根据市场公开信息及5月20日披露的机构调研信息，知名私募潼骁投资近期对1家上市公司进行了调研， 相关名单如下： 1）盛美上海 （上海潼骁投资发展中心(有限合伙)参与公司业绩说明会） 调研纪要：盛美上海介绍了其在三维堆叠电镀设备、高温硫酸清洗设备、ALD炉管设备等方面的进 展。三维堆叠电镀设备已在中国大陆大部分客户端获得商业验证；高温硫酸清洗设备具备减少硫酸消 耗、消除酸雾飞溅等优势；ALD炉管设备具备最高1250°C处理能力，已引起中国和欧洲客户兴趣。公 司预计2025年营收65-71亿，一季度增长强劲，预计二三季度交货强劲。海外市场以中国大陆为主，面 板级水平式电镀设备获国际奖项，产品销售将扩展至全球市场。首台PECVD设备验证进展良好，2025 年将有更多客户进行验证。公司关注并购机会，但更注重内生性成长和技术优势。 机构简介： 上海潼骁投资发展中心（有限合伙）成立于2014年4月15日，注册资本1000万人民币，于2014年8月取得 私募基金管理人展业资质，是私募证券投资基金管理人，是基金业协会观察会员，具有基金业协会审核 通过投资顾问资格。总部位于上海市徐汇区龙华中路。公司目前有50余人的投资、研究、 ...

盛美上海 20250515 摘要 • 盛美上海一季度营收增长强劲，单片清洗设备和半导体清洗设备营收同比 增长 28%至 9.2 亿元，占总营收 70%以上，主要受益于超声波清洗设备 放量和背面清洗设备稳健表现，高温 SPM 设备已通过领先逻辑客户验证。 • 电镀技术领域营收同比增长 110%至 2 亿多元，占比近 20%，Ultra ECPAP 荣获美国 3D 封装奖项，公司是业内首家也是唯一一家采用旋转式 水平电镀结构方案供应商，受益于 AI 芯片封装向面板级封装技术迁移。 • 炉管产品方面，立式炉管设备采用独有石英结构设计，具备最高 1,250 度 处理能力，保持晶圆表面平整度，业内尚无其他厂商能在此温度实现工艺 稳定性，LDCVD 氧化炉和 ALD 等炉管系列预计 2025 年显著放量。 • 先进封装及其他后道处理业务营收同比增长 60%至 1 亿多元，占比近 10%，处于技术验证和市场拓展阶段，镜面及面板级封装产品按计划推进 交付和测试，为 AI 芯片封装更大规模应用打下基础。 • ETCH 和 PECVD 两款新产品采用自主研发差异化设计，提升工艺灵活性 和产出效率，已与多家客户开展样机演示和测试， ...

Core Viewpoint - Shengmei Shanghai (688082.SH) demonstrates strong growth momentum driven by its core strategies of "technological differentiation, product platformization, and global customer base," as evidenced by its impressive Q1 2025 financial results [1][14]. Financial Performance - In Q1 2025, Shengmei Shanghai reported revenue of 1.306 billion yuan, a year-on-year increase of 41.73%, and a net profit attributable to shareholders of 246 million yuan, a staggering year-on-year growth of 207.21% [1]. - The company's net profit after deducting non-recurring items reached 248 million yuan, reflecting a year-on-year increase of 194.14% [1]. - The revenue and net profit figures represent historical highs for the company in the same quarter [1]. Market Outlook - UBS forecasts Shengmei Shanghai's revenue to reach 7.05 billion yuan in 2025, with a compound annual growth rate of over 20% expected from 2025 to 2027 [2]. - The company has built strong competitive barriers, and the Q1 2025 results are seen as the beginning of accelerated performance release, with expectations of entering a new high-growth phase [2]. Order Backlog and Cash Flow - Shengmei Shanghai's contract liabilities totaled 1.228 billion yuan, a year-on-year increase of 31.13%, indicating a robust order backlog [4]. - The net cash flow from operating activities improved significantly to 93 million yuan, compared to a cash outflow of 155 million yuan in the same period last year [4]. Industry Context - The global semiconductor equipment market is expected to recover, with a projected market size of 113 billion USD in 2024, growing by 6.4% year-on-year [6]. - China is the largest semiconductor equipment market, with a compound annual growth rate exceeding 20% from 2020 to 2024, significantly outpacing global growth [9]. Product Diversification and Platform Development - Shengmei Shanghai has successfully developed a diverse product portfolio, including cleaning equipment, electroplating equipment, and various semiconductor process equipment, positioning itself as a leading platform enterprise in the industry [10]. - The company has achieved significant market shares in cleaning and electroplating equipment, with international market shares of 8% and 8.2%, respectively [10]. - The company is expanding its product offerings and has begun mass production of several new technologies, including advanced packaging electroplating equipment and atomic layer deposition (ALD) systems [11][12]. Future Growth Potential - Shengmei Shanghai's platform development is expected to accelerate, with new products projected to become significant revenue contributors in the next two to three years [12]. - The company is poised for continued high growth as it capitalizes on the recovery of the semiconductor industry and its strong order backlog [14].

盛美半导体设备（上海）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： 公司于2025年4月10日召开第二届董事会第十八次会议及第二届监事会第十 七次会议，审议通过了《关于调整回购股份价格上限的议案》，同意将回购股份 价格上限由人民币90元/股（含）调整为人民币99.02元/股（含）。除上述调整外， 回购股份方案的其他内容不变。具体内容详见公司于2025年4月12日在上海证券交 易所网站（www.sse.com.cn）上披露的《关于调整回购股份价格上限的公告》（公 告编号：2025-025）。 证券代码：688082 证券简称：盛美上海 公告编号：2025-028 | 回购方案首次披露日 | 2024/8/8 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 12 个月 | | 预计回购金额 | 5,000万元~10,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | ...

证券代码：688082 证券简称：盛美上海 公告编号：2025-027 盛美半导体设备（上海）股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 29 日 （二） 股东大会召开的地点：中国（上海）自由贸易试验区丹桂路 999 弄 B2 栋会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 108 | | --- | --- | | 普通股股东人数 | 108 | | 2、出席会议的股东所持有的表决权数量 | 368,580,512 | | 普通股股东所持有表决权数量 | 368,580,512 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 83.5232 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | ...

Financial Performance - The company's revenue for Q1 2025 reached ¥1,305,866,199.58, representing a 41.73% increase compared to ¥921,388,511.56 in the same period last year[4] - Net profit attributable to shareholders was ¥246,333,965.84, a significant increase of 207.21% from ¥80,183,413.97 year-on-year[4] - Basic and diluted earnings per share increased to ¥0.56, reflecting a growth of 211.11% compared to ¥0.18 in the same period last year[4] - Operating profit for Q1 2025 was ¥286,090,377.66, up from ¥70,563,375.62 in Q1 2024, reflecting a growth of 304.5%[16] - Net profit attributable to shareholders for Q1 2025 was ¥246,333,965.84, compared to ¥80,183,413.97 in Q1 2024, marking an increase of 207.5%[18] - The total equity attributable to shareholders rose to ¥8,079,463,700.92 in Q1 2025, compared to ¥7,665,635,114.21 in Q1 2024, an increase of 5.4%[16] Cash Flow - The net cash flow from operating activities improved to ¥93,152,164.05, a turnaround from a negative cash flow of ¥155,024,348.43 in the previous year[4] - The company reported a net cash flow from operating activities of ¥93,152,164.05 in Q1 2025, a turnaround from a negative cash flow of -¥155,024,348.43 in Q1 2024[20] - The net cash increase from operating activities for Q1 2025 was ¥237,815,909.21, compared to a net decrease of ¥93,413,672.26 in the same period last year[21] - The net cash flow from financing activities was ¥224,080,103.77, an increase from ¥149,843,070.11 year-over-year[21] - Cash inflows from financing activities totaled ¥424,672,965.68, significantly higher than ¥167,000,000.00 in the previous year[21] - Cash outflows from investment activities were ¥128,863,829.25, compared to ¥235,308,626.48 in the same period last year[21] - The net cash flow from investment activities was -¥76,450,447.68, slightly improved from -¥88,777,691.67 year-over-year[21] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,637,612,001.52, up 4.20% from ¥12,128,452,382.81 at the end of the previous year[5] - Total assets reached ¥12,637,612,001.52, compared to ¥12,128,452,382.81, an increase of 4.18%[14] - Current liabilities totaled ¥3,597,798,695.02, slightly up from ¥3,529,551,831.90, indicating a rise of 1.52%[14] - Long-term borrowings stood at ¥765,799,142.38, compared to ¥758,194,676.18, reflecting an increase of 1.99%[14] - The total liabilities increased to ¥4,557,171,209.71 in Q1 2025 from ¥4,462,816,629.35 in Q1 2024, reflecting a growth of 2.1%[16] Research and Development - Research and development expenses totaled ¥252,173,658.10, which is 19.31% of revenue, down from 22.16% in the previous year[5] - Research and development expenses for Q1 2025 were ¥187,377,346.82, up from ¥167,819,748.27 in Q1 2024, indicating a focus on innovation[16] Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,594[10] - ACM RESEARCH, INC. holds 81.06% of shares, totaling 357,692,308 shares[10] - The company has no significant changes in major shareholders or their shareholding status during the reporting period[11] Market and Operational Insights - The company attributed revenue growth to strong demand in the semiconductor industry, particularly in the Chinese market, and efficient sales and delivery processes[8] - The increase in net profit was primarily driven by growth in main business revenue and gross profit[8] - The company has accumulated a substantial order reserve, which supports future revenue growth[8] Cash and Equivalents - The company's cash and cash equivalents increased to ¥2,872,406,514.61 from ¥2,634,590,605.40, a growth of 9.03%[13] - The total cash and cash equivalents at the end of Q1 2025 amounted to ¥2,872,406,514.61, up from ¥1,429,928,401.69 in the previous year[22] Accounts Receivable and Inventory - Accounts receivable rose to ¥2,284,278,445.63, up from ¥2,132,274,574.65, reflecting an increase of 7.13%[13] - Inventory increased to ¥4,302,045,308.51 from ¥4,232,200,698.68, marking a growth of 1.65%[13] Other Information - There are no applicable reminders for investors regarding the company's operational status during the reporting period[12] - The company did not apply new accounting standards or interpretations for the first execution year[21] - The impact of exchange rate changes on cash and cash equivalents was -¥2,965,910.93, contrasting with a positive impact of ¥545,297.73 in the previous year[21]

8. 其他会议文件。 公司已向本所保证，公司已向本所披露一切足以影响本法律意见书出具的事 实并提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本材料、 复印材料、承诺函或证明，并无隐瞒记载、虚假陈述和重大遗漏之处；公司提供 给本所的文件和材料是真实、准确、完整和有效的，且文件材料为副本或复印件 的，其与原件一致和相符。 在本法律意见书中，本所仅对本次股东大会召集和召开的程序、出席本次股 东大会人员资格和召集人资格及表决程序、表决结果是否符合有关法律、行政法 规、《股东会规则》和《公司章程》的规定发表意见，并不对本次股东大会所审 议的议案内容以及该等议案所表述的事实或数据的真实性和准确性发表意见。本 所仅根据现行有效的中国境内法律法规发表意见，并不根据任何中国境外法律发 表意见。 北京市金杜律师事务所上海分所 关于盛美半导体设备（上海）股份有限公司 2025 年第二次临时股东大会之法律意见书 致：盛美半导体设备（上海）股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受盛美半导体设备（上 海）股份有限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以 下简称《证券法》）、《中华人民 ...

Core Insights - The company reported a revenue of 1.306 billion yuan for Q1 2025, representing a year-on-year growth of 41.73% [1] - The net profit for the same period was 246 million yuan, showing a significant year-on-year increase of 207.21% [1] Financial Performance - Revenue for Q1 2025: 1.306 billion yuan, up 41.73% year-on-year [1] - Net profit for Q1 2025: 246 million yuan, up 207.21% year-on-year [1]

证券代码：688082 证券简称：盛美上海 盛美半导体设备（上海）股份有限公司 2025 年第二次临时股东大会会议资料 2025 年 4 月 盛美半导体设备（上海）股份有限公司 2025 年第二次临时股东大会会议须知 为维护全体股东的合法权利，确保股东大会的正常秩序和议事效率，保证大 会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司股东大会规则》以及《盛美半导体设备（上海）股份有限公司章程》《盛美 半导体设备（上海）股份有限公司股东大会议事规则》等相关规定，盛美半导体 设备（上海）股份有限公司（以下简称"公司"）特制定 2025 年第二次临时股 东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者予以配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，请出 席大会的股东或其代理人或其他出席者准时达到会场签到确认参会资格，在会议 主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量之前，会议 登记应当终止。 三、会议按照会议通知上所列顺序审议、表决议案。 四、股东及股东 ...

Core Viewpoint - Semiconductor equipment provider Shengmei Shanghai announced an adjustment of its share repurchase price ceiling from 90 CNY/share to 99.02 CNY/share, but this new ceiling became temporarily ineffective on the announcement day as the stock closed at 101.85 CNY, highlighting a recurring issue for the company in keeping pace with market conditions [1][2]. Group 1: Share Repurchase Price Adjustment - The adjustment of the repurchase price ceiling was made due to the company's stock price consistently exceeding the previously set limit of 90 CNY/share, reflecting confidence in the company's future and value recognition [2]. - On April 11, the company's stock price rose by 2.86%, closing at 101.85 CNY, indicating that the newly announced repurchase price ceiling was already ineffective [2]. - The adjustment of the repurchase price ceiling of 99.02 CNY/share was only relevant for three trading days from April 7 to April 9, during which the stock price was below this new limit [2][3]. Group 2: Comparison with Other Companies - Other companies, such as Jincheng Machinery and Yinviting, have also adjusted their repurchase price ceilings, but their adjustments were significantly higher than that of Shengmei Shanghai, which was only 10.02% [3]. - For instance, Yuchip Technology, also in the semiconductor sector, raised its repurchase price ceiling from 30 CNY/share to 53 CNY/share, a substantial increase of 76.67% [3]. Group 3: Repurchase Plan Implementation Issues - Shengmei Shanghai has not initiated any repurchases since the announcement of its plan nearly nine months ago, primarily due to its stock price consistently exceeding the set repurchase price ceiling [4][5]. - The initial repurchase plan was announced on August 6, 2024, with a proposed repurchase amount of 50 million to 100 million CNY, but the stock price on that day was already above the proposed ceiling [4]. - Following a decline in stock price, the company missed opportunities to repurchase shares when prices fell below the ceiling, and the stock price has since risen again, limiting the chances for repurchase [5]. Group 4: Financial Position and Market Perception - Shengmei Shanghai has a strong financial position, with cash reserves of 2.635 billion CNY and a debt-to-asset ratio of 36.80%, indicating a solid ability to execute share repurchases [6]. - Despite consistent profit growth since its listing in 2021, the company has been criticized for its slow repurchase pace and cautious pricing strategy, leading to questions about its market outlook and intentions [6].