北京市竞天公诚律师事务所 关于沈阳芯源微电子设备股份有限公司 2024 年年度股东大会的 北京市竞天公诚律师事务所 关于沈阳芯源微电子设备股份有限公司 2024 年年度股东大会的 法律意见书 2025 年 5 月 法律意见书 致：沈阳芯源微电子设备股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受沈阳芯源微电子设备 股份有限公司（以下简称"公司"）委托，指派本所律师对公司 2024 年年度股东 大会（以下简称"本次股东大会"）的合法性进行见证并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称《证券法》）、 《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》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法 定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律 意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不存 在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称《公司法》）、《证 券法》、中国证券监督管理委员会（以下简称"中国证监会"）《上市公 ...

中国国际金融股份有限公司 关于沈阳芯源微电子设备股份有限公司 2021年度向特定对象发行A股股票持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意沈阳 芯源微电子设备股份有限公司向特定对象发行股票注册的批复》（证监许可 [2022]498 号）核准并经上海证券交易所同意，沈阳芯源微电子设备股份有限公 司（以下简称"芯源微"或"公司"）获准于 2022 年 6 月向特定对象发行人民 币普通股股票 8,045,699 股，每股面值 1 元，发行价格为人民币 124.29 元/股，募 集资金总额为人民币 999,999,928.71 元，扣除不含税的发行费用人民币 9,915,093.67 元，实际募集资金净额为人民币 990,084,835.04 元。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）担 任公司 2021 年度向特定对象发行 A 股股票并持续督导的保荐机构，负责芯源微 的持续督导工作，持续督导期至 2024 年 12 月 31 日止，截至目前，前述持续督 导期限已届满。 截至 2024 年 12 月 31 日，公司 2021 年度向特定对象发行 A ...

中国国际金融股份有限公司 关于沈阳芯源微电子设备股份有限公司 2024年度持续督导跟踪报告 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》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》和《科 创板上市公司持续监管办法（试行）》等相关法律、法规和规范性文件的规定， 中国国际金融股份有限公司（以下简称"中金公司"）作为沈阳芯源微电子设备 股份有限公司（以下简称"公司"或"芯源微"）持续督导工作的保荐机构，承 担公司持续督导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | 1 | | 保荐机构已建立健全并 | | | 建立健全并有效执行持续督导工作制度，并针对 | 有效执行了持续督导制 | | | 具体的持续督导工作计划制定相应的工作计划 | 度，并制定了相应的工 | | | | 作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始 | 保荐机构已与芯源微签 | | | 前，与上市公司签署持续督导协议，明确双方在 | 订保荐协议，该协议明 | | | 持续督导期间的权利义务，并报上海证券交 ...

作为A股半导体设备龙头，北方华创（002371）去年归母净利润规模罕见反超中芯国际，成为A股"盈利 王"，并在一季度保持增长。公司高管在最新业绩说明会上表示，目前公司新签订单继续保持良好趋 势，并预计国内半导体设备行业预计将继续保持增长趋势。 业绩显示，2024年北方华创实现营业收入约298.38亿元，归属净利润56.21亿元；今年一季度公司实现 15.81亿元，同比增长38.8%。不过，一季度公司经营性活动现金流净额大幅下降，变为-17.29亿元。 对于经营性活动现金流变动，公司高管介绍，为满足客户产品的按时交付，公司较大幅度增加了原材料 备货，导致经营活动现金流相对紧张。目前公司新签订单继续保持良好趋势，未来提高公司经营活动现 金流只能依赖提高客户订单的预付款比例，加强应收账款回收、减少原材料备货等方式实现经营活动现 金流的提高。 去年，北方华创加快了应收账款周转速度。据介绍，随着公司营业收入规模扩大，应收账款随之增加， 而应收账款周转天数从2023年的74.37天下降为70.25天。公司通过优化运营效率、加强应收账款回收， 提升了应收账款周转速度。 对于北方华创入主芯源微进展，公司高管介绍，北方华创已与 ...

Investment Rating - The report maintains a positive outlook on the semiconductor equipment and components industry, highlighting the acceleration of domestic substitution under the trend of self-control [2][3]. Core Viewpoints - The semiconductor equipment sector continues to experience high revenue growth, with a notable increase in profitability. The selected 14 semiconductor equipment companies achieved total revenues of 732.2 billion and 177.4 billion yuan for 2024 and Q1 2025, respectively, representing year-on-year growth of 33% and 37% [2][7]. - The domestic semiconductor equipment manufacturers are accelerating their platform layout, and the process of domestic substitution for components is speeding up. The report emphasizes the increasing demand for semiconductor equipment and components driven by the expansion of advanced logic and memory manufacturers [2][3]. - The report recommends focusing on key players in the semiconductor equipment sector, particularly those involved in platformization and low domestic substitution rates [2][3]. Summary by Sections Semiconductor Equipment - Revenue: The semiconductor equipment sector maintained high growth, with revenues of 732.2 billion yuan in 2024 and 177.4 billion yuan in Q1 2025, reflecting year-on-year increases of 33% and 37% [2][7]. - Profit: The total net profit attributable to shareholders for the semiconductor equipment companies was 119.0 billion yuan in 2024 and 25.8 billion yuan in Q1 2025, with year-on-year growth of 15% and 37% [12][16]. - Orders: The total contract liabilities for semiconductor equipment companies reached 192.1 billion yuan in 2024 and 199.1 billion yuan in Q1 2025, indicating a year-on-year increase of 14.1% and 6.3% [34]. Semiconductor Components - Revenue: The four selected semiconductor component companies achieved total revenues of 113.4 billion yuan in 2024 and 24.7 billion yuan in Q1 2025, with year-on-year growth of 9% and a decline of 6% [52][57]. - Profit: The net profit attributable to shareholders for the semiconductor component companies was 16.1 billion yuan in 2024 and 2.0 billion yuan in Q1 2025, showing a decline of 5% and 45% year-on-year [57][63]. - Cash Flow: The operating cash flow for the semiconductor component companies improved significantly in 2024, with a net cash flow of 10.9 billion yuan, but faced short-term pressure in Q1 2025 with a net cash flow of 2.6 billion yuan [62][66]. Investment Recommendations - The report recommends focusing on key players in the semiconductor equipment sector, including platformization equipment manufacturers and those with low domestic substitution rates [2][3].

Investment Rating - The report maintains a positive outlook on the semiconductor equipment and components industry, highlighting the acceleration of domestic substitution under the trend of self-control [2][3]. Core Viewpoints - The semiconductor equipment sector continues to experience high revenue growth, with a notable increase in profitability. The selected 14 semiconductor equipment companies achieved total revenues of 732.2 billion and 177.4 billion yuan for 2024 and Q1 2025, respectively, representing year-on-year growth of 33% and 37% [2][7]. - The report emphasizes the trend of domestic substitution in semiconductor equipment and components, driven by the expansion of advanced logic and memory manufacturers, as well as the increasing demand for domestic equipment [2][3]. Summary by Sections 1. Semiconductor Equipment - Revenue: The semiconductor equipment sector maintained high growth, with total revenues of 732.2 billion yuan in 2024 and 177.4 billion yuan in Q1 2025, reflecting year-on-year increases of 33% and 37% [2][7]. - Profit: The total net profit attributable to shareholders for the semiconductor equipment companies was 119.0 billion yuan in 2024 and 25.8 billion yuan in Q1 2025, with year-on-year growth of 15% and 37% [12][16]. - Orders: The total contract liabilities for semiconductor equipment companies reached 192.1 billion yuan in 2024 and 199.1 billion yuan in Q1 2025, indicating a year-on-year increase of 14.1% and 6.3% [34]. 2. Semiconductor Components - Revenue: The four selected semiconductor component companies achieved total revenues of 113.4 billion yuan in 2024 and 24.7 billion yuan in Q1 2025, with year-on-year growth of 9% and a decline of 6% [52][57]. - Profit: The total net profit attributable to shareholders for the semiconductor component companies was 16.1 billion yuan in 2024 and 2.0 billion yuan in Q1 2025, showing a decline of 5% and 45% year-on-year [57][63]. - Cash Flow: The operating cash flow for the semiconductor component companies improved significantly in 2024, with a net cash flow of 10.9 billion yuan, but faced short-term pressure in Q1 2025 with a net cash flow of 2.6 billion yuan [62][66]. 3. Investment Recommendations - The report recommends focusing on platform-based equipment manufacturers such as North China Huachuang and Zhongwei Company, as well as component manufacturers like Xinlai and Fuchuang Precision [2][3].

Investment Rating - The industry investment rating is "Overweight" [3][30]. Core Viewpoints - The humanoid robot industry is expected to see significant growth, with a projected cumulative demand of approximately 2 million units by 2030, indicating a critical breakthrough phase from 0 to 1 [6][24]. - The report highlights key companies to watch in the humanoid robot supply chain, including Tier 1 suppliers and core component manufacturers [6][24]. - The report emphasizes the importance of technological advancements in various sectors, including photovoltaic equipment, energy storage, semiconductor equipment, automation, and hydrogen energy, suggesting a favorable outlook for leading companies in these areas [6][25][26]. Summary by Sections Humanoid Robots - Recent developments include the launch of the first domestic AI-powered exoskeleton robot by Zhiyuan, which features advanced technology for various applications [7]. - The first batch of 220 humanoid robots was delivered by Chery, showcasing their capabilities in customer service and sales guidance [17]. - The World Humanoid Robot Sports Competition is set to take place in August, highlighting the growing interest and innovation in the humanoid robotics field [23]. Photovoltaic Equipment - The penetration rate of N-type photovoltaic technology is accelerating, strengthening the competitive edge of leading companies [25]. - The report suggests focusing on companies that are innovating in cost-reduction technologies and expanding production capacity [25]. Energy Storage - Favorable policies are expected to drive growth in both generation-side and user-side energy storage [25]. - Companies like Xingyun Co. are positioned to benefit from strategic partnerships in the energy storage sector [25]. Semiconductor Equipment - The semiconductor equipment market is projected to reach $140 billion by 2030, with a focus on domestic alternatives due to low current localization rates [26]. - The report recommends monitoring companies that are well-positioned to capitalize on this trend [26]. Automation - The market for industrial tools is expected to grow from approximately 40 billion to 55.7 billion by 2026, with opportunities for leading companies to gain market share through increased concentration and import substitution [26]. Hydrogen Energy - The report highlights the potential of green hydrogen in achieving carbon neutrality, with a focus on companies that integrate the hydrogen supply chain [25].

Core Viewpoint - The company is focusing on the verification progress of its ArF immersion high-capacity coating and developing machine, actively promoting its introduction and validation across different clients [1] Investment Highlights - The company's EPS forecast for 2025-2027 has been updated to 1.35, 2.14, and 3.36 yuan, reflecting growth rates of 34.08%, 58.60%, and 56.93% respectively. The 2025E and 2026E forecasts have been slightly downgraded, while 2027E is a new addition. Given the low domestic localization rate of front-end coating and developing equipment, achieving breakthroughs will create significant competitive barriers, leading to a projected PE valuation of 80 times for 2025, corresponding to a target price of 108.00 yuan [2] Operating Performance Pressure - The company anticipates a revenue of 1.753 billion yuan in 2024, a year-on-year increase of 2.13%, with a net profit of 73.31 million yuan, down 60.83% year-on-year. The decline in net profit is primarily due to increased R&D investment, with R&D expenses expected to reach 297 million yuan in 2024, a 49.93% increase. The company is currently in a critical transition period for upgrading coating and developing equipment and validating new products, resulting in significant performance pressure [3] Product Development Progress - The main products are advancing smoothly at client sites. The high-end offline machines, including SOC, SOD, and NTD, have achieved rapid breakthroughs, and I-Line and KrF machines are showing good production data at multiple client sites. The introduction and validation of the ArF immersion high-capacity coating and developing machine are actively being promoted across different clients [3] - New products are steadily progressing and are expected to contribute to new growth points for the company. The front-end chemical cleaning machine launched in March 2024 has passed client process validation and received orders from several major domestic clients. The temporary bonding and debonding machines have successfully passed validation from multiple clients and are entering a gradual ramp-up phase, with nearly 20 orders in hand. The new Frame cleaning equipment for 2.5D/3D advanced packaging has also passed client validation and is entering small-batch sales [4]

公司代码：688037 公司简称：芯源微 为了维护全体股东的合法权益，确保沈阳芯源微电子设备股份有限公司（以 下简称"芯源微"或"公司"）股东大会的正常秩序和议事效率，保证大会的顺 利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股 东会规则》以及《沈阳芯源微电子设备股份有限公司章程》（以下简称《公司章 程》）以及《沈阳芯源微电子设备股份有限公司股东大会议事规则》等相关规定， 特制定本须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证明文件或企业营业执照/注册证 书复印件（加盖公章）、授权委托书等，上述登记材料均需提供复印件一份，个 人登记材料复印件须个人签字，法定代表人证明文件复印件须加盖公司公章，经 验证后领取会议资料，方可出席会议。会议开始后，由会议主持人宣布现场出席 会议的股东人数及其所持有表决权的股份总数，在此之后进场的股东无权参与现 场投票表决。 三、会议按照会议通知上所列 ...

Group 1: Market Performance - As of May 9, 2025, the CSI Semiconductor Industry Index (931865) decreased by 2.42% [3] - Major component stocks such as SMIC (688981) and Huahai Chengke (688535) saw declines of 4.26% and 4.16% respectively [3] - The Semiconductor Industry ETF (159582) fell by 2.32%, with the latest price at 1.43 yuan [3] Group 2: Industry Trends - The semiconductor industry has entered a recovery cycle since the second half of 2023, driven by AI demand and domestic substitution trends [4] - Revenue and net profit are expected to maintain growth in Q1 2024 and Q1 2025, with profitability gradually recovering from the second half of 2024 [4] Group 3: ETF Performance - The Semiconductor Industry ETF has seen a net value increase of 42.67% over the past year, ranking 113 out of 2785 index equity funds [5] - The ETF's highest monthly return since inception was 20.82%, with a historical one-year profit probability of 100% [5] - The ETF's management fee is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the CSI Semiconductor Industry Index accounted for 76.35% of the index [6] - The top stocks include Northern Huachuang (002371) and Zhongwei Company (688012), with respective weights of 15.51% and 12.80% [8]