北京市中伦律师事务所 关于拓荆科技股份有限公司 2025 年第三次临时股东大会的 法律意见书 致：拓荆科技股份有限公司 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 年第三次临时股 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 9 月 13 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。 本所律师根据法律法规的有关要求，按照律师行业公认的业务标准、道德 规范和 ...

Group 1 - The core viewpoint of the news is that拓荆科技 has seen a stock price increase of 5.12%, reaching 263.00 CNY per share, with a total market capitalization of 73.569 billion CNY [1] - The company, established on April 28, 2010, specializes in the research, production, sales, and technical services of high-end semiconductor equipment, with 96.47% of its revenue coming from semiconductor equipment [1] - The trading volume for the stock was 6.26 billion CNY, with a turnover rate of 0.87% [1] Group 2 - Dachen Fund has a significant holding in拓荆科技, with its Dachen Specialized and New Mixed A Fund (014651) holding 19,100 shares, unchanged from the previous period, representing 7.31% of the fund's net value [2] - The fund has achieved a year-to-date return of 22.97% and a one-year return of 29.6%, ranking 4005 out of 8244 and 4326 out of 8080 in its category, respectively [2] - The fund manager, 于威业, has been in position for 1 year and 271 days, with the best fund return during this period being 42.8% [3]

Summary of Semiconductor Manufacturing and Equipment Industry Conference Call Industry Overview - The semiconductor manufacturing and equipment sector has shown remarkable performance in 2025, with the wafer foundry segment doubling in growth and the semiconductor equipment sector increasing by 57% since the beginning of the year [2][4] - The storage segment's expansion has significantly driven growth in the semiconductor equipment industry, with a 21% increase observed since September [1][2] Key Points and Arguments - **Storage Expansion Impact**: The expansion in the storage sector has led to increased confidence among manufacturers, with companies like Zhongwei and Huahai benefiting significantly, showing stock price increases of 30% and 50% respectively [1][3] - **Domestic Market Share Growth**: Domestic storage manufacturers have substantial room for market share growth, particularly in the NAND market, which is expected to rise from 10% to 30%, resulting in significant equipment spending increases [1][6] - **US Sanctions and Domestic Equipment Replacement**: US sanctions are accelerating the replacement of imported equipment with domestic alternatives, with potential increases in domestic equipment spending by 25 billion RMB if the domesticization rate rises from 30% to 80% [1][7] - **Advanced Logic Demand**: There is a strong demand for advanced logic, particularly for 7nm and below processes, with TSMC planning to add over 20 new wafer fabs to meet this demand [1][8] - **Supply and Demand Dynamics**: The domestic semiconductor market is experiencing high demand but tight supply, with projections indicating a rise in demand for 7nm wafers from 70,000-80,000 to over 100,000 in the next 3-5 years [9] Additional Important Insights - **Investment Value in Semiconductor Equipment**: The capital expenditure (Capex) for 7nm processes is approximately $2 billion per 10,000 wafers, with potential increases for more advanced processes, indicating substantial investment opportunities [10] - **Mature Logic Sector Development**: Companies like Huahong are expanding their production capacity, which is expected to drive continuous orders and growth in the equipment sector [11] - **Wafer Foundry Performance**: Notable stock performance in companies like SMIC and Huahong, with significant increases in both A-share and Hong Kong stock markets, reflecting strong industry sentiment and demand recovery [12][13] - **High Utilization Rates**: SMIC and Huahong reported high utilization rates of 92.3% and 108% respectively, indicating robust domestic demand and a recovery in wafer foundry services [14] - **AI and Advanced Process Influence**: AI and advanced processes are major growth drivers, with significant revenue potential from 7nm and 5nm processes, suggesting a strong market outlook for the semiconductor industry [15][16]

Core Viewpoint - The article emphasizes the critical importance of domestic semiconductor equipment manufacturing in China, particularly in the thin film deposition sector, as a response to U.S. export restrictions and the need for technological independence [2][40]. Group 1: Industry Overview - The thin film deposition equipment market in China reached approximately 47.9 billion yuan in 2023, with a domestic production rate of less than 25%, indicating significant potential for domestic substitution [6][41]. - The semiconductor manufacturing process requires a growing number of thin film layers, with the number of deposition steps increasing from about 40 for 90nm processes to over 100 for 3nm processes [3][63]. - The global semiconductor capital expenditure (Capex) is expected to enter a new growth phase, driven by advanced products and increasing production capacity [48]. Group 2: Technological Developments - The transition from 2D to 3D chip structures has fundamentally changed the technology focus and market structure for thin film deposition equipment [9]. - ALD (Atomic Layer Deposition) technology is becoming essential for advanced nodes and 3D structures due to its atomic-level thickness control and 100% step coverage [19][20]. - PECVD (Plasma-Enhanced Chemical Vapor Deposition) holds the largest market share (33%) among thin film deposition technologies, particularly suited for 28nm and below nodes [13][41]. Group 3: Domestic Manufacturers - Key domestic manufacturers in the thin film deposition equipment sector include North Huachuang, Tuo Jing Technology, and Micro Company, each focusing on different aspects of the market [7][41]. - Domestic manufacturers are adopting a multi-dimensional strategy to break through the monopolistic barriers set by international giants, focusing on specialized equipment like HDPCVD and SACVD [25][70]. Group 4: Investment Insights - Investment focus should be on companies that can achieve a closed loop in specific advanced process windows rather than merely replacing single machines [28]. - Companies with dual capabilities in PEALD and Thermal ALD, particularly those that have validated their technology in specific applications, are expected to hold the highest value [29]. - The importance of core components and subsystems, such as plasma sources and vacuum systems, is highlighted as critical for the success of semiconductor equipment [34][36]. Group 5: Conclusion - The U.S. technology blockade has catalyzed a more resilient and innovative semiconductor equipment industry in China, moving from mere substitution to defining next-generation processes [38]. - The journey of domestic equipment manufacturers reflects a broader trend of understanding and meeting the specific needs of Chinese manufacturing, paving the way for long-term value discovery in the semiconductor sector [38].

Group 1: Market Outlook - The mid-term upward momentum in the market is expected to continue, with the upcoming 20th Central Committee's Fourth Plenary Session discussing the "14th Five-Year Plan" serving as an important policy window[3] - Investment recommendations focus on sectors benefiting from policy dynamics and industrial prosperity, particularly technology growth (AI, semiconductors, consumer electronics, innovative pharmaceuticals), advanced manufacturing (new energy), and cyclical sectors (non-ferrous metals, building materials)[3] Group 2: Recommended Stocks - Gannee Pharmaceutical (603087.SH): Steady growth in core business with innovative products expanding overseas, total market value of ¥476 billion, PE of 51.7, PB of 4.4[4] - Kailai Pharmaceutical (002821.SZ): Industry recovery with new business driving growth, total market value of ¥397 billion, PE of 37.7, PB of 2.4[13] - Zhuhai Guanyu (688772.SH): Major supplier of consumer batteries, benefiting from partnerships with brands like Apple and Huawei, total market value of ¥274 billion, PE of 61.4, PB of 4.0[20] - Tuojing Technology (688072.SH): Leading in film deposition equipment with significant growth potential, total market value of ¥697 billion, PE of 106.6, PB of 12.9[24] - Haiguang Information (688041.SH): Leading domestic computing power enterprise with substantial growth in H1 2025, total market value of ¥6,227 billion, PE of 273.2, PB of 29.5[32] - Shenxinfeng (300454.SZ): Cloud computing driving revenue growth, achieved profitability in Q2, total market value of ¥521 billion, PE of 92.8, PB of 5.8[37] - Penghui Energy (300438.SZ): Leading position in small-scale energy storage cells, total market value of ¥184 billion, PE of -48.1, PB of 3.7[44] - Mingyang Smart Energy (601615.SH): High demand in offshore wind power, total market value of ¥321 billion, PE of 108.6, PB of 1.2[52] - Xingye Silver Tin (000426.SZ): Strong resource positioning with expected silver price recovery, total market value of ¥482 billion, PE of 33.4, PB of 5.7[55] - Huaxin Cement (600801.SH): Rapid overseas business development with expected domestic price recovery, total market value of ¥332 billion, PE of 13.0, PB of 1.2[62]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688072 证券简称：拓荆科技 公告编号：2025-058 拓荆科技股份有限公司 关于公司股东股份解除质押的公告 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。 拓荆科技股份有限公司（以下简称"公司"）于2025年9月26日获悉，公司股东共青城芯鑫和投资合伙企 业（有限合伙）（以下简称"芯鑫和"）、共青城芯鑫全投资合伙企业（有限合伙）（以下简称"芯鑫 全"）、共青城芯鑫龙投资合伙企业（有限合伙）（以下简称"芯鑫龙"）、共青城芯鑫成投资合伙企业 （有限合伙）（以下简称"芯鑫成"）、共青城芯鑫盛投资合伙企业（有限合伙）（以下简称"芯鑫 盛"）、共青城芯鑫阳投资合伙企业（有限合伙）（以下简称"芯鑫阳"）所持有的公司股份在中国证券 登记结算有限责任公司上海分公司办理了解除质押登记手续，具体情况如下： ■ 注1：股东芯鑫和、芯鑫全、芯鑫龙、芯鑫成、芯鑫盛和芯鑫阳为公司员工持股平台，前述质押系因员 工持股平台筹措出资款借款形成，详情请参见《拓荆科技首次公开发行股票 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-057 拓荆科技股份有限公司 关于 2023 年限制性股票激励计划首次授予部分第一个归属期 第一批次归属结果暨股份上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,434,812股。 本次股票上市流通总数为1,434,812股。 本次股票上市流通日期为2025 年 10 月 9 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，拓荆科技股份有限公司（以下简称"公 司"）已完成 2023 年限制性股票激励计划（以下简称"本激励计划"）首次授予部 分第一个归属期第一批次归属的股份登记工作。现将有关情况公告如下： 一、本次限制性股票归属的决策程序和信息披露情况 1、2023 年 10 月 27 日，公司召开第一届董事会第二十八次会议，审议通过了 《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》《关 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-058 | 股东名称 | 本次解除质 押股份数量 （股） | 占其所持股 份比例 | 占公司总股 本比例 | | 本次解除质押时 间 | | 股东持股数量 （股） | 股东持股占 公司总股本 的比例 | 本次解除质 押后剩余被 质押股份数 | 本次解除质 押后剩余被 质押股份占 其所持股份 | 本次解除质 押后剩余被 质押股份占 公司总股本 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | 量（股） | 比例 | 比例 | | 芯鑫和 | 2,025,843 | 98.56% | 0.72% | 2025 年 | 9 月 | 25 日 | 2,055,398 | 0.73% | 0 | 0.00% | 0.00% | | 芯鑫全 | 1,632,339 | 71.85% | 0.58% | 2025 年 | 9 月 | 25 日 | 2,271,749 | 0.81% | 0 | 0.00% | 0.00% ...

南财智讯9月26日电，拓荆科技公告，公司股东芯鑫和、芯鑫全、芯鑫龙、芯鑫成、芯鑫盛、芯鑫阳于 2025年9月25日在中国证券登记结算有限责任公司上海分公司办理了解除质押登记手续，此次解除质押 的股份数量共计877.47万股，占公司总股本的3.12%。解除质押后，这些股东均无剩余被质押股份。 ...

Industry Overview - Since 2025, the AI chip industry chain has seen a continuous improvement in market conditions, with high investment enthusiasm in the semiconductor equipment sector. Global semiconductor equipment company revenues are expected to grow by 12% year-on-year in 2025, with a 24% increase in Q2 2025 compared to the same period last year [1] - The demand for high-performance SoC testing machines and storage testing machines has significantly increased due to the high requirements for computing performance and power consumption in AI chips. Additionally, HBM technology has become standard for AI computing, driving demand for advanced packaging equipment [1] Market Performance - The overseas semiconductor equipment market has achieved a year-on-year growth of 40%, driven by AI-related investments, with notable growth in testing machines and packaging equipment [1] - In contrast, the Chinese market experienced a slight decline of 1% year-on-year in the first half of 2025, although the domestic semiconductor equipment localization rate increased by 6 percentage points to 21% [1] Company Performance - Among semiconductor equipment manufacturers, there is a notable performance divergence. Nine front-end equipment companies reported revenue growth, but some, such as Jingce Electronics and Tuo Jing Technology, saw significant declines in net profit despite revenue increases [2] - The companies with the highest net profit growth include Weidao Nano, Changchuan Technology, Huafeng Measurement and Control, and Zhongke Fei Measurement, with year-on-year net profit growth rates of 348.95%, 98.73%, 74.04%, and 73.01% respectively [3] - Tuo Jing Technology, despite having the highest revenue growth rate of 54.25%, experienced a significant net profit decline of 26.96% due to high costs associated with new product validation in Q1 2025 [3] Financial Metrics - Tuo Jing Technology's gross margin fluctuated significantly, dropping to 19.89% in Q1 2025 before recovering to 38.83% in Q2 2025 [4] - The company has shipped over 3,000 reaction chambers, including more than 340 new types, and has successfully passed customer certifications for advanced process equipment, indicating strong business growth [5] - As of the end of the reporting period, Tuo Jing Technology's contract liabilities reached 453,577.43 million yuan, a 52.07% increase compared to the end of 2024, reflecting a solid order backlog for future revenue growth [5]