国泰海通证券股份有限公司 关于锦州神工半导体股份有限公司向特定对象发行股票 持续督导保荐总结报告书 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 锦州神工半导体股份有限公司（以下简称"神工股份"或"公司"）向特定对象 发行股票并在科创板上市的保荐机构，根据《中华人民共和国公司法》《中华人 民共和国证券法》《证券发行上市保荐业务管理办法》《上市公司募集资金监管 规则》以及《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》等相关法律、法规和规范性文件的规定和要求，对神工股份以简易程序向特 定对象发行股票的事项进行尽职推荐和持续督导，持续督导期至 2025 年 12 月 31 日。截至目前，持续督导期限已满，本保荐机构根据《证券发行上市保荐业务 管理办法》的有关规定对神工股份出具保荐总结报告书，具体情况如下： 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，本保荐机构及保荐代表人对其真实性、准确性、完整性承担 法律责任。 2、本保荐机构及本人自愿接受中国证监会对保荐总结报告书相关事项进行 的任何质询和调查。 ...

国泰海通证券股份有限公司 关于锦州神工半导体股份有限公司 2025 年度持续督导定期现场检查报告 国泰海通证券股份有限公司（以下简称"保荐机构"）作为正在履行锦州神 工半导体股份有限公司（以下简称"神工股份"或"公司"）持续督导工作的保 荐机构，根据《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》等有关法律、法规的规定，对公司 2025 年度（以下简称"本持续督导期间"）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： 一、本次现场检查的基本情况 （一）保荐机构 国泰海通证券股份有限公司 杨杭 （五）现场检查内容 公司治理和内部控制、信息披露、独立性、与大股东及其他关联方的资金往 来情况、募集资金使用情况、关联交易、对外担保、重大对外投资、公司经营状 况及承诺履行情况等。 1 （二）保荐代表人 姚巍巍、杨杭 2026 年 3 月 18 日 （四）现场检查人员 （三）现场检查时间 （六）现场检查手段 1、查看公司主要生产经营场所； 2、与公司董事、高级管理人员及相关人员进行访谈； 3、查阅公司本持续督导期间召开的历次三会文件； 4、查阅公司募 ...

一、持续督导工作情况 1 国泰海通证券股份有限公司 关于锦州神工半导体股份有限公司 2025 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》（以下简称"《保荐办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）、《上 海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关法律、法规 及规范性文件的规定与要求，国泰海通证券股份有限公司（以下简称"保荐机构"） 作为锦州神工半导体股份有限公司（以下简称"神工股份"和"公司"）持续督 导工作的保荐机构，负责神工股份向特定对象发行股票后的持续督导工作，并出 具本持续督导年度跟踪报告。本持续督导年度跟踪报告释义与公司 2025 年年度 报告一致。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 对具体的持续督导工作制定相应的工作计划 | 保荐机构已建立健全并有效执 | | | 建立健全并有效执行持续督导工作制度，并针 | 行了持续督导制度，并制定了 | | | | 相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 始前，与上市公司或相关当事人签署持续 ...

证券代码：688233 证券简称：神工股份 公告编号：2026-017 锦州神工半导体股份有限公司 关于召开 2025 年度业绩说明会的公告 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： 会议召开时间：2026 年 4 月 2 日(星期四) 上午 11:00-12:00 会议召开地点：上海证券交易所上证路演中心（网址： 本次投资者说明会以网络互动形式召开，公司将针对 2025 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2026 年 4 月 2 日 上午 11:00-12:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 三、参加人员 https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2026 年 3 月 26 日(星期四) 至 4 月 1 日(星期三)16:00 前登 录上证路演中心网站首页点 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [6]. Core Insights - The company achieved a revenue of 438 million yuan in 2025, representing a year-on-year growth of 44.68%, and a net profit attributable to shareholders of 102 million yuan, up 147.96% year-on-year [1]. - The significant profit growth is driven by the storage industry cycle, with the company's silicon material capacity ranking among the top globally, benefiting from increased production and capital expenditure from advanced logic and storage manufacturers [1][2]. - The company's revenue structure is shifting towards silicon components, which have shown rapid growth over the past three years, with high gross margins exceeding 76% for large-diameter silicon materials [2]. - The demand for silicon components is closely linked to the operational rates of wafer fabs and etching intensity, with AI driving increased capital expenditure in computing centers, providing a stable demand foundation for upstream materials [3]. Financial Summary - The company forecasts revenues of 778 million yuan, 1.08 billion yuan, and 1.36 billion yuan for 2026, 2027, and 2028, respectively, with net profits projected at 230 million yuan, 408 million yuan, and 530 million yuan for the same years [5]. - The net profit margin is expected to rise to approximately 23% in 2025, significantly higher than 14% in 2024, reflecting improved operational efficiency and cost management [1]. - The company is positioned to benefit from the semiconductor industry's upward cycle and domestic substitution trends, maintaining a competitive edge in the high-barrier silicon sector [3].

Company and Industry Summary Company: 神工股份 (Shengong Co., Ltd.) Key Points Industry Overview - The silicon material utilization rate is expected to increase from over 30% in 2025 to 50% in 2026, with growing orders from Japan and South Korea. The company plans to reassess its annual targets in March-April 2026 [2][4] - The gross margin for large-sized silicon materials (over 16 inches) is between 76% and 80%, driven by the transition of storage to 10nm and logic to 2nm, leading to an increase in high-margin large-sized products [2][6] - The company is focusing on expanding capacity from a concentrated strategy in the second half of the year to a quarterly approach starting in 2026, aiming for silicon wafer business revenue to double to 200-300 million yuan [2][7] Product Development and Market Position - The company is strategically positioning itself in the silicon carbide (CVD method) and ceramic components market, targeting etching and high-temperature, high-pressure scenarios, with a low current domestic production rate [2][3] - The company has an integrated advantage in "materials + components," currently focusing on equipment suppliers, but plans to strengthen direct supply partnerships as domestic wafer manufacturers expand and replace overseas equipment [2][3] Financial Performance and Projections - The company expects its silicon material business to achieve a net profit level if full production and sales are realized, with gross margin improvements driven by product structure optimization [6][8] - The revenue from silicon components is expected to grow significantly, with a focus on maintaining high gross margins through product structure adjustments and economies of scale [8][10] Competitive Landscape - The company acknowledges competition from peers like 重庆臻宝 (Chongqing Zhenbao), which is advancing in the silicon market. However, the overall market for silicon components remains underdeveloped, with domestic suppliers collectively generating significantly lower revenue compared to a single Korean competitor [9][11] - The company emphasizes its unique position in the market due to its integrated production capabilities and experienced technical team, which is expected to drive future growth despite current competition [9][11] Future Outlook - The company is optimistic about the domestic storage market, with plans to expand direct supply to wafer manufacturers as production capacity increases [8][10] - The silicon component replacement cycle varies significantly, with silicon components being consumed faster than other materials, indicating a robust demand for replacements [12] - The company is also exploring new opportunities in hard and brittle materials, particularly ceramics, and has established an investment fund to identify promising projects in the sector [12][13] Pricing Trends - While there may be slight fluctuations in silicon material prices, the overall trend is expected to remain stable. However, potential increases in upstream costs could lead the company to consider price adjustments [14]

Core Insights - 福晶科技 is positioned as a global leader in optical crystals, leveraging its strong technical foundation from the Institute of Physics, Chinese Academy of Sciences, and maintaining a leading market share in LBO/BBO/Nd:YVO4 crystals [1][13] - The establishment of its subsidiary, 至期光子, in late 2022 aims to expand into advanced precision optical components, with projected revenue of 49.05 million yuan in H1 2025, reflecting a year-on-year growth of 73.66% [1][13] - The rapid growth of ultrafast lasers and solid-state lasers, along with advancements in optical communication and quantum computing, is expected to drive the expansion of the nonlinear optical crystal market [2][13] - 福晶科技 has a comprehensive manufacturing capability from magneto-optical crystals to Faraday rotators, which are essential for optical isolators used in fiber optic communication and precision optical measurement systems [3][13] - The report initiates coverage with a "Buy" rating, forecasting revenues of 1.16 billion, 1.49 billion, and 1.94 billion yuan for 2025-2027, with net profits projected at 260 million, 370 million, and 490 million yuan respectively [3][13] Company Overview - 福晶科技 is recognized for its one-stop supply capability in crystals, optics, and devices, maintaining a long-term leading market share in various crystal products [1][13] - The company’s Nd:YVO4 crystal technology is internationally recognized as a leading solution for solid-state lasers, with significant applications in optical communication systems [2][13] Market Dynamics - The optical communication landscape is undergoing significant changes, with domestic manufacturers making breakthroughs in the production of optical isolators, which are critical for enhancing the stability and output power of laser systems [3][13] - The report highlights the expected growth in the nonlinear optical crystal market driven by advancements in ultrafast and solid-state laser technologies, as well as the increasing demand from quantum computing applications [2][13] Financial Projections - 福晶科技's revenue forecasts for 2025-2027 are set at 1.16 billion, 1.49 billion, and 1.94 billion yuan, with net profit estimates of 260 million, 370 million, and 490 million yuan respectively, indicating a strong growth trajectory [3][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported significant revenue recovery in Q4 2025, with a notable increase in silicon component revenue, which has seen high growth for three consecutive years [2][8] - The company is expected to benefit from a rebound in global semiconductor demand and accelerated domestic substitution in the second half of 2025 [8] - The company has a leading technology in semiconductor etching silicon materials, capable of meeting the requirements for processes at 7nm and below [8] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2024: 303 million - 2025: 438 million - 2026E: 752 million - 2027E: 996 million - 2028E: 1,170 million - Year-on-year growth rates for total revenue are projected at: - 2024: 124.2% - 2025: 44.7% - 2026E: 71.6% - 2027E: 32.5% - 2028E: 17.4% [7] - Net profit attributable to the parent company is forecasted as follows: - 2024: 41 million - 2025: 102 million - 2026E: 222 million - 2027E: 316 million - 2028E: 399 million - Year-on-year growth rates for net profit are projected at: - 2025: 148.0% - 2026E: 117.6% - 2027E: 42.5% - 2028E: 26.2% [7][10] Revenue and Profit Performance - In 2025, the company achieved revenue of 438 million, a year-on-year increase of 44.68%, and net profit of 102 million, a year-on-year increase of 148% [8] - Q4 2025 revenue showed significant quarter-on-quarter acceleration, with a gross margin of 51.8% [8] - The company has established a competitive edge in the semiconductor silicon component market, with projected revenues of 1.18 billion and 2.37 billion for 2024 and 2025, respectively [8]

锦州神工半导体股份有限公司 董事会审计委员会对会计师事务所 2025 年度 履行监督职责的报告 锦州神工半导体股份有限公司（以下简称"公司"）聘请容诚会计师事务所 （特殊普通合伙）（以下简称"容诚"）作为对公司2025年度财务报告出具审计 机构和内部控制审计机构。根据《中华人民共和国公司法》《中华人民共和国证 券法》《国有企业、上市公司选聘会计师事务所管理办法》和《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》等相关规范性文件的规定， 以及公司《董事会审计委员会实施细则》的有关规定，现将公司2025年度会计师 事务所的履职情况评估报告及审计委员会履行监督职责情况报告汇报如下： （二）聘任会计师事务所履行的程序 公司已召开第三届董事会审计委员会第四次会议、第三届董事会第四次会议 及第三届监事会第四次会议，审议通过《关于公司续聘2025年度审计机构的议 案》，并已召开2024年年度股东大会，审议通过了《关于公司续聘2025年度审计 机构的议案》，同意续聘容诚为公司2025年度审计机构。 二、2025年年审会计师事务所履职情况 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 ...

锦州神工半导体股份有限公司 2025 年度会计师事务所履职情况评估报告 锦州神工半导体股份有限公司（以下简称"公司"）聘请容诚会计师事务所 （特殊普通合伙）（以下简称"容诚"）作为对公司2025年度财务报告出具审计 机构和内部控制审计机构。 根据财政部、国务院国有资产监督管理委员会、中国证券监督管理委员会颁 布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对容诚在2025 年度的审计工作的履职情况进行了评估。具体情况如下： 一、2025年度会计师事务所进本情况 （一）会计师事务所基本情况 容诚会计师事务所（特殊普通合伙）由原华普天健会计师事务所（特殊普通 合伙）更名而来，初始成立于1988年8月，2013年12月10日改制为特殊普通合伙 企业，是国内最早获准从事证券服务业务的会计师事务所之一，长期从事证券服 务业务。注册地址为北京市西城区阜成门外大街22号1幢10层1001-1至1001-26， 首席合伙人刘维。 截至2025年12月31日，容诚共有合伙人233人，共有注册会计师1507人，其 中856人签署过证券服务业务审计报告。 （二）投资者保护能力 容诚已购买注册会计师职业责任保险，职业保险累计 ...