Core Viewpoint - The credit rating report for Guangdong Liyang Chip Testing Co., Ltd. maintains a stable outlook, reflecting the company's capacity expansion and good cash flow performance, despite facing competitive pressures and potential risks related to debt and imported equipment reliance [4][7][9]. Company Overview - Guangdong Liyang Chip Testing Co., Ltd. is an independent third-party integrated circuit testing service provider, focusing on chip testing solution development, wafer testing services, and finished chip testing services [11]. - The company has established a good cooperative relationship with well-known clients in the integrated circuit design sector, including companies like Goodix Technology and Allwinner Technology [15][19]. Financial Performance - The company's total revenue for 2024 was 4.88 billion yuan, a decrease from 5.03 billion yuan in 2023, with a significant drop in gross profit margin from 30.33% to 20.90% [5][15]. - Operating cash flow showed a net inflow of 2.04 billion yuan in 2024, indicating improved cash flow performance compared to previous years [7][8]. - The company's total debt increased to 12.36 billion yuan in 2025, up from 7.21 billion yuan in 2023, reflecting rapid growth in debt levels [5][22]. Industry Environment - The integrated circuit testing industry is experiencing structural growth, with the global semiconductor market expected to reach $620.2 billion in 2024, a 17% increase year-on-year [12]. - The domestic independent testing market is still in its early stages, with significant potential for growth as high-end testing demands increase [13][14]. Competitive Landscape - The industry faces intense competition, with many players expanding their testing capabilities, which may pressure the company's market position [7][9]. - The company is expanding its testing capacity and diversifying its service offerings, including investments in wafer dicing and other related services [16][18]. Future Outlook - The company has a stable credit rating outlook, supported by its accumulated testing platforms and quality customer resources, indicating good business sustainability [9][10]. - However, the company must navigate challenges related to capacity utilization and potential financial leverage increases due to ongoing capital investments [22][23].

| 证券代码：688135 | 证券简称：利扬芯片 | 公告编号：2025-037 | | --- | --- | --- | | 转债代码：118048 | 转债简称：利扬转债 | | 广东利扬芯片测试股份有限公司 关于"利扬转债"跟踪信用评级结果的公告 本公司董事会及全体董事保证公告内容不存在虚假记载、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个别及连带法律责任。 评级报告》已于同日在上海证券交易所网站（www.sse.com.cn）披露。 特此公告。 本次信用评级报告《广东利扬芯片测试股份有限公司相关债券 2025 年跟踪 1 前次债券评级：公司主体信用等级为"A+"，评级展望为"稳定"，"利 扬转债"的信用等级为"A+"。 本次债券评级：公司主体信用等级为"A+"，评级展望为"稳定"，"利 扬转债"的信用等级为"A+"。 据《上市公司证券发行注册管理办法（2025 年修正）》《上海证券交易所 科创板股票上市规则》等有关规定，广东利扬芯片测试股份有限公司（以下简称 "公司"）委托信用评级机构中证鹏元资信评估股份有限公司（以下简称"中证 鹏元"）对公司主体及公司向不特定对象发行的可转 ...

广东利扬芯片测试股份有限公司 相关债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【945】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级报告版权归本评级机构所有，未经授权不得修改、复制、转载和出售。除委托评级合同约定外， 未经本评级机构书面同意，本评级报告及评级结论不得用于其他债券的发行等证券业务活动或其他用途。 中证鹏元资信评估股份有限公司 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期 ...

Core Points - Guangdong Liyang Chip Testing Co., Ltd. has been approved to issue convertible bonds totaling 520,000 units, each with a face value of RMB 100, raising a total of RMB 52 million [2][4] - The bonds have a maturity period of 6 years, from July 2, 2024, to July 1, 2030 [7] - The initial conversion price for the bonds is set at RMB 16.13 per share, subject to adjustments based on various corporate actions [18] Summary by Sections Approval and Issuance - The issuance of convertible bonds has been approved by the China Securities Regulatory Commission, allowing the company to raise funds through the issuance of 520,000 convertible bonds [2] - The total amount raised from this issuance is RMB 52 million, with each bond having a face value of RMB 100 [4] Bond Characteristics - The bonds are classified as convertible corporate bonds, with a total issuance amount of RMB 52 million [4][3] - The bonds will pay interest annually, with rates starting at 0.2% in the first year and increasing to 1.5% by the fourth year [7] Conversion and Adjustment Mechanism - The conversion period for the bonds begins six months after issuance and lasts until maturity [8] - The conversion price can be adjusted based on corporate actions such as stock dividends, capital increases, and cash dividends [9][18] - The adjusted conversion price is calculated using specific formulas to ensure fair treatment of bondholders [9][18] Redemption and Buyback Provisions - The company has the right to redeem the bonds at face value plus accrued interest under certain conditions, such as if the stock price exceeds 130% of the conversion price for a specified period [12][14] - Bondholders have the right to sell back their bonds to the company if the stock price falls below 70% of the conversion price during the last two interest years [14][15] Credit Rating and Management - The bonds are not secured by any collateral, and the credit rating is provided by China Chengxin International Credit Rating Co., Ltd. [15] - The bond management is overseen by GF Securities Co., Ltd., which will monitor the company's compliance with bondholder interests [18]

债券代码：利扬转债 债券简称：118048 广东利扬芯片测试股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2025年度） （注册地址：广东省东莞市万江街道莫屋新丰东二路2号） 债券受托管理人 广发证券股份有限公司 （注册地址：广东省广州市黄埔区中新广州知识城腾飞一街2号618室） 二零二五年七月 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）《广 东利扬芯片测试股份有限公司与广发证券股份有限公司关于广东利扬芯片测试 股份有限公司向不特定对象发行可转换公司债券之受托管理协议》（以下简称 "《受托管理协议》"）《广东利扬芯片测试股份有限公司向不特定对象发行可 转换公司债券募集说明书》（以下简称"《募集说明书》"）等相关公开信息披 露文件、第三方中介机构出具的专业意见等，由债券受托管理人广发证券股份有 限公司（以下简称"广发证券"）编制。广发证券对本报告中所包含的从上述文 件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准 确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做 ...

Group 1 - The report by Aijimi highlights the growth of the semiconductor packaging and testing industry, projecting a total revenue of 87.056 billion yuan for listed companies in 2024, representing a year-on-year increase of 20.69% with a gross margin of approximately 15.67% [1] - The top three companies by total revenue in the packaging and testing sector are Changdian Technology (35.962 billion yuan), Tongfu Microelectronics (23.882 billion yuan), and Huatian Technology (14.462 billion yuan) [1] - The report indicates that the R&D expenditure as a percentage of revenue is highest for Liyang Chip (15.95%), Jingfang Technology (14.12%), and Weicai Technology (13.22%) [1] Group 2 - The advanced packaging market is expected to generate total revenue of $51.9 billion in 2024, with a year-on-year growth of 10.9%, and is projected to reach $78.6 billion by 2028, with a compound annual growth rate (CAGR) of 10.05% from 2022 to 2028 [2] - The global semiconductor packaging market is forecasted to grow from $65.04 billion in 2020 to $118.6 billion in 2027, with a CAGR of 6.6%, while advanced packaging is expected to surpass traditional packaging in market size by 2027 [2] Group 3 - The domestic packaging and testing industry is performing well, with Chinese companies leading in brand strength, diverse teams, international operations, technical capabilities, quality assurance, production scale, and operational efficiency [3] - In 2023, capital expenditure in the advanced packaging sector reached $9.9 billion, primarily from major semiconductor companies and leading OSAT firms, with an expected increase to $11.5 billion in 2024 [3] - The report emphasizes that the growth of the semiconductor packaging market is driven by emerging technologies such as AI, IoT, cloud computing, and big data, which are increasing the demand for chips [3] Group 4 - The global Chiplet market is projected to grow from approximately $3.1 billion in 2023 to around $107 billion by 2033, with a CAGR of 42.5% from 2024 to 2033 [4] - Companies like Intel and TSMC have mature Chiplet technologies, while domestic firms such as Changdian Technology and Tongfu Microelectronics are also advancing in this area [4] - The 2.5D/3D packaging market is expected to expand from $9.4 billion in 2022 to $22.5 billion by 2028, with a CAGR of 15.6%, driven by high-performance computing and AI technologies [4]

Group 1 - The semiconductor sector in the A-share market is experiencing a downturn, with notable declines in stocks such as Xin Heng Hui, which fell over 3% [1] - Other companies in the semiconductor industry, including Dawei Co., Yuanjie Technology, Liyang Chip, Langke Technology, and Huahong Company, are also witnessing declines [1] - Former President Trump has indicated plans to announce tariff measures on semiconductors, which may impact the market further [1]

证券代码：688135 证券简称：利扬芯片 公告编号：2025-036 转债代码：118048 转债简称：利扬转债 广东利扬芯片测试股份有限公司 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。 重要内容提示： ? 证券停复牌情况：适用 因可转债转股价格调整,本公司的相关证券停复牌情况如下： 停牌期 停牌终止 证券代码 证券简称 停复牌类型 停牌起始日 复牌日 间 日 ? 调整前转股价格：16.13 元/股 ? 调整后转股价格：16.12 元/股 ? 转股价格调整实施日期：2025 年 7 月 9 日 一、转股价格调整依据 广东利扬芯片测试股份有限公司（以下简称"公司"）已于 2025 年 7 月 4 日 完成了 2021 年限制性股票激励计划首次授予部分第三个归属期的股份登记手续， 公司总股本 202,434,834 股增加至 203,008,275 股，具体内容详见公司于同日在 上海证券交易所网站（www.sse.com.cn）披露的《关于 2021 年限制性股票激励计 划首次授予部分第三个归属期归属结果暨股份上市的公告》 ...

Core Points - The announcement details the results of the third vesting period of the 2021 Restricted Stock Incentive Plan for Guangdong Liyang Chip Testing Co., Ltd, with 573,441 shares set to be listed on July 11, 2025 [1][12] - The plan involves a total of 205 participants, with 2,389,445 shares granted, of which 573,441 shares are now vested [9][12] - The company has completed the necessary registration procedures for the shares, and the total share capital will increase from 202,434,834 to 203,008,275 shares [10][11] Summary by Sections Incentive Plan Overview - The board approved the 2021 Restricted Stock Incentive Plan on May 17, 2021, with independent directors confirming its benefits for the company's sustainable development [2][4] - The plan was publicly disclosed and approved by shareholders during a meeting on June 2, 2021 [3][4] Vesting Details - The third vesting period has a total of 573,441 shares, with 205 individuals eligible for the vesting [9][12] - The shares represent 24% of the total granted shares for the respective participants [9] Stock Listing and Flow - The shares will be listed for trading on July 11, 2025, and the company has outlined restrictions on the transfer of shares for directors and senior management [10][11] - The total share capital will increase to 203,008,275 shares following the vesting [10] Financial Impact - The company reported a net profit of -7.5845 million RMB for Q1 2025, with the basic earnings per share at -0.04 RMB; the new shares will dilute earnings based on the increased total share capital [11][12]

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 573,441股。 证券代码：688135 证券简称：利扬芯片 公告编号：2025-035 转债代码：118048 转债简称：利扬转债 广东利扬芯片测试股份有限公司 关于 2021 年限制性股票激励计划首次授予部分第三个 归属期归属结果暨股份上市公告 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。 本次股票上市流通总数为573,441股。 本次股票上市流通日期为2025 年 7 月 11 日。 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，广东利扬芯片测试股份有限公司（以下 简称"公司"）于近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 2021 年限制性股票激励计划（以下简称"本激励 计划"）首次授予部分第三个归属期的股份登记工作。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 （1）2021 年 5 月 17 日，公司召 ...