机构简介： 上海晨燕资产管理中心（有限合伙）备案于中国基金业协会，协会登记编号P1013090。晨燕资产成立 于2015年4月，致力于投资二级市场中具有确定性变化的龙头企业。我司的投研体系建立在高执行力的 基础上，将一些同行泛泛而谈的"自下而上和自上而下相结合"、"投研内部协同"和"大类资产分析"用可 维护可跟踪的手段贯彻到投研的全过程。有明确的大类资产配置框架，以此确定权益类与其他大类资产 的风险收益比。有中观行业比较体系，善于发掘风险收益比合适的投资板块。有价值选股的公司研究框 架，能够找出从行业中脱颖而出，具有估值吸引力的龙头企业。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及8月8日披露的机构调研信息，知名私募晨燕资产近期对1家上市公司进行了调研， 相关名单如下： 1）冠石科技 （晨燕资产管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.9 ...

Group 1 - The core viewpoint of the news is that Xishan Capital has conducted research on Guanshi Technology, which is expanding into the semiconductor photomask manufacturing sector, indicating strong growth potential in the industry [1] - Guanshi Technology, established in 2002, specializes in semiconductor display devices and special adhesive materials, with major clients including BOE Technology Group [1] - The company is implementing a "one large and one small" strategy and plans to start production of photomasks in October 2023, with expected revenue of 1.359 billion yuan in 2024, representing a year-on-year growth of 51.95% [1] Group 2 - The photomask manufacturing project has an investment of 1.6 billion yuan and a construction period of 60 months, aiming for an annual production capacity of 12,450 photomasks upon completion [1] - Currently, the domestic photomask production rate in China is about 10%, with high-end photomasks at only 3%, indicating significant room for growth and domestic substitution [1] - The global semiconductor market is continuously growing, and photomasks are critical materials, with independent photomask manufacturers gaining market share [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一步做强主业，进军半导体上游原材料领域。 机构简介： 上 ...

根据市场公开信息及8月8日披露的机构调研信息，知名私募颐和久富投资近期对1家上市公司进行了调 研，相关名单如下： 1）冠石科技 （颐和久富投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一 ...

根据市场公开信息及8月8日披露的机构调研信息，知名私募东方睿石近期对1家上市公司进行了调研， 相关名单如下： 1）冠石科技 （北京东方睿石投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品升级等进一 ...

机构简介： 根据市场公开信息及8月8日披露的机构调研信息，知名私募榕果投资近期对1家上市公司进行了调研， 相关名单如下： 1）冠石科技 （东莞市榕果投资管理有限公司参与公司特定对象调研） 调研纪要：冠石科技成立于2002年，主营半导体显示器件及特种胶粘材料，客户涵盖京东方等龙头企 业，实施"一大一小"战略，进军光掩膜版制造。2024年营收13.59亿元，同比增长51.95%；2025年Q1营 收3.37亿元，同比增长22.32%。宁波冠石半导体有限公司光掩膜版制造项目于2023年10月开工，2025年 3月实现55nm光掩膜版交付及40nm生产线通线。未来中长期半导体光掩膜片需求提升，国产化替代将 提升需求，目前中国半导体掩膜版国产化率约10%，高端掩膜版国产化率仅约3%。光掩膜版技术壁垒 高，公司技术团队经验丰富，掌握全流程生产工艺，具备自主研发能力。项目投资16亿元，建设周期60 个月，建成后年产12,450片光掩膜版，提前6个月完成部分设备交付。全球半导体市场规模持续增长， 光掩膜版是关键材料，第三方独立掩膜版厂商优势明显，市场份额增加。光掩膜版应用于高性能计算、 人工智能等领域，公司通过技术创新、产品 ...

Group 1 - The stock price of Guanshi Technology on August 8 was 50.30 yuan, down 2.17 yuan or 4.14% from the previous trading day [1] - The opening price on that day was 50.96 yuan, with a high of 51.88 yuan and a low of 49.66 yuan, and the trading volume was 45,800 hands with a transaction amount of 231 million yuan [1] - Guanshi Technology's main business includes the research, production, and sales of semiconductor display devices and special adhesive materials, with products such as polarizers, functional devices, and signal connectors, primarily used in LCD TVs and smartphones [1] Group 2 - On August 7, Guanshi Technology received multiple institutional research visits, including from Founder Securities Asset Management, discussing the company's business layout and technological advancements [1] - Over the past year, the company has received 36 research visits from 31 institutions, indicating a high level of market interest [1] - On August 8, the net outflow of main funds was 9.6373 million yuan, while the cumulative net inflow over the past five days was 24.8862 million yuan [2]

Summary of Guanshi Technology Conference Call Company Overview - Guanshi Technology focuses on semiconductor grinding plates, specifically in the 28nm to 55nm photomask segment, with significant advancements in production capabilities and technology [2][3][4]. Key Points Industry and Market Dynamics - The semiconductor industry is experiencing a traditional peak season, leading to increased outsourcing of grinding plate business from major manufacturers like SMIC [2][6]. - Guanshi Technology is actively expanding into overseas markets, with special products already sent for verification [2][5]. Financial Performance and Projections - Guanshi Technology expects revenue of 1.36 billion RMB in 2024, representing a year-on-year growth of 51.95% [2][3]. - For Q1 2025, the company anticipates revenue of 337 million RMB, a 22% increase year-on-year [2][3]. - The company projects to achieve 28nm mass production by 2028, with an estimated annual output of 12,450 wafers and revenue of approximately 850 million RMB, with a net profit margin of around 20% [4][23]. Technological Advancements - The company has completed its 28nm technology reserves and expects key equipment to be in place by the end of the year, with mass production starting in Q2 2025 [2][7][14]. - Guanshi Technology possesses the capability to produce at the 14nm process node but has not publicly announced this [12][14]. Competitive Landscape - Guanshi Technology is positioned ahead of competitors through strategic equipment layout and a strong technical team, which includes experienced personnel from leading firms [4][13]. - Domestic competitors include companies like Lightech, Ruvi, and Longtu, primarily focused on mature process nodes [12][13]. Production and Capacity Planning - The Ningbo subsidiary's equipment is 90% complete, with a team composed of experienced professionals and recent graduates [2][3][6]. - The company is targeting production for domestic 12-inch and some 8-inch lines, with ongoing communication and verification with major manufacturers [6][7]. Risks and Challenges - The company faces challenges related to the low domestic localization rate for 28nm and above process nodes, which currently relies heavily on international suppliers [17]. - There are potential risks associated with international supply chains, although Guanshi Technology is exploring domestic supplier partnerships to mitigate these risks [16]. Future Outlook - Guanshi Technology is expected to achieve breakeven by late 2026 to early 2027, with a projected annual profit level of around 40 million RMB [26]. - The company is optimistic about its growth potential due to low market penetration and a domestic replacement rate of less than 10% [28]. Additional Insights - The introduction of multi-exposure technology by SMIC is expected to increase demand for photomasks, positively impacting the industry [18]. - The pricing for 28nm processes ranges from 1 million to 1.5 million USD, depending on customer specifications [19]. This summary encapsulates the key insights from the conference call, highlighting Guanshi Technology's strategic positioning, financial outlook, technological advancements, and market dynamics.

Core Viewpoint - The company has made significant progress in the semiconductor industry with its Ningbo photomask project, which is expected to drive future revenue growth and fill a market gap in high-end photomasks in China [2][3]. Group 1: Project Overview - The Ningbo photomask project has a total investment of 1.6 billion yuan and a designed capacity of 12,450 photomasks per year [2]. - The project commenced in October 2023, with the factory topping out in January 2024, the first electron beam lithography machine delivered in July, and trial production starting in October [2]. - Key breakthroughs are expected by March 2025, with the delivery of 55nm products and the successful operation of a 40nm production line, marking a transition from R&D to mass production [2]. Group 2: Market Impact and Revenue - The project has already begun contributing to revenue, generating over 7 million yuan from January to June 2025 [3]. - As production capacity is gradually released, the project is anticipated to become a significant driver of the company's performance [3]. Group 3: Technological Significance - The semiconductor photomask industry has high technical barriers and complex processes, and the company's team has extensive experience from leading international semiconductor manufacturers [3]. - The advancement of the photomask project is crucial for breaking the foreign monopoly in the high-end photomask sector and enhancing China's semiconductor photomask industry's security and self-sufficiency [3].

Core Viewpoint - The company plans to utilize idle self-owned funds for cash management, with a maximum amount not exceeding RMB 150 million, to enhance fund efficiency and returns while ensuring the safety of funds and normal business operations [2][10][15]. Cash Management Overview - **Purpose of Cash Management**: To improve fund utilization efficiency and returns by using idle self-owned funds, ensuring the safety of funds and normal business operations, and safeguarding shareholder interests [4]. - **Amount for Cash Management**: The maximum amount is set at RMB 150 million [5]. - **Source of Funds**: The funds will come from the company's idle self-owned funds [6]. - **Investment Method**: The company will strictly control risks and evaluate investment products, purchasing low-risk, high-safety, and high-liquidity investment products from banks and securities firms [7][9]. - **Investment Period**: The cash management will last for 12 months from the date of approval by the board, with the possibility of rolling over the funds within the specified limit and period [10][11]. Approval Process - The board of directors held a meeting on July 24, 2025, where the proposal for cash management was approved, allowing the use of idle self-owned funds for cash management without needing shareholder approval [11][18]. Impact on the Company - The proposed cash management will not affect the company's normal cash flow needs, as the amount represents 25.86% of the company's cash at the end of the last reporting period, which is RMB 580.13 million [15].