Core Viewpoint - Qipai Technology has faced continuous losses and negative gross margins over the past two years, primarily due to industry downturns, pricing pressures, and increased fixed asset investments, but is showing signs of improvement in 2024 as the industry recovers [1][2]. Financial Performance - Gross margins from 2022 to the first half of 2025 were 0.99%, -17.43%, -5.94%, and -5.60%, with net profits of -58.56 million, -130.97 million, -102.11 million, and -58.67 million respectively [2]. - The main reasons for losses include product pricing being lower than costs, with significant price declines in key products like SOT, SOP, and QFN/DFN, which dropped by 12.17%, 15.08%, and 11.66% in 2023 [2]. - Fixed costs remain high, with manufacturing expenses consistently accounting for 48%-52% of main business costs, and depreciation reaching 121 million in 2023, a 14.3% increase year-on-year [2][3]. Capacity Utilization and Cost Pressure - Capacity utilization rates were 72.67% in 2022 and 68.13% in 2023, expected to improve to 80.57% in 2024 and 86.30% in the first half of 2025 [3]. - The company has invested 865 million in construction projects from 2022 to 2024, increasing fixed assets from 1.579 billion to 2.173 billion, leading to an average annual depreciation increase of over 15% [3]. Industry Comparison - Qipai Technology's performance trends align with the semiconductor packaging and testing industry, which has faced similar gross margin pressures [4]. - The company’s QFN/DFN products are the only ones with positive gross margins, contributing 32.06% of revenue in 2024 with a gross margin of 8.98% [4]. - Compared to industry peers, Qipai's gross margin of -5.45% in 2024 is significantly lower than the industry average of 13.43%, primarily due to its lower advanced packaging ratio [4]. Debt and Liquidity - As of June 2025, the company reported a current ratio of 0.41, a quick ratio of 0.29, and a debt-to-asset ratio of 66.87%, all below industry averages [5]. - The company has a total of 550 million in interest-bearing liabilities, with short-term borrowings of 121 million and long-term borrowings of 290 million [5]. - Qipai has a bank credit line of 924 million, with 314 million remaining available, and reported positive operating cash flow of 14.11 million in the first half of 2025 [5]. Future Outlook - The global packaging and testing market is expected to grow at a compound annual growth rate of 5.9% from 2024 to 2029, with advanced packaging being a key driver [6][7]. - Qipai anticipates improved gross margins and operational performance in 2025 due to increased capacity utilization and product structure optimization [6][7].

Core Viewpoint - The company, Qipai Technology (688216.SH), is facing regulatory inquiries during its refinancing review on the Sci-Tech Innovation Board due to ongoing losses and negative gross margins [1] Financial Performance - The company has reported losses for the last three years and the first half of 2025, with a net profit loss of 131 million yuan in 2023, narrowing to 102 million yuan in 2024, and a loss of 58.67 million yuan in the first half of 2025 [1] - The gross margin has been negative, with a comprehensive gross margin of -12.97% in 2023, improving slightly to -1.84% in 2024, and remaining at -2.17% in the first half of 2025 [1] Factors Affecting Profitability - The company's profitability is under pressure due to three main factors: 1. Significant price declines of key products (such as SOT and SOP) during the industry downturn in 2023 [1] 2. High fixed asset depreciation from IPO fundraising projects, coupled with a capacity utilization rate below 70% from 2022 to 2023, leading to elevated unit costs [1] 3. Increased financial expenses due to expanded financing, with total expenses of 114 million yuan in 2023 and 124 million yuan in 2024 [1] Industry Comparison - Although the company’s capacity utilization trends are similar to its peers, it faces greater fixed cost pressures due to being in an expansion phase, resulting in a main business gross margin of -5.94% in 2024, significantly lower than the industry average of 13.43% [1] Debt Situation - As of June 2025, the company's asset-liability ratio remains high at 66.87% [1]

Core Points - Company received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific stock issuance on October 30, 2025 [1] - The company has conducted thorough research and analysis in response to the inquiry letter and has disclosed the findings publicly [1] - The stock issuance is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission, with uncertain timelines for these approvals [2] Group 1 - Company assures that the announcement content is free from false records, misleading statements, or significant omissions, and takes legal responsibility for its accuracy [1] - The company will fulfill its information disclosure obligations based on the progress of the application [2] - The announcement was made on November 20, 2025 [4]

气派科技股份有限公司 China Chippacking Technology Co.,Ltd. （深圳市龙岗区平湖街道辅城坳社区平龙西路 250 号 1#厂房 301-2） 向特定对象发行股票 募集说明书 （修订稿） 保荐机构（主承销商） （贵州省贵阳市云岩区中华北路 216 号） 二〇二五年十一月 股票简称：气派科技 股票代码：688216 气派科技股份有限公司向特定对象发行 A 股股票 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担连带赔偿责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断 或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发 ...

北京市天元律师事务所 关于气派科技股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见（一） 北京市天元律师事务所 北京市西城区金融大街 35 号国际企业大厦 A 座 509 单元 邮编：100033 北京市天元律师事务所 关于气派科技股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见（一） 京天股字（2025）第 611-4 号 致：气派科技股份有限公司 根据北京市天元律师事务所（以下简称本所）与气派科技股份有限公司（以 下简称公司、上市公司或发行人）签订的《专项法律顾问委托协议》，本所担任 公司2025年度向特定对象发行A股股票（以下简称本次发行）事宜的专项中国法 律顾问，为发行人本次发行出具法律意见。 本所律师依据《中华人民共和国证券法》《中华人民共和国公司法》《律师 事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则（试行）》 等有关法律、法规和中国证券监督管理委员会的有关规定，为公司本次发行出具 了"京天股字（2025）第611号"《北京市天元律师事务所关于气派科技股份有 限公司2025年度向特定对象发行A股股票的法律意见》（以下简称《法律意见》） ...

关于气派科技股份有限公司 向 特 定 对 象 发 行 股 票 申 请 文 件 的 审 核 问 询 函 回复 天 职 业 字 [2025]34962-3 号 目 录 关于气派科技股份有限公司向特定对象发行股票申请文件 的审核问询函回复— -1 关于气派科技股份有限公司 向特定对象发行股票申请文件的审核问询函回复 天职业字[2025]34962-3 号 上海证券交易所: 天职国际会计师事务所(特殊普通合伙)(以下简称"我们"或"申报会计 师")接受气派科技股份有限公司(以下简称"气派科技"、"发行人"或"公 司")委托,担任其2025年度向特定对象发行股票的申报会计师。针对交易所 2025 年 10 月 30 日发出的问询函,我们执行核查程序并回复如下: 问题 2 根据申报材料: （1）报告期内公司营业收入分别为 54,037.82 万元、 55, 429. 63 万元、66, 656. 25 万元、32, 590. 65 万元; 主营业务毛利率分别 0. 99%、 -17.43%、-5.94%、-5.60%,归母净利润分别为-5,856.03万元、-13,096.69万 元、-10,211.37万元、-5,86 ...

之 上市保荐书 气派科技股份有限公司 向特定对象发行 A 股股票 华创证券有限责任公司 关于 作为气派科技股份有限公司（以下简称"气派科技"、"发行人"或"公司"） 向特定对象发行 A 股股票的保荐机构，华创证券有限责任公司（以下简称"保 荐机构"、"保荐人"或"华创证券"）及其保荐代表人已根据《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》）《上市公司证券发行注册管理办法》（以下简称《注册管理办法》）《证 券发行上市保荐业务管理办法》和《上海证券交易所股票上市规则》等法律法规 和中国证券监督管理委员会（以下简称"中国证监会"）及上海证券交易所的有 关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业自律规范出 具上市保荐书，并保证所出具文件真实、准确、完整。 如无特别说明，本上市保荐书中相关用语具有与《气派科技股份有限公司向 特定对象发行 A 股股票募集说明书》中相同的含义。 住所：贵州省贵阳市云岩区中华北路 216 号华创大厦 二〇二五年十一月 保荐机构（主承销商） 气派科技股份有限公司向特定对象发行 A 股股票 上市保荐书 声 明 3-2-1 | 声 ...

股票简称：气派科技 股票代码：688216 申请向特定对象发行股票 的审核问询函的回复 关于气派科技股份有限公司 保荐机构（主承销商） （贵州省贵阳市云岩区中华北路 216 号） 二〇二五年十一月 气派科技股份有限公司与华创证券有限责任公司 | 问题 | 1 | 4 | | --- | --- | --- | | 问题 | 2 | 15 | | 问题 | 3 | 50 | 1 上海证券交易所： 根据贵所于 2025 年 10 月 30 日出具的《关于气派科技股份有限公司向特定 对象发行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕147 号）， 气派科技股份有限公司（以下简称"气派科技"、"公司"或"发行人"）与保 荐机构华创证券有限责任公司（以下简称"保荐机构"）、北京市天元律师事务 所（以下简称"发行人律师"）、天职国际会计师事务所（特殊普通合伙）（以 下简称"会计师"）对问询函所涉及的问题认真进行了逐项核查和落实，同时按 照问询函的要求对《气派科技股份有限公司向特定对象发行股票募集说明书》（以 下简称"募集说明书"）等申报文件进行了修订和补充，现回复如下，请予审核。 如无特别说明，本回复报告 ...

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。 证券代码：688216 证券简称：气派科技 公告编号：2025-052 气派科技股份有限公司 关于向特定对象发行股票申请文件 的审核问询函回复的提示性公告 2025 年 11 月 20 日 1 气派科技股份有限公司（以下简称公司）于 2025 年 10 月 30 日收到上海证 券交易所（以下简称上交所）出具的《关于气派科技股份有限公司向特定对象发 行股票申请文件的审核问询函》（上证科审（再融资）〔2025〕147 号）（以下 简称审核问询函）。 公司会同相关中介机构对审核问询函所列问题进行了认真研究和逐项落实， 并按审核问询函的要求对有关问题进行了说明和讨论分析，现根据要求对审核问 询函回复进行公开披露，具体内容详见公司同日在上交所网站披露的《关于气派 科技股份有限公司申请向特定对象发行股票的审核问询函的回复》等文件。 公司本次向特定对象发行股票事宜尚需上交所审核通过、中国证券监督管理 委员会同意注册后方可实施，最终能否通过上交所审核并获得中国证券监督管理 委员会同意注册的决 ...

Core Viewpoint - The company announced that it received an inquiry letter from the Shanghai Stock Exchange regarding its application for a specific stock issuance on October 30, 2025 [1] Group 1 - The company, along with relevant intermediaries, is studying and addressing the issues raised in the inquiry letter [1] - The stock issuance is subject to approval from the Shanghai Stock Exchange and registration consent from the China Securities Regulatory Commission, indicating uncertainty in the final outcome and timeline [1] - The company will disclose any progress in a timely manner [1]