关于江苏微导纳米科技股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对江苏微导纳米科技股份有限公司（以下简称"微导纳米""公司"） 进行持续督导工作的保荐人，对 2024 年度（以下简称"本持续督导期"）的规范 运作情况进行了现场检查，现就现场检查的有关情况报告如下： 中信证券股份有限公司 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 于军杰、代亚西 （三）现场检查人员 于军杰、代亚西 （四）现场检查时间 2025 年 4 月 14 日-25 日 （五）现场检查内容 本持续督导期内，上市公司依照相关法律法规的规定建立了股东大会、董事 会、监事会的议事规则，在治理制度中明确了董事、监事和高级管理人员的任职 要求及职责，建立了财务管理制度、会计核算制度、内部审计制度，内部制度中 明确了募集资金使用、关联交易、对外担保、对外投资、对子公司的控制等重大 经营决策的程序与规则，并予以执行。 （二）信息披露情况 现场检查人员 ...

Group 1: Investment Rating - The report maintains a "Recommended" rating for the companies analyzed, indicating a positive outlook for their future performance [10][19][33]. Group 2: Core Insights - The active bond fund market shows a slight increase in the number of funds and total assets, with 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 0.8% and 1.0% increase respectively [7][8]. - The performance of active bond funds in Q1 was influenced by rising government bond yields, with short-term pure bond funds performing particularly well [7][8]. - The report highlights a shift in asset allocation within mixed secondary bond funds, with increased holdings in sectors such as non-ferrous metals, pharmaceuticals, and steel [8][9]. - The medical device company Mindray achieved a revenue of 36.73 billion yuan in 2024, with a year-on-year growth of 5.14%, while its international business grew by 21.28% [10][11]. - Haibo Technology reported a revenue of 8.27 billion yuan in 2024, marking an 18.44% increase, with a significant focus on energy storage systems [15][18]. - The refrigerant manufacturer Sanmei achieved a revenue of 4.04 billion yuan in Q1 2025, reflecting a 26.42% increase, driven by strong demand in the home appliance and automotive sectors [26][27]. Group 3: Summary by Sections Active Bond Funds - As of Q1 2025, the number of active bond funds reached 3,263, with a total scale of 7.90 trillion yuan, and 43 new funds were issued, totaling 783.7 billion yuan [7][8]. - The performance of short-term pure bond funds was notably strong due to rising yields, while mixed bond funds showed volatility [7][8]. Mindray Medical - Mindray's revenue for 2024 was 36.73 billion yuan, with a net profit of 11.67 billion yuan, and a proposed cash dividend of 5.6 yuan per 10 shares [10][11]. - The company anticipates a recovery in domestic business in 2025, with international revenue expected to continue growing [11][12]. Haibo Technology - Haibo's revenue for 2024 was 8.27 billion yuan, with a focus on energy storage systems, which accounted for a significant portion of its revenue [15][18]. - The company has established partnerships with international firms to explore new market opportunities [18]. Sanmei - Sanmei's revenue for 2024 was 4.04 billion yuan, with a significant increase in refrigerant prices due to supply constraints [26][27]. - The company is well-positioned in the market with a leading share in the production of third-generation refrigerants [29]. Huayu Automotive - Huayu reported a revenue of 168.85 billion yuan in 2024, with a slight decline in net profit due to cost pressures [31][32]. - The company is adjusting its customer structure to mitigate risks associated with its largest client, SAIC [32][33].

Group 1: AUO Optronics - In Q1 2025, AUO Optronics reported a consolidated revenue of NT$721.0 billion (approximately RMB 163.96 billion), a 5.0% increase from Q4 2024 and a 21.2% increase year-on-year [2][4] - The net profit attributable to the parent company for Q1 2025 was NT$32.9 billion (approximately RMB 7.43 billion), with a gross margin of 12.2% [2][4] - The revenue growth was driven by inventory replenishment in the supply chain and increased demand for value-added products in Mobility and Vertical Solutions [3][4] Group 2: Lai Bao High-Tech - In 2024, Lai Bao High-Tech achieved a revenue of RMB 58.96 billion, a year-on-year increase of 5.54%, while the net profit attributable to the parent company was RMB 3.74 billion, a slight decrease of 0.43% [5][6] - The growth in revenue was primarily due to increased sales of large-sized capacitive touch screens and automotive cover glass products [7] - In Q1 2025, Lai Bao High-Tech reported a revenue of RMB 14.73 billion, a 0.31% increase year-on-year, but the net profit decreased by 36.10% to RMB 75.02 million [7][8] Group 3: AOC Technology - AOC Technology reported a revenue of RMB 552.30 billion in 2024, a slight increase of 1.16%, but the net profit dropped by 66.31% to RMB 94 million [9][10] - In Q1 2025, the company experienced a revenue decline of 4.24% to RMB 122.62 billion, with a net loss of RMB 1.70 billion [9][10] - The decline in profit was attributed to price competition and adjustments in orders, particularly in the television segment [11] Group 4: Micro導 Nano - In 2024, Micro導 Nano achieved a revenue of RMB 2.70 billion, a significant increase of 60.74%, while the net profit decreased by 16.16% to RMB 227 million [12][13] - The company reported a revenue of RMB 510 million in Q1 2025, a remarkable year-on-year increase of 198.95%, with a net profit of RMB 84 million, reflecting a substantial growth of 2253.57% [14][15] - The growth in revenue was driven by the implementation and acceptance of projects by clients, leading to increased orders [14][15]

| 回购方案首次披露日 | 2024/11/15，由实际控制人、董事长王磊提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 4,000万元~8,000万元 | | 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 | | 累计已回购股数 | □为维护公司价值及股东权益 2,901,842股 | | 累计已回购股数占总股本比例 | 0.63% | | 累计已回购金额 | 79,526,891.92元 | | 实际回购价格区间 | 23.66元/股~30.70元/股 | 证券代码：688147 证券简称：微导纳米 公告编号：2025-030 江苏微导纳米科技股份有限公司 关于 2024 年第二期以集中竞价方式回购股份进展公告 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。 重要内容提示： 上述回购进展符合既定的回购股份方案。 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— ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company has seen a significant increase in semiconductor orders, leading to impressive performance in Q1 2025, with a revenue of 5.10 billion yuan, representing a year-on-year growth of 198.95% and a net profit of 0.84 billion yuan, up 2253.57% [4][8] - In 2024, the company achieved a revenue of 2.70 billion yuan, a year-on-year increase of 60.74%, but the net profit decreased by 16.16% to 0.23 billion yuan due to rising R&D expenses and increased impairment losses [4][8] - The company has a substantial order backlog of 6.77 billion yuan, with semiconductor orders growing by 65.91% year-on-year, indicating strong future growth potential [8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 2.70 billion yuan and a net profit of 0.23 billion yuan, with a gross margin of 39.99% [4][8] - The first quarter of 2025 showed a revenue of 5.10 billion yuan and a net profit of 0.84 billion yuan, marking a significant recovery [4][8] Order Backlog and Growth Potential - The company has an order backlog of 6.77 billion yuan, with semiconductor orders at 1.50 billion yuan and photovoltaic orders at 5.19 billion yuan [8] - The growth in semiconductor orders is expected to be a key driver for future performance [8] Product Development and Market Position - The company has made significant advancements in its ALD and CVD equipment, with multiple products achieving industrial application and repeat orders [9] - The semiconductor equipment sector is expected to remain a strong growth area, despite potential pressures in the photovoltaic equipment business due to capacity oversupply [9] Financial Projections - The company is projected to achieve net profits of 2.93 billion yuan, 4.51 billion yuan, and 7.37 billion yuan for the years 2025, 2026, and 2027 respectively [9][11] - The projected P/E ratios for these years are 43.7X, 28.4X, and 17.4X, indicating a favorable valuation outlook [9][11]

Key Insights - The report highlights the growth in the active bond fund sector, with a total of 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 1.0% increase quarter-on-quarter [7][8] - The performance of active bond funds showed mixed results, with short-term pure bond funds performing well due to rising government bond yields, while mixed secondary bond funds saw increased volatility [7][8] - The report indicates a shift in asset allocation within bond funds, with a decrease in bond positions and an increase in equity positions, particularly in sectors like non-ferrous metals and pharmaceuticals [8] Group 1: Active Bond Fund Overview - As of the end of Q1 2025, the number of active bond funds increased by 0.8% compared to the previous quarter, while the total fund scale rose by 1.0% [7] - In Q1 2025, 43 new active bond funds were issued, totaling 783.7 billion yuan, which is a 16.7% decrease from the previous quarter [7] - The issuance of medium to long-term pure bond funds decreased by 31.5%, while mixed secondary bond funds saw a 65.1% increase in issuance [7] Group 2: Company-Specific Insights - For Mindray Medical (300760.SZ), the company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, with a net profit of 11.668 billion yuan, up 0.74% [9][10] - The company’s international business grew by 21.28%, accounting for approximately 45% of total revenue, indicating a strong international expansion strategy [11] - The report anticipates a recovery in domestic business by Q3 2025, despite a significant year-on-year decline in Q1 2025 [11] Group 3: Industry Trends - The report on Haibo Technology (688411.SH) indicates a revenue of 8.270 billion yuan in 2024, a growth of 18.44%, with a focus on energy storage systems [14][15] - The company’s energy storage product output and sales saw significant increases, with a 35.40% rise in production and a 90.19% increase in sales [15] - The report emphasizes the company’s leading position in the domestic energy storage market and its successful international partnerships [17] Group 4: Financial Performance - For Sanmei Co., Ltd. (603379.SH), the company achieved a revenue of 4.040 billion yuan in 2024, a 21.17% increase, with a net profit growth of 178.40% [24][25] - The report highlights the impact of rising refrigerant prices and strong demand from the home appliance and automotive sectors on the company’s financial performance [25][26] - The company is expected to maintain strong performance due to favorable supply-demand dynamics in the refrigerant market [28] Group 5: Future Outlook - The report suggests that the domestic medical device market, particularly for Mindray Medical, is poised for recovery, with expectations of improved performance in 2025 [11][12] - Haibo Technology is projected to continue its growth trajectory, supported by its strong market position and international expansion efforts [17][18] - Sanmei Co., Ltd. is expected to benefit from ongoing demand in the refrigerant market, with projections for significant profit growth in the coming years [28]

Market Overview - A-shares continued to show a narrow fluctuation pattern with major indices displaying a mixed trend, where the Shenzhen Component Index, North China 50, and ChiNext Index experienced slight gains, while the Shanghai Composite Index and CSI 300 were dragged down by heavyweight sectors [1] - The overall market sentiment remained stable, but trading volume further shrank compared to the previous trading day, indicating a rise in cautiousness among investors [1] Sector Performance - The technology manufacturing sector, represented by humanoid robots and photovoltaics, became the focus of capital inflow, while traditional heavyweight sectors like consumption and finance continued to adjust [3] - Specific segments such as PEEK materials, POE films, and disperse dyes showed outstanding performance, with some stocks experiencing trading volumes several times higher than the previous day [3] Humanoid Robot Industry - The humanoid robot supply chain saw a surge in stock prices, particularly in the PEEK materials sector, which led the market with a significant increase [4] - The approval of national standards for humanoid robots, covering core technologies like environmental perception and motion control, marks a shift from chaotic growth to standardized development in the industry [4] - The trend towards "lightweight" humanoid robots is accelerating, with a forecasted demand for PEEK materials in China reaching 5,079 tons by 2027, corresponding to a compound annual growth rate of 16.8% [5] Photovoltaic Industry - The photovoltaic sector also performed actively, with POE films leading the gains, supported by strong data on new installations and exports [6] - In Q1, domestic photovoltaic installations reached 59.7 GW, a year-on-year increase of 30.5%, with March alone seeing a record 20.2 GW added, up 124.4% year-on-year [6] - The industry leader, Sunshine Power, reported a revenue of 19.036 billion yuan, up 50.92%, and a net profit of 3.826 billion yuan, up 82.52%, reinforcing market confidence [6] Gold Market - International gold prices experienced volatility, dropping below $3,310 per ounce, influenced by expectations of adjustments in U.S. auto tariffs [7] - If tariff adjustments are implemented, it could reduce cost pressures on automakers and alleviate inflation expectations, potentially diminishing gold's appeal as a safe-haven asset [9] Investment Strategy - The technology manufacturing sector attracted over 5 billion yuan in net inflow, while consumption and finance sectors saw a net outflow exceeding 3 billion yuan, indicating a preference for "new productive forces" [10] - Investment strategies should focus on three main areas: the humanoid robot supply chain, the photovoltaic industry, and the gold sector, particularly in the context of the Federal Reserve's interest rate cycle and geopolitical risks [10]

Group 1: Company Performance Highlights - Youfa Group reported a revenue of 11.40 billion yuan in Q1, a year-on-year increase of 6.06%, with a net profit of 133 million yuan, up 9680.17% due to increased sales volume and improved gross margin [2][3] - Ruijie Networks achieved a revenue of 2.54 billion yuan, growing 18.14% year-on-year, and a net profit of 107 million yuan, up 4543.67%, driven by accelerated orders and effective cost management [4][5] - Weidong Nano recorded a revenue of 510 million yuan, a significant increase of 198.95%, with a net profit of 84 million yuan, up 2253.57%, attributed to project implementation and acceptance [6][7] - Aoto Electronics reported a revenue of 185 million yuan, a 2.72% increase, and a net profit of 13.60 million yuan, up 2139.84%, due to reduced credit impairment losses and lower expenses [8][9] - Lianhua Technology posted a revenue of 1.51 billion yuan, a 3.02% increase, with a net profit of 49.72 million yuan, up 1747.04% [10][11] - Hongtong Gas achieved a revenue of 666 million yuan, a 43.98% increase, and a net profit of 22.54 million yuan, up 951.01%, driven by increased LNG sales [12][13] - Shengyi Electronics reported a revenue of 1.58 billion yuan, an increase of 78.55%, with a net profit of 200 million yuan, up 656.87%, due to optimized product structure and cost reduction measures [14] - CIMC reported a revenue of 36.03 billion yuan, a year-on-year increase of 11.04%, with a net profit of 544 million yuan, up 550.21% [15] - Hunan Haili achieved a revenue of 431 million yuan, a 25.44% increase, with a net profit of 56.61 million yuan, up 483.78%, primarily due to increased revenue and a low base from the previous year [16][17]

江苏微导纳米科技股份有限公司 证券代码：688147 证券简称：微导纳米 公告编号：2025-028 江苏微导纳米科技股份有限公司（以下简称"公司"）第二届监事会第二十一次 会议于 2025 年 4 月 28 日在公司会议室以现场结合通讯表决方式召开，会议由监事 会主席潘景伟先生主持。本次会议通知于 2025 年 4 月 26 日以电子邮件方式向全体 监事发出。本次会议应出席监事 3 名，实际出席监事 3 名。本次会议的召开符合《中 华人民共和国公司法》（以下简称"《公司法》"）及《江苏微导纳米科技股份有限 公司章程》（以下简称"《公司章程》"）的有关规定，会议决议合法、有效。 二、会议审议情况 本次会议审议并通过如下议案： （一）审议通过了《关于公司 2025 年第一季度报告的议案》 根据相关法律、法规、规范性文件以及《公司章程》的规定，公司编制了《江 苏微导纳米科技股份有限公司 2025 年第一季度报告》。 第二届监事会第二十一次会议决议公告 本公司监事会及全体监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。 一、会议召开情况 公司 20 ...

证券代码：688147 证券简称：微导纳米 公告编号：2025-027 江苏微导纳米科技股份有限公司 第二届董事会第二十三次会议决议公告 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。 一、会议召开情况 江苏微导纳米科技股份有限公司（以下简称"公司"）第二届董事会第二十三 次会议于 2025 年 4 月 28 日在公司会议室以现场结合通讯表决方式召开，会议由 董事长王磊先生主持。本次会议通知于 2025 年 4 月 26 日以电子邮件方式向全体 董事发出。本次会议应出席董事 6 名，实际出席董事 6 名。本次会议的召集和召 开符合《中华人民共和国公司法》（以下简称"《公司法》"）及《江苏微导纳米 科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，会议决议合 法、有效。 根据相关法律、法规、规范性文件以及《公司章程》的规定，结合公司实际 情况，公司编制了《2024年度环境、社会及公司治理（ESG）报告》。董事会审 议并通过了上述报告。 表决结果：同意 6 票；反对 0 票；弃权 0 票。 公司董事会战略委员会已经 ...