| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：118054 | 债券简称：安集转债 | | 安集微电子科技（上海）股份有限公司 关于召开 2025 年半年度科创板半导体设备及材料行业集体 业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 10 日（星期三）15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：网络互动方式 投资者可于 2025 年 09 月 03 日（星期三）至 09 月 09 日（星期二）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 IR@anjimicro.com 进行提问。公司将在说明会上对投资者普遍关注的问题 ...

Summary of the Conference Call for Anji Technology Company Overview - Anji Technology focuses on the semiconductor materials sector, adhering to the strategy of "rooted in China, serving globally" [2][5] - The company offers a full range of polishing liquids, functional wet electronic chemicals, electroplating liquids, and additives, which are widely used in semiconductor IC manufacturing and advanced packaging [2][6] Core Insights and Arguments - **Market Penetration and Product Development**: Anji Technology aims to penetrate new markets and applications, achieving significant progress in mainland China, Taiwan, and Japan [2][3] - **R&D Investment**: In the first half of 2025, R&D investment accounted for 16% to 17% of revenue, with 53% of employees dedicated to R&D, continuing a high investment trend over the past five years [3][9][24] - **Product Performance**: The polishing liquid business grew nearly 40% in the first half of 2025, although gross margins declined due to new product launches and strategic pricing adjustments [4][33] - **Supply Chain Stability**: The company has increased its self-sufficiency in key raw materials like zirconia and ceria, enhancing supply chain stability [7][24] Market Dynamics - **New Customer Acquisition**: New customers and orders primarily came from newly established fabs and advanced packaging factories in China and some overseas clients [4][18] - **Functional Wet Electronic Chemicals**: The market share for functional wet electronic etching and cleaning liquids exceeds 30% in China, with the overall product line capturing over 4% of the global market [15][4] Future Development Plans - **Expansion Strategy**: Anji Technology plans to continue its global expansion while focusing on enhancing R&D capabilities and product validation platforms [5][27] - **Long-term Growth Projections**: The company anticipates its three main business segments will grow from approximately $4 billion to over $6 billion by 2029, driven by deepening its presence in the Chinese semiconductor materials market [17] Additional Important Insights - **Compliance and Ethics**: Anji Technology emphasizes strict compliance and ethical standards, maintaining a transparent financial reporting process [21][22] - **Advanced Packaging Market**: The company has over a decade of experience in TSV technology and maintains close collaborations with leading equipment manufacturers and wafer fabs [30][31] - **Challenges in Overseas Expansion**: The company faces challenges in overseas markets, particularly in Taiwan, due to geopolitical factors, but remains committed to its expansion strategy [28][29] Conclusion Anji Technology is positioned for robust growth in the semiconductor materials sector, with a strong focus on R&D, market expansion, and maintaining high ethical standards. The company is actively addressing challenges in overseas markets while leveraging its technological expertise to meet evolving industry demands.

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Insights - The company has experienced significant revenue and profit growth in the first half of 2025, with a revenue increase of 43.17% year-on-year and a net profit increase of 60.53% [1][2]. - The company is benefiting from the domestic semiconductor materials localization process, with a steady increase in market share for its polishing liquids [3][9]. - The company is expanding its product lines in functional wet electronic chemicals, achieving rapid growth and solidifying its competitive advantage [8][9]. Financial Performance Summary - Revenue is projected to grow from 1,238 million yuan in 2023 to 3,719 million yuan in 2027, with a compound annual growth rate (CAGR) of 18.1% [1]. - Net profit is expected to increase from 403 million yuan in 2023 to 1,219 million yuan in 2027, reflecting a CAGR of 19.9% [1]. - The company's earnings per share (EPS) is forecasted to rise from 2.39 yuan in 2023 to 7.24 yuan in 2027 [1]. Market Position and Product Development - The company has made significant progress in acquiring new orders, customers, and applications, leading to an optimized product structure and customer distribution [2]. - The sales of chemical mechanical polishing liquids and functional wet electronic chemicals have shown remarkable growth, with increases of 38.23% and 75.69% year-on-year, respectively [2]. - The company is actively developing advanced technology nodes for its silicon nitride polishing liquids, with successful client validations and increasing sales [3][8].

Core Points - The announcement details the results of the second vesting period of the 2023 restricted stock incentive plan for the company, with a total of 65,251 shares to be listed for trading on September 2, 2025 [1][10] - The shares are part of a stock incentive plan aimed at motivating key personnel, including directors and senior management [2][3] Summary by Sections Decision Process and Disclosure - The company held a board meeting on April 27, 2023, to approve the incentive plan and related proposals, with independent directors providing opinions on the plan's benefits [2][3] - The plan was publicly disclosed and no objections were raised during the internal announcement period [3][4] Vesting Details - A total of 182 individuals were eligible for the stock incentive, with 180 completing the stock vesting registration by July 31, 2025 [7] - The shares are sourced from the company's issuance of A-shares to the incentive recipients [7] Stock Listing and Capital Changes - The shares will be listed for trading on September 2, 2025, increasing the total share capital from 168,489,007 to 168,554,258 shares [9][10] - The newly vested shares represent approximately 0.04% of the total share capital prior to vesting [10] Financial Impact - For the first half of 2025, the company reported a net profit of approximately 375.63 million yuan, with basic earnings per share of 2.24 yuan; the new shares will dilute this figure without significantly impacting the financial results [9][10]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Semiconductor Materials and Equipment Index has risen by 3.02% as of August 27, with notable increases in constituent stocks such as Huafeng Measurement Control (up 6.56%), Zhongke Feimiao (up 5.84%), and SMIC (up 5.07%) [1] - The Sci-Tech Semiconductor ETF (588170) has increased by 3.28%, with a latest price of 1.26 yuan, and has accumulated a 10.42% increase over the past week as of August 26, 2025 [1] - Advanced packaging technology is becoming a key path to support the demand for AI and high-performance computing, as traditional processes struggle to support performance evolution due to the "power wall, memory wall, and cost wall" [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index, which includes hard tech companies in semiconductor equipment (60%) and semiconductor materials (24%) [2] - The semiconductor equipment and materials industry is a significant area for domestic substitution, characterized by low domestic substitution rates and high ceilings for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution [2]

Group 1: AI Medical - Ping An Good Doctor's stock surged by 6.99% on August 26, with its price doubling in the past month. The company reported an AI product system "7+N+1" with an accuracy rate of approximately 98% for AI-assisted consultations and nearly 80% for complex disease treatment plans [4] - The average service cost for family doctors decreased by about 52% due to AI assistance, and operational efficiency improved by around 50% [4] Group 2: Artificial Intelligence Policy - The State Council released an opinion on August 26 to implement the "Artificial Intelligence+" initiative, aiming for over 70% application penetration of new intelligent terminals and agents by 2027, and over 90% by 2030 [5] - The initiative includes building national AI application pilot bases and promoting the transformation of software and information service companies [5] Group 3: 5.5G Development - The Ministry of Industry and Information Technology is expected to issue the second batch of millimeter-wave private network frequency licenses, with more companies anticipated to receive licenses by the end of the year [6] - This issuance indicates the maturity of the domestic millimeter-wave 5G industry chain and is expected to initiate a wave of innovation in the sector [7] Group 4: Gaming Industry - The National Press and Publication Administration approved 173 games in August 2025, setting a new record for the year, including 166 domestic and 7 imported games [9] - The gaming market is projected to maintain long-term optimistic growth, with the 3A game market expected to reach 13.3 billion yuan in 2025 and 16.9 billion yuan in 2026, with a CAGR of 35% anticipated from 2027 to 2028 [9] Group 5: Company Earnings - Cambrian reported a net profit of 1.038 billion yuan in the first half of 2025, compared to a loss of 530 million yuan in the same period last year [12] - North Rare Earth's net profit surged by 1951.52% year-on-year to 931 million yuan in the first half of 2025 [12] - Light Media's net profit increased by 371.55% year-on-year to 2.229 billion yuan in the first half of 2025 [12]

Core Insights - The company Anji Technology (688019) reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 1.141 billion yuan, up 43.17% year-on-year, and net profit of 376 million yuan, up 60.53% year-on-year [1][3]. Financial Performance - Total revenue for Q2 2025 was 596 million yuan, reflecting a year-on-year increase of 42.34% [1]. - The net profit for Q2 2025 was 207 million yuan, showing a year-on-year increase of 60.42% [1]. - The gross margin was 56.39%, a decrease of 2.3% compared to the previous year, while the net margin improved to 32.91%, an increase of 12.13% [1][4]. - The company's total receivables accounted for 85.86% of the net profit, indicating a high level of accounts receivable relative to profitability [1][6]. Cost and Expense Analysis - Operating costs increased by 47.66%, attributed to changes in product structure and market positioning [4]. - Sales expenses decreased by 6.92% due to cost-cutting measures and improved operational efficiency [4]. - Research and development expenses rose by 30.5% as the company focused on maintaining technological leadership [4]. Cash Flow and Debt Management - The net cash flow from operating activities increased by 25.51%, driven by normal growth in sales collections [4]. - The company successfully issued convertible bonds, significantly increasing cash flow from financing activities by 1698.76% [4]. Investment and Market Position - The company's return on invested capital (ROIC) was reported at 19.09%, indicating strong capital returns [5]. - The company has a healthy cash position, with a significant increase in cash assets by 115.69% year-on-year [1][5]. - Anji Technology's competitive advantages include a robust R&D platform, strong customer service, and self-sufficient supply of core raw materials [8]. Fund Holdings - Several prominent funds have increased their holdings in Anji Technology, with notable managers showing confidence in the company's growth potential [7].

Core Viewpoint - The article highlights the strong financial performance of Anji Technology in the first half of 2025, with significant revenue and profit growth, driven by increased market share in CMP polishing liquids and rapid expansion in functional wet chemicals [2][3]. Financial Performance - In H1 2025, the company reported revenue of 1.14 billion yuan, a year-on-year increase of 43.2%, and a net profit attributable to shareholders of 376 million yuan, up 60.5% year-on-year [2]. - In Q2 2025, revenue reached 596 million yuan, reflecting a year-on-year growth of 42.3% and a quarter-on-quarter increase of 9.3%. The gross margin was 57%, stable year-on-year and up 1.3 percentage points quarter-on-quarter [2]. - The net profit for Q2 2025 was 207 million yuan, showing a year-on-year increase of 60.4% and a quarter-on-quarter rise of 22.5% [2]. Market Position and Product Development - The market share of CMP polishing liquids continues to rise, with H1 2025 revenue from this segment reaching 930 million yuan, a year-on-year increase of 38% [3]. - The company has successfully validated several advanced process products with clients, leading to increased sales in copper and copper barrier polishing liquids, as well as dielectric materials polishing liquids [3]. - The functional wet chemicals segment saw revenue of 200 million yuan in H1 2025, a significant year-on-year increase of 75.7%, with successful development of various new products [3]. Investment Recommendations - The company is expected to maintain steady revenue growth and high profit growth in Q2 2025, with ongoing product expansion and market share increase in advanced processes and packaging fields [3]. - Revenue and net profit forecasts for 2025, 2026, and 2027 have been revised upwards, with a maintained "buy" investment rating [3].

Market Overview - The electronic chemicals sector experienced a decline of 0.53% on August 26, with Tongyu New Materials leading the drop [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the electronic chemicals sector included: - Sanfu New Materials (688389) with a closing price of 73.20, up 10.46% [1] - Fivotech (688371) with a closing price of 23.27, up 6.35% [1] - Anji Technology (610889) with a closing price of 166.40, up 4.41% [1] - Conversely, significant decliners included: - Tongyu New Materials (301630) with a closing price of 199.23, down 8.75% [2] - Siquan New Materials (301489) with a closing price of 175.16, down 8.29% [2] - Shanghai Xinyang (300236) with a closing price of 53.75, down 3.98% [2] Capital Flow - The electronic chemicals sector saw a net outflow of 786 million yuan from institutional investors, while retail investors contributed a net inflow of 623 million yuan [2] - The capital flow for specific stocks showed: - Fivotech (688371) had a net inflow of 35.21 million yuan from institutional investors [3] - Anji Technology (610889) had a net inflow of 20.25 million yuan from institutional investors [3] - Tongyu New Materials (301630) experienced a significant net outflow of 49.42 million yuan from institutional investors [3]

Group 1 - The core viewpoint of the articles highlights a strong performance in the semiconductor sector, particularly in the context of the STAR Market's semiconductor materials and equipment index, which rose by 1.73% as of August 26, 2025 [1] - Notable individual stocks such as Shengmei Shanghai, Tuojing Technology, and Anji Technology saw significant increases of 8.49%, 7.57%, and 6.04% respectively, indicating robust investor interest [1] - The STAR semiconductor ETF (588170) also experienced a 0.99% increase, with a cumulative rise of 7.80% over the past week, reflecting positive market sentiment [1] Group 2 - According to CINNO Research, China's total investment in the semiconductor industry for the first half of 2025 was 455 billion yuan, representing a year-on-year decline of 9.8%, but showing a significant improvement compared to a 41.6% drop from the previous year [1] - The semiconductor equipment investment, however, grew by 53.4%, marking it as the only sector with positive growth, which underscores China's strategic commitment to supply chain autonomy [1] - The STAR semiconductor ETF and its linked funds focus on hard technology companies in the semiconductor equipment (59%) and materials (25%) sectors, which are crucial for domestic substitution and have high potential for growth due to low domestic replacement rates [2]