公司及相关中介机构根据《审核问询函》的要求，就相关事项逐项说明、论 证和回复，并对草案进行了相应的修订、补充和完善。具体内容详见公司同日在 上海证券交易所网站（www.sse.com.cn）披露的《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回复》。 本次交易尚需上交所审核通过及中国证券监督管理委员会同意注册后方可 实施。本次交易能否通过审核、取得注册，以及最终通过审核、取得注册的时间 均存在不确定性，公司将根据审核进展情况及时履行信息披露义务，敬请广大投 资者关注后续公告并注意相关投资风险。 特此公告。 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"）。 2025 年 1 月 10 日，公司收到上海证券交易所（以下简称"上交所"）出具 的《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》（上 ...

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 的审核问询函的回复 独立财务顾问 签署日期：二〇二五年三月 上海证券交易所： 按照贵所下发的《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》（上证科审（并购重组）〔2025〕1 号） （以下简称"审核问询函"）的要求，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"）及相关中介机构就审核问询函所提问 题进行了认真讨论分析，现将相关回复说明如下。 本审核问询函回复（以下简称"本回复"）中的报告期指 2022 年、2023 年、 2024 年 1-10 月；除此之外，如无特别说明，本回复所述的词语或简称与重组报 告书中"释义"所定义的词语或简称具有相关的含义。在本回复中，若合计数与 各分项数值相加之和在尾数上存在差异，均为四舍五入所致。本回复所引用的财 务数据和财务指标，如无特殊说明，指合并报表口径的财务数据和根据该类财务 数据计算的财务指标。 | 审核问询函所列问题 | 黑体（加粗） | | --- | --- | | 审核问询函所列问题的回复、对重组报告书的引用 | ...

金证（上海）资产评估有限公司 关于上海证券交易所《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申请的审核问询函》 （上证科审（并购重组）〔2025〕1 号） 资产评估相关问题回复之核查意见 金证（上海）资产评估有限公司 二零二五年三月 上海证券交易所： 按照贵所下发的《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》（上证科审（并购重组）〔2025〕1 号）（以下简 称"审核问询函"）的要求，金证（上海）资产评估有限公司（以下简称"评估机构" 或"评估师"）就审核问询函所提问题进行了认真讨论分析，现将相关回复说明如下， 请予审核。 如无特别说明，本回复所述的词语或简称与重组报告书中"释义"所定义的词语 或简称具有相关的含义。在本回复中，若合计数与各分项数值相加之和在尾数上存在 差异，均为四舍五入所致。本回复所引用的财务数据和财务指标，如无特殊说明，指 合并报表口径的财务数据和根据该类财务数据计算的财务指标。 | 审核问询函所列问题 | 黑体（加粗） | | --- | --- | | 审核问询函所列问题的回复 | 宋体 | 上海市徐汇区龙兰路 ...

大信会计师事务所（特殊普通合伙） 《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 请的审核问询函之回复报告》 之专项核查意见 大信备字[2025]第 32-00002 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所（特殊普通合伙） 《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之回复 报告》之专项核查意见 大信备字[2025]第 32-00002 号 上海证券交易所： 按照贵所下发的《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》（上证科审（并购重组）〔2025〕1 号） （以下简称"审核问询函"）的要求，大信会计师事务所（特殊普通合伙）（以 下简称"大信会所"、"审计机构"）作为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"）的会计师，就问询函所列问题 逐项进行了认真核查与落实，现就相关问题作出书面回复如下。 本审核问询函回复（以下简称"本回复"）中的报告期指 2022 年、20 ...

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 ...

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申请的 审核问询函回复之专项核查意见 独立财务顾问 签署日期：二〇二五年三月 上海证券交易所： 按照贵所下发的《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》（上证科审（并购重组）〔2025〕1 号） （以下简称"审核问询函"）的要求，华泰联合证券有限责任公司（以下简称"华 泰联合证券"或"独立财务顾问"）作为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"）的独立财务顾问，就问询函所列 问题逐项进行了认真核查与落实，现就相关问题作出书面回复如下。 本审核问询函回复（以下简称"本回复"）中的报告期指 2022 年、2023 年、 2024 年 1-10 月；除此之外，如无特别说明，本回复所述的词语或简称与重组报 告书中"释义"所定义的词语或简称具有相关的含义。在本回复中，若合计数与 各分项数值相加之和在尾数上存在差异，均为四舍五入所致。本回复所引用的财 务数据和财务指标，如无特殊说明，指合并报表口径的财务数据和根据该类财务 数据计算的财务指标。 ...

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 （修订稿） 独立财务顾问 二〇二五年三月 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 ...

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.