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]

证券代码：688584 证券简称：上海合晶 公告编号：2025-040 上海合晶硅材料股份有限公司 开展远期结售汇业务的公告 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。 重要内容提示： 交易目的：为对冲经营活动中的汇率风险，上海合晶硅材料股份有限公司 （以下简称"公司"）及子公司拟利用外汇衍生品，开展与业务规模、期限和币种相 匹配的远期结售汇业务，以锁定订单收益，规避汇率风险。 交易品种：公司及子公司拟开展的外汇产品业务为远期结售汇业务。 交易金额及币种：公司及子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（或等值外币，含本数）， 预计动用的交易保证金和权利金上限不超过 6,000 万元人民币（或等值外币，含本 数），自董事会审议通过之日起 12 个月内可在此额度内滚动使用，期限内任一时点 的交易金额不超过前述已审议额度。结算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。 已履行的审议程序：公司于 2025 年 10 月 24 日召开第三届董事会第 ...

证券代码：688584 证券简称：上海合晶 公告编号：2025-041 上海合晶硅材料股份有限公司 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 11 月 12 日 14 点 45 分 关于召开2025年第一次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第一次临时股东会 （二） 股东会召集人：上海合晶硅材料股份有限公司董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 召开地点：上海市松江区石湖荡镇长塔路 558 号 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 12 日 至2025 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 ...

上海合晶10月24日公告，2025年第三季度实现营业收入3.8亿元，同比增长25.85%；归属于上市公司股 东的净利润4508.4万元，同比增长47.02%；基本每股收益0.07元。前三季度实现营业收入10.06亿元，同 比增长19.05%；归属于上市公司股东的净利润1.05亿元，同比增长32.86%；基本每股收益0.16元。 ...

Market Overview - The net inflow of main funds in the Shanghai and Shenzhen markets reached 27.724 billion yuan, with the Sci-Tech Innovation Board seeing a net inflow of 3.374 billion yuan [1] - A total of 269 stocks experienced net inflows, while 320 stocks faced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 532 stocks rose, with four stocks hitting the daily limit, including Zhengyuan Dixin and Fangyuan Co., while 55 stocks declined [1] - Among the stocks with significant net inflows, 11 stocks had inflows exceeding 100 million yuan, with SMIC leading at 978 million yuan [2] Continuous Fund Flow - There are 27 stocks that have seen continuous net inflows for more than three trading days, with Kangwei Century leading at 13 consecutive days of inflow [2] - Conversely, 180 stocks have experienced continuous outflows, with Hangke Technology facing the longest streak at 14 consecutive days of outflow [2] Top Fund Inflows - The top stocks by net inflow include: - SMIC: 977.8 million yuan, with a flow rate of 9.89% and a price increase of 3.72% [2] - Haiguang Information: 457.1 million yuan, with a flow rate of 5.76% and a price increase of 3.57% [2] - Zhongwei Company: 308.7 million yuan, with a flow rate of 8.48% and a price increase of 2.61% [2] Notable Outflows - The stock with the highest net outflow is Huahong Company, which saw a net outflow of 287 million yuan and a price decrease of 0.62% [1] - Other notable outflows include Dongxin Co. and Jinghe Integration, with net outflows of 178 million yuan and 157 million yuan, respectively [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 27.9 RMB based on a 90x PE for 2026 [4]. Core Insights - The company is one of the few integrated manufacturers of semiconductor silicon epitaxial wafers in China, capable of the entire production process from crystal growth to substrate formation and epitaxial growth. In H1 2025, the company achieved revenue of 625 million RMB, a year-on-year increase of 15%, and a net profit attributable to shareholders of 59.71 million RMB, up 24% year-on-year, indicating a recovery in revenue and profit growth [2][20]. - The global semiconductor market is showing signs of recovery, with a market size of 346 billion USD in H1 2025, reflecting a year-on-year growth of 19%. The WSTS has revised its forecast for the entire year of 2025 to 728 billion USD, expecting a 15% year-on-year increase, which is 4 percentage points higher than previous expectations [2][39]. - The company focuses on power devices and analog chips, benefiting from the recovery in end-user demand in automotive electronics and industrial sectors. The global discrete device market is expected to reach 46.1 billion USD by 2028, with a CAGR of 8.5% from 2024 to 2028 [2][39]. Summary by Sections 1. Integrated Semiconductor Silicon Epitaxial Wafer Supplier - The company has established itself as a key supplier in the semiconductor industry, providing high-quality silicon epitaxial wafers used in various applications, including power devices and analog chips [14][18]. - The company's revenue and performance have been influenced by the cyclical nature of the semiconductor industry, with a notable recovery in H1 2025 [20][24]. 2. Demand Driven by Power Devices and Analog Chips - The semiconductor materials market is experiencing a mild recovery, with the global semiconductor materials market expected to reach 76 billion USD in 2025, growing by 8.4% year-on-year [30]. - The company has a strong overseas presence, with 86% of its revenue coming from international markets, indicating a robust global sales network [25][30]. 3. Strategic Focus on 8-inch and 12-inch Wafer Production - The company is expanding its production capacity, particularly in 12-inch wafers, to meet the growing demand driven by AI and HPC sectors. The IPO in 2024 raised 1.4 billion RMB to fund these initiatives [3][4]. - The company aims to enhance its product structure by focusing on advanced process logic chips and automotive-grade products, which are expected to improve its competitive position [2][3]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 1.31 billion RMB, 1.62 billion RMB, and 1.97 billion RMB in 2025, 2026, and 2027, respectively, with corresponding net profits of 160 million RMB, 204 million RMB, and 260 million RMB, indicating strong growth potential [4][8]. - The report highlights the company's advantageous customer structure, which is expected to contribute to margin improvements as the 12-inch epitaxial wafer capacity comes online [4][8].