Group 1: Core Insights - The semiconductor industry is transitioning into the "post-Moore era," leading to a shift in technological innovation towards advanced packaging technologies, which are crucial for the development of AI, HPC, and 5G [1][7] - The demand for advanced packaging technologies, such as CoWoS, is surging due to the rapid penetration of domestic AI chips in large model training and terminal applications [1][5] Group 2: Advanced Packaging Technology Overview - Advanced packaging technology plays a critical role in semiconductor manufacturing, providing electrical interconnection, mechanical support, and thermal management [2] - The evolution of packaging technology has seen significant changes from through-hole mounting to surface mount technology, and now to advanced packaging techniques like BGA, CSP, and 2.5D/3D packaging [3][4] Group 3: Market Demand and Applications - Advanced packaging is increasingly applied in high-end fields such as AI, HPC, and 5G, with its market share in the overall packaging and testing market continuously rising [5] - The need for advanced packaging is particularly high in AI chips due to the demands for high performance and efficiency, driven by large model training and inference [6] Group 4: Domestic Equipment Development - The domestic semiconductor industry is making significant strides in the development of advanced packaging equipment, driven by the increasing adoption of technologies like CoWoS [8] - Companies like Huazhuo Precision and Pulaixin Intelligent are leading the way in developing high-end equipment for HBM chip manufacturing and CoWoS technology, respectively [9][11] Group 5: Future Prospects - The advanced packaging market is expected to experience explosive growth as the challenges in advanced process technology increase [7] - The advancements in domestic equipment and technology are likely to enhance the competitiveness of the domestic semiconductor industry in the global market [8][10]

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].

Core Viewpoint - The semiconductor wet process equipment ultra-pure tank is a critical component for holding wafers, chemical cleaning solutions, and deionized water, with increasing costs and market growth projected for 2024 [1][4][6]. Industry Definition and Characteristics - The ultra-pure tank is essential for ensuring the cleanliness of wafers during wet processing, characterized by ultra-high purity, corrosion resistance, temperature control, and sealing properties [2][4]. Current Industry Development Status - The cost of ultra-pure tanks in China's semiconductor cleaning equipment is expected to reach 210,000 yuan in 2024, an increase of 35,000 yuan from 2023 [4][6]. The market size for ultra-pure tanks is projected to be approximately 303 million yuan in 2024, growing by 22 million yuan from 2023 [6]. Industry Value Chain - The upstream of the ultra-pure tank industry includes raw materials like FTFE, PFA, and PVDF, as well as processing equipment such as injection molding machines and extrusion machines [8]. The midstream involves the manufacturing of ultra-pure tanks, while the downstream applications are primarily in semiconductor cleaning equipment [8]. Market Size and Growth - The PVDF market is projected to reach approximately 35 billion yuan in 2024, reflecting a growing trend in the semiconductor industry [10]. The semiconductor cleaning equipment market in China is expected to grow to 15.882 billion yuan in 2024, an increase of 3.071 billion yuan from 2023, with a forecast of reaching 19.5 billion yuan by 2025 [12]. Competitive Landscape - The ultra-pure tank market is dominated by a few key players, with Japanese firm DNS leading the market. Domestic companies such as Wokai Fluor, Water Huaben, and Nijiass are also significant contributors [15]. The industry is moving towards higher purity, intelligent monitoring, and longer lifespan products, with increased R&D efforts from domestic firms like Zhichun Technology and Beifang Huachuang [15].

Core Viewpoint - The semiconductor wet processing equipment market is experiencing robust growth, driven by the rapid development of the global semiconductor industry, with significant increases in market size projected for both global and Chinese markets in the coming years [1][6][27]. Group 1: Market Size and Growth - The global semiconductor cleaning equipment market is expected to reach approximately 79.407 billion yuan in 2024, an increase of 8.235 billion yuan from 2023 [4]. - The Chinese semiconductor cleaning equipment market is projected to grow to 15.882 billion yuan in 2024, up by 3.071 billion yuan from 2023 [6]. - By 2025, the global semiconductor cleaning equipment market is anticipated to reach 88 billion yuan, while the Chinese market is expected to grow to 19.5 billion yuan [1][6]. Group 2: Industry Definition and Classification - Semiconductor wet processing equipment is essential for various processes in chip manufacturing, including cleaning, etching, and stripping, utilizing chemical solutions to achieve specific objectives [2]. - The main categories of semiconductor wet processing equipment include wet cleaning, wet etching, and stripping equipment, with single-wafer and batch cleaning systems being the most prevalent [2]. Group 3: Industry Chain Structure - The upstream of the semiconductor wet processing equipment industry includes high-purity chemicals, ultra-pure water systems, and precision mechanical components, with significant technological barriers dominated by companies from Europe, the United States, and Japan [8]. - The midstream involves the manufacturing of semiconductor wet processing equipment, while the downstream applications are in semiconductor manufacturing, serving sectors like consumer electronics, automotive electronics, and AI/data centers [8]. Group 4: Competitive Landscape - The global semiconductor wet processing equipment market is highly concentrated, with major players like SCREEN, Tokyo Electron, Lam Research, and SEMES holding over 90% of the market share [17]. - Domestic companies such as Zhichun Technology, North Huachuang, Shengmei Shanghai, and Chip Source are rapidly developing, with some achieving mass production and entering the supply chains of leading domestic wafer manufacturers [17][20]. Group 5: Company Performance - Shengmei Shanghai is projected to achieve a revenue of 5.618 billion yuan in 2024, a year-on-year increase of 44.48%, with net profit reaching 1.153 billion yuan, up 26.65% [23]. - Zhichun Technology has become a leader in high-purity process systems and wet processing equipment in China, reporting a total revenue of 2.639 billion yuan in the first three quarters of 2024, a year-on-year increase of 20.04% [25]. Group 6: Future Trends - The expansion of domestic wafer production capacity and technological advancements are expected to enhance the role of Chinese semiconductor wet processing equipment companies in the global supply chain [27]. - Continuous innovation and accelerated domestic substitution are anticipated to lead to higher cleanliness and integration in equipment, with an expanding share in international markets [27].

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 | | ...

以下文章来源于橙子不糊涂 ，作者橙子 80后，集成电路背景，专注于AI硬科技、半导体领域的研究和投资。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 25年Q1财报全部披露完，科技领域的财报值得重点关注，有一大批非常炸裂的，今天具体讨论3个 话题： 1，哪些领域 创了历史最佳； 2，哪些领域 接近，或者说"实际上最佳"； 3，未来哪些领域会 持续加速增长。 首先， 历史最佳财报 主要集中在3个领域： （1）AI芯片：国产AI推理芯片需求爆发 橙子不糊涂 . 主要代表是 寒武纪和海光信息 。Q1营收11.11亿元，同比增长42倍，净利润3.55亿元，最炸裂的是存货 和预付款，预示着Q2将环比几倍的增长。 海光信息， DCU3深算3号作为少数几款国产全精度卡，在一些顶尖应用比如 AI for science 上非常 出色。 （2）端侧 SoC芯片 ：受益于AI端侧设备的井喷 AIoT、自动驾驶、机器人，以及AI玩具、AI智能终端等新兴场景带动端侧算力芯片需求，国内一些巨 头已经有了质的突破，比如 瑞芯微 强悍的3588已经大量上车，明显的4nm的3688 性能会更加猛烈。 端侧SoC整个板块各个公司Q ...

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 ...