海通证券股份有限公司 关于翱捷科技股份有限公司 首次公开发行部分限售股上市流通的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为翱捷 科技股份有限公司（以下简称"翱捷科技"或"公司"）首次公开发行股票并在 科创板上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上海 证券交易所科创板股票上市规则》《上海证券交易所上市公司自律监管指引第11 号——持续督导》《上海证券交易所科创板上市公司自律监管指引第1号——规范 运作》等有关规定，对翱捷科技首次公开发行部分限售股上市流通的事项进行了 核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2021 年 12 月 14 日出具的《关于同意翱捷科技股份有限公司首次公开发行股票注册的批复》 （证监许可〔2021〕3936 号），同意公司首次公开发行股票的注册申请。公司首 次向社会公众公开发行人民币普通股（A 股）股票 41,830,089 股，并于 2022 年 1 月 14 日在上海证券交易所科创板上市，发行完成后总股本为 418,300,889 股， 其中限售条件流通股 384 ...

Group 1 - The core point of the article highlights that Aojie Technology's stock opened lower on its first trading day, reaching a peak price of 130.11 yuan, but is currently in a state of decline [1] - Aojie Technology's stock closed at 55.99 yuan today, reflecting a decline of 3.93%, with a total market capitalization of 23.421 billion yuan [2] - The company raised a total of 6.883 billion yuan through its initial public offering (IPO), with a net amount of 6.546 billion yuan after deducting issuance costs, which is 4.166 billion yuan more than the original plan [3] Group 2 - The total issuance costs for Aojie Technology's IPO amounted to 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [4] - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, issuing 41.83089 million shares at a price of 164.54 yuan per share [5]

Investment Rating - The report maintains a "Buy" rating for the company, citing its competitive strength in cellular baseband chips and the growth potential of new product categories such as smartphone chips and 5G RedCap [3][5] Core Views - The company's revenue in the first three quarters of 2024 reached RMB 2,540 million, a year-on-year increase of 37.72%, with a gross margin of 23.46% [1] - In Q3 2024, the company achieved revenue of RMB 884 million, a year-on-year increase of 12.34%, but the gross margin declined to 21.94% due to lower revenue from high-margin custom services and IP licensing [1][2] - The company's R&D expenses in Q3 2024 increased by 19.86% year-on-year to RMB 310 million, driven by higher share-based compensation and tape-out project costs [2] - The company's LTE Cat 4 automotive front-end solutions saw significant growth in H1 2024, with single-product sales reaching the million level, and the WiFi+BLE Combo chip shipments steadily increased among major white goods manufacturers [2] - The company's first smartphone chip, ASR8601, has been successfully shipped and is used in at least 5 smartphone models, with total shipments expected to exceed one million by the end of the year [3] - The company plans to launch its second-generation 8-core 4G smartphone chip and 5G RedCap smart terminal chip next year, contributing to new revenue growth [3] Financial Performance - The company's revenue for 2024E, 2025E, and 2026E is forecasted to be RMB 3,453 million, RMB 4,517 million, and RMB 5,823 million, respectively, with a PS valuation of 4.9X, 3.8X, and 2.9X [3] - The company's net profit for 2024E, 2025E, and 2026E is expected to be RMB -519 million, RMB -347 million, and RMB 34 million, respectively [4] - The company's gross margin is projected to improve from 24.1% in 2024E to 31.2% in 2026E [9] Market and Product Development - The company's AIoT business is benefiting from a recovery in demand and product category expansion, with strong performance in the global children's smartwatch market and active engagement in the adult smartwatch market across Europe, Latin America, and Southeast Asia [2] - The company's 4-core products are steadily shipping, and the 8-core products are progressing well, with the RedCap commercialization expected to contribute to new revenue growth [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.54 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 37.72%. The net loss attributable to the parent company was 412 million yuan, showing a slight reduction in losses compared to the previous year. The non-recurring net profit attributable to the parent company was -476 million yuan, a decrease in losses by 59 million yuan year-on-year [2][3]. - The revenue for Q3 2024 was 884 million yuan, reflecting a year-on-year increase of 12.34% and a quarter-on-quarter increase of 7.20%. However, the gross margin for Q3 2024 was 21.94%, down by 2.78 percentage points year-on-year and 2.81 percentage points quarter-on-quarter, which exerted pressure on the company's performance [3][4]. - The company has been increasing its R&D investment, with R&D expenses in Q3 2024 amounting to 310 million yuan, up 19.86% year-on-year and 11.16% quarter-on-quarter. The company is making progress in various new product developments, including the launch of its first 5G RedCap chip in the IoT sector and a smartphone chip [4][5]. - The company is experiencing rapid growth in the automotive and non-cellular IoT sectors, with significant increases in product shipments. The expected revenue for the company from 2024 to 2026 is projected to reach 3.46 billion, 4.41 billion, and 6.02 billion yuan, respectively, with corresponding price-to-sales ratios of 5X, 4X, and 3X [5][10].

上海信公轶禾企业管理咨询有限公司 关于 翱捷科技股份有限公司 2023 年限制性股票激励计划 预留授予相关事项 之 独立财务顾问报告 独立财务顾问： 二〇二四年十月 上海信公轶禾企业管理咨询有限公司 独立财务顾问报告 | | | | 第一章 | 声 明 3 | | | --- | --- | --- | | 第二章 | 释 义 5 | | | 第三章 | 基本假设 6 | | | 第四章 | 本激励计划履行的审批程序 7 | | | 第五章 | 本次限制性股票的预留授予情况 9 | | | | 一、限制性股票预留授予的具体情况 | 9 | | | 二、本次实施的股权激励计划与股东大会审议通过的股权激励计划存在差异的说明.. | 10 | | 第六章 | 本次限制性股票授予条件说明 12 | | | | 一、限制性股票授予条件 | 12 | | | 二、董事会对授予条件成就的情况说明 | 12 | | 第七章 | 独立财务顾问的核查意见 14 | | 2 上海信公轶禾企业管理咨询有限公司接受委托，担任翱捷科技股份有限公 司（以下简称"翱捷科技""上市公司"或"公司"）2023 年限制性股票激励 计划（以下简称" ...

证券代码：688220 证券简称：翱捷科技 公告编号：2024-040 翱捷科技股份有限公司 第二届监事会第九次会议决议公告 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、监事会会议召开情况 翱捷科技股份有限公司（以下简称"公司"）第二届监事会第九次会议于 2024 年 10 月 29 日在公司会议室以现场结合通讯表决方式召开。会议通知于 2024 年 10 月 21 日提前以电话、电子邮件方式送达全体监事。本次会议应出席监事 3 名， 实际出席监事 3 名。本次会议由赵忠方先生召集并主持。本次会议的召开符合 《中华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《翱 捷科技股份有限公司章程》的有关规定，作出的决议合法、有效。 二、监事会会议审议情况 全体监事以投票表决方式通过了以下决议： （一）审议通过《关于向 2023 年限制性股票激励计划激励对象授予预留部 分限制性股票的议案》 经审核，监事会认为： （3）公司监事会对本次激励计划的授予日进行核查，认为本次激励计划的 授予日确定为 2024 年 1 ...

Revenue and Sales Performance - Revenue for the third quarter was RMB 884.45 million, a year-on-year increase of 12.34%[2] - Year-to-date revenue reached RMB 2.54 billion, up 37.72% compared to the same period last year[2] - The increase in revenue was mainly due to a significant growth in chip product sales compared to the same period last year[7] - Total revenue for the first three quarters of 2024 reached RMB 2,539,638,300.17, a significant increase from RMB 1,844,093,836.04 in the same period of 2023[16] - Revenue from sales of goods and services for the first nine months of 2024 was RMB 2,353,973,375.63, up from RMB 1,795,890,155.08 in the same period last year[19] R&D Investment and Expenses - R&D investment for the third quarter was RMB 309.57 million, accounting for 35.00% of revenue, an increase of 2.19 percentage points year-on-year[3] - R&D expenses increased by 19.86% year-on-year, driven by higher share-based payment expenses and increased tape-out projects[7] - R&D expenses for the first three quarters of 2024 were RMB 904,537,998.06, up from RMB 851,426,456.92 in 2023[16] Financial Performance and Losses - Net loss attributable to shareholders for the third quarter was RMB -147.76 million[2] - Net loss for the third quarter of 2024 was RMB -412,467,732.35, compared to RMB -426,324,865.71 in the same period last year[17] - Basic and diluted earnings per share for the third quarter of 2024 were both RMB -1.01, compared to RMB -1.03 in the same period last year[18] - Total comprehensive loss for the third quarter of 2024 was RMB -424,773,760.41, compared to RMB -398,196,141.06 in the same period last year[18] Assets and Liabilities - Total assets at the end of the reporting period were RMB 6.77 billion, a decrease of 7.23% compared to the end of the previous year[3] - Total assets as of Q3 2024 were RMB 6,770,673,299.74, down from RMB 7,298,551,612.16 in the previous period[13] - Total liabilities as of Q3 2024 were RMB 895,822,101.21, a decrease from RMB 942,997,697.41 in the previous period[14] - Shareholders' equity as of Q3 2024 was RMB 5,874,851,198.53, down from RMB 6,355,553,914.75 in the previous period[15] - Long-term equity investments increased to RMB 199,763,340.15 in Q3 2024 from RMB 100,938,571.29 in the previous period[13] Cash Flow and Operating Activities - Operating cash flow for the year-to-date period improved by RMB 265 million compared to the same period last year, primarily due to increased sales and cash receipts[7] - Operating cash flow for the first nine months of 2024 was RMB -366,040,755.60, an improvement from RMB -630,774,753.19 in the same period last year[20] - Total cash inflows from operating activities for the first nine months of 2024 were RMB 2,556,646,213.57, compared to RMB 1,926,607,282.43 in the same period last year[20] - Cash outflows for purchasing goods and services in the first nine months of 2024 were RMB 2,166,060,795.64, up from RMB 1,807,714,834.46 in the same period last year[20] - Cash received from tax refunds in the first nine months of 2024 was RMB 145,603,524.23, up from RMB 74,318,902.24 in the same period last year[20] - Net cash flow from investment activities was RMB 145.86 million, compared to RMB 1.39 billion in the previous period[21] - Net cash flow from financing activities was negative RMB 95.94 million, compared to negative RMB 617.13 million in the previous period[21] - Cash inflow from financing activities was RMB 197.39 million, primarily from borrowing[21] - Cash outflow from financing activities was RMB 293.34 million, including debt repayment of RMB 97.39 million and other financing-related payments of RMB 192.83 million[21] - The net increase in cash and cash equivalents was negative RMB 330.96 million, compared to a positive RMB 148.61 million in the previous period[21] - The ending balance of cash and cash equivalents was RMB 2.22 billion, slightly lower than the previous period's RMB 2.22 billion[21] Shareholder Information - Alibaba (China) Network Technology Co., Ltd. holds 64,557,440 shares, representing 15.43% of the total shares[9] - Ningbo Jiexinruiwei Enterprise Management Partnership holds 38,013,676 shares, representing 9.09% of the total shares[9] - Dai Baojia holds 35,242,880 shares, representing 8.43% of the total shares[9] - Shanghai Pudong New Star Nustar Venture Capital Co., Ltd. holds 22,152,640 shares, representing 5.30% of the total shares[9] - Shenzhen Qianhai Wanrong Hongtu Investment Fund holds 19,848,266 shares, representing 4.74% of the total shares[9] - China Merchants Bank Co., Ltd. - Huaxia SSE STAR 50 ETF holds 16,193,321 shares, representing 3.87% of the total shares[9] - GreatASR1 Limited holds 11,746,884 shares, representing 2.81% of the total shares[9] - Industrial and Commercial Bank of China - E Fund SSE STAR 50 ETF holds 9,906,026 shares, representing 2.37% of the total shares[10] - Shanghai Pudong Emerging Industry Investment Co., Ltd. holds 9,076,160 shares, representing 2.17% of the total shares[10] - Fujian Anxin Investment Management Co., Ltd. - Fujian Anxin Industrial Investment Fund holds 7,863,557 shares, representing 1.88% of the total shares[10] Government Subsidies and Other Income - Government subsidies received during the quarter amounted to RMB 15.22 million[4] Inventory and Accounts Receivable - Accounts receivable increased to RMB 440,759,928.54 in Q3 2024 from RMB 267,651,251.42 in the previous period[13] - Inventory decreased to RMB 1,290,583,529.96 in Q3 2024 from RMB 1,480,134,100.59 in the previous period[13] - Contract liabilities decreased to RMB 112,727,035.60 in Q3 2024 from RMB 219,507,460.18 in the previous period[14] Investment Activities - Cash inflows from investment activities in the first nine months of 2024 were RMB 9,304,987,975.19, down from RMB 14,278,089,224.53 in the same period last year[20] - Cash outflows for investment activities in the first nine months of 2024 were RMB 9,159,125,176.65, down from RMB 12,891,875,463.69 in the same period last year[20]

翱捷科技股份有限公司监事会 关于 2023 年限制性股票激励计划预留授予 激励对象名单的核查意见(截至授予日) 翱捷科技股份有限公司（以下简称"公司"或"翱捷科技"）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《翱捷科技股份有限公司章程》（以下 简称"《公司章程》"）的有关规定,对公司 2023 年限制性股票激励计划预留 授予激励对象名单（截至授予日）进行了核查,发表核查意见如下: 1、公司 2023 年限制性股票激励计划所确定的激励对象具备《公司法》《证 券法》《上市规则》等法律、法规和规范性文件及《公司章程》规定的任职资格, 且不存在《管理办法》规定的不得成为激励对象的下列情形: (1) 最近 12 个月内被证券交易所认定为不适当人选; (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) ...

翱捷科技股份有限公司 第二届董事会第十一次会议决议公告 证券代码：688220 证券简称：翱捷科技 公告编号：2024-042 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、董事会会议召开情况 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本次授予在公司 2023 年第一次临时股东大会对董事会的授权范围内，无需 提交公司股东大会审议。 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn）的《关 于向 2023 年限制性股票激励计划激励对象授予预留部分限制性股票的公告》（公 告编号：2024-041）。 （二）审议通过了《2024 年第三季度报告》 董事会认为，公司《2024 年第三季度报告》的编制和审核程序符合法律、行 政法规及中国证监会的规定，报告真实、准确、完整地反映了公司的实际情况。 同意公司对外披露。 翱捷科技股份有限公司（以下简称"公司"）第二届董事会第十一次会议于 2024 年 10 月 29 日在公司会议室以现场结合通讯表决方式召开。会议通知已事 先于 2024 年 10 ...

上海市锦天城律师事务所关于 翱捷科技股份有限公司 2023 年限制性股票激励计划预留授予事项 之 法律意见书 地址:上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话:021-20511000 传真:021-20511999 邮编： 200120 | | | | | 本次授予的批准与授权 . | | --- | --- | | | 本次授予的相关情况 . | | | (一） 本次授予的授予日 | | | (二) 本次授予的激励对象、授予数量及授予价格 | | | (三) 本次授予的授予条件 | | lí í | 结论意见 8 | 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所关于 翱捷科技股份有限公司 2023 年限制性股票激励计划预留授予事项之 法律意见书 致:翱捷科技股份有限公司 锦 天 城 律 师事 务 所 ALLBRIGHT LAW OFFICES 为出具本法律意见书,本所声明如下: 1. 本所及本法律意见书的签字律师已依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意 见书出具日以前已经发生或者存在的事实,严格履行法 ...