Investment Rating - The report gives a "Buy" rating for the company, with a target price of 93.88 CNY [5]. Core Viewpoints - The company focuses on power management chips and control driver chips, with a product line that includes LED lighting driver chips, motor control driver chips, AC/DC power chips, and high-performance computing power chips [1][10]. - The company has shown significant revenue growth, achieving 1.303 billion CNY in 2023, a year-on-year increase of 20.74%, and is expected to continue this growth trajectory with projected revenues of 1.504 billion CNY in 2024, a 15.38% increase [1][16]. - The company is a pioneer in high-performance computing power chips, having entered the market with a full range of products and achieved significant sales growth, particularly in the AI sector [2][40]. Summary by Sections 1. Company Overview - The company is a leading designer of power management and control driver chips in China, with a focus on four main product lines: LED lighting driver chips, motor control driver chips, AC/DC power chips, and high-performance computing power chips [1][10]. - The company has expanded its product lines through both organic growth and acquisitions, including the recent acquisition of Nanjing Lingou Chuangxin and plans to acquire Yichong Technology [3][12]. 2. High-Performance Computing Power Chips - The company has strategically focused on high-performance computing power chips since 2021, targeting the growing demand driven by AI applications [2][40]. - The high-performance computing product line has achieved mass production of multi-phase controllers, DrMOS, POL, and Efuse products, entering a phase of scale sales [2][40]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.12 million CNY, 1.80 million CNY, and 2.78 million CNY from 2025 to 2027, with corresponding PE ratios of 73, 46, and 30 [3][4]. - The report emphasizes the company's strong R&D capabilities and competitive product lines, supporting a positive long-term growth outlook [3][4].

Core Viewpoint - The supervisory board of Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. has reviewed and approved the vesting lists for various stock incentive plans, confirming that the 95 incentive objects meet the necessary qualifications and conditions as per relevant laws and regulations [1][2][3]. Group 1 - The supervisory board conducted a review based on the Company Law, Securities Law, and other relevant regulations to ensure compliance with the stock incentive plans [1]. - The review confirmed that the 95 incentive objects are legally qualified and meet the conditions set forth in the incentive plans [1]. - The supervisory board agreed to the vesting lists for the fourth vesting period of the 2021 stock incentive plan and other related plans [1].

Meeting Overview - The third session of the Supervisory Board of Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. was held on May 12, 2025, with all three supervisors present for voting [1] Agenda Items Adjustment of Stock Incentive Plan Grant Prices - The Supervisory Board approved the adjustment of grant prices for the 2021 and 2023 stock incentive plans, with the following changes: - 2021 plan price adjusted from 82.00 CNY/share to 58.07 CNY/share - 2021 second phase plan price adjusted from 164.00 CNY/share to 116.64 CNY/share - 2023 plan price adjusted from 20.00 CNY/share to 13.79 CNY/share - The adjustments comply with relevant laws and regulations and will not materially affect the company's financial status or operating results [2] Adjustment of Grant Quantity and Vesting Conditions - The Supervisory Board approved the adjustment of the grant quantity and confirmed that the vesting conditions for certain stock grants have been met, allowing for a total of 245,980 shares to be vested for 95 eligible participants [3] Cancellation of Unvested Stock Grants - The Supervisory Board approved the cancellation of certain previously granted but unvested stock options, in accordance with relevant laws and regulations, ensuring no harm to shareholder interests [4][5]

Core Viewpoint - The legal opinion letter addresses the adjustments, cancellations, and vesting conditions related to the restricted stock incentive plans of Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd, confirming compliance with relevant regulations and the absence of significant impact on the company's financial status and operational results [1][35]. Summary by Sections Approval and Authorization of Adjustments - The adjustments and cancellations of the restricted stock incentive plans have been approved by the company's board and supervisory committee, in accordance with the relevant regulations [5][10][32]. - The adjustments include changes to the grant prices and quantities of the restricted stocks across multiple incentive plans [10][32]. Specifics of Adjustments - The grant prices for the incentive plans have been adjusted as follows: - For the 2021 plan, from 82.00 CNY/share to 58.07 CNY/share - For the 2021 second phase plan, from 164.00 CNY/share to 116.64 CNY/share - For the 2023 plan, from 20.00 CNY/share to 13.79 CNY/share [13][32]. Cancellations of Restricted Stocks - Cancellations involve unvested restricted stocks due to the departure of eligible participants: - 21,855.4 shares from the 2021 plan - 9,654.4 shares from the 2021 second phase plan - 9,391.2 shares from the 2022 second phase plan - 51,760.8 shares from the 2023 plan [14][15][16][32]. Vesting Conditions - The vesting conditions for the restricted stocks include: - The company must not have received a negative audit opinion - The participants must not have engaged in disqualifying actions - The performance targets must be met, with the company achieving a gross profit of 558.2 million CNY in 2024 [19][20][30][32]. Information Disclosure - The company is required to disclose relevant information regarding the adjustments, cancellations, and vesting in accordance with regulatory requirements [33][34].

Core Points - The company announced an adjustment in the number of restricted stock awards under its incentive plan, with a total of 245,980 shares to be vested [1][2][3] Group 1: 2021 Restricted Stock Incentive Plan - The total number of restricted stocks granted was 776,800 shares, accounting for 1.26% of the company's total share capital of 61.6 million shares as of the announcement date [2][3] - The adjusted grant price for the restricted stocks is 58.07 yuan per share [2] - The initial grant involved 14 individuals, primarily middle management and other personnel deemed necessary for motivation, with a reserved portion for 31 individuals [2][3] - The vesting schedule includes four periods, with the first vesting occurring 12 months after the grant date [2][3][4] - Performance targets for the company include achieving revenue of 1.1 billion yuan or gross profit of 253 million yuan for the first vesting period [3][4] Group 2: 2021 Second Phase Restricted Stock Incentive Plan - The total number of restricted stocks granted was 441,500 shares, representing 0.71% of the company's total share capital of 62.03 million shares as of the announcement date [15][16] - The adjusted grant price for the restricted stocks is 116.64 yuan per share [15] - The vesting schedule includes three periods, with the first vesting occurring 12 months after the grant date [15][16] Group 3: 2023 Restricted Stock Incentive Plan - The total number of restricted stocks granted was 1,558,100 shares, accounting for 2.48% of the company's total share capital of 62.90 million shares as of the announcement date [24][25] - The adjusted grant price for the restricted stocks is 13.79 yuan per share [24] - The vesting schedule includes three periods, with the first vesting occurring 12 months after the grant date [24][25] - Performance targets for the company include achieving revenue of 1.5 billion yuan or gross profit of 345 million yuan for the first vesting period [26][27]

证券代码：688368 证券简称：晶丰明源 公告编号：2025-034 上海晶丰明源半导体股份有限公司 关于限制性股票激励计划授予数量调整及相关归属 期符合归属条件的公告 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： 限制性股票拟归属数量：245,980 股 归属股票来源：向激励对象定向发行的上海晶丰明源半导体股份有限公 司（以下简称"公司"）人民币 A 股普通股股票 一、公司 2021 年限制性股票激励计划（以下简称"2021 年激励计划"）批 准及实施情况 （一）2021 年激励计划方案及履行的程序 1、2021 年激励计划主要内容 （1）股权激励方式：第二类限制性股票。 （2）授予数量：授予的限制性股票总量为 77.68 万股，占 2021 年激励计划 草案公告日公司股本总额 6,160.00 万股的 1.26%。其中，首次授予限制性股票 62.18 万股，约占 2021 年激励计划草案公告日公司股本总额的 1.01%，约占 2021 年激励计划拟授予限制性股票总数的 80.05%；预留 15.50 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-033 上海晶丰明源半导体股份有限公司 关于调整公司限制性股票激励计划授予价格的公告 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。 上海晶丰明源半导体股份有限公司（以下简称"晶丰明源"或"公司"）于 2025 年 5 月 12 日召开第三届董事会第二十五次会议、第三届监事会第二十二次 会议，审议通过了《关于调整公司限制性股票激励计划授予价格的议案》，同意 公司根据《上海晶丰明源半导体股份有限公司 2021 年限制性股票激励计划》（以 下简称"2021 年激励计划"）、《上海晶丰明源半导体股份有限公司 2021 年第二 期限制性股票激励计划》（以下简称"2021 年第二期激励计划"）、《上海晶丰明 源半导体股份有限公司 2023 年限制性股票激励计划》（以下简称"2023 年激励 计划"）的有关规定，对上述各期限制性股票激励计划授予价格进行调整，其中， 2021 年激励计划授予价格由 82.00 元/股调整为 58.07 元/股；2021 年第二期激 励计划授 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-035 上海晶丰明源半导体股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 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。 上海晶丰明源半导体股份有限公司（以下简称"晶丰明源"或"公司"）于 2025 年 5 月 12 日召开第三届董事会第二十五次会议、第三届监事会第二十二次 会议，审议通过了《关于作废部分已授予尚未归属的限制性股票的议案》，因公 司层面业绩考核目标未达成以及部分激励对象离职或自愿放弃，根据《上市公司 股权激励管理办法》《公司 2021 年限制性股票激励计划（草案）》《公司 2021 年 第二期限制性股票激励计划（草案）》《公司 2022 年第二期限制性股票激励计划 （草案）》《公司 2023 年限制性股票激励计划（草案）》的相关规定，以及 2023 年年度资本公积转增股本实施情况，经调整，公司 2021 年限制性股票激励计划 首次授予及预留授予、2021 年第二期限制性股票激励计划首次授予及预留授予、 2022 年第二期限制性股票激 ...

上海君澜律师事务所 关于 上海晶丰明源半导体股份有限公司 2021 年、2021 年第二期、2022 年第二期及 2023 年 限制性股票激励计划调整、作废及归属相关事项 之 法律意见书 二〇二五年五月 上海君澜律师事务所 法律意见书 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法 律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及 本法律意见书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵 循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法律意见所认 2 上海君澜律师事务所 关于上海晶丰明源半导体股份有限公司 2021 年、2021 年第二期、2022 年第二期及 2023 年 限制性股票激励计划调整、作废及归属相关事项之 法律意见书 致：上海晶丰明源半导体股份有限公司 上海君澜律师事务所（以下简称"本所"）接受上海晶丰明源半导体股份 有限公司（以下简称"公司"或"晶丰明源"）的委托，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 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-032 上海晶丰明源半导体股份有限公司 第三届监事会第二十二次会议决议公告 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 上海晶丰明源半导体股份有限公司（以下简称"公司"）第三届监事会第二 十二次会议于 2025 年 5 月 9 日以电子邮件、专人送达等方式通知了全体监事， 会议于 2025 年 5 月 12 日以现场会议方式召开。 会议由监事会主席李宁先生主持，会议应参加表决监事 3 人，实际参加表决 监事 3 人。本次监事会会议的召集和召开程序符合有关法律、行政法规、部门规 章、规范性文件和《上海晶丰明源半导体股份有限公司章程》的规定，作出的决 议合法、有效。 二、监事会会议审议情况 经与会监事表决，审议通过了如下议案： 上述议案内容详见公司同日在上海证券交易所网站（www.sse.com.cn）上披 露的《上海晶丰明源半导体股份有限公司关于调整公司限制性股票激励计划授予 价格的公告》。 （二）审议通过《关于公司限制性股票激励计划 ...