2024 年年度持续督导跟踪报告 平安证券股份有限公司（以下简称"平安证券"或"保荐机构"）作为上海 伟测半导体科技股份有限公司（以下简称"伟测科技"或"公司"）向不特定对 象发行可转换公司债券的保荐机构，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》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等相关规定，于 2024 年 7 月承接伟测科技首次公开发行股 票的持续督导工作，并出具 2024 年年度持续督导跟踪报告。 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | 1 | | 保荐机构已建立健全并有效执 | | | 建立健全并有效执行持续督导工作制度，并针对 | 行了持续督导制度，并制定了 | | | 具体的持续督导工作制定相应的工作计划。 | 相应的工作计划。 | | | 根据中国证监会相关规定，在持续督导工作开始 | | | | 前，与上市公司签署持续督导协议，明确双方在 | 保荐机构已与伟测科技签订保 | | 2 | 持续督导期间的权利义务，并报上海证券交易所 | 荐协议，该协议明确了双方在 | | | 备案。 | 持续 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - In the stage of strong macro - uncertainty, the low - volatility attribute of convertible bonds is prominent. In the short term, market pricing is expected to shift from macro - driven to industry - driven, and the combination of technology and dividend is still the best strategy [2][17]. 3. Summary by Related Catalogs 3.1 Market Focus Last Week (April 28 - April 30, 2025) - **Stock Market**: The equity market fluctuated narrowly before the holiday. The robot and AI - related industrial chains performed well, driving up sectors such as TMT, automobile, and machinery. Defensive sectors like banks and coal adjusted significantly. Most Shenwan primary industries closed down, with real estate (-3.04%), comprehensive (-2.75%), social services (-2.63%), and coal (-2.50%) leading the decline, while media (+2.69%), computer (+2.47%), beauty care (+2.46%), machinery and equipment (+1.59%), and electronics (+1.34%) performed well [8][9]. - **Bond Market**: The bond market rose significantly last week. With the central bank's support across months, the capital market was loose. Coupled with the expectation of weakening PMI and the lack of substantial progress in Sino - US tariff negotiations, bond market sentiment was positive. The 10 - year Treasury bond yield closed at 1.62% on Wednesday, down 3.63bp from the previous week [9]. - **Convertible Bond Market**: Approximately half of the convertible bond issues closed higher. The CSI Convertible Bond Index decreased by 0.07% for the whole week, the median price increased by 0.12%, the arithmetic average parity increased by 1.21%, and the overall market conversion premium rate decreased by 0.84% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds in the par value ranges of [90,100), [100,110), and [110,120) changed by -0.09%, -0.04%, and -0.51% respectively, at the 36%, 48%, and 33% quantiles since 2021 [1][9]. 3.2 Views and Strategies (May 6 - May 9, 2025) - **Macro Environment and Market Trends**: Although the US initiated a tariff war in April, the probability of a marginal easing of tariff conflicts is higher in the short term. After the disclosure of annual and first - quarter reports, the impact of performance on the market has cleared. In May, the proportion of macro factors in stock market pricing may decrease, and the market is expected to return to being driven by industry logic. The "new economy" sector may be more cost - effective [2][17]. - **Bond Market**: The monetary policy was hawkish in the first quarter. Considering the long - term trade - war risk and the expectation of reserve requirement ratio cuts and interest rate cuts, the risk of a significant bond market adjustment is low. The low bond market interest rate means the opportunity cost of convertible bonds is extremely low, and the potential allocation power of convertible bonds is abundant [2][17]. - **Convertible Bond Market**: The average conversion premium rates in multiple par value ranges have returned to the levels in mid - January, significantly lower than during the spring market. The median price has returned to February 5, and the equal - weighted index of underlying stocks is around February 10. The low - volatility attribute of convertible bonds is prominent, which can reduce portfolio volatility while maintaining exposure to equity assets [2][17]. - **Investment Directions**: - **Dividend and Defensive Assets**: When the market tumbled on April 7, Hong Kong stock dividends were a direction for capital to increase positions. After the adjustment of the conversion price of some high - dividend convertible bonds, the par value increased by more than 5%. The power industry may see stock price increases from May to June [17]. - **Technology**: It includes opportunities in humanoid robots, semiconductor equipment localization, innovative drugs and related industrial chains, and the intelligent driving market [17]. 3.3 Valuation Overview - As of April 30, 2025, for equity - biased convertible bonds, the average conversion premium rates in different par value ranges are at different quantiles since 2010 and 2021. For debt - biased convertible bonds, the average YTM of those with a par value below 70 yuan is at the 31%/36% quantiles since 2010/2021. The average implied volatility of all convertible bonds is at the 52%/27% quantiles since 2010/2021 [18]. 3.4 Primary Market Tracking - **Last Week (April 28 - April 30, 2025)**: No convertible bond issuance was announced, and Weice Convertible Bond was listed. Weice Technology is a well - known third - party integrated circuit testing service enterprise. The issued convertible bond scale is 1.175 billion yuan, with a credit rating of AA [27]. - **Future Week (May 6 - May 9, 2025)**: No convertible bond issuance or listing is announced. As of April 30, there are 80 convertible bonds to be issued, with a total scale of 125.58 billion yuan, including 7 approved for registration with a total scale of 13.45 billion yuan and 6 approved by the listing committee with a total scale of 3.82 billion yuan [28].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

Group 1: Report Summary - 2025 April saw the issuance of 3 convertible bonds: Anji Convertible Bond, Qingyuan Convertible Bond, and Weice Convertible Bond [1][2][3] - Anji Technology plans to issue up to 831 million yuan of convertible bonds on April 7, 2025, with funds earmarked for various projects and working capital [1] - Qingyuan Co., Ltd. intends to issue up to 500 million yuan of convertible bonds on April 8, 2025, for project investment and working capital [2] - Weice Technology aims to issue up to 1.175 billion yuan of convertible bonds on April 9, 2025, for project investment, loan repayment, and working capital [3] Group 2: Anji Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 22% - 27% [13][18] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA -; issue size: 831 million yuan; initial conversion price: 168.11 yuan; bond value: 96.09 yuan [19] - First - day target price: 120 - 125 yuan; recommended for active subscription [24] - Expected first - day new bond subscription winning rate: 0.0076% - 0.0103% [25] Underlying Stock Fundamentals - Main business: R & D and industrialization of key semiconductor materials [23] - Industry upstream: Fine chemical industry; downstream: Integrated circuit manufacturing and advanced packaging [27] - Operating performance: Revenue grew from 687 million yuan in 2021 to 1.312 billion yuan in the first three quarters of 2024, with a stable gross and net profit margin [30][34] - Equity structure: Concentrated, with the top two shareholders holding 35.44% of shares as of September 30, 2024; no actual controller; 8 holding subsidiaries and 4 important affiliated companies [56] - Business advantages: Deep - rooted in high - end semiconductor materials, with intellectual property rights, efficient product conversion, international talent, and a quality assurance system [59][60] - Fund use: Projects include Shanghai Anji Integrated Circuit Materials Base, etc., with 220 million yuan for working capital [18] Group 3: Qingyuan Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 25% - 30% [13][67] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: A+; issue size: 500 million yuan; initial conversion price: 12.93 yuan; bond value: 83.41 yuan [68] - First - day target price: 124 - 129 yuan; recommended for active subscription [72] - Expected first - day new bond subscription winning rate: 0.003% - 0.0038% [73] Underlying Stock Fundamentals - Main business: R & D, production, and sales of solar photovoltaic brackets, development and operation of photovoltaic power stations, and R & D of photovoltaic power electronics [71] - Industry upstream: Metal processing; downstream: Photovoltaic power stations [75] - Operating performance: Revenue increased from 1.018 billion yuan in 2021 to 1.319 billion yuan in the first three quarters of 2024, with stable gross and net profit margins [78] - Equity structure: Relatively dispersed, with the top two shareholders holding 44.8% of shares as of June 30, 2024; Hong Daniel as the actual controller; 58 holding subsidiaries [105] - Business advantages: International market strategy, product advantages to meet customer needs, and technological innovation [109][110][111] - Fund use: Projects include Distributed Photovoltaic Bracket Smart Factory and Energy R & D Center, with 150 million yuan for working capital [67] Group 4: Weice Convertible Bond Analysis Pricing - Expected first - day conversion premium rate: 41% - 46% [13][115] New Bond Subscription Analysis - Issue method: Priority placement and online pricing; bond and issuer ratings: AA; issue size: 1.175 billion yuan; initial conversion price: 82.15 yuan; bond value: 98.08 yuan [116] - First - day target price: 124 - 128 yuan; recommended for active subscription [120] - Expected first - day new bond subscription winning rate: 0.0068% - 0.0099% [121] Underlying Stock Fundamentals - Main business: Wafer testing, chip finished product testing, and related supporting services [119] - Industry upstream: Test equipment and consumables manufacturers; downstream: Integrated circuit design [123][124] - Operating performance: Revenue rose from 493 million yuan in 2021 to 740 million yuan in the first three quarters of 2024, with a declining gross and net profit margin [127][131] - Equity structure: Relatively dispersed, with the top two shareholders holding 37.11% of shares as of September 30, 2024; Pian Wensheng as the actual controller; 5 holding subsidiaries and 3 affiliated companies [156] - Business advantages: Talent, technology, customer base, production capacity, and location advantages [158][159][160] - Fund use: Projects include Weice Semiconductor Wuxi Integrated Circuit Testing Base and Integrated Circuit Chip Wafer - Level and Finished Product Testing Base, with 275 million yuan for loan repayment and working capital [115]

证券代码：688372 证券简称：伟测科技 公告编号：2025-034 上海伟测半导体科技股份有限公司 关于开立可转换公司债券募集资金专项账户 并签订四方监管协议的公告 公司于 2025 年 4 月 27 日召开第二届董事会第十六次会议及第二届监事会第 1 十六次会议，审议通过了《关于使用可转换公司债券部分募集资金向全资子公司 提供借款以实施募投项目的议案》，同意使用可转换公司债券募集资金 11,061.98 万元向全资子公司无锡伟测半导体科技有限公司（以下简称"无锡伟测"）提供 借款以继续实施"伟测半导体无锡集成电路测试基地项目"，使用可转换公司债 券募集资金 1,511.99 万元向全资子公司南京伟测半导体科技有限公司（以下简称 "南京伟测"）提供借款以继续实施"伟测集成电路芯片晶圆级及成品测试基地 项目"。具体内容详见公司于 2025 年 4 月 29 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于使用可转换公司债券部分募集资金向全资子公 司提供借款以实施募投项目的公告》。 为了规范公司募集资金管理及使用，保护投资者权益，根据《上市公司监管 指引第 2 号——上市公司募集资金管理和 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 1.077 billion yuan for 2024, representing a year-over-year increase of 46.21%. The net profit attributable to shareholders was 128 million yuan, up 8.67% year-over-year [4]. - In Q1 2025, the company achieved a revenue of 285 million yuan, marking a 55.39% year-over-year growth, and a net profit of 26 million yuan, indicating a turnaround from losses [4]. - The company is increasing its investment in high-end production capacity and has completed significant capital expenditures, totaling 1.483 billion yuan in 2024, to enhance its competitive position in the market [6]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 1.401 billion yuan in 2025 to 2.306 billion yuan by 2027, with year-over-year growth rates of 30.1%, 29.1%, and 27.6% respectively [5]. - The net profit attributable to shareholders is expected to rise from 187 million yuan in 2025 to 386 million yuan in 2027, with corresponding year-over-year growth rates of 46.0%, 43.0%, and 44.1% [5]. - The earnings per share are forecasted to increase from 1.64 yuan in 2025 to 3.39 yuan in 2027 [5]. Revenue and Profitability Analysis - The company’s revenue from CP testing reached 615 million yuan in 2024, a 38.91% increase year-over-year, while FT testing revenue was 367 million yuan, up 50.07% year-over-year [6]. - The gross margin for CP testing was 42.45%, and for FT testing, it was 29.16%, with slight decreases compared to the previous year [6]. - The company’s R&D investment increased by 37.16% year-over-year to 142 million yuan, reflecting a commitment to innovation and development [6].

公司代码：688372 公司简称：伟测科技 上海伟测半导体科技股份有限公司 2024年度内部控制评价报告 上海伟测半导体科技股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况 ...

证券代码：688372 证券简称：伟测科技 公告编号：2025-029 上海伟测半导体科技股份有限公司 关于续聘会计师事务所的公告 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、准确性和完整性承担个别及连带责任。 重要内容提示： 拟续聘的会计师事务所名称：天健会计师事务所（特殊普通合伙） 上海伟测半导体科技股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开第二届董事会第十六次会议，审议通过了《关于续聘会计师事务所的议案》， 董事会同意续聘天健会计师事务所（特殊普通合伙）（以下简称"天健"）为公司 2025 年度财务审计机构及内部控制审计机构，聘期一年，监事会对本议案发表 了同意的意见，本议案尚需股东大会审议。现将相关事项公告如下： 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 | 会计师事务所名称 | | | | 天健会计师事务所（特殊普通合伙） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | | 2011 年 7 | 月 | 18 ...

证券代码：688372 证券简称：伟测科技 公告编号：2025-026 上海伟测半导体科技股份有限公司 第二届监事会第十六次会议决议公告 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 上海伟测半导体科技股份有限公司（以下简称"公司"）第二届监事会第十 六次会议于 2025 年 4 月 27 日以现场及通讯相结合的方式召开。本次会议通知已 于 2025 年 4 月 17 日以电子邮件的方式发出。本次会议由公司监事会主席乔从缓 女士召集并主持，本次会议应出席监事 3 名，实际出席监事 3 名，公司董事会秘 书列席了本次会议。本次会议的召集、召开方式符合有关法律、法规和《公司章 程》的规定。 二、监事会会议审议情况 1、审议通过《关于<公司 2024 年年度报告>及其摘要的议案》 经审议，监事会认为：《公司 2025 年第一季度报告》的编制和审议程序符合 有关法律法规以及《公司章程》的相关规定；《公司 2025 年第一季度报告》的内 容与格式符合中国证券监督管理委员会及上海证券交易所的有关规定，真实、准 ...

证券代码：688372 证券简称：伟测科技 公告编号：2025-028 上海伟测半导体科技股份有限公司 关于 2024 年度利润分配及资本公积转增股本预案的公告 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： 每股分配比例及每股转增比例：每股派发现金红利 0.34 元（含税），每 股转增 0.3 股，不送红股。 本次利润分配及资本公积转增股本以实施权益分派股权登记日登记的总 股本为基数，具体日期将在权益分派实施公告中明确。在实施权益分派的股权登 记日前公司总股本发生变动的，拟维持每股分配和每股转增比例不变，相应调整 分配总额和转增总额，并将另行公告具体调整情况。 本次利润分配及资本公积转增股本方案不触及《上海证券交易所科创板 股票上市规则》（以下简称《科创板股票上市规则》）第 12.9.1 条第一款第（八） 项规定的可能被实施其他风险警示的情形 一、利润分配及资本公积转增股本预案内容 经天健会计师事务所（特殊普通合伙）审计，上海伟测半导体科技股份有限 公司（以下简称"公司"）2024 年度归属于上市公司股东 ...