股票代码：688072 股票简称：拓荆科技 拓荆科技股份有限公司 （辽宁省沈阳市浑南区全运路 109-3 号（109-3 号）14 层） 2025 年度向特定对象发行 A 股股票 募集说明书 （申报稿） 保荐人（主承销商） 二〇二五年十一月 拓荆科技股份有限公司 2025年度向特定对象发行A股股票募集说明书 拓荆科技股份有限公司 2025年度向特定对象发行A股股票募集说明书 声 明 1、本公司及全体董事、审计委员会委员、高级管理人员承诺募集说明书及 其他信息披露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、 准确性及完整性承担相应的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中 财务会计资料真实、准确、完整。 3、中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不 表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。 任何与之相反的声明均属虚假不实陈述。 4、根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化， 由发行人自行负责。投资者自主判断发行人的投 ...

关于向特定对象发行股票申请文件的审核问询函回复及募 集说明书等申请文件更新的提示性公告 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。 拓荆科技股份有限公司（以下简称"公司"）于 2025 年 12 月 11 日收到上 海证券交易所（以下简称"上交所"）出具的《关于拓荆科技股份有限公司向特 定对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕179 号） （以下简称"《审核问询函》"），上交所审核机构对公司向特定对象发行股票 申请文件进行了审核，并形成了问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 中提出的问题进行了认真研究和逐项落实，现根据相关要求对《审核问询函》的 回复进行公开披露，具体内容详见公司于同日在上交所网站（www.sse.com.cn） 披露的《关于拓荆科技股份有限公司向特定对象发行股票申请文件的审核问询函 回复》等相关文件，公司将按照要求及时将回复材料报送至上交所。 证券代码：688072 证券简称：拓荆科技 公告编号：2025-091 拓荆科技股份有限公 ...

目 录 | 关于本次募投项目……………………………………………第 一、 | 1—8 | 页 | | --- | --- | --- | | 二、关于融资规模与效益测算……………………………………第 | 8—38 | 页 | | 三、关于经营情况…………………………………………………第 | 38—51 | 页 | | 四、关于其他………………………………………………………第 | 51—75 | 页 | 关于拓荆科技股份有限公司 向特定对象发行股票审核问询函中 有关财务事项的说明 天健函〔2025〕1502 号 上海证券交易所： 由拓荆科技股份有限公司（以下简称拓荆科技公司或公司）转来的《关于拓 荆科技股份有限公司向特定对象发行股票申请文件的审核问询函》（上证科审（再 融资）〔2025〕179 号，以下简称问询函）奉悉。我们已对问询函中需要我们说 明的财务事项进行了审慎核查，现汇报说明如下。 一、关于本次募投项目 根据申报材料，1) 本次向特定对象发行股票募集资金总额不超过人民币 460,000.00 万元（含本数），拟用于高端半导体设备产业化基地建设项目、前 沿技术研发中心建设项目、补充流动资金；2) 本次"高 ...

关于拓荆科技股份有限公司 向特定对象发行股票申请文件的审核问询函回复 保荐人（主承销商） 二〇二五年十二月 上海证券交易所： 贵所于 2025 年 12 月 11 日出具的《关于拓荆科技股份有限公司向特定对象 发行股票申请文件的审核问询函》（以下简称"审核问询函"）已收悉。拓荆科技 股份有限公司（以下简称"拓荆科技"、"发行人"或"公司"）与中信建投证券 股份有限公司（以下简称"保荐机构"或"保荐人"）、天健会计师事务所（特殊 普通合伙）（以下简称"申报会计师"）等相关方已就审核问询函中提到的问题进 行了逐项落实并回复。 本审核问询函回复中所使用的术语、名称、缩略语，除特别说明外，与其在 《拓荆科技股份有限公司 2025 年度向特定对象发行 A 股股票募集说明书》中的 含义相同。 本回复中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五入 所致。 | 审核问询函所列问题 | 黑体（不加粗） | | --- | --- | | 对问询函所列问题的回复 | 宋体（不加粗） | | 对募集说明书修改、补充 | 楷体（加粗） | 本回复中的字体代表以下含义： 7-1-1 问题 1 关于本次募投项目 根据申报材 ...

Core Viewpoint - The AI sector remains active, with significant movements in related ETFs, particularly the AI-focused ETF from Huatai-PineBridge, which has seen a notable increase in trading volume and price [1][6]. Group 1: Market Performance - The AI-focused ETF from Huatai-PineBridge (589560) surged by 2.05%, marking its sixth consecutive increase, with trading volume surpassing the previous day's total [1]. - The Sci-Tech Chip 50 ETF (588750) rose by 1%, recovering from the previous day's decline [1]. - Key stocks in the sector, such as Yuanjie Technology and Chip Origin, saw increases exceeding 7%, while others like Cambricon and SMIC also posted gains [4][5]. Group 2: Industry Trends - Semiconductor companies, including SMIC and World Advanced, have issued price increase notices to downstream clients, particularly for the 8-inch BCD process, with price hikes around 10% [6]. - The National Venture Capital Guidance Fund was launched on December 26, emphasizing a long-term investment strategy in hard technology, aiming to leverage significant fiscal resources to attract social capital [6]. - The recent National Financial Work Conference highlighted the importance of supporting technological innovation and the integration of industry innovation, aiming to cultivate new growth drivers by 2026 [6]. Group 3: Semiconductor Cycle - The semiconductor industry is entering a new upward cycle, driven by sustained demand for AI computing power, with high demand for GPUs, HBM, and advanced packaging [7]. - The current cycle differs from previous ones, as AI has introduced a high-growth demand that raises the ceiling for industry needs and extends the duration of the cycle [7]. - The semiconductor sector is expected to transition from "repairing expectations" to "verifying prosperity," with a focus on AI core beneficiaries [7]. Group 4: AI Chip Market - The global AI computing chip market is projected to exceed $370 billion by 2026 and $460 billion by 2027, driven by significant capital expenditures from major tech companies [11]. - The shortage of chips continues, particularly in memory and optical chips, with supply-demand imbalances expected to persist into 2026 and beyond [16]. - Domestic AI chip manufacturers are making significant progress, with a notable increase in self-sufficiency expected by 2028 [17]. Group 5: Investment Opportunities - The Sci-Tech Chip 50 ETF (588750) is highlighted for its strong growth potential, with a projected net profit growth rate of 97% for the full year of 2025, significantly outpacing peers [25]. - The ETF's index focuses on high-tech upstream and midstream segments of the chip industry, indicating a higher "chip content" and growth elasticity compared to other indices [22][25]. - Investors are encouraged to consider the Sci-Tech Chip 50 ETF for exposure to the core segments of the semiconductor industry, benefiting from the ongoing AI-driven market dynamics [26][27].

Group 1 - The Shanghai Composite Index opened lower but rose to challenge a nine-day winning streak, with strength in computing chip sectors. The semiconductor equipment ETF (561980) increased by 0.29%, with stocks like Cambricon and Liandong Technology rising over 4% [1] - The semiconductor equipment ETF (561980) has seen continuous capital inflow, with over 47 million yuan net inflow for two consecutive trading days [1] - According to a report by Chengtong Securities, semiconductor investments driven by AI should focus on two main lines: high-end logic chips and memory (HBM) that directly benefit from the surge in computing demand, and opportunities for domestic substitution in the semiconductor equipment sector [1] Group 2 - The storage market is experiencing price increases, with NAND flash wafer prices rising over 10% in December, and SSD prices increasing by 15% to 20%. Major suppliers like Samsung and SK Hynix have raised HBM3E prices by nearly 20% for 2026 [2] - Foundries are also raising prices, with SMIC implementing price increases of about 10% on some capacities [3] - The duration and magnitude of the storage price increase cycle have exceeded expectations, with projections for accelerated growth in domestic semiconductor equipment orders by 2026 due to AI demand driving global storage and advanced process capacity expansion [4] Group 3 - The global semiconductor equipment market is expected to grow significantly, with total sales projected to reach $133 billion by 2025, a 13.7% increase year-on-year, and further growth anticipated in the following years [5] - The domestic semiconductor equipment industry is seeing improvements in process coverage and market share, with domestic rates exceeding 50% in certain areas like etching and cleaning, while core high-end segments remain below 10%, indicating substantial room for domestic substitution [7] Group 4 - The semiconductor equipment ETF (561980) tracks the CSI semiconductor index, with nearly 60% of its components in "equipment" and over 90% in upstream sectors of the chip industry, highlighting significant domestic substitution potential [11] - The index focuses on leading companies in the sector, with the top ten holdings accounting for nearly 80% of the index, showing high elasticity characteristics. As of December 24, the CSI semiconductor index has seen a year-to-date increase of over 63% [11]

| 交易日期 | 证券商称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 2025-12-26 | 拓削科技 | 688072 | 344.31 10673.61 | 机构专用 | 签需要索劈发有限 | 150 | 12月26日，拓荆科技大宗交易成交31万股，成交额1.07亿元，占当日总成交额的7.64%，成交价344.31 元，较市场收盘价347.57元折价0.94%。 ...

Group 1 - The refinancing market in the Shanghai Stock Exchange has shown significant growth in 2025, with over 800 billion yuan raised through equity financing, involving more than 100 companies, marking a substantial increase compared to the same period in 2024 [1][2] - The approval process for refinancing projects has accelerated, with nearly 40 new projects approved in the fourth quarter of 2025, reducing the average review period to around 2 months [1][2] - The Shanghai Stock Exchange has emphasized an open approach to review and regulation, enhancing proactive communication and feedback during the approval process, which has contributed to the rapid growth of refinancing activities [2] Group 2 - In 2025, the Shanghai Stock Exchange's main board raised a total of 715 billion yuan through targeted placements, while the Sci-Tech Innovation Board raised 55.65 billion yuan, both showing significant year-on-year growth [2] - The issuance of convertible bonds also saw substantial fundraising, with the main board raising 29.59 billion yuan and the Sci-Tech Innovation Board raising 8.76 billion yuan [2] - The regulatory support has been crucial for this growth, with specific projects like Xianghe Industrial and Haitai Co. completing their approvals in under 50 days [2] Group 3 - Companies like Cambrian Technology raised over 3.9 billion yuan for projects related to AI chips and software platforms, aligning with national strategic needs and enhancing their competitive edge [3] - Microchip Biotech's fundraising efforts are aimed at accelerating drug development and enhancing product pipelines, reflecting a focus on innovation and strategic alignment [3] Group 4 - The simplified procedures for refinancing have significantly improved efficiency, allowing companies to raise funds quickly, especially for amounts not exceeding 300 million yuan or 20% of net assets [4][5] - The first project under the simplified procedure on the Sci-Tech Innovation Board raised over 200 million yuan for R&D and operational needs, demonstrating the effectiveness of this new approach [4][5] Group 5 - Since the implementation of the "light asset, high R&D investment" standard, 14 companies have submitted refinancing applications totaling 35.12 billion yuan, indicating a positive market response [6] - Companies across various sectors, including new-generation information technology and biomedicine, are leveraging this standard to enhance their R&D capabilities and competitiveness [6][7] Group 6 - The introduction of the "light asset, high R&D investment" standard allows companies to allocate more resources to R&D, fostering innovation and product upgrades [7] - This standard has been particularly beneficial for high-tech companies, enabling them to secure necessary funding for ongoing projects in emerging fields like commercial aerospace and unmanned equipment [7]

拓荆科技12月25日大宗交易平台出现一笔成交，成交量31.00万股，成交金额1.08亿元，大宗交易成交价 为347.80元，相对今日收盘价折价0.94%。该笔交易的买方营业部为机构专用，卖方营业部为华泰证券 股份有限公司北京分公司。 进一步统计，近3个月内该股累计发生9笔大宗交易，合计成交金额为7.37亿元。 证券时报·数据宝统计显示，拓荆科技今日收盘价为351.10元，下跌0.55%，日换手率为1.85%，成交额 为18.23亿元，全天主力资金净流出1550.59万元，近5日该股累计上涨6.41%，近5日资金合计净流出1.07 亿元。 两融数据显示，该股最新融资余额为11.89亿元，近5日增加1.29亿元，增幅为12.14%。（数据宝） 12月25日拓荆科技大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 业部 | | | 31.00 | 10781.80 | 347.80 | -0.94 | 机构专 | 华泰证券股份 ...

Summary of Key Points Core Viewpoint - On December 25, a total of 15 stocks from the Sci-Tech Innovation Board (STAR Market) experienced block trading, with a cumulative transaction amount of 287 million yuan and a total trading volume of 4.1073 million shares [1]. Group 1: Trading Overview - The stock with the highest transaction amount was Tuojing Technology, with a trading volume of 310,000 shares and a transaction amount of 108 million yuan [1]. - Other notable transactions included Laplace and Haiguang Information, with transaction amounts of 60.86 million yuan and 42.79 million yuan, respectively [1]. - All stocks involved in block trading were sold at a discount, with the highest discount rates observed in Hechuan Technology, Times Electric, and Guoxin Technology, at 25.79%, 20.15%, and 18.89% respectively [1]. Group 2: Price Performance - The STAR 50 Index fell by 0.23% on the same day, while 439 stocks (73.41%) on the STAR Market saw an increase [1]. - The average increase for stocks involved in block trading was 2.25%, with the largest gains seen in Aerospace Software, Guobo Electronics, and Hechuan Technology, which rose by 10.46%, 8.67%, and 7.86% respectively [1]. - Conversely, the largest declines were recorded by Canxin Co., Dekeli, and Huaguang New Materials, with decreases of 1.95%, 1.81%, and 0.87% respectively [1]. Group 3: Institutional Participation - Among the block trades, there were 5 transactions involving institutional buyers or sellers, with the highest buying amounts in Tuojing Technology, Haiguang Information, and Dekeli, at 108 million yuan, 21.384 million yuan, and 13.2 million yuan respectively [2]. - The leading selling amount was from Guobo Electronics, totaling 3.5615 million yuan [2]. - In terms of capital flow, 7 stocks experienced net inflows, with Haiguang Information, Dekeli, and Guobo Electronics leading with net inflows of 170 million yuan, 39.3281 million yuan, and 28.2074 million yuan respectively [2].