深圳价值在线咨询顾问有限公司 关于 合肥晶合集成电路股份有限公司 2025 年限制性股票激励计划（草案） 之 独立财务顾问报告 $$=0{\underline{{-\pi}}}\#\mathbb{H}\mathbb{H}$$ | 第一章 释 义 | 1 | | --- | --- | | 第二章 声 明 | 3 | | 第三章 基本假设 | 4 | | 第四章 本次激励计划的主要内容 | 5 | | 一、激励工具及其股票来源 | 5 | | 二、拟授予的限制性股票数量 | 6 | | 三、激励对象的范围及分配情况 | 6 | | 四、本次激励计划的有效期、授予日、限售期、解除限售安排和禁售期 | 9 | | 五、限制性股票的授予价格及其确定方法 12 | | | 六、限制性股票的授予与解除限售条件 14 | | | 七、本次激励计划的其他内容 20 | | | 第五章 独立财务顾问意见 21 | | | 一、 对股权激励计划可行性的核查意见 21 | | | 二、 对本次激励计划授予价格定价方式的核查意见 25 | | | 三、 对公司实施股权激励计划的财务意见 26 | | | 四、 对公司绩效考核体系和考 ...

北京市金杜律师事务所上海分所 关于 合肥晶合集成电路股份有限公司 2025 年限制性股票激励计划（草案） 的 法律意见书 二〇二五年五月 致：合肥晶合集成电路股份有限公司 北京市金杜律师事务所上海分所（以下简称"金杜"或"本所"）受合肥晶合集 成电路股份有限公司（以下简称"公司""上市公司"或"晶合集成"）委托，作为 公司实施 2025 年限制性股票激励计划（以下简称"本计划"）的专项法律顾问，根据 《中华人民共和国公司法（2023 修订）》（以下简称"《公司法》"）、《中华人民 共和国证券法（2019 修订）》（以下简称"《证券法》"）、《上市公司股权激励管 理办法（2018 修正）》（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》（以下简称"《监管指南》"）、《国有控股上市公司（境 内）实施股权激励试行办法》（以下简称"《试行办法》"）、《关于规范国有控股 上市公司实施股权激励制度有关问题的通知》（以下简称"《有关问题的通知》"） 等法律、行政法规、部门规章及规范性文件及《合肥晶合集成电路股份有限公 ...

Market Overview - The main board saw significant gains with notable stocks such as Hubei Broadcasting (+10.04%), Tongding Internet (+10.02%), and Shanghai Film (+10.01%) leading the charge [1] - The ChiNext board also performed well, highlighted by Everbright Tongchuang (+20.01%) and Creative Information (+19.93%) [1] - The Sci-Tech Innovation board was led by Dekeli (+15.41%) and Lingzhi Software (+14.46%) [1] - Active sub-industries included SW Communication Application Value-Added Services (+3.09%) and SW Horizontal General Software (+3.01%) [1] Domestic News - Tianyue Advanced is expanding its production capacity for silicon carbide single crystal with a project to produce 500 tons annually, aiming for equipment installation by May 2025 and trial production by June [1] - Saizhuo Electronics has officially launched a vehicle-grade semiconductor packaging project with a total investment of 500 million, enhancing its strategic positioning in the vehicle-grade integrated circuit sector [1] - TSMC has commenced construction of its third semiconductor factory in Phoenix, Arizona, with completion expected between 2028 and 2030, utilizing advanced 2nm and 1.6nm process technologies [1] - Jinghe Integrated reported an increase in revenue from 55nm products, driven by higher shipments of DDIC/CIS products, with automotive chip development progressing smoothly [1] Company Announcements - Shen Si Electronics announced receipt of government subsidies amounting to 1.821 million yuan, representing 11.17% of its latest audited net profit attributable to shareholders [3] - Jiangbolong disclosed a plan for a major shareholder to reduce holdings by up to 4.16 million shares, accounting for 1.00% of total share capital, between May and August 2025 [3] - Tongguan Copper Foil reported a share buyback of 3,800 shares, representing 0.00046% of total share capital, with a total transaction amount of 37,976 yuan [3] - Huada Jiutian is progressing with a major asset restructuring, with ongoing audits and due diligence [3] Overseas News - Current global tariff rates, if unchanged, are expected to increase Apple's costs by $900 million for the quarter ending June [4] - Samsung Electronics is in discussions with Nvidia, Broadcom, and Google to develop custom 6th generation high bandwidth memory (HBM4), with deliveries anticipated as early as next year [4] - Samsung has confirmed plans to introduce vertical channel transistor (VCT) technology after the 7th generation 10nm DRAM process, with products expected in 2 to 3 years [4] - In Q1 2025, the global AMOLED smartphone panel market in South Korea accounted for 49.2%, while domestic manufacturers held a 50.8% share, showing resilience despite a year-on-year decline [4]

Summary of the Conference Call for Jinghe Integrated Circuit Company Overview - **Company**: Jinghe Integrated Circuit - **Industry**: Semiconductor manufacturing, specifically focusing on integrated circuits (ICs) and related technologies Key Financial Metrics - **Q1 2025 Revenue**: 2.57 billion CNY, a year-on-year increase of approximately 15% [2][3] - **Net Profit**: Approximately 135 million CNY for Q1 2025, showing significant growth [2][3] - **Cash Flow**: Net cash inflow close to 600 million CNY in Q1 2025 [2][3] - **Gross Margin**: Increased to 27% in Q1 2025, with an expected range of 25%-27% for the full year [2][13] Capacity Expansion Plans - **Current Capacity**: Approximately 138,000 wafers, fully loaded [7] - **Planned Capacity for 2025**: Increase to between 165,000 and 170,000 wafers, with a focus on CIS and high-end 55nm products [2][7] - **Production Nodes**: 40nm products in mass production; 28nm products expected to begin small-scale production by the end of 2025 [2][8] Technology and Product Diversification - **Revenue Distribution by Application**: - DDIC: Decreased from 67% to 61% - CIS: Increased from 18% to 20% - PMIC: Increased from 9% to 11.5% - Logic and MCU: Approximately 7% [2][6] - **Future Product Focus**: Plans to increase CIS revenue share to around 25% and introduce more high-end products [19] Market and Pricing Outlook - **Consumer Electronics Market**: Recovery noted, but price increases are challenging; stability in pricing expected [10][11] - **Component Pricing**: No significant fluctuations anticipated in electronic component prices, including DDIC and MCU [11] - **North American Market**: Limited share; primarily focused on domestic demand [12] Research and Development - **R&D Expenses**: Expected to exceed 1.3 billion CNY in 2025, a year-on-year increase of about 10% [4][17] - **Depreciation**: Expected to approach 4 billion CNY due to ongoing expansions [17] Competitive Landscape - **Domestic Competition**: Increased pressure from local mature process wafer fabs; focus on technological advancement to maintain a competitive edge [18] - **International Collaboration**: Ongoing discussions with international terminal and IDM companies to expand market presence [16] Future Projections - **Long-term Capacity Goals**: Total capacity expected to reach 260,000 to 280,000 wafers within 3-5 years [19] - **Product Revenue Projections**: DDIC revenue share expected to decrease to 40%-45%, while absolute revenue increases; CIS expected to grow significantly [19] Additional Insights - **Airbi Product Development**: Anticipated market share of 8%-10% by 2026-2028, with strong growth in both domestic and international markets [20] - **CIS Client Development**: Key partnerships established, with significant production expected to meet demand [21] - **OLED Driver Market**: Detailed plans for market expansion and competition management [26] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic plans, market outlook, and competitive positioning within the semiconductor industry.

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 2.568 billion RMB in Q1 2025, representing a year-on-year growth of 15.25%, and a net profit attributable to the parent company of 135 million RMB, up 70.92% year-on-year [1][2] - The increase in net profit is primarily driven by revenue growth and high capacity utilization, along with a decrease in unit sales costs, leading to improved gross margins [1] - The semiconductor market is expected to continue its recovery, with the company benefiting from stable demand in LCD/TDDI and rapid revenue contributions from new platforms [2][3] Summary by Sections Q1 2025 Review - The global semiconductor market is recovering, with a projected sales increase of 20.3% year-on-year to 632.3 billion USD in 2024, positively impacting the company's revenue growth [2] - The company has successfully ramped up production of new platforms, including 55nm mid-to-high-end single-chip and stacked CIS chip processes, and has achieved mass production of 40nm high-voltage OLED chips [2] 2025 Outlook - The company is well-positioned to capitalize on growth opportunities in OLED, CIS, and automotive markets, with OLED demand expected to reach 860 million units in 2025, and a projected CAGR of 5.1% for the global CIS market from 2022 to 2028 [3] - The company is actively enhancing its OLED and CIS platform applications and has completed multiple automotive process certifications [3] Financial Projections and Valuation - The target price is set at 27.10 RMB, with projected net profits for 2025, 2026, and 2027 at 870 million, 1.12 billion, and 1.31 billion RMB respectively, corresponding to EPS of 0.44, 0.56, and 0.65 RMB [4] - The report assigns a PB of 2.50x for 2025, reflecting a discount to the industry average of 3.0x due to pricing pressures and high depreciation during the capacity expansion phase [4]

【WitsView整理】 近日，京东方、彩虹股份、 TCL科技、 三利谱、蓝黛科技、晶合集成、路维 光电、翰博高新、康冠科技9家显示相关企业相继披露2025年第一季度报告。具体如下： 2025年第一季度，京东方实现营业收入505.99亿元，同比增长10.27%，创一季度收入历史新高； 实现归属于上市公司股东净利润16.14亿元，同比增长64.06%；扣除非经常性损益后的净利润13.52 亿元，同比增长126.56%。 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | (%) | | | 营业收入(元) | 50.598.933.939.00 | 45,887,570,444.00 | | 10.27% | | 归属于上市公司股东的净利 | 1,613,999,380.00 | 983.812.692.00 | | 64.06% | | 润(元) | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 1.351.864.713.00 | 596.689.345.00 | | 126.56 ...

一、募集资金基本情况 经中国证券监督管理委员会于 2022 年 5 月 9 日出具的《关于同意合肥晶合 集成电路股份有限公司首次公开发行股票注册的批复》（证监许可（2022）954 号）同意,公司首次向社会公开发行人民币普通股(A 股)501.533.789 股。公 司每股发行价格 19.86 元,募集资金总额为 9,960,461,049.54 元,扣除发行费用 236,944,589.63 元后,募集资金净额为 9,723,516,459.91 元。容诚会计师事务所(特 殊普通合伙）对公司本次公开发行的资金到位情况进行了审验，并于 2023 年 4 月 26 日出具了《验资报告》（容诚验字[2023]230Z0099 号 ）。 募集资金到账后,公司已对募集资金进行了专户存储管理,公司与保荐机构、 存放募集资金的商业银行签订了《募集资金专户存储三方监管协议》。具体情况 详见 2023 年 5 月 4 日披露于上海证券交易所网站（www.sse.com.cn）的《晶合 集成首次公开发行股票科创板上市公告书》。 二、募集资金投资项目情况 中国国际会融股份有限公司 关于合肥晶合集成电路股份有限公司 使用部分闲置募 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-023 合肥晶合集成电路股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资种类：安全性高、流动性好的保本型投资产品（包括但不限于结构 性存款、大额存单、定期存款、通知存款、收益凭证等）。 投资金额及期限：合肥晶合集成电路股份有限公司（以下简称"公司"） 使用额度不超过人民币 15 亿元（含本数）的暂时闲置募集资金进行现金管理， 使用期限自本次董事会审议通过之日起 12 个月内。在前述额度及使用期限范围 内，资金可以循环滚动使用，现金管理到期后将归还至募集资金专户。 已履行的审议程序：公司于 2025 年 4 月 28 日召开第二届董事会第二十 次会议和第二届监事会第十二次会议，审议通过了《关于使用部分闲置募集资金 进行现金管理的议案》，公司保荐机构中国国际金融股份有限公司对上述事项出 具了无异议的核查意见。 特别风险提示：本次现金管理方式是使用闲置募集资金购买安全性高、 流动性好的保本 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-024 合肥晶合集成电路股份有限公司 关于使用闲置自有资金进行现金管理的公告 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、准确性和完整性依法承担法律责任。 合肥晶合集成电路股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日 召开第二届董事会第二十次会议、第二届监事会第十二次会议，审议通过了《关 于使用闲置自有资金进行现金管理的议案》。同意公司（含合并报表范围内子公 司）在确保不影响公司日常经营业务开展及资金安全的前提下，使用不超过人民 币 80 亿元（含）的闲置自有资金进行现金管理，用于购买安全性高、流通性好、 中低风险、稳健型金融机构产品，授权期限自本次董事会审议通过之日起 12 个 月内有效。在上述额度及期限内，资金可循环滚动使用。现就该事项的具体情况 公告如下： 一、本次使用闲置自有资金进行现金管理的基本情况 （一）现金管理目的 为提高公司闲置资金使用效益，在不影响正常经营和保证资金安全，并有效 控制风险的前提下，使用部分闲置自有资金进行现金管理，以增加公司收益，为 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-025 合肥晶合集成电路股份有限公司 第二届监事会第十二次会议决议公告 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 合肥晶合集成电路股份有限公司（以下简称"公司"）第二届监事会第十二 次会议于 2025 年 4 月 28 日以现场和通讯相结合的方式在公司会议室召开。本次 会议的通知于 2025 年 4 月 22 日以电子邮件方式送达全体监事。本次会议由监事 会主席杨国庆主持，应参加本次监事会会议的监事 3 名，实际参加本次监事会会 议的监事 3 名。 本次会议召开符合《中华人民共和国公司法》《中华人民共和国证券法》《上 海证券交易所科创板股票上市规则》等有关法律、行政法规、部门规章、规范性 文件和《合肥晶合集成电路股份有限公司章程》（以下简称"《公司章程》"）的规 定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 监事会认为：公司 2025 年第一季度报告的编制和审议程序符 ...