拓荆科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会依据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"） 等相关法律、法规及规范性文件和《拓荆科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，对公司 2022 年限制性股票激励计划（以下简称"本激 励计划"）第三个归属期符合归属条件的激励对象名单进行审核，发表核查意见 如下： 拓荆科技股份有限公司董事会薪酬与考核委员会 关于 2022 年限制性股票激励计划第三个归属期归属名单的 核查意见 2025 年 11 月 27 日 本次拟归属的 419 名激励对象符合《公司法》《证券法》等法律、法规和规 范性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等 法律、法规和规范性文件规定的激励对象条件，符合 2022 年限制性股票激励计 划规定的激励对象范围，其作为公司本次限制性股票激励计划激励对象的主体资 格合法、有效，各激励对象绩效考核结果合规、真 ...

董事会薪酬与考核委员会同意公司为本次符合条件的 3 名激励对象办理行 权，对应股票增值权的行权数量共 21.9040 万份。上述事项均符合相关法律、法 规及规范性文件所规定的条件，不存在损害公司及股东利益的情形。上述事项符 合相关法律、法规及规范性文件所规定的条件，不存在损害公司及股东利益的情 形。 拓荆科技股份有限公司董事会薪酬与考核委员会 2025 年 11 月 27 日 拓荆科技股份有限公司董事会薪酬与考核委员会 关于 2022 年股票增值权激励计划第三个行权期行权名单的 核查意见 拓荆科技股份有限公司（以下简称"公司"）董事会薪酬与考核委员会依据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券 法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"） 等相关法律、法规及规范性文件和《拓荆科技股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，对公司 2022 年股票增值权激励计划（以下简称"本激 励计划"）第三个行权期符合行权条件的激励对象名单进行审核，发表核查意见 如 ...

Core Viewpoint - The company has announced that its proposal for a specific issuance of A-shares for the fiscal year 2025 has been approved, aiming to raise no more than 4.6 billion yuan for the construction of a high-end semiconductor equipment industrialization base project [1] Group 1: Fundraising and Project Details - The planned fundraising amount is capped at 4.6 billion yuan, which will be utilized for the construction of a high-end semiconductor equipment industrialization base project [1] - The issuance is expected to be completed by the end of May 2026, with potential impacts on shareholder returns depending on the net profit variations in 2026 compared to 2025 [1] Group 2: Profitability and Shareholder Impact - The company has outlined three scenarios for the net profit in 2026: an increase of 20%, no change, or a decrease of 20%, indicating that shareholder returns may be diluted post-issuance [1] - The company has acknowledged the uncertainty in the short-term benefits and profitability of the fundraising projects due to macroeconomic and industry development factors [1] Group 3: Company Preparedness - The company has provided information regarding its personnel, technology, and market reserves, indicating a proactive approach to address potential dilution of returns [1]

Core Viewpoint - Tuojing Technology reported a 600% year-on-year increase in net profit excluding non-recurring items for the first three quarters, with Q3 revenue growing 82% quarter-on-quarter, driven by strong downstream demand and a robust order backlog [1] Company Performance - The company is a leading domestic supplier of semiconductor thin film deposition equipment, with advanced core products such as PECVD and ALD, and a comprehensive product range [1] - The acceleration of domestic wafer factory expansions and the push for localization are expected to significantly benefit the company as a leading platform equipment provider [1] Future Outlook - The company is strategically positioning itself in three-dimensional integrated bonding equipment and has received substantial support from a major fund, which is anticipated to open a second growth curve [1] - Projected net profits for the company from 2025 to 2027 are estimated to be 1.102 billion, 1.922 billion, and 2.651 billion yuan, respectively, with corresponding price-to-earnings ratios of 74, 43, and 31 times [1]

Core Points - The company will hold a Q3 2025 earnings presentation on December 4, 2025, from 9:00 to 10:00 AM [2][4] - The presentation will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive Q&A format [3][4] - Investors can submit questions from November 27 to December 3, 2025, and the company will address common concerns during the presentation [2][5] Meeting Details - The meeting will be held online, allowing investors to participate via the Shanghai Stock Exchange Roadshow Center [4][5] - Key personnel attending the meeting include the Chairman, General Manager, Independent Directors, and the Financial Officer [4][5] Contact Information - Investors can contact the company's board office for inquiries at the provided phone number and email [6][7]

Core Viewpoint - The company,拓荆科技, is set to hold a Q3 2025 earnings presentation on December 4, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The earnings presentation will take place on December 4, 2025, from 9:00 to 10:00 AM [6][7]. - The meeting will be conducted in an online interactive Q&A format via the Shanghai Stock Exchange Roadshow Center [3][6]. - Participants will include the company's Chairman, General Manager, Independent Director, Vice General Manager, and Financial Officer [4]. Group 2: Investor Participation - Investors can participate online through the Shanghai Stock Exchange Roadshow Center [5][6]. - Questions can be submitted from November 27 to December 3, 2025, before 4:00 PM, either through the Roadshow Center or via the company's email [5][6]. - The company will address commonly asked questions during the presentation [2][5]. Group 3: Contact Information - For inquiries, investors can contact the company's board office via phone or email [8].

证券代码：688072 证券简称：拓荆科技 公告编号：2025-072 拓荆科技股份有限公司 关于召开 2025 年第三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、准确性和完整性依法承担法律责任。 重要内容提示： 本次投资者说明会以网络文字互动问答形式召开，公司将针对 2025 年第三 季度的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）会议召开时间：2025 年 12 月 4 日（星期四）9:00-10:00 （二）会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络文字互动问答 会议召开时间：2025 年 12 月 4 日（星期四）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 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动问答 投资 ...

Core Viewpoint - The overall market sentiment remains cautiously optimistic, with no significant negative trends observed in the fundamental performance of key sectors, particularly in technology and growth stocks [1] Group 1: Market Performance - As of November 26, 2025, the Shanghai 180 Index rose by 0.30%, with notable increases in stocks such as Haiguang Information (3.95%) and Zhongke Shuguang (3.53%) [1] - The Shanghai 180 ETF Index Fund also saw a slight increase of 0.17%, marking its third consecutive rise [1] Group 2: Sector Analysis - The technology growth sector, including communications and semiconductors, continues to show strong performance, suggesting that recent market adjustments may be positioning for future gains [1] - Despite a slowdown in policy support compared to the first half of the year, the overall market remains in a loose monetary environment, which is expected to support recovery in the technology sector [1] Group 3: Investment Strategy - A "barbell strategy" is recommended for investment, suggesting to maintain positions in growth sectors like communications, semiconductors, and innovative pharmaceuticals while being cautious with short-term operations [1] - Defensive investments in dividend-paying sectors are advised to mitigate risks during market fluctuations [1] Group 4: Index Composition - The Shanghai 180 Index comprises 180 large-cap stocks selected for their market capitalization and liquidity, reflecting the overall performance of core listed companies in the Shanghai securities market [2] - As of October 31, 2025, the top ten weighted stocks in the index account for 26.29% of the total index, with notable companies including Kweichow Moutai and China Ping An [2]

Core Viewpoint - The A-share market, particularly in the AI and chip sectors, experienced a strong rebound due to the dual catalysts of the Federal Reserve's interest rate cut expectations and the launch of the "Genesis Plan" aimed at transforming scientific research through AI [1][7]. Market Performance - As of 10:13 AM, the AI-focused ETF (589560) surged over 2.5%, while the chip-focused ETF (588750) rose more than 2% [1]. - Notable stocks included: - Chip Yuan Co. increased by over 7% - SourceJet Technology rose by over 6% - Hengxuan Technology gained over 4% [4]. Key Stocks in ETFs - For the Chip ETF (588750), the top ten stocks included: - Haiguang Information: 0.15% increase, 11.11% weight - Zhongben International: 1.34% increase, 9.05% weight - Cambrian-U: -0.09% decrease, 8.78% weight - SourceJet Technology: 6.64% increase, 2.42% weight [5]. - For the AI ETF (589560), the top ten stocks included: - Cambrian-U: 0.16% increase, 13.90% weight - Kingsoft Office: -0.60% decrease, 10.67% weight - SourceJet Technology: 3.38% increase, 10.66% weight [6]. Economic Indicators - The market's optimism was fueled by comments from the San Francisco Fed President, who supported a potential rate cut in December, raising expectations from 40% to 80% for a 25 basis point cut [7]. - The "Genesis Plan" aims to leverage AI for scientific advancements, further boosting market sentiment [7]. Semiconductor Market Insights - Analysts noted a "fully sold out" market condition for storage chip suppliers, with DDR5 DRAM experiencing the most significant tightness [7]. - The semiconductor cycle is expected to continue its upward trend, driven by AI demand, with the global AI-driven storage market projected to grow from $28.7 billion in 2024 to $255.2 billion by 2034, reflecting a compound annual growth rate of 24% [9]. Investment Strategy - The focus on AI and domestic substitution in the semiconductor sector presents a compelling investment opportunity, particularly through the Sci-Tech Chip ETF (588750), which emphasizes high-quality chip companies [10][13]. - The ETF's index is expected to show a net profit growth rate of 94% for the first three quarters of 2025, with an anticipated 100% growth for the entire year [14].

（文/罗叶馨梅）11月20日，国家集成电路产业投资基金有限公司（下称"大基金"）正在加速推进退出早期投资项目。本周，科创板半导体公司燕东微 （688172.SH）与拓荆科技（688072.SH）相继披露大基金减持计划，按公告日收盘价估算，本次拟减持金额合计或超31亿元，引发市场对其资本运作节奏 的关注。 公告显示，拓荆科技于11月20日晚间收到大基金发来的减持计划告知函。大基金拟于2025年12月12日至2026年3月11日期间，通过大宗交易方式减持不超过 843.5万股，占公司总股本比例不超过3%。截至三季度末，大基金持有拓荆科技5502.67万股，持股比例19.57%，为公司第一大股东，本次减持全部采用大宗 交易方式，被认为有助于降低对二级市场的短期冲击。 在此之前的11月19日晚间，燕东微公告称，持股5%以上股东大基金因自身经营管理需要，计划于2025年12月11日至2026年3月11日，通过大宗交易或集中竞 价方式，减持不超过2141.43万股股份，即不超过公司总股本的1.5%。同时，股东北京京国瑞国企改革发展基金（有限合伙）亦拟在同一时间窗口内减持 1427.62万股。以公告日收盘价测算，大基金此次 ...