Group 1 - The company plans to issue corporate debt financing tools not exceeding 4 billion yuan to meet operational funding needs and optimize debt structure [1] - The issuance will include medium-term notes up to 2.5 billion yuan and ultra-short-term financing bonds up to 1.5 billion yuan [1]

Core Viewpoint - The announcement details the completion of the first vesting period for the 2024 restricted stock incentive plan of ChipLink Integrated Circuit Manufacturing Co., Ltd, involving the transfer of 34.293961 million shares to 731 incentive recipients [2][5][9]. Group 1: Stock Grant Details - The number of shares granted in this vesting period is 34.293961 million shares [2]. - The shares were sourced from the company's repurchase of its A-share common stock in the secondary market [5][9]. - The decision-making process for the incentive plan was approved by the board on April 13, 2024, and subsequently by the supervisory board [3][4]. Group 2: Vesting Process - The incentive plan's recipient list was publicly disclosed internally from April 15 to April 24, 2024, with no objections raised [3]. - The annual shareholders' meeting on April 29, 2024, approved the incentive plan and its management measures [4]. - The supervisory board verified the recipient list and provided opinions on the vesting conditions [5]. Group 3: Stock Transfer and Restrictions - There are no lock-up periods for the vested shares, but there are transfer restrictions for directors and senior management [6]. - Directors and senior management can only transfer up to 25% of their total shares held annually during their tenure, and cannot transfer shares within six months after leaving the company [6][7]. - The company's total share capital remains unchanged as the shares were repurchased from the market [7][9]. Group 4: Financial Verification - Tianzhi International Accounting Firm issued a verification report confirming that the total cash contributions from the incentive recipients amounted to RMB 87,792,540.16 as of June 17, 2025 [9]. - The transfer of shares was completed on June 30, 2025, with the registration confirmation issued by the China Securities Depository and Clearing Corporation [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [6]. Core Views - The company achieved a significant milestone with its 1500V SiC MOS module series, winning the "2025 Innovative Technology" award at the 17th International Automotive Power System Technology Conference. This product line is expected to provide high-performance solutions across various power segments [6]. - The company reported a revenue of 1.016 billion yuan from its silicon carbide (SiC) business in 2024, marking a year-on-year growth of over 100%. The production capacity for SiC has reached 8,000 wafers per month, with full utilization [6]. - The company has a comprehensive platform for MEMS, power chips (IGBT, MOSFET, SiC), and high-power BCD, enabling it to offer one-stop system foundry solutions. Revenue from wafer foundry services increased by 25.11% year-on-year, while module packaging revenue grew by 54.54% [6]. - The company ranks third in the domestic new energy passenger vehicle terminal sales rankings, with a significant increase in revenue from automotive power modules, which grew by 106% year-on-year [6]. - The report projects an increase in revenue forecasts for 2025 and 2026, with expected revenues of 8.24 billion yuan and 10.84 billion yuan, respectively. The net profit forecast for 2025 is adjusted to -483 million yuan, with a positive net profit of 24 million yuan expected in 2026 [6]. Financial Summary - The total revenue for 2024 is projected at 6.509 billion yuan, with a year-on-year growth rate of 22.3%. The company is expected to achieve a gross margin of 1.0% in 2024, improving to 8.8% in 2025 [2][8]. - The company’s net profit attributable to shareholders is forecasted to improve from -962 million yuan in 2024 to a positive 205 million yuan by 2027, reflecting a significant turnaround [2][8]. - The report indicates a stable growth in R&D expenses, with rates projected at 24%, 20%, and 18% for 2025, 2026, and 2027, respectively [6].

证券代码：688469 证券简称：芯联集成 公告编号：2025-035 芯联集成电路制造股份有限公司 关于 2024 年限制性股票激励计划 首次授予部分第一个归属期（第一批次）归属结果公告 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： 本次归属股票数量：3,429.3961 万股 （一）2024 年 4 月 13 日，公司召开第一届董事会第二十一次会议，会议审议通 过了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于公 司<2024 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请公司股 东大会授权董事会办理 2024 年限制性股票激励计划相关事宜的议案》等议案。 同日，公司召开第一届监事会第十三次会议，审议通过了《关于公司<2024 年限 制性股票激励计划（草案）>及其摘要的议案》等议案，公司监事会对本激励计划的 相关事项进行核实并出具了相关核查意见。 （二）2024 年 4 月 15 日至 2024 年 4 月 24 日，公司对本激励计划拟授予激励对 象名单在公司 ...

Core Viewpoint - The MOSFET industry in China is experiencing significant growth driven by the demand from sectors such as consumer electronics, communication, industrial control, and automotive electronics, with a projected market size of 42.944 billion yuan in 2024, reflecting a year-on-year growth of 7.67% [1][11]. Industry Overview - MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) is a semiconductor device that controls current using electric fields, consisting of a metal gate, an insulating oxide layer, and a semiconductor substrate [2]. - The industry has evolved through four main stages, from initial development before 2010 to the current phase of domestic substitution, where local manufacturers are increasingly producing high-end products [4][5]. Industry Development History - The industry has transitioned from a pioneering phase before 2010 to a period of local alliances from 2011 to 2013, followed by structural reforms from 2014 to 2016, and now to a phase of domestic substitution since 2017 [4][5]. Industry Supply Chain - The upstream of the MOSFET industry includes raw materials and production equipment, while the midstream focuses on manufacturing, and the downstream applications span automotive electronics, consumer electronics, industrial control, and communication devices [7]. Market Size - The demand for MOSFETs is rising due to the proliferation of 5G technology, the boom in the electric vehicle market, and increasing industrial automation [11]. - The performance of silicon-based MOSFETs is improving, and third-generation semiconductor devices like SiC MOSFETs are being commercialized, enhancing charging efficiency and range for electric vehicles [11]. Key Companies' Performance - The competitive landscape of the MOSFET industry is characterized by dominance from overseas giants like Infineon and ON Semiconductor, while domestic firms such as Huazhu Microelectronics, Silan Microelectronics, and New Clean Energy are emerging as leaders [13]. - Huazhu Microelectronics reported a revenue of 2.355 billion yuan in Q1 2025, a year-on-year increase of 11.29%, with a net profit of 83 million yuan, up 150.68% [14]. - Silan Microelectronics achieved a revenue of 11.221 billion yuan in 2024, reflecting a growth of 20.14%, with R&D investment reaching 1.084 billion yuan, up 22.93% [16]. Industry Development Trends - The market size of the MOSFET industry is expected to continue expanding, particularly in the electric vehicle sector, where demand for high-performance MOSFETs is increasing [18]. - Technological innovation is accelerating, with third-generation semiconductor materials like SiC and GaN gaining traction, promising higher efficiency and performance [19][20]. - The trend of domestic substitution is strengthening, with local companies improving their competitiveness and reducing reliance on foreign products, while also integrating the supply chain [21].

Group 1 - The company plans to issue shares and pay cash to acquire a 72.33% stake in ChipLink Integrated Circuit Manufacturing (Shaoxing) Co., Ltd. from 15 transaction parties, including Shaoxing Binhai New Area ChipXing Equity Investment Fund Partnership and Shenzhen Yuan Zhi No.1 Private Equity Investment Fund Partnership [1][2] - The Shanghai Stock Exchange's M&A Review Committee approved the transaction on June 23, 2025, confirming that it meets restructuring conditions and information disclosure requirements [1][2] - The company has revised the restructuring report to reflect updates on decision-making processes and approval status, as well as to address risks related to high customer concentration and the feasibility of performance forecasts for the target company [2] Group 2 - The revised restructuring report includes updates on the decision-making process and approval status of the transaction, as well as supplementary financial information and operational status following the audit cutoff date [2] - The company conducted a thorough review and self-check of the draft report, making minor adjustments to expressions without affecting the restructuring plan [2]

华泰联合证券有限责任公司 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 独立财务顾问报告 （注册稿） 独立财务顾问 二〇二五年六月 华泰联合证券关于芯联集成发行股份及支付现金购买资产暨关联交易之独立财务顾问报告 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合"、"本独立财务顾问"） 接受芯联集成电路制造股份有限公司（以下简称"芯联集成"、"上市公司"或"公 司"）委托，担任本次发行股份及支付现金购买资产暨关联交易（以下简称"本 次交易"）的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制 作本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大 资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的 监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等法律法规及 文件的规定和要求，以及证券行业公认的业务标准、道德规范，经过审慎调查， 本 ...

之 补充法律意见书（二） 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 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 | | | 上海市锦天城律师事务所 补充法律意见书（二） 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（二） 案号：01F20233741 致：芯联集成电路制造股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受芯联集成电路制造股份 有限公司（以下简称"公司""上市公司"或"芯联集成"）的委托，并根据上 市公司与本所签订的《法律服务委托协议》，作为上市公司本次发行股份及支付 现金购买资产暨关联交易事项（以下简称"本次交易"）的特聘专项法律顾问。 本所已根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司重大资产重组管理办法》《上市公司监管指引第 9 号——上市公司筹划和实施 重大资产重组的监管要求》《上海证券交易所科创板股票上市规则》《上市公司 证券发 ...

证券代码：688469 证券简称：芯联集成 上市地：上海证券交易所 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 暨关联交易报告书（草案）摘要 （注册稿） | 项 目 | 名 称 | | --- | --- | | 购买资产交易对方 | 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）、厦门辰 | | | 途华辉创业投资合伙企业（有限合伙）、厦门辰途华明创业投 | | | 资基金合伙企业（有限合伙）、厦门辰途华景创业投资基金合 | | | 伙企业（有限合伙）、珠海横琴强科二号股权投资合伙企业 | | | （有限合伙）、张家港毅博企业管理中心（有限合伙）、尚融 | | | 创新（宁波）股权投资中心（有限合伙）、井冈山复朴新世纪 | | | 股权投资合伙企业（有限合伙）、华民科文（青岛）创业投资 | | | 基金合伙企业（有限合伙）、无锡芯朋微电子股份有限公司、 | | | 广东导远科技有限公司、广东辰途十六号创业投资合伙企业 | | | （有限合伙）、广州辰途十五号创业投资基金合伙企业（有限 | | | 合伙）、锐石创芯（重庆）科技股 ...

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 报告书（草案）修订说明的公告 证券代码：688469 证券简称：芯联集成 公告编号：2025-034 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"）。 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 6 月 23 日召开 2025 年第 7 次并购重组审核委员会审议会议，对公司本次交易 的申请进行了审议。根据上交所重组委发布的《上海证券交易所并购重组审核委 员会 2025 年第 7 次审议会议结果公告》，本次会议的审议结果为：本次交易符合 重组条件和信息披露要求。 结合上交所并购重组审核委员会审核通过本次交易等实际情况，公司对《芯 联集成电路制 ...