Core Viewpoint - Shanghai Hojin Silicon Materials Co., Ltd. plans to issue technology innovation bonds to enhance its financing capabilities and support technological innovation efforts, with a total issuance amount not exceeding RMB 600 million [9][10][13]. Group 1: Bond Issuance Details - The proposed bond issuance aims to raise funds for technological innovation and to optimize the company's debt structure [9][13]. - The bond issuance will have a maximum term of 5 years, with specific terms to be determined based on market conditions [10]. - The company will seek authorization from the shareholders' meeting to proceed with the bond issuance and related decisions [11][14]. Group 2: Foreign Exchange Hedging - The company intends to conduct forward foreign exchange settlement and sales to hedge against exchange rate risks associated with its international trade activities [20][21]. - The maximum contract value for these forward transactions will not exceed RMB 150 million, with a maximum margin and premium of RMB 60 million [22][25]. - The company will only engage in hedging transactions and will not pursue speculative trading [21][26]. Group 3: Shareholders Meeting - The first extraordinary shareholders' meeting of 2025 is scheduled for November 12, 2025, to discuss the bond issuance and other matters [35][37]. - The meeting will allow for both on-site and online voting, ensuring participation from shareholders [36][39]. - The company has implemented a reminder service to facilitate attendance and voting for minority shareholders [41].

Core Insights - Shanghai Hejing (688361.SH) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 380 million yuan, a year-on-year growth of 25.85%, and net profit of 45.084 million yuan, up 47.02% [1][3] - For the first three quarters of 2025, the company achieved a total revenue of 1.006 billion yuan, reflecting a year-on-year increase of 19.05%, and a net profit of 105 million yuan, which is a 32.86% increase compared to the previous year [1][3] Revenue and Profit Growth - The growth in performance is attributed to the recovery in industry conditions, reasonable inventory levels among downstream customers, increased product sales, and high capacity utilization rates, which collectively boosted both revenue and net profit [3] Strategic Developments - The company is accelerating its layout in the 12-inch large-size silicon wafer business, actively advancing research and development as well as capacity expansion [3] - The 12-inch 55nm CIS epitaxial wafers have already entered mass production, and the development of 28nm P/P-epitaxial wafers is progressing steadily [3] - With the continuous increase in demand for 12-inch products, the company's sales have significantly improved, providing effective support for its performance [3] Market Positioning - The company is implementing a differentiated strategy for its 8-inch products, focusing on high-end domestic substitution in the power device epitaxial wafer sector [3] - The company aims to continuously enhance its core technological capabilities and optimize its product structure to solidify its leading position in the semiconductor silicon wafer market [3] Industry Outlook - Industry experts believe that Shanghai Hejing's multi-line layout in the 12-inch and 8-inch epitaxial wafer sectors is likely to benefit from the expansion of wafer capacity and the recovery of downstream demand, suggesting that the momentum for performance growth may continue into subsequent quarters [3]

Core Viewpoint - Shanghai Hejing (688584.SH) reported a significant increase in revenue and net profit for Q3 2025, driven by industry recovery and increased customer demand [1] Financial Performance - Q3 2025 revenue reached 380 million yuan, a year-on-year increase of 25.85% [1] - Net profit attributable to shareholders was 45.084 million yuan, up 47.02% year-on-year [1] - For the first three quarters, total revenue was 1.006 billion yuan, reflecting a 19.05% increase year-on-year [1] - Net profit for the first three quarters was 105 million yuan, a year-on-year growth of 32.86% [1] Industry Dynamics - The recovery in industry sentiment and the return of customer inventory levels to reasonable ranges contributed to increased sales volume and high capacity utilization [1] - The company is actively expanding its research and production capacity for 12-inch large silicon wafers and has commenced mass production of 12-inch 55nm CIS epitaxial wafers [1] - Increased demand for 12-inch products has led to higher sales, contributing to revenue and profit growth [1] - The differentiated strategy for 8-inch products is being further implemented, promoting high-end domestic substitution in the power device epitaxial wafer sector [1]

Group 1 - Shanghai Hejing reported a revenue of approximately 1.006 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 19.05% [1] - The net profit attributable to shareholders for the same period was approximately 105 million yuan, showing a year-on-year increase of 32.86% [1] Group 2 - As of the report date, Shanghai Hejing's market capitalization stands at 16.1 billion yuan [2] - The Chinese innovative drug sector has seen overseas licensing sales reach 80 billion US dollars this year [2]

证券代码：688584 证券简称：上海合晶 公告编号：2025-039 3、品种及债券期限：期限不超过 5 年（含 5 年），具体期限由公司与主承 销商根据发行时市场情况决定。 上海合晶硅材料股份有限公司 拟发行科技创新债券的公告 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。 上海合晶硅材料股份有限公司（以下简称"公司"）于2025年10月24日召开 第三届董事会第三次会议，审议通过了《拟发行科技创新债券的议案》，为积 极响应国家科技创新政策导向，加大科技创新投入力度，同时进一步拓宽融资 渠道并优化债务结构，公司董事会同意公司拟申请注册发行最高不超过人民币6 亿元（含6亿元）科技创新债券，现将相关情况公告如下： 一、本次拟发行科技创新债券的基本情况 1、发行规模：本次债券拟募集资金总额不超过人民币 6 亿元（含 6 亿元）。 2、发行方式：授权公司董事长根据市场情况确定。 4、票面利率：具体的利率根据公司评级情况以及拟发行期间市场利率水平 情况综合确定。 二、本次拟发行科技创新债券的授权事项 为确保高效、有序地完成本次科 ...

Core Viewpoint - Shanghai Hejing (688584.SH) reported significant growth in revenue and net profit for Q3 2025, driven by industry recovery and increased product sales [1] Financial Performance - Q3 2025 revenue reached 380 million, a year-on-year increase of 25.85% [1] - Q3 2025 net profit was 45.084 million, reflecting a year-on-year growth of 47.02% [1] - For the first three quarters of 2025, total revenue was 1.006 billion, up 19.05% year-on-year [1] - Net profit for the first three quarters was 105 million, showing a year-on-year increase of 32.86% [1] Industry Context - The growth is attributed to the recovery in industry conditions, with downstream customer inventory levels returning to reasonable levels [1] - Increased sales volume and high capacity utilization rates contributed to the rise in both revenue and net profit attributable to shareholders [1]

Financial Performance - The company's revenue for the third quarter reached ¥38,049.81 million, representing a year-on-year increase of 25.85%[4] - The total profit for the quarter was ¥5,048.03 million, up 52.95% compared to the same period last year[4] - Net profit attributable to shareholders was ¥4,508.40 million, reflecting a 47.02% increase year-on-year[4] - The net profit excluding non-recurring gains and losses for the quarter was ¥4,161.27 million, an increase of 50.10% compared to the previous year[4] - The basic earnings per share for the quarter was ¥0.07, a 75.00% increase from the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,005,581,699.14, an increase of 19% compared to ¥844,645,501.99 in the same period of 2024[20] - Operating profit for the first three quarters of 2025 was ¥116,186,423.86, compared to ¥85,718,340.76 in 2024, representing a growth of 36%[21] - Net profit for the first three quarters of 2025 was ¥104,795,175.33, an increase of 33% from ¥78,874,871.54 in the same period of 2024[22] - Basic and diluted earnings per share for the first three quarters of 2025 were both ¥0.16, up from ¥0.12 in 2024[22] Research and Development - Research and development expenses totaled ¥3,072.24 million, accounting for 8.07% of revenue, a decrease of 0.63 percentage points year-on-year[5] - Research and development expenses for the first three quarters of 2025 amounted to ¥86,072,266.07, compared to ¥72,776,198.13 in 2024, indicating a 18% increase[21] Assets and Liabilities - The total assets at the end of the reporting period were ¥470,803.04 million, a 2.99% increase from the end of the previous year[5] - Total assets as of the end of the reporting period were ¥4,708,030,361.47, compared to ¥4,571,295,444.79 at the end of 2024[19] - Total liabilities increased to ¥585,448,371.67 from ¥430,179,712.19 in the previous year, marking a 36% rise[19] - Non-current assets totaled ¥3,275,892,803.64, up from ¥2,717,615,081.95 in 2024, reflecting a 21% increase[19] Shareholder Information - Total shareholders at the end of the reporting period reached 16,800[12] - The largest shareholder, SILICON TECHNOLOGY INVESTMENT (CAYMAN) CORP., holds 319,624,122 shares, accounting for 48.03% of total shares[12] - The second-largest shareholder, 河南兴港融创创业投资发展基金 (Limited Partnership), holds 198,737,316 shares, representing 29.86%[12] Cash Flow and Investments - The company's cash and cash equivalents decreased to ¥764,751,964.68 from ¥1,304,355,106.02 year-over-year[17] - Operating cash inflow from sales reached approximately $884.66 million, up from $793.66 million, reflecting a year-over-year increase of about 11.4%[25] - Net cash flow from operating activities amounted to $298.35 million, compared to $283.06 million in the previous period, indicating a growth of approximately 5.4%[25] - Total cash outflow from investment activities was $821.81 million, significantly higher than $217.81 million, resulting in a net cash flow from investment activities of -$821.75 million[26] - Cash inflow from financing activities totaled $358.42 million, a decrease from $1.46 billion, leading to a net cash flow from financing activities of -$54.92 million[26] - The company's cash and cash equivalents at the end of the period stood at $683.06 million, down from $1.29 billion, reflecting a decrease of approximately 46.9%[26] Market Demand and Production Capacity - The company reported a significant increase in demand for power devices and simulation chips, contributing to the revenue growth[10] - The company is actively expanding its production capacity for 12-inch silicon wafers, which is expected to enhance its market position[10] - The company has seen a recovery in demand for its products, particularly in the 55nm and 28nm segments, driving sales and profitability[10] Other Financial Information - The company has ongoing construction projects valued at ¥550,549,036.78, significantly up from ¥151,936,998.13[17] - Other non-current financial assets include debt investments of ¥10,160,625.00[17] - The impact of exchange rate changes on cash and cash equivalents was a positive $1.22 million, down from $3.28 million[26] - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[27]

中信证券股份有限公司 关于上海合晶硅材料股份有限公司 开展远期结售汇业务的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海合 晶硅材料股份有限公司（以下简称"公司"、"上海合晶"或"发行人"）首次公 开发行股票并在科创板上市的保荐人。根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等有关规定，对上海合晶开展远期结售汇业务进 行了审慎核查，核查情况及核查意见如下： 一、开展远期结售汇业务的目的 公司从事半导体硅外延片等相关产品的进出口国际贸易业务涉及美元、欧元、 日元等多币种的交易，近年来受汇率波动影响，外汇敞口风险较大。为对冲经营 活动中的汇率风险，公司拟利用外汇衍生品，开展与业务规模、期限和币种相匹 配的远期结汇等外汇衍生品业务，以锁定订单收益，规避汇率风险。 二、远期结售汇业务情况 1、主要涉及币种：为公司生产经营所使用的主要结算货币美元、欧元、日 元等。 2、交易金额及期限：公司拟开展的远期结售汇业务仅限于避险性质且预计 任一交易日持有的最高合约价值不超过 1.5 亿元人民币（或等值外 ...

上海合晶硅材料股份有限公司 信用类债券信息披露管理制度 第一章 总 则 第一条 为了规范上海合晶硅材料股份有限公司（以下简称"公司"）的信 用类债券信息披露行为，维护投资者合法权益，依据《中华人民共和国证券法》 《中华人民共和国公司法》《上市公司信息披露管理办法》《公司信用类债券信 息披露管理办法》《银行间债券市场非金融企业债务融资工具信息披露规则》等 相关法律法规以及公司章程及其他有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称公司信用类债券（以下简称"债券"）包括企业债券、 公司债券和非金融企业债务融资工具。公司公开发行的企业债券、公司债券以及 银行间债券市场非金融企业债务融资工具的发行及存续期信息披露适用本制度。 公司非公开发行的公司信用类债券信息披露规则参照本制度执行。 第三条 本制度所称"信息披露"，系指在债券发行时或存续期限内债券监 管机构要求披露的信息，或可能对公司偿债能力产生重大影响的信息，按照中国 银行间市场交易商协会（以下简称"交易商协会"）或证券交易所（以下简称"交 易所"）的要求，在规定的时间、在规定的媒介、以规定的方式向银行间市场或 交易所市场公布的过程。 本制度所称"存 ...

Core Insights - The company reported a revenue of 380 million yuan for Q3 2025, representing a year-on-year increase of 25.85% [1] - Net profit for Q3 2025 reached 45.084 million yuan, showing a year-on-year growth of 47.02% [1] - For the first three quarters, total revenue was 1.006 billion yuan, up 19.05% year-on-year, while net profit was 105 million yuan, reflecting a 32.86% increase [1] Revenue and Profit Growth - The growth in revenue and profit is attributed to the recovery in industry conditions, reasonable inventory levels among downstream customers, increased product sales, and high capacity utilization [1] - The company is actively investing in the research and development of 12-inch large silicon wafers and expanding production capacity, which has contributed to the increase in sales and profits [1] Product Strategy - The demand for 12-inch products has risen, leading to higher sales and revenue growth [1] - The company has implemented a differentiated strategy for its 8-inch products, promoting the high-end domestic substitution of epitaxial wafers in the power device sector [1]