Core Viewpoint - The company is making significant progress in the development of 28nm OLED display driver chips, with expectations to enter risk mass production by the end of 2025 [1] Group 1 - The company held its semi-annual performance meeting on September 10, 2025 [1] - The board secretary, Zhu Caiwei, provided updates on the company's chip development [1]

中国国际金融股份有限公司 关于合肥晶合集成电路股份有限公司 2025 年半年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"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》等相关规 定，作为合肥晶合集成电路股份有限公司（以下简称"晶合集成"或"公司"）持 续督导工作的保荐机构，针对晶合集成 2025 年 1 月 1 日至 2025 年 6 月 30 日（以 下简称"报告期"）经营情况，出具本持续督导半年度跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 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 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， | 保荐机构已与晶合集成签订保 | | | 与上市公司或相关当事人签署持续督导协议，明确双 | 荐协议，该协议明确了双方在持 | | | 方在持续督导期间的权利义务，并报上海证券交易所 ...

近日，合肥晶合集成电路股份有限公司（688249.SH，以下简称"晶合集成"）披露的2025年半年度报告显示，2025年上半年，该公司实现营收51.98亿元，同 比增长18.21%；实现归母净利润3.32亿元，同比增长77.61%；经营活动产生的现金流量净额为17.05亿元，同比增长31.65%。 由于各项利润指标增速较上年末骤降，晶合集成盈利能力不足的短板凸显，其2025年上半年净利润率仅为4.46%，较上年末下滑0.75个百分点。受投资活动 现金流出持续高企影响，该公司现金及现金等价物净流出27.23亿元，货币资金余额降至31.04亿元，创近5年新低。 在此背景下，晶合集成开启双线"补血"模式，一边通过股权转让引入ODM巨头华勤技术（603296.SH），另一边计划赴港上市布局海外业务，拓宽融资渠 道。 晶合集成成立于2015年，主要从事12英寸晶圆代工业务及其配套服务，具备显示驱动芯片、CMOS图像传感器芯片、电源管理芯片、微控制器芯片、逻辑芯 片等工艺平台晶圆代工的技术能力和光刻掩模版制造能力，可提供通讯产品、消费电子、汽车、工业等不同领域集成电路晶圆代工服务。 东方金诚在近期的评级报告中指出，晶合集 ...

Core Points - The company is holding its first extraordinary general meeting of shareholders in 2025 to discuss several key proposals, including leasing properties and equipment to related parties, issuing H shares, and amending the company's articles of association [1][5][14]. Group 1: Meeting Procedures - Shareholders and their representatives must sign in at least half an hour before the meeting and present necessary identification documents [2][3]. - The meeting will follow a predetermined agenda, and shareholders have the right to speak, inquire, and vote [2][3]. - Voting will be conducted through a combination of on-site and online methods, with specific time frames for each [4][5]. Group 2: Proposals for Consideration - Proposal 1 involves leasing properties and facilities to Anhui Jingmei and Anhui Jingrui, with a rental period of three years and estimated costs not exceeding 54.54 million yuan (including tax) for properties and 383.49 million yuan (including tax) for equipment [10][11]. - Proposal 2 seeks authorization for the board to handle matters related to the issuance of H shares and listing on the Hong Kong Stock Exchange [14][23]. - Proposal 3 includes a plan to issue H shares, with a total issuance amount not exceeding 20 billion yuan, and the company will determine the specific issuance terms based on market conditions [7][16]. Group 3: Corporate Governance Changes - The company plans to abolish its supervisory board and transfer its responsibilities to the audit committee of the board, which will continue to oversee the company's operations and compliance [11][12]. - The company intends to amend its business scope to align with its strategic development needs, including changes to its articles of association [12][13]. - The company will revise its governance rules to enhance its corporate governance structure and ensure compliance with relevant regulations [13][21].

合肥晶合集成电路股份有限公司 2025 年第一次临时股东会会议资料 证券代码：688249 证券简称：晶合集成 合肥晶合集成电路股份有限公司 2025 年第一次临时股东会 会议资料 2025 年 9 月 合肥晶合集成电路股份有限公司 2025 年第一次临时股东会会议资料 | | | | 2025 | 年第一次临时股东会会议须知 1 | | --- | --- | | 2025 | 年第一次临时股东会会议议程 3 | | 2025 | 年第一次临时股东会会议议案 6 | | 议案一 | 关于拟注册发行超短期融资券的议案 6 | | 议案二 | 关于公司拟向安徽晶镁转让技术暨关联交易的议案 8 | | 议案三 | 关于公司拟向安徽晶镁及安徽晶瑞出租厂房及厂务配套设施、设备暨关联交易 | | | 的议案 9 | | 议案四 | 关于取消公司监事会、变更经营范围并修订《公司章程》的议案 10 | | 议案五 | 关于修订公司部分治理制度的议案 12 | | 议案六 | 关于公司发行 股股票并在香港联合交易所有限公司上市的议案 H 13 | | 议案七 | 关于公司发行 H 股股票并在香港联合交易所有限公司上市方案的议 ...

Group 1: Industry Overview - The performance of companies in emerging industries, particularly integrated circuits, has shown significant improvement, reflecting the optimization and upgrading of China's economic structure [1] - The number of integrated circuit companies listed on the Sci-Tech Innovation Board has reached 120, accounting for 60% of the total number of A-share companies in this sector [1] - In the first half of the year, these 120 integrated circuit companies achieved a total revenue of 160.04 billion yuan, a year-on-year increase of 24%, and a net profit of 13.1 billion yuan, up 62% [1] Group 2: AI Chip Companies - Companies producing AI computing chips have experienced explosive growth due to the surge in demand for computing power driven by AI technology [2] - For instance, Cambrian Technology Co., Ltd. reported a revenue of 2.881 billion yuan in the first half of the year, a staggering increase of 4,300% year-on-year [2] - Other companies like Haiguang Information Technology Co., Ltd. and Montage Technology Co., Ltd. also reported significant revenue growth of 45% and 58%, respectively [2] Group 3: Consumer Electronics and Chips - The dual drive of national subsidies and AI technology has effectively stimulated the consumer market, leading to a structural recovery in categories like smartphones and tablets [3] - Companies such as Tailing Microelectronics and SmartSens Technology have reported substantial revenue increases of 37.72% and 54.11%, respectively, in the first half of the year [3] - The wearable market's growth has also contributed to the revenue increase for companies like Hengxuan Technology, which saw a 26.58% rise in revenue [3] Group 4: Wafer Manufacturing - The domestic wafer manufacturing sector has shown steady growth, with four major wafer foundry companies achieving a combined revenue of 49.059 billion yuan, a year-on-year increase of 21.80% [4] - SMIC reported a revenue of 32.348 billion yuan, up 23.14%, and a net profit of 1.646 billion yuan, reflecting a 39.76% increase [4] - The capacity utilization rates of these companies are close to full capacity, indicating a robust foundation for industry development [4] Group 5: Mergers and Acquisitions - Leading wafer companies are pursuing growth through mergers and acquisitions to enhance their production capacity and technological capabilities [5][6] - For example, Huahong Semiconductor plans to acquire Shanghai Huahong Microelectronics, which is expected to add 38,000 pieces per month of new capacity [6] - Chip Alliance's acquisition of a minority stake in a related company is also aimed at strengthening its service capabilities in emerging markets like new energy vehicles [6] Group 6: Equipment and Materials - The semiconductor equipment sector continues to experience high demand driven by domestic substitution and technological breakthroughs [7] - Companies like Zhongwei Semiconductor Equipment and Shenzhen Zhongke Feicai Technology reported significant revenue growth, with Zhongwei's sales reaching approximately 3.781 billion yuan, a 40.12% increase [7] - The materials segment also saw positive performance, with leading companies like Anji Microelectronics achieving revenue growth of 43.17% [7]

Core Insights - The performance of companies in the integrated circuit sector on the STAR Market has shown significant growth, reflecting the optimization and upgrading of China's economic structure [1] - The demand for AI computing power has surged, leading to substantial growth in general-purpose chips such as servers and CPUs [1][2] Group 1: Integrated Circuit Companies - A total of 120 integrated circuit companies on the STAR Market achieved a combined revenue of 160.04 billion yuan in the first half of the year, representing a year-on-year growth of 24% [1] - The net profit attributable to shareholders reached 13.1 billion yuan, with a year-on-year increase of 62% [1] - The second quarter saw a revenue and net profit growth of 17% and 72% respectively, indicating a robust recovery [1] Group 2: AI Chip Companies - Companies like Cambricon Technologies reported a revenue of 2.881 billion yuan in the first half of the year, a staggering increase of 4,300% year-on-year [2] - Haiguang Information Technology achieved a revenue of 5.464 billion yuan and a net profit of 1.201 billion yuan, with year-on-year growth rates of 45% and 41% respectively [2] - Advanced packaging companies such as Yongxi Electronics saw a revenue increase of 23.37% and a net profit surge of 150.45% [2] Group 3: Audio and Imaging Companies - TaiLing Microelectronics reported a revenue of 503 million yuan, a year-on-year increase of 37.72%, and a net profit of 101 million yuan, up 274.58% [3] - STMicroelectronics achieved a revenue of 3.786 billion yuan and a net profit of 397 million yuan, with year-on-year growth of 54.11% and 164.93% respectively [3] - Hengxuan Technology's revenue reached 1.938 billion yuan, growing 26.58% year-on-year, with a net profit increase of 106.45% [3] Group 4: Wafer Manufacturing Companies - The four wafer foundry companies on the STAR Market achieved a combined revenue of 49.059 billion yuan, a year-on-year growth of 21.80%, and a net profit of 2.537 billion yuan, up 55.89% [4] - SMIC reported a revenue of 32.348 billion yuan, a 23.14% increase, and a net profit of 1.646 billion yuan, growing 39.76% [4] - Hefei Integrated Circuit's revenue and net profit reached 5.198 billion yuan and 332 million yuan, with year-on-year growth of 18.21% and 77.61% respectively [4] Group 5: Mergers and Acquisitions - Leading wafer companies are pursuing mergers and acquisitions to enhance growth and acquire quality capacity and technology [5][6] - Huahong Semiconductor plans to integrate Shanghai Huahong Microelectronics, which is expected to add 38,000 pieces/month of new capacity [6] - Chip Alliance's acquisition of minority stakes in Xinchuan Integrated Circuit Manufacturing is expected to enhance service capabilities in emerging markets like new energy vehicles [6] Group 6: Equipment and Materials Sector - The semiconductor equipment sector continues to thrive due to strong domestic substitution demand and technological breakthroughs [7] - Companies like Zhongwei Semiconductor Equipment reported a revenue increase of approximately 40.12% to 3.781 billion yuan [7] - The materials segment also showed strong growth, with leading companies like Anji Microelectronics achieving a revenue increase of 43.17% [7]

Core Viewpoint - The company will hold an investor briefing to discuss its 2025 semi-annual performance and financial indicators, allowing for interactive communication with investors [2][3][4]. Group 1: Meeting Details - The investor briefing is scheduled for September 10, 2025, from 15:00 to 17:00 [4]. - The meeting will be conducted in an online text interaction format [3][4]. - Investors can submit questions until September 9, 2025, at 16:00 through the Shanghai Stock Exchange Roadshow Center or via the company's email [2][4]. Group 2: Participants - Key participants include the Chairman, Cai Guozhi, and other board members such as Zhu Caiwei, the Secretary of the Board and Financial Officer, and independent director An Guangshi [5]. Group 3: Additional Information - After the investor briefing, participants can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [6].

Core Viewpoint - The company will participate in the 2025 semi-annual performance briefing to provide insights into its operational results and financial status for the first half of 2025 [2][3]. Group 1: Meeting Details - The meeting is scheduled for September 10, 2025, from 15:00 to 17:00 [1][2]. - It will be conducted in an online text interaction format [2][3]. - Investors can log in to the Shanghai Stock Exchange Roadshow Center to participate [2][3]. Group 2: Participation and Contact Information - Key participants include the Chairman, the Secretary of the Board, the Financial Officer, and an Independent Director [3]. - For inquiries, investors can contact the Securities Affairs Department via phone or email [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][15]. Core Views - The company has shown a continuous increase in revenue and profit, with H1 2025 revenue reaching 5.198 billion yuan, up 18.21% year-on-year, and net profit attributable to shareholders at 332 million yuan, up 77.61% year-on-year [3][4]. - The company is actively expanding its product offerings, particularly in CIS and PMIC segments, which are increasingly contributing to revenue [5][6]. - The company is also making significant advancements in new product development, particularly in OLED display driver chips, with expectations for mass production by the end of 2025 [6]. Company Overview - The latest closing price of the company's stock is 24.89 yuan, with a total market capitalization of 49.9 billion yuan [2]. - The company has a total share capital of 2.006 billion shares, with 1.187 billion shares in circulation [2]. - The company's asset-liability ratio stands at 48.2%, and the current P/E ratio is 92.19 [2]. Financial Performance - For H1 2025, the company achieved a comprehensive gross margin of 25.76% [4]. - The main business revenue for H1 2025 was 5.130 billion yuan, with a significant portion coming from various process nodes and application products [5]. - Revenue projections for 2025, 2026, and 2027 are estimated at 10.864 billion yuan, 12.485 billion yuan, and 14.153 billion yuan, respectively, with net profits expected to be 854 million yuan, 1.256 billion yuan, and 1.526 billion yuan [7][11].