Core Viewpoint - Beijing Huafeng Measurement and Control Technology Co., Ltd. plans to issue convertible bonds to raise funds not exceeding 749.4751 million yuan for the development of self-researched ASIC chip testing systems and the construction of a high-end SoC testing system manufacturing center [2][4]. Group 1: Investment Projects - The funds will be used for two main projects: the "Research and Innovation Project based on Self-Developed ASIC Chip Testing Systems" and the "High-End SoC Testing System Manufacturing Center Construction Project" [2][4]. - The total amount raised has been adjusted from 1 billion yuan to approximately 749.4751 million yuan, with the high-end SoC testing system manufacturing center project no longer included in the fundraising [4][29]. Group 2: Project Necessity and Feasibility - The "Research and Innovation Project" aims to develop core technology for self-controlled ASIC chips and create high-end SoC testing systems, which are essential for the company's strategic extension into the upstream of the semiconductor testing system industry chain [5][8]. - The project is necessary due to the increasing demand for high-end SoC testing systems in the semiconductor market, driven by advancements in AI, cloud computing, big data, and IoT [10][12]. - The domestic semiconductor market is projected to grow significantly, with estimates suggesting a market size exceeding 40 billion USD for SoC testing systems, indicating a strong demand for the company's products [12][14]. Group 3: Market Context and Competitive Landscape - The global semiconductor industry has maintained growth, with high-end SoC testing systems experiencing a surge in demand due to their complex architectures and high integration levels [10][12]. - The company faces competition from international giants like Advantest and Teradyne, which have established products in the SoC testing system market [12][14]. - The domestic market for SoC testing systems is estimated to be around 5.6 to 8.4 billion yuan, highlighting the potential for the company's new products to capture market share [12][14]. Group 4: R&D and Talent Development - The company has a robust R&D framework, having accumulated 210 patents, including 46 invention patents, which supports its ongoing innovation efforts [23][24]. - The R&D model for the "Research and Innovation Project" involves a modular approach, allowing for parallel development of various sub-projects, enhancing efficiency and adaptability [19][20]. - The company plans to recruit additional chip R&D engineers to ensure sufficient expertise for the project's implementation [23][28].

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 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： ? 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 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 7 月 30 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《过户登记确认书》，完成了公司 2024 年限制性股票激励计划（以 下简称"本次激励计划"）首次授予部分第一个归属期归属的股份登记工作。现 将有关情况公告如下： 一、本次限制性股票激励计划的决策程序及信息披露 （一）2024 年 6 月 20 日，公司召开第三届董事会第四次会议、第三届监事 会第四次会议，会议审议通过了《关于公司<2024 年限制性 ...

证券日报网讯 7月30日晚间，华峰测控发布公告称，公司于2025年7月30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《过户登记确认书》，完成了公司2024年限制性股票激励计划首次授予部分 第一个归属期归属的股份登记工作。公司归属股票来源：公司自二级市场回购的公司A股普通股股票； 限制性股票拟归属数量：59，700股。 （文章来源：证券日报） ...

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 保荐机构（主承销商） 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 二〇二五年七月 北京华峰测控技术股份有限公司 审核问询函的回复 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"）要求，中国国际金融股份有限公司（以下简称"保荐机构"或"保荐人"）会 同北京华峰测控技术股份有限公司（以下简称"公司"、"华峰测控"或"发行人"） 及大信会计师事务所（特殊普通合伙）（以下简称"会计师"或"申报会计师"）、北 京德和衡律师事务所（以下简称"律师"或"发行人律师"）等中介机构，按照贵所的 要求对审核问询函中提出的问题进行了认真研究，现逐条进行说明，请予审核。 说明： 一、如无特别说明，本回复意见中的简称或名词释义与募集说明书中的相同。 二、本回复意见中若出现总计数尾数与所列数值总和尾数不符的情况，均为四舍五 入所致。 7-1-1 | 1.关于本次募投项目 3 | | ...

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]