Core Viewpoint - Huahai Chengke (688535.SH) has announced a share buyback program, indicating a commitment to enhancing shareholder value through capital return strategies [1] Summary by Categories Share Buyback Details - As of October 31, 2025, the company has repurchased a total of 490,193 shares, which represents 0.61% of the total share capital [1] - The highest price paid for the repurchased shares was 101.78 CNY per share, while the lowest price was 62.17 CNY per share [1] - The total amount spent on the share buyback was 35.4685 million CNY, excluding transaction fees such as stamp duty and commissions [1]

Group 1 - Company Huahai Chengke announced a share buyback progress report, stating that as of October 31, 2025, it has repurchased approximately 490,000 shares, accounting for 0.61% of the total share capital of about 80.7 million shares [1] - The highest price for the repurchased shares was 101.78 RMB per share, while the lowest price was 62.17 RMB per share [1] - The total amount of funds used for the buyback was approximately 35.47 million RMB [1] Group 2 - Nvidia has become the first company globally to surpass a market value of 5 trillion USD, exceeding Japan's GDP [1] - A hedge fund founder commented that the logic behind AI investments is nonsensical, stating that it would take 83 years to break even on such investments [1]

Summary of the Conference Call Company Overview - **Company**: Huahai Chengke (华海诚科) - **Industry**: Semiconductor packaging materials Key Points and Arguments Financial Performance - The company reported a significant decrease in net profit for the first half and third quarter of 2025, primarily due to high stock incentive expenses, intermediary fees during restructuring, and increased equipment depreciation costs. Excluding these factors, profit growth aligns with revenue growth [5][39]. Revenue Sources - Over 99% of the company's revenue comes from epoxy molding compounds, indicating a strong reliance on this segment [4]. Research and Development - The company has increased its R&D investment significantly compared to the previous year, focusing on advanced packaging and materials technology. This includes automation and smart upgrades to production lines [2][3]. - The company is actively working on the validation of advanced packaging materials, with some products already in bulk production [7]. Mergers and Acquisitions - The acquisition of 30% of Hengsuo Huawei Electronics Co. is progressing, with regulatory approval received for issuing shares and convertible bonds to finance the acquisition [2][9]. - Post-acquisition, the company expects to enhance its production capacity, sales revenue, and overall R&D capabilities, positioning itself as a leader in the domestic market [9][10]. Market Dynamics - The company is observing a strong demand for automotive electronics, with a 10% increase in sales compared to the previous year. However, prices for plastic packaging materials remain stable [16][23]. - The domestic epoxy resin market is estimated to be around 6-7 billion RMB, with high-performance products making up a significant portion [43]. Product Development and Challenges - The company is facing challenges in the high-performance segment due to long validation periods for new products, which can take several years [46]. - The company is also working on new product lines, including liquid materials for HBM (High Bandwidth Memory), which are currently in development [50][64]. Future Outlook - The company aims to solidify its competitive advantage in semiconductor packaging materials while expanding its market share through innovative product development and customer-focused strategies [69]. - The strategic goal includes becoming a leading player in the semiconductor packaging materials industry, with a focus on advanced packaging technology and domestic market penetration [70]. Customer and Market Relationships - The company has a cautious approach to revenue forecasts, indicating potential for growth but maintaining conservative estimates [62]. - The company is actively engaging with international clients and expects to recover lost orders post-acquisition [10][72]. Conclusion - The conference highlighted the company's commitment to innovation, strategic acquisitions, and market responsiveness, positioning it for future growth in the semiconductor packaging industry [75].

Core Viewpoint - Jiangsu Huahai Chengke New Materials Co., Ltd. has successfully completed the transfer of 70% equity in Hengsuo Huawei Electronics Co., Ltd. as part of its acquisition strategy, following the approval from the China Securities Regulatory Commission [1][2][8]. Group 1: Transaction Overview - The company plans to acquire 70% equity in Hengsuo Huawei through a combination of issuing shares, convertible bonds, and cash payments [1]. - The approval from the China Securities Regulatory Commission was received on September 19, 2025, allowing the company to proceed with the transaction [1]. - As of October 29, 2025, the transfer of the 70% equity has been officially registered under the company’s name [2][3]. Group 2: Post-Transaction Actions - The company still needs to issue shares and convertible bonds to the counterparty and apply for the registration of the new shares with the China Securities Depository and Clearing Corporation [4]. - Additional steps include applying for the listing of the new shares and convertible bonds on the Shanghai Stock Exchange and completing the cash payment for the transaction [4]. - The company is also required to handle changes in registered capital and company bylaws with the relevant regulatory authorities [4]. Group 3: Legal and Compliance - The independent financial advisor confirmed that the transaction complies with relevant laws and regulations, and the transfer procedures are legally valid [8]. - The legal advisor stated that all necessary approvals and conditions for the asset purchase agreement have been met, ensuring the transaction's legal feasibility [8].

证券代码：688535 证券简称：华海诚科 公告编号：2025-071 江苏华海诚科新材料股份有限公司 关于发行股份、可转换公司债券及支付现金购买资产 并募集配套资金之标的资产过户完成情况的公告 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。 江苏华海诚科新材料股份有限公司（以下简称"公司"或"上市公司"） 拟以发行股份、可转换公司债券及支付现金的方式购买衡所华威电子有限公司 （以下简称"标的公司"）70%股权并募集配套资金（以下简称"本次交易"）。 公司已于 2025 年 9 月 19 日收到中国证券监督管理委员会出具的《关于同 意江苏华海诚科新材料股份有限公司发行股份、可转换公司债券购买资产并募 集配套资金注册的批复》（证监许可〔2025〕2106 号）。批复文件的主要内容 详见公司于 2025 年 9 月 22 日披露的《江苏华海诚科新材料股份有限公司关于 发行股份及支付现金购买资产事项获得中国证监会注册批复的公告》（公告编 号：2025-062）。 公司根据上述批复文件的要求积极推进本次交易实施事宜。截至本公告披 ...

中信建投证券股份有限公司 关于 江苏华海诚科新材料股份有限公司 发行股份、可转换公司债券及支付现金购买 资产并募集配套资金 1、本独立财务顾问与本次交易所涉及的交易各方不存在利害关系，就本次 交易发表意见是完全独立的； 2、本独立财务顾问核查意见所依据的文件、材料由本次交易的相关各方向 本独立财务顾问提供。相关各方已承诺在本次交易过程中所提供的信息真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担 由此引起的任何风险责任； 3、本独立财务顾问核查意见是基于相关各方均按相关协议的条款和承诺全 面履行其所有义务的基础上出具； 之 标的资产过户完成情况的 独立财务顾问核查意见 独立财务顾问 二零二五年十月 声 明 中信建投证券股份有限公司（简称"中信建投证券"、"独立财务顾问"） 受江苏华海诚科新材料股份有限公司（简称"华海诚科"、"上市公司"或"公 司"）的委托担任本次交易的独立财务顾问。根据《公司法》《证券法》《重组 管理办法》《发行注册管理办法》《上市公司并购重组财务顾问业务管理办法》 等法律、法规的有关规定，按照证券行业公认的业务标准、道德规范，本着诚实 信用、勤勉尽责精神，遵 ...

江苏世纪同仁律师事务所 关于江苏华海诚科新材料股份有限公司 发行股份、可转换公司债券及支付现金购买资产 并募集配套资金之标的资产过户情况的 法 律 意 见 书 南 京 市 建 邺 区 贤 坤 路 江 岛 智 立 方 C 座 4 层 邮 编 ： 210019 电 话 ： +86 25-83304480 传 真 ： +86 25-83329335 华海诚科 法律意见书 江苏世纪同仁律师事务所 关于江苏华海诚科新材料股份有限公司 发行股份、可转换公司债券及支付现金购买资产 并募集配套资金之标的资产过户情况 的法律意见书 致：江苏华海诚科新材料股份有限公司 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》《上市公司证券发行注册管理办法》《可转换公司债券管理 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》《律师事务所从事证券法律业务管理办法》和《律师事务所证券法 律业务执业规则（试行）》等有关法律、法规和规范性文件的规定，本所接受江 苏华海诚科新材料股份有限公司（以下简称"华海诚科"）委托，作为华海诚科 本次发行股份、可转换公司债券及支付现 ...

Group 1 - The core point of the news is that Huahai Chengke (688535.SH) reported its Q3 2025 results, revealing that institutional investors hold a total of 16.1675 million shares, accounting for 20.03% of the total share capital, with a slight decrease of 0.35 percentage points compared to the previous quarter [1] - A total of 8 institutional investors disclosed their holdings in Huahai Chengke, including notable entities such as Lianyungang Deyufeng Investment Partnership and Tian Shui Huatian Technology Co., Ltd [1] - Among public funds, there was a slight increase in holdings from one fund, Fangzheng Fubang Technology Innovation A, while 67 public funds were not disclosed in the current period, including several ETFs focused on semiconductor materials and equipment [1] Group 2 - The only new disclosure from social security funds is the National Social Security Fund 602 Portfolio, which has reported its holdings in Huahai Chengke [2]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][3][4] Financial Data - The financial report for the third quarter is not audited [3] - The company has repurchased a total of 460,567 shares, accounting for 0.57% of the total share capital of 80,696,453 shares, with a total payment of RMB 32,469,255.62 [6][8] Shareholder Information - The report includes details on the total number of ordinary shareholders and the top ten shareholders [5]

Group 1 - The core point of the article highlights the recent block trading activity of Huahai Chengke, with a total transaction volume of 127,000 shares and a transaction amount of 12.6162 million yuan on October 29 [2][3] - The average transaction price was 99.34 yuan, representing a discount of 10.94% compared to the closing price of the day [2][3] - Institutional specialized seats participated in one of the transactions, with a total transaction amount of 9.934 million yuan, indicating a net purchase of the same amount [2][3] Group 2 - Over the past three months, Huahai Chengke has recorded a total of 16 block trades, amounting to 48.9837 million yuan [2][3] - The closing price of Huahai Chengke on the day of the report was 111.54 yuan, reflecting a 1.05% increase, with a daily turnover rate of 8.25% and a total transaction amount of 492 million yuan [2][3] - The stock has seen a cumulative increase of 7.34% over the past five days, despite a net outflow of funds totaling 55.9499 million yuan during the same period [2][3]