Group 1 - The core point of the news is that Hengshuo Co., Ltd. announced a share reduction plan by its shareholders due to personal funding needs, with specific details on the number of shares to be reduced and the timeline for the reduction [1] Group 2 - As of the announcement date, shareholder Anhui Zhong'an Luyang Venture Capital Fund holds 3,778,938 shares (4.56% of total shares), while Ningbo Meishan Free Trade Port Area Tianying Hesheng Venture Capital holds 3,049,727 shares (3.68% of total shares) [1] - Anhui Zhong'an plans to reduce up to 1.66% of total shares (1,376,777 shares) through block trading, while Tianying Hesheng plans to reduce up to 1.34% of total shares (1,111,105 shares) [1] - The shares held by Anhui Zhong'an will be tradable from August 29, 2023, and those held by Tianying Hesheng will be tradable from November 20, 2023 [1] Group 3 - Hengshuo Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 29, 2022, with an issuance of 20.66 million shares at a price of 65.11 yuan per share, representing 25% of the total shares post-issuance [2] - The total amount raised by Hengshuo was 1.345 billion yuan, with a net amount of 1.209 billion yuan after deducting issuance costs, exceeding the original fundraising target by 45.576 million yuan [2] - The funds were intended for various R&D projects, including NOR flash memory chip upgrades and AI inference chip development [2] Group 4 - The total issuance costs for Hengshuo were 135.5322 million yuan, with the lead underwriter, Guoyuan Securities, receiving 109.2144 million yuan in underwriting and sponsorship fees [3] - The controlling shareholders of Hengshuo are Xiangdong Lu (American nationality) and Lü Yinan (Chinese nationality) [3]

恒烁半导体（合肥）股份有限公司 股东减持股份计划公告 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688416 证券简称：恒烁股份 公告编号：2025-030 本公司董事会、全体董事及相关股东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： ● 股东持有的基本情况 截至本公告披露日，恒烁半导体（合肥）股份有限公司（以下简称"恒烁股份或"公司"）股东合肥中安 庐阳创业投资基金合伙企业（有限合伙）（以下简称"中安庐阳"）持有公司股份3,778,938股，占公司总 股本的4.56%；宁波梅山保税港区天鹰合胜创业投资合伙企业（有限合伙）（以下简称"天鹰合胜"）持 有公司股份3,049,727股，占公司总股本的3.68%。以上股份均来源于公司首次公开发行前取得的股份， 合肥中安庐阳创业投资基金合伙企业（有限合伙）的股份于2023年8月29日起上市流通；宁波梅山保税 港区天鹰合胜创业投资合伙企业（有限合伙）的股份于2023年11月20日起上市流通。 ● 减持计划的主要内容 因自身资金需求，中安庐阳计划通过大宗交易方式减持合计不 ...

Summary of Key Points Core Viewpoint - The announcement details the shareholding structure and planned share reductions by two major shareholders of Hengshuo Semiconductor (Hefei) Co., Ltd, indicating a strategic move to address personal funding needs while adhering to regulatory requirements [1][2][3]. Shareholder Holdings - Hefei Zhong'an Luyang Venture Capital Fund Partnership holds 3,778,938 shares, representing 4.56% of the total share capital [2][3]. - Ningbo Meishan Free Trade Port Area Tianying Hosheng Venture Capital Partnership holds 3,049,727 shares, accounting for 3.68% of the total share capital [2][3]. Reduction Plans - Hefei Zhong'an plans to reduce its holdings by up to 1,376,777 shares (1.66% of total shares) through block trading within three months from the announcement date [2][4]. - Ningbo Meishan plans to reduce its holdings by up to 1,111,105 shares (1.34% of total shares) also through block trading within the same timeframe [2][4]. Regulatory Compliance - The reductions will comply with the relevant regulations set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange, allowing for flexibility in the reduction methods [3][5]. - The shareholders have made commitments regarding the timing and methods of their share reductions, ensuring adherence to legal and regulatory frameworks [6][7]. Historical Context - Hefei Zhong'an has previously reduced its holdings, with a total of 960,340 shares (1.162%) sold at prices ranging from 20.45 to 21.54 CNY per share in June 2024 [4]. - The company’s total share capital increased from 82,637,279 shares to 82,929,413 shares following the completion of a stock incentive plan [4].

证券代码：688416 证券简称：恒烁股份 公告编号：2025-030 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持有的基本情况 恒烁半导体（合肥）股份有限公司 截至本公告披露日，恒烁半导体（合肥）股份有限公司（以下简称"恒烁股 份或"公司"）股东合肥中安庐阳创业投资基金合伙企业（有限合伙）（以下简称"中 安庐阳"）持有公司股份 3,778,938 股，占公司总股本的 4.56%；宁波梅山保税港 区天鹰合胜创业投资合伙企业（有限合伙）（以下简称"天鹰合胜"）持有公司股 份 3,049,727 股，占公司总股本的 3.68%。以上股份均来源于公司首次公开发行 前取得的股份，合肥中安庐阳创业投资基金合伙企业（有限合伙）的股份于 2023 年 8 月 29 日起上市流通；宁波梅山保税港区天鹰合胜创业投资合伙企业（有限 合伙）的股份于 2023 年 11 月 20 日起上市流通。 减持计划的主要内容 | 股东名称 | 宁波梅山保税港区天鹰合胜创业投资合伙企业（有限合 | ...

Group 1 - The company Hengshuo Co., Ltd. announced that shareholder Hefei Zhong'an Luyang Venture Capital Fund Partnership plans to reduce its holdings by no more than 1.3768 million shares, accounting for 1.66% of the company's total share capital [1] - Another shareholder, Ningbo Meishan Free Trade Port Area Tianying Hosheng Venture Capital Partnership, plans to reduce its holdings by no more than 1.1111 million shares, representing 1.34% of the company's total share capital [1] - The reduction plan will be executed within three months starting from the third trading day after the announcement [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

证券代码：688416 证券简称：恒烁股份 公告编号：2025-029 恒烁半导体（合肥）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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法律责任。 特此公告。 截至 2025 年 6 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式回购公司股份 813,407 股，占公司总股本 82,929,413 股的比例为 0.98%，回购 成交的最高价为 39.60 元/股，最低价为 31.53 元/股，支付的资金总额为人民币 29,313,021.08 元（不含印花税、交易佣金等交易费用）。本次回购股份的实施符合 相关法律法规及公司回购股份方案的规定。 三、其他事项 一、回购股份的基本情况 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 重要内容提示： 恒烁半导体（合肥）股 ...

恒烁半导体（合肥）股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日 召开第二届董事会第六次会议，审议通过了《关于以集中竞价交易方式回购公司 股份方案的议案》，同意公司以公司自有资金、自筹资金（包括但不限于中信银行 股份有限公司合肥分行提供的股票回购专项贷款）通过上海证券交易所交易系统 以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票，回购资 金总额不低于人民币 3,000.00 万元（含），不超过人民币 6,000.00 万元（含），回 购价格不超过 52.51 元/股（含），回购期限自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于 2024 年 11 月 30 日在上海证券交易所网站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购公司股份方案的公告》。 （公告编号：2024-070）。 二、回购股份的进展情况 证券代码：688416 证券简称：恒烁股份 公告编号：2025-028 恒烁半导体（合肥）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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 ...

北京国枫律师事务所 关于恒烁半导体(合肥)股份有限公司 2024 年年度股东大会的 【大厦了后 8 层 电话:010-88004488/66090088 传真:010-66090016 邮编· 1 3. 本所及经办律师依据《证券法》《证券法律业务管理办法》《证券法律业务执 业规则》等规定及本法律意见书出具目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 定的事实真实、准确、完整,所发表的结论性意见合法、准确,不存在虚假记载、误导 性陈述或者重大遗漏,并承担相应法律责任; 4. 本法律意见书仅供贵公司本次会议之目的使用,不得用作任何其他用途。本所 律师同意将本法律意见书随贵公司本次会议决议一起予以公告。 法律意见书 国枫律股字[2025]A0283 号 致: 恒烁半导体（合肥）股份有限公司（贵公司） 北京国枫律师事务所(以下简称"本所")接受贵公司的委托,指派律师出席并见 证贵公司 2024年年度股东大会(以下简称"本次会议")。 本所律师根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人 民共和国证券法》(以下简称"《证券 ...