证券代码：688484 证券简称：南芯科技 上海荣正企业咨询服务（集团）股份有限公司 关于 上海南芯半导体科技股份有限公司 2025 年限制性股票激励计划 调整及首次授予相关事项 之 独立财务顾问报告 2025 年 5 月 本独立财务顾问对本报告特作如下声明： | 一、释义 | 3 | | --- | --- | | 二、声明 | 4 | | 三、基本假设 | 5 | | 四、独立财务顾问意见 | 6 | | 五、备查文件及咨询方式 | 12 | 一、释义 以下词语如无特殊说明，在本文中具有如下含义： | 南芯科技、本公司、公司、上市 公司 | 指 | 上海南芯半导体科技股份有限公司 | | --- | --- | --- | | | | 上海南芯半导体科技股份有限公司 2025 年限制性股 | | 本激励计划、本计划 | 指 | 票激励计划 | | 本独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | | | 上海荣正企业咨询服务（集团）股份有限公司关于上 | | 本独立财务顾问报告 | 指 | 海南芯半导体科技股份有限公司 2025 年限制性股票 | | | | 激励计划（草案）之 ...

2、本次激励计划首次授予激励对象为公司（含分、子公司，下同）任职的 董事会以及董事会认为需要激励的人员。公司本次激励计划激励对象不包括单独 或合计持有上市公司 5%以上股份的股东、上市公司实际控制人及其配偶、父母、 子女；本激励计划激励对象亦不包括独立董事、监事。 1、本次股权激励计划首次授予激励对象均不存在《管理办法》第八条规定 的不得成为激励对象的情形： （1）最近 12 个月内被证券交易所认定为不适当人选； （2）最近 12 个月内被中国证监会及其派出机构认定为不适当人选； （3）最近 12 个月内因重大违法违规行为被中国证监会及其派出机构行政处 罚或者采取市场禁入措施； （4）具有《公司法》规定的不得担任公司董事、高级管理人员情形的； （5）法律法规规定不得参与上市公司股权激励的； （6）中国证监会认定的其他情形。 上海南芯半导体科技股份有限公司监事会 关于 2025 年限制性股票激励计划首次授予激励对象名单 （首次授予日）的核查意见 上海南芯半导体科技股份有限公司（以下简称"公司"）监事会依据《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》"）、 ...

证券代码：688484 证券简称：南芯科技 公告编号：2025-037 经核查，监事会认为：鉴于公司《2025 年限制性股票激励计划（草案）》（以 下简称"《激励计划》"拟首次授予的激励对象中，有 7 名激励对象因个人原因自 愿放弃参与本激励计划，根据公司 2025 年第二次临时股东会的授权，董事会对 公司 2025 年限制性股票激励计划首次授予激励对象名单及授予数量进行调整。 本次调整后，公司本激励计划首次授予激励对象人数由 284 人调整为 277 人，首次授予的限制性股票数量由 244.9815 万股调整为 239.4394 万股。本次调 整后的激励对象属于经公司 2025 年第二次临时股东会审议通过的本激励计划中 规定的激励对象范围。除上述调整外，本次实施的激励计划其他内容与公司 2025 年第二次临时股东会审议通过的激励计划一致。 公司本次对 2025 年限制性股票激励计划首次授予激励对象名单及授予数量 的调整符合《管理办法》等相关法律、法规以及《激励计划》的相关规定，不存 在损害公司股东利益的情形，同意公司对 2025 年限制性股票激励计划首次授予 激励对象名单及授予数量进行调整。 上海南芯半导体 ...

证券代码：688484 证券简称：南芯科技 公告编号：2025-036 上海南芯半导体科技股份有限公司 第二届董事会第六次会议决议公告 本公司董事会及全体董事保证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。 一、董事会会议召开情况 上海南芯半导体科技股份有限公司（以下简称"公司"）第二届董事会第六 次会议（以下简称"本次会议"）于 2025 年 5 月 15 日在公司会议室以现场结合 通讯方式召开。本次会议通知于 2025 年 5 月 7 日以书面和电子邮件方式送达全 体董事。本次会议应出席董事 8 人，实际出席董事 8 人。本次会议由公司董事长 阮晨杰先生召集并主持，会议的召集及召开程序符合《中华人民共和国公司法》 等有关法律、法规、部门规章及《上海南芯半导体科技股份有限公司章程》（以 下简称"《公司章程》"）的有关规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议到会董事经过审议，以记名投票表决方式进行表决，审议通过了如 下议案： （一） 审议通过《关于调整 2025 年限制性股票激励计划相关事项的议案》 鉴于公司《2025 年限制性 ...

Group 1: 华大智造 (BGI Genomics) - Revenue decline in Q1 2025 attributed to seasonal fluctuations and market uncertainties, with expectations for revenue recovery in Q2 from platform replacement orders [1] - Increased competition leading to a decline in average selling prices of core products, impacting gross margins; the company is implementing measures such as domestic material substitution and optimizing revenue structure to enhance gross margins [1] - Anticipated revenue growth in Q4 2024, but still facing losses due to promotional discounts, increased new business contributions, and expense provisions [1] - The company is focusing on cost reduction and efficiency improvement, with significant reductions in expense ratios expected [1] - The impact of US tariffs on gross margins is noted, with low overseas procurement ratios and some reliance on imported components; domestic substitution efforts are ongoing [1] - Plans to stock up in advance to mitigate short-term impacts and establish overseas factories for reagent supply [1] - The company has received 750 intentions for switching from 3,000 existing Illumina instruments, offering high-performance alternatives [1] - AI technology is being leveraged to optimize enzymes for sequencing speed and quality, alongside developing energy-efficient transportation methods [1] - The overseas commercialization strategy is tailored to local markets, focusing on mature markets in Europe and the US, while also paying attention to Asia-Pacific and emerging markets [1] - Domestic advancements in NIPT upgrades, infectious disease testing, tumor early screening, rare disease detection, and innovation in the research field are ongoing [1] Group 2: 微芯生物 (Microchip Biotech) - Introduction of sodium siglitazone for the treatment of fatty liver or MASH, already approved for type 2 diabetes and included in medical insurance, showing multiple benefits such as improved insulin resistance and liver fat reduction [2] - Ongoing Phase III clinical trial for the combination of sidarubicin with sintilimab and bevacizumab for advanced colorectal cancer, with 200 out of 430 planned cases enrolled as of April 3, 2025 [2] - Several projects including CS23546, CS231295, and others are in Phase I and II clinical stages, with CS23546 having completed four dose escalation groups [2] - Business development (BD) is a key focus, with efforts to enrich multi-ethnic drug data for future BD initiatives [2] - The company is leveraging its subsidiary's advantages in large molecule drug development to explore new drug forms like DC, with relevant drugs having completed PCC development [2] Group 3: 南芯科技 (Nanchip Technology) - Anticipated 179% growth in automotive business in 2024, contributing over 3% to revenue, with continued rapid growth expected in 2025 across four key areas: body control, intelligent driving, smart cockpit, and onboard charging [3] - R&D expense ratio is 17.01%, expected to remain similar in 2025; acquisition of Shengsheng Micro will enhance business and supply chain capabilities [3] - Industrial applications include energy storage, drones, and battery systems, with multiple new products set to launch in 2024 and future expansions into IPower, industrial automation, and robotics [3] - The wired charging business maintains a leading position, with a trend towards integration and systematization, expecting significant breakthroughs in 2024 and even greater market achievements in 2025 [3] - The company is managing production capacity effectively in response to tight supply at some wafer and packaging factories, with stable pricing for wafer procurement and packaging testing [3] - Introduction of automotive-grade high-speed CN/CNFD transceiver product SC25042Q, with plans for more power and drive products in the future [3] - The company is pursuing a dual strategy to expand sales channels by targeting both large customers and distributors [3] - Following the acquisition of Shengsheng Micro, a transaction payment of 700 million was made in Q1, resulting in goodwill [3]

Group 1: Jingfeng Mingyuan - In Q1 2025, Jingfeng Mingyuan achieved revenue of 327 million, a year-on-year increase of 2.48%, driven by growth in C/DC chips for small and large home appliances [1] - Gross profit margin improved by 6.40 percentage points due to product structure optimization, with a decrease in the proportion of low-margin general lighting driver chips [1] - The company's asset-liability ratio decreased to 34.60%, while net cash flow from operating activities was -4 million, a year-on-year decline of 105.44% [1] - Revenue from LED lighting driver chips fell nearly 20% due to seasonal fluctuations [1] - The company has fully mass-produced its high-performance computing power supply chip product line, with some clients achieving breakthroughs [1] - The acquisition of Yichong enhances market competitiveness, and after a major asset restructuring, total shares increased to 128,178,856, with the controlling shareholder remaining unchanged [1] Group 2: Nanchip Technology - Nanchip Technology's automotive business is expected to grow by 179% in 2024, accounting for over 3% of revenue, with continued rapid growth anticipated in 2025 [2] - The company has a research and development expense ratio of 17.01%, expected to remain similar in 2025; the acquisition of Shengsheng Micro will empower its business and supply chain [2] - Products in the industrial sector are applied in energy storage, drones, and battery systems, with multiple new products set to launch in 2024, and future expansion into IPower, industrial automation, and robotics [2] - The wired charging business maintains a leading position, with technological trends moving towards integration and systemization, expecting significant breakthroughs in 2024 and even more notable market achievements in 2025 [2] - The company has rationally allocated production capacity to match business order demands, with stable prices for wafer procurement and packaging testing [2] - Nanchip launched the automotive-grade high-speed CN/CNFD transceiver product SC25042Q, with plans to introduce more power supply and driver products in the future [2] - The company is pursuing a dual strategy to expand sales channels by targeting both large clients and distributors [2] - Following the acquisition of Shengsheng Micro, the company paid transaction fees in Q1, resulting in 700 million goodwill [2] Group 3: Company Overview - Shanghai Mingcun Investment Management Co., Ltd. was established in 2014 with a registered capital of 10 million, focusing on quantitative investment [3] - The company utilizes strong data mining, statistical analysis, and software development capabilities to build a programmatic trading system and asset management platform [3] - Mingcun Investment has a diverse strategy development team and a robust strategy library, covering various investment strategies including quantitative stock selection, CTA, and arbitrage [3] - The firm has a deep understanding of the financial securities market, with a team experienced in domestic and international asset management and quantitative fund investment [3] - Mingcun Investment aims to explore and research quantitative investment strategies suitable for the characteristics of the Chinese capital market, incorporating global best practices [3]

证券代码：688484 证券简称：南芯科技 公告编号：2025-032 根据 2025 年 4 月 25 日和 2025 年 4 月 29 日中国证券登记结算有限责任公司 上海南芯半导体科技股份有限公司 关于公司 2025 年限制性股票激励计划 内幕信息知情人买卖公司股票情况的自查报告 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。 2025 年 4 月 15 日，上海南芯半导体科技股份有限公司（以下简称"公司"） 召开第二届董事会第四次会议，审议通过了《关于公司<2025 年限制性股票激励 计划（草案）>及其摘要的议案》，并于 2025 年 4 月 17 日在上海证券交易所网 站（www.sse.com.cn）披露了相关公告。 根据《上市公司信息披露管理办法》《上市公司股权激励管理办法》《上海 证券交易所科创板股票上市规则》《科创板上市公司自律监管指南第 4 号——股 权激励信息披露》等法律、法规及规范性文件的要求，公司对 2025 年限制性股 票激励计划（以下简称"本激励计划"）采取了充分且必要的保密措施，同时对本 激 ...

证券代码：688484 证券简称：南芯科技 公告编号：2025-033 上海南芯半导体科技股份有限公司 2025年第二次临时股东会决议公告 本公司董事会及全体董事保证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。 （一） 股东会召开的时间：2025 年 5 月 7 日 （二） 股东会召开的地点：上海市浦东新区盛夏路 565 弄 54 号 D 幢 1201 南芯 科技会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 167 | | --- | --- | | 普通股股东人数 | 167 | | 2、出席会议的股东所持有的表决权数量 | 150,172,747 | | 普通股股东所持有表决权数量 | 150,172,747 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 35.4428 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 35.4428 | 注：截至本次股东会股权登记日的总股本为 425 ...

上海市锦天城律师事务所关于 上海南芯半导体科技股份有限公司 2025 年第二次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海南芯半导体科技股份有限公司 2025 年第二次临时股东会的法律意见书 致：上海南芯半导体科技股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会（以下简称"中国 证监会"）《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和 有关规范性文件的要求，上海市锦天城律师事务所（以下简称"本所"）接受上 海南芯半导体科技股份有限公司（以下简称"南芯科技"或"公司"）的委托， 指派本所律师参加南芯科技 2025 年第二次临时股东会（以下简称"本次股东会"）， 并出具本法律意见书。 本法律意见书仅供本次股东会之目的使用。本所律师同意将本法律意见书随 南芯科技本次股东会其他信息披露资料一并公告。 本 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved revenue of 2.567 billion yuan, a year-on-year increase of 44.19%, and a net profit attributable to the parent company of 307 million yuan, up 17.43% year-on-year [2][6]. - In the first quarter of 2025, the company reported revenue of 685 million yuan, a year-on-year increase of 13.86% and a quarter-on-quarter increase of 2.56%. The net profit attributable to the parent company was 63 million yuan, down 36.86% year-on-year but up 80.80% quarter-on-quarter [2][6]. - The company continues to strengthen its R&D investment, with R&D expenses reaching 437 million yuan in 2024, a year-on-year increase of 49.25%, and the R&D expense ratio at 17.01% [13]. Summary by Sections Financial Performance - In 2024, the company achieved a gross profit of 1.030 billion yuan, with a gross margin of 40.12%, down 2.18 percentage points year-on-year [13]. - For the first quarter of 2025, the gross margin was 38.16%, down 4.41 percentage points year-on-year but stable compared to the previous quarter [13]. R&D and Innovation - The company placed significant emphasis on R&D, with the number of R&D personnel increasing to 567 by the end of 2024, a growth of 50% year-on-year [13]. - In 2024, the company obtained 26 new patents, bringing the total to 115, and developed five core technologies that have been applied to its products [13]. Market Position and Growth - The company is a leader in the charge pump industry, expanding its product offerings across various applications, including mobile devices, automotive electronics, and industrial sectors [13]. - Revenue from automotive electronics chips reached 86 million yuan in 2024, a year-on-year increase of 179.07%, indicating strong growth potential in this segment [13].