Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company is actively enhancing its semiconductor layout by subscribing to an industrial fund, indicating a strategic move to integrate into the Shanghai integrated circuit industry [3] - The company has achieved breakthroughs with top-tier clients in the AIPCB sector, benefiting from the ongoing domestic substitution trend in the PCB industry [4][5] - The report projects a positive outlook for the company's semiconductor business and the electronic chemical products industry, with an upward revision of profit forecasts for 2025-2027 [6] Summary by Sections Investment Highlights - The company plans to invest 50 million yuan in the Shanghai Junhua Fuchuang Electronic Materials Industry Development Private Investment Fund, which targets high-end electronic chemicals and related materials, focusing on high-value segments in the semiconductor field [3] - The fund aims for a total scale of 669 million yuan, with significant participation from various partners, including the company itself, which holds a 7.47% stake [3] AIPCB Client Breakthroughs - The PCB industry is evolving rapidly, with advancements in technology leading to increased demand for high-frequency, high-precision products [4] - The company is capitalizing on opportunities in the AI server sector, increasing its production capacity to meet the growing demand from major PCB clients [5] Profit Forecasts - The company’s net profit is projected to reach 101 million yuan in 2025, 158 million yuan in 2026, and 212 million yuan in 2027, with corresponding EPS of 0.81, 1.27, and 1.70 yuan [6][8] - The report anticipates a revenue growth rate of 26.8% in 2025, 39.0% in 2026, and 30.6% in 2027, reflecting strong market potential [8]

Core Viewpoint - Shanghai Tiancheng Technology Co., Ltd. plans to invest up to RMB 50 million in the Shanghai Junhua Fuchuang Electronic Materials Industry Development Private Investment Fund, aligning with its strategic goals in the integrated circuit industry [2][4][29] Group 1: Investment Overview - The company will use its own or raised funds to subscribe to the fund shares, with a maximum investment of RMB 50 million [2][4] - The investment does not require approval from the board of directors or shareholders and is not classified as a related party transaction or a major asset restructuring [5][3] Group 2: Fund Details - The target size of the fund is expected to be RMB 669 million, with the fund managed by Guotai Junan Innovation Investment Co., Ltd. [6][28] - The fund aims to invest primarily in high-end electronic chemicals and supporting materials, focusing on the semiconductor sector [12][29] Group 3: Strategic Alignment - The investment aligns with the company's strategic planning and the Shanghai government's initiative to enhance the integrated circuit industry [28][29] - The company aims to leverage the fund's resources and management expertise to identify synergistic projects, enhancing its industry ecosystem and sustainable development [29] Group 4: Risk and Impact - The investment will be limited to the amount contributed, and it is expected not to adversely affect the company's normal operations or financial status [29][30] - The company will actively support the development of the high-end electronic chemicals sector in Shanghai, contributing to the resilience and autonomy of the industry chain [29]

Core Viewpoint - The company is strategically relocating its registered address to enhance its integration into the semiconductor industry in Shanghai and improve its overall competitiveness [1] Group 1: Company Strategy - The company will change its registered address to Zhangjiang Road, Shanghai Free Trade Zone on July 16, 2025, to align with the development opportunities in the integrated circuit industry [1] - The company has signed a partnership agreement with other partners of the electronic materials fund to invest up to 50 million yuan in the Shanghai Junhua Fuchuang Electronic Materials Industry Development Private Investment Fund [1] Group 2: Investment Focus - The primary investment direction of the fund is high-end electronic chemicals and their supporting materials, which aligns with the company's industry and strategic planning [1] - The company aims to leverage the resources and investment management experience of professional institutions to identify high-quality projects that are synergistic with its business direction [1] Group 3: Industry Contribution - The company will actively support the development planning of Shanghai's integrated circuit industry in the high-end electronic chemicals sector [1] - By utilizing the advantages of the listed company platform, the company seeks to enhance the resilience and autonomy of the industrial chain and contribute to the "strong chain and supplement chain" initiative of the integrated circuit "Shanghai plan" [1]

Core Viewpoint - Tiancheng Technology (688603) plans to invest up to 50 million yuan in the Shanghai Junhua Fu Chuang Electronic Materials Industry Development Private Investment Fund Partnership, acquiring a 7.4738% stake [1] Investment Details - The company will contribute 5 million yuan, representing 7.4738% of the total fund [1] - Other partners in the fund include: - Guotai Junan Innovation Investment Co., Ltd. with 100 million yuan (0.1495%) - Shanghai Futeng Private Fund Management Co., Ltd. with 100 million yuan (0.1495%) - Guotai Junan Junben (Shanghai) Private Fund Management Co., Ltd. with 19.9 million yuan (29.7459%) - Shanghai Guofu Linghang Investment Partnership (Limited Partnership) with 19.9 million yuan (29.7459%) - Shanghai Huayi Holding Group Co., Ltd. with 2,000 million yuan (2.9895%) - Shanghai Guotou Xiandao Integrated Circuit Private Investment Fund Partnership (Limited Partnership) with 19.9 million yuan (29.7459%) [1] Financial Performance - In mid-2025, Tiancheng Technology reported revenue of 213 million yuan and a net profit attributable to shareholders of 36.73 million yuan [1]

Core Viewpoint - The company is strategically relocating its registered address to enhance its integration into the semiconductor industry in Shanghai and improve its overall competitiveness [1] Group 1: Company Strategy - The company will change its registered address to Zhangjiang Road, Shanghai Free Trade Zone on July 16, 2025, to align with the development opportunities in the integrated circuit industry [1] - The company has signed a partnership agreement with other partners of the electronic materials fund to invest up to 50 million yuan in the Shanghai Junhua Fuchuang Electronic Materials Industry Development Private Investment Fund [1] Group 2: Investment Focus - The primary investment direction of the fund is high-end electronic chemicals and supporting materials, which aligns with the company's industry and strategic planning [1] - The company aims to leverage the resources and investment management experience of professional institutions to identify high-quality projects that are synergistic with its business direction [1] Group 3: Industry Contribution - The company will actively support the development and planning of high-end electronic chemicals in Shanghai's integrated circuit industry, enhancing the resilience and autonomy of the industrial chain [1] - The company intends to contribute to the "strong chain and supplement chain" initiative of the integrated circuit "Shanghai Plan" by utilizing the advantages of its listed platform [1]

证券代码：688603 证券简称：天承科技 公告编号：2025-063 上海天承科技股份有限公司 关于认购产业基金份额的自愿性披露公告 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： 上海天承科技股份有限公司（以下简称"公司"）拟以自有或自筹资金 不超过人民币 5,000 万元参与认购上海君华孚创电子材料产业发展私募投资基金 合伙企业（有限合伙）（以下简称"电子材料基金"）基金份额。 公司将根据相关法律法规配合基金管理人推进基金备案等事宜。总经理 授权相关人员办理有关本次投资所涉及的具体事项，包括但不限于签署相关协议， 以及配合办理备案等相关工作。 本次交易不构成关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 相关风险提示：由于产业基金具有投资周期长，流动性较低的特点，本 次投资将面临较长的投资回收期，且产业基金运行过程中将受宏观政策、经济环 境、行业周期、被投资企业经营管理情况等多种因素影响，可能面临投资效益不 达预期等风险。 一、对外投资概述 公司于 2025 年 7 月 16 ...

Core Viewpoint - Tiancheng Technology (688603.SH) is relocating its registered address to Zhangjiang Road, Shanghai Free Trade Zone on July 16, 2025, to enhance its strategic implementation and competitiveness in the integrated circuit industry [1] Group 1: Company Strategy - The company aims to seize opportunities in the integrated circuit industry and enhance its overall competitiveness by relocating its registered address [1] - The relocation is part of a broader strategy to integrate into Shanghai's integrated circuit industry [1] Group 2: Investment Activities - The company has signed a partnership agreement with other partners of the electronic materials fund to participate in the Shanghai Junhua Fu Chuang Electronic Materials Industry Development Private Investment Fund [1] - The company plans to invest up to RMB 50 million in the electronic materials fund using its own or raised funds [1]

Group 1 - The company Tiancheng Technology (688603.SH) plans to invest up to 50 million RMB using its own or raised funds to subscribe for shares in an electronic materials fund [1] - The fund primarily targets high-end electronic chemicals and supporting materials, focusing on high value-added segments in the semiconductor and broader semiconductor fields [1] - The investment strategy emphasizes areas with low domestic production rates and significant market potential in advanced electronic chemicals, aiming for diversified collaboration with listed companies [1]

证券代码：688603 证券简称：天承科技 公告编号：2025-62 上海天承科技股份有限公司 关于 2024 年限制性股票激励计划 首次授予部分第一个归属期归属结果的公告 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、准确性和完整性承担法律责任。 重要内容提示： 本次归属股票数量：31.9754 万股 本次归属股票来源：上海天承科技股份有限公司（以下简称"公司"）回 购的公司 A 股普通股股票 一、本次限制性股票归属的决策程序及相关信息披露 （一）2024 年 7 月 22 日，公司召开第二届董事会第十一次会议，审议通过 了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议案》《关于 公司<2024 年限制性股票激励计划实施考核管理办法>的议案》《关于提请股东 大会授权董事会办理公司 2024 年限制性股票激励计划相关事宜的议案》。公司 董事会薪酬与考核委员会审议通过了相关议案。 同日，公司召开第二届监事会第七次会议，审议通过了《关于公司<2024 年 限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2024 年限制性股 票激励计 ...

Group 1 - The electronic chemicals sector increased by 3.17% on September 11, with Tongyu New Materials leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - Key stocks in the electronic chemicals sector showed significant price increases, with Tongyu New Materials rising by 10.53% to a closing price of 200.06 [1] Group 2 - The electronic chemicals sector experienced a net inflow of 168 million yuan from institutional investors, while retail investors saw a net inflow of approximately 48.53 million yuan [2] - Major stocks like Tiantong Co. and Tongyu New Materials had varying net inflows and outflows from different investor types, indicating mixed investor sentiment [3] - The trading volume for Tongyu New Materials reached 26,000 hands, with a total transaction value of 504 million yuan [1]