Core Viewpoint - The semiconductor equipment sector is experiencing significant growth driven by the AI wave, domestic expansion of wafer fabs, and increasing demand for localization due to stricter overseas regulations [2]. Group 1: Market Performance - As of August 26, 2025, the Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Index rose by 1.13%, with notable increases in constituent stocks such as Shengmei Shanghai (+6.66%), Tuojing Technology (+6.20%), and Anji Technology (+4.86%) [1]. - The Sci-Tech Semiconductor ETF (588170) increased by 0.58%, with a latest price of 1.22 yuan, and has seen a cumulative increase of 7.80% over the past week [1]. - The trading activity for the Sci-Tech Semiconductor ETF (588170) was robust, with a turnover rate of 20.05% and a transaction volume of 90.2371 million yuan [1]. Group 2: Industry Insights - According to Zheshang Securities, the semiconductor equipment sector is crucial to the semiconductor supply chain, and the combination of AI demand, chip inventory cycles, and domestic production expansion is expected to create a "triple resonance" that will drive performance beyond expectations [2]. - The semiconductor equipment industry exhibits a strong Matthew effect, suggesting that investors should focus on leading companies with growth certainty while also considering niche leaders in areas with lower localization rates and higher growth potential [2]. - Key beneficiary segments include front-end and back-end semiconductor equipment, as well as equipment component manufacturers [2]. Group 3: ETF Information - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index, which includes 59% semiconductor equipment and 25% semiconductor materials companies [2]. - The semiconductor equipment and materials sectors are critical areas for domestic substitution, characterized by low localization rates and high potential for domestic replacement, benefiting from the expansion of semiconductor demand driven by the AI revolution [2].

Core Viewpoint - The company reported significant revenue growth and a substantial turnaround in profit for Q2 2025, driven by increased production and successful product deliveries in advanced manufacturing processes [1][3]. Group 1: Financial Performance - In H1 2025, the company's revenue reached 1.954 billion yuan, a year-on-year increase of 54.3%, while the net profit attributable to shareholders was 94.3 million yuan, down 27% year-on-year; however, the net profit excluding non-recurring items was 38 million yuan, up 91% year-on-year [1]. - For Q2 2025, revenue was 1.25 billion yuan, representing a year-on-year increase of 56.6% and a quarter-on-quarter increase of 75.7%; the gross margin was 38.8%, down 8.1 percentage points year-on-year but up 19 percentage points quarter-on-quarter; the net profit attributable to shareholders was 240 million yuan, up 103.4% year-on-year and increased by 390 million yuan quarter-on-quarter; the net profit excluding non-recurring items was 218 million yuan, up 240% year-on-year and increased by 400 million yuan quarter-on-quarter [1]. Group 2: Product Development and Orders - The company has successfully delivered multiple PECVD devices for advanced storage production lines, achieving comprehensive coverage of various advanced hard mask processes, including PECVD ACHM, a-Si, SiB, and high-temperature SiN [2]. - The PE-ALD equipment has seen rapid growth in orders, with multiple units of PE-ALD SiO2 and PE-ALD SiCO passing customer validation, achieving full coverage of dielectric film materials [2]. - The company has received repeat orders for its wafer-to-wafer hybrid bonding equipment, and the new generation of high-speed, high-precision bonding products has been shipped for client validation [2]. Group 3: Investment Outlook - The company is expected to maintain high revenue growth, with projected revenues of 5.41 billion yuan, 6.86 billion yuan, and 8.51 billion yuan for 2025, 2026, and 2027 respectively; net profit attributable to shareholders is projected to be 960 million yuan, 1.3 billion yuan, and 1.75 billion yuan for the same years, corresponding to PE ratios of 53.6, 39.4, and 29.2 times [3].

Group 1 - The core viewpoint of the articles highlights the positive performance of the semiconductor sector in China's stock market, driven by abundant domestic liquidity and advancements in AI technology [1][2] - The Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Index rose by 0.36% as of August 26, 2025, with notable increases in constituent stocks such as Shengmei Shanghai (up 9.30%) and Anji Technology (up 4.12%) [1] - HSBC Research has raised its year-end target for the A-share market indices, predicting a potential increase of 5% to 7%, with specific targets for the Shanghai Composite Index adjusted from 3700 points to 4000 points [1] Group 2 - The Sci-Tech Semiconductor ETF (588170) tracks the Semiconductor Materials and Equipment Index, focusing on companies in semiconductor equipment (59%) and materials (25%), which are crucial for domestic substitution [2] - The semiconductor materials ETF (562590) also emphasizes the importance of the semiconductor upstream sector, with a similar focus on equipment and materials [2] - The semiconductor industry is positioned to benefit from the AI revolution, with increasing demand and ongoing technological advancements in lithography [2]

Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Innovation Board semiconductor materials and equipment theme index decreased by 0.42% as of August 26, 2025 [1] - Among constituent stocks, Anji Technology led with a rise of 3.32%, while Jingyi Equipment fell by 5.01% [1] - The Sci-Tech Semiconductor ETF dropped by 0.99%, with a latest price of 1.2 yuan, but saw a cumulative increase of 7.80% over the past week [1] Group 2: Company Financials - Tuojing Technology reported a revenue of 1.954 billion yuan for the first half of 2025, marking a year-on-year increase of 54.25% [2] - The net profit attributable to shareholders was 94 million yuan, a decline of 26.96% year-on-year, while the net profit after deducting non-recurring items was 38 million yuan, reflecting a growth of 91.35% [2] - The company attributed revenue growth to enhanced product competitiveness and successful customer certifications for advanced process equipment [2] Group 3: Industry Insights - The semiconductor equipment sector is considered the cornerstone of the semiconductor industry chain, with potential for significant performance growth driven by AI trends and domestic equipment localization demands [2] - The industry exhibits a strong Matthew effect, suggesting that leading companies will continue to grow, while opportunities exist in lower localization rate segments [2] - Key benefiting segments include semiconductor front-end and back-end equipment, as well as equipment component manufacturers [2][3] Group 4: ETF Information - The Sci-Tech Semiconductor ETF (588170) tracks the semiconductor materials and equipment theme index, focusing on semiconductor equipment (59%) and materials (25%) [3] - The semiconductor materials ETF (562590) also emphasizes the importance of domestic substitution in the semiconductor sector, benefiting from the expansion of semiconductor demand driven by AI [3]

Market Overview - On August 26, A-shares experienced a collective decline, with the Shanghai Composite Index dropping by 0.36% during intraday trading [1] - The beauty care, media, and computer sectors showed positive performance, while steel and real estate sectors faced significant declines [1] Chip Sector Performance - The chip ETF (159995) fell by 1.13% as of 9:48 AM, with notable gains in some component stocks: Sanan Optoelectronics increased by 5.15%, Lattice Semiconductor by 2.93%, Geke Micro by 1.70%, and Tuojing Technology by 1.50% [1] - Conversely, Haiguang Information and Cambrian-U performed poorly, with declines of -4.01% and -3.53% respectively [1] Computing Power Development - According to the "2025 Comprehensive Computing Power Index" released at the 2025 China Computing Power Conference, as of June 30, 2025, China's operational computing power center rack total reached 10.85 million standard racks, with intelligent computing power at 788 EFLOPS (FP16) [3] - The integration of computing power platforms across ten provinces and regions in China has been completed, establishing a new pattern of computing power development characterized by "overall overview and regional collaboration" [3] Investment Opportunities in Computing Power - Longcheng Securities reports that the ongoing global AI wave is driving an exponential increase in computing power demand, with domestic models like DeepSeek advancing rapidly [3] - The construction of domestic computing power infrastructure and the gradual improvement of AI chip technology are expected to create significant opportunities for domestic computing power autonomy [3] - The chip ETF (159995) tracks the National Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambrian, Changdian Technology, and Northern Huachuang [3]

Core Viewpoint - The report highlights the financial performance and operational developments of Piotech Inc. for the first half of 2025, indicating significant growth in revenue despite a decline in net profit due to high costs associated with new product validations. Financial Performance - The company's revenue for the first half of 2025 reached approximately 1.95 billion RMB, representing a year-on-year increase of 54.25% compared to 1.27 billion RMB in the same period last year [5]. - Total profit for the period was approximately 81.54 million RMB, down 31.55% from 119.12 million RMB in the previous year [5]. - The net profit attributable to shareholders was approximately 94.29 million RMB, a decrease of 26.96% from 129.09 million RMB year-on-year [5]. - The net cash flow from operating activities was approximately 1.57 billion RMB, showing a significant improvement compared to a negative cash flow of approximately 899.81 million RMB in the previous year [5]. Market and Industry Context - The semiconductor industry is a crucial driver of technological innovation and economic development, with the integrated circuit sector being a key component [7]. - The global semiconductor equipment market is projected to reach 125.5 billion USD in 2025, with a growth rate exceeding 7% [7]. - China is the largest consumer electronics market, with semiconductor equipment sales expected to reach 49.6 billion USD in 2024, marking a 35% increase year-on-year [8]. Company Operations and Developments - Piotech focuses on high-end semiconductor equipment, particularly in the fields of thin film deposition and advanced bonding equipment for 3D integration [9]. - The company has developed a range of advanced equipment, including PECVD, ALD, SACVD, and HDPCVD, which are widely used in the manufacturing of integrated circuit logic and memory chips [9]. - The company has successfully entered the high-end semiconductor equipment market, launching advanced bonding equipment and associated detection devices for 3D integration applications [10].

拓荆科技股份有限公司2025 年半年度报告摘要 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 □适用 √不适用 第二节 公司基本情况 公司代码：688072 公司简称：拓荆科技 拓荆科技股份有限公司 拓荆科技股份有限公司2025 年半年度报告摘要 第一节 重要提示 规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 报告期内，不存在对公司生产经营产生实质性影响的重大风险。公司已在报告中详细描述可能存 在的相关风险，敬请查阅"第三节 管理层讨论与分析"之"四、风险因素"部分内容。 公司股票简况 公司股票简况 | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 | 变更前股票 | | --- | --- | --- | --- | --- | | 简称 | | | | | | A股 | 上海证券交易所科创板 | 拓荆科技 | 688072 | 不适用 | | 公司存托凭证简况 | | | | | | □适用 √不适用 | | | | | | 联系人和联系方式 | | | | | | 联系人和联系方式 | 董事会秘书（信息披露境内代表） | | ...

（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》"）、 拓荆科技股份有限公司董事会薪酬与考核委员会 关于 2023 年限制性股票激励计划首次授予部分第一个归属 期归属名单的核查意见 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》 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 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： 本次拟归属的 592 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 2023 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、真实，不存在虚假、故意隐瞒等 相关情况，本激励计划首次授予部分第一个 ...

证券代码：688072 证券简称：拓荆科技 公告编号：2025-044 拓荆科技股份有限公司 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。 一、董事会会议召开情况 拓荆科技股份有限公司（以下简称"公司"）第二届董事会第十七次会议于 人，公司监事和高级管理人员列席会议，会议由董事长吕光泉先生主持。本次会 议的召集和召开符合《中华人民共和国公司法》等法律、法规、规范性文件及《拓 荆科技股份有限公司章程》的有关规定，形成的决议合法有效。 表决情况：9 票同意，0 票反对，0 票弃权。 二、董事会会议审议情况 根据表决结果，会议审议通过了全部议案，决议如下： （一）审议通过《关于公司 2025 年半年度报告及摘要的议案》 董事会同意公司 2025 年半年度报告及摘要。 表决情况：9 票同意，0 票反对，0 票弃权。 本议案无需提交公司股东大会审议。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 《2025年半年度报告》及《2025年半年度报告摘要》。 （二）审议通过《关于公司2025年度"提质增 ...

拓荆科技股份有限公司监事会 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 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： 本次拟归属的 592 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，符合本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、真实，不存在虚假、故意隐瞒等相关情况，本激励 计划首次授予部分第一个归属期归属条件已经成就。 监事会同意公司为本次符合条件的 592 名激励对象办理归属，对应限制性股 票的归属数量为 160.0572 万股，同意公司分两批次办理本次满足归属条件的 592 名激励对象归属登记事宜，其中，第一批 ...