证券代码：688802 证券简称：沐曦股份 公告编号：2026-005 沐曦集成电路（上海）股份有限公司 关于使用自有资金支付募投项目所需资金并以募集资金等 额置换的公告 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。 沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份""公司"）于 2025 年 12 月 30 日召开第一届董事会第二十次会议，审议通过了《关于使用自 有资金支付募投项目所需资金并以募集资金等额置换的议案》，同意公司在募集 资金投资项目（以下简称"募投项目"）实施期间，根据实际需要，在经过相关 审批程序后，预先使用自有资金支付募投项目所需资金，之后定期以募集资金等 额置换。公司保荐人华泰联合证券有限责任公司（以下简称"保荐人""华泰联 合证券"）对本事项出具了明确无异议的核查意见，上述事项无需提交股东会审 议。现将有关情况公告如下： 一、募集资金基本情况 公司首次公开发行股票（以下简称"本次发行"）并在科创板上市申请已于 2025 年 10 月 24 日经上海证券交易所上市审核委员会审核同意，已取得中国证 券 ...

证券代码：688802 证券简称：沐曦股份 公告编号：2026-004 沐曦集成电路（上海）股份有限公司 关于使用募集资金置换预先投入募投项目及已支付发行费 用的自筹资金的议案 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： 公司首次公开发行股票（以下简称"本次发行"）并在科创板上市申请已于 2025 年 10 月 24 日经上海证券交易所上市审核委员会审核同意，已取得中国证 券监督管理委员会出具的证监许可〔2025〕2507 号文同意注册，批文落款日为 2025 年 11 月 12 日。根据注册批文，公司获准向社会公开发行人民币普通股 4,010.00 万股，每股发行价格为人民币 104.66 元，募集资金总额为人民币 419,686.60 万元，扣除发行费用人民币 29,755.50 万元（不含增值税）后，募集 资金净额为人民币 389,931.10 万元。 上述资金已全部到位，经立信会计师审验并于 2025 年 12 月 11 日出具《沐 曦集成电路（上海）股份有限公司验资报告》（信会师报字[2025]第 ...

证券代码：688802 证券简称：沐曦股份 公告编号：2026-001 沐曦集成电路（上海）股份有限公司 第一届董事会第二十次会议决议公告 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、准确性和完整性承担法律责任。 一、董事会会议召开情况 沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份""公司"）第一 届董事会第二十次会议于 2025 年 12 月 25 日以电子邮件、专人送达等方式通知 全体董事，于 2025 年 12 月 30 日以现场会议结合通讯方式召开。本次会议为临 时会议，会议应到董事 9 人，实到董事 9 人。本次会议由董事长陈维良先生主持， 本次会议的通知、召集、召开和议案审议程序符合有关法律、行政法规、部门规 章、规范性文件和《沐曦集成电路（上海）股份有限公司章程》的规定，作出的 决议合法、有效。 （一）审议通过《关于变更公司注册资本、公司类型、修订<公司章程>并 办理登记机关变更登记的议案》 二、董事会会议审议情况 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案无需提交股东会审议。 经与会董事认真讨论研究，会议作出如 ...

沐曦股份公告称，公司首次公开发行股票并在科创板上市，募集资金总额41.97亿元，净额38.99亿元。 鉴于实际募集资金净额低于招股书披露的募投项目拟投入金额，公司拟调整募投项目拟投入金额，总额 从39.04亿元调为38.99亿元，不足部分以自有或自筹资金解决。2025年12月30日，公司董事会审议通过 该议案，无需提交股东会。保荐机构认为，此次调整履行必要程序，未改变资金用途，符合公司和股东 利益。 ...

Group 1: AI Industry Overview - The AI industry is experiencing a paradigm shift from technological miracles to practical value, with capital markets transitioning from speculative hype to value reassessment [1] - 2025 is recognized as a "structural formation year" for the market, driven by policy support, explosive AI demand, industry cycle recovery, and accelerated domestic substitution [1] Group 2: Semiconductor Market Performance - Among 172 semiconductor listed companies in A-shares, 144 saw stock price increases in 2025, with 29 companies doubling their stock prices and 4 companies increasing by over 4 times [2][3] - The top three performers in the semiconductor sector were沐曦股份-U (481.81%), 东芯股份 (441.81%), and 摩尔线程-U (433.09%) [2][3] Group 3: AI Computing and Storage Chips - AI computing and storage chips emerged as standout performers in the capital market in 2025, with significant demand growth [4] - The release of DeepSeek-R1 in January 2025 marked a surge in AI model computing demand, leading to substantial orders for domestic GPU manufacturers like 沐曦股份 and 摩尔线程 [5] - Storage chip prices began to rise due to production cuts by major manufacturers, with DRAM and NAND prices increasing significantly [6] Group 4: Domestic GPU Companies - 摩尔线程 and 沐曦股份 are recognized as leading domestic GPU manufacturers, focusing on high-performance general-purpose GPU development [8] - Both companies successfully listed on the Sci-Tech Innovation Board in 2025, attracting significant institutional investment and achieving remarkable stock price increases post-IPO [9] Group 5: Hard Technology Market Trends - The A-share market in 2025 revolved around sectors like AI, computing, robotics, and commercial aerospace, with hard technology becoming a core investment focus [10] - The demand for AI computing is supported by breakthroughs in domestic AI chip technology and significant performance improvements from companies like 寒武纪 [10] - The energy sector is also becoming increasingly relevant due to the high electricity demand driven by AI, creating a synergistic market with technology and energy sectors [11][12]

Group 1 - 32 companies have announced their annual performance forecasts, with 26 companies expecting profit increases, representing 81.25% of the total [1] - Among the companies expecting profit increases, one company anticipates a net profit growth exceeding 100%, while four companies expect a net profit growth between 50% and 100% [1] - Bai Ao Sai Tu is projected to have the highest net profit growth at a median of 303.57%, followed by N Heng Dong Guang and C Qiang Yi with median growths of 92.25% and 66.24% respectively [1] Group 2 - The average decline for companies expected to double their profits this year is 22.07%, underperforming compared to the Shanghai Composite Index [2] - The list of companies with expected significant profit increases includes Bai Ao Sai Tu with a median net profit growth of 303.57%, N Heng Dong Guang at 92.25%, and C Qiang Yi at 66.24% [2] - Other notable companies include Zijin Mining with a median net profit growth of 60.50% and Mu Xi Co., Ltd. with a growth of 54.22% [2]

Core Insights - The capital markets in China, particularly A-shares and Hong Kong stocks, have shown significant activity with a total of 9 IPOs on December 30, 2025, marking a vibrant end to the year and reflecting a promising outlook for 2026 [1] A-Share Market - In 2025, the A-share market saw a total of 116 new IPOs, a 16% increase compared to 2024, with a total fundraising amount of 131.77 billion yuan, representing a 95.64% year-on-year increase [3][4] - The leading sectors for IPOs were technology, with notable companies like Moer Technology and Muxi leading the charge, indicating a shift towards "hard technology" as the core focus of the market [4][5] - The largest IPO in the A-share market was Huadian New Energy, raising 18.17 billion yuan, making it the sixth largest IPO globally for the year [4] Hong Kong Market - The Hong Kong stock market hosted 117 new IPOs in 2025, a more than 60% increase from the previous year, with total fundraising reaching 285.69 billion HKD, a 220% increase year-on-year, reclaiming the top position globally for fundraising [7][8] - Eight major IPOs raised over 10 billion HKD each, contributing significantly to the total fundraising, with companies like CATL and Zijin Mining leading the way [7] - The performance of new stocks was strong, with only 27.35% experiencing a drop on their first trading day, the lowest rate in five years [8] Market Dynamics - The growth in both A-share and Hong Kong IPO markets is attributed to supportive policies and a robust demand for technology-driven companies, with regulatory bodies enhancing the market's inclusivity and adaptability [9][10] - The influx of capital from international investors and the increasing number of mainland companies listing in Hong Kong have strengthened the market's position [11][15] - Looking ahead to 2026, expectations are high for continued growth in both markets, with projections of around 160 new IPOs in Hong Kong and a focus on quality over quantity in A-shares [13][12]

Group 1 - 29 companies have announced their annual performance forecasts, with 23 companies expecting profit increases, accounting for 79.31% of the total [1] - Among the companies expecting profit increases, one company anticipates a net profit growth exceeding 100%, while two companies expect growth between 50% and 100% [1] - Bai Ao Sai Tu is projected to have the highest net profit growth, with a median increase of 303.57%, followed by N Qiang Yi and Mu Xi Co., with median increases of 66.24% and 54.22% respectively [1] Group 2 - The average decline for companies expected to double their profits this year is 21.20%, underperforming compared to the Shanghai Composite Index [2] - The list of companies with expected explosive profit growth includes Bai Ao Sai Tu, N Qiang Yi, and Mu Xi Co., with respective median net profit growths of 303.57%, 66.24%, and 54.22% [2] - Bai Ao Sai Tu's latest closing price is 51.85, while Mu Xi Co. has a closing price of 615.10, with Mu Xi Co. experiencing a decline of 25.88% this year [2]

Capital Market Trends - In 2025, the domestic AI chip industry is characterized as reaching a "coming-of-age" stage, with companies like Moer Thread and Muxi Co. successfully listed on the STAR Market, indicating a significant shift driven by policy, capital, and demand [1][2] - The current capabilities of domestic AI chips in inference computing and system-level optimization are now sufficient to meet core industry needs, marking a transition from mere hardware performance to a focus on software and ecosystem development [1][5] Competitive Landscape - The competition in the AI chip market is evolving from a single dominant player to a multi-tiered structure, with various segments developing around inference power and industry customization [4][10] - Despite the entry of NVIDIA's H200 chip, which poses a competitive threat, it is viewed as a strategic move that does not fundamentally disrupt the domestic AI chip market's core areas such as government and finance [3][4] Technological Innovations - The emergence of models like DeepSeek has shifted the focus from merely stacking parameters to enhancing the software ecosystem, indicating that hardware alone is insufficient without a robust software framework [5][6] - The industry is witnessing a split in focus: one side emphasizes high-performance training capabilities, while the other prioritizes cost-effective inference solutions, reflecting a significant change in market dynamics [6][7] Future Outlook - Looking ahead to 2026, the emphasis will be on scaling inference capabilities, with predictions indicating that the growth rate of inference power will surpass that of training power [10] - The market is transitioning from a focus on purchasing chips to acquiring comprehensive computing services, necessitating a shift towards integrated solutions that combine chips, systems, and software [10][11]

Core Viewpoint - The A-share IPO market in 2025 shows a "low at the beginning, high at the end" trend, with significant growth in the number of IPOs and fundraising amounts, particularly after the introduction of new policies aimed at supporting technology innovation [1][3]. Summary by Sections IPO Market Overview - As of December 29, 2025, a total of 244 IPO applications were accepted by the three major exchanges, with 80% (180 companies) submitted after the "618 new policy" announcement [1]. - The number of new listings reached 111, a 12.12% increase from the previous year, with total fundraising amounting to 125.32 billion yuan, a 96.25% increase year-on-year [1]. Fundraising and Company Listings - The total fundraising from new listings was 1253.24 billion yuan, with the Shanghai Stock Exchange leading at 432.28 billion yuan, followed by the Science and Technology Innovation Board at 353.05 billion yuan [4]. - The ChiNext and Science and Technology Innovation Board accounted for 45.05% and 47.72% of the total number of listings and fundraising, respectively, indicating a strong focus on technology innovation [3]. Notable IPOs - Major IPOs included Huadian New Energy, which raised 181.71 billion yuan, and other significant listings such as Moer Thread and Muxi Co., which raised 80 billion yuan and 41.97 billion yuan, respectively [5][6]. - The top ten fundraising IPOs included four from the Science and Technology Innovation Board and three from the Shanghai Stock Exchange [4]. Performance of New Stocks - New stocks had an impressive average first-day increase of 256.77%, with no stocks experiencing a drop below their issue price [15]. - Notable performers included Dapeng Industrial, which saw a first-day increase of 1211.11%, and Muxi Co. with a 692.95% increase [16][18]. Underwriting and Sponsorship - Major securities firms dominated the underwriting market, with CITIC Securities leading by sponsoring 13 IPOs and earning 11.39 billion yuan in underwriting fees [9][10]. - The total underwriting fees for the 111 new stocks amounted to 62.33 billion yuan, reflecting the lucrative nature of the IPO market this year [9]. Sector Analysis - The computer, communication, and other electronic equipment manufacturing sectors led in IPO numbers with 20 companies and a total fundraising of 340.03 billion yuan [7]. - The specialized equipment manufacturing sector followed with 14 companies and 86.35 billion yuan raised, indicating a robust interest in technology-related industries [7].