智通财经APP讯， 拓荆科技(688072.SH)发布公告，公司股东国家集成电路基金基于自身经营管理需 要，计划自本公告披露之日起15个交易日后的3个月内，在符合法律法规规定的减持前提下，拟通过大 宗交易方式减持公司股份数量不超过843.49万股(含本数)，即不超过公司总股本的3%。 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-071 拓荆科技股份有限公司 股东大宗交易减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东的基本情况 截至本公告披露日，拓荆科技股份有限公司（以下简称"公司"）股东国家 集成电路产业投资基金股份有限公司（以下简称"国家集成电路基金"）持有公 司股份 55,026,693 股，占公司总股本的 19.57 %，其所持股份全部为公司首次公 开发行前股份，均为无限售流通股。 减持计划的主要内容 公司股东国家集成电路基金基于自身经营管理需要，计划自本公告披露之日 起 15 个交易日后的 3 个月内，在符合法律法规规定的减持前提下，拟通过大宗 交易方式减持公司股份数量不超过 8,434,917 股（含本数），即不超过公司总股本 的 3%。 一、减持主体的基本情况 | 股东名称 | 国家集成电路产业投资基金股份有限公司 | | | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 □是 | ...

人民财讯11月20日电，拓荆科技(688072)11月20日公告，持股19.57%的股东国家集成电路基金基于自身 经营管理需要，计划自15个交易日后的3个月内，拟通过大宗交易方式减持公司股份数量不超过843.49 万股，即不超过公司总股本的3%。 ...

Core Viewpoint - The National Integrated Circuit Industry Investment Fund Co., Ltd. plans to reduce its stake in Tuojing Technology by up to 843.49 million shares, representing 3% of the total share capital, due to operational management needs [1] Group 1 - The National Integrated Circuit Industry Investment Fund holds 55.0267 million shares of Tuojing Technology, accounting for 19.57% of the total share capital [1] - The planned reduction will occur through block trading within a three-month period from December 12, 2025, to March 11, 2026 [1] - The shares to be reduced were all acquired prior to the company's IPO [1]

Group 1 - Semiconductor equipment stocks weakened, with Zhongwei Company down over 4%, Northern Huachuang down over 3%, and Huahai Qingshi, Tuojing Technology, Nanda Optoelectronics, Anji Technology, and Zhongke Feimiao all down over 2% [1] - Semiconductor equipment and materials-related ETFs fell over 2% [1] Group 2 - The semiconductor equipment ETF is priced at 1.420, down 2.41%; the semiconductor materials ETF is at 1.490, down 2.30%; the chip equipment ETF is at 1.562, down 2.25% [2] - Analysts indicate that under the backdrop of the AI wave and domestic production, there is a continuous demand for expansion in advanced production lines, making semiconductor equipment a cornerstone for wafer foundry expansion and an important link for achieving self-controllable industrial chains, suggesting that domestic semiconductor equipment companies are likely to encounter development opportunities [2]

Core Viewpoint - The article discusses the growth and challenges faced by Hengyun Chang, a leading domestic plasma RF power system company, amid the ongoing "domestic substitution" trend in the semiconductor industry, highlighting its dependency on a major client, Tuojing Technology, and the implications for its upcoming IPO [1][2][3]. Company Overview - Hengyun Chang specializes in the research, production, and sales of plasma RF power systems and related components, having partnered with Tuojing Technology since 2018 to develop these systems [3]. - The company has seen significant revenue growth, with projected revenues of 1.59 billion, 3.25 billion, and 5.41 billion for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 84.91% [7]. Financial Performance - Despite strong revenue growth, Hengyun Chang's performance is showing signs of volatility, with a projected revenue decline of 9.58% to 4.69% for 2025, and a significant drop in net profit [10]. - The company’s reliance on Tuojing Technology is evident, as over 60% of its revenue comes from this client, and any fluctuations in Tuojing's orders directly impact Hengyun Chang's financial stability [7][9]. IPO and Market Position - Hengyun Chang plans to raise 1.69 billion through its IPO, down from an initial target of 2.5 billion, indicating potential challenges in securing investor confidence [6]. - The company is facing scrutiny regarding its growth sustainability and the stability of its major client relationships, as highlighted by repeated inquiries during the IPO review process [2][10]. Market Context - The global plasma RF power system market is projected to grow, with a forecasted CAGR of 10.6% from 2025 to 2029, contrasting with Hengyun Chang's declining order book and revenue projections [8]. - The semiconductor industry has been experiencing a "domestic substitution" trend since 2014, which has benefited companies like Hengyun Chang, but the company must navigate its dependency on a single client to maintain its growth trajectory [5].

2025年第四次临时股东大会决议公告 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。 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 11 月 19 日 （二） 股东大会召开的地点：辽宁省沈阳市浑南区水家 900 号拓荆科技股份有 限公司会议室 证券代码：688072 证券简称：拓荆科技 公告编号：2025-070 拓荆科技股份有限公司 （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 | 253 | | --- | --- | | 普通股股东人数 | 253 | | 2、出席会议的股东所持有的表决权数量 | 105,072,453 | | 普通股股东所持有表决权数量 | 105,072,453 | | 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 | 37.5398 | | 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（%） | 37.53 ...

北京市中伦律师事务所 关于拓荆科技股份有限公司 2025 年第四次临时股东大会的 法律意见书 致：拓荆科技股份有限公司 4. 公司本次股东大会的相关会议文件。 - 1 - 法律意见书 本法律意见书仅供公司本次股东大会之目的使用，本所律师同意将本法律意 见书随同公司本次股东大会决议及其他信息披露资料一并公告。 根据《中华人民共和国公司法》《中华人民共和国证券法》等相关法律、法 规和规范性文件及《拓荆科技股份有限公司章程》（以下简称"公司章程"）之 规定，北京市中伦律师事务所（以下简称"本所"）接受拓荆科技股份有限公司 （以下简称"公司"）的委托，指派本所律师列席了公司 2025 年第四次临时股 东大会（以下简称"本次股东大会"），对本次股东大会的相关事项进行了见证 ，并在此基础上出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的相关文件，该等文件包括 但不限于： 1. 现行有效的公司章程； 2. 公司于 2025 年 10 月 31 日刊登在上海证券交易所网站的公司董事会关于 召开本次股东大会的通知； 3. 公司本次股东大会股权登记日的股东名册、出席现场会议股东的到会登 记记录及凭证资料； 本所律 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company reported significant growth in Q3 2025, with revenue increasing by 124.15% year-on-year and net profit rising by 225.07% [1] - The company is benefiting from the expansion of storage and advanced packaging, with a substantial increase in orders and improved cash flow [2][3] - The company is positioned as a leader in domestic semiconductor thin film deposition equipment, with expectations for continued revenue growth and profitability improvements [4] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 22.66 billion yuan, a year-on-year increase of 124.15% and a quarter-on-quarter increase of 81.94% [1] - For the first three quarters of 2025, the company reported total revenue of 42.20 billion yuan, up 85.27% year-on-year, and a net profit of 5.57 billion yuan, up 105.14% year-on-year [1] - The gross margin for Q3 was 34.42%, with expectations for improvement as new machines enter large-scale production [2] Orders and Cash Flow - The company has a robust order backlog, with contract liabilities reaching 48.94 billion yuan, an increase from 45.36 billion yuan in the previous quarter [2] - Operating cash flow significantly improved, with a net cash flow from operating activities of 28.32 billion yuan for the first three quarters [2] Market Position and Future Outlook - The company is expected to benefit from the ongoing price increase cycle in the storage market, with over two-thirds of its orders related to storage [3] - The company is expanding its product offerings in advanced packaging, which is anticipated to see increased demand driven by AI computing needs [3] - Future revenue projections for 2025-2027 are 62.68 billion yuan, 83.72 billion yuan, and 109.01 billion yuan, respectively, with net profits expected to reach 10.41 billion yuan, 16.31 billion yuan, and 23.60 billion yuan [4][5]

Core Viewpoint - Shenzhen Hengyunchang Vacuum Technology Co., Ltd. successfully passed the IPO on the Sci-Tech Innovation Board, attracting attention due to its leading position in the semiconductor RF power system industry [2] Company Overview - Hengyunchang, established in March 2013, focuses on the R&D, production, sales, and technical services of plasma RF power systems and related devices [4] - The company's self-developed plasma RF power systems have seen a significant increase in revenue contribution, rising from 62% in 2022 to 77% in 2024 [4][7] Product Development - The company has developed three generations of products: CSL, Bestda, and Aspen, which support advanced semiconductor manufacturing processes [4] - The Bestda series supports 28nm processes, while the Aspen series supports 7-14nm processes, filling a gap in the domestic market [2] Client Relationships - The largest client, Tuojing Technology, has significantly invested in Hengyunchang prior to the IPO, raising concerns about dependency [5] - In 2022, sales to Tuojing Technology accounted for 45% of Hengyunchang's revenue, projected to increase to 63% in 2024 [5] Financial Performance - Revenue for Hengyunchang has shown substantial growth, with figures of 158 million, 325 million, and 541 million yuan from 2022 to 2024, respectively [8] - However, the company anticipates a decline in performance for 2025, with projected revenue between 489 million and 515 million yuan, a decrease of 5% to 10% compared to 2024 [8][9] Market Outlook - The domestic market for plasma RF power systems is expected to grow from 4.27 billion yuan in 2020 to 6.56 billion yuan in 2024, with a compound annual growth rate exceeding 11% [10] - The industry is on an upward cycle, and Hengyunchang's ability to leverage IPO funding for growth will be crucial for maintaining its leading position [10]