上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易 之 补充法律意见书（一） 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 声明事项 | 2 | | --- | --- | | 正文 | 4 | | 一、 | 关于《问询函》问题 1"关于交易目的与协同效应"的核查意见 4 | | 二、 | 关于《问询函》问题 2"关于收购未盈利资产"的核查意见 25 | | 三、 | 关于《问询函》问题 4"关于交易对方"的核查意见 70 | | 四、 | 关于《问询函》问题 6"关于标的公司核心技术及无形资产"的核查意见 | | 104 | | | 五、 | 关于《问询函》问题 7"关于标的公司固定资产与在建工程"的核查意见 | | 124 | | 上海市锦天城律师事务所 补充法律意见书（一） 上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易之 补充法律意见书（一） 案号：01F20233741 致：芯联集成电路制造股份有限 ...

Investment Rating - The report assigns a "Strong Buy" rating, expecting the stock price to rise more than 20% above the market benchmark index within the next six months [19]. Core Insights - The company, ChipLink Integration, reported a total revenue of 6.51 billion yuan for 2024, representing a year-on-year growth of 22.25%. The net profit attributable to the parent company was -970 million yuan, a reduction in losses by 50.57% [4][5]. - In Q4 alone, the company achieved a revenue of 1.96 billion yuan, a 31% increase year-on-year, with a net profit of -283 million yuan, marking a 52.5% improvement [4][5]. - The growth in revenue and profit is attributed to high demand in the automotive, high-voltage industrial, and SiC sectors [5]. Summary by Sections Financial Performance - The company has shown significant improvement in its gross margin, which has improved from -16.4% in 2021 to -6.8% in 2023, and is expected to turn positive at 1% for the full year of 2024, with Q4 gross margin projected at 4.6% [4][8]. - The EBITDA for 2024 is expected to improve to 2.14 billion yuan, with an EBITDA margin of 32.9%, reflecting a year-on-year increase of 15.52 percentage points, positioning it above many global peers [8]. Business Segmentation - In the automotive sector, the company generated 3.253 billion yuan in revenue, a year-on-year increase of approximately 41.02%, accounting for 50% of total revenue. The company has established platforms for about 70% of automotive chip requirements, focusing on power chips and sensors [12][16]. - The high-end consumer sector is also significant, with projected revenue of 1.92 billion yuan in 2024, a 66% increase year-on-year, also making up 50% of total revenue [12]. - The SiC foundry business has achieved revenue of 1.016 billion yuan, establishing itself as the largest foundry platform in China [12]. Market Opportunities - The report highlights the growing demand for smart driving technologies, with major automotive companies announcing plans to popularize intelligent driving features in their vehicles by 2025. This trend is expected to enhance the penetration rate of new energy vehicles and drive sales growth [15]. - The company's sensor foundry and high-voltage industrial platforms are positioned to benefit from the increasing demand for energy and sensor modules in drones and robotics, indicating a positive long-term outlook for downstream demand [15].

Financial Performance - The company achieved total operating revenue of 650,893.60 million CNY, a year-on-year increase of 22.25%[3] - The net profit attributable to the parent company was -96,805.50 million CNY, a year-on-year reduction in losses of 50.57%[5] - EBITDA reached 214,141.83 million CNY, representing a year-on-year growth of 131.40%[3] - The company’s total assets at the end of the reporting period were 3,423,485.94 million CNY, an increase of 8.44% compared to the beginning of the period[5] - The weighted average return on equity improved to -8.02%, an increase of 14.42 percentage points year-on-year[3] Revenue Breakdown - Revenue from the automotive sector was approximately 32.53 billion CNY, a year-on-year increase of 41.02%[8] - Revenue from the consumer electronics sector was approximately 19.21 billion CNY, a year-on-year increase of 66.03%[9] Profitability and Margins - The company’s gross profit margin turned positive at approximately 1.07%, an increase of about 7.88 percentage points year-on-year[7] Future Growth Plans - The company plans to significantly grow its analog IC, module, SiC, and MEMS businesses in 2025, anticipating a new phase of rapid growth[12] Research and Development - The company’s R&D expenses were 183,918.25 million CNY, a year-on-year increase of 20.27%[3]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses a company involved in the semiconductor industry, particularly focusing on the development and production of analog chips and power management solutions for various applications, including automotive and AI sectors [1][4][6][8]. Key Points and Arguments 1. **Market Position and Growth Potential** - The company has established a leading position in the semiconductor market, particularly in the new energy and AI sectors, with significant growth potential in the coming years [1][4]. - The company aims to achieve a revenue scale exceeding 10 billion yuan in the next two years, driven by advancements in system-level manufacturing [6][20]. 2. **Product Development and Innovations** - The company has successfully launched multiple production platforms, including high-voltage and high-reliability applications, and is expanding its product offerings in the MEMS and power management sectors [4][14]. - There is a focus on developing AI-related products, with expectations of a tenfold revenue increase in the AI sector over the next three years [8][9]. 3. **Sales and Market Share** - The company reported that its IPP shipment volume ranked first in the domestic market, capturing a 38% market share in a specific segment [4]. - The company is also the leading revenue generator in the domestic MEMS foundry market, indicating strong competitive positioning [4]. 4. **Strategic Partnerships and Collaborations** - The company is actively collaborating with major players in the new energy sector to enhance its technological capabilities and market reach [3][4]. - It is also working with design companies and end customers to strengthen R&D in emerging AI applications [8]. 5. **Financial Performance and Projections** - The company anticipates achieving positive net income for the first time in 2024, indicating a turnaround in financial performance [1]. - Revenue from industrial modules is expected to triple, contributing significantly to overall growth [16]. 6. **Challenges and Competitive Landscape** - The company acknowledges the competitive nature of the semiconductor industry, particularly in the context of AI and automotive applications, and is focused on maintaining its technological edge [7][19]. - There are ongoing efforts to develop cost-competitive solutions to meet the demands of the evolving market [17]. Other Important but Overlooked Content - The company is exploring the integration of advanced technologies in its products, such as AI-driven power management solutions, which are expected to play a crucial role in future growth [9][27]. - There is a mention of the company's commitment to sustainability and innovation in the semiconductor space, which aligns with broader industry trends towards greener technologies [24][25]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic direction, market positioning, and future growth prospects in the semiconductor industry.

Group 1 - The core point of the article highlights that on February 17, ChipLink Integration executed 4 large transactions on the trading platform, totaling a volume of 5.2 million shares and a transaction amount of 23.643 million yuan [1] - The transactions were conducted at a discount relative to the closing price, indicating a trend of discounted trading for the day [1] - Over the past three months, the stock has seen a total of 62 large transactions, with a cumulative transaction amount of 466 million yuan [1]

证券代码：688469 证券简称：芯联集成 公告编号：2025-003 芯联集成电路制造股份有限公司 公司在收到《审核问询函》后，立即会同相关中介机构进行了认真研究和落 实。鉴于《审核问询函》涉及的部分事项还需进一步落实，预计无法在规定时间 内向上海证券交易所提交完整的书面回复及相关文件。为切实稳妥做好《审核问 询函》的回复工作，经与相关中介机构审慎协商，公司已向上海证券交易所书面 提交延期回复的申请，申请自回复期届满之日起延期不超过 1 个月提交《审核问 询函》的书面回复等相关文件，并及时履行信息披露义务。 本次交易尚需经上海证券交易所审核通过以及中国证券监督管理委员会同 意注册后方可实施。公司将根据上述事项的进展情况，严格按照有关法律法规的 1 规定和要求及时履行信息披露义务，提请广大投资者注意投资风险。 特此公告。 芯联集成电路制造股份有限公司董事会 2025 年 2 月 15 日 关于延期回复《关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易申请的审核问询 函》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 ...

证券代码： 688469 证券简称：芯联集成 公告编号：2025-002 芯联集成电路制造股份有限公司 关于第一期股票期权激励计划第二个行权期 第三次行权结果暨股份变动的公告 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： 本次行权股票数量：2,758,137 股，占行权前公司总股本的比例为 0.04%。 本次行权股票上市流通时间：本次行权股票自行权日起满三年可上市流通， 预计上市流通时间为 2028 年 1 月 23 日（如遇非交易日则顺延）。 一、本次股票期权行权的决策程序及相关信息披露 芯联集成电路制造股份有限公司（以下简称"公司"）于 2021 年 9 月制定 并实施《绍兴中芯集成电路制造股份有限公司第一期股票期权激励计划》，合计 向 568 名激励对象授予 6800 万份股票期权，行权价格为 2.78 元/股。 1、2021 年 9 月 13 日，公司召开第一届董事会第三次会议并形成董事会决 议，审议通过了《关于公司第一期股票期权激励计划的议案》等与本次激励计划 相关的议案。同日，公司召开第一届 ...

Revenue Expectations - The company expects to achieve an annual revenue of approximately 6.509 billion yuan in 2024, an increase of about 1.185 billion yuan, representing a year-on-year growth of approximately 22.26%[4] - The company's main revenue is expected to be around 6.276 billion yuan, with a year-on-year increase of approximately 27.79%[4] - Revenue from the automotive sector is expected to grow by approximately 41.0%, while revenue from the consumer sector is expected to grow by approximately 66.0%[9] - The company’s 12-inch silicon-based wafer products achieved revenue of approximately 791 million yuan, a year-on-year increase of approximately 1457%[10] - The silicon carbide (SiC) business is expected to generate revenue of approximately 1.016 billion yuan in 2024, benefiting from the trends of electrification and intelligence in the automotive industry[10] Profitability and Financial Performance - The estimated net profit attributable to the parent company is approximately -969 million yuan, a reduction in loss of about 989 million yuan, reflecting a year-on-year improvement of approximately 50.51%[4] - The estimated EBITDA for 2024 is approximately 2.119 billion yuan, an increase of about 1.194 billion yuan, showing a year-on-year growth of approximately 129.08%[4] - The company achieved a gross profit margin of approximately 1.1% for the year, an increase of about 7.9 percentage points, marking the first time the annual gross profit margin turned positive[11] - The EBITDA margin is expected to be approximately 32.6%, reflecting a year-on-year increase of about 15 percentage points[11] Market Trends and Future Outlook - The company anticipates that the demand for new energy vehicles will continue to expand in 2025, supported by policies promoting vehicle replacement and the integration needs brought by automotive intelligence and electrification[12]

Group 1 - The company expects to achieve an operating revenue of approximately 6.509 billion yuan in 2024, an increase of about 1.185 billion yuan compared to the previous year, representing a year-on-year growth of approximately 22.26% [1] - The company anticipates a net profit attributable to the parent company of approximately -969 million yuan for 2024, which indicates a reduction in losses of about 989 million yuan compared to the previous year, reflecting a year-on-year decrease in losses of approximately 50.51% [1] - The company's silicon carbide business has already generated revenue of approximately 1.016 billion yuan in 2024 [1]

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。 芯联集成电路制造股份有限公司（以下简称"公司"）拟发行股份及支付现 金购买绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳市远致一号 私募股权投资基金合伙企业（有限合伙）等 15 名交易对方合计持有的芯联越州 集成电路制造（绍兴）有限公司 72.33%股权（以下简称"本次交易"）。 证券代码：688469 证券简称：芯联集成 公告编号：2024-090 芯联集成电路制造股份有限公司 关于发行股份及支付现金购买资产暨关联交易 申请文件获得上海证券交易所受理的公告 公司于 2024 年 12 月 30 日收到上海证券交易所（以下简称"上交所"）出具 的《关于受理芯联集成电路制造股份有限公司发行股份购买资产申请的通知》（上 证科审（并购重组）〔2024〕10 号）。上交所依据相关规定对申请文件进行了核 对，认为申请文件齐备，符合法定形式，决定予以受理并依法进行审核。 特此公告。 芯联集成电路制造股份有限公司董事会 2024 年 12 月 31 日 本次交易尚需经上交所审核通过、中 ...