证券代码：688200 证券简称：华峰测控 公告编号：2025-059 北京华峰测控技术股份有限公司 关于 2024 年限制性股票激励计划首次授予部分 限制性股票拟归属数量：59,700 股 归属股票来源：公司自二级市场回购的公司 A 股普通股股票 （三）2024 年 6 月 21 日至 2024 年 6 月 30 日，公司对本次激励计划拟激励 对象的姓名和职务在公司内部进行了公示。截至公示期满，公司监事会未收到任 何人对本次激励计划激励对象提出的异议。2024 年 7 月 2 日，公司在上海证券 交易所网站（www.sse.com.cn）披露了《监事会关于公司 2024 年限制性股票激 励计划激励对象名单的公示情况说明及核查意见》（公告编号：2024-030）。 第一个归属期归属结果公告 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： 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，北京华峰测控技术股份有限公司（以下 简称"公司"）于 2025 年 ...

关于北京华峰测控技术股份有限公司向不 特定对象发行可转换公司债券申请文件的 审核问询函的回复 大信备字[2025]第 3-00044 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 《关于北京华峰测控技术股份有限公司向不特定对象 发行可转换公司债券申请文件的审核问询函》的回复 大信备字[2025]第 3-00044 号 上海证券交易所： 根据贵所《关于北京华峰测控技术股份有限公司向不特定对象发行可转换 ...

根据上交所进一步审核意见，公司会同相关中介机构对部分回复内容进行 了 补 充 与 修 订 ， 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《关于北京华峰测控技术股份有限公司向不特定对象 发行可转换公司债券申请文件的审核问询函的回复（修订稿）》等相关文件。 证券代码：688200 证券简称：华峰测控 公告编号：2025-060 北京华峰测控技术股份有限公司 关于向不特定对象发行可转换公司债券申请文件 审核问询函回复的提示性公告 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。 北京华峰测控技术股份有限公司（以下简称"公司"）于2025年5月13日收 到上海证券交易所（以下简称"上交所"）出具的《关于北京华峰测控技术股 份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证 科审（再融资）〔2025〕50号）（以下简称"《审核问询函》"），上交所审核 机构对公司向不特定对象发行可转换公司债券申请文件进行了审核，并形成了 问询问题。 公司 ...

Market Overview - The Shanghai Composite Index closed at 3595.19 points, slightly down by 0.08%, and remains above the six-month moving average [1] - The total trading volume of A-shares reached 1,145.862 billion yuan [1] Stocks Performance - A total of 44 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Hexin Instrument (17.10%) - Dekeli (16.12%) - Lais Information (7.54%) [1] - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Junda Co., Ltd. - Taihe Intelligent - Aikodi [1] Notable Stocks - Hexin Instrument (688622) saw a price increase of 20.00% with a turnover rate of 3.28% [1] - Dekeli (688205) increased by 17.49% with a turnover rate of 23.70% [1] - Lais Information (688631) rose by 7.96% with a turnover rate of 7.58% [1] - Other notable stocks include: - Xinganjiang (873167) up by 13.11% - Anpeilong (301413) up by 10.81% [1] Additional Stocks with Positive Movement - Other stocks with positive movement include: - Haiziwang (301078) up by 4.48% - Naxinwei (688052) up by 7.92% - Tianzhun Technology (688003) up by 4.52% [1]

Investment Rating - The report maintains an "Outperform" rating for the semiconductor testing equipment industry [1]. Core Insights - The rapid development of AI chips and HBM (High Bandwidth Memory) is driving new testing demands in the semiconductor industry, highlighting the need for improved domestic production capabilities in testing equipment [1][4]. - The domestic semiconductor testing equipment market is expected to grow significantly, with projections indicating a market size of 26.74 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.6% [16]. - The report emphasizes the importance of post-manufacturing testing to ensure that chips meet design specifications, with a focus on the core testing equipment: testing machines, sorting machines, and probe stations [8][14]. Summary by Sections 1. Semiconductor Post-Manufacturing Testing - Semiconductor testing is crucial across design, manufacturing, and packaging stages to ensure chip functionality meets design specifications [6][8]. - The testing equipment market is stable, with testing machines accounting for over 61.9% of the market share in 2022 [16]. 2. New Requirements from AI Chips and HBM - AI chips are experiencing rapid growth, with the global AI chip market expected to reach approximately $92 billion by 2025, growing at a CAGR of 27.7% [22]. - The complexity of AI chip designs and advanced manufacturing processes increases testing challenges, necessitating more efficient testing systems [29]. 3. Domestic Semiconductor Testing Equipment Market - The domestic market for semiconductor testing equipment is primarily dominated by foreign companies, with a significant opportunity for domestic manufacturers to increase their market share [40]. - Current projections indicate that the domestic localization rate for storage testing machines will only be 8% by 2025, and for SOC testing machines, it will be 9% by 2027 [44]. 4. Investment Recommendations - The report suggests focusing on domestic companies such as Changchuan Technology, Huafeng Measurement and Control, Jinhaitong, Jingzhida, and Helin Micro-Nano, which are expected to benefit from the growing demand for semiconductor testing equipment [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The release of the restricted stock incentive plan aims to bind core talent and reflects confidence in performance growth. The revenue from simulation testing machines is steadily increasing, and the company is awaiting positive developments regarding SoC testing machines [3][4] - The company is expected to benefit from the recovery of the semiconductor industry, with strong demand from AI, new energy vehicles, consumer electronics, and the Internet of Things, leading to a robust business development momentum [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 691 million - 2024: 905 million (31.05% YoY growth) - 2025E: 1,167 million (28.96% YoY growth) - 2026E: 1,483 million (27.04% YoY growth) - 2027E: 1,855 million (25.04% YoY growth) [6] - Net profit forecasts are as follows: - 2023: 252 million - 2024: 334 million (32.69% YoY growth) - 2025E: 430 million (28.74% YoY growth) - 2026E: 564 million (31.11% YoY growth) - 2027E: 721 million (27.84% YoY growth) [8] - The company’s R&D investment for 2024 is projected to be 1.72 billion, accounting for 19.04% of revenue, with a continued increase in R&D spending expected in 2025 [7] Valuation Metrics - The projected P/E ratios for the company are: - 2025E: 42.18 - 2026E: 32.17 - 2027E: 25.17 [8] - The company’s return on equity (ROE) is expected to improve from 9.35% in 2024 to 15.17% in 2027 [8]

Summary of Key Points Core Viewpoint - Beijing Huafeng Measurement and Control Technology Co., Ltd. has implemented a restricted stock incentive plan, distributing a total of 88.80 million shares among various incentive recipients, with a significant portion allocated to core technical personnel and other key individuals [1]. Distribution of Restricted Stock - The total number of restricted stocks granted is 88.80 million shares, which represents 100% of the incentive plan [1]. - Core technical personnel received a total of 2.50 million shares, accounting for 2.82% of the total granted shares [1]. - Other incentive recipients, identified as 163 individuals deemed necessary for motivation by the board, received 69.92 million shares, which is 78.74% of the total [1]. - The reserved portion of the incentive plan consists of 16.38 million shares, representing 18.45% of the total [1]. Legal and Compliance Aspects - The board's remuneration and assessment committee, along with legal advisors, provided clear opinions and legal documentation regarding the incentive plan, ensuring compliance with disclosure requirements [2].

Group 1 - The third meeting of the supervisory board of Beijing Huafeng Measurement and Control Technology Co., Ltd. was held on July 17, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] - The supervisory board approved the proposal for the initial grant of restricted stock to incentive objects, with a unanimous vote of 3 in favor and no opposition or abstentions [1] - The initial grant date for the restricted stock is set for July 17, 2025, in accordance with the company's 2025 restricted stock incentive plan [1]

（2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （5）法律法规规定不得参与上市公司股权激励的； 监事会关于公司 2025 年限制性股票激励计划 首次授予部分激励对象名单的核查意见（截止授予日） 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、准确性和完整性承担法律责任。 北京华峰测控技术股份有限公司（以下简称"公司"）监事会依据《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》（以下简称"《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》等相关法律、法规及规范性文件和 《北京华峰测控技术股份有限公司章程》的有关规定，对公司 2025 年限制性股 票激励计划（以下简称"本次激励计划"）激励对象名单 ...

北京华峰测控技术股份有限公司 3.预留部分的激励对象由本激励计划经股东大会审议通过后 12 个月内确定，经董事会提出、监事会/ 董事会薪酬与考核委员会发表明确意见、律师发表专业意见并出具法律意见书后，公司在指定网站按要求 及时准确披露激励对象相关信息。 2025 年限制性股票激励计划首次授予部分激励对象名单 （截止授予日） 4.上表中部分合计数与各明细数直接相加之和在尾数上如有差异，是由于四舍五入所造成。 一、限制性股票激励计划分配情况表 北京华峰测控技术股份有限公司董事会 本次激励计划授予的限制性股票在各激励对象间的分配情况如下表所示： | 姓名 | 国籍 | 职务 | 获授限制性 | 占授予限 | 占本激励计 | | --- | --- | --- | --- | --- | --- | | | | | 股票数量 | 制性股票 | 划公告日股 | | | | | (万股) | 总数比例 | 本总额比例 | | 一、核心技术人员 | | | 2.50 | 2.82% | 0.02% | | 袁琰 | 中国 | 核心技术人员 | 1.00 | 1.13% | 0.008% | | 郝瑞庭 | 中国 | 核心技 ...