公司简称：中微公司 证券代码：688012 上海荣正企业咨询服务（集团）股份有限公司 关于 中微半导体设备（上海）股份有限公司 2023 年限制性股票激励计划 第二个归属期归属条件成就 之 独立财务顾问报告 19.元：指人民币元。 1. 上市公司、公司、中微公司：指中微半导体设备（上海）股份有限公司。 2. 股权激励计划、限制性股票激励计划、激励计划、本计划：指中微半导体设 备（上海）股份有限公司 2023 年限制性股票激励计划。 3. 限制性股票、标的股票、第二类限制性股票：符合激励计划授予条件的激励 对象在满足相应的获益条件后分次获得并登记的公司 A 股普通股股票。 4. 激励对象：按照本计划规定，可获得限制性股票的公司董事、高级管理人 员、核心技术人员及董事会认为需要激励的其他人员。 5. 授予日：指公司向激励对象授予限制性股票的日期。 6. 授予价格：指公司授予激励对象每一股限制性股票的价格。 7. 有效期：从限制性股票授予之日起到激励对象获授的限制性股票全部归属或 作废失效的期间。 8. 归属：指激励对象满足获益条件后，上市公司将股票登记至激励对象账户的 行为。 9. 归属条件：限制性股票激励计划所 ...

上海市锦天城律师事务所 关于中微半导体设备（上海）股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于中微半导体设备（上海）股份有限公司 2024 年年度股东大会的 法律意见书 致：中微半导体设备（上海）股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受中微半导体设备（上海） 股份有限公司（以下简称"公司"）委托，就公司召开 2024 年年度股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《上市公司股东会规则》等法律、法规、规章和其他规范性 文件以及《中微半导体设备（上海）股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《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（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实 ...

证券代码：688012 证券简称：中微公司 公告编号：2025-031 中微半导体设备（上海）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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 28 日 （二） 股东大会召开的地点：上海市浦东新区泰华路 188 号中微公司二号楼三 楼 2303 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 503 | | --- | --- | | 普通股股东人数 | 503 | | 2、出席会议的股东所持有的表决权数量 | 278,059,871 | | 普通股股东所持有表决权数量 | 278,059,871 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 44.4898 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） ...

证券代码：688012 证券简称:中微公司 公告编号：2025-034 中微半导体设备（上海）股份有限公司（以下简称"中微公司"或"公司"）第 三届监事会第四次会议于 2025 年 5 月 28 日召开。本次会议的通知于 2025 年 5 月 19 日通过电话及邮件方式送达全体监事。会议应出席监事 3 人，实际到会监 事 3 人，会议由监事会主席邹非女士主持。会议的召集和召开程序符合有关法律、 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、监事会会议审议情况 中微半导体设备（上海）股份有限公司 第三届监事会第四次会议决议公告 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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 性股票激励计划（草案）》等相关规定。 表决结果：3 票赞成，0 票反对，0 票弃权。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的相 关公告及文件。 特此公告。 （一）审议通过《关于作废处理 2023 年限制性股票激励计划部分限制性股 票的议案》 监事会认为：公司本次作废 ...

中微半导体设备（上海）股份有限公司监事会 本次拟归属的 1210 名激励对象符合《公司法》《证券法》等法律、法规和规 范性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等 法律、法规和规范性文件规定的激励对象条件，符合本次激励计划规定的激励对 象范围，其作为公司本次限制性股票激励计划激励对象的主体资格合法、有效， 激励对象获授限制性股票的归属条件已成就。 监事会同意本次符合条件的 1210 名激励对象办理归属，对应限制性股票的 归属数量为 121.0379 万股。上述事项符合相关法律、法规及规范性文件所规定 的条件，不存在损害公司及股东利益的情形。 第二个归属期归属名单的核查意见 中微半导体设备（上海）股份有限公司监事会 2025 年 5 月 28 日 中微半导体设备（上海）股份有限公司（以下简称"公司"）监事会依据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）和《中微 半导体设备（上海）股份有限公司章程》（ ...

证券代码：688012 证券简称:中微公司 公告编号：2025-033 中微半导体设备（上海）股份有限公司 第三届董事会第四次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 中微半导体设备（上海）股份有限公司（以下简称"中微公司"或"公司"）于 2025 年 5 月 28 日召开了第三届董事会第四次会议（以下简称"本次会议"）。本次 会议的通知于 2025 年 5 月 19 日通过电话及邮件方式送达全体董事。会议应出席 董事 9 人，实际到会董事 9 人，会议由公司董事长尹志尧先生主持。本次会议的 召集和召开程序符合有关法律、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 会议经全体参会董事表决，形成决议如下： （一）审议通过《关于作废处理 2023 年限制性股票激励计划部分限制性股 票的议案》 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的相 关公告及文件。 （二）审议通过《关于公司 2023 年限制性股 ...

Core Viewpoint - The company is actively expanding its thin film deposition equipment business, with expectations for rapid revenue growth in the next three to five years, despite current revenue being relatively small [1][3]. Group 1: Thin Film Deposition Equipment - The company achieved its first sale of LPCVD equipment in 2024, with annual sales amounting to approximately 156 million yuan [2]. - The thin film deposition equipment market is segmented into various types, including LPCVD, PECVD, ALD, PVD, EPI, and others, with PECVD holding a 32% market share [3]. - The company has successfully developed multiple new LPCVD and ALD devices, with over 150 LPCVD reaction chambers shipped and EPI devices entering customer mass production verification [3]. Group 2: Erosion Equipment Development - The company has seen significant growth in its ICP equipment, with new orders reaching 2.168 billion yuan in 2023, a year-on-year increase of 139.3%, and 4.108 billion yuan in 2024, an increase of 89.5% [5]. - The company has reduced the product development cycle from 3-5 years to approximately 18 months, allowing for faster market entry and mass production [5]. - Historically, 70% to 75% of the company's R&D investment was allocated to etching equipment, but recent years have seen increased investment in thin film equipment development [5]. Group 3: Future Outlook - The company aims to cover over 60% of high-end semiconductor equipment in the next five to ten years, transitioning into a platform-style group company that includes etching, thin film, and measurement equipment [5].

Investment Rating - The report maintains a "Buy" rating for AMEC, with a 12-month price target of Rmb275, indicating an upside potential of 58.8% from the current price of Rmb173.13 [12]. Core Insights - AMEC is positioned as a key supplier in the semiconductor equipment industry, focusing on etching and metal-organic chemical vapor deposition (MOCVD) equipment. The company is expanding its product lineup to include advanced etchers and deposition tools, which are expected to drive growth [9][10]. - The management is optimistic about the growth in China's semiconductor equipment demand and plans to continue investing in R&D and capacity expansions to leverage market opportunities [1][9]. Summary by Sections R&D and Product Expansion - AMEC is committed to continuous R&D spending, focusing on product expansions in etching, deposition, EPI, and advanced packaging tools. The CCP etcher's aspect ratio has improved from 60:1 to 90:1, and the company has over 40 deposition tools in the R&D pipeline [2][8]. Employee Efficiency - The total number of employees has increased by an average of 22% year-over-year since 2016, reaching 2,480 by 2024. The average sales per employee have exceeded Rmb4 million, up from Rmb3.5 million in 2022, indicating improved operational efficiency [3][4]. Capacity Expansion - AMEC's factory size was 348,000 square meters in 2024, expected to grow to 453,000 square meters in 2025 with the new headquarters. By 2028, the company anticipates reaching over 750,000 square meters of total factory space, significantly expanding its production capabilities [4][8]. Market Position and Valuation - AMEC is trading below its historical average 12-month forward P/E ratio, suggesting an attractive valuation. The company is expected to benefit from ongoing capacity expansions and the growing adoption of domestic semiconductor equipment [9][10].

Core Viewpoint - The company, Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd., reported significant growth in revenue and profit for 2024, with a focus on high R&D investment to enhance product competitiveness and market position by 2035 [1][2][3]. Financial Performance - In 2024, the company achieved operating revenue of 9.065 billion yuan, a year-on-year increase of 44.73%, maintaining an average annual growth rate of over 40% for nearly four years [1]. - The net profit attributable to shareholders, excluding non-recurring items, was approximately 1.388 billion yuan, reflecting a year-on-year growth of 16.51% [1]. - R&D investment reached 2.452 billion yuan in 2024, a 94.31% increase, accounting for about 27.05% of operating revenue [1]. R&D and Product Development - The company is currently developing over 20 new devices, including advanced plasma etching equipment and various deposition technologies [2]. - The time required to develop a new product has significantly decreased from 3-5 years to just 18 months, with mass production achievable within 6 to 12 months [2]. - The company aims to enhance its R&D capabilities to address external limitations and ensure smooth production lines domestically [2]. Market Position and Strategy - The global semiconductor industry is experiencing new growth opportunities driven by advancements in AI, cloud computing, and autonomous driving [3]. - The company focuses on high-quality development and aims to create differentiated, proprietary high-end equipment products while avoiding low-end competition [3]. - Since its IPO, the company has invested in over 30 upstream and downstream enterprises, achieving significant economic benefits and strategic synergies [3]. Supply Chain and Tariff Impact - The company has minimized reliance on U.S. suppliers for critical components, enhancing the localization of its supply chain [4]. - By developing high-quality suppliers and fostering domestic core suppliers, the company has improved its supply chain autonomy and resilience [4].

Summary of Zhongwei Company Conference Call Company Overview - Zhongwei Company reported a revenue growth of 35.4% in 2024, with a net profit of 1.39 billion yuan, representing a year-on-year increase of 16.5% [2][3] - The company’s core business is plasma etching equipment, which has maintained an average growth rate of over 50% over the past five years, with a growth of 49.4% in 2024 [2][6] - Zhongwei has developed three generations of 18 types of etching machines, covering 95% to 98% of application needs [2] Financial Performance - In Q1 2025, net profit increased by 13.4% year-on-year, indicating robust profitability and growth momentum [2][3] - R&D investment accounted for 27% of sales in 2024 and reached 31% in Q1 2025, significantly higher than the average of 10% to 15% for companies on the Sci-Tech Innovation Board [2][10] - Total assets reached 27.01 billion yuan, with net assets of 20.1 billion yuan and a low debt ratio [11] Industry Position and Strategy - The global semiconductor equipment market is approximately $100 billion, supporting the manufacturing of around $1 trillion worth of chips [4] - Zhongwei aims to increase its market share in high-end integrated circuit equipment from 30% to 60% over the next five to ten years [4][23] - The company has invested in 40 companies with a total investment of 2.29 billion yuan, currently valued at 5.9 billion yuan, with potential cash flow of about 8.3 billion yuan [4][30] Product Development and Innovation - Major products include photolithography machines, plasma etching machines, thin film equipment, and measurement devices, with plasma etching machines accounting for 70% to 75% of the market share [6][22] - Zhongwei has completed the development of 9 types of thin film equipment, with sales reaching 476 million yuan in 2023 and expected to exceed 180 units shipped in 2025 [2][18] - The company has innovated reactor designs to improve gas flow uniformity and doping concentration, enhancing equipment performance [2][20] Market Dynamics - The EPI equipment market has been dominated by two US companies, with Zhongwei successfully breaking this monopoly by developing its own Silicon Germanium and Silicon EPI equipment [19] - The company plans to expand into the wide bandgap semiconductor field, with significant progress in Silicon Carbide and Gallium Nitride power devices [26] Future Outlook - Zhongwei's future strategy includes organic growth and external expansion, aiming for high-quality development and to become a leading semiconductor equipment company by 2035 [41] - The company is also focusing on diversifying its business into other semiconductor-related fields to mitigate risks associated with the cyclical nature of integrated circuit investments [24][25] Additional Insights - Zhongwei has a strong R&D team of over 400 people, capable of developing over 20 new products annually, significantly reducing the time to market [12] - The company has received multiple awards for customer satisfaction and product quality, ranking third globally in overall customer evaluation [32][33] This summary encapsulates the key points from the conference call, highlighting Zhongwei Company's financial performance, industry position, product development, and future strategies.