Market Overview - As of 13:59 today, the Shanghai Composite Index is at 3372.33 points, with a slight decline of -0.23% [1] - The total trading volume of A-shares today is 838.849 billion yuan [1] Stocks Breaking Annual Line - A total of 68 A-shares have surpassed their annual line today, with notable stocks including: - Puris (乖离率 6.48%) - Aisen Co., Ltd. (乖离率 5.81%) - Fosa Technology (乖离率 4.02%) [1] Stocks with Significant Deviation - The stocks with the largest deviation from the annual line include: - Puris: Today's price increased by 7.19% to 30.70 yuan - Aisen Co., Ltd.: Today's price increased by 7.47% to 42.00 yuan - Fosa Technology: Today's price increased by 4.30% to 32.71 yuan [1] Additional Stocks with Positive Performance - Other stocks showing positive performance and their respective deviations include: - Yao Stone Technology: 3.77% increase, 3.51% deviation - Fuling Power: 6.24% increase, 3.42% deviation - Yingjie Electric: 5.37% increase, 3.38% deviation [1] Summary of Stocks with Minor Deviations - Stocks with minor deviations from the annual line include: - Huayang Intelligent: 4.58% increase, 2.48% deviation - Boying Special Welding: 2.32% increase, 2.06% deviation - Stone Technology: 2.02% increase, 1.96% deviation [1]

Group 1: M&A Activity Overview - From May 12 to May 18, there were a total of 86 M&A events involving listed companies, with 33 classified as significant M&A transactions[8] - Out of the total M&A events, 19 were completed, including 1 significant M&A transaction[8] Group 2: Policy Updates - The China Securities Regulatory Commission (CSRC) revised the "Management Measures for Major Asset Restructuring of Listed Companies," emphasizing a phased payment mechanism for restructuring shares and simplifying the review process[6] - The new rules allow for a 48-month validity period for registration decisions on phased share issuances for asset purchases[21] Group 3: Encouragement for Private Equity - The revised measures encourage private equity funds to participate in M&A activities, with a reduction in lock-up periods for certain transactions[21] - For private equity funds with a 48-month investment period, the lock-up period for third-party transactions is reduced from 12 months to 6 months[21] Group 4: Market Performance - During the week of May 12 to May 18, the restructuring index outperformed the Wind All A index by 1.19%[16] - The rolling 20-day return difference between the restructuring index and the Wind All A index remained near the zero axis, indicating stable performance[16] Group 5: Failed M&A Events - There were 5 failed M&A events during the week, involving companies such as Xinkeng Intelligent and Aisen Co., with total transaction values including 600,000 CNY for Huafeng Chemical's failed acquisition[13]

Investment Rating - The report maintains a rating of "Accumulate" for the company [4] Core Viewpoints - The company achieved a revenue growth of 20.04% in 2024, primarily driven by strong performance in the advanced packaging sector, with specific product categories such as plating solutions and photoresists showing significant growth [2][3] - Despite the revenue growth, net profit growth was lower due to increased R&D investments, which rose by 40.42% and accounted for 10.62% of total revenue [2][3] - The company has made significant technological advancements in semiconductor packaging and wafer manufacturing, successfully launching multiple products and breaking into the domestic market for photoresists [3][8] Financial Summary - Revenue is projected to grow from 360 million yuan in 2023 to 883 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25% [1] - Net profit is expected to increase from 33 million yuan in 2023 to 101 million yuan in 2027, reflecting a strong growth trajectory [1] - The company's gross margin for 2024 is reported at 26.42%, with a slight decrease from the previous year, while the net margin is at 7.75% [2][3] Market Position and Opportunities - The company is positioned as a leading player in the domestic semiconductor materials market, with a comprehensive product range covering semiconductor packaging, wafer manufacturing, and display materials [3][8] - The semiconductor industry is expected to recover gradually, providing a favorable environment for the company's products to gain market share [3][8] - The report highlights the growing demand for high-end PCB applications driven by AI technology, which the company is strategically targeting [8]

证券代码：688720 证券简称：艾森股份 公告编号：2025-035 江苏艾森半导体材料股份有限公司 2024年年度股东大会决议公告 注：截至本次股东大会股权登记日公司总股本为 88,133,334 股，其中公司回购专用证 券账户中股份数为 1,444,032 股，不享有股东大会表决权；本次会议公司有表决权股份 总数为 86,689,302 股。 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 05 月 16 日 （二） 股东大会召开的地点：江苏省昆山市千灯镇中庄路 299 号江苏艾森半导 体材料股份有限公司五楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 62 | | --- | --- | | 普通股股东人数 | 62 | | 2、出席会议的股东所持有的表决权数量 | 49,284,066 | | 普通股股东所持有表决权数量 | 49,284,066 | | 3、出席会议的股东所持有表决 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 上海市方达律师事务所 关于江苏艾森半导体材料股份有限公司 2024 年年度股东大会的法律意见书 致：江苏艾森半导体材料股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法 律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席江苏艾森 半导体材料股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称 "本次股东会"），并就本次股东会的召集和召开程序、参与表决和召集会议人员 的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》及其他相关中华人民共和国境内已公开颁布并生效的法律、 法规、规章及规范性文件（以下合称"中国法律法规"，仅 ...

Core Viewpoint - Aisen Co., Ltd. (688720.SH) announced the termination of its plan to issue shares and pay cash for asset acquisition, along with fundraising, due to failure to reach consensus on transaction terms with counterparties [1][2] Group 1: Termination of Transaction - The company held meetings on May 14, 2025, where the board and supervisory committee approved the termination of the asset acquisition and fundraising plan [1] - The decision was made after negotiations with transaction parties did not yield agreement on the transaction scheme and commercial terms, including payment methods [1] Group 2: Details of the Proposed Transaction - The original plan involved acquiring a 70% stake in Bano (Suzhou) New Materials Co., Ltd. from 11 counterparties, including Wu Qinglai and Song Wenzhi [2] - The transaction was not expected to constitute a major asset restructuring or related party transaction as per relevant regulations [2] Group 3: Fundraising and Financials - Aisen Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 6, 2023, with 22,033,334 shares issued at a price of 28.03 yuan per share [2] - The total amount raised was 617.5944 million yuan, with a net amount of 544.4971 million yuan after deducting issuance costs, which was 166.2712 million yuan less than originally planned [2] - Issuance costs totaled 73.0972 million yuan, including underwriting fees of 46.7506 million yuan [3]

Group 1 - The company is involved in the research, production, and sales of electronic chemicals, with a focus on electroplating solutions and photoresists, which are critical in semiconductor manufacturing and packaging processes [5][9][10] - The company has launched several advanced packaging photoresists and supporting reagent products, indicating a strong market opportunity in the advanced packaging sector [2][3] - The company has achieved significant growth in its advanced packaging segment, with revenue from this area increasing, although the growth rate is lower than the overall revenue growth due to increased R&D investments [7][8] Group 2 - The company faces core competitiveness risks as it competes with domestic and international firms in the high-end market, necessitating continuous technological updates and product development to maintain market share [2][3] - The company has experienced negative operating cash flow, primarily due to the reliance on bill settlements from downstream customers, which may pressure operational management if this trend continues [4][8] - The company’s financial performance shows a 20.04% increase in revenue to approximately 432.19 million yuan, while net profit attributable to shareholders increased by 2.51% to approximately 33.48 million yuan [6][7] Group 3 - The company has a strong market presence in the electronic chemicals sector, particularly in traditional packaging, but faces risks from limited growth potential in niche markets [5][9] - The company has successfully developed and certified several self-researched photoresist products, although full replacement of existing products in downstream clients has not yet been achieved [3][10] - The company’s R&D expenditure has increased significantly, accounting for 10.62% of revenue, reflecting its commitment to innovation and product development [7][11] Group 4 - The company has effectively managed its fundraising, with a total of approximately 617.59 million yuan raised from its IPO, and has utilized a portion of the funds for cash management and investments in structured deposits [12][13] - The company has maintained compliance with regulations regarding the use of raised funds, ensuring that there are no violations or misuses of the funds [13][14] - The company’s core competitiveness remains stable, with ongoing advancements in technology and product offerings in the semiconductor materials sector [11]

证券代码：688720 证券简称：艾森股份 公告编号：2025-034 江苏艾森半导体材料股份有限公司 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）审议通过了《关于豁免监事会会议通知期限的议案》 鉴于本次会议召开时间紧迫，且各位监事已充分知悉公司本次会议的召开时 间和审议事项，同意豁免召开本次会议的通知期限，于 2025 年 5 月 14 日召开公 司第三届监事会第十二次会议。 表决结果：3 名监事同意，0 名监事反对，0 名监事弃权。 （二）审议通过了《关于终止发行股份及支付现金购买资产并募集配套资 金事项的议案》 公司拟通过发行股份及支付现金方式向 11 名交易对方购买其合计持有的棓 诺（苏州）新材料有限公司 70.00%股权，同时募集配套资金（以下简称"本次 交易"）。本次交易预计不构成重大资产重组或重组上市，不构成关联交易，不 会导致上市公司实际控制人发生变更。 江苏艾森半导体材料股份有限公司（以下简称"公司"）第三届监事会第十 二次会议于 2025 年 5 月 13 日以邮件和微信的方式 ...

证券代码：688720 证券简称：艾森股份 公告编号：2025-034 江苏艾森半导体材料股份有限公司 第三届监事会第十二次会议决议公告 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 江苏艾森半导体材料股份有限公司（以下简称"公司"）第三届监事会第十 二次会议于 2025 年 5 月 13 日以邮件和微信的方式发出了本次会议的召开通知。 全体监事一致同意豁免本次会议的通知时限要求，召集人已在会议上对本次紧急 会议作出说明。本次监事会会议于 2025 年 5 月 14 日在公司会议室以现场结合通 讯方式召开。会议应到监事 3 人，实到监事 3 人；公司董事会秘书和财务负责人 列席了本次监事会会议。 会议由监事会主席程瑛女士召集和主持。本次会议召集、召开符合《中华人 民共和国公司法》（以下简称"《公司法》"）及有关法律、法规和《江苏艾森 半导体材料股份有限公司章程》（以下简称"《公司章程》"）的规定，会议作 出的决议合法、有效。 二、监事会会议审议情况 鉴于本次会议召开时间紧迫，且各 ...

证券代码：688720 证券简称：艾森股份 公告编号：2025-033 江苏艾森半导体材料股份有限公司 第三届董事会第十六次会议决议公告 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： 一、 董事会会议召开情况 江苏艾森半导体材料股份有限公司（以下简称"公司"）第三届董事会第十 六次会议于 2025 年 5 月 13 日以邮件和微信的方式发出了本次会议的召开通知。 全体董事一致同意豁免本次会议的通知时限要求，召集人已在会议上对本次紧急 会议作出说明。本次董事会会议于 2025 年 5 月 14 日在公司会议室以现场结合通 讯方式召开。会议由董事长张兵先生召集和主持，会议应到董事 7 人，实到董事 7 人；部分高级管理人员和监事列席了本次董事会会议。本次会议召集、召开符 合《中华人民共和国公司法》（以下简称"《公司法》"）及有关法律、法规和 《江苏艾森半导体材料股份有限公司章程》（以下简称"《公司章程》"）、《江 苏艾森半导体材料股份有限公司董事会议事规则》的规定，会议作出的决议合法、 有效。 二、董事会会议 ...