2025 年 12 月 11 日，盛美半导体设备（上海）股份有限公司（以下简称"公 司"）第三届董事会第二次会议在中国（上海）自由贸易试验区丹桂路 999 弄 B2 栋会议室举行，本次会议应出席董事 7 名，实际出席会议的董事 7 名。全体董事 认可本次会议的通知时间、议案内容等事项。本次会议的召集和召开程序符合《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》等法律 法规及《盛美半导体设备（上海）股份有限公司章程》（以下简称《公司章程》） 和《盛美半导体设备（上海）股份有限公司董事会议事规则》的相关规定，合法 有效。 会议由董事长 HUI WANG 先生主持。 证券代码：688082 证券简称：盛美上海 公告编号：2025-089 盛美半导体设备（上海）股份有限公司 第三届董事会第二次会议决议公告 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。 一、董事会会议召开情况 二、董事会会议审议情况 （一）审议通过了《关于变更注册资本及修订<公司章程>及其附件的议案》 本议案尚需提交公司股东会审议。 表决情 ...

Summary of Conference Call on China Semiconductor Equipment Industry Industry Overview - The focus is on the China Wafer Fab Equipment (WFE) market, with expectations for growth driven by advanced logic and memory capital expenditures (capex) in 2026 and 2027 [2][9] - WFE spending in China is projected to grow from US$40.1 billion in 2025 to US$44.0 billion in 2026 and US$44.5 billion in 2027, representing year-over-year growth of 8.2%, 9.9%, and 1.1% respectively [9] Key Companies and Forecasts - **NAURA** has been identified as a key beneficiary in the WFE market due to its advancements in high-aspect ratio etching tools and a broader product portfolio [4][42] - Other companies mentioned include **AMEC** and **ACMR**, which are also rated as "Buy" [5] - Revenue forecasts for NAURA, AMEC, and ACMR have been raised by 7%, 2%, and 2% respectively for 2027, reflecting higher visibility on order demand [49] Demand Indicators - Lithography imports, a leading indicator of WFE demand, increased significantly, with imports to Shanghai and Guangdong rising 46% and 66% year-over-year in the first ten months of 2025 [3][16] - The demand for memory capacity is expected to be strong, with CXMT and YMTC planning IPOs to raise funds for capacity expansion [3] Market Dynamics - The consensus view that China's WFE demand will decline in 2026 is considered overly conservative; domestic memory capex is expected to grow significantly [11] - The report highlights that major Chinese WFE companies saw a combined revenue of Rmb17.9 billion in Q3 2025, up 39% year-over-year [34] Valuation and Price Targets - NAURA's price target has been raised from Rmb545.50 to Rmb587.50, based on a new valuation method reflecting higher mid-term return on equity (ROE) [55] - AMEC's price target has been slightly adjusted from Rmb351.50 to Rmb352.50, maintaining its valuation multiple [60] - ACMR's price target remains at Rmb222.00, reflecting stable growth expectations [64] Investment Thesis - The report suggests that the market is underestimating NAURA's potential share gains in 3D NAND capacity expansion and leading logic demand [42] - The average price-to-earnings (PE) ratio for covered China WFE companies is 38x for 2026E, which is attractive compared to global peers [46] Conclusion - The China semiconductor equipment industry is poised for growth, with significant investments in WFE expected to continue through 2027, driven by advancements in technology and increased domestic demand [2][49] - NAURA is positioned as a leading player in this growth, supported by its technological advancements and market share gains [4][42]

Group 1 - The core viewpoint of the article is that Shengmei Shanghai has launched multiple devices compatible with HBM (High Bandwidth Memory) technology, indicating a focus on advanced packaging solutions for high-performance chips [2] - Shengmei Shanghai's UltraECP3d device is specifically designed for TSV (Through-Silicon Via) copper filling, showcasing the company's commitment to innovative manufacturing processes [2] - The company offers a full line of wet cleaning and copper plating equipment that can be utilized in HBM processes, as well as packaging equipment suitable for high-performance 2.5D chip packaging [2] Group 2 - The company emphasizes its adherence to information disclosure regulations, stating that it will promptly disclose relevant business information and order status if they meet the disclosure standards [2]

Group 1 - The report highlights that the global semiconductor industry is experiencing a significant cycle driven by AI, with China's semiconductor sector benefiting from this trend and policy guidance, leading to a potential for a fully self-sufficient integrated circuit industry [6][18][27] - The AI market is projected to grow at a compound annual growth rate (CAGR) of 56.3% over the next five years, with the global semiconductor market expected to exceed $1 trillion by 2030, particularly in the server, data center, and storage sectors [6][14][18] - Domestic demand for advanced logic foundry services is expected to reach 71,200 wafers per month by 2028, indicating a significant supply-demand gap in China's advanced logic foundry capacity [7][32][45] Group 2 - The report anticipates a new pricing cycle in the global storage market driven by AI, with domestic storage manufacturers expected to play a leading role in capacity expansion [49][50][61] - The demand for DRAM and NAND is projected to grow significantly, with DRAM bit demand expected to increase by 17-19% and NAND bit demand by 18-20% in the coming years [58][59] - Major storage manufacturers are focusing on technology upgrades and capacity control, which may lead to a supply-demand gap, benefiting domestic manufacturers like Changxin Storage and Yangtze Memory Technologies [61][68] Group 3 - The report emphasizes the importance of domestic semiconductor equipment investment, with a projected market size of $389 billion in China by 2025, leading the global market [81][86] - The expansion of advanced nodes in domestic semiconductor manufacturing is expected to enter a high prosperity phase, with significant capital expenditure planned for the coming years [81][86] - The report suggests that companies with high exposure to storage will outperform, drawing parallels to previous cycles where equipment companies saw substantial stock price increases [72][86]

Group 1 - The core viewpoint of the article is that Shengmei Shanghai has launched multiple devices compatible with HBM (High Bandwidth Memory) technology [1] - The Ultra ECP 3D device from the company is specifically designed for TSV (Through-Silicon Via) copper filling [1] - The entire line of wet cleaning equipment and copper plating devices can be utilized for HBM processes [1] Group 2 - All packaging and testing equipment, including wet processing, coating, developing, and copper plating devices, are applicable for high-performance chip 2.5D packaging processes [1]

会议召开时间：2025 年 12 月 11 日（星期四）15:00-16:00 投资者可于 2025 年 12 月 4 日（星期四）至 12 月 10 日（星期三）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@acmrcsh.com）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。 盛美半导体设备（上海）股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 12 月 11 日（星期四）15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关 心的问题进行交流。 一、说明会类型 本次业绩说明会以视频录播结合网络互动形式召开，公司将针对 2025 年 第三季度的经营成果及财务状况的具体情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 证券代码：688082 证券简称：盛美上海 公告编号：2025-088 盛美半导体设备（上海）股份有限公司 关于召开 20 ...

Core Insights - The stock price of Shengmei Shanghai increased by 2.10% on November 25, reaching 159.43 CNY per share, with a total market capitalization of 76.55 billion CNY [1] - The company has seen a year-to-date stock price increase of 60.48%, but has experienced a decline of 2.56% over the last five trading days and 14.61% over the last twenty days [1] - Shengmei Shanghai reported a revenue of 5.146 billion CNY for the first nine months of 2025, representing a year-on-year growth of 29.42%, and a net profit of 1.266 billion CNY, which is a 66.99% increase year-on-year [2] Financial Performance - The company has distributed a total of 0.723 billion CNY in dividends since its A-share listing [3] - As of September 30, 2025, the number of shareholders increased to 21,700, a rise of 85.89%, while the average number of circulating shares per person decreased by 46.20% to 20,098 shares [2] Shareholder Composition - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 5.0576 million shares, a decrease of 978,700 shares from the previous period [3] - Other notable shareholders include Huaxia SSE STAR 50 ETF, which is the fourth-largest shareholder with 3.1201 million shares, and several other ETFs that have also seen reductions in their holdings [3]

- The report discusses the "Volume Timing Signal" model, which indicates a cautious view for all indices as of November 21, 2025[24][25] - The "Number of Rising Stocks in the CSI 300 Index" sentiment indicator is used to gauge market sentiment by calculating the proportion of stocks with positive returns over a certain period[25][26] - The "Number of Rising Stocks in the CSI 300 Index" timing tracking involves smoothing the indicator over two different periods to capture its trend, with a bullish view when the short-term line is above the long-term line[27][28][29] - The "Moving Average Sentiment Indicator" uses the eight moving averages system to assess the trend state of the CSI 300 Index, assigning values based on the position of the moving average range[33][34][35] - The "Moving Average Sentiment Indicator" shows that the CSI 300 Index is currently in a non-prosperous sentiment range as of November 21, 2025[33][36][37] Model Backtest Results - Volume Timing Signal: All indices show a cautious view as of November 21, 2025[24][25] - Number of Rising Stocks in the CSI 300 Index: The indicator has recently declined, with the proportion of rising stocks slightly above 50%, indicating cooling market sentiment[25][26] - Number of Rising Stocks in the CSI 300 Index Timing Tracking: Both the fast and slow lines are declining, with the fast line below the slow line, indicating a cautious view for the near future[27][28][29] - Moving Average Sentiment Indicator: The CSI 300 Index is in a non-prosperous sentiment range as of November 21, 2025[33][36][37] Factor Construction and Evaluation - Cross-sectional volatility: The recent week saw a decline in cross-sectional volatility for CSI 300 and CSI 500 index constituents, indicating a deteriorating short-term alpha environment, while the CSI 1000 index constituents saw an increase, indicating an improving short-term alpha environment[2][38] - Time-series volatility: The recent week saw a decline in time-series volatility for CSI 300 index constituents, indicating a deteriorating alpha environment, while the CSI 500 and CSI 1000 index constituents saw an increase, indicating an improving alpha environment[2][39][40] Factor Backtest Results - Cross-sectional volatility: - CSI 300: 2.28% (recent quarter average), 83.44% (recent quarter average as a percentile of the past two years) - CSI 500: 2.44% (recent quarter average), 78.57% (recent quarter average as a percentile of the past two years) - CSI 1000: 2.60% (recent quarter average), 83.67% (recent quarter average as a percentile of the past two years)[39] - Time-series volatility: - CSI 300: 0.73% (recent quarter average), 77.23% (recent quarter average as a percentile of the past two years) - CSI 500: 0.53% (recent quarter average), 80.16% (recent quarter average as a percentile of the past two years) - CSI 1000: 0.27% (recent quarter average), 82.07% (recent quarter average as a percentile of the past two years)[42]

证券代码：688082 证券简称：盛美上海 公告编号：2025-087 盛美半导体设备（上海）股份有限公司 实际控制人及其一致行动人、部分董事及高级管 理人员减持股份结果公告 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： 实际控制人及其一致行动人、部分董事及高级管理人员持股的基本情况 本次减持计划实施前，本次减持的部分董事、高级管理人员持股情况如下： 1、公司实际控制人、董事长 HUI WANG 先生直接持有公司 850,962 股，占公 司总股本的 0.18%；其一致行动人公司董事、总经理、核心技术人员王坚先生直 接持有公司 592,755 股，占公司总股本的 0.12%； 2、公司财务负责人 LISA YI LU FENG 女士直接持有公司 337,500 股，占公 司总股本的 0.07%； 3、公司副总经理、核心技术人员陈福平先生直接持有公司 482,318 股，占 公司总股本的 0.10%； 4、公司董事会秘书罗明珠女士直接持有公司 322,983 股，占公司总股本的 0.07%。 减 ...

Core Insights - The actual controller and certain directors and senior management of Shengmei Shanghai have completed their share reduction plan, resulting in a total reduction of 0.14% of the company's shares [1] Share Reduction Details - HUIWANG reduced 199,794 shares, accounting for 0.04% of the total share capital - Wang Jian reduced 148,104 shares, accounting for 0.03% of the total share capital - LISAYILUFENG reduced 77,400 shares, accounting for 0.02% of the total share capital - Chen Fuping reduced 120,379 shares, accounting for 0.03% of the total share capital - Luo Mingzhu reduced 80,686 shares, accounting for 0.02% of the total share capital [1] Price and Purpose of Reduction - The reduction price ranged from 155.50 to 181.49 yuan per share - The funds obtained from the share reduction are primarily for personal financial needs [1]