证券代码：688082 证券简称：盛美上海 公告编号：2025-080 盛美半导体设备（上海）股份有限公司 关于 2023 年限制性股票激励计划预留授予部分第一个 归属期第一批次归属结果暨股票上市公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 272,275股。 本次股票上市流通总数为272,275股。 （www.sse.com.cn）披露的相关公告。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司有关业务规则的规定，盛美半导体设备（上海）股份有限公司 （以下简称"公司"）于2025年11月7日收到中国证券登记结算有限责任公司上海 分公司出具的《证券变更登记证明》，公司已完成2023年限制性股票激励计划（以 下简称"本激励计划"）预留授予部分第一个归属期第一批次的股份登记工作。 现将有关情况公告如下： 一、本次限制性股票归属的决策程序及相关信息披露 （一）2023年4月26日，公司召开第二届董事会第四 ...

Core Viewpoint - The company announced that the first batch of restricted stock from its 2023 incentive plan will be listed for trading on November 14, involving 272,275 shares allocated to 174 individuals, which will slightly increase the total share count without affecting control [1] Summary by Sections Stock Incentive Plan - The first vesting period of the restricted stock incentive plan will result in 272,275 shares being listed for trading [1] - The shares are allocated to 174 individuals and are sourced from the company's directed issuance of A-share common stock [1] Impact on Share Capital - Following the vesting, the total share capital will increase from 479,892,514 shares to 480,164,789 shares [1] - This increase in share capital will not impact the company's control [1] Financial Implications - The vesting will not have a significant impact on the company's recent financial condition and operating results [1] - However, the basic earnings per share will be diluted as a result of this stock allocation [1]

Core Viewpoint - The electronic sector has become a primary focus for both public and private equity institutions participating in A-share companies' private placements, reflecting optimism about the long-term prospects of China's technology industry, especially with the acceleration of AI integration across various sectors [1][4]. Group 1: Private Placement Participation - As of November 6, 2023, private equity institutions have participated in 53 A-share companies' private placements, with a total allocation exceeding 5 billion yuan, marking a year-on-year increase of 23.17% from 4.49 billion yuan [1][2]. - The overall floating profit from these private placements reached 2.61 billion yuan, with a floating profit ratio of 47.3% [1]. Group 2: Public Placement Participation - A total of 37 public equity institutions have engaged in 74 A-share companies' private placements, with total allocations amounting to approximately 30.29 billion yuan, and a floating profit of 12.25 billion yuan, resulting in a floating profit ratio of 40.45% [2][3]. Group 3: Electronic Sector Focus - The electronic industry has emerged as the most contested area for private placements, with private equity institutions participating in 10 electronic companies, totaling 2.03 billion yuan, which accounts for 36.78% of the total private placement amount [3]. - Public equity institutions have also shown strong interest in the electronic sector, participating in 13 electronic companies' private placements with a total allocation of 8.99 billion yuan and a floating profit ratio of 42.81% [3]. Group 4: Market Outlook - Analysts suggest that the electronic sector's appeal is driven by its long-term growth potential and the global competitive advantages of related industries, particularly in AI computing power and chip manufacturing [4][5]. - The next 3 to 5 years may witness a dual-driven growth pattern in technology investments, characterized by accelerated hardware iterations and explosive software ecosystem development [5].

2025 年 11 月 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 年第四次临时股东会会议资料 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会议须知 为维护全体股东的合法权利，确保股东会的正常秩序和议事效率，保证会议 的顺利进行，根据《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》《上市公司股东会规则》以及《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》）《盛美半导体设备（上海）股份有限公司 股东会议事规则》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 年第四次临时股东会会议须知： 一、为确认出席会议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、为保证本次会议的严肃性和正常秩序，切实维护股东的合法权益，请出 席会议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 ...

Core Insights - In the past 10 days (from October 22 to November 4), 747 companies were investigated by institutions, with securities companies conducting the most research at 710 firms, followed by fund companies at 635 firms [1] - Overseas institutions conducted research on 293 listed companies, with 11 companies receiving more than 15 investigations each [1] - Among the companies investigated by overseas institutions, Luxshare Precision had the largest net profit, followed by China General Nuclear Power, SF Holding, China National Nuclear Power, and Mindray Medical [1] - Eleven companies, including Boteng Co., Ltd., Chutian Technology, and SIRUI, reported a turnaround in performance [1] - Sixteen companies, such as Chuangjiang New Material and Sanyou Medical, saw their net profit increase by over 100% year-on-year [1] Company Performance - Chuangjiang New Material reported a net profit of 3.55 billion yuan, with a year-on-year increase of 2089.49% [3] - Sanyou Medical had a net profit of 0.62 billion yuan, reflecting a year-on-year increase of 623.19% [3] - Keli Yuan achieved a net profit of 1.32 billion yuan, with a year-on-year increase of 539.97% [3] - Diya Co., Ltd. reported a net profit of 1.03 billion yuan, with a year-on-year increase of 407.97% [3] - Duofluoride reported a net profit of 0.78 billion yuan, with a year-on-year increase of 407.74% [3] - Shenghong Technology had a net profit of 32.45 billion yuan, with a year-on-year increase of 324.38% [3] - New Yiqi reported a net profit of 63.27 million yuan, with a year-on-year increase of 284.38% [3] - Weicai Technology achieved a net profit of 2.02 billion yuan, with a year-on-year increase of 226.41% [3] - Chengdu Xian Dao reported a net profit of 0.93 billion yuan, with a year-on-year increase of 208.34% [3] - Narui Radar had a net profit of 0.73 billion yuan, with a year-on-year increase of 181.28% [3] - Runfeng Co., Ltd. reported a net profit of 8.90 million yuan, with a year-on-year increase of 160.49% [3] - Shanghai Jahwa reported a net profit of 4.05 billion yuan, with a year-on-year increase of 149.12% [3] - Dazhu CNC reported a net profit of 4.92 billion yuan, with a year-on-year increase of 142.19% [3] - Jizhi Co., Ltd. had a net profit of 0.32 billion yuan, with a year-on-year increase of 133.25% [3] - Tailin Micro reported a net profit of 1.40 billion yuan, with a year-on-year increase of 117.35% [3] - Yiyuan Communication had a net profit of 7.33 million yuan, with a year-on-year increase of 105.65% [3]

Company Overview - Shengmei Shanghai's stock price increased by 2.13% on November 4, reaching 178.28 CNY per share, with a trading volume of 114 million CNY and a market capitalization of 85.555 billion CNY [1] - The company specializes in the research, production, and sales of semiconductor equipment, with 99.72% of its revenue coming from product sales and 0.28% from services [1] Financial Performance - For the period from January to September 2025, Shengmei Shanghai reported a revenue of 5.146 billion CNY, representing a year-on-year growth of 29.42%, and a net profit attributable to shareholders of 1.266 billion CNY, which is a 66.99% increase year-on-year [2] - The company has distributed a total of 723 million CNY in dividends since its A-share listing [3] Shareholder Structure - As of September 30, 2025, the number of shareholders increased to 21,700, up by 85.89%, while the average number of circulating shares per person decreased by 46.20% to 20,098 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 5.0576 million shares, and several ETFs, with notable reductions in holdings among the top ten circulating shareholders [3]

Core Viewpoint - The Shanghai Composite Index is approaching the 4000-point mark, driven by the "hard technology" sector, particularly the global AI industry and the deepening domestic semiconductor industry in China, indicating a resonance between the capital market and the real economy [1] Company Performance - Semiconductor equipment company Shengmei Shanghai (688082.SH) has seen its stock price increase by 95.87% year-to-date as of October 30, reflecting strong growth momentum [1] - Shengmei Shanghai reported a net profit of 570 million yuan for Q3 2025, marking an 81.04% year-on-year increase, achieving a historical high for the same quarter [1][3] - The company’s revenue for the first three quarters of 2025 reached 5.146 billion yuan, a 29.42% increase year-on-year, with net profit growing by 66.99% to 1.266 billion yuan [3][4] Growth Drivers - Shengmei Shanghai's revenue has surged from 254 million yuan in 2017 to 5.618 billion yuan in 2024, representing over a 22-fold increase in seven years [3] - The company has a robust order backlog of 9.072 billion yuan as of September 29, 2025, a 34.1% increase from the previous year, indicating strong future growth potential [6] Strategic Initiatives - The company is focusing on three core strategies: technological differentiation, product platformization, and global customer outreach, which are expected to drive its next phase of rapid growth [2] - Shengmei Shanghai has made significant investments in R&D, with expenditures reaching 324 million yuan in the latest reporting period, accounting for 17.22% of revenue, up over 3 percentage points year-on-year [4] Market Position - Shengmei Shanghai has established itself as a leader in the semiconductor cleaning equipment sector, holding an 8% global market share, ranking fourth worldwide [9] - The company is expanding its product matrix to include various semiconductor manufacturing equipment, positioning itself as a comprehensive solution provider in the global semiconductor market [9][10] Future Outlook - The global semiconductor equipment market is projected to grow, with sales expected to increase by 7.4% to $125.5 billion in 2025, and further growth anticipated in subsequent years [8] - Shengmei Shanghai's strategic positioning and product diversification are expected to enable it to capture a significant share of the Chinese market, potentially achieving 50%-60% market share in key segments [10]

Core Insights - The company reported a robust growth in performance, with a year-on-year revenue increase of 29.4% for Q1-Q3 2025, reaching 5.15 billion yuan, driven by strong demand in the Chinese semiconductor equipment market and successful expansion into new customers and markets [1] - The net profit attributable to shareholders for the same period rose by 67.0% to 1.27 billion yuan, while the non-recurring net profit increased by 49.5% to 1.11 billion yuan [1] - The company maintained high R&D investment, with R&D expenses amounting to 870 million yuan, a year-on-year increase of 41.9% [2] Financial Performance - For Q3 2025, the company achieved a revenue of 1.88 billion yuan, reflecting a year-on-year growth of 19.6% and a quarter-on-quarter increase of 4.0% [1] - The net profit for Q3 was 570 million yuan, up 81.0% year-on-year and 26.9% quarter-on-quarter, while the non-recurring net profit was 430 million yuan, a year-on-year increase of 41.4% [1] - The gross margin for Q1-Q3 2025 was 49.5%, an increase of 1.1 percentage points year-on-year, and the net profit margin was 24.6%, up 5.5 percentage points year-on-year [2] Strategic Developments - The company is focusing on a platform-based approach in cleaning, electroplating, and coating development equipment, which is expected to benefit from the new cleaning and electroplating demands in HBM [3] - The company has achieved over 30% market share in domestic single wafer cleaning equipment, with its cleaning technologies reaching international leading levels [3] - The company has delivered over 1,500 electroplating chambers, with its 3D stacking electroplating equipment capable of handling high aspect ratio copper plating for advanced semiconductor structures [3] Profit Forecast and Investment Rating - The company has adjusted its net profit forecasts for 2025-2027 to 1.82 billion, 2.24 billion, and 2.55 billion yuan, respectively, reflecting an increase from previous estimates [4] - The current stock price corresponds to dynamic P/E ratios of 46, 37, and 33 times for the years 2025, 2026, and 2027, respectively, maintaining an "overweight" rating [4]

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The company continues to experience high growth in its performance, with a year-on-year revenue increase of 29.4% in Q1-Q3 2025, reaching 5.15 billion yuan, driven by strong demand in the semiconductor equipment sector [8][9] - The company's net profit for Q1-Q3 2025 increased by 67% year-on-year, amounting to 1.27 billion yuan, indicating robust operational performance [8][9] - The company is focusing on a platform-based strategy, successfully expanding its product offerings in cleaning, electroplating, coating, and etching equipment, which positions it well to benefit from the growing demand in the HBM sector [3][9] Financial Performance Summary - For 2023, the total revenue is projected at 3.888 billion yuan, with a year-on-year growth of 35.34% [1] - The net profit attributable to shareholders is expected to be 910.52 million yuan in 2023, reflecting a year-on-year increase of 36.21% [1] - The company maintains a high gross margin of 49.5% for Q1-Q3 2025, with a net profit margin of 24.6%, showing improved profitability [8][9] - The R&D investment for the company reached 870 million yuan in Q1-Q3 2025, a year-on-year increase of 41.9%, highlighting its commitment to innovation [8][9] Earnings Forecast - The forecast for net profit attributable to shareholders is adjusted to 1.82 billion yuan for 2025, 2.24 billion yuan for 2026, and 2.55 billion yuan for 2027, reflecting strong growth expectations [9] - The projected P/E ratios for the current stock price are 46 for 2025, 37 for 2026, and 33 for 2027, indicating a favorable valuation outlook [9]

Core Viewpoint - The digital economy theme index has shown fluctuations, with specific stocks performing variably, while the government supports mergers and acquisitions in strategic emerging industries [1][2]. Group 1: Digital Economy Index Performance - As of October 31, 2025, the CSI Digital Economy Theme Index (931582) decreased by 1.44% [1]. - Leading stocks included Deepin Technology (300454) with a rise of 6.51%, while Lattice Technology (688008) led the decline with a drop of 7.24% [1][4]. - The digital economy ETF (560800) experienced a turnover of 1.41% during the trading session, with a total transaction value of 9.5176 million yuan [1]. Group 2: Market Trends and Government Support - The Beijing municipal government has issued opinions to support mergers and acquisitions aimed at promoting high-quality development of listed companies, focusing on strategic emerging industries [1]. - Key sectors for development include artificial intelligence, healthcare, integrated circuits, smart connected vehicles, cultural industries, and renewable energy [1]. Group 3: ETF and Index Composition - The digital economy ETF closely tracks the CSI Digital Economy Theme Index, which includes companies with high digitalization levels [2]. - As of September 30, 2025, the top ten weighted stocks in the index accounted for 54.31% of the total index weight, with Dongfang Fortune (300059) being the highest at 8.64% [2].