Core Insights - The company reported a consolidated revenue of 448 million yuan for the period from July to September 2025, representing a 44.40% increase compared to the same period last year [1] - For the first nine months of 2025, the company achieved a consolidated revenue of 1.083 billion yuan, which is a 46.22% increase year-over-year [1]

根据相关法律法规规定及《上海伟测半导体科技股份有限公司向不特定 对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，上 海伟测半导体科技股份有限公司（以下简称"公司"）本次发行的"伟测转债" 自 2025 年 10 月 15 日起可转换为公司股份。 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交易所 科创板股票投资者适当性要求的投资者所持"伟测转债"不能转股的风险，提示 如下： 一、可转换公司债券发行上市概况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕158 号）同意， 公司向不特定对象发行 117,500.00 万元的可转换公司债券，期限 6 年，每张面值 为人民币 100 元，发行数量为 1,175,000 手（11,750,000 张）。本次发行的募集资 金总额为人民币 117,500.00 万元，扣除不含税的发行费用 12,016,745.28 元，实 际募集资金净额为 1,162,983,254.72 元。 | 证券代码：688372 | 证券简称：伟测科技 | 公告编号：20 ...

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-078 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于可转债投资者适当性要求的风险提示性公告 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。 重要内容提示： 根据相关法律法规规定及《上海伟测半导体科技股份有限公司向不特定 对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，上 海伟测半导体科技股份有限公司（以下简称"公司"）本次发行的"伟测转债" 自 2025 年 10 月 15 日起可转换为公司股份。 一、可转换公司债券发行上市概况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕158 号）同意， 公司向不特定对象发行 117,500.00 万元的可转换公司债券，期限 6 年，每张面值 为人民币 100 元，发行数量为 1,175,000 手（11,7 ...

Group 1 - The core point of the news is that Weicet Technology's stock has experienced a decline of 5%, with a current price of 83.71 CNY per share and a total market capitalization of 12.468 billion CNY [1] - Weicet Technology, established on May 6, 2016, specializes in wafer testing, chip finished product testing, and related integrated circuit testing services, with revenue composition being 55.40% from wafer testing, 40.09% from chip finished product testing, and 4.51% from other services [1] Group 2 - From the perspective of fund holdings, Huashan Fund has a significant position in Weicet Technology, with the Huashan Intelligent Equipment Theme Stock A fund holding 503,300 shares, representing 3.26% of the fund's net value, making it the seventh-largest holding [2] - The Huashan Intelligent Equipment Theme Stock A fund has achieved a year-to-date return of 50.77% and a one-year return of 48.28%, ranking 891 out of 4220 and 906 out of 3852 respectively [2] - The fund manager, Liu Changchang, has been in position for 5 years and 278 days, with the fund's total asset size being 6.642 billion CNY and a best return of 246.26% during his tenure [2]

关于可转债投资者适当性要求的风险提示性公告 | 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-077 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 公司为科创板上市公司，本次向不特定对象发行可转换公司债券，参与可转 债转股的投资者，应当符合科创板股票投资者适当性管理要求。参与科创板可转 债的投资者，可将其持有的可转债进行买入或卖出的操作，如可转债持有人不符 合科创板股票投资者适当性管理要求的，可转债持有人不能将其所持的可转债转 换为公司股票。投资者需关注因自身不符合科创板股票投资者适当性管理要求而 导致其所持可转债无法转股所存在的风险及可能造成的影响。 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： 根据相关法律法规规定及《上海伟测半导体科技股份有限公司向不特定 对象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，上 海伟测半导体科技股份有限公司（以下简称"公司"）本次发行 ...

Core Viewpoint - Emphasis on the valuation expansion of domestic wafer foundries, driven by intensified demand and a price increase cycle in the storage sector [2] Market Performance - In the week before the holiday, the Shanghai Composite Index rose by 0.21%, while the electronics sector increased by 3.51%, with semiconductors up by 7.64%. In contrast, the Hang Seng Tech Index fell by 1.58% [2] - During the holiday period, Hong Kong's semiconductor sector performed well, with domestic foundries SMIC and Hua Hong Semiconductor reaching historical highs [2] Semiconductor Industry Insights - Domestic wafer foundry capabilities are advancing in both quantity and quality, driven by the growing demand for AI computing power and enhanced high-end chip design capabilities [2] - The increasing procurement by major companies like Deepseek, Alibaba, and Tencent highlights the necessity and scarcity of domestic high-end chip foundry capabilities [2] Storage Market Dynamics - The AI application Sora gained significant popularity during the holiday, and OpenAI partnered with AMD to expand computing power, indicating a competitive arms race among internet giants [2] - The NAND market is expected to see a rise in both volume and price due to increased demand from AI inference, with predictions of a 5-10% increase in contract prices for NAND Flash products in Q4 2025 [2] Capacity Growth Projections - From 2024 to 2028, China's wafer fab capacity is projected to grow at a CAGR of 8.1%, surpassing the global average of 5.3% [3] - The capacity growth for mainstream nodes (22nm-40nm) is expected to be particularly strong, with a CAGR of 26.5% [3] Company Developments - Yangtze Memory Technologies Co. (YMTC) completed its restructuring and is poised for expansion, with its valuation exceeding 160 billion yuan [4] - The establishment of the third phase of YMTC is expected to boost orders for domestic front-end equipment companies [4] AI Infrastructure Investments - Alibaba Cloud is accelerating its transformation into a full-stack AI service provider, with a three-year plan to invest 380 billion yuan in AI infrastructure [5] - The launch of the new AI server, designed to support multiple AI chips, reflects the growing demand for AI solutions [5] Investment Recommendations - Continued focus on domestic semiconductor companies such as SMIC, Hua Hong Semiconductor, and various storage firms like Demingli and Jiangbolong is advised [2][3][4] - In the consumer electronics sector, companies like Industrial Fulian and Xiaomi Group are highlighted for potential investment [6]

| 证券代码：688372 | 证券简称：伟测科技 | 公告编号：2025-076 | | --- | --- | --- | | 转债代码：118055 | 转债简称：伟测转债 | | 上海伟测半导体科技股份有限公司 关于"伟测转债"开始转股的公告 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： 转股价格：62.68 元/股 转股的起止日期：2025 年 10 月 15 日至 2031 年 4 月 8 日 一、可转债发行上市概况 经中国证券监督管理委员会《关于同意上海伟测半导体科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕158 号）同意， 公司向不特定对象发行 117,500.00 万元的可转换公司债券，期限 6 年，每张面值 为人民币 100 元，发行数量为 1,175,000 手（11,750,000 张）。 经上海证券交易所自律监管决定书〔2025〕97 号文同意，公司本次可转换 公司债券已于 2025 年 4 月 30 日起在上海证券交易所上市交易，债券简称" ...

Core Viewpoint - Weicai Technology experienced a 5% decline in stock price, closing at 83.18 CNY per share, with a trading volume of 609 million CNY and a turnover rate of 6.96%, resulting in a total market capitalization of 12.389 billion CNY [1] Group 1: Company Overview - Shanghai Weicai Semiconductor Technology Co., Ltd. was established on May 6, 2016, and went public on October 26, 2022 [1] - The company's main business includes wafer testing, chip finished product testing, and related integrated circuit testing services [1] - Revenue composition: wafer testing accounts for 55.40%, chip finished product testing for 40.09%, and other services for 4.51% [1] Group 2: Shareholder Information - Debang Fund's semiconductor industry mixed fund (014319) entered the top ten circulating shareholders of Weicai Technology in the second quarter, holding 1.4323 million shares, which is 1.39% of the circulating shares [2] - The estimated floating loss for this fund today is approximately 6.2736 million CNY [2] Group 3: Fund Performance - The fund manager of Debang Semiconductor Industry Mixed Fund A (014319) is Lei Tao, who has been in the position for 3 years and 274 days [3] - The fund's total asset size is 3.689 billion CNY, with the best return during the tenure being 258.51% and the worst return being -29.07% [3]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the semiconductor industry [4]. Core Insights - The semiconductor packaging sector has shown significant improvement in gross margins, with leading companies like Huada and Liyang experiencing notable growth [12][13]. - AI continues to be the primary driving force behind industry growth, with major OSAT players focusing on advanced packaging solutions [6][18]. - The report highlights the strong performance of key companies such as Tongfu Microelectronics and ASE Technology, driven by robust demand in AI and automotive electronics [50][47]. Summary by Sections 1. Overview - The gross margin of the semiconductor packaging sector has significantly increased, surpassing levels seen in 2024. In Q2 2025, the gross margin reached 21.44%, up 4.52 percentage points from the previous quarter [12][13]. 2. OSAT - **ASE Technology**: In Q2 2025, ASE's revenue reached 132.13 billion RMB, with a year-on-year growth of 6.68% and a quarter-on-quarter increase of 9.55%. The advanced packaging and testing business has shown strong growth, accounting for over 10% of total revenue [18][19]. - **Anke Technology**: Reported revenue of 107.79 billion RMB in Q2 2025, with a quarter-on-quarter growth of 14.3% and a year-on-year increase of 3.42%. The company is expanding its testing capabilities and focusing on advanced packaging solutions [31][39]. - **Powertech Technology**: Achieved a revenue of 42.26 billion RMB in Q2 2025, with a quarter-on-quarter growth of 16.56%. The company is set to restart significant capital expenditures to expand its production capacity [40][44]. 3. Testing - **King Yuan Electronics**: Capital expenditures surged to 26.62 billion RMB in Q2 2025, reflecting a 149.64% quarter-on-quarter increase and a 474.34% year-on-year increase. All application segments reported growth [2][29]. - **Weichai Technology**: Continued to enhance its high-end testing capacity, with strong revenue and profit growth in H1 2025, driven by AI and automotive electronics [5][35]. 4. Equipment - AI remains the main driver for industry development, with significant growth in TCB, hybrid bonding, and SoC testing machines. ASMPT reported a 50% year-on-year increase in TCB equipment orders in H1 2025 [5][4]. 5. Market Trends - The smartphone market is experiencing regional differentiation, with strong growth in specific areas such as the Middle East and Africa. The PC market saw an 8.4% year-on-year increase in shipments in Q2 2025 [6][11]. 6. Investment Recommendations - The report suggests focusing on companies involved in packaging, testing, and equipment, including ASE Technology, Tongfu Microelectronics, and ASMPT, as they are expected to benefit from the ongoing advancements in AI and semiconductor technology [6][50].

Group 1: Macro Strategy and Market Overview - The report highlights a gradual convergence of overseas central bank policies, impacting asset allocation strategies [3][28] - In the A-share market, major indices saw significant gains in early September, with the CSI 100 and CSI 500 indices rising by 4.45% and 6.33% respectively [3][28] - The central bank's net cash injection was 196.1 billion yuan, maintaining a loose liquidity environment with DR007 staying below 1.48% [3][28] Group 2: Agricultural Bank of China - The Agricultural Bank of China is expected to benefit from the release of potential in county economies, with greater credit growth opportunities compared to peers [4] - The bank has the lowest non-performing loan ratio among its peers, with a strong ability to manage risks related to real estate exposure [4] - Future profit growth is projected at 1.98%, 3.94%, and 4.63% for 2025-2027, with corresponding BPS values of 7.69, 8.12, and 8.53 yuan [4] Group 3: Unmanned Forklifts Industry - The unmanned forklift market is experiencing rapid growth, with shipments increasing from 2,700 units in 2019 to an estimated 19,500 units in 2023, representing a penetration rate of 1.66% [6] - The market size for unmanned forklifts in China is projected to reach 2.385 billion USD in 2023, accounting for 45% of the global market [6] - Major players in the industry include Linde, Hangcha, and Geek+, with significant advancements in technology and market share [6][10] Group 4: Communication Sector - Runxin Technology - Runxin Technology reported a revenue of 1.358 billion yuan in H1 2025, marking a 16.42% year-on-year increase, with net profit rising by 18.23% [13][34] - The company is focusing on AIoT and automotive electronics, diversifying its revenue sources and enhancing long-term growth potential [34] - The firm has established strong partnerships with leading semiconductor suppliers, which bolsters its competitive edge in the market [34] Group 5: Semiconductor Testing Industry - Weicet Technology - Weicet Technology achieved a revenue of 634 million yuan in H1 2025, reflecting a 47.53% increase, with net profit soaring by 831.03% [36][39] - The company is expanding its testing capacity for high-end and reliable chips, with significant investments in new facilities [37] - The semiconductor market is expected to maintain optimistic growth, driven by advancements in AI and automotive electronics [39] Group 6: Pharmaceutical Sector - China Resources Pharmaceutical - China Resources Pharmaceutical reported a revenue of 131.867 billion yuan in H1 2025, a 2.5% increase, while net profit decreased by 20.3% due to impairment losses [21] - The company is focusing on external growth through acquisitions and innovation in its pharmaceutical business [21] - The firm has successfully launched 21 new products in H1 2025, with a robust pipeline of 476 projects under development [21]