| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：118054 | 债券简称：安集转债 | | 累计转股情况：截至 2025 年 12 月 31 日，"安集转债"累计有 1,059,000 元已转换为安集微电子科技（上海）股份有限公司（以下简称"公司"）股票， 转股数量为 8,192 股，占"安集转债"转股前公司已发行股份总数的 0.0049%。 未转股可转债情况：截至 2025 年 12 月 31 日，"安集转债"尚未转股的 可转债金额为 829,441,000 元，占"安集转债"发行总量的 99.87%。 本季度转股情况："安集转债"的转股期自 2025 年 10 月 13 日至 2031 年 4 月 6 日止。自 2025 年 10 月 13 日至 2025 年 12 月 31 日，"安集转债"共有 1,059,000 元已转换为公司股票，转股数量为 8,192 股，占"安集转债"转股前公 司已发行股份总数的 0.0049%。 一、可转债发行上市概况 经中国证监会证监许可〔2024〕1555 号文同意注册，公司于 ...

Group 1: Overview of Major Companies in Wet Electronic Chemicals - BASF is a leading supplier in the industry with the highest global market share, offering a range of wet electronic chemicals including inorganic high-purity reagents and functional formulation liquids [2] - DuPont, following its split in 2019, continues to excel in organic silicon-based electronic chemicals and plans to spin off its electronic materials business by 2025 [2] - Honeywell specializes in high-purity inorganic chemicals and has significant production capabilities in ultra-pure acids and organic solvents [2] - Entegris, after acquiring Cabot Microelectronics, offers a wide range of high-purity chemicals for semiconductor applications [2] - Avantor is a major supplier of ultra-pure reagents and electronic-grade solvents, focusing on high-purity chemicals for the electronics industry [2] Group 2: Japanese Companies in Wet Electronic Chemicals - Sumitomo Chemical is a core supplier of ultra-pure chemicals for semiconductors and displays, with significant advantages in large wafer manufacturing applications [5] - Kanto Chemical holds a significant market share in ultra-pure acid and functional chemical production for semiconductor applications [5] - Shin-Etsu Chemical is a major producer of photoresists and associated wet electronic chemicals for the semiconductor industry [5] - Mitsubishi Chemical produces a variety of high-purity acids and cleaning agents for microelectronics processing [5] Group 3: South Korean Companies in Wet Electronic Chemicals - Dongwoo Fine-Chem, a subsidiary of Sumitomo Chemical, is a pioneer in developing high-purity chemicals for semiconductor and TFT-LCD manufacturing [8] - Dongjin Semichem has a strong presence in the wet electronic chemicals market for new display technologies, holding a monopoly in certain functional chemicals [8] - Soul-brain is recognized as a leading supplier of high-purity hydrofluoric acid in South Korea [8] Group 4: Taiwanese Companies in Wet Electronic Chemicals - Dongying Chemical Co., Ltd. focuses on producing stripping and developing liquids for semiconductors and TFT-LCD applications [9] - Kuan-Tung Hsin-Lin Technology Co., Ltd. has achieved top-tier quality in hydrogen peroxide production, alongside other electronic-grade chemicals [9] - Chang Chun Chemical Co., Ltd. is a major supplier of electronic-grade sulfuric acid and other chemicals for the semiconductor industry [9] Group 5: Chinese Mainland Companies in Wet Electronic Chemicals - Anji Microelectronics Technology Co., Ltd. projects a revenue of 1.545 billion yuan from CMP polishing liquids in 2024, with a production capacity of 33,100 tons [10] - Hubei Xingfu Electronic Materials Co., Ltd. is the market leader in electronic-grade phosphoric acid, with a projected revenue of 1.02 billion yuan in 2024 [10] - Jiangyin Jianghua Microelectronics Materials Co., Ltd. is one of the few companies capable of supplying electronic-grade hydrofluoric acid for 12-inch advanced processes [10]

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [9]. Core Insights - The company is a leading domestic CMP polishing liquid enterprise, continuously expanding its second growth curve through diversification [2][9]. - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion from wafer fabs, benefiting material suppliers [52][56]. - The company maintains a strong focus on R&D and innovation, with a "3+1" technology platform that covers a full range of products including polishing liquids, functional wet chemicals, and electroplating liquids [8][19]. Financial Data and Profit Forecast - For 2024, the company expects total revenue of 1,835 million yuan, with a year-on-year growth rate of 48.2% [6]. - The projected net profit attributable to shareholders for 2025 is 811 million yuan, reflecting a year-on-year growth of 52.1% [6]. - The company’s gross margin is expected to stabilize around 56.8% for 2025, with a return on equity (ROE) of 24.2% [6][30]. Market Position and Growth Strategy - The company has achieved a global market share of approximately 11% in CMP polishing liquids by 2024, with significant growth in functional wet chemicals and electroplating liquids [8][19]. - The company is strategically positioned in the largest semiconductor material markets, namely Taiwan and mainland China, and aims to enhance its international presence [44][56]. - The company’s product offerings are expanding, with a focus on high-end functional wet chemicals that are expected to see substantial growth in the coming years [10][19]. Industry Trends - The semiconductor industry is experiencing a "super cycle," driven by increased demand for storage and logic chips, particularly due to AI applications [52][56]. - The report highlights that the domestic semiconductor manufacturing sector is expected to see significant capital investment, with major players like SMIC and Changjiang Storage planning large-scale capacity expansions [56][57]. - The report notes that the demand for CMP polishing liquids is expected to rise as the complexity of semiconductor manufacturing processes increases [10][52].

Core Viewpoint - The article discusses the strategic transformation of China's new materials industry by 2025, emphasizing a "three-dimensional war" approach that includes "fortress materials" for national security, "sovereign materials" for technological independence, and "fusion materials" for future industry definition [3]. Group 1: Fortress Materials - The development of safety dimension materials is closely tied to national core interests, focusing on absolute reliability and performance under extreme conditions rather than cost-effectiveness [5]. - A significant breakthrough in 2025 is the mass production of the fourth-generation single crystal high-temperature alloy turbine blades, which can withstand temperatures above 1200°C and have a lifespan increased by nearly 50% compared to previous generations [8][10]. - Continuous silicon carbide fibers have transitioned from laboratory preparation to stable engineering mass production, with a production capacity of hundreds of tons, marking a strategic leap in the aerospace sector [14][15]. Group 2: Sovereign Materials - Sovereign materials focus on achieving "self-control" and enhancing industrial competitiveness, particularly in strategic sectors like semiconductors and high-end manufacturing [40]. - In the semiconductor sector, the production of 12-inch silicon wafers has reached a milestone with over 500,000 monthly shipments, and significant advancements in low-oxygen high-resistivity silicon wafer technology have been made [44]. - The domestic supply ratio of 300mm semiconductor silicon wafers is expected to increase from 15% to 40% by the end of 2025, significantly reducing reliance on imports [45]. Group 3: Fusion Materials - The fusion materials dimension represents a shift towards creating new demands and defining new products, characterized by the integration of materials science with cutting-edge fields like artificial intelligence and synthetic biology [72]. - AI-driven platforms for materials research have emerged, enabling rapid property prediction and screening, significantly reducing development cycles for critical materials [74]. - The integration of intelligent materials in robotics is evolving, allowing materials to interact with their environment and make autonomous decisions, marking a shift from passive components to intelligent structures [77].

Market Overview - The electronic chemicals sector increased by 0.16% on December 31, with Weiteou leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Weiteou (301319) closed at 55.44, up 8.07% with a trading volume of 70,700 shares and a transaction value of 381 million yuan [1] - Xilong Science (002584) closed at 9.21, up 4.07% with a trading volume of 522,100 shares [1] - Guanggang Gas (688548) closed at 14.54, up 3.49% with a trading volume of 158,500 shares [1] - Other notable performers include Xingfu Electronics (688545) up 2.90%, Tiantong Co. (600330) up 2.82%, and Shanghai Xinyang (300236) up 2.67% [1] Fund Flow Analysis - The electronic chemicals sector experienced a net outflow of 14.58 million yuan from institutional investors, while retail investors saw a net outflow of 24.6 million yuan [2] - Conversely, speculative funds recorded a net inflow of 260 million yuan [2] Individual Stock Fund Flow - Shanghai Xinyang (300236) had a net inflow of 122 million yuan from institutional investors, while retail investors faced a net outflow of 198 million yuan [3] - Tiantong Co. (600330) saw a net inflow of 47.23 million yuan from institutional investors, with retail investors experiencing a net outflow of 48.61 million yuan [3] - Xilong Science (002584) had a net inflow of 43.47 million yuan from speculative funds, while retail investors faced a net outflow of 24.38 million yuan [3]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2][8] Core Insights - The company is a leading domestic CMP polishing liquid enterprise, continuously expanding its second growth curve through diversified product offerings [7][16] - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion among wafer fabs, benefiting material suppliers [7][52] - The company maintains a strong focus on R&D and innovation, with a robust "3+1" technology platform that supports its core business in polishing liquids and expands into functional wet chemicals and electroplating solutions [7][8] Financial Data and Profit Forecast - Projected total revenue for 2024 is 1,835 million yuan, with a year-on-year growth rate of 48.2%. For 2025, the expected revenue is 2,506 million yuan, reflecting a growth rate of 36.6% [5] - The company's net profit attributable to shareholders is forecasted to be 534 million yuan in 2024, increasing to 811 million yuan in 2025, with a year-on-year growth rate of 52.1% [5] - The gross margin is expected to stabilize around 56.8% for 2025, with a return on equity (ROE) projected at 24.2% [5][8] Market Position and Growth Drivers - The company has achieved a global market share of over 10% in CMP polishing liquids, with significant growth in functional wet chemicals and electroplating solutions [7][8] - The demand for CMP polishing liquids is driven by advancements in integrated circuit technology, leading to increased usage and value of polishing materials [7][52] - The company is strategically positioned in the largest semiconductor material markets, namely Taiwan and mainland China, enhancing its competitive advantage [7][44] Product and Technology Development - The company has developed a comprehensive product matrix in CMP polishing liquids, functional wet chemicals, and electroplating solutions, catering to various semiconductor manufacturing processes [16][19] - Continuous R&D investment has led to a stable increase in the number of patents, with a focus on high-end differentiated products in the functional wet chemical segment [38][44] Future Outlook - The company is expected to see net profits of 8.11 billion yuan, 10.21 billion yuan, and 12.74 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 45, 36, and 29 [8][9] - The ongoing expansion of domestic semiconductor manufacturing capacity, particularly among leading firms, is anticipated to further benefit the company [52][56]

Group 1 - The core point of the news is that Anji Technology's stock price decreased by 1.16% to 213.70 CNY per share, with a trading volume of 1.23 billion CNY and a turnover rate of 0.33%, resulting in a total market capitalization of 36.02 billion CNY [1] - Anji Microelectronics Technology (Shanghai) Co., Ltd. is located in the Pudong New Area of Shanghai and was established on February 7, 2006, with its listing date on July 22, 2019. The company focuses on the research and industrialization of key semiconductor materials [1] - The main business revenue composition includes 81.48% from the sales of chemical mechanical polishing liquids, 18.14% from functional wet electronic chemicals, and 0.38% from other sources [1] Group 2 - From the perspective of the top ten holdings of funds, Huashan Fund has one fund heavily invested in Anji Technology. The Huashan CSI 1000 Index Enhanced A (015148) held 1,180 shares in the third quarter, accounting for 0.47% of the fund's net value, making it the second-largest holding [2] - The Huashan CSI 1000 Index Enhanced A (015148) was established on July 12, 2022, with a latest scale of 45.938 million CNY. Year-to-date returns are 28.89%, ranking 1,908 out of 4,189 in its category; the one-year return is 25.71%, ranking 1,975 out of 4,188; and since inception, the return is 10.65% [2] - The fund manager of Huashan CSI 1000 Index Enhanced A (015148) is Zhang Xu, who has a cumulative tenure of 5 years and 229 days, with total fund assets of 7.661 billion CNY. The best fund return during his tenure is 144.3%, while the worst is -7.07% [2]

Group 1 - The core viewpoint of the article highlights the strong performance of chip concept stocks in the A-share market, with significant gains observed in several companies [1] - Xinxiang Microelectronics saw an increase of over 12%, while Electric Science Chip reached a 10% limit up, indicating robust investor interest [1] - Other notable performers included Zhuosheng Microelectronics with a nearly 10% rise, Dongxin Co. with over 8%, and both Saiwei Electronics and Canxin Co. with gains exceeding 5% [1] Group 2 - The news also reports that SMIC (Semiconductor Manufacturing International Corporation) plans to issue shares worth 40.6 billion yuan to acquire a 49% stake in Zhongxin North, which is held by the National Integrated Circuit Fund and four other parties [1] - Upon completion of this transaction, SMIC will gain full control over this key 12-inch wafer foundry enterprise, enhancing its market position [1]

| | | 安集微电子科技（上海）股份有限公司 关于 2026 年度日常关联交易预计的公告 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法律责任。 重要内容提示： 本次2026年度日常关联交易预计事项尚需提交股东会审议。 日常关联交易对上市公司的影响：安集微电子科技（上海）股份有限公 司（以下简称"公司"）本次预计2026年度日常关联交易额度系为满足公司正常 生产经营需要，相关日常关联交易遵循公允、合理的原则，不存在损害公司及股 东利益的情形，不影响公司独立性，公司不会对关联人形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2025 年 12 月 23 日召开了 2025 年第三次独立董事专门会议，审议通 过《关于 2026 年度日常关联交易预计的议案》。独立董事专门会议认为：公司本 次预计 2026 年将要发生的关联交易为公司正常经营业务所需，属于正常商业行 为，遵守了自愿、等价、有偿的原则，定价公平合理，所发生的关联交易符合公 司的利益，不存在损害公司和其他股东利益的情况。公司独立董事专门会议 ...

安集微电子科技（上海）股份有限公司 2025 年第三次独立董事专门会议决议 安集微电子科技(上海)股份有限公司 2025 年第三次独立董事专门会议决议 一、会议召开情况 安集微电子科技(上海)股份有限公司(以下简称"公司")2025年第三次独 立董事专门会议于 2025 年 12 月 23 日以通讯表决的方式召开,本次会议应出席 独立董事3名,实际出席董事3名。本次会议的召集和召开程序、出席和列席会 议人员资格均符合《公司法》《公司章程》及《独立董事专门会议工作制度》的 有关规定。 二、会议审议情况 (一)审议通过《关于2026年度日常关联交易预计的议案》 经审阅,公司独立董事认为:公司本次预计2026年将要发生的关联交易为公 司正常经营业务所需,属于正常商业行为,遵守了自愿、等价、有偿的原则,定 价公平合理,所发生的关联交易符合公司的利益,不存在损害公司和其他股东利 益的情况。公司独立董事专门会议同意将《关于2026年度日常关联交易预计的议 案》提交公司董事会审议。 表决结果:同意3票，反对0票，弃权0票。 特此决议。 (本页以下无正文) 安集微电子科技（上海）股份有限公司 2025 年第三次独立荒事专门会 ...