Group 1 - The article emphasizes that the advanced packaging equipment industry is entering a golden era driven by the AI wave and domestic substitution, with significant growth opportunities arising from the demand for advanced packaging technologies [1][8]. - The global advanced packaging market is projected to grow from $46 billion in 2024 to $79.4 billion by 2030, with a compound annual growth rate (CAGR) of 37% for 2.5D/3D packaging technologies from 2023 to 2029 [7][8]. - The Chinese semiconductor packaging equipment market is expected to reach a sales revenue of 28.27 billion yuan in 2024, reflecting an 18.93% year-on-year growth [12]. Group 2 - The article discusses the rapid development of domestic semiconductor packaging equipment manufacturers in China, such as North Huachuang and Shengmei Shanghai, amidst a competitive landscape dominated by international giants [8][9]. - The demand for advanced packaging technologies is driven by the need for high-density integration and improved chip performance, particularly in AI models, data centers, and high-end consumer electronics [7][8]. - The article highlights the evolution of bonding technologies, with a significant shift towards advanced techniques that enhance integration density and performance, such as hybrid bonding and laser debonding [13][16]. Group 3 - The article outlines the critical role of various semiconductor equipment types, including thinning machines, dicing machines, and die bonders, in the advanced packaging process, emphasizing the need for precision and efficiency [27][28]. - It notes that the laser cutting technology is gaining traction due to its advantages in energy efficiency and adaptability to complex packaging requirements, with the global wafer cutting equipment market expected to grow significantly [26]. - The article also mentions the importance of surface functionalization technologies in enhancing the performance of advanced packaging, particularly in applications like chip-on-wafer and fan-out packaging [35][39].

据了解，该系统采用ACM专利申请保护的水平电镀技术，并支持铜、镍、锡银及金等多材质电镀工 艺。其中，铜电镀腔体配备了专为高凸柱应用设计的高速电镀桨叶，能够实现超过300微米的凸柱高 度。Ultra ECP ap-p设备采用四边密封干式接触卡盘以提升可靠性，配备电镀腔内清洗功能以最大限度 减少不同电镀腔之间的化学交叉污染，并采用水平电镀设计——通过同步旋转卡盘与旋转矩形电场实现 卓越的膜厚均匀性。 今日，盛美上海宣布，已向领先的面板制造客户成功交付首台面板级先进封装电镀设备Ultra ECP ap- p。 据介绍，Ultra ECP ap-p是面向大面板市场的首台商用面板级铜电镀系统，支持凸柱、凸块和再分布层 （RDL）工艺中的电镀环节。该系统实现了可与传统圆形晶圆工艺相媲美的面板处理性能，使制造商能 够更加高效地满足严苛的器件要求。 盛美上海总经理王坚表示："成功交付Ultra ECP ap-p订单彰显了凭借差异化创新，我们有能力提供高性 能面板电镀解决方案，以帮助客户加速推进扇出型面板级封装技术蓝图，同时巩固我们在先进封装生态 体系里的重要地位。随着市场对新一代器件需求的增长，面板级封装提供了大规模生产所需 ...

证券代码：688082 证券简称：盛美上海 公告编号：2025-081 盛美半导体设备（上海）股份有限公司 关于选举第三届董事会职工代表董事的公告 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。 盛美半导体设备（上海）股份有限公司（以下简称"公司"）第二届董事会任期即将届满，根据《中华人 民共和国公司法》（以下简称《公司法》）《上海证券交易所科创板股票上市规则》《上海证券交易所 科创板上市公司自律监管指引第1号一一规范运作》等法律、法规、规范性文件和《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》）等相关规定，公司于2025年11月13日召开了职 工代表大会，会议经出席本次会议的全体职工代表投票表决，一致同意选举杨霞云女士为公司第三届董 事会职工代表董事（简历详见附件）。 根据《公司章程》的规定，杨霞云女士将与公司股东会选举产生的三名非独立董事和三名独立董事共同 组成公司第三届董事会，任期与第三届董事会任期一致。 上述职工代表董事符合《公司法》等法律、法规、规范性文件和《公司章程》等规定的任职条件。本次 ...

证券日报网讯 11月14日晚间，盛美上海发布公告称，公司于2025年11月13日召开了职工代表大会，会 议经出席本次会议的全体职工代表投票表决，一致同意选举杨霞云女士为公司第三届董事会职工代表董 事。 （文章来源：证券日报） ...

证券代码：688082 证券简称：盛美上海 公告编号：2025-081 盛美半导体设备（上海）股份有限公司 关于选举第三届董事会职工代表董事的公告 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。 盛美半导体设备（上海）股份有限公司（以下简称"公司"）第二届董事会 任期即将届满，根据《中华人民共和国公司法》（以下简称《公司法》）《上海 证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指 引第1号——规范运作》等法律、法规、规范性文件和《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》）等相关规定，公司于2025年11 月13日召开了职工代表大会，会议经出席本次会议的全体职工代表投票表决，一 致同意选举杨霞云女士为公司第三届董事会职工代表董事（简历详见附件）。 根据《公司章程》的规定，杨霞云女士将与公司股东会选举产生的三名非独 立董事和三名独立董事共同组成公司第三届董事会，任期与第三届董事会任期一 致。 特此公告。 盛美半导体设备（上海）股份有限公司 董事会 2025年11月15日 附件：杨 ...

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 年第四次临时股东会之法律意见书 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》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券 监督管理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股 东会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目 的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效 的法律、行政法规、规章和规范性文件和现行有效的公司章程有关规定，指派律 师出席了公司于 2025 年 11 月 14 日召开的 2025 年第四次临时股东会（以下简称 本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 本所依据上述法律、行政法规、规章及规范性文件和《公司章程》的有关规 定以及本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责， ...

证券代码：688082 证券简称：盛美上海 公告编号：2025-082 盛美半导体设备（上海）股份有限公司 2025年第四次临时股东会决议公告 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） 股东会召开的时间：2025 年 11 月 14 日 （二） 股东会召开的地点：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 | 78 | | --- | --- | | 普通股股东人数 | 78 | | 2、出席会议的股东所持有的表决权数量 | 361,811,390 | | 普通股股东所持有表决权数量 | 361,811,390 | | 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 | 75.4212 | | 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（%） | 75. ...

Summary of Shengmei Shanghai Conference Call Company Overview - **Company**: Shengmei Shanghai - **Industry**: Semiconductor Equipment Manufacturing Key Financial Metrics - **Revenue**: 2025 Q1-Q3 revenue reached 5.146 billion RMB, a 29% year-over-year increase [2][8] - **Net Profit**: Net profit attributable to shareholders was 1.2 billion RMB, up 67% year-over-year [2][8] - **Q3 Performance**: Q3 revenue was 1.881 billion RMB, a 19.61% increase year-over-year; net profit was 570 million RMB, up 81.04% [3][9] - **R&D Investment**: R&D expenses for Q1-Q3 totaled 868 million RMB, a 41.89% increase, representing about 15%-16% of revenue [3][10] Industry and Product Developments - **Cleaning Equipment**: Achieved industry-leading performance in high-temperature SPM equipment, capable of cleaning 19 nm particles, with plans to reduce to 13 nm [2][4] - **Electroplating Equipment**: Anticipates delivery of panel-level electroplating equipment in Q4 2025; revenue from electroplating furnace tubes and upstream equipment grew 74.53% to 1.223 billion RMB [2][4] - **New Platforms**: Progress in developing high-capacity KRF process front-end coating and developing PECVD equipment with innovative designs [5] Capital Raising and Future Outlook - **Fundraising**: Completed a directed share issue raising 4.482 billion RMB for Mini LED production line expansion and global capacity enhancement [6] - **Revenue Forecast**: Full-year revenue expected between 6.5 billion to 7.1 billion RMB, maintaining a long-term revenue target of 4 billion USD [2][7] Market Trends and Competitive Landscape - **Domestic Substitution**: Increased domestic substitution, particularly in DRAM and mature logic sectors, with positive overseas market prospects [3][17] - **Advanced Packaging Demand**: Anticipated growth in advanced packaging driven by increased chip production, with a focus on panel packaging [19] Financial Health - **Total Assets**: As of Q3 2025, total assets were 18.213 billion RMB, with cash and cash equivalents of 6.951 billion RMB [3][11] - **Order Backlog**: As of September 29, 2025, total order backlog was 9.072 billion RMB, a 34.1% year-over-year increase [3][15] Challenges and Strategic Responses - **Gross Margin Fluctuations**: Gross margin impacted by initial costs of new equipment; expected to stabilize between 40%-48% [16] - **Competition in High-End Market**: Focus on unique equipment advantages in cleaning, inspection, and PECVD to mitigate competitive pressures [24] Conclusion - **Long-Term Confidence**: Company maintains confidence in long-term growth prospects, supported by technological advancements and a strong order backlog [7][23]

Core Insights - The thin film deposition equipment is a critical device in micro-nano manufacturing and precision processing, widely used in strategic emerging industries such as semiconductors, photovoltaics, and display panels [1][2] - China has become the largest market for semiconductor equipment globally for five consecutive years, with sales expected to reach $49.55 billion in 2024, accounting for 42% of the global total [1][6] - The global thin film deposition equipment market is projected to reach $23.186 billion in 2024, representing 22% of the wafer manufacturing equipment market [1][6] - The Chinese market for thin film deposition equipment is expected to grow to approximately 77.31 billion yuan in 2024, a year-on-year increase of 38.75% [1][7] - The industry is expected to accelerate the research and application of advanced processes such as ALD, promote collaboration across the entire supply chain, and expand applications into photovoltaics and new displays [1][7] Industry Overview - Thin film deposition equipment is essential for depositing functional films on substrate materials through physical or chemical methods, impacting surface properties and widely applied in various fields [2][5] - The main types of thin film deposition technologies include Physical Vapor Deposition (PVD), Chemical Vapor Deposition (CVD), and Atomic Layer Deposition (ALD), each with distinct advantages [3][4] Market Dynamics - The global semiconductor equipment market is expected to reach $117.1 billion in 2024, with a 10% year-on-year growth, driven by the demand for advanced processes and packaging [5][6] - The Chinese semiconductor equipment market is projected to grow by 35% year-on-year, reaching $49.55 billion in 2024, solidifying its position as the largest market globally [5][6] Competitive Landscape - The competitive structure of the thin film deposition equipment industry in China is tiered, with international giants dominating high-end markets, while domestic leaders focus on replacing imports and niche markets [8][9] - Key domestic players include North Huachuang, Tuojing Technology, and Zhongwei Company, which are making significant strides in various segments of the market [8][9] Company Performance - Major companies in the thin film deposition equipment sector are experiencing strong revenue growth, with Tuojing Technology leading with over 54% growth, while North Huachuang maintains a stable profit margin of around 42% [9][10] - The overall domestic market still has a low localization rate of under 25%, but companies are progressively building a more robust domestic ecosystem [8][9] Future Trends - The industry is expected to focus on technological advancements, ecological improvements, and expanding application scenarios, particularly in semiconductor manufacturing and emerging high-end manufacturing fields [10][11][12] - The shift towards a comprehensive ecosystem involving equipment, materials, and components is anticipated, supported by government policies and market demands [11][12]

Core Insights - The stock of Semiconductor Manufacturing International Corporation (SMIC) in Shanghai experienced a decline of 2.96% on November 11, with a trading volume of 562 million yuan [1] - As of September 30, 2025, SMIC reported a revenue of 5.146 billion yuan, representing a year-on-year growth of 29.42%, and a net profit of 1.266 billion yuan, reflecting a 66.99% increase compared to the previous year [2] Financing and Margin Trading - On November 11, SMIC had a financing buy-in amount of 51.991 million yuan and a financing repayment of 64.986 million yuan, resulting in a net financing outflow of 12.995 million yuan [1] - The total margin trading balance for SMIC reached 647 million yuan, accounting for 0.87% of its market capitalization, which is above the 80th percentile of the past year [1] - In terms of securities lending, SMIC repaid 800 shares and sold 600 shares on November 11, with a total selling amount of 101,600 yuan [1] Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders for SMIC 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] - The top ten circulating shareholders of SMIC saw significant reductions in holdings, with Hong Kong Central Clearing Limited holding 5.0576 million shares, down by 978,700 shares [3] - New institutional investors included E Fund CSI 300 ETF, which entered the top ten shareholders with 1.0857 million shares [3]