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]

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 月 27 日（星期二）上午 9:00-10:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）2025 年 5 月 27 日（星期二）上午 9:00-10:00 （二）会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络 ...

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]

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].

Meeting Overview - The shareholders' meeting of Shenyang Xinyuan Microelectronics Equipment Co., Ltd. was held on May 16, 2025, in Shenyang, Liaoning Province [1] - A total of 95 ordinary shareholders attended the meeting, holding 74,739,879 voting rights, which accounts for 37.1774% of the company's total voting rights [1] Voting Results - All proposed resolutions were approved during the meeting [1][2] - The voting results for the ordinary shares showed that 74,682,616 votes (99.9233%) were in favor, with 44,254 votes (0.0592%) against, and 13,009 votes (0.0175%) abstaining [2] - The voting results for another resolution indicated 74,676,816 votes (99.9156%) in favor, 50,054 votes (0.0669%) against, and 13,009 votes (0.0175%) abstaining [1][2] Legal Compliance - The meeting was convened and conducted in accordance with the Company Law, Securities Law, and relevant regulations, ensuring the legality of the attendees' qualifications and the voting procedures [4]

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 ...

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 ...