Company Performance - In the first half of 2025, the company achieved operating revenue of 209 million yuan, a year-on-year increase of 66.53% [1] - The net profit attributable to shareholders reached 48.84 million yuan, reflecting a significant year-on-year growth of 925.55% [1] - The growth in performance is primarily attributed to the recovery of the semiconductor industry and an increase in orders [1] Business Segments - The large-diameter silicon materials segment generated operating revenue of 92.53 million yuan [1] - Revenue from silicon component products surged to 112.31 million yuan, nearing the total revenue of 118.49 million yuan for the entire year of 2024, indicating a continued growth trend [1] - The semiconductor large-size silicon wafer business is still in the process of process optimization and customer certification, and has not yet achieved profitability [1] Market Outlook - The company recognizes a strong demand for high-end storage chips, with integrated circuit manufacturers increasing capacity utilization and capital expenditures [2] - Domestic semiconductor supply chain security needs are urgent, and local equipment manufacturers are improving their technology to catch up with global standards [2] - The company plans to expand production steadily and increase revenue from silicon component products, while also addressing the localized demand from downstream customers [2] Industry Forecast - SEMI predicts that global semiconductor manufacturing equipment sales will reach 125.5 billion USD in 2025, a year-on-year increase of 7.4% [2] - Sales are expected to further rise to a new high of 138.1 billion USD in 2026, marking three consecutive years of growth [2] Strategic Initiatives - The company aims to enhance its technology and management to meet the expanding downstream demand in the next semiconductor upcycle [3] - The "Silicon Material Expansion Project for Integrated Circuit Etching Equipment" will increase production capacity for etching silicon materials, reinforcing the company's competitive position globally [3] - The company will optimize its product structure based on market demand, focusing on increasing the proportion of high-margin large-diameter products of 16 inches and above [3]

Core Viewpoint - The report highlights the significant growth in revenue and net profit for Jinzhou Shengong Semiconductor Co., Ltd. in the first half of 2025, driven by the recovery of the semiconductor industry and increasing domestic demand for chip manufacturing [3][5][8]. Company Overview and Financial Indicators - Jinzhou Shengong Semiconductor Co., Ltd. reported a revenue of 208.53 million yuan, a 66.53% increase compared to the same period last year [3][5]. - The total profit reached 63.85 million yuan, marking an 884.76% increase year-on-year [3][5]. - The net profit attributable to shareholders was 48.84 million yuan, up 925.55% from the previous year [3][5]. - The company's net assets at the end of the reporting period were 1.83 billion yuan, a 2.03% increase from the end of the previous year [3][5]. Industry and Business Analysis - The global semiconductor market is expected to grow by 11.2% in 2025, with logic chip markets growing by 23.9% and storage chip markets by 11.7% [5][6]. - The company is positioned in the upstream segment of the semiconductor supply chain, which is closely tied to the industry's overall performance [5][6]. - The demand for large-diameter silicon materials is anticipated to increase due to the overall growth of the semiconductor market and stricter requirements for chip manufacturing processes [10]. Operational Performance - The company achieved significant revenue from large-diameter silicon materials, totaling 92.53 million yuan [6][8]. - The silicon component products experienced substantial growth due to advancements in domestic equipment technology [6][8]. - The company is focusing on expanding production capacity based on customer orders and industry demand growth [8][9]. Research and Development - The company emphasizes R&D investment, achieving advancements in silicon wafer technology, particularly in TTV control during the grinding process [8][15]. - The company has established a robust R&D system to align with industry trends and customer needs [8][15]. Market Expansion - The company is optimizing its sales structure for large-diameter silicon materials and has begun supplying products to leading domestic storage IC manufacturers [9][11]. - The company is actively working on meeting the domestic market's demand for silicon materials, particularly in the context of the national strategy for semiconductor material localization [10][11].

Core Viewpoint - Jinzhou Shengong Semiconductor Co., Ltd. reported significant growth in its financial performance for the first half of 2025, with substantial increases in revenue and net profit compared to the previous year [1][2]. Financial Performance - Total assets increased to CNY 2,037,769,388.31, up 2.25% from CNY 1,992,903,335.46 at the end of the previous year [2]. - Operating revenue reached CNY 208,527,693.79, representing a 66.53% increase from CNY 125,219,876.76 in the same period last year [2]. - Total profit surged to CNY 63,849,458.17, an increase of 884.76% from CNY 6,483,746.44 [2]. - Net profit attributable to shareholders was CNY 47,989,908.96, up 1,132.44% from CNY 3,893,909.04 [2]. Shareholder Information - As of the report date, the total number of shareholders was 13,609 [3]. - The largest shareholder, More Light Technology Co., Ltd., holds 21.73% of the shares, amounting to 37,003,560 shares [3]. - Other significant shareholders include Silicon Valley Semiconductor Technology (Shanghai) Co., Ltd. and Beijing Aerospace Science and Industry Corporation, holding 2.78% and 2.78% respectively [3].

Meeting Overview - The third meeting of the board of directors of Jinzhou Shenkong Semiconductor Co., Ltd. was held on August 22, 2025, with all 9 directors present, ensuring the legality and validity of the resolutions [1]. Financial Reports - The board approved the 2025 semi-annual report and its summary, which will be published on the Shanghai Stock Exchange website [1]. Governance Changes - The board approved the cancellation of the supervisory board and the revision of the company's articles of association, with the supervisory board's powers being transferred to the audit committee [2]. - The proposal to revise and establish certain management systems was also approved to enhance corporate governance [3]. Fund Management - A special report on the management and actual use of the company's fundraising for the first half of 2025 was approved [4]. Performance Evaluation - The board approved the half-year evaluation report of the "Quality Improvement and Efficiency Enhancement" action plan for 2025 [5]. Financial Operations - The board approved the initiation of forward foreign exchange trading business [6]. - A proposal to apply for a comprehensive credit limit of up to RMB 350 million from financial institutions was approved [7]. Project Adjustments - The board approved the postponement of certain fundraising projects [8]. Stock Incentive Plan - The board approved the adjustment of the grant price for the 2024 restricted stock incentive plan to RMB 13.745 per share [9]. - The board also approved the cancellation of 13,680 shares of unvested restricted stock due to the departure of 23 incentive targets and performance failures of 9 others [10]. Shareholder Meeting - The board agreed to convene the first extraordinary general meeting of shareholders for 2025 on September 9, 2025 [11].

锦州神工半导体股份有限公司 董事会薪酬与考核委员会关于 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名单的核查意见 锦州神工半导体股份有限公司（以下简称"公司"）董事会薪酬与考核委员 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《锦州神工半导体股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，对公司 2024 年限制性股票激励计 划（草案）（以下简称"《激励计划》"）首次授予部分第一个归属期归属名单 进行了核查，发表核查意见如下： 除 23 名激励对象因个人原因离职、9 名激励对象 2024 年个人综合考核结果 未达标外，公司本次激励计划首次授予部分第一个归属期拟归属的 263 名激励对 象均符合《公司法》《证券法》等法律、法规和规范性文件规定的激励对象条件， 符合本次激励计划规定的激励对象范围，其作 ...

Core Viewpoint - The legal opinion letter from Beijing Zhonglun Law Firm confirms that the 2024 Restricted Stock Incentive Plan of Jinzhou Shengong Semiconductor Co., Ltd. has obtained the necessary approvals and complies with relevant laws and regulations [1][9][21]. Summary by Sections Approval and Authorization - The company has completed the necessary approval and authorization procedures for the adjustments, reserved grants, cancellations, and vesting of the incentive plan [6][9]. - The board of directors has reviewed and approved the relevant proposals related to the incentive plan [7][9]. Adjustments Related to the Incentive Plan - The adjustment of the grant price for the restricted stock is due to capital reserve transfers, stock dividends, and other corporate actions [9][10]. - The adjusted grant price for the restricted stock is set at 13.745 yuan per share, down from 13.82 yuan per share due to a cash dividend of 0.075 yuan [10]. Reserved Grants - The reserved portion of the incentive plan involves granting 146,616 shares of restricted stock to 54 eligible participants at the adjusted price of 13.745 yuan per share [12][15]. - The granting date for the reserved portion has been authorized by the board of directors [12]. Cancellations - Cancellations of unvested restricted stocks occur when participants leave the company or fail to meet performance criteria [15]. - A total of 13,680 shares of restricted stock will be canceled due to 23 participants leaving and 9 participants not meeting performance standards [15]. Vesting Conditions - The first vesting period for the restricted stock begins 12 months after the grant date and lasts until the last trading day within 24 months [16]. - The vesting conditions have been met, with 263 eligible participants and a total of 315,400 shares available for vesting [21].

Core Viewpoint - The company intends to conduct forward foreign exchange trading to mitigate the risks associated with currency fluctuations that could adversely affect its operating performance [1][2]. Group 1: Overview of Forward Foreign Exchange Trading - The company has overseas procurement and sales, primarily using USD and JPY for settlements, and aims to stabilize foreign earnings and reduce financial costs through forward foreign exchange trading [1]. - The proposed foreign exchange trading will be limited to the currencies used in the company's production and operations [2]. Group 2: Business Scale and Feasibility Analysis - The trading amount will not exceed USD 80 million and will be within 50% of the company's audited net assets from the previous year, with a duration of 12 months from the board's approval [2]. - Engaging in forward foreign exchange trading is deemed feasible as it helps lock in exchange rates, thereby reducing the impact of currency fluctuations on the company's profitability [2]. Group 3: Risk and Control Measures - The company acknowledges the risks associated with forward foreign exchange trading, including potential losses if the exchange rate is unfavorable compared to customer quotes [3]. - A comprehensive internal control system has been established to manage risks effectively, ensuring that the trading activities align with the company's operational needs [3][4]. Group 4: Accounting Policies - The company will adhere to relevant accounting standards for financial instruments and hedge accounting to accurately reflect the impact of forward foreign exchange transactions on its financial statements [5][6]. Group 5: Board and Sponsor Opinions - The board approved the forward foreign exchange trading proposal on August 22, 2025, confirming that the process complied with legal and regulatory requirements [6]. - The sponsor believes that the trading activities will help mitigate foreign exchange market risks and that the company is only engaging in low-risk transactions, ensuring that risks remain manageable [6].

Summary of Key Points Core Viewpoint - The company has announced a delay in certain fundraising projects, which has been approved by its board of directors, ensuring that the investment content, total investment, and implementation methods remain unchanged, and that the delay will not adversely affect the company's normal operations or long-term development plans [6]. Fundraising Overview - The company raised a total of RMB 299,999,974.96 by issuing 10,305,736 shares at a price of RMB 29.11 per share, with a net amount of RMB 296,056,578.74 after deducting issuance costs [1]. - The funds are stored in a dedicated account, and a tripartite supervision agreement has been signed with the sponsor and the bank [2]. Fund Usage Status - As of June 30, 2025, the company has invested RMB 16,460.16 million out of a planned RMB 30,000 million for the integrated circuit etching equipment project, representing an investment ratio of 55.60% [3]. Delay Details - The company has adjusted the timeline for the integrated circuit etching equipment silicon material expansion project to October 2026 due to various uncontrollable factors, including external market conditions and downstream demand [4][5]. - The company plans to gradually invest in the project while ensuring that the investment content and total amount remain unchanged [5]. Measures for Completion - The company will closely monitor industry trends and market changes, optimize resource allocation, and strengthen supervision of fundraising projects to ensure timely completion [5]. Approval Process - The board of directors approved the delay in the fundraising project on August 22, 2025, confirming that the matter does not require shareholder approval and has followed necessary procedures [6].

Group 1 - The company has implemented a restricted stock incentive plan, allocating a total of 146,616 shares to 54 other incentive recipients, which represents 15.42% of the total granted restricted shares [1] - The reserved portion of the incentive plan does not exceed 20% of the total number of rights intended to be granted [1] - The total number of shares involved in the equity incentive plan does not exceed 20% of the company's total share capital [1] Group 2 - The board of directors will adjust the granted quantity if any incentive recipient voluntarily waives their rights, redistributing the waived shares to the reserved portion or among other recipients [1]

锦州神工半导体股份有限公司 董事会薪酬与考核委员会关于 2024 年限制性股票激励计划 （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； （6）中国证监会认定的其他情形。 认为需要激励的其他人员，不包括公司独立董事、监事及外籍员工。 次临时股东大会批准的本次激励计划中规定的预留授予激励对象范围相符。 《证券法》等法律、法规 和规范性文件以及《公司章程》规定的任职资格，符合《管理办法》 《上市规则》 预留授予激励对象名单的核查意见（预留授予日） 锦州神工半导体股份有限公司（以下简称"公司"）董事会薪酬与考核委员 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《锦州神工半导体股份有限公司章程》 （以下简称"《公司章程》"）的有关规定，对公司 2024 年限制性股票激励计 ...