Core Insights - The Chinese wireless charging winding equipment industry is experiencing rapid growth, with a projected market size of approximately 7.52 billion yuan in 2024, representing a year-on-year increase of 28.3%, significantly outpacing the global average for electronic manufacturing equipment [1][13] - The demand surge is driven by the intelligent upgrades in end-user industries such as new energy vehicles, consumer electronics, and smart home devices, particularly with the adoption of 800V high-voltage platforms and flat wire motor technologies [1][13] - The industry is expected to exceed 10 billion yuan by 2025, indicating a robust growth trajectory [1][13] Industry Overview - Wireless charging winding equipment is specialized automation equipment used to manufacture wireless charging coils, ensuring precision in winding, consistency, and electrical performance [2][3] - The equipment can be categorized based on winding technology (flat, three-dimensional, multi-station), automation level (fully automatic, semi-automatic), and application field (consumer electronics, industrial/automotive) [3][4] Industry Development Stages - The industry has evolved from relying on imported equipment (2010-2015) to achieving domestic substitution and forming an initial supply chain (2016-2018), followed by explosive growth driven by consumer electronics demand (2019-2022) [5][6] - Currently, the industry is in a high-end phase, focusing on breakthroughs in automotive-grade high-power winding technology and the localization of core components [5][6] Industry Chain - The industry chain consists of upstream suppliers of magnetic materials and precision conductors, midstream manufacturers like Luxshare Precision and Xinwei Communication, and downstream applications in mobile phones, wearables, and automotive electronics [7][9] - The demand for high-precision winding equipment is being propelled by the increasing wireless charging penetration in consumer electronics, with the market size expected to grow from 16.6 trillion yuan in 2018 to 19.8 trillion yuan in 2024, reflecting a compound annual growth rate of 3% [9][11] Market Segmentation - The consumer electronics sector currently dominates the demand for wireless charging winding equipment, accounting for 60% of the market share, driven by the upgrade of existing products and the emergence of new categories [15] - The new energy vehicle sector is rapidly growing, with an annual compound growth rate exceeding 40%, and is projected to account for over 28% of the market share for wireless charging winding equipment [15] Competitive Landscape - The industry exhibits a three-tier competitive structure: foreign companies dominate the high-end market, domestic leaders control the mid-to-high-end market, and numerous small enterprises compete in the low-end market [17][19] - Leading companies like Tianzhong Precision leverage differentiated technology and global production capabilities to establish competitive barriers [19][20] Future Trends - The industry is moving towards high precision, efficiency, and intelligence, with a focus on ±0.01mm precision control and AI integration for adaptive tension regulation [21][22] - The application scenarios are diversifying, with significant growth in the automotive and industrial sectors, driven by the demand for high-power and high-tension winding equipment [22][23] - Global competition is intensifying, with Chinese companies expanding internationally through localized production and green manufacturing practices [23]

江苏艾森半导体材料股份有限公司 2024 年年度股东大会会议资料 证券代码：688720 证券简称：艾森股份 江苏艾森半导体材料股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 江苏艾森半导体材料股份有限公司 2024 年年度股东大会会议资料 为了维护江苏艾森半导体材料股份有限公司（以下简称"公司"）全体股东 的合法权益，确保股东大会的正常秩序和议事效率，保证股东大会的顺利进行， 根据《中华人民共和国公司法》《中华人民共和国证券法》以及《江苏艾森半导 体材料股份有限公司章程》和《江苏艾森半导体材料股份有限公司股东大会议事 规则》的相关规定，特制定本次股东大会的会议须知。 1、为保证本次会议的严肃性和正常秩序，切实维护与会股东及股东代理人 的合法权益，经公司审核，符合条件参加本次会议的股东或股东代理人、公司董 事、监事和高级管理人员、公司聘请的见证律师及董事会邀请的人员等可进入会 场，公司有权依法拒绝不符合条件的人员进入会场。 2、出席本次会议的股东及股东代理人须在本次会议召开前 30 分钟到达会议 现场办理签到手续，并请按规定出示股东账户卡或其他有效股权证明原件、身份 证件或营业执照/注 ...

华泰联合证券有限责任公司 关于江苏艾森半导体材料股份有限公司 2024 年度现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》和《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等有关法律法规的要求，华泰联合 证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作为江苏艾森半 导体材料股份有限公司（以下简称"艾森股份"或"公司"）首次公开发行股票 并在科创板上市持续督导阶段的保荐人，于 2025 年 4 月 21 日至 2025 年 4 月 25 日对公司 2024 年度有关情况进行了现场检查。现将本次现场检查情况报告如下： 一、本次现场检查的基本情况 华泰联合证券针对艾森股份实际情况制订了 2024 年度现场检查工作计划。 为顺利实施本次现场工作，提高现场工作效率，切实履行持续督导工作，华泰联 合证券于 2025 年 4 月 21 日以书面形式将现场检查事宜通知公司，并要求公司提 前准备现场检查工作所需的相关文件和资料。 2025 年 4 月 21 日至 25 日，华泰联合证券现场检查人员根据事先制订的现 场检查工作计划，采取与公司高级管理人员进行沟通和询问、查看公司生产经营 场 ...

证券代码：688720 证券简称：艾森股份 公告编号：2025-029 江苏艾森半导体材料股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2024/11/20 | | --- | --- | | 回购方案实施期限 | 2024/11/19~2025/11/18 | | 预计回购金额 | 4,000万元~6,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,152,959股 | | 累计已回购股数占总股本比例 | 1.31% | | 累计已回购金额 | 50,205,055.88元 | | 实际回购价格区间 | 36.74元/股~45.50元/股 | 一、回购股份的基本情况 2025 年 5 月 7 日 2024 年 11 月 19 日，公司召开第三届董事会第十二次会议，审议通过了《关 于以集中竞 ...

Group 1: Investment Rating - The report maintains a "Recommended" rating for the companies analyzed, indicating a positive outlook for their future performance [10][19][33]. Group 2: Core Insights - The active bond fund market shows a slight increase in the number of funds and total assets, with 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 0.8% and 1.0% increase respectively [7][8]. - The performance of active bond funds in Q1 was influenced by rising government bond yields, with short-term pure bond funds performing particularly well [7][8]. - The report highlights a shift in asset allocation within mixed secondary bond funds, with increased holdings in sectors such as non-ferrous metals, pharmaceuticals, and steel [8][9]. - The medical device company Mindray achieved a revenue of 36.73 billion yuan in 2024, with a year-on-year growth of 5.14%, while its international business grew by 21.28% [10][11]. - Haibo Technology reported a revenue of 8.27 billion yuan in 2024, marking an 18.44% increase, with a significant focus on energy storage systems [15][18]. - The refrigerant manufacturer Sanmei achieved a revenue of 4.04 billion yuan in Q1 2025, reflecting a 26.42% increase, driven by strong demand in the home appliance and automotive sectors [26][27]. Group 3: Summary by Sections Active Bond Funds - As of Q1 2025, the number of active bond funds reached 3,263, with a total scale of 7.90 trillion yuan, and 43 new funds were issued, totaling 783.7 billion yuan [7][8]. - The performance of short-term pure bond funds was notably strong due to rising yields, while mixed bond funds showed volatility [7][8]. Mindray Medical - Mindray's revenue for 2024 was 36.73 billion yuan, with a net profit of 11.67 billion yuan, and a proposed cash dividend of 5.6 yuan per 10 shares [10][11]. - The company anticipates a recovery in domestic business in 2025, with international revenue expected to continue growing [11][12]. Haibo Technology - Haibo's revenue for 2024 was 8.27 billion yuan, with a focus on energy storage systems, which accounted for a significant portion of its revenue [15][18]. - The company has established partnerships with international firms to explore new market opportunities [18]. Sanmei - Sanmei's revenue for 2024 was 4.04 billion yuan, with a significant increase in refrigerant prices due to supply constraints [26][27]. - The company is well-positioned in the market with a leading share in the production of third-generation refrigerants [29]. Huayu Automotive - Huayu reported a revenue of 168.85 billion yuan in 2024, with a slight decline in net profit due to cost pressures [31][32]. - The company is adjusting its customer structure to mitigate risks associated with its largest client, SAIC [32][33].

Key Insights - The report highlights the growth in the active bond fund sector, with a total of 3,263 funds and a total scale of 7.90 trillion yuan, reflecting a 1.0% increase quarter-on-quarter [7][8] - The performance of active bond funds showed mixed results, with short-term pure bond funds performing well due to rising government bond yields, while mixed secondary bond funds saw increased volatility [7][8] - The report indicates a shift in asset allocation within bond funds, with a decrease in bond positions and an increase in equity positions, particularly in sectors like non-ferrous metals and pharmaceuticals [8] Group 1: Active Bond Fund Overview - As of the end of Q1 2025, the number of active bond funds increased by 0.8% compared to the previous quarter, while the total fund scale rose by 1.0% [7] - In Q1 2025, 43 new active bond funds were issued, totaling 783.7 billion yuan, which is a 16.7% decrease from the previous quarter [7] - The issuance of medium to long-term pure bond funds decreased by 31.5%, while mixed secondary bond funds saw a 65.1% increase in issuance [7] Group 2: Company-Specific Insights - For Mindray Medical (300760.SZ), the company reported a revenue of 36.726 billion yuan in 2024, a year-on-year increase of 5.14%, with a net profit of 11.668 billion yuan, up 0.74% [9][10] - The company’s international business grew by 21.28%, accounting for approximately 45% of total revenue, indicating a strong international expansion strategy [11] - The report anticipates a recovery in domestic business by Q3 2025, despite a significant year-on-year decline in Q1 2025 [11] Group 3: Industry Trends - The report on Haibo Technology (688411.SH) indicates a revenue of 8.270 billion yuan in 2024, a growth of 18.44%, with a focus on energy storage systems [14][15] - The company’s energy storage product output and sales saw significant increases, with a 35.40% rise in production and a 90.19% increase in sales [15] - The report emphasizes the company’s leading position in the domestic energy storage market and its successful international partnerships [17] Group 4: Financial Performance - For Sanmei Co., Ltd. (603379.SH), the company achieved a revenue of 4.040 billion yuan in 2024, a 21.17% increase, with a net profit growth of 178.40% [24][25] - The report highlights the impact of rising refrigerant prices and strong demand from the home appliance and automotive sectors on the company’s financial performance [25][26] - The company is expected to maintain strong performance due to favorable supply-demand dynamics in the refrigerant market [28] Group 5: Future Outlook - The report suggests that the domestic medical device market, particularly for Mindray Medical, is poised for recovery, with expectations of improved performance in 2025 [11][12] - Haibo Technology is projected to continue its growth trajectory, supported by its strong market position and international expansion efforts [17][18] - Sanmei Co., Ltd. is expected to benefit from ongoing demand in the refrigerant market, with projections for significant profit growth in the coming years [28]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][5][13] Core Views - The demand for advanced packaging-related products is increasing, leading to stable growth in the company's performance. In 2024, the company achieved a revenue of 432 million yuan, a year-on-year increase of 20.04%, and a net profit attributable to shareholders of 33.48 million yuan, up 2.51% year-on-year [4][5] - The company's revenue growth is supported by the overall recovery in industry demand, particularly for advanced packaging products, and the company's technological advantages in core products such as electroplating solutions and photoresists [5][8] - The company is expanding its market share in the advanced packaging sector and has made significant investments in R&D, with R&D expenses increasing by 40.42% year-on-year, which has impacted profit margins [5][8] Financial Performance Summary - In 2024, the company reported a revenue of 432 million yuan, with a gross margin of 26.42% and a net margin of 7.75%. The revenue for Q1 2025 was 126 million yuan, reflecting a year-on-year growth of 54.13% [4][5][6] - The company's revenue structure shows that sales of electroplating solutions and related reagents reached 196 million yuan in 2024, a 9.67% increase year-on-year, while photoresists saw a 37.68% increase in sales to 95 million yuan [8] - The company is positioned as a leading supplier in the domestic traditional packaging sector and is expanding into other application areas, including passive components, PCBs, advanced packaging, and wafer manufacturing [8] Future Projections - The company is projected to achieve revenues of 573 million yuan in 2025, 735 million yuan in 2026, and 926 million yuan in 2027, with corresponding net profits of 47 million yuan, 72 million yuan, and 106 million yuan respectively [6][11] - The expected EPS for 2025, 2026, and 2027 are 0.53 yuan, 0.82 yuan, and 1.20 yuan, respectively, indicating a positive growth trajectory [6][11] Market Position and Strategy - The company is focusing on expanding its product line in the advanced packaging sector and has successfully launched several products for mass production, which are widely used in various processes [8] - The company aims to enhance its market share in the advanced packaging and wet electronic chemicals market, driven by the expansion wave among domestic manufacturers [8][11]

证券代码：688720 证券简称：艾森股份 公告编号：2025-025 江苏艾森半导体材料股份有限公司 第三届监事会第十一次会议决议公告 本公司监事会及全体监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： 一、 监事会会议召开情况 2024 年度，公司监事会严格按照《公司法》《中华人民共和国证券法》（以 下简称"《证券法》"）等法律法规以及《公司章程》的相关规定，认真履行监 督职责，积极维护全体股东及公司的利益。公司监事会同意通过《关于公司监事 会 2024 年度工作报告的议案》。 公司全体监事出席本次会议 是否有监事投反对或弃权票：否 本次监事会议案全部获得通过 表决结果：3 名监事同意，0 名监事反对，0 名监事弃权。 本议案尚需提交公司股东大会审议。 （二）审议通过了《关于公司 2024 年年度财务决算报告的议案》 根据《公司法》和《公司章程》的规定，公司在整体总结 2024 年度实际经 营情况的基础上，制定了《江苏艾森半导体材料股份有限公司 2024 年年度财务 决算报告》。公司监事会同意通过《关于公司 2024 年年 ...

证券代码：688720 证券简称：艾森股份 公告编号：2025-019 江苏艾森半导体材料股份有限公司 关于 2024 年度利润分配预案及 2025 年中期分红授权 鉴于公司（1）2024 年半年度已派发现金红利 3,952,901.75 元（含税）； （2）2024 年度以现金为对价，采用集中竞价交易方式累计回购公司股份 1,438,592 股，回购支付的资金总额为 60,014,144.30 元（不含印花税、交易佣 江苏艾森半导体材料股份有限公司（以下简称"公司"）2024 年度利润分配 方案为：不派发现金红利、不送红股、不以资本公积转增股本。 本次利润分配预案不会触及《上海证券交易所科创板股票上市规则（2024 年 4 月修订）》（以下简称《科创板股票上市规则》）第 12.9.1 条第一款 第（八）项规定的可能被实施其他风险警示的情形。 本次利润分配方案已经公司第三届董事会第十五次会议和第三届监事会第 十一次会议审议通过，尚需提交公司 2024 年度股东大会审议。 公司提请股东大会授权董事会在满足相关条件前提下制定和实施 2025 年中 期现金分红方案。 金等交易费用），根据《上市公司股份回购规则》有关 ...

上会师报字(2025)第 7074 号 江苏艾森半导体材料股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们 审计了江苏艾森半导体材料股份有限公司（以下简称"贵公司"）2024年12 月 31 日 的财务报表内部控制的有效性。 江苏艾森半导体材料股份有限公司 内部控制审计报告 上会师报字(2025)第 7074 号 上会会计师事务所（特殊普通合伙） 中国 上海 令计师 李今所（特殊普通合伙） Centilied Public Accountants (Shecial Seneral Partnership) 内部控制审计报告 我们认为,贵公司于 2024年 12月 31 日按照《企业内部控制基本规范》和相关 规定在所有重大方面保持了有效的财务报告内部控制。 ·计师 李今所（特殊普通合伙） Eertified Publio Accountants (Spocial Seneral Partnership) 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵公司 ...