证券代码：688082 证券简称：盛美上海 公告编号：2025-071 盛美半导体设备（上海）股份有限公司 关于召开 2025 年半年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。 （一）会议召开时间：2025 年 10 月 27 日（星期一）15:00-16:00 重要内容提示： 会议召开时间：2025 年 10 月 27 日（星期一）15:00-16:00 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：上证路演中心视频录播和网络互动 投资者可于 2025 年 10 月 20 日（星期一）至 10 月 24 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@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 8 月 7 日发布 ...

Core Viewpoint - The report from Everbright Securities indicates that as of September 29, 2025, Shengmei Shanghai has an order backlog of 9.072 billion yuan, representing a year-on-year growth of 34.10% [1] Industry Summary - Since 2025, the demand for semiconductor equipment in China has remained strong, driven by technological advantages, product maturity, and market recognition [1] - The company continues to deepen its existing market and expand into new markets [1] Company Summary - The company is a leading player in domestic semiconductor cleaning equipment and is expected to benefit from performance growth driven by domestic production [1] - The company's products are continuously iterated and upgraded, with successful market promotion of new products [1] - Profit forecasts for the company are as follows: 2025 net profit of 1.476 billion yuan, 2026 net profit of 1.829 billion yuan, and a new forecast for 2027 net profit of 2.285 billion yuan, corresponding to PE ratios of 59x, 47x, and 38x respectively [1] - The company maintains a "buy" rating [1]

Core Viewpoint - The company has demonstrated strong growth in its order backlog and is actively expanding its market presence in the semiconductor equipment industry, driven by technological advancements and product development [4][5]. Group 1: Order Backlog and Growth - As of September 29, 2025, the company's order backlog reached 9.072 billion yuan, representing a year-on-year increase of 34.10% [4]. - The semiconductor equipment demand in China has remained robust in 2025, allowing the company to deepen its existing market and explore new opportunities [4]. Group 2: Fundraising and Investment - The company announced a plan to issue A-shares to specific investors, aiming to raise 4.482 billion yuan through the issuance of 38.6013 million shares at a price of 116.11 yuan per share [4]. - The raised funds will primarily be allocated to three projects: the construction of R&D and process testing platforms, iterative R&D of high-end semiconductor equipment, and supplementing working capital [6]. Group 3: Product Development and Innovation - The company has placed significant emphasis on product R&D, with new products contributing to sustained order growth [5]. - In March 2025, the company successfully validated its self-developed single-wafer high-temperature SPM equipment with key customers, which is crucial for the manufacturing of next-generation semiconductor devices [5]. - The delivery of the 1500th electroplating chamber for ECP equipment in the first half of 2025 has achieved full coverage of electroplating technology across various applications [5].

Group 1: Financial Data Overview - In September 2025, new social financing reached 3.53 trillion, with a growth rate down 0.1 percentage points to 8.7% compared to August [4] - M1 continued to rebound, while M2 showed a slight decline due to a high base, indicating an increase in the degree of monetary activation [4] Group 2: Company Analysis - Mixue Group - As of September 30, 2024, Mixue Group operates 40,510 stores in mainland China and 4,792 stores outside, making it the largest fresh beverage company [4] - The company adopts a franchise model, with over 98% of its revenue generated from selling raw materials and equipment to franchisees [4] Group 3: Company Analysis - Shengmei Shanghai - As of September 29, 2025, Shengmei Shanghai reported an order backlog of 9.072 billion, reflecting a year-on-year increase of 34.10% [4] - The semiconductor equipment demand in China remains strong, with the company leveraging its technological advantages and market recognition to expand [4] Group 4: Company Analysis - Huafeng Measurement and Control - In the first half of 2025, Huafeng Measurement and Control achieved a revenue of 534 million, marking a year-on-year growth of 40.99% [5] - The net profit attributable to shareholders reached 196 million, with a significant increase of 74.04% year-on-year [5] - The company's net profit excluding non-recurring items was 175 million, up 37.66% year-on-year [5]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Semiconductors, specifically focusing on AI-related Wafer Fab Equipment (WFE) and Outsourced Assembly and Test (OSAT) companies [1][3][17] Core Insights and Arguments - **Positive Outlook on AI Development**: The development of China's AI ecosystem is expected to drive sustained investment in 28nm and below logic and memory technologies, particularly in AI-related applications [1][3][17] - **Earnings and Revenue Forecasts**: - Earnings and price targets for covered WFE and OSAT companies have been raised for 2026-27, reflecting a revenue CAGR of 34% from 2025-27 [1][3][17] - Combined revenue for covered WFE companies is projected to reach US$11.7 billion by 2027, implying a 30% market share in China [17] - **Valuation Comparisons**: Current valuations for leading WFE and OSAT companies remain below historical averages, indicating potential for re-rating as AI technology advances [21][23] Notable Developments - **Huawei's AI Roadmap**: Huawei has publicly presented its AI accelerator roadmap through 2028, showcasing a series of AI chips and a super-cluster solution, marking a significant shift in its semiconductor capabilities [2][9][10] - **Investment in AI Accelerators**: Other Chinese companies, including T-head, Baidu, and MetaX, have also unveiled new AI accelerators, indicating a robust competitive landscape [2][10] - **Supply Chain Improvements**: The localization of AI accelerators is expected to ease supply constraints by 2026, benefiting domestic semiconductor manufacturers [2][10] Stock Picks and Recommendations - **Top Picks**: Recommended stocks in AI infrastructure include AMEC, NAURA, and JCET, with a preference for Horizon Robotics in edge AI [4] - **Price Target Adjustments**: - AMEC's price target raised from Rmb255.50 to Rmb351.50, reflecting a higher earnings forecast and improved valuation metrics [27] - NAURA's price target increased from Rmb470 to Rmb564, driven by a higher mid-term ROE forecast [35] - ACMR's price target raised from Rmb163.50 to Rmb222, based on improved earnings expectations [40] Additional Insights - **Geopolitical Risks**: The impact of geopolitical tensions, particularly related to export controls, is becoming more manageable, allowing for better domestic supply chain reliance [23] - **Long-term Growth Drivers**: Generative AI is expected to be a structural growth driver for Chinese semiconductor companies over the next decade, with significant room for localization and technological advancement [23][24] Financial Metrics and Changes - **Earnings Revisions**: - AMEC's earnings for 2025-27 have been adjusted upwards by 1% to 5% [26] - JCET's domestic revenue for 2026-27 has been raised by 7.6% to 10.6% due to stronger demand from AI-related chips [20][50] - **Valuation Metrics**: - Current PE ratios for AMEC and NAURA are significantly below their historical peaks, suggesting potential for future valuation expansion [21][24] This summary encapsulates the key points discussed in the conference call, highlighting the optimistic outlook for the Chinese semiconductor industry driven by advancements in AI technology and the associated financial implications for leading companies in the sector.

Core Viewpoint - The company reported a significant increase in its order backlog, reaching 9.072 billion yuan as of September 29, 2025, representing a year-on-year growth of 34.10% due to strong demand in the semiconductor equipment sector [1] Group 1: Order Backlog and Market Demand - As of September 29, 2025, the company's order backlog totaled 9.072 billion yuan, marking a 34.10% increase compared to the same period last year [1] - The semiconductor equipment demand in China has remained robust since the beginning of 2025, allowing the company to deepen its existing market presence and explore new markets [1] Group 2: Fundraising and Investment - On September 30, 2025, the company announced a plan to issue A-shares to specific investors, aiming to raise 4.482 billion yuan by issuing 38.6013 million shares at a price of 116.11 yuan per share [1] - The raised funds will primarily be allocated to three projects: research and development, high-end semiconductor equipment iteration, and supplementing working capital [2] Group 3: Product Development and Innovation - The company emphasizes product research and development, with new products contributing to sustained order growth [2] - In March 2025, the company’s self-developed high-temperature SPM equipment successfully passed key customer validation, which is crucial for the manufacturing of next-generation semiconductor devices [2] - The company’s ECP equipment has achieved full coverage in electroplating technology, with the 1500th electroplating chamber delivered in the first half of 2025 [2] - The company’s panel-level horizontal electroplating equipment received the "Technology Enablement Award" from the 3D InCites Association, highlighting its innovation [2] Group 4: Profit Forecast and Valuation - The company maintains profit forecasts for 2025 and 2026 at 1.476 billion yuan and 1.829 billion yuan, respectively, with a new forecast for 2027 at 2.285 billion yuan [3] - Corresponding PE ratios are projected at 59x, 47x, and 38x for the respective years [3] - The company is positioned as a leading player in the domestic semiconductor cleaning equipment market, expected to benefit from performance growth driven by domestic production [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has seen a significant increase in its order backlog, reaching 9.072 billion yuan as of September 29, 2025, representing a year-on-year growth of 34.10% [1]. - The semiconductor equipment demand in China remains strong, and the company is leveraging its technological advantages and market recognition to expand its market presence [1]. - The company successfully raised 4.482 billion yuan through a private placement of shares, which will primarily be used for R&D projects and working capital [2]. Summary by Sections Company Orders and Financials - As of September 29, 2025, the company's order backlog is 9.072 billion yuan, a 34.10% increase year-on-year [1]. - The company reported a net profit forecast of 1.476 billion yuan for 2025, with projections of 1.829 billion yuan for 2026 and 2.285 billion yuan for 2027 [3]. Product Development and Market Position - The company emphasizes product R&D, with new products contributing to continuous order growth [2]. - The successful validation of the self-developed high-temperature SPM equipment in March 2025 is expected to add significant value to next-generation semiconductor device manufacturing [2]. Financial Projections and Valuation - Revenue projections for 2025 are set at 6.984 billion yuan, with a growth rate of 24.33% [4]. - The company is projected to maintain a P/E ratio of 59x for 2025, decreasing to 38x by 2027 [3][4].

分红方面，盛美上海A股上市后累计派现7.23亿元。 机构持仓方面，截止2025年6月30日，盛美上海十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股603.63万股，相比上期减少48.25万股。华夏上证科创板50成份ETF（588000）位居第三大 流通股东，持股489.37万股，相比上期减少5.95万股。易方达上证科创板50ETF（588080）位居第五大 流通股东，持股365.24万股，相比上期增加12.21万股。诺安成长混合A（320007）位居第六大流通股 东，持股322.27万股，相比上期减少91.41万股。东方人工智能主题混合A（005844）位居第七大流通股 东，持股274.22万股，相比上期减少87.42万股。嘉实上证科创板芯片ETF（588200）位居第八大流通股 东，持股209.70万股，相比上期增加20.18万股。南方信息创新混合A（007490）位居第九大流通股东， 持股186.44万股，为新进股东。华泰柏瑞沪深300ETF（510300）位居第十大流通股东，持股159.59万 股，相比上期增加9.19万股。华夏国证半导体芯片ETF（159995）退出十大流通股东之列。 ...

Core Viewpoint - The article discusses the current landscape of weight loss medications in China, focusing on the differences between new-generation GLP-1 drugs and traditional weight loss medications, highlighting their mechanisms, efficacy, and safety profiles [4][7]. Group 1: Overview of Weight Loss Medications - There are six weight loss drugs currently approved in China, including three new-generation GLP-1 drugs: Semaglutide, Tirzepatide, and Mounjaro, and three traditional drugs: Benaglutide, Liraglutide, and Orlistat [4][7]. - New-generation GLP-1 drugs have longer action times and more significant weight loss effects compared to first-generation drugs [4][6]. Group 2: Mechanisms and Administration - The six weight loss drugs differ in their mechanisms of action and target populations, with new-generation drugs showing better safety and efficacy [7]. - All approved GLP-1 weight loss medications are currently available only as subcutaneous injections, with no oral versions available yet [6]. Group 3: Indications and Contraindications - Weight loss medications should be considered for patients who have not achieved a weight loss of at least 5% after three months of lifestyle intervention, even for those who are merely overweight without complications [9]. - A comprehensive assessment is necessary before starting medication, especially for high-risk populations such as the elderly or those with liver and kidney dysfunction [10]. Group 4: Clinical Application Process - Diagnosis of obesity or overweight should consider BMI, metabolic indicators, and related comorbidities, with obesity defined as BMI ≥ 28 kg/m² [12]. - The selection of medications should prioritize those with additional clinical benefits for patients with comorbid conditions like type 2 diabetes or cardiovascular diseases [13]. Group 5: Monitoring and Management - Regular monitoring of body composition and metabolic indicators is essential, with evaluations occurring monthly during the initial three months and quarterly thereafter [16]. - For elderly patients, careful consideration of muscle mass and potential drug interactions is crucial, with recommendations for dose adjustments based on renal and hepatic function [19].

Core Viewpoint - The technology sector experienced a widespread pullback on October 14, with the Sci-Tech 50 Index leading the decline, falling over 4% as of the report, particularly affecting the semiconductor industry chain [1] Group 1: Market Performance - The semiconductor industry chain saw a significant drop, with all sub-sectors including wafer foundries, semiconductor equipment, GPUs, and AI chips experiencing substantial declines [1] - SMIC (Semiconductor Manufacturing International Corporation) fell by over 6%, while other major stocks in the Sci-Tech 50 Index, such as Huahai Qingshi, Shengmei Shanghai, Haiguang Information, and Chipone, also saw significant declines [1] - The stock prices of these key Sci-Tech 50 Index constituents have retreated over 15% from their recent highs [1]