Core Viewpoint - The company, through its wholly-owned subsidiary Ningbo Shangrong Logistics, has established a private equity investment fund, Suzhou Puyun, which has invested in SJ Semiconductor Corporation, a leading global integrated circuit advanced packaging and testing enterprise, that has recently applied for an IPO on the Sci-Tech Innovation Board [1][2] Group 1: Company Investment - Ningbo Shangrong has invested 150 million yuan, holding a 67.72% stake in Suzhou Puyun [2] - Suzhou Puyun holds 17,454,646 shares of SJ Semiconductor, representing a 1.086% ownership before the current issuance [2] Group 2: SJ Semiconductor Overview - SJ Semiconductor specializes in advanced packaging and testing services, focusing on 12-inch silicon wafer processing and offering wafer-level packaging (WLP) and multi-chip integration packaging [1] - The company aims to support high-performance chips, particularly GPUs, CPUs, and AI chips, enhancing performance through heterogeneous integration beyond Moore's Law [1]

Core Viewpoint - The company, through its wholly-owned subsidiary Ningbo Shangrong Logistics Co., Ltd., has established a private equity investment fund to invest in Shenghe Jingwei Semiconductor Co., Ltd., which has applied for an IPO on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Shenghe Jingwei is a leading global advanced packaging and testing enterprise for integrated circuits, focusing on advanced 12-inch silicon wafer processing [1] - The company provides a full range of advanced packaging and testing services, including wafer-level packaging (WLP) and chiplet multi-chip integration packaging [1] Group 2: Industry Focus - Shenghe Jingwei aims to support various high-performance chips, particularly graphics processing units (GPUs), central processing units (CPUs), and artificial intelligence chips [1] - The company emphasizes performance enhancement through heterogeneous integration methods that exceed Moore's Law, achieving high computing power, high bandwidth, and low power consumption [1]

Core Viewpoint - The company, through its wholly-owned subsidiary Ningbo Shangrong Logistics Co., Ltd., has established a private equity investment fund to invest in Shenghe Jingwei Semiconductor Co., Ltd., which has applied for an IPO on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Shenghe Jingwei is a leading global advanced packaging and testing enterprise for integrated circuits, focusing on advanced 12-inch silicon wafer processing [1] - The company provides a full range of advanced packaging and testing services, including wafer-level packaging (WLP) and chiplet multi-chip integration packaging [1] Group 2: Industry Focus - Shenghe Jingwei aims to support high-performance chips, particularly graphics processing units (GPUs), central processing units (CPUs), and artificial intelligence chips [1] - The company emphasizes performance enhancement through heterogeneous integration methods that exceed Moore's Law, achieving high computing power, high bandwidth, and low power consumption [1]

关于参股公司首次公开发行股票并在科创板上市申请 获上交所受理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 甘肃上峰水泥股份有限公司（以下简称"公司"）近日获悉，公司以全资子 公司宁波上融物流有限公司（以下简称"宁波上融"）为出资主体与专业机构合资 成立的私募股权投资基金——苏州璞云创业投资合伙企业（有限合伙）（以下简 称"苏州璞云"）投资的盛合晶微半导体有限公司（SJ Semiconductor Corporation， 以下简称"盛合晶微"）首次公开发行股票并在科创板上市申请于 2025 年 10 月 30 日获上海证券交易所受理。 证券代码：000672 证券简称：上峰水泥 公告编号：2025-070 甘肃上峰水泥股份有限公司 盛合晶微《首次公开发行股票并在科创板上市招股说明书（申报稿）》显示： 盛合晶微是全球领先的集成电路晶圆级先进封测企业，起步于先进的 12 英寸中 段硅片加工，并进一步提供晶圆级封装（WLP）和芯粒多芯片集成封装等全流 程的先进封测服务，致力于支持各类高性能芯片，尤其是图形处理器（GPU）、 中央处理器（CPU）、人工智能芯 ...

Group 1: Operational Performance - In the first three quarters of 2025, the company produced 11.08 million tons of clinker and 11.17 million tons of cement, with total sales of 14.15 million tons, a year-on-year decrease of 6.21% [3] - The average selling price of clinker increased by 1.14% year-on-year, while the average selling price of cement decreased by 3.50% [3] - The controllable cost of clinker decreased by 5.59 CNY/ton, and the controllable cost of cement decreased by approximately 2.97 CNY/ton [3] Group 2: Business Expansion and New Ventures - The company sold 8.95 million tons of sand and gravel, a year-on-year increase of 262.38 million tons [3] - The company’s environmental business processed 259,000 tons of various waste materials, achieving revenue of 8.2 million CNY [3] - In the renewable energy sector, the company generated 24.82 million kWh from solar power, saving approximately 7,463 tons of standard coal and reducing CO2 emissions by about 20,000 tons [3] Group 3: Financial Performance and Dividends - The company has implemented 11 equity distribution plans since its listing in 2013, with a total dividend amount of 3.819 billion CNY [5] - In 2024, the company plans to distribute cash dividends of 6.3 CNY per 10 shares, totaling 600 million CNY, which accounts for 95.73% of the annual net profit attributable to shareholders [5] - The company’s asset-liability ratio as of September 2025 was 42.65%, a decrease of 2.42% from the beginning of the year [16] Group 4: Strategic Investments - The company has invested over 2 billion CNY in semiconductor and new material sectors, focusing on strategic emerging industries [7] - The company aims to reserve over 3 billion CNY in equity assets through its investment strategy, contributing to stable investment returns and cash flow [8] - The company’s investment in the semiconductor industry covers the entire supply chain, with cumulative investments exceeding 2 billion CNY [7] Group 5: Industry Outlook and Regulatory Environment - The Ministry of Industry and Information Technology has initiated measures to stabilize the cement industry, including prohibiting new capacity and optimizing existing capacity [10] - The company’s gross profit per ton of cement for the first three quarters was approximately 55 CNY/ton, maintaining a competitive position in the industry [13] - The company anticipates a slight decline in gross margins for its aggregate business due to increased supply and decreased demand [14]

Group 1 - The company, Shengfeng Cement, has invested 200 million yuan as a limited partner in the China National Building Material New Materials (Anhui) Fund, which has a total investment of 699 million yuan in Xi'an Yicai [1]

Core Viewpoint - The investor suggests that the company consider changing its name to better reflect its "one main and two wings" strategy, which aims to break traditional perceptions of a single product category [1]. Group 1 - The investor emphasizes the importance of a new name like "Shangfeng New Technology" or "Shangfeng Building Materials" to accurately highlight the company's strategic positioning [1]. - The investor notes that other industry peers, such as Huaxin, have successfully adjusted their names, indicating a trend in the sector [1]. Group 2 - The company expresses appreciation for the investor's engagement and confirms that the suggestion will be forwarded to the decision-making team [2].

Group 1 - The company has invested 200 million yuan as a limited partner in the China National Building Material New Materials (Anhui) Fund, which has invested 699 million yuan in Xi'an Yicai [2] - The investment indicates the company's strategic involvement in the new materials sector through its partnership with the fund [2] - The interaction highlights investor interest in the company's investment activities and partnerships [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 13.33 [7]. Core Views - The company has achieved a revenue of RMB 1.33 billion in Q3, a year-over-year decrease of 6.8% but a quarter-over-quarter increase of 0.4%. The net profit attributable to shareholders reached RMB 280 million, reflecting a year-over-year increase of 20.3% and a quarter-over-quarter increase of 68.4% [1][7]. - The company is focusing on cost control and strategic investments in technology, particularly in the semiconductor materials sector, which has contributed significantly to its profitability [4]. - The company has a strong cash position with cash and cash equivalents totaling RMB 14.7 billion and trading financial assets of RMB 16.4 billion as of the end of Q3 [3]. Summary by Sections Revenue and Profitability - In the first three quarters of 2025, the company reported cumulative revenue of RMB 3.6 billion, down 5.7% year-over-year, while the net profit attributable to shareholders was RMB 530 million, up 30.6% year-over-year [1]. - The company sold 14.15 million tons of cement and clinker in the first three quarters, a decrease of 6.2% year-over-year, which is higher than the national decline of 5.2% [2]. Cost Management - The company has successfully reduced operating costs by 9.7% year-over-year, with controllable costs for cement and clinker decreasing by RMB 2.97 and RMB 5.59 per ton, respectively [2]. - The management expense ratio has decreased significantly to 16.2%, down 1.2 percentage points year-over-year, indicating effective cost control measures [3]. Investment Strategy - The company has entered a harvest phase for its equity investments, contributing approximately RMB 1.7 billion to net profit, which accounts for 31% of total net profit [4]. - The company plans to continue focusing on strategic sectors and aims to accumulate over RMB 3 billion in equity assets [4]. Financial Forecast and Valuation - The company is expected to achieve net profits of RMB 740 million, RMB 790 million, and RMB 850 million for the years 2025, 2026, and 2027, respectively [5]. - The target price has been adjusted to RMB 13.33, based on a price-to-book ratio of 1.37x for 2026, reflecting a 15% premium over the average price-to-book ratio since 2016 [5].

Group 1 - The core viewpoint of the news is that the institutional ownership of Shangfeng Cement has seen a slight decrease in the third quarter of 2025, with a total of 11 institutional investors holding 607 million shares, representing 62.65% of the total share capital [1] - The top ten institutional investors include Zhejiang Shangfeng Holding Group Co., Ltd., Southern Cement Co., Ltd., and others, with their combined holding ratio decreasing by 0.52 percentage points compared to the previous quarter [1] - In the public fund sector, one fund, the招商华证价值优选50指数发起式A, increased its holdings, while another fund, the广发中证智选高股息策略ETF, saw a slight decrease in holdings [2] Group 2 - One new social security fund disclosed its holdings in Shangfeng Cement, namely the全国社保基金一一三组合, while one pension fund, the基本养老保险基金八零二组合, increased its holdings by 0.3% [3] - Foreign investment sentiment showed a decrease, with the Hong Kong Central Clearing Limited reducing its holdings by 0.10% compared to the previous quarter [3]