Core Viewpoint - Huahai Qingke (688120.SH) announced a share buyback program, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Summary by Categories Share Buyback Details - The company repurchased a total of 71,181 shares, which represents 0.0201% of its total share capital [1] - The highest price paid for the shares was 142.89 RMB per share, while the lowest price was 137.30 RMB per share [1] - The total amount spent on the buyback was 9.9014 million RMB, excluding transaction commissions and other fees [1]

证券代码：688120 证券简称：华海清科 公告编号：2025-071 华海清科股份有限公司 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、准确性和完整性承担法律责任。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司应在每个月的前 3 个交易日内公告截至上月 末的回购进展情况。现将公司回购股份进展的具体情况公告如下： 截至 2025 年 10 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式回购公司股份 71,181 股，占公司总股本 353,405,110 股的比例为 0.0201%， 回购成交的最高价为 142.89 元/股，最低价为 137.30 元/股，支付的资金总额为 人民币 9,901,371.38 元（不含交易佣金等费用）。 本次回购符合相关法律法规的规定和公司回购股份方案的要求。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相 ...

Core Points - The company announced a share repurchase plan approved by the board and shareholders, aiming to buy back shares worth between 50 million to 100 million yuan using its own and excess funds [1] - The repurchase price is set not to exceed 173 yuan per share, with a duration of up to 12 months starting from September 16 [1] - As of October 31, the company has repurchased 71,181 shares, accounting for 0.0201% of the total share capital, with a total expenditure of 9.9014 million yuan at prices ranging from 137.30 yuan to 142.89 yuan per share [1]

Core Viewpoint - The 2025 High-Quality Development Forum for Listed Companies and the 27th Golden Bull Award Ceremony recognized Huahai Qingke for its continuous innovation and contributions in the high-end semiconductor equipment sector, highlighting the market's acknowledgment of the company's practices in new productivity and high-quality development [1][2]. Group 1: Company Achievements - Huahai Qingke won the "2024 New Quality Enterprise Golden Bull Award," marking its second consecutive year receiving this recognition, which reflects its excellence in technological innovation and sustainable development [1]. - The Golden Bull Award, established in 1999, aims to create a credible platform for listed companies in China's capital market, emphasizing rigorous and transparent evaluation processes [1]. Group 2: Business Strategy and Future Plans - As a high-end semiconductor equipment company listed on the Sci-Tech Innovation Board, Huahai Qingke has developed a platform-based strategy that integrates "equipment + services," covering key products such as Chemical Mechanical Polishing (CMP), ion implantation, thinning, cutting, edge polishing, and wet processes [2]. - The company has established a proprietary solution system with independent intellectual property rights, showcasing its strong technological advantages and reliable product series, which enhance its competitiveness and market influence [2]. - Looking ahead, Huahai Qingke plans to increase R&D investment, continue launching advanced semiconductor equipment and integrated process solutions, and collaborate with industry partners to promote the improvement and upgrading of the semiconductor industry ecosystem [2].

Summary of Hwatsing (688120.SS) Conference Call Company Overview - **Company**: Hwatsing (688120.SS) - **Industry**: Semiconductor Equipment Manufacturing Key Financial Results - **3Q25 Revenue**: Rmb1.244 billion, representing a 20% QoQ and 30% YoY growth, aligning with estimates [1][3] - **Gross Margin (GM)**: Declined to 41% from 45.8% in 2Q25, below the expected 46.6% [1][3] - **Net Income**: Rmb286 million, a decrease of 1% YoY and an increase of 5% QoQ, which was 22% lower than estimates [1][3][4] - **Operating Income (OP)**: Rmb249 million, down 3% YoY [4] Growth Drivers - **Semiconductor Capex Expansion**: Positive outlook on revenue growth due to increasing semiconductor capital expenditures in China [1] - **Product Matrix**: Comprehensive offerings in CMP, thinning, dicing, and polishing equipment expected to benefit from rising demand for advanced AI chips and chiplet packaging [1][2] Earnings Revisions - **2025E Net Income**: Revised down by 7% due to lower GM and higher operating expenses [8] - **2026E-27E Net Income**: Revised up by 1% each, driven by higher revenue estimates [8] - **Revenue Estimates**: Increased by 2% for 2026E and 2027E, reflecting anticipated growth from AI demand and capital expenditure expansion [8] Valuation and Rating - **Current P/E Ratio**: 29.4x for 2026E, with a target multiple of 35.0x based on peer comparisons [1][16] - **12-Month Price Target**: Raised by 10% to Rmb163.4, indicating a 19% upside from the current price of Rmb137.34 [18][16] - **Rating**: Maintained at Neutral [1][16] Product Development - **New Equipment Deliveries**: Successful volume deliveries of self-developed 12" high-current ion implanter and wafer edge grinding equipment [2] - **Product Matrix Expansion**: Introduction of low-temperature ion implanter iPUMA-LT, enhancing the product portfolio [2] Risks and Considerations - **Market Risks**: Potential volatility in semiconductor capital expenditure and order gains from clients [16] - **Operational Risks**: Challenges in new product expansion timelines could impact revenue growth [16] Conclusion - Hwatsing shows promising long-term growth potential driven by semiconductor capex expansion and a diversified product matrix, despite recent earnings misses and margin pressures. The company is positioned to capitalize on the growing demand for advanced semiconductor technologies, particularly in AI applications.

Group 1 - The core point of the news is the decline in the stock price of Huahai Qingke, which fell by 5.07% to 130.38 CNY per share, with a trading volume of 755 million CNY and a turnover rate of 1.61%, resulting in a total market capitalization of 46.077 billion CNY [1] - Huahai Qingke, established on April 10, 2013, and listed on June 8, 2022, is based in Tianjin and specializes in the research, production, sales, and technical services of semiconductor equipment [1] - The company's main business revenue composition includes 87.70% from CMP/thinning equipment sales and 12.30% from other products and services [1] Group 2 - According to data from the top ten heavy stocks of funds, Guolian An Fund has one fund heavily invested in Huahai Qingke, specifically the Guolian An Craft Technology Mixed Fund (011599), which held 21,400 shares in the third quarter, accounting for 5.86% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 148,800 CNY [2] - The Guolian An Craft Technology Mixed Fund was established on May 18, 2021, with a latest scale of 60.3175 million CNY, and has achieved a return of 5.55% this year, ranking 6728 out of 8223 in its category [2]

Group 1 - Semiconductor equipment concept stocks declined, with Tuojing Technology falling over 6%, Changchuan Technology down over 5%, and Huahai Qingke and Xinyuan Micro both dropping over 4% [1] - Related semiconductor equipment ETFs also experienced a decline, with an overall drop of over 4% [1] Group 2 - Specific ETF performance included: - Semiconductor Materials ETF at 1.459, down 0.069 or 4.52% - Chip Equipment ETF at 1.530, down 0.071 or 4.43% - Semiconductor Equipment ETF Fund at 1.643, down 0.075 or 4.37% - Semiconductor Equipment ETF at 1.390, down 0.063 or 4.34% - E Fund Semiconductor Equipment ETF at 1.624, down 0.072 or 4.25% [2] Group 3 - Analysts indicate that under the backdrop of the AI wave and domestic substitution, there is a continuous demand for expansion in advanced production lines in China, positioning semiconductor equipment as a cornerstone for wafer foundry expansion and an important link for achieving self-sufficiency in the industry chain, presenting development opportunities for domestic semiconductor equipment manufacturers [2]

因此，董事会提名与薪酬委员会同意为本次符合归属条件的 87 名激励对象 办理限制性股票的归属，对应可归属的限制性股票数量为 24.8518 万股，本事项 符合《管理办法》以及公司激励计划的相关规定，不存在损害公司及股东利益的 情形。 华海清科股份有限公司 董事会提名与薪酬委员会 2025 年 10 月 30 日 华海清科股份有限公司 董事会提名与薪酬委员会关于公司 2023 年限制性股票激励计划 预留授予部分第一个归属期归属名单的核查意见 华海清科股份有限公司（以下简称"公司"）董事会提名与薪酬委员会依据 《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》（以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简 称"《管理办法》"）、《上海证券交易所科创板股票上市规则》等相关法律、 行政法规及规范性文件和《公司章程》的有关规定，对公司 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归属名单进行 审核，发表核查意见如下： 本激励计划预留授予部分的激励对象除 4 名激励对象因离职、自愿放弃等原 因而不具备激励对象资格外，公司 2023 年限制 ...

证券代码：688120 证券简称：华海清科 公告编号：2025-070 华海清科股份有限公司 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归属条件成就的公告 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。 重要内容提示： 限制性股票拟归属数量：24.8518 万股 归属股票来源：华海清科股份有限公司（以下简称"公司"）向激励对 象定向发行公司 A 股普通股股票 公司于 2025 年 10 月 30 日召开第二届董事会第十九次会议，审议通过了《关 于公司 2023 年限制性股票激励计划预留授予部分第一个归属期归属条件成就的 议案》。根据公司《2023 年限制性股票激励计划（草案）》（以下简称"《激 励计划》"或"本激励计划"）的规定和公司 2023 年第二次临时股东大会的授 权，现就有关事项说明如下： 一、本激励计划批准及实施情况 （一）本激励计划方案及履行的程序 1、本激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）授予数量（调整前）：本次激励计划首次授予 187.8136 万股限制性股 ...

上海荣正企业咨询服务（集团）股份有限公司 关 于 证券简称：华海清科 证券代码：688120 华海清科股份有限公司 2023 年限制性股票激励计划 预留授予部分第一个归属期归属条件成就 之 独立财务顾问报告 2025 年 10 月 | | | | 4 | | --- | --- | --- | --- | | | | œ | | | . | . | | 4 | | | | 一、释 义 以下词语如无特殊说明，在本文中具有如下含义： （四）本独立财务顾问提请上市公司全体股东认真阅读上市公司公开披露 的关于本次限制性股票激励计划的相关信息。 （五）本独立财务顾问本着勤勉、审慎、对上市公司全体股东尽责的态度， 依据客观公正的原则，对本次限制性股票激励计划预留授予部分第一个归属期 归属涉及的事项进行了深入调查并认真审阅了相关资料，调查的范围包括上市 公司章程、董事会及股东大会决议、相关公司财务报告、公司的生产经营计划 等，并和上市公司相关人员进行了有效的沟通，在此基础上出具了本独立财务 顾问报告，并对报告的真实性、准确性和完整性承担责任。 本独立财务顾问报告系按照《公司法》《证券法》《管理办法》等法律、 法规和规范性文 ...