证券代码：688661 证券简称：和林微纳 编号：2025-051 苏州和林微纳科技股份有限公司 第三届董事会第五次会议决议的公告 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。 一、董事会会议召开情况 苏州和林微纳科技股份有限公司（以下简称"和林微纳"或"公司"）第三 届董事会第五次会议于 2025 年 12 月 18 日在苏州高新区普陀山路 196 号公司会 议室以现场及通讯相结合的方式召开。本次会议应出席董事 7 人，现场及通讯方 式出席董事 7 人，公司半数以上董事共同推举董事骆兴顺先生主持本次会议。本 次会议的召开符合《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》"）和《公司章程》的有关规定， 形成的决议合法、有效。 二、董事会会议审议情况 了《董事、高级管理人员薪酬管理制度》。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 本议案已经公司第三届董事会薪酬与考核委员会会议审议通过，尚需提交股 东会审议。 具体内容详见公司同日在上海证券交易所网站（www ...

Group 1 - The company Helin Micro-Nano (SH 688661) announced that its third board meeting will be held on December 18, 2025, in Suzhou, combining in-person and remote participation [1] - The meeting will review documents including the proposal for the agenda [1] Group 2 - As of the report, Helin Micro-Nano has a market capitalization of 8.1 billion yuan [2]

Core Viewpoint - The company has approved the conclusion of a fundraising project and plans to permanently supplement its working capital with the remaining funds, amounting to approximately 55.68 million yuan [1]. Group 1 - The company held its third board meeting and the fourth audit committee meeting on December 18, 2025 [1]. - The board approved the conclusion of the "substrate-level testing probe R&D mass production project" under the fundraising project initiated in 2021 [1]. - The estimated surplus amount from the fundraising project is 55.68 million yuan [1].

第二条 本制度适用于以下人员： （一）董事会成员（含独立董事）； （二）高级管理人员：包括公司总经理、副总经理、财务负责人、董事会秘 书以及《公司章程》规定的其他高级管理人员。 董事、高级管理人员薪酬管理制度 第一章 总则 苏州和林微纳科技股份有限公司 第一条 为进一步完善苏州和林微纳科技股份有限公司（以下简称"公司"） 激励与约束机制，调动公司董事、高级管理人员工作积极性，根据《中华人民共 和国公司法》《上市公司治理准则》等有关法律、法规和规范性文件的规定及《苏 州和林微纳科技股份有限公司章程》（以下简称"《公司章程》"，结合本公司的实 际情况，制定本制度。 第五条 公司人力资源部、财务部配合董事会进行公司董事、高级管理人员 薪酬方案的具体实施。 第二章 标准和支付方式 第六条 公司董事的薪酬构成： 第三条 公司薪酬制度遵循以下原则： （一）公平、公正、公开原则； （二）责、权、利相结合的原则； （三）与公司长远发展相结合的原则； （四）短期与长期激励相结合的原则： （五）激励与约束相结合的原则。 第四条 公司董事、高级管理人员薪酬方案由董事会薪酬与考核委员会制定， 明确薪酬确定依据和具体构成。董事薪酬方案 ...

Core Viewpoint - The company has announced the completion of a fundraising project and plans to permanently allocate the surplus funds to working capital for daily operations [1] Group 1: Project Completion - The company held its third board meeting on December 18, 2025, to review and approve the completion of the "substrate-level testing probe R&D mass production project" [1] - The project has been completed and has reached the intended usable state as of December 15, 2025 [1] Group 2: Financial Details - The surplus funds from the completed project amount to 55.6827 million yuan [1] - The company intends to use the surplus funds to supplement its working capital permanently [1] - The actual amount will be based on the balance of the fundraising account on the day of the fund transfer [1]

Core Viewpoint - The company announced the completion of its substrate-level testing probe R&D project and plans to permanently allocate the surplus funds of 55.6827 million yuan to supplement its working capital [1] Group 1: Project Financials - The initial plan was to use 125 million yuan of raised funds for the project, but the actual investment amounted to 69.4513 million yuan [1] - The project generated interest and cash management income, net of fees, totaling 8.1178 million yuan [1] - There remains a payment obligation of 7.6238 million yuan related to the project [1] Group 2: Cost Management - The company achieved a surplus by strictly controlling costs and improving the efficiency of fund utilization [1] - The surplus funds will be used to support daily production and operational activities [1]

Group 1 - The core viewpoint of the article highlights the target price increases for several listed companies as of December 15, with notable gains in the pharmaceutical and automation sectors [1][5]. - The companies with the highest target price increases include Zejing Pharmaceutical at 35.00%, Zoli Pharmaceutical at 34.58%, and Genesis at 27.40%, indicating strong bullish sentiment in the chemical pharmaceutical, traditional Chinese medicine, and automation equipment industries respectively [1][5]. - A total of 21 listed companies received broker recommendations on December 15, with Zoli Pharmaceutical receiving the most recommendations at 5, while companies like Tiandi Technology and Changbao Co. received 1 recommendation each [6]. Group 2 - On December 15, brokers initiated coverage on 7 companies, with Changbao Co. receiving an "Accumulate" rating from China Merchants Securities, Genesis receiving a "Outperform" rating from China International Capital Corporation, and SAIC Motor receiving a "Buy" rating from Aijian Securities [3][7]. - The newly covered companies include Changbao Co. in the special steel industry, Genesis in the automation equipment sector, and SAIC Motor in the passenger vehicle market, indicating a diverse range of industries being targeted for investment [4][8].

Core Insights - On December 15, 2023, brokerage firms provided target prices for listed companies, with notable increases for Zejing Pharmaceutical, Zoli Pharmaceutical, and Genesis, showing target price increases of 35.00%, 34.58%, and 27.40% respectively, across the chemical pharmaceuticals, traditional Chinese medicine, and automation equipment industries [1][2]. Group 1: Target Price Increases - Zejing Pharmaceutical received a target price increase of 35.00%, with a latest closing price of 135.00 yuan [2]. - Zoli Pharmaceutical's target price increased by 34.58%, with a closing price of 17.18 yuan [2]. - Genesis saw a target price increase of 27.40%, with a closing price of 11.30 yuan [2]. Group 2: Brokerage Recommendations - A total of 21 listed companies received brokerage recommendations on December 15, with Zoli Pharmaceutical receiving the highest number of recommendations at 5 [3]. - Other companies like Tiandi Technology and Changbao Co. received 1 recommendation each [3]. Group 3: First Coverage Ratings - On December 15, 7 companies received initial coverage from brokerages, including Changbao Co. with an "Accumulate" rating from China Merchants Securities [4]. - Genesis received a "Outperform Industry" rating from China International Capital Corporation [4]. - SAIC Motor was rated "Buy" by Aijian Securities [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company has shown significant revenue growth, with a 81.77% year-on-year increase in revenue for the first three quarters of 2025, reaching 679 million yuan, and a return to profitability with a net profit of 37 million yuan [2]. - The company is a leading supplier of testing probes in the semiconductor industry, benefiting from strong demand from high-quality clients, including NVIDIA, and is expected to see positive growth driven by the surge in overseas AI demand [2][3]. - The company has successfully launched new products that meet the high-speed and high-precision requirements of the AI era, including a high-pin-count MEMS probe card that has been adopted by leading chip manufacturers [3]. Financial Summary - Revenue is projected to grow significantly from 569 million yuan in 2024 to 1.805 billion yuan in 2027, with corresponding growth rates of 99.13%, 55.69%, 41.86%, and 43.64% [4]. - The net profit is expected to turn positive in 2025, reaching 60 million yuan, and further increasing to 388 million yuan by 2027, with growth rates of 218.33% and 102.98% for 2026 and 2027 respectively [4]. - The earnings per share (EPS) is forecasted to improve from -0.07 yuan in 2024 to 2.56 yuan in 2027, reflecting the company's recovery and growth trajectory [4].

Core Insights - The semiconductor test probe industry is crucial for chip design validation, wafer testing, and final product testing, serving as the core component for signal transmission between chips, wafers, and testing equipment [1][2] - In 2023, the global semiconductor industry experienced a decline, leading to a reduction in the semiconductor test probe market size to 9.8 billion yuan. However, a recovery is expected in 2024, with a projected growth of 12.2% to 11 billion yuan [7][10] - The market is dominated by CP (Chip Probing) testing, which is expected to reach 6.7 billion yuan in 2024, accounting for 60.9% of the market, while FT (Final Test) probes will hold a 32.7% share [9][10] Industry Overview - The semiconductor test probe industry is closely linked to the semiconductor market, with significant implications for product yield, cost control, and guidance for chip design and process improvements [1][2] - The industry is characterized by high manufacturing difficulty and stringent functional testing requirements, with major market players being foreign brands such as YOKOWO, ECT, IDI, and LEENO, while domestic companies include HeLin WeiNa, ZhongTan Probe, and RuZhong Intelligent [10][12] Market Trends - The global semiconductor market is projected to reach 635.1 billion USD in 2024, with a year-on-year growth of 19.8%, driven by the increasing demand for high-performance semiconductor products due to advancements in AI and digital economy [5][6] - China's semiconductor testing probe market is expected to grow to approximately 6.29 billion yuan in 2024, supported by the country's strong position in semiconductor packaging and testing technology [10] - Future trends indicate a sustained growth in semiconductor testing demand, driven by advancements in AI, cloud computing, and IoT, leading to increased complexity in testing requirements and the development of more precise probe technologies [12][13]