证券代码：688249 证券简称：晶合集成 公告编号：2025-029 合肥晶合集成电路股份有限公司 监事会关于公司 2025 年限制性股票激励计划 首次授予激励对象名单的审核意见及公示情况说明 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。 合肥晶合集成电路股份有限公司（以下简称"公司"）于 2025 年 3 月 14 日 召开了第二届董事会第十七次会议、第二届监事会第十次会议，审议通过了《关 于公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》等相关议案， 根据《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》（以下简称"《监管指南》"）等法律法规的 相关规定，公司对 2025 年限制性股票激励计划首次授予激励对象名单在公司内 部进行了公示。公司监事会结合公示情况对拟激励对象进行了核查，相关公示情 况及核查情况如下： 一、公示情况说明及核查方式 1、公司对拟激励对象的公示 ...

特此公告。 合肥晶合集成电路股份有限公司董事会 2025 年 5 月 15 日 1 证券代码：688249 证券简称：晶合集成 公告编号：2025-028 合肥晶合集成电路股份有限公司 关于聘任公司联席总经理的公告 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"或"晶合集成"）于 2025 年 5 月 14 日召开第二届董事会第二十一次会议，审议通过了《关于聘任公司联 席总经理的议案》。具体内容如下： 为满足业务发展的需要，进一步提高运营管理效率，增强决策的科学性和全 面性，以更好地应对日益复杂的市场竞争和业务挑战，公司拟新设"联席总经理" 两名，为公司高级管理人员。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上海证券交易所 科创板股票上市规则》《合肥晶合集成电路股份有限公司章程》（以下简称"《公 司章程》"）等有关规定，经公司董事长提名、董事会提名委员会审查，综合考量 专业能力、工作经验、职业素养以及公司人才需求，公司董事会同意聘任两位现 任资深副总经理邱显 ...

Core Insights - The Chinese semiconductor materials industry is facing both strategic opportunities and transformation challenges amid a global industry restructuring driven by AI and new energy vehicles [1] Group 1: Policy and Market Opportunities - The domestic semiconductor materials sector is experiencing significant growth opportunities due to policy support, capacity construction, and emerging market demands [2] - The establishment of the National Integrated Circuit Industry Investment Fund Phase III, with a scale exceeding 300 billion yuan, is injecting vitality into the industry [2] - Tax incentives, such as income tax reductions and R&D expense deductions, are helping companies lower operational costs [2] - The construction of 12-inch wafer fabs by companies like SMIC and Hua Hong Semiconductor is accelerating the upgrade of the semiconductor materials industry [2] Group 2: Challenges and Market Dynamics - Despite the opportunities, the domestic semiconductor materials industry faces deep-rooted challenges, including long R&D cycles and weak short-term profitability [3] - The pressure from U.S. tariffs is pushing companies to shift towards local supply chains, creating space for domestic materials [3] - The price of mature process materials in China, such as silicon carbide wafers, is only one-third of similar international products, attracting global orders [3] Group 3: Future Market Landscape - The semiconductor materials market is expected to exceed the 2022 scale by 2025, with emerging applications in electric vehicles, AI, and green energy driving growth [4] - The global silicon carbide materials market is projected to surpass 6 billion USD by 2025, with automotive applications accounting for over 30% [5] - Key breakthroughs in areas like photoresists and wet electronic chemicals are anticipated within three to five years, supported by significant investments from the National Integrated Circuit Industry Investment Fund [5] Group 4: Competitive Landscape and Global Expansion - The rapid development of the domestic semiconductor industry is creating a larger market space for new entrants, particularly in low-penetration areas like photoresists and electronic specialty gases [6] - To penetrate international markets, companies need to overcome high-end material challenges and establish certification barriers while expanding global resource layouts [6]

Core Viewpoint - The launch of the Technology Innovation Bonds in China's interbank market has received a positive response, with significant participation from various technology companies and investment institutions, indicating a strong demand for innovative financing solutions in the tech sector [1][3]. Group 1: Market Response and Participation - The Technology Innovation Bonds were officially launched on May 9, with 36 companies announcing a total issuance of 21 billion yuan, and 14 companies registering for an additional 18 billion yuan [1][3]. - The event featured a centralized roadshow with participation from multiple technology firms and investment institutions, highlighting the collaborative effort to promote these bonds [1][3]. - The initial response from institutional investors has been enthusiastic, suggesting a robust market appetite for these bonds [1]. Group 2: Issuer Details - Among the first 50 issuers, 26 technology companies are expected to issue bonds totaling 23.5 billion yuan, while 24 investment institutions plan to issue bonds worth 15.5 billion yuan [3][4]. - Notable issuers include both private enterprises like Luxshare Precision and public companies such as BOE Technology Group, covering a wide range of sectors including artificial intelligence and biomedicine [4][5]. - The geographical distribution of issuers spans 13 provinces, indicating a nationwide interest in the bonds [4]. Group 3: Fund Utilization - The funds raised through these bonds are primarily aimed at enhancing liquidity, supporting R&D, and facilitating comprehensive operational development for the issuing companies [3][7]. - Investment institutions are expected to use the funds for equity investments in technology sectors, ensuring that at least 50% of the raised capital is directed towards technology-focused enterprises [7][8]. - The flexibility in fund usage is a key feature of the Technology Innovation Bonds, allowing issuers to address specific financial needs [6][7]. Group 4: Risk Mitigation and Support Mechanisms - The issuance of Technology Innovation Bonds is supported by various risk-sharing mechanisms, including credit enhancement tools provided by financial institutions [10][12]. - The central bank has introduced a risk-sharing tool to support long-term financing for equity investment institutions, enhancing the credibility and market acceptance of these bonds [13][14]. - The involvement of diverse underwriting teams and the introduction of innovative credit risk mitigation measures are expected to improve the attractiveness of these bonds to investors [10][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 21.35 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown significant revenue and profit growth in 2024, with a revenue of RMB 9.25 billion, representing a year-over-year increase of 28%. The gross margin improved to 25.5%, up by 3.9 percentage points, and the net profit attributable to shareholders reached RMB 533 million, a 152% increase year-over-year. In Q1 2025, revenue continued to grow, reaching RMB 2.57 billion, with a quarter-over-quarter increase of 4% and a year-over-year increase of 15% [9]. - The company is optimizing its product structure, with a focus on DDIC (Display Driver IC) manufacturing, which solidifies its leading position in the market. Additionally, CIS (CMOS Image Sensor) and power management products are being developed as the second growth curve for the company [4][9]. - The company is actively expanding its CIS product line, which is expected to benefit from the domestic substitution trend in the market. The power management chips have also become a significant product line, with ongoing research and development in various technology nodes [9]. Financial Summary - The company's revenue projections for the upcoming years are as follows: RMB 10.88 billion in 2025, RMB 12.48 billion in 2026, and RMB 14.06 billion in 2027, with growth rates of 17.6%, 14.7%, and 12.7% respectively [8]. - The estimated EPS (Earnings Per Share) for 2025 is RMB 0.40, with a downward adjustment from previous estimates due to increased depreciation from CIS expansion. The projected PE (Price-to-Earnings) ratios for 2025, 2026, and 2027 are 54.0, 39.7, and 31.9 respectively [6][8]. - The company has shown a significant improvement in cash flow, with operating cash flow net amounting to RMB 2.76 billion in 2024, reflecting enhanced order collection capabilities [9].

证券代码：688249 证券简称：晶合集成 公告编号：2025-027 （一）会议召开时间：2025 年 5 月 14 日（星期三）下午 16:00-17:00 （二）会议召开方式：上证路演中心网络文字互动 合肥晶合集成电路股份有限公司 关于召开 2024 年度暨 2025 年第一季度 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、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可在 2025 年 5 月 13 日（星期二）16:00 前通过邮件、电话等形式将 需要了解和关注的问题提前提供给公司。公司将在业绩说明会文字互动环节对投资 者普遍关注的问题进行回答。 合肥晶合集成电路股份有限公司（以下简称"公司"）已于 2025 年 4 月 21 日、 2025 年 4 月 29 日发布公司 2024 年年度报告、2025 年第一季度报告，为便于广大 投资者更全面深入地了解公司2024年度和2025年第一季度的经营成果、财务状况， 公司计划于 2025 年 5 月 14 日（星期三）下午 16:00-17:00 以网络文字互动形式召 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-026 合肥晶合集成电路股份有限公司 关于召开2024年年度股东会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东会类型和届次 2024年年度股东会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 5 月 28 日 14 点 00 分 召开地点：安徽省合肥市新站区合肥综合保税区内西淝河路 88 号公司会议 室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 5 月 28 日 至2025 年 5 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东会召开当日的 9:15-15:00。 1 股东会召开日期：2025年5月28日 本次股东会采用的网络 ...

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]