Summary of China Semiconductors Conference Call Industry Overview - The focus is on the China Wafer Fab Equipment (WFE) market, with a revision of the 2025 outlook due to stronger foundry demand [1][17][26]. - The WFE demand in China is projected to reach USD 39 billion in 2025, a 2% increase from previous estimates, despite a year-over-year decline of 13% [1][26]. - For 2026, the WFE demand is expected to be USD 41 billion, reflecting a 5% year-over-year growth [1][26]. Key Insights - **Demand Dynamics**: The demand for WFE in China remains robust, with a 36% growth in 2023, contrasting with a 14% decline in the rest of the world [17][18]. The share of China in global WFE demand is expected to stabilize around 30% by 2026 [18][20]. - **Local Production**: The local AI chip production in China is gaining momentum, driven by export controls limiting access to advanced overseas manufacturing [2]. This has led to accelerated investments in advanced logic at local foundries [2]. - **Capacity Expansion**: Despite global overcapacity concerns, Chinese foundries are expected to continue expanding capacity, aiming for self-sufficiency in mature logic manufacturing [3][34]. Current utilization rates are high, with some foundries operating at over 100% [3]. - **Import Trends**: Year-to-date WFE imports have shown resilience, with only a 2% decline year-over-year, indicating a better-than-expected ramp-up of advanced logic customers [4][41]. The largest import region is Guangdong, suggesting strong local demand [4]. Company Ratings and Projections - **NAURA, AMEC, and Piotech** are rated as outperformers, benefiting from domestic WFE substitution [5][8][9][10]. - **AMEC**: Focused on Dry Etch and expanding in Deposition, expected to gain market share [8]. - **NAURA**: As a leader in WFE, it has a diverse product portfolio and client base, poised for growth [9]. - **Piotech**: Known for innovation in Deposition technologies, expected to benefit from domestic market trends [10]. - **Global Vendors**: Companies like AMAT and LRCX are also rated as outperformers, with expectations of growth driven by market dynamics [11]. Investment Implications - The ongoing push for self-sufficiency in China is expected to double the domestic share of WFE to 28% by 2026 [22][27]. - Government subsidies are incentivizing higher localization ratios in equipment procurement [22]. - The overall WFE market is projected to see a decline in global vendor sales, but local vendors are expected to maintain strong growth, offsetting some of the declines [34]. Additional Considerations - The guidance from global vendors indicates a normalization of their China revenue mix, with expectations of a decrease in their market share from 38% in 2024 to 27% in 2025 [30]. - The competitive landscape remains dynamic, with local suppliers increasingly collaborating with domestic fabs to enhance supply chain resilience [27][28]. This summary encapsulates the key points from the conference call regarding the China semiconductor industry, focusing on WFE demand, local production dynamics, company ratings, and investment implications.

Core Viewpoint - The report outlines the changes in equity ownership and the termination of the concerted action agreement among shareholders of Tuojing Technology Co., Ltd. as of May 30, 2025, without affecting the number of shares held by the information disclosing parties [2][12]. Group 1: Company Information - Company Name: Tuojing Technology Co., Ltd. [1] - Stock Listing Location: Shanghai Stock Exchange [1] - Stock Code: 688072 [1] - Address of Information Disclosing Parties: Various locations in Shenyang, Shanghai, Beijing, and Wuxi [1]. Group 2: Shareholder Information - The equity change is due to the termination of the concerted action agreement among the information disclosing parties [2]. - As of the report date, the total shares held by the eight natural person shareholders and eleven employee stockholding platforms amounted to 31,625,068 shares, representing 11.3056% of the total share capital [12]. - After the termination of the concerted action, the eleven employee stockholding platforms collectively hold 25,149,516 shares, accounting for 8.9907% of the total share capital [11]. Group 3: Legal Framework - The report is prepared in accordance with the Company Law, Securities Law, and relevant regulations regarding equity changes [2]. - The information disclosing parties have confirmed that they have not increased or decreased their shareholdings through any other means apart from what is disclosed in the report [2].

Core Viewpoint - The announcement details the termination of the concerted action agreement among shareholders of Tuojing Technology, indicating that this change does not affect the actual shareholding structure or control of the company [1][6]. Group 1: Termination of Concerted Action Agreement - The termination of the concerted action agreement does not involve any increase or decrease in the actual shareholding of the shareholders, as it is merely a dissolution of the agreement [1]. - After the termination, the company will still not have a controlling shareholder or actual controller, maintaining its operational independence [1][6]. - The termination of the concerted action agreement does not violate any public commitments made by the shareholders [1]. Group 2: Shareholding Structure - Following the termination, the eight natural shareholders will calculate their holdings separately, while the eleven employee shareholding platforms will continue to consolidate their holdings, totaling 25,149,516 shares, which represents 8.9907% of the company's total share capital [6][7]. - Before the termination, the combined holdings of the natural shareholders and employee platforms amounted to 31,625,068 shares, accounting for 11.3056% of the total share capital [6][7]. - The actual number of shares held by the shareholders remains unchanged post-termination, ensuring that no single shareholder or their concerted action partners can exert control over the company [7][8].

拓荆科技股份有限公司 简式权益变动报告书 上市公司名称：拓荆科技股份有限公司 信息披露义务人1：CHIANG CHIEN（姜谦） 信息披露义务人3：LIU YIJUN（刘忆军） 住所/通讯地址：上海市 信息披露义务人4：LING FUHUA（凌复华） 住所/通讯地址：上海市 信息披露义务人5：WU BIAO（吴飚） 住所/通讯地址：辽宁省沈阳市 信息披露义务人2：吕光泉 住所/通讯地址：辽宁省沈阳市 住所/通讯地址：北京市 股票上市地点：上海证券交易所 股票简称：拓荆科技 股票代码：688072 信息披露义务人6：ZHOU REN（周仁） 住所/通讯地址：江苏省无锡市 信息披露义务人7：SIAN CHE CYNTHIA CHANG（张先智） 住所/通讯地址：辽宁省沈阳市 信息披露义务人8：CHANG HSIAO-YUNG（张孝勇） 住所/通讯地址：辽宁省沈阳市 信息披露义务人9：共青城芯鑫和投资合伙企业（有限合伙） 住所：江西省九江市共青城市基金小镇内 通讯地址：辽宁省沈阳市浑南区水家900号 信息披露义务人10：共青城芯鑫全投资合伙企业（有限合伙） 住所：江西省九江市共青城市基金小镇内 通讯地址：辽宁省沈阳 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-032 拓荆科技股份有限公司 关于股东解除一致行动关系暨权益变动的提示性公告 1、一致行动关系的形成情况 2014 年 5 月 27 日，刘忆军、凌复华、张先智、张孝勇、沈阳盛腾、沈阳盛 旺、沈阳盛全、沈阳盛龙与姜谦签署了《一致行动协议书》；2015 年 4 月 20 日， 吕光泉、刘忆军、凌复华、吴飚、周仁、张先智、张孝勇、沈阳盛腾、沈阳盛旺、 沈阳盛全、沈阳盛龙与姜谦签署了《<一致行动协议书>之补充协议》。根据前述 协议约定，吕光泉、刘忆军、凌复华、吴飚、周仁、张先智、张孝勇、沈阳盛腾、 沈阳盛旺、沈阳盛全、沈阳盛龙与姜谦因此形成一致行动关系，在公司董事会、 股东会/大会上行使表决权、提案权、董事监事候选人提名权等权利时，无条件 且不可撤销地遵从姜谦的意见，与姜谦做出相同的意思表示；一致行动的有效期 至各协议签署方协商一致解除之日止。 2019 年 12 月 18 日，吕光泉、刘忆军、凌复华、吴飚、周仁、张先智、张孝 勇与姜谦签署《表决权委托协议》，约定除姜谦以外的其他自然人将其所持公司 的表决权等股东权利委托姜谦行使。 本公司董事会及全体董 ...

Company and Industry Summary Company Overview - The company is **拓荆科技** (TuoJing Technology), which specializes in advanced semiconductor manufacturing equipment, particularly in ALD (Atomic Layer Deposition) and CVD (Chemical Vapor Deposition) technologies. Key Points Industry Position and Product Performance - The ALD series equipment has a leading advantage in domestic process coverage, resulting in multiple repeat orders and a significant increase in mass production, leading to record-high sales revenue and solidifying market position [2][3] - The HDP CVD and SACVD series products have gradually increased in volume after client validation, while the newly launched flowable CVD series has achieved its first industrial application and received repeat orders, confirming market potential [2][3] - The company has introduced several advanced bonding and detection equipment in the 3D integration field, achieving mass production at client sites, indicating significant growth and future growth potential [2] Financial Performance - In 2024, the company reported a net cash flow from operating activities of negative 283 million yuan, but this represents a significant year-on-year narrowing, primarily due to a 94.44% increase in cash received from sales of goods and services [2][4] - Contract liabilities at the end of the period reached 2.98 billion yuan, a year-on-year increase of 115.90%, indicating a substantial increase in customer prepayments, laying a foundation for future revenue growth [2][4] - The company's operating cash flow showed a quarter-on-quarter improvement, with the fourth quarter achieving a positive cash flow of 716 million yuan, demonstrating a significant enhancement in profitability [2][4] New Product Launches and Future Growth - In 2024, the company launched over ten new products and processes, including flowable CVD and various PECVD devices, as well as advanced bonding equipment for the 3D integration field [2][5] - These new products have already achieved significant shipments and are expected to contribute notably to the company's growth over the next 2-3 years [2][5] Additional Insights - The company's core PECVD series maintains a competitive advantage and has expanded mass production scale, contributing to record-high sales revenue [3] - The continuous expansion of product layout and acceleration of product iteration are key factors driving the 51.70% year-on-year growth in operating revenue for 2024 [3]

Company Performance - In 2024, the company achieved a revenue of approximately 4.103 billion, representing a year-on-year growth of 51.7% [1] - The net profit attributable to shareholders was 688 million, with a year-on-year increase of 3.86% [1] - However, in the first quarter of this year, the company reported a net loss of 147 million, attributed to high costs associated with new products and processes [1] Order Backlog and Market Outlook - The company has a robust order backlog, with an order amount of approximately 9.4 billion as of the end of 2024, indicating a healthy operational trend for 2025 [1] - The main products include thin film deposition equipment and advanced bonding equipment for 3D integration [1] Industry Position and Competition - The thin film deposition equipment industry is characterized by monopolistic competition, dominated by international giants such as Applied Materials, Lam Research, and Tokyo Electron, which hold about 70% of the CVD market [2] - The company has established a significant first-mover advantage in the domestic semiconductor equipment industry through its technological accumulation and rapid development [2] Research and Development - In 2023, the company's R&D investment reached 756 million, and in the first quarter of this year, it totaled 157 million, accounting for 22.38% of revenue, one of the highest among domestic semiconductor equipment companies [3] - The company launched over 10 new products/processes in 2024, including various thin film deposition equipment and advanced bonding equipment for 3D integration [3] International Expansion - The company's revenue is primarily sourced from mainland China, but it has established subsidiaries in Japan and Singapore to facilitate overseas market expansion [4] - The company plans to actively seek opportunities in overseas markets to continue its growth trajectory [4]

Core Viewpoint - The company,拓荆科技股份有限公司, is holding a Q1 2025 earnings presentation on June 3, 2025, to provide insights into its operational results and financial status for the first quarter of 2025 [1][2]. Group 1: Meeting Details - The earnings presentation is scheduled for June 3, 2025, from 13:00 to 14:00 [1][2]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [1][2]. - The format of the meeting will be an online interactive Q&A session [1][2]. Group 2: Participation Information - Investors can participate in the earnings presentation by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [3]. - Investors are encouraged to submit questions from May 26, 2025, to May 30, 2025, before 16:00, either through the website or via the company's email [3]. - The company will address commonly asked questions during the presentation [3]. Group 3: Attendees - Key attendees from the company include Chairman 吕光泉, General Manager 刘静, Independent Director 黄宏彬, Deputy General Manager and Board Secretary 赵曦, and Financial Officer 杨小强 [2].

证券代码：688072 证券简称：拓荆科技 公告编号：2025-031 拓荆科技股份有限公司 关于召开 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 6 月 3 日（星期二）13:00-14:00 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 投资者可于 2025 年 5 月 26 日（星期一）至 5 月 30 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@piotech.cn 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。 拓荆科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发布公 司 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 2025 年第一 季度经营成果、财务状况，公司计划于 ...

Group 1 - The legal opinion letter was issued by Beijing Zhonglun Law Firm regarding the annual general meeting of TuoJing Technology Co., Ltd. [1] - The meeting was convened by the company's board of directors, with a notice published on April 25, 2025, detailing the meeting's logistics and procedures [3][4] - The meeting utilized a combination of in-person attendance and online voting, with the online voting conducted through the Shanghai Stock Exchange's system [3][4] Group 2 - A total of 141,612,156 shares were represented at the meeting, accounting for 50.62% of the company's total shares as of the record date [4] - The legal opinion confirmed that the qualifications of attendees and the voting procedures complied with relevant laws and the company's articles of association [5] - The resolutions passed during the meeting were in accordance with the agenda and no new proposals were introduced [5]