Financial Performance - The company achieved operating revenue of CNY 545.28 million, a year-on-year increase of 44.08%[4] - Net profit attributable to shareholders reached CNY 168.83 million, up 60.66% compared to the same period last year[6] - The net profit excluding non-recurring gains and losses was CNY 161.73 million, reflecting a 53.03% increase year-on-year[6] - Total operating revenue for Q1 2025 reached ¥545.28 million, a 44.1% increase from ¥378.45 million in Q1 2024[19] - Operating profit for Q1 2025 was ¥183.78 million, up 62.0% from ¥113.59 million in Q1 2024[20] - Net profit for Q1 2025 was ¥168.83 million, representing a 60.6% increase compared to ¥105.08 million in Q1 2024[20] - Total comprehensive income for Q1 2025 was ¥169.26 million, an increase of 60.9% from ¥105.17 million in Q1 2024[20] - Earnings per share for Q1 2025 were ¥1.31, compared to ¥1.06 in Q1 2024[20] Cash Flow and Investments - The net cash flow from operating activities was CNY 57.65 million, a decrease of 46.46% compared to the previous year[6] - Cash flow from operating activities for Q1 2025 was ¥57.65 million, down 46.6% from ¥107.66 million in Q1 2024[21] - The company reported a net cash outflow from investing activities of ¥125.84 million in Q1 2025, compared to a net outflow of ¥84.00 million in Q1 2024[22] - The company experienced a net cash inflow from financing activities of ¥18.60 million in Q1 2025, compared to a net outflow of ¥8.59 million in Q1 2024[22] Research and Development - R&D investment totaled CNY 92.30 million, representing 16.93% of operating revenue, a decrease of 2.17 percentage points from the previous year[5] - Research and development expenses increased to ¥92.30 million in Q1 2025, up 27.7% from ¥72.30 million in Q1 2024[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3.60 billion, an increase of 4.27% from the end of the previous year[5] - As of March 31, 2025, the total assets of Anji Microelectronics Co. Ltd. amounted to RMB 3,599,182,068.45, an increase from RMB 3,451,756,060.58 as of December 31, 2024, reflecting a growth of approximately 4.3%[16][18] - The company's current assets reached RMB 2,156,201,671.64, up from RMB 2,026,156,535.74, indicating an increase of about 6.4%[16] - Cash and cash equivalents increased to RMB 945,014,110.97 from RMB 897,657,456.83, representing a growth of approximately 5.3%[16] - Accounts receivable rose to RMB 459,047,455.71 from RMB 392,765,862.26, marking an increase of around 16.8%[16] - Inventory levels increased to RMB 654,473,207.11 from RMB 617,635,256.81, which is an increase of about 5.9%[16] - Total liabilities decreased to RMB 721,374,308.26 from RMB 750,799,379.57, reflecting a reduction of approximately 3.9%[18] - The company's equity attributable to shareholders rose to RMB 2,877,807,760.19 from RMB 2,700,956,681.01, indicating an increase of about 6.6%[18] - The short-term borrowings increased to RMB 155,103,366.68 from RMB 130,103,366.67, which is an increase of approximately 19.2%[17] - The company's long-term investments stood at RMB 113,369,583.96, slightly down from RMB 114,139,623.34, showing a decrease of about 0.7%[17] - The total non-current assets amounted to RMB 1,442,980,396.81, a slight increase from RMB 1,425,599,524.84, reflecting a growth of approximately 1.2%[17] Business Strategy and Growth - The company continues to deepen customer cooperation and enhance product innovation capabilities, focusing on the "3+1" technology platform[5] - The company is actively expanding its product lines in the chemical mechanical polishing and functional wet electronic chemicals sectors, leading to significant revenue growth in these areas[5]

Investment Rating - The report maintains a Neutral rating for Anji Microelectronics Technology and raises the target price to CNY175 from CNY157 [3][5]. Core Insights - Anji Microelectronics reported a revenue of CNY1,835 million for 2024, reflecting a year-on-year growth of 48%, driven by strong performance in photoresist solvent, which grew by 79% year-on-year [1][4]. - The company's gross margin improved to 58.5%, up 2.6 percentage points year-on-year, attributed to scale advantages and product mix improvements [1]. - Earnings for 2024 were reported at CNY534 million, a 33% increase year-on-year, but fell short of consensus estimates due to higher asset impairment losses and a reduction in government subsidies [1]. Summary by Sections 2024 Performance - Revenue reached CNY1,835 million, exceeding Bloomberg consensus by 1% [1]. - Photoresist solvent sales increased by 79% year-on-year, while CMP slurry sales grew by 44% [1]. - Gross margin was 58.5%, 0.4 percentage points above consensus [1]. 2025 Forecast - Expected sales and earnings growth of 24% and 28% year-on-year, respectively, driven by continued localization trends [2]. - Potential for increased CMP slurry penetration in key clients, with current penetration below 50% for the second and third largest clients [2]. - Anticipated better revenue growth in photoresist solvent due to low current penetration of around 20-25% [2]. Valuation and Target Price - The new target price of CNY175 is based on a 33x multiple of the 2025F EPS of CNY5.3, slightly above the historical average P/E of 32x [3][26]. - The stock currently trades at 33x 2025F P/E, indicating a modest upside of 1.2% from the closing price of CNY172.91 [5][26]. Financial Projections - Revenue projections for FY25 are set at CNY2,275 million, with net profit expected to reach CNY682 million [4][10]. - Normalized EPS is forecasted to grow by 27.7% in FY25, reaching CNY5.29 [10].

新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 二〇二五年四月 股票代码：688019 股票简称：安集科技 安集微电子科技（上海）股份有限公司 向不特定对象发行可转换公司债券 之 上市公告书 保荐人（主承销商） 安集微电子科技（上海）股份有限公司 向不特定对象发行可转换公司债券之上市公告书 第一节 重要声明与提示 安集微电子科技（上海）股份有限公司（以下简称"安集科技"、"发行人" 或"公司"）全体董事、监事、高级管理人员保证上市公告书的真实性、准确性、 完整性，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并对其内容 的真实性、准确性和完整性承担个别和连带的法律责任。 根据《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》"）等有关法律、法规的规定，本公司董 事、高级管理人员已依法履行诚信和勤勉尽责的义务和责任。 中国证券监督管理委员会（以下简称"中国证监会"）、上海证券交易所（以 下简称"上交所"）、其他政府机关对本公司可转换公司债券上市及有关事项的 意见，均不表明对本公司的任何保证。 本公司提醒广大投资者注意， ...

Investment Rating - The report maintains a "Recommended" investment rating for Anji Microelectronics (688019.SH) with a current stock price of 172.91 CNY [1]. Core Views - The company achieved a revenue of 1.835 billion CNY in 2024, representing a year-on-year growth of 48.24%, and a net profit of 534 million CNY, up 32.51% year-on-year [3][6]. - The company plans to distribute a cash dividend of 4.5 CNY per 10 shares and to increase its capital stock by 3 shares for every 10 shares held [3]. - The growth in revenue and profit is attributed to enhanced collaboration with clients, diversification of product offerings, improved production efficiency, and increased financial income from exchange gains and interest [6][7]. Financial Summary - **Revenue and Profit Forecasts**: - 2024: Revenue of 1.835 billion CNY, net profit of 534 million CNY - 2025: Revenue projected at 2.366 billion CNY, net profit at 702 million CNY - 2026: Revenue projected at 2.929 billion CNY, net profit at 858 million CNY - 2027: Revenue projected at 3.489 billion CNY, net profit at 1.011 billion CNY [5][9]. - **Profitability Ratios**: - Gross margin for 2024 is 58.5%, with a net margin of 29.1% [9]. - Return on equity (ROE) is expected to be 19.8% in 2024, increasing to 20.9% in 2025 [9]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 4.13 CNY, increasing to 5.43 CNY in 2025 and 6.64 CNY in 2026 [9]. Revenue Breakdown - The revenue from polishing liquids accounted for over 80% of total revenue in 2024, with a growth of 43.73% year-on-year [6][7]. - Functional wet electronic chemicals generated 277 million CNY in revenue, marking a significant growth of 78.91% year-on-year [6][7]. Market Position and Strategy - The company is focusing on expanding its product lines in the semiconductor manufacturing sector, covering key processes such as polishing, cleaning, and deposition [7]. - The report highlights the successful development and market expansion of various polishing liquids and functional wet electronic chemicals, with a strong emphasis on customer acquisition and application exploration [7].

���� SUSTAINABILITY REPORT 可持续发展报告 安集微电子科技（上海）股份有限公司 目勢 CONTENTS | 关于本报告 | 01 | 关于安集科技 | 05 | | --- | --- | --- | --- | | 董事长致辞 | 02 | 核心价值观 | 05 | | 2024年ESG亮点 | 03 | 公司愿景 | 05 | | | | 主营业务 | 06 | | | | 2024年公司荣誉 | 06 | | ESG治理 | 07 | | --- | --- | | 公司可持续发展治理 | 07 | | 可持续发展相关信息报告 > | 09 | | 监督与考核机制 | 09 | | 风险管理 | 10 | | 议题重要性评估 | 11 | | --- | --- | | 重要性议题分析 | 11 | | 重要性议题结果 | 11 | | 利益相关方沟通 | 12 | | 尽职调查 | 12 | | 绿色生态·环境篇 | 14 | 挚诚共赢·社会篇 | 29 | | --- | --- | --- | --- | | 应对气候变化 | 15 | 创新驱动 | 30 | | 环境合 ...

申万宏源证券承销保荐有限责任公司 关于安集微电子科技（上海）股份有限公司 2024 年度持续督导跟踪报告 申万宏源证券承销保荐有限责任公司（以下简称"保荐机构"）作为安集微电 子科技（上海）股份有限公司（以下简称"安集科技"、"公司"）持续督导保荐机 构，根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等相关规定，负责安集科技的持续督导工作。 2024 年度（以下简称"报告期"），保荐机构对安集科技的持续督导工作情况 总结如下： | 序号 | 工作内容 | 完成或督导情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度， | 保荐机构已建立健全并有效执行持 | | 1 | 并针对具体的持续督导工作制定相应的 | 续督导工作制度，并制定了相应工作 | | | 工作计划 | 计划 | | | 根据中国证监会相关规定，在持续督导工 作开始前，与上市公司或相关当事人签署 | 保荐机构已与安集科技签订了保荐 | | 2 | | 协议（明确双方在持续督导期间的权 | | | 持续督导协议，明确双方在持续督导期间 | 利义务） | | | 的权利义务，并报上 ...

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% from the current price [4][7]. Core Insights - The company's performance in 2024 met expectations, with revenue reaching RMB 1.835 billion, a year-over-year increase of 48.24%, and a net profit of RMB 534 million, up 32.51% year-over-year [4]. - The semiconductor industry is recovering, contributing to the company's stable growth and market share increase in its main products, particularly CMP polishing liquids [5]. - The company has introduced a stock incentive plan for 245 individuals, which is expected to enhance employee motivation and align their interests with the company's growth [5]. Financial Performance - The company achieved a revenue of RMB 1.835 billion in 2024, with a quarterly revenue of RMB 523 million in Q4, reflecting a year-over-year growth of 53.90% [4]. - The CMP polishing liquid segment generated RMB 1.545 billion in revenue, a 43.7% increase year-over-year, with a gross margin of 61.16% [5]. - The functional wet electronic chemicals segment saw revenue of RMB 277 million, up 78.91% year-over-year, with a gross margin of 43.21% [5]. Profitability and Cost Management - The overall gross margin improved by 2.64 percentage points to 59.45% in 2024, while the R&D expense ratio decreased by 0.98 percentage points to 18.13% [5]. - The report forecasts net profits of RMB 710 million, RMB 917 million, and RMB 1.201 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 32.97%, 29.29%, and 30.94% [7]. Market Position and Growth Potential - The company's global market share for CMP polishing liquids has steadily increased to approximately 11%, with significant growth potential in the functional wet electronic chemicals segment, which has reached a 4% market share [5]. - The report highlights the company's strong competitive position in the domestic market, particularly in the context of increasing demand for domestic alternatives amid international tensions [5].

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% from the current price [4][7]. Core Insights - The company reported a revenue of RMB 1.835 billion for 2024, representing a year-over-year increase of 48.24%. The net profit attributable to shareholders was RMB 534 million, up 32.51% year-over-year [4]. - The semiconductor industry is recovering, contributing to the company's stable growth. The main product, CMP polishing liquid, has seen an increase in market share and improved product structure [5]. - The company has launched a stock incentive plan for 245 individuals, which is expected to enhance employee motivation and align their interests with the company's growth [5]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of RMB 1.835 billion, with a net profit of RMB 534 million, and a non-recurring net profit of RMB 526 million, all meeting expectations [4]. - The Q4 revenue was RMB 523 million, showing a year-over-year increase of 53.90% and a quarter-over-quarter increase of 1.52% [4]. Product Segments - The CMP polishing liquid segment generated RMB 1.545 billion in revenue, a year-over-year increase of 43.7%, with a gross margin of 61.16% [5]. - The functional wet electronic chemicals segment achieved revenue of RMB 277 million, up 78.91% year-over-year, with a gross margin of 43.21% [5]. Cost and Margin Analysis - The overall gross margin for 2024 improved by 2.64 percentage points to 59.45%, driven by revenue growth and cost structure optimization [5]. - Research and development expenses as a percentage of revenue decreased by 0.98 percentage points to 18.13% [5]. Future Earnings Forecast - The company is projected to achieve net profits of RMB 710 million, RMB 917 million, and RMB 1.201 billion for 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 32.97%, 29.29%, and 30.94% [7].

证券代码：688019 证券简称：安集科技 公告编号：2025-030 根据本公司披露的《安集微电子科技（上海）股份有限公司向不特定对象发 行可转换公司债券证券募集说明书》（以下简称"募集说明书"），本公司拟将本 次发行所募集的资金用于以下项目： | 序号 | 项目名称 | 项目投资总额 | 拟使用募集资金 投入金额 | | --- | --- | --- | --- | | 1 | 上海安集集成电路材料基地项目 | 38,000.00 | 34,850.00 | | 2 | 上海安集集成电路材料基地自动化信息化建设 项目 | 9,000.00 | 9,000.00 | | 3 | 宁波安集新增 2 万吨/年集成电路材料生产项目 | 8,000.00 | 6,000.00 | | 4 | 安集科技上海金桥生产基地研发设备购置项目 | 11,000.00 | 11,000.00 | | 5 | 补充流动资金 | 24,000.00 | 22,200.00 | | | 合计 | 90,000.00 | 83,050.00 | 单位：人民币 万元 注：部分募投项目由本公司全资子公司负责实施，相应募集资金本公司将以借 ...

证券代码：688019 证券简称：安集科技 公告编号：2025-029 安集微电子科技（上海）股份有限公司 关于使用部分募集资金向全资子公司 提供无息借款以实施募投项目的公告 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 安集微电子科技（上海）股份有限公司（以下简称"本公司"或"公司"） 于 2025 年 4 月 17 日召开第三届董事会第十九次会议和第三届监事会第十九次 会议审议通过了《关于使用部分募集资金向全资子公司提供无息借款以实施募投 项目的议案》，同意公司根据募集资金投资项目（以下简称"募投项目"）的建设 安排及实际资金需求情况，在不超过募投项目"上海安集集成电路材料基地项目" "上海安集集成电路材料基地自动化信息化建设项目""宁波安集新增 2 万吨/年 集成电路材料生产项目"投入募集资金金额的情况下，公司拟通过提供无息借款 的方式将募集资金划转至该募投项目实施主体所开设的募集资金专用账户，即公 司的全资子公司上海安集电子材料有限公司（以下简称"安集电子材料"）及宁 波安集微电子科技有限公司（以下简称"宁波安集" ...