中信证券股份有限公司关于 有研半导体硅材料股份公司 调整部分募投项目实施方案暨 部分募投项目延期及新增募投项目的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为有研半导 体硅材料股份公司（以下简称"有研硅"、"公司"）首次公开发行股票并在科创板 上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管 规则》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自 律监管指引第1号——规范运作》等有关规定，对有研硅拟使用调整部分募投项目实施 方案暨部分募投项目延期及新增募投项目事项进行了审慎核查，核查具体情况及核查 意见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意有研半导体硅材料股份公司首次公开发行股 票注册的批复》（证监许可〔2022〕2047 号）核准，公司首次向社会公开发行人民币普 通股（A 股）18,714.3158 万股，每股面值 1.00 元，每股发行价格为 9.91 元。 本次公开发行募集资金总额为 185,458.87 万元，扣除总发行费用 19,062.15 万元（不 含增值税），募集资金净额为 166,396.72 ...

北京德恒律师事务所 关于有研半导体硅材料股份公司 2024 年股票期权激励计划调整行权价格、首 次授予第一个行权期行权条件成就及注销部 分股票期权的 法律意见书 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于有研半导体硅材料股份公司 2024 年股票期权激励计划调整 行权价格、首次授予第一个行权期行权条件成就及注销部分股票期权的法律意见书 北京德恒律师事务所 关于有研半导体硅材料股份公司 2024 年股票期权激励计划调整行权价格、首次授予第一个行权期 行权条件成就及注销部分股票期权的 法律意见书 德恒 01F20241393-04 号 致：有研半导体硅材料股份公司 北京德恒律师事务所（以下简称"本所"）接受有研半导体硅材料股份公司 （以下简称"有研硅"、"公司"）的委托，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《证券法》）、 中国证券监督管理委员会（以下简称"中国证监会"）《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（以 ...

Financial Performance - The company's operating revenue for Q3 2025 was ¥255,651,388.54, a decrease of 3.87% compared to the same period last year[4] - The total profit for the period was ¥70,083,342.73, reflecting a decline of 17.53% year-over-year[4] - The net profit attributable to shareholders was ¥50,083,284.45, down 21.99% from the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥25,618,503.45, a significant drop of 51.41% compared to the same period last year[4] - The net profit attributable to shareholders for the year-to-date was ¥156,118,030.81, a decrease of 19.81% compared to the same period last year[4] - Total comprehensive income for the period attributable to the parent company was CNY 156,118,030.81, a decrease from CNY 194,681,391.43 in the previous year, representing a decline of approximately 19.7%[22] - Basic earnings per share decreased to CNY 0.1255 from CNY 0.1564, reflecting a decline of about 19.7%[22] - Net profit for the first three quarters of 2025 was CNY 183,877,536.02, a decline of 17.3% from CNY 222,477,606.38 in the previous year[21] Research and Development - Research and development expenses totaled ¥25,471,723.88, representing 9.96% of operating revenue, an increase of 4.05 percentage points year-over-year[5] - Research and development expenses rose to CNY 69,687,038.63, compared to CNY 58,800,004.10 in the same period last year, indicating a 18.5% increase[21] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,384,637,463.66, showing a slight increase of 0.31% from the end of the previous year[5] - The total assets of the company amounted to CNY 5,384,637,463.66, slightly up from CNY 5,367,768,357.56[19] - Total liabilities decreased to CNY 457,867,617.29 from CNY 570,823,719.82, reflecting a reduction of approximately 19.7%[18] - The equity attributable to shareholders increased to CNY 4,444,573,138.85 from CNY 4,341,587,040.23, marking a growth of 2.4%[19] Cash Flow - Cash flow from operating activities for the year-to-date was ¥201,042,551.91, an increase of 40.16% compared to the same period last year[9] - Net cash flow from operating activities increased to CNY 201,042,551.91 from CNY 143,440,696.32, marking an increase of approximately 40%[25] - Cash inflow from investment activities totaled CNY 5,885,456,032.78, compared to CNY 5,276,886,646.05 in the previous year, indicating an increase of about 11.5%[25] - Net cash flow from investment activities was negative at CNY -193,122,989.06, an improvement from CNY -625,079,554.32 in the previous year[25] - Cash flow from financing activities resulted in a net outflow of CNY -79,061,554.59, compared to CNY -65,697,830.17 in the previous year, indicating a worsening of approximately 20%[27] - The ending balance of cash and cash equivalents was CNY 834,710,247.70, down from CNY 927,598,191.91 in the previous year[27] Shareholder Information - Total number of common shareholders at the end of the reporting period is 22,013[12] - The largest shareholder, Beijing Yuyuan Ais Semiconductor Technology Co., Ltd., holds 384,750,000 shares, accounting for 30.84% of total shares[12] - The second largest shareholder, RS Technologies, holds 327,090,400 shares, representing 26.22% of total shares[12] - The company has a total of 3,555,336 shares held in the repurchase special securities account, representing 0.28% of total share capital[14] - The company has no shareholders participating in margin trading or securities lending[13] Investment Activities - The company has completed the approval process for acquiring 70% of DG Technologies for a consideration of JPY 119,138.82 million (approximately RMB 58.47 million)[14] - The company is currently accelerating the approval process for foreign direct investment in Japan related to the acquisition[14] - The company received CNY 9,800,000.00 from investment activities, a significant increase from CNY 1,181,388.80 in the previous year[27] Market and Future Outlook - The company is focusing on expanding its market presence and enhancing product development to drive future growth[20]

Core Viewpoint - The company Youyan Silicon has experienced a decline in stock price and trading volume, indicating potential challenges in its financial performance and market sentiment [1][2]. Financial Performance - As of June 30, Youyan Silicon reported a revenue of 491 million yuan, a year-on-year decrease of 3.20%, and a net profit attributable to shareholders of 106 million yuan, down 18.74% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 162 million yuan [3]. Shareholder and Market Activity - As of October 10, Youyan Silicon's stock price fell by 4.72%, with a trading volume of 248 million yuan [1]. - The company had a net financing outflow of 10.54 million yuan on October 10, with a total financing balance of 190 million yuan, representing 2.81% of its market capitalization [1]. - The number of shareholders decreased by 8.25% to 20,500, while the average circulating shares per person increased by 9.00% to 24,773 shares [2]. Institutional Holdings - As of June 30, 2025, major institutional shareholders include: - Harvest CSI Science and Technology Innovation Board Chip ETF, holding 8.85 million shares, an increase of 798,000 shares from the previous period [3]. - Southern CSI 1000 ETF, holding 3.46 million shares, an increase of 662,000 shares [3]. - Bosera CSI Science and Technology Innovation Board 100 ETF Link A, holding 2.66 million shares, a decrease of 146,800 shares [3].

Core Viewpoint - The stock of Youyan Silicon has experienced a decline of 5.08%, currently trading at 13.26 CNY per share, with a total market capitalization of 16.543 billion CNY [1] Group 1: Company Overview - Youyan Semiconductor Silicon Materials Co., Ltd. was established on June 21, 2001, and listed on November 10, 2022 [1] - The company specializes in the research, production, and sales of semiconductor materials [1] - The revenue composition of the company includes: 61.48% from semiconductor silicon wafers, 29.55% from silicon materials for etching equipment, 6.80% from other sources, and 2.16% from supplementary sources [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Youyan Silicon, the Jiashi Fund holds a significant position with its Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF (588200) increasing its holdings by 798,000 shares to a total of 8.8543 million shares, representing 1.74% of the circulating shares [2] - The Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF (588200) was established on September 30, 2022, with a latest scale of 27.806 billion CNY [2] - The fund has achieved a year-to-date return of 80.31%, ranking 99 out of 4220 in its category, and a one-year return of 85.94%, ranking 43 out of 3852 [2]

Core Viewpoint - The financing activities of Youyan Silicon (688432) show a slight net buying trend, with a total net purchase of 12.31 million yuan on September 25, 2025, and a cumulative net buying of 29.78 million yuan over the last three trading days [1][2]. Financing Summary - On September 25, 2025, the financing net purchase was 12.31 million yuan, with a financing balance of 1.87 billion yuan, representing 2.69% of the circulating market value [2]. - The financing balance decreased by 0.11% compared to the previous day, with a reduction of 21.09 million yuan [4]. - Over the last three trading days, the financing activities included a net purchase of 29.78 million yuan, indicating a positive trend in investor sentiment [1][2]. Margin Trading Summary - On September 25, 2025, the margin trading saw a net buy of 23,200 shares, with a remaining margin balance of 66,500 yuan [3]. - The margin trading balance was 1.87 billion yuan, reflecting a slight decrease from the previous day [4]. - The margin trading activities indicate a mixed sentiment among investors, with fluctuations in both buying and selling [3][4]. Additional Information - The current requirements for individual investors to participate in margin trading include having at least six months of trading experience and an average asset of 500,000 yuan over the last 20 trading days [5]. - The number of margin trading stocks on the Shanghai Stock Exchange is set to increase from 800 to 1,000, while the Shenzhen Stock Exchange will expand from 800 to 1,200 for stocks outside the registration system [5].

Group 1 - The semiconductor sector is experiencing a rebound after hitting a low point, with notable stocks such as Lianang Micro reaching the daily limit increase, and Hu Silicon Industry rising over 10% [1] - Other companies in the semiconductor industry, including Yuyuan Silicon, Zhongjing Technology, Shanghai Hejing, and Shenkong Co., also saw significant gains, indicating a positive trend in the sector [1]

Core Viewpoint - Youyan Silicon has experienced a significant stock price increase, reflecting positive market sentiment and potential growth in the semiconductor materials sector [1][2]. Group 1: Company Overview - Youyan Semiconductor Silicon Materials Co., Ltd. is located in Xicheng District, Beijing, and was established on June 21, 2001. It was listed on November 10, 2022 [1]. - The company's main business involves the research, production, and sales of semiconductor materials, with revenue composition as follows: 61.48% from semiconductor silicon wafers, 29.55% from silicon materials for etching equipment, and 6.80% from other sources [1]. Group 2: Stock Performance - As of September 23, Youyan Silicon's stock price rose by 6.37%, reaching 13.02 CNY per share, with a trading volume of 193 million CNY and a turnover rate of 3.08%. The total market capitalization is 16.244 billion CNY [1]. - The stock has seen a continuous increase over five days, with a cumulative gain of 2.68% during this period [1]. Group 3: Shareholder Insights - Among the top ten circulating shareholders of Youyan Silicon, a fund under Southern Fund has increased its holdings. The Southern CSI 1000 ETF (512100) added 662,200 shares in Q2, bringing its total to 3.4594 million shares, which accounts for 0.68% of the circulating shares [2]. - The Southern CSI 1000 ETF has achieved a year-to-date return of 27.06% and a one-year return of 69.5%, ranking 1867 out of 4220 and 1280 out of 3814 in its category, respectively [2].

Key Points on China's Integrated Circuit Industry Recent Breakthroughs - China's integrated circuit industry has made significant advancements in design, equipment, and materials over the past two years, with overall strength steadily improving [3]. - Tianyue Advanced has achieved major breakthroughs in large-size substrate materials, with core parameters optimized, supporting device applications [3]. - Domestic manufacturers have reached a competitive level with international counterparts, particularly in silicon carbide (SiC) substrates, with Tianyue Advanced supplying a significant portion of 8-inch SiC substrates to overseas markets [6][3]. Progress in Domestic Substitution - The domestic substitution process in the integrated circuit field is advancing, although there are still high external dependencies in high-end equipment and core IP [5]. - The domestic semiconductor equipment localization rate has been increasing, with companies like Zhongwei focusing on etching, thin film, and measurement equipment to support domestic production [5][6]. - The localization rate for 8-inch silicon wafers is nearly complete, while the 12-inch silicon wafer localization rate is around 50% [6]. Global Competitive Landscape - China is a leading semiconductor consumer and producer, but many sectors are still dominated by foreign companies, leading to oligopolistic market conditions [7]. - Domestic manufacturers are gradually expanding their market share in mid-to-low-end products, while high-end applications remain largely controlled by international firms [7][9]. - The rapid iteration of technology and strong industry chain capabilities are seen as advantages for domestic companies [8]. Strategies for Internationalization - Companies like Huazhong Micro aim to deepen domestic market engagement while also expanding internationally to enhance their competitive edge [11]. - Zhongke Feicai is focused on providing domestic measurement equipment to global clients, emphasizing the importance of internationalization in their business strategy [11][12]. Challenges in Process Upgrades - Domestic suppliers face challenges in technology iteration and process upgrades, particularly in high-end components and talent acquisition [13]. - Companies are focusing on cultivating domestic suppliers and enhancing their technical capabilities to overcome these challenges [13]. Future Technology Trends - The industry is looking towards advancements in SiC substrates and 3D chip structures, with companies like Tianyue Advanced and Zhongwei leading in these areas [14][15]. - The growth of AI is expected to significantly increase demand for semiconductor equipment, driving technological upgrades and market expansion [15]. Mergers and Acquisitions - The integrated circuit industry is witnessing a trend of mergers and acquisitions, which are seen as essential for achieving scale and enhancing competitiveness [16][17]. - Companies are encouraged to pursue strategic mergers that create synergies and improve market positioning [17][18]. Development Strategies of Industry Leaders - Companies are setting ambitious goals, such as becoming top suppliers in their respective fields, with a focus on innovation and market expansion [19][20]. - Huazhong Micro plans to enhance its product offerings in emerging markets like humanoid robots and AI servers, while Tianyue Advanced aims to lead in SiC substrate production [21][22].

Group 1 - The core point of the news is that Youyan Silicon (688432) has seen significant financing activity, with a net financing purchase of 2.36 million yuan on September 10, 2025, and a total financing balance of 17.8 million yuan [1][2][3] - In the last three trading days, Youyan Silicon has recorded a cumulative net purchase of 7.84 million yuan, indicating a strong buying interest [1][2] - Over the past 20 trading days, there have been 11 days with net financing purchases, reflecting a positive market sentiment towards the stock [1] Group 2 - The financing balance increased by 1.34% on September 10, 2025, compared to the previous day, indicating a growing bullish sentiment in the market [3] - The financing balance on September 9, 2025, was 17.6 million yuan, which shows a previous increase of 2.58% from the day before [3] - The financing balance has fluctuated over the past few days, with a notable increase of 8.47% on September 4, 2025, suggesting volatility in investor sentiment [3]