Core Viewpoint - The company, Hefei Qizhong Technology Co., Ltd., is a leading provider of advanced packaging and testing services for integrated circuits, maintaining a strong position in the industry through technological leadership and a solid customer base [1] Industry Overview - The display driver industry chain is shifting to mainland China, leading to rapid growth in domestic packaging and testing demand. In 2020, the market size for display driver chip packaging in mainland China reached 4.68 billion yuan, with a CAGR of 16% from 2016 to 2020 [2] - The penetration of AMOLED technology in smartphones, wearables, and tablets is driving incremental demand. The global AMOLED penetration rate is expected to rise from 18% in 2017 to 41% by 2024 [2] Company Positioning - The company offers comprehensive packaging services across various processes, including gold bump manufacturing and COG/COP/COF packaging, and has established a strong customer base including leading firms like Novatek and Etron Technology. The company is well-positioned to benefit from the domesticization trend in the industry [3] - The company is strategically targeting the high-growth AMOLED DDIC packaging segment, with projections indicating that revenue from AMOLED products will account for 20% of total revenue by 2024 [3] Non-Display Business Development - The company's non-display packaging services focus on power management and RF front-end chips, providing a complete solution for wafer-level chip-scale packaging. The projected revenue from non-display chip packaging is approximately 150 million yuan in 2024, reflecting a year-on-year growth of about 17% [4] Financial Projections - The company is expected to achieve revenues of 2.253 billion, 2.686 billion, and 3.042 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 310 million, 410 million, and 520 million yuan. The projected EPS for these years are 0.26, 0.34, and 0.44 yuan, with PE ratios of 43.65, 33.54, and 26.21 based on the closing price on August 8, 2025 [5]

华安证券8月12日发布研报称，给予颀中科技（688352.SH，最新价：11.91元）买入评级。评级理由主 要包括：1）显示封测龙头地位稳固，技术领先构筑护城河；2）国产化浪潮+AMOLED渗透双轮驱动， 显示封测业务有望持续高增；3）发力非显示类先进封装，构筑第二增长曲线。风险提示：若产品开发 及技术迭代不及预期，或引发市场同质化竞争加剧，导致毛利率持续下滑风险；募投项目建设不及预期 风险；下游需求不及预期风险；新增固定资产折旧导致利润阶段性下滑风险；存货跌价风险及商誉减值 风险。 （文章来源：每日经济新闻） ...

Market Overview - The Shanghai Composite Index closed at 3608.33 points, above the annual line, with an increase of 0.70% [1] - The total trading volume of A-shares reached 1,290.701 billion yuan [1] Stocks Breaking Annual Line - A total of 40 A-shares have surpassed the annual line today, with notable stocks including: - Datang Telecom (4.33% deviation) - Xinquan Co., Ltd. (3.26% deviation) - Galaxy Electronics (3.20% deviation) [1] - Stocks with smaller deviations that just crossed the annual line include: - Huatech (0.00% deviation) - Huaxing Yuanchuang (0.00% deviation) - Guizhou Gas (0.00% deviation) [1] Top Performers - Datang Telecom: Increased by 5.18% with a turnover rate of 4.64% [1] - Xinquan Co., Ltd.: Increased by 10.00% with a turnover rate of 2.69% [1] - Galaxy Electronics: Increased by 7.30% with a turnover rate of 20.12% [1] Additional Notable Stocks - Other stocks with significant performance include: - Huafu Fashion: 3.71% increase, 2.87% turnover [1] - Xingrui Technology: 5.72% increase, 3.77% turnover [1] - China Shipbuilding: 2.79% increase, 1.75% turnover [1]

Core Viewpoint - Hefei Chipmore Technology Co., Ltd. is issuing convertible bonds to unspecified investors, with a focus on meeting the suitability requirements for investors in the Sci-Tech Innovation Board [1][2]. Group 1: Convertible Bond Issuance - The company is issuing convertible bonds with redemption clauses, including maturity redemption and conditional redemption, with the redemption price determined by the board based on market conditions [2][3]. - The company has set a credit rating of "AA+" for the bonds, with a stable outlook, as assessed by Dongfang Jincheng [3][4]. Group 2: Risks and Considerations - Investors who do not meet the suitability requirements may face risks, including the inability to convert bonds into shares and potential losses if redemption prices are lower than the acquisition cost [2][3]. - The company has not provided guarantees for the bonds, which may lead to repayment risks if significant negative events affect its operational management and debt repayment capabilities [3][4]. Group 3: Business Development and Market Position - The company has been expanding its non-display advanced packaging technology since 2015, but its overall scale remains relatively small compared to leading competitors in the industry [6][7]. - The company faces risks from intensified market competition, particularly in the advanced packaging sector, where larger firms are actively investing [6][7]. Group 4: Fund Utilization and Project Risks - The funds raised will be used for projects including high-pin-count micro-sized bump packaging and advanced power and flip-chip packaging technology upgrades, which are expected to enhance the company's core competitiveness [7][8]. - There are risks associated with project implementation, including potential delays, market changes, and the possibility of not achieving expected profitability from the new projects [8][9]. Group 5: Measures to Mitigate Immediate Return Dilution - The company plans to implement various measures to protect investors' interests and mitigate the dilution of immediate returns from the bond issuance [10][11]. - The company has committed to strict governance and management practices to ensure effective use of raised funds and to enhance its profitability and core competitiveness [10][11].

Core Viewpoint - Hefei Qizhong Technology Co., Ltd. is applying for the issuance of convertible bonds to raise funds for specific projects, including advanced packaging and testing technology upgrades, which align with the company's strategic growth in the semiconductor industry [1][2][3]. Group 1: Fundraising and Project Overview - The funds raised will be used for two main projects: the high-footprint micro-sized bump packaging and testing project, and the advanced power and flip-chip packaging technology upgrade project [2][3]. - The total planned investment for the advanced power and flip-chip packaging technology upgrade project is approximately 851.11 million yuan, with 850 million yuan sourced from the raised funds [4][5]. - Previous fundraising projects included the advanced packaging testing production base project and high-density micro-sized bump packaging technology upgrades, which have been completed [4][32]. Group 2: Market Trends and Demand - The global display driver chip packaging market is expected to grow significantly, with a projected market size of 3.24 billion USD by 2028, driven by increasing demand for high-performance display technologies [19][20]. - The demand for advanced packaging solutions is rising due to the shift towards cost-effective materials like copper-nickel-gold bumps, which are gaining traction in high-end applications such as AMOLED displays [19][20]. - The Chinese mainland's display driver chip market is projected to reach 44.1 billion yuan in 2024, reflecting a growth rate of 13.4% year-on-year, indicating a robust demand for display technologies [27][28]. Group 3: Company Positioning and Strategy - Hefei Qizhong Technology has established itself as a leading provider of advanced packaging and testing services, particularly in the display driver chip sector, where it ranks among the top three globally [7][8]. - The company aims to enhance its service capabilities and market competitiveness through the implementation of the new projects, which are aligned with industry trends and customer demands [16][24]. - The focus on non-display chip packaging is part of a broader strategy to diversify and strengthen the company's market position in the semiconductor industry [9][24].

合肥颀中科技股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日收到 上海证券交易所（以下简称"上交所"）出具的《关于合肥颀中科技股份有限公 司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证科审（再融 资）〔2025〕73 号）（以下简称"《审核问询函》"），上交所审核机构对公 司向不特定对象发行可转换公司债券申请文件进行了审核，并形成了首轮问询问 题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，现根据相关要求对《审核问询函》回复 进行公开披露，具体内容详见公司同日在上交所网站（www.see.com.cn）上披露 的《关于合肥颀中科技股份有限公司向不特定对象发行可转换公司债券申请文件 的审核问询函的回复》等相关文件。 证券代码：688352 证券简称：颀中科技 公告编号：2025-036 合肥颀中科技股份有限公司 关于向不特定对象发行可转换公司债券申请文件 审核问询函回复的提示性公告 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。 公司 ...

Core Viewpoint - Hefei Qizhong Technology Co., Ltd. is planning to issue convertible bonds to raise funds for specific projects, including advanced packaging and testing technologies, which are expected to enhance production capacity and operational efficiency [1][2]. Summary by Sections Project Overview - The funds raised will be allocated to two main projects: high-pin-count micro-sized bump packaging and testing, and the technological transformation of advanced power and flip-chip packaging at Hefei Qizhong Technology (Suzhou) Co., Ltd. [1][2]. - The high-pin-count micro-sized bump packaging project aims to expand existing production capacity for copper-nickel-gold bumping, CP, COG, and COF [1][2]. Financial Details - The total investment for the projects is estimated at 419.453 million yuan, with construction costs accounting for 403.453 million yuan, including renovation, hardware and software purchases, and working capital [3][7]. - The breakdown of the investment includes 66.44 million yuan for renovation, 333.691 million yuan for hardware and software, and 16 million yuan for working capital [3][7]. Feasibility and Necessity - The necessity and urgency of the projects are justified by industry trends, customer demands, and the company's operational plans, indicating a significant impact on future performance [2][3]. - The company has assessed its existing technology and personnel reserves, confirming the feasibility of the projects without major uncertainties [2][3]. Capacity Planning - The projects are expected to significantly increase production capacity, with specific targets set for various products, including copper-nickel bumping and advanced power packaging [9][11]. - The planned production capacity includes 18 million pieces for copper-nickel bumps and 3.96 billion pieces for COG [11]. Revenue Projections - The expected annual sales revenue from the high-pin-count micro-sized bump packaging project is projected to be 355.8754 million yuan once fully operational [9][10]. - The advanced power and flip-chip packaging project is anticipated to generate annual sales revenue of 345.8381 million yuan upon reaching full capacity [9][10]. Cost and Profitability Analysis - The cost structure includes direct materials, labor, and manufacturing expenses, with careful consideration of historical data and market trends for cost estimation [10][11]. - The gross profit margins for the new products are expected to be competitive, with specific margins projected for different product lines [10][11].

北京市竞天公诚律师事务所 关于合肥颀中科技股份有限公司 向不特定对象发行可转换公司债券的 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话：（86-10）5809-1000 传真：（86-10）5809-1100 北京市竞天公诚律师事务所 关于合肥颀中科技股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书（一） 致：合肥颀中科技股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）作为在中国取得律师执业资 格的律师事务所，根据《中华人民共和国证券法》（以下称"《证券法》"）、 《中华人民共和国公司法》、中国证券监督管理委员会（以下称"中国证监会"） 发布的《上市公司证券发行注册管理办法》《 <上市公司证券发行注册管理办法> 第九条、第十条、第十一条、第十三条、第四十条、第五十七条、第六十条有关 规定的适用意见——证券期货法律适用意见第 18 号》《公司债券发行与交易管 理办法》《可转换公司债券管理办法》《上海证券交易所上市公司自律监管指引 第 12 号——可转换公司债券》《上海证券交易所科创板股票上市规则》《公开 发行证券公司信息披露的编报规则第 1 ...

证券代码：688352 证券简称：颀中科技 合肥颀中科技股份有限公司 Hefei Chipmore Technology Co.,Ltd. （安徽省合肥市新站区综合保税区大禹路 2350 号） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐机构（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 二〇二五年八月 合肥颀中科技股份有限公司 募集说明书（申报稿） 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露资 料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申请 文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的 盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证 ...

合肥颀中科技股份有限公司 关于向不特定对象发行可转换公司债券申请文件 审核问询函回复的提示性公告 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。 合肥颀中科技股份有限公司（以下简称"公司"）于 2025 年 7 月 7 日收到 上海证券交易所（以下简称"上交所"）出具的《关于合肥颀中科技股份有限公 司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证科审（再融 资）〔2025〕73 号）（以下简称"《审核问询函》"），上交所审核机构对公 司向不特定对象发行可转换公司债券申请文件进行了审核，并形成了首轮问询问 题。 证券代码：688352 证券简称：颀中科技 公告编号：2025-036 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，现根据相关要求对《审核问询函》回复 进行公开披露，具体内容详见公司同日在上交所网站（www.see.com.cn）上披露 的《关于合肥颀中科技股份有限公司向不特定对象发行可转换公司债券申请文件 的审核问询函的回复》等相关文件。 公司 ...