Financial Performance - The company's operating revenue for Q1 2025 was ¥275,316,424.15, representing a 12.74% increase compared to ¥244,210,948.51 in the same period last year[4] - Net profit attributable to shareholders decreased by 70.89% to ¥4,660,009.98 from ¥16,010,992.51 year-on-year[4] - The net profit after deducting non-recurring gains and losses was -¥40,067,978.58, a decline of 564.25% compared to ¥8,630,690.28 in the previous year[4] - The basic earnings per share decreased by 83.33% to ¥0.02 from ¥0.12 in the same period last year[4] - The diluted earnings per share also fell by 83.33% to ¥0.02 from ¥0.12 year-on-year[5] - Net profit for Q1 2025 was a loss of ¥2,229,285.30, compared to a profit of ¥15,624,535.55 in Q1 2024, representing a significant decline[22] - The company reported a total comprehensive income of -¥1,623,467.87 for Q1 2025, compared to ¥15,280,139.03 in Q1 2024[23] Cash Flow - The net cash flow from operating activities was -¥198,551,777.89, a decrease of 927.95% from ¥23,981,234.25 in the same period last year[4] - Cash flow from operating activities in Q1 2025 was ¥380,163,369.74, down from ¥415,801,437.23 in Q1 2024[24] - The net cash flow from operating activities was -$198.55 million, a decrease from $23.98 million in the previous period[25] - Total cash inflow from investment activities was $1.27 billion, significantly higher than $566.51 million in the prior period[25] - Cash outflow for investment activities totaled $1.30 billion, compared to $740.21 million previously, resulting in a net cash flow of -$23.17 million from investment activities[25] - Cash inflow from financing activities was $113.06 million, up from $71.31 million in the previous period[27] - The net cash flow from financing activities was $63.96 million, an increase from $24.20 million in the prior period[27] - The ending balance of cash and cash equivalents was $1.36 billion, down from $1.51 billion at the beginning of the period[27] - The company has seen a decrease in cash and cash equivalents, which fell to approximately CNY 1.44 billion from CNY 1.58 billion, a decline of about 8.99%[16][18] Research and Development - Research and development expenses totaled ¥63,822,147.50, an increase of 40.52% from ¥45,419,325.19 year-on-year[5] - The proportion of R&D expenses to operating revenue rose to 23.18%, up by 4.58 percentage points from 18.60% in the previous year[5] - Research and development expenses increased to ¥63,822,147.50 in Q1 2025, up 40.49% from ¥45,419,325.19 in Q1 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,709,168,285.35, reflecting a 2.01% increase from ¥5,596,873,243.71 at the end of the previous year[5] - The equity attributable to shareholders increased by 0.70% to ¥2,709,913,283.03 from ¥2,691,127,435.30 year-on-year[5] - The company's total assets amounted to ¥5,709,168,285.35, an increase from ¥5,596,873,243.71 year-over-year[19] - The company's current assets totaled approximately CNY 4.31 billion, up from CNY 4.26 billion, indicating a growth of around 1.93%[16][18] - The company's inventory increased to approximately CNY 1.99 billion from CNY 1.82 billion, reflecting a rise of about 9.43%[17][18] - The total liabilities of the company were approximately CNY 2.87 billion, compared to CNY 2.78 billion, marking an increase of about 3.52%[18] - The company reported a significant increase in accounts receivable, which rose to approximately CNY 545.59 million from CNY 529.81 million, a growth of about 2.97%[17] Shareholder and Partnership Developments - The company is in the process of transferring shares from major shareholders to Northern Huachuang, which could result in Northern Huachuang holding 17.88% of the company, making it the largest shareholder[13] - The partnership with Northern Huachuang is expected to enhance collaboration in R&D, supply chain, and customer resources, potentially improving competitiveness and shareholder returns[14] - The company reported a total of 10 major shareholders, with the largest shareholder holding approximately 21.32 million shares, representing 10.66% of the total shares[11] Operating Costs - Total operating costs for Q1 2025 were ¥335,644,509.77, up 28.42% from ¥261,285,811.66 in Q1 2024[21] - The company reported a significant increase in cash paid for purchasing goods and services, totaling $381.41 million, compared to $273.41 million previously[25] - Cash paid to employees increased to $147.03 million from $115.28 million in the prior period[25] - The company experienced a cash outflow of $39.15 million for taxes, up from $22.04 million previously[25] Product Development - The company plans to continue its focus on integrating different equipment processes and enhancing product offerings in the semiconductor equipment sector[14] - The company did not report any significant new product launches or technological advancements during this period[26]

Core Insights - The semiconductor materials ETF has shown a positive performance, with a recent increase of 0.21% in the index and notable gains in constituent stocks [2] - The ETF has achieved a significant annual net value increase of 29.99%, ranking in the top 11.23% among equity funds [3] - The top ten weighted stocks in the semiconductor materials index account for 60.82% of the total index weight, indicating concentrated performance among leading companies [4] Performance Metrics - The semiconductor materials ETF has seen a one-week cumulative increase of 0.74% and a year-to-date average daily trading volume of 15.98 million yuan [2] - The ETF's highest single-month return since inception was 20.35%, with an average monthly return of 10.90% and a historical one-year profit probability of 97.04% [3] - The electronic sector's holdings in public funds reached a historical high of 18.90% in Q1 2025, reflecting strong investor interest [3] Top Holdings - The top ten stocks in the semiconductor materials index include North Huachuang, Zhongwei Company, and Hushi Silicon Industry, with North Huachuang holding the highest weight at 16.44% [4][6] - The performance of these top stocks varies, with some experiencing slight increases while others, like Hushi Silicon Industry, have seen a decrease [6]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 115.85 CNY per share, maintaining the rating [5][9]. Core Views - The company achieved record high performance in Q4 2024, with revenue of 6.49 billion CNY, a year-on-year increase of 27.13%, and a net profit of 0.95 billion CNY, a year-on-year increase of 213.09% [1]. - The company has made significant breakthroughs in the semiconductor equipment sector, securing orders from leading domestic clients in both front-end and back-end equipment [2][3]. - The strategic investment from Northern Huachuang, which will become the largest shareholder with a 17.88% stake, is expected to enhance the company's competitiveness in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 1.754 billion CNY, a slight increase of 2.13% year-on-year, and a net profit of 203 million CNY, a decrease of 19.08% year-on-year [1][11]. - The projected revenues for 2025, 2026, and 2027 are 2.648 billion CNY, 3.429 billion CNY, and 4.183 billion CNY respectively, with net profits expected to be 339 million CNY, 493 million CNY, and 653 million CNY [9][11]. Market Position and Growth Potential - The company has established itself as a leader in the domestic semiconductor equipment market, particularly in photoresist coating and developing products, with strong order growth from both domestic and international clients [2][3]. - The introduction of new products, such as the KS-CM300/200 chemical cleaning machine, has broken foreign monopolies and is expected to drive further growth [3]. Valuation Metrics - The company is valued at a price-to-sales (PS) ratio of 8.8 for 2025, reflecting its leading position in the front-end equipment market and promising growth in back-end products [9][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported significant performance improvement in Q4 2024, with revenue growth driven by new products such as chemical cleaning and advanced packaging [3] - The company faces profit pressure due to increased R&D expenses, with a notable decline in net profit for the year [4] - The upcoming control change with Beifang Huachuang is expected to enhance the company's business development and accelerate domestic substitution of equipment [5] Revenue Performance - In 2024, the company achieved revenue of 1.754 billion yuan, a year-on-year increase of 2.1%. Q4 revenue was 649 million yuan, up 27.13% year-on-year and 57.91% quarter-on-quarter [3] - The revenue breakdown shows that coating and developing equipment generated 1.05 billion yuan, down 1.52% year-on-year, while single-wafer wet processing equipment revenue was 640 million yuan, up 7.43% year-on-year [3] Profitability Analysis - The company reported a net profit of 203 million yuan for 2024, a decrease of 19% year-on-year, with a significant improvement in Q4 net profit [4] - The overall gross margin for 2024 was 37.7%, a slight decline of 0.9 percentage points year-on-year, with R&D expenses rising to 297 million yuan, an increase of 49.93% [4] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 2.096 billion yuan and 2.693 billion yuan, representing year-on-year growth of 19.5% and 28.5% respectively [7] - The projected net profit for 2025 is 264 million yuan, with an expected increase of 30% year-on-year [7] Market Position and Product Development - The company has secured orders from leading domestic clients for its coating and developing equipment, indicating strong market demand [5] - New products in advanced packaging, such as temporary bonding and debonding machines, are entering the volume production stage, with nearly 20 units on order [6]

Core Insights - The company reported a slight increase in revenue but a significant decline in net profit for the year 2024, indicating challenges in maintaining profitability amidst rising costs and increased R&D investments [1][2]. Financial Performance - Revenue for 2024 reached ¥1,753,605,965.73, a 2.13% increase from ¥1,716,969,907.58 in the previous year, demonstrating stability in a competitive semiconductor equipment market [2]. - Net profit attributable to shareholders was ¥202,811,998.36, down 19.08% year-on-year, primarily due to increased R&D spending and rising operational costs [2]. - The company's non-recurring net profit fell by 60.83% to ¥73,306,592.00, highlighting challenges in core business profitability [2]. Earnings Per Share - Basic earnings per share decreased to ¥1.01, a 44.51% drop from ¥1.82, influenced by lower net profit and an increase in total shares due to stock incentives [3]. - The non-recurring earnings per share fell by 72.79% to ¥0.37, indicating a significant decline in core business profitability [3]. Cost and Expense Analysis - Sales expenses rose by 22.44% to ¥89,833,591.30, driven by increased employee compensation and service fees as the company expanded [4]. - Management expenses increased by 36.93% to ¥249,302,182.63, reflecting higher costs associated with business expansion [4]. - R&D expenses surged by 49.93% to ¥296,653,098.59, representing 16.92% of revenue, up from 11.52% the previous year, indicating a strong focus on innovation [4][6]. Cash Flow and Financial Health - Net cash flow from operating activities improved to ¥441,809,413.08, a turnaround from a negative cash flow of ¥562,876,699.27 the previous year, indicating enhanced cash generation capabilities [5]. - Net cash flow from investing activities was -¥201,463,591.83, an improvement from -¥504,561,073.41, suggesting a slowdown in fixed asset investments [5]. - Net cash flow from financing activities decreased by 12.80% to ¥609,966,263.66, primarily due to increased short-term loan repayments [5]. R&D and Personnel Growth - R&D expenses reached ¥297 million, a 49.93% increase, with R&D investment as a percentage of revenue rising by 5.40 percentage points [6]. - The number of R&D personnel increased by 28.57% to 459, with total R&D personnel compensation rising to ¥103.37 million, reflecting the company's commitment to innovation [7].

证券代码：688037 证券简称：芯源微 公告编号：2025-025 沈阳芯源微电子设备股份有限公司 2024 年度募集资金存放与使用情况专项报告 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、募集资金基本情况 （一）实际募集资金的金额及到账情况 1、2019 年首次公开发行股票募集资金 经中国证券监督管理委员会《关于同意沈阳芯源微电子设备股份有限公司首 次公开发行股票注册的批复》（证监许可〔2019〕2335 号）同意注册，沈阳芯源 微电子设备股份有限公司（以下简称"本公司"、"公司"）向社会公开发行人 民币普通股（A 股）21,000,000 股，每股面值为人民币 1 元，每股发行价为人民 币 26.97 元，应募集资金总额为 566,370,000.00 元，根据有关规定扣除发行费用 60,625,896.22 元后，实际募集资金净额为 505,744,103.78 元。以上募集资金已于 2019 年 12 月 10 日到位，募集资金到位情况已经容诚会计师事务所（特殊普通 合伙）审验并出具会验字[2019]82 ...

沈阳芯源微电子设备股份有限公司 2024 年度独立董事述职报告 2024 年，作为沈阳芯源微电子设备股份有限公司（以下简称"公司"）的独 立董事，本人严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所科创板股票 上市规则》《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》） 和《沈阳芯源微电子设备股份有限公司独立董事制度》（以下简称《独立董事制 度》）等有关规定和要求，诚信、勤勉、独立地履行职责，积极出席相关会议， 认真审议董事会各项议案，促进了董事会规范运作和公司治理水平的提升，切实 维护了公司整体利益和中小股东合法权益。现将 2024 年度履职情况汇报如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 钟宇先生，1970 年 1 月出生，中国国籍，无境外永久居留权，大学本科学 历，经济法专业，三级律师。1992 年 8 月至 1994 年 4 月东北制药集团沈阳第五 制药厂法务；1994 年 4 月至 1998 年 11 月，辽宁腾达律师事务所律师；1998 年 11 月至 2002 年 4 月，辽宁同文 ...

沈阳芯源微电子设备股份有限公司 2024 年度独立董事述职报告 2024 年，作为沈阳芯源微电子设备股份有限公司（以下简称"公司"）的独 立董事，本人严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所科创板股票 上市规则》《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》） 和《沈阳芯源微电子设备股份有限公司独立董事制度》（以下简称《独立董事制 度》）等有关规定和要求，诚信、勤勉、独立地履行职责，积极出席相关会议， 认真审议董事会各项议案，促进了董事会规范运作和公司治理水平的提升，切实 维护了公司整体利益和中小股东合法权益。现将 2024 年度履职情况汇报如下： （一）个人工作履历、专业背景以及兼职情况 朱煜先生，1965 年 1 月出生，中国国籍，无境外永久居留权，研究生学历， 获博士学位，机械设计及理论专业，清华大学教授。1983 年 8 月至 2004 年 9 月 任教于中国矿业大学，先后任讲师，副教授；2001 年 7 月至 2004 年 9 月，于清 华大学从事博士后工作；2004 年 10 月至今任清华大学教授；20 ...

沈阳芯源微电子设备股份有限公司 2024 年度独立董事述职报告 2024 年，作为沈阳芯源微电子设备股份有限公司（以下简称"公司"）的独 立董事，本人严格按照《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司治理准则》《上市公司独立董事管理办法》《上海证券交易所科创板股票 上市规则》《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》） 和《沈阳芯源微电子设备股份有限公司独立董事制度》（以下简称《独立董事制 度》）等有关规定和要求，诚信、勤勉、独立地履行职责，积极出席相关会议， 认真审议董事会各项议案，促进了董事会规范运作和公司治理水平的提升，切实 维护了公司整体利益和中小股东合法权益。现将 2024 年度履职情况汇报如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 益，不存在影响独立性的情况。 二、独立董事年度履职情况 宋雷先生，1968 年 6 月出生，中国国籍，无境外永久居留权，研究生学位， 金融学专业，高级会计师。1992 年 8 月至 1996 年 8 月，担任辽宁资产经营公司 经理；1996 年 9 月至 2001 年 1 月，担任辽宁省财政厅下属辽宁会计师 ...

根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 公司代码：688037 公司简称：芯源微 沈阳芯源微电子设备股份有限公司 2024年度内部控制评价报告 沈阳芯源微电子设备股份有限公司全体股东： 3. 是否发现非财务报告内部控制重大缺陷 □是 √否 □是 √否 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在 ...