中信证券股份有限公司 | 公司名称 | 普冉半导体（上海）股份有限公司 | | --- | --- | | 英文名称 | Puya Semiconductor (Shanghai) Co., Ltd. | | 股票简称 | 普冉股份 | | 证券代码 | 688766.SH | | 注册地址 | 中国（上海）自由贸易试验区申江路 5005 弄 1 号 9 层整层（实际楼层 8 楼） | | 办公地址 | 中国（上海）自由贸易试验区申江路 5005 弄 1 号 9 层整层（实际楼层 8 楼） | | 法定代表人 | 王楠 | | 实际控制人 | 王楠 | | 联系电话 | 021-60791797 | | 互联网网址 | www.puyasemi.com | | 电子信箱 | ir@puyasemi.com | | 经营范围 | 半导体、集成电路及相关产品的开发、设计、销售，网络科技、计算机技术 领域内的技术开发、技术咨询、技术服务、技术转让，从事货物及技术的进 | | | 出口业务。【依法须经批准的项目，经相关部门批准后方可开展经营活动】 | 一、发行人基本情况 二、本次发行情况概述 经中国证券监督管理委员会 ...

中信证券股份有限公司 关于普冉半导体（上海）股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所股票上市规则》、《上海证券交易所上市公司持续 督导工作指引》等有关法律、法规的规定，中信证券股份有限公司（以下简称 "保荐机构"、"中信证券"）作为正在履行普冉半导体（上海）股份有限公司（以 下简称"普冉股份"、"公司"）持续督导工作的保荐机构，对公司首次公开发行股 票并在科创板上市日至本次现场检查期间（以下简称"本持续督导期间"）的规 范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 中信证券股份有限公司 （二）保荐代表人 王建文 （五）现场检查内容 公司治理及内部控制、信息披露、独立性、大额资金往来、募集资金使用情 况、关联交易、对外担保、重大对外投资、公司经营状况以及承诺履行情况等。 （六）现场检查手段 1 王建文、赵亮 （三）现场检查时间 2025 年 4 月 7 日 （四）现场检查人员 1、 查看公司主要经营场所，对公司高管等人员进行访谈； 2、 查阅并复印公司现行有效的公司章程、公司治理制度、内部控制等文件； 3、 查阅并复印本 ...

电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 10 日 买入 原评级：买入 市场价格:人民币 92.26 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (7.9) (22.4) (12.7) 1.9 相对上证综指 (5.6) (16.9) (12.0) (2.6) 发行股数 (百万) 105.61 (11%) 13% 36% 60% 83% 107% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Feb-25 Mar-25 Apr-25 普冉股份 上证综指 | 流通股 (百万) | 105.61 | | --- | --- | | 总市值 (人民币 百万) | 9,743.55 | | 3 个月日均交易额 (人民币 百万) | 632.65 | | 主要股东(%) | | | 王楠 | 18.76 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 9 日收市价为标准 相关研究报告 《普冉股份》20240829 《普冉股份》20240722 《普冉股 ...

集成电路 普冉股份（688766.SH） 增持-A(维持) 产品结构持续优化，盈利能力稳中有升 2025 年 4 月 10 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年度报告。2024 年全年公司实现营业收入 18.04 亿元， 同比增长 60.03%，实现归母净利润 2.92 亿元，同比增长 705.74%。Q4 单季 度公司实现营业收入 4.37 亿元，同比增长 21.45%，环比下降 7.09%；实现 归母净利润 0.68 亿元，同比增长 26.94%，环比下降 23.77%。 事件点评 | 基础数据：2024 年 | 12 月 | 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 2.78 | | 摊薄每股收益(元)： | | | 2.78 | | 每股净资产(元)： | | | 21.00 | | 净资产收益率(%)： | | | 13.19 | 资料来源：最闻 行业温和复苏，公司把握增量市场机遇，营收创新高。2024 年存储价格 走势前高后低，市场需求温和复苏，行业伴有一定结构性增长机会，公司根 据客户需求 ...

集成电路 普冉股份（688766.SH） 增持-A(维持) 产品结构持续优化，盈利能力稳中有升 2025 年 4 月 10 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年度报告。2024 年全年公司实现营业收入 18.04 亿元， 同比增长 60.03%，实现归母净利润 2.92 亿元，同比增长 705.74%。Q4 单季 度公司实现营业收入 4.37 亿元，同比增长 21.45%，环比下降 7.09%；实现 归母净利润 0.68 亿元，同比增长 26.94%，环比下降 23.77%。 事件点评 市场数据：2025 年 4 月 9 日 行业温和复苏，公司把握增量市场机遇，营收创新高。2024 年存储价格 走势前高后低，市场需求温和复苏，行业伴有一定结构性增长机会，公司根 据客户需求及时进行技术和产品创新，不断开拓市场和客户，营收实现公司 成立以来的新高，达 18.04 亿元，同比增长 60.03%。同时，公司把握增量市 场机遇，提高产品渗透率，其中存储系列芯片出货 67.72 亿颗，同比上升 33.09%，实现营业收入 14.17 亿元，同比增长 40.10%，"存储+"系列芯 ...

证券代码：688766 证券简称：普冉股份 普冉半导体（上海）股份有限公司 2024年年度股东大会会议资料 二〇二五年四月 1 普冉半导体（上海）股份有限公司 2024 年年度股东大会 普冉半导体（上海）股份有限公司 2024 年年度股东大会 普冉半导体（上海）股份有限公司 2024 年年度股东大会会议须知 为了维护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 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》《上 市公司股东大会规则》以及《普冉半导体（上海）股份有限公司章程》《普冉半 导体（上海）股份有限公司股东大会议事规则》等相关规定，特制定普冉半导体 （上海）股份有限公司（以下简称"公司"）2024年年度股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格，在 会议主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量之前， 会议登记 ...

证券代码：688766 证券简称：普冉股份 公告编号：2025-027 普冉半导体（上海）股份有限公司 关于参加 2024 年度科创板芯片设计环节行业 集体业绩说明会的公告 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： 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 1 会议召开时间：2025 年 4 月 17 日（星期四）下午 15:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 4 月 10 日（星期四）至 4 月 16 日（星期三）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@puyasemi.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 普冉半导体（上海）股份有限公司（以下简称"公司"）已 ...

Core Insights - The company reported a revenue of 1.804 billion yuan for 2024, marking a year-on-year increase of 60.03% [1] - The net profit attributable to shareholders was 292 million yuan, indicating a turnaround from loss to profit [1] - The overall gross margin for the company's products was 33.55%, up by 9.26 percentage points compared to the previous year [1] Company Overview - The main business of the company is the design and sales of non-volatile memory chips and derivative chips, including NOR Flash and EEPROM [1] - The semiconductor design industry is experiencing a recovery, with a moderate rebound in the storage sector and structural growth [1] Market Strategy - The company is actively expanding its market presence and customer base, responding to market demand with timely technological and product innovations [1] - The company achieved its highest revenue since its establishment, driven by increased market penetration and competitive advantages [1] R&D Investment - The company invested 241.97 million yuan in R&D, accounting for 13.42% of its revenue, which is a 26.49% increase from the previous year [2] - The number of R&D and technical personnel increased by 15.53% compared to the previous year [2] Future Outlook - The semiconductor industry is expected to face intensified regional competition and technological stratification [2] - The company plans to focus on non-volatile memory process development, product layout, and performance enhancement to strengthen its market position [2] - The company aims to expand its international client base and enhance its brand influence globally [2]

Core Viewpoint - The company proposes to seek shareholder approval for the board to issue shares to specific investors through a simplified process, with a total financing amount not exceeding RMB 300 million, which is capped at 20% of the company's net assets as of the end of the previous year [1][5]. Group 1: Authorization Details - The board seeks authorization to confirm if the company meets the conditions for issuing shares through a simplified process [2]. - The type of shares to be issued will be domestic listed ordinary shares (A shares) with a par value of RMB 1, and the number of shares will be determined based on the total amount raised divided by the issue price, not exceeding 30% of the total share capital before issuance [2]. - The issuance will target specific institutional investors, including securities investment fund management companies, securities companies, trust companies, financial companies, insurance institutional investors, and qualified foreign institutional investors, with a maximum of 35 participants [2][3]. Group 2: Pricing and Fund Usage - The pricing will be based on 80% of the average trading price over the 20 trading days prior to the pricing date, with adjustments for any corporate actions affecting the stock price during that period [2]. - The funds raised will be used for projects related to the company's main business and to supplement working capital, adhering to regulatory requirements [3]. Group 3: Issuance Procedures and Governance - The board is authorized to handle all matters related to the issuance, including formulating and adjusting the issuance plan, managing the subscription process, and ensuring compliance with legal and regulatory requirements [4]. - The authorization is valid from the date of approval at the 2024 annual general meeting until the 2025 annual general meeting [5].

Meeting Overview - The second session of the Supervisory Board of Purun Semiconductor (Shanghai) Co., Ltd. was held on March 28, 2025, with all three supervisors present, and the meeting was conducted in accordance with relevant laws and regulations [1][2]. Supervisory Board Resolutions - The Supervisory Board approved the 2024 Annual Supervisory Work Report, which objectively reflects the company's operations [2]. - The 2024 Annual Financial Settlement Report was approved, showing a total profit of 305 million, an increase of 375 million year-on-year, and a net profit attributable to the parent company of 292 million, an increase of 341 million year-on-year [2][3]. - The 2025 Annual Financial Budget Report was approved, aligning with the company's operational needs and market conditions [3]. - The proposal for the 2024 profit distribution and capital reserve transfer plan was approved, aimed at supporting the company's sustainable development and returning value to investors [4][5]. - The 2024 Annual Report and its summary were approved, confirming compliance with regulatory requirements and reflecting the company's financial status accurately [5][6]. - The 2024 Annual Special Report on the use of raised funds was approved, accurately reflecting the status of fund usage [6][7]. - The 2024 Annual Internal Control Evaluation Report was approved, indicating no significant defects in financial reporting controls [7]. - The proposal for asset impairment provisions for 2024 was approved, ensuring compliance with accounting standards [8]. - The reappointment of the auditing firm for 2025 was approved, recognizing its independent and effective audit practices [9]. - The expected daily related transactions for 2025 were approved, ensuring compliance with market principles and protecting shareholder interests [10]. - The proposal to provide guarantees for employee housing in 2025 was approved, with manageable risk levels [10]. - The 2025 Supervisory Board remuneration plan was approved, deemed reasonable and aligned with the company's future needs [11].