证券代码：688037 证券简称：芯源微 公告编号：2025-038 沈阳芯源微电子设备股份有限公司 第二届监事会第二十九次会议决议公告 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。 经审核，监事会认为：公司 2023 年限制性股票激励计划预留授予部分第一 个归属期的归属条件已经成就，同意符合归属条件的 37 名激励对象归属 13.92 万股限制性股票，本事项符合《上市公司股权激励管理办法》和公司《2023 年 限制性股票激励计划（草案）》等相关规定。 表决结果：2 票同意，0 票反对，1 票弃权。 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn）的《沈阳 芯源微电子设备股份有限公司关于 2023 年限制性股票激励计划预留授予部分第 一个归属期符合归属条件的公告》（公告编号：2025-039）。 公司监事史晓欣女士对公司 2023 年限制性股票激励计划相关议案投弃权票， 弃权理由：经讨论，本人认为对公司核心骨干进行股权激励是合理且必要的，能 够有效吸引和留用人才；但由于无法对未来几年全球及国内半导 ...

本次会议由董事长宗润福先生主持，经与会董事审议，形成决议如下： 证券代码：688037 证券简称：芯源微 公告编号：2025-037 沈阳芯源微电子设备股份有限公司 第二届董事会第三十一次会议决议公告 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 沈阳芯源微电子设备股份有限公司（以下简称"公司"）于 2025 年 5 月 27 日在公司会议室以现场和通讯相结合的方式召开了第二届董事会第三十一次会 议（以下简称"本次会议"）。本次会议的通知于 2025 年 5 月 22 日送达全体董 事。会议应出席董事 8 人，实际出席董事 8 人，会议由董事长宗润福先生主持。 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《沈 阳芯源微电子设备股份有限公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 2025 年 5 月 28 日 （一）审议通过《关于 2023 年限制性股票激励计划预留授予部分第一个归 属期符合归属条件的议案》 根据公司《2023 年限制性股票激励计划（草案）》 ...

Core Viewpoint - The company, ChipSource Micro (芯源微), is a leading player in the semiconductor equipment sector, focusing on R&D, production, and sales of specialized equipment, and has shown growth in various business segments despite challenges in smaller product sizes [2][3][5]. Financial Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.13%, with growth in front-end track, cleaning, and advanced packaging segments, while revenue from small-sized products declined due to market conditions [3]. - R&D expenses for 2024 were 297 million yuan, up 49.9% from the previous year, with an R&D expense ratio of 17%, reflecting a significant increase in investment in materials and services [3]. - In Q1 2025, the company reported revenue of 275 million yuan, a 13% year-on-year increase, but net profit attributable to shareholders dropped 70% to 4.66 million yuan [4]. Business Segments - The company has established four main business segments: front-end coating and developing, front-end cleaning, advanced packaging, and core components, with over 2,000 units shipped, solidifying its position as a domestic leader [2]. - The front-end cleaning machines have captured the domestic market with a leading market share, while the front-end chemical cleaning machines have successfully broken foreign monopolies [2][4]. Market Trends - The semiconductor equipment market in mainland China has seen significant growth, with a market size increase from $6.46 billion in 2016 to $36.6 billion in 2023, and a projected record of $49.5 billion in 2024, reflecting a compound annual growth rate of 28.11% [5]. - The company is benefiting from favorable government policies aimed at supporting the semiconductor industry, which is expected to enhance innovation and competitiveness [5]. Strategic Developments - The company has signed new orders worth 2.4 billion yuan in 2024, a 10% increase year-on-year, with strong growth in front-end chemical cleaning and bonding equipment [4]. - North Huachuang (北方华创) is in the process of acquiring shares in ChipSource Micro, which could enhance synergies between the two companies due to their complementary product offerings in the semiconductor equipment sector [6].

Core Viewpoint - The semiconductor industry is experiencing significant growth, highlighted by the launch of Xiaomi's first self-developed flagship processor "玄戒O1," which utilizes advanced 3nm technology, indicating a shift in the competitive landscape of mobile SoC chips [3][4]. Group 1: Market Performance - As of May 26, 2025, the China Securities Semiconductor Industry Index (931865) rose by 0.84%, with key stocks such as 至纯科技 (603690) increasing by 6.37% and 富创精密 (688409) by 5.38% [3]. - The Semiconductor Industry ETF (159582) has seen a 43.30% increase over the past year, closing at 1.39 yuan [3]. - The ETF's scale grew by 678.42 million yuan over the past three months, ranking it in the top half among comparable funds [4]. Group 2: Fund Performance Metrics - The Semiconductor Industry ETF has achieved a net value increase of 39.56% over the past year, placing it in the top 4.27% of 2808 index stock funds [4]. - The ETF's highest monthly return since inception was 20.82%, with a maximum consecutive monthly gain of 45.46% [4]. - The ETF's Sharpe ratio stands at 1.10, indicating a favorable risk-adjusted return [5]. Group 3: Key Holdings - As of April 30, 2025, the top ten weighted stocks in the China Securities Semiconductor Industry Index accounted for 76.35% of the index, with 北方华创 (002371) holding the highest weight at 15.51% [5][7]. - Other significant stocks include 中微公司 (688012) at 12.80% and 中芯国际 (688981) at 11.67% [7].

Investment Rating - The report maintains a "Hold" rating for the company with a target price slightly adjusted to RMB 90.00 from RMB 95.00 [3][15][8] Core Views - The company's revenue for 1Q25 was below expectations, but new orders signed in 2024 are expected to contribute to revenue in 2025 [2][8] - The decline in net profit growth compared to revenue growth is attributed to ongoing investments in new product research and development [1][9] - The acquisition of shares by Northern Huachuang is anticipated to positively impact the company's financial performance in the medium to long term [2][15] Summary by Sections Financial Performance - In 2024, the company reported revenue of RMB 1.75 billion, a year-on-year increase of 2.13%, with a net profit of RMB 203 million, down 19.08% year-on-year [1][10] - For 1Q25, revenue was RMB 275 million, a 12.74% increase year-on-year, but net profit fell to RMB 5 million, a 70.89% decrease year-on-year [1][10] Order and Product Development - The company signed new orders worth RMB 2.4 billion in 2024, a 10% increase year-on-year, with strong performance in various product lines including photoresist coating and developing machines [2][8] - New products such as the front-end chemical cleaning machine and physical cleaning machine have received significant orders from major domestic clients [2][8] Earnings Forecast Adjustments - The earnings per share (EPS) forecast for 2025 has been reduced by 32% to RMB 1.29 due to lower-than-expected net profit in 1Q25 and increased R&D expenses [3][11] - Revenue projections for 2025, 2026, and 2027 are expected to grow by 29%, 30%, and 24% respectively, with net profit margins improving over the years [9][11] Valuation - The current valuation is set at 69 times the 2025 P/E ratio, reflecting market expectations regarding the acquisition by Northern Huachuang and its potential benefits for revenue and profit growth [3][15] - The company is projected to achieve a net profit growth rate of 46% from 2024 to 2027, which is higher than the industry average of 37% [15][16]

投资者可于 2025 年 5 月 20 日（星期二）至 5 月 26 日（星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱 688037@kingsemi.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 沈阳芯源微电子设备股份有限公司（以下简称"公司"）已分别于 2025 年 4 月 26 日、2025 年 4 月 29 日发布公司 2024 年年度报告及 2025 年第一季度报告， 为便于广大投资者更全面深入地了解公司经营成果及财务状况，公司计划于 2025 年 5 月 27 日上午 9:00-10:00 举行 2024 年度暨 2025 年第一季度业绩说明会， 就投资者关心的问题进行交流。 证券代码：688037 证券简称：芯源微 公告编号：2025-036 沈阳芯源微电子设备股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会 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、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 5 ...

Group 1 - The core viewpoint of the news highlights the positive performance of the Science and Technology Innovation Board (STAR Market) and its related ETFs, driven by government policies supporting technological finance and innovation [1][2] - The STAR Market's New Generation Information Technology Index has seen an increase, with notable gains in constituent stocks such as Ge Microelectronics and Hehui Optoelectronics, indicating strong market interest in technology sectors [1] - The Ministry of Science and Technology and other departments have issued policies to encourage commercial banks to establish specialized technology finance institutions, which will enhance support for technology enterprises through increased loan ratios for mergers and acquisitions [1][2] Group 2 - Morgan Asset Management is integrating its global technology investment products to help investors capitalize on opportunities in high-quality technology companies amid the AI-driven technological wave [2] - The active management funds focus on emerging industry trends, artificial intelligence, new energy vehicles, and quality growth enterprises, indicating a strategic approach to investment in future industries [2][3] - Passive investment options include ETFs that provide exposure to technology assets in Hong Kong and innovative pharmaceutical companies in China, reflecting a diversified investment strategy in the technology sector [3]

| | | 74,682,616 | （%） 99.9233 | | （%） 44,254 | 0.0592 | 13,009 | （%） 0.0175 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 普通股 审议结果：通过 | | | | | | | | | | | 表决情况： | | | | | | | | | | | | | 同意 | | | 反对 | | | 弃权 | | | 股东类型 | | | 比例 | | | 比例 | | | 比例 | | | 票数 | | | | 票数 | | 票数 | | | | | | | （%） | | （%） | | | （%） | | | 普通股 | | 74,682,616 | 99.9233 | | 44,254 | 0.0592 | 13,009 | 0.0175 | | | 审议结果：通过 | | | | | | | | | | | 表决情况： | | | | | | | | | | | | | 同意 | | | 反对 | | | 弃权 | | | 股东类型 | 票数 | ...

Core Viewpoint - The legal opinion letter confirms the legality of the 2024 annual general meeting of Shenyang Chip Source Microelectronics Equipment Co., Ltd., ensuring compliance with relevant laws and regulations [1][2][10]. Group 1: Meeting Legality - The law firm conducted a thorough review of the meeting's documents and materials, ensuring that all necessary materials were provided by the company [2]. - The notice for the annual general meeting was properly communicated to all shareholders, meeting the requirements of the Company Law and the Shareholders' Meeting Rules [3][4]. - The meeting was held at the designated location and time, presided over by the chairman, in accordance with legal and regulatory requirements [3][4]. Group 2: Attendance and Voting - A total of 4 shareholders attended the meeting in person, representing 3,392,920 shares, which is 1.6877% of the total voting shares [4]. - 91 shareholders participated in the online voting, with their identities verified by the Shanghai Stock Exchange [4]. - The qualifications of all attendees and the meeting's convener were confirmed to be valid and compliant with legal standards [4][10]. Group 3: Voting Procedures and Results - The meeting utilized both on-site and online voting methods, with results being monitored and counted by designated personnel [5]. - The voting results showed a high level of agreement on the proposed resolutions, with significant majorities in favor, such as 99.9233% for one resolution [6][8][9]. - No objections were raised regarding the voting results by the shareholders present at the meeting [10].

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 16 日 （二） 股东大会召开的地点：辽宁省沈阳市浑南区彩云路 1 号沈阳芯源微电子 设备股份有限公司会议室 证券代码：688037 证券简称：芯源微 公告编号：2025-035 沈阳芯源微电子设备股份有限公司 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。 （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 | 95 | | --- | --- | | 普通股股东人数 | 95 | | 2、出席会议的股东所持有的表决权数量 | 74,739,879 | | 普通股股东所持有表决权数量 | 74,739,879 | | 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 | 37.1774 | | 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（%） | 37.17 ...