证券简称：晶晨股份 证券代码：688099 上海荣正企业咨询服务（集团）股份有限公司 关于 晶晨半导体（上海）股份有限公司 2025 年限制性股票激励计划（草案） 之 独立财务顾问报告 2025 年 4 月 | 一、释义 3 | | | --- | --- | | 二、声明 4 | | | 三、基本假设 5 | | | 四、本次限制性股票激励计划的主要内容 6 | | | （一）激励对象的范围及分配情况 | 6 | | （二）激励方式、来源及数量 | 7 | | （三）限制性股票的有效期、授予日、归属安排 | 7 | | （四）限制性股票授予价格和授予价格的确定方法 | 8 | | （五）激励计划的授予与归属条件 | 9 | | （六）激励计划其他内容 | 12 | | 五、独立财务顾问意见 13 | | | （一）对晶晨股份 2025 年限制性股票激励计划是否符合政策法规规定的核 | | | 查意见 | 13 | | （二）对公司实行股权激励计划可行性的核查意见 | 14 | | （三）对激励对象范围和资格的核查意见 | 14 | | （四）对股权激励计划权益授出额度的核查意见 | 14 | | （五）对上 ...

晶晨半导体（上海）股份有限公司 2025 年限制性股票激励计划实施考核管理办法 晶晨半导体（上海）股份有限公司（以下简称"公司"）为进一步完善公司法 人治理结构，健全公司的长效激励约束机制，吸引留住优秀人才，充分调动公司 员工及核心团队的积极性，有效将股东利益、公司利益和员工利益三者紧密结合， 共同促进公司的长远发展，确保公司发展战略和经营目标的实现，公司拟实施 2025 年限制性股票激励计划（以下简称"本激励计划"）。 为保证本激励计划的顺利实施，现根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司股权激励管理办法》（2025 年修正）《上海证券交易 所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号——股权激励信 息披露》等有关法律、法规和规范性文件以及《晶晨半导体（上海）股份有限公 司章程》相关规定，并结合公司的实际情况，特制定《晶晨半导体（上海）股份 有限公司 2025 年限制性股票激励计划实施考核管理办法》（以下简称"本办法"）。 一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证本激励 计划的顺利实施，进而确保公司发展战略和经营目标的实现。 二、考核 ...

Financial Performance - In Q1 2025, the company achieved revenue of CNY 1.53 billion, a year-on-year increase of 10.98%[3] - The net profit attributable to shareholders reached CNY 188.16 million, representing a year-on-year growth of 47.53%[3] - The gross margin for Q1 2025 was 36.23%, an increase of 2.01 percentage points compared to the previous year[6] - The diluted earnings per share for Q1 2025 was CNY 0.45, a 50% increase from CNY 0.30 in the same period last year[4] - Total revenue for Q1 2025 reached ¥1,529,708,116.46, an increase of 11.0% compared to ¥1,378,372,649.52 in Q1 2024[20] - Net profit for Q1 2025 was ¥188,164,483.33, representing a 47.5% increase from ¥127,551,536.65 in Q1 2024[21] - Basic and diluted earnings per share for Q1 2025 were both ¥0.45, compared to ¥0.30 in Q1 2024, indicating a 50.0% increase[22] Research and Development - R&D expenses totaled CNY 358.74 million, an increase of 9.22% compared to the same period last year, accounting for 23.45% of revenue[4] - Research and development expenses for Q1 2025 were ¥358,744,008.06, compared to ¥328,471,312.14 in Q1 2024, indicating a year-over-year increase of 9.2%[21] - The company has completed a new round of product optimization for Wi-Fi 6 chips, with shipments increasing by over 35% year-on-year[6] Cash Flow and Assets - The net cash flow from operating activities was CNY 270.28 million, a decrease of 9.15% compared to the previous year[3] - The company reported a net cash flow from operating activities of ¥1,498,309,164.80, which is a positive indicator for liquidity and operational efficiency[24] - The total assets at the end of Q1 2025 were CNY 7.77 billion, up 5.50% from the end of the previous year[4] - Total cash and cash equivalents at the end of the period amounted to $1,373,007,591.10, compared to $1,250,183,035.94 at the end of the previous period, reflecting an increase of 9.8%[26] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,167[11] - Amlogic (Hong Kong) Limited holds 92,541,087 shares, representing 22.04% of total shares[11] - TCL Ace Electric (Huizhou) Limited holds 20,555,950 shares, representing 4.90% of total shares[11] Future Outlook - The company expects further growth in Q2 2025, maintaining the judgment of year-on-year growth for the entire year[7] Inventory and Current Assets - Total current assets amount to approximately ¥6.16 billion, an increase from ¥5.83 billion in the previous period[16] - Cash and cash equivalents are reported at ¥3.32 billion, up from ¥2.96 billion[16] - Accounts receivable increased to ¥252.56 million from ¥176.68 million[16] - Inventory decreased slightly to ¥1.39 billion from ¥1.41 billion[16] - Non-current assets total approximately ¥1.48 billion, with fixed assets valued at ¥333.53 million[16] Operating Costs - Operating costs for Q1 2025 were ¥1,378,681,272.01, up from ¥1,259,913,219.90 in Q1 2024, reflecting a year-over-year increase of 9.4%[20]

Group 1 - The company reported a revenue of 1.53 billion yuan for the first quarter of 2025, representing a year-on-year growth of 10.98% [1] - The net profit for the same period was 188 million yuan, showing a significant year-on-year increase of 47.53% [1]

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,267.66, up by 0.15%, while the Shenzhen Component Index fell by 0.27% to 9,858.10 [2] Non-Bank Financial Sector - The first quarter earnings for several brokerage firms are expected to increase significantly, with some reporting a year-on-year profit growth of up to 400%. Eight firms reported over 50% growth [6] - Multiple brokerages announced share buybacks to stabilize stock prices amid market volatility, reflecting management confidence in future growth [6] Electronics Industry - The overall market saw declines, with the Shanghai Composite Index down 3.11% and the Shenzhen Component Index down 5.13% during the week of April 7-11, 2025. The semiconductor sector showed mixed results, with the Philadelphia Semiconductor Index rising by 10.93% [5] - The recent U.S. tariff exemptions on certain products are expected to benefit sectors previously impacted by tariffs, although future policy changes remain uncertain [8] Chemical Raw Materials - The discovery of high-purity quartz mines in China is expected to reduce reliance on imports, as the country has historically depended on foreign sources for high-purity quartz [11] - Various vitamins have been included in the tariff exemption list, indicating limited impact on exports despite increased tariffs on other products [11] Company Insights - For Crystal Morning Co., the 2024 annual report indicated a revenue of 62.78 billion yuan, a year-on-year increase of 23.67%, and a net profit of 10.30 billion yuan, up 71.57% [15] - The company is actively expanding its market presence and product lines, with significant growth in AI edge products and a strong focus on R&D [16] Investment Recommendations - The report suggests focusing on domestic high-purity quartz production and the vitamin industry, particularly companies like New and Cheng, as they are expected to benefit from tariff exemptions and reduced import reliance [11][21] - For Crystal Morning Co., projected net profits for 2025-2027 are 12.86 billion, 14.79 billion, and 17.11 billion yuan, with a corresponding PE ratio indicating a "buy" rating [17]

集成电路 晶晨股份（688099.SH） 买入-A(维持) 多产品线全面开花，AI 端侧产品陆续落地 2025 年 4 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司公布 2024 年年报。2024 年公司实现营收 59.26 亿元，同比+10.34%； 归母净利润 8.22 亿元，同比+65.03%；扣非后归母净利润 7.46 亿元，同比 +93.97%。 事件点评 市场数据：2025 年 4 月 14 日 收盘价（元）： 68.75 年内最高/最低（元）： 92.45/48.21 流通A股/总股本（亿）： 4.20/4.20 积极开拓市场，多产品线全面开花。公司 2024 年收入 59.26 亿元，同比 增长 10.34%，全年芯片销量超 1.4 亿颗，其中 W 系列接近 1400 万颗，产品 上市以来累计销量接近 3000 万颗。S 系列芯片在国内运营商招标中均取得最 大份额，竞争优势明显；T 系列销量同比超 30%，持续开拓全球市场；A 系 列导入国内外核心终端厂商，扩大 AI 端侧应用领域。 流通 A 股市值（亿）： 288.71 总市值（亿）： 288.71 基础数据：202 ...

集成电路 晶晨股份（688099.SH） 买入-A(维持) 多产品线全面开花，AI 端侧产品陆续落地 2025 年 4 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司公布 2024 年年报。2024 年公司实现营收 59.26 亿元，同比+10.34%； 归母净利润 8.22 亿元，同比+65.03%；扣非后归母净利润 7.46 亿元，同比 +93.97%。 事件点评 积极开拓市场，多产品线全面开花。公司 2024 年收入 59.26 亿元，同比 增长 10.34%，全年芯片销量超 1.4 亿颗，其中 W 系列接近 1400 万颗，产品 上市以来累计销量接近 3000 万颗。S 系列芯片在国内运营商招标中均取得最 大份额，竞争优势明显；T 系列销量同比超 30%，持续开拓全球市场；A 系 列导入国内外核心终端厂商，扩大 AI 端侧应用领域。 基础数据：2024 年 12 月 31 日 重视研发持续创新，AI 端侧产品陆续落地。公司 2024 年研发投入 13.53 亿元，多产品线保持行业领先地位，6nm 芯片 S905X5 系列端侧算力能力强 大，可实现本地同声翻译、同声字幕等功能，产品 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved a revenue of 5.926 billion yuan, representing a year-on-year increase of 10.34%. The net profit attributable to shareholders was 822 million yuan, up 65.03% year-on-year, while the net profit excluding non-recurring items reached 746 million yuan, reflecting a 93.97% increase year-on-year [2][6][12]. - The fourth quarter of 2024 saw a revenue of 1.286 billion yuan, which was a decrease of 15.00% year-on-year and a 20.79% decline quarter-on-quarter. The net profit attributable to shareholders for Q4 was 228 million yuan, up 23.79% year-on-year but down 1.52% quarter-on-quarter [2][12]. - The company emphasizes research and development, with R&D expenses amounting to 1.353 billion yuan in 2024, a 5.46% increase year-on-year, representing 22.83% of total revenue [12]. Summary by Sections Financial Performance - The company reported a total revenue of 5.926 billion yuan for 2024, with a gross profit of 2.166 billion yuan, yielding a gross margin of 37% [16]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 1.129 billion yuan, 1.460 billion yuan, and 1.779 billion yuan respectively [16]. Product Development - The company has successfully launched new products, including 6nm chips, which are expected to achieve sales of over 10 million units in 2025. The 8K chips have captured all domestic market shares and received orders from top international operators [12]. - The Wi-Fi 6 2*2 chips sold over 1.5 million units in 2024, with expectations for accelerated growth in 2025 [12]. Market Expansion - The S series products continue to gain market share in domestic operator tenders, while the T series chips have seen over 30% year-on-year sales growth, with further international market expansion anticipated [12]. - The company is diversifying its product lines and expanding into automotive and AIoT sectors, which are expected to drive long-term growth [12].

近期晶晨股份(688099)发布2024年年报，证券之星财报模型分析如下： 晶晨股份(688099)发布的2024年年报显示，公司在报告期内实现了显著的盈利增长。营业总收入达到 59.26亿元，同比上升10.34%；归母净利润为8.22亿元，同比上升65.03%；扣非净利润为7.46亿元，同比 上升93.97%。尤其值得注意的是，第四季度尽管营业总收入同比下降15.0%，但归母净利润仍同比上升 23.79%，扣非净利润更是同比上升63.11%。 公司在2024年的财务健康状况表现良好。货币资金为29.59亿元，同比增加了18.01%；应收账款为1.77 亿元，同比减少了18.97%；有息负债为3406.83万元，同比减少了50.49%。此外，三费占营收比为 0.88%，同比减少了52.15%，显示出公司在费用控制方面的显著进步。 研发投入持续加大 公司在2024年的研发投入为13.53亿元，连续三年研发费用超过10亿元。新产品如6nm芯片S905X5和8K 芯片S928X取得了良好的市场表现，预计2025年销量将大幅提升。Wi-Fi62芯片销量超过150万颗，Wi- FiAP芯片顺利完成流片，将进一步扩展W系 ...

Group 1 - The core revenue composition of Amlogic Co., Ltd. for the year 2024 is 100.0% from integrated circuits [1] Group 2 - Amlogic Co., Ltd. announced a share repurchase plan to be reviewed at the 15th meeting of the 3rd Board of Directors on April 10, 2025 [3] - The top ten unrestricted shareholders before April 10, 2025, include Amlogic Limited with approximately 92.54 million shares, accounting for 22.04% [3] - The total shares held by the top ten circulating shareholders amount to approximately 214 million shares, representing 51.05% of the total [3]