help enhance its manufacturing technology for etching equipment [7]

前次立昂转债信用等级："AAK"；主体信用等级："AAK"；评级展望："稳定" 本次立昂转债信用等级："AAK"；主体信用等级："AAK"；评级展望："稳定" 根据中国证券监督管理委员会《上市公司证券发行管理办法》等有关规定，本公司委托信 用评级机构中诚信国际信用评级有限责任公司（以下简称"中诚信国际"）对本公司 2022 年 11 月发行的"立昂转债"进行了跟踪信用评级。 本公司前次主体信用等级为 AAK；立昂转债前次信用等级为 AAK；评级展望为："稳定"，评 级机构为中诚信国际，评级时间为 2024 年 05 月 30 日。 | 证券代码：605358 | 证券简称：立昂微 | 公告编号：2025-028 | | --- | --- | --- | | 债券代码：111010 | 债券简称：立昂转债 | | 杭州立昂微电子股份有限公司 关于"立昂转债"2025 年跟踪评级结果的公告 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： 2025 年 5 月 28 日 1 评级机构中诚信国际在对本公司经营状 ...

杭州立昂微电子股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0248 号 杭州立昂微电子股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 27 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 ...

Group 1 - Company Sun Energy plans to repurchase shares worth between 100 million to 200 million yuan for cancellation, with a maximum repurchase price of 6.69 yuan per share [1] - Company Runyang Technology intends to invest up to 300 million yuan in Shanghai Fourier Intelligent Technology Co., with a pre-investment valuation of 8 billion yuan [1] - Company Heng Rui Medicine's subsidiary has received approval for clinical trials of SHR-4712 injection for treating advanced solid tumors [2] Group 2 - Company Lianhuan Pharmaceutical plans to increase capital by 60 million yuan for its wholly-owned subsidiary [2] - Company Hongchang Electronics' subsidiary plans to increase capital by 10 million USD for its other subsidiary [2] - Company Sichuan Meifeng intends to repurchase shares worth between 50 million to 70 million yuan for cancellation, with a maximum repurchase price of 10.07 yuan per share [2] Group 3 - Company Lian Micro plans to liquidate and deregister Jiaxing Kangjing Semiconductor Industry Investment Partnership [4] - Company Jiutian Pharmaceutical has received approval for clinical trials of PDX-04 drug for treating acute gout attacks [5] - Company Pingzhi Information has signed a framework agreement with China Telecom for a GPU computing power project worth approximately 246 million yuan [7] Group 4 - Company Jiu Zhi Tang's subsidiary has initiated Phase II clinical trials for new drug YB211 aimed at treating acute bacterial skin infections [8] - Company Fosun Pharma's subsidiary has received orphan drug designation for HLX22 for gastric cancer treatment in the EU [9] - Company Jianyou Co. plans to repurchase shares worth between 20 million to 40 million yuan for employee stock ownership plans [11] Group 5 - Company Zhi Zheng Co. announced the resignation of its vice president due to personal reasons [13] - Company He Mai Co. signed a cooperation agreement for household photovoltaic systems worth 1 billion yuan [14] - Company Jinan Intelligent's subsidiary won a project bid for electric vehicle charging stations, expected to positively impact performance [16] Group 6 - Company Gaotie Electric plans to distribute a cash dividend of 0.012 yuan per share [18] - Company Guyue Longshan plans to distribute a cash dividend of 0.08 yuan per share [18] - Company Yongmaotai's shareholders plan to reduce their holdings by up to 2.66% of the company's shares [19] Group 7 - Company Tian Cheng Technology's subsidiary received a land idle fee notice for 2.1658 million yuan due to project delays [20] - Company Guangri Co. appointed a new vice president and board secretary to enhance governance [21] - Company Design General Institute won multiple major projects totaling approximately 390 million yuan [22] Group 8 - Company Fuxie Environmental signed a significant contract worth 244 million yuan for a sewage treatment project [23] - Company Lujiazui announced the resignation of its vice chairman due to job transfer [24] - Company Three Squirrels' H-share issuance application has been accepted by the CSRC [24] Group 9 - Company Kanghong Pharmaceutical's subsidiary received approval for clinical trials of KH617 for glioblastoma treatment [25] - Company Xin Zhu Co. announced a suspension of trading to plan an asset acquisition from its controlling shareholder [26] - Company Jianxin Co. announced plans for share reductions by several directors and senior management [28]

杭州立昂微电子股份有限公司 证券代码：605358 证券简称：立昂微 公告编号：2025-027 债券代码：111010 债券简称：立昂转债 嘉兴康晶持有41.3056%嘉兴金瑞泓股权，根据公司已于2024年12月3日在上海证券交易所 网站（www.sse.com.cn）披露的坤元资产评估有限公司出具的《杭州立昂微电子股份有限公司 拟收购涉及的嘉兴康晶半导体产业投资合伙企业（有限合伙）所有者权益价值评估项目资产评 估报告》（坤元评报字[2024]第868号）数据作为确定待分配股权价值的依据，确定股权价值为 人民币89,340万元。以前述价值，按照各合伙人持有的基金财产份额的比例，对持有的该部分 股权进行分配。其中，向普通合伙人浙江金控分配价值人民币11.9120万元的0.0055%嘉兴金瑞 泓股权（对应人民币9.9133万元注册资本）；向有限合伙人金瑞泓微电子分配价值人民币89,3 28.0880万元的41.3001%嘉兴金瑞泓股权（对应人民币74340.0867万元注册资本）。本次股权分 配完成后，金瑞泓微电子将持有嘉兴金瑞泓99.9945%的股权（对应人民币179,990.0867万元注 册资本），浙江金 ...

二、董事会会议审议情况 经与会董事认真审议，以记名投票表决方式一致通过以下决议： （一）审议通过了《关于拟清算并注销嘉兴康晶半导体产业投资合伙企业（有限合伙）的 议案》 证券代码：605358 证券简称：立昂微 公告编号：2025-026 债券代码：111010 债券简称：立昂转债 杭州立昂微电子股份有限公司 第五届董事会第九次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 杭州立昂微电子股份有限公司（以下简称"公司"）第五届董事会第九次会议于 2025 年 5 月 26 日（星期一）下午 14:00 在杭州经济技术开发区 20 号大街 199 号公司五楼行政会议室（二） 以通讯方式召开。会议通知已提前 5 日以电话、电子邮件等形式送达全体董事。本次会议应出 席董事 7 人，实际出席董事 7 人。本次会议的召集、召开程序及方式符合《公司法》、《公司章 程》及《公司董事会议事规则》的规定。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 上述具体内容详见公司披露于上海证券交易所网 ...