自查报告的 北京市竞天公诚律师事务所 关于 天水华天科技股份有限公司 本次交易相关内幕信息知情人买卖股票情况的 核查意见 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34th Floor, Tower 3, China Central Place, 77 Jianguo Road, Chaoyang District, Beijing 100025, China 电话/Tel: +86 10 5809 1000 传真/Fax: +86 10 5809 1100 网址/Website: www.jingtian.com 二〇二六年二月 北京市竞天公诚律师事务所 核查意见 北京市竞天公诚律师事务所 关于天水华天科技股份有限公司 内幕信息知情人登记制度的制定和执行情况 的核查意见 致：天水华天科技股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受天水华天科技股份 有限公司（以下简称"上市公司"或"华天科技"）的委托，担任华天科技发 行股份及支付现金购买资产并募集配套资金暨关联交易（以下简称"本次交 易"）的专项法律顾问。 本所于 2026 年 2 月 9 日就本次交 ...

根据《上市公司重大资产重组管理办法》《公开发行证券的公司信息披露内 容与格式准则第 26 号——上市公司重大资产重组》《深圳证券交易所上市公司 自律监管指引第 8 号——重大资产重组》《监管规则适用指引——上市类第 1 号》等有关法律、法规及规范性文件的规定，华泰联合证券对本次交易相关主体 买卖上市公司股票的情况进行了核查，具体情况如下： 华泰联合证券有限责任公司 关于天水华天科技股份有限公司本次交易相关内幕信息知 情人买卖股票情况的自查报告的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"独立财务顾问"） 接受天水华天科技股份有限公司（以下简称"上市公司"或"华天科技"）委托， 担任上市公司向天水华天电子集团股份有限公司、西安后羿投资管理合伙企业 （有限合伙）、西安芯天钰铂企业管理合伙企业（有限合伙）等 27 名交易对方 发行股份购买其持有的华羿微电子股份有限公司（以下简称"标的公司"或"华 羿微电"）100%股权，并发行股份募集配套资金（以下简称"本次交易"）的 独立财务顾问。 一、本次交易相关主体买卖股票情况自查期间 本次交易相关主体买卖上市公司股票的自查期间为上市公司首次披露本次 交易 ...

证券代码：002185 证券简称：华天科技 公告编号：2026-007 天水华天科技股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 事项相关主体买卖股票情况自查报告的公告 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。 特别提示： 1、天水华天科技股份有限公司（以下简称"上市公司"）于 2026 年 2 月 11 日披露的《天水华天科技股份有限公司发行股份及支付现金购买资产并募集配套 资金暨关联交易报告书（草案）》及其摘要的"重大事项提示"和"重大风险提 示"章节中，详细披露了本次交易尚需履行的审批程序及涉及的风险因素，敬请 广大投资者注意投资风险。 2、上市公司对首次披露本次交易事项或就本次交易申请股票停牌（孰早） 前六个月至重组报告书披露之前一日止，即 2025 年 3 月 25 日至 2026 年 2 月 10 日期间相关主体买卖上市公司股票的情况进行了自查，经自查，上市公司董事会 认为：在内幕信息知情人登记表、相关主体签署的自查报告和承诺函以及对相关 人员的访谈确认信息真实、准确、完整的前提下，本次交易相关主体在自查期间 买卖上市公司股票的 ...

内容概要：集成电路封测是半导体产业链后道核心工序，涵盖封装与测试两大环节，核心价值是实现芯 片的"可使用性"与"品质确定性"，广泛支撑各类电子设备领域。作为我国战略性、基础性产业，该行业 持续获得国家多项政策支持，为技术突破与市场拓展提供保障。全球范围内，封测行业市场规模呈波动 扩张态势，产能已向亚洲新兴市场转移，形成中国台湾、中国大陆、美国三足鼎立格局，头部企业集聚 效应显著，先进封装成为后摩尔时代核心增长驱动力，细分领域中倒装芯片规模最大，芯粒多芯片集成 封装增长最快。中国大陆封测市场稳步发展，虽仍以传统封装为主，但先进封装领域追赶势头强劲，凭 借庞大消费市场与国产替代需求，增长潜力突出，且在全球前十大封测企业中占据重要地位。未来，中 国封测行业将朝着高端化、协同化、差异化方向发展，聚焦先进封装技术攻关，深化产业链协同，完善 国产化生态，实现高质量发展。 上市企业：长电科技（600584.SH）、通富微电（002156.SZ）、华天科技（002185.SZ）、甬矽电子 （688362.SH）、颀中科技（688352.SH）、伟测科技（688372.SH）、晶方科技（603005.SH） 相关企业：盛合晶微 ...

Investment Rating - The semiconductor industry is rated as "stable improvement" for the next 12 to 18 months, with potential for upward adjustments based on demand growth from automotive electronics and artificial intelligence [5][7]. Core Insights - The semiconductor industry in China is expected to benefit from effective industrial support policies, accelerating domestic substitution processes, and a stable upward trend in credit quality [5][8]. - The competition in the semiconductor industry remains a key national focus, with ongoing support for high-end breakthroughs and supply chain management [7][9]. - The recovery of the semiconductor industry is driven by the mild recovery in consumer electronics and rapid development in automotive electronics and artificial intelligence [19][24]. - The global semiconductor sales reached approximately $697.18 billion in 2025, with a year-on-year growth of 11.22%, indicating a new recovery cycle after a previous downturn [20][24]. - The domestic semiconductor market in China is projected to reach $210.88 billion in 2025, growing by 14.68% year-on-year, driven by AI and automotive electronics [24]. Industry Fundamentals Analysis - The semiconductor industry is supported by a comprehensive policy framework that includes national and local government initiatives aimed at enhancing self-sufficiency and technological breakthroughs [9][10]. - The production of integrated circuits in China reached 484.3 billion units in 2025, a year-on-year increase of 87.28%, with exports also showing significant growth [11][24]. - The industry is characterized by a high degree of concentration, with the top ten chip design companies holding over 65% of the market share globally, predominantly led by U.S. firms [30][31]. Credit Performance of Industry Enterprises - The overall financial performance of the semiconductor industry has improved, with revenue, profit, and operating cash flow showing growth, while debt levels remain manageable [29]. - The industry has not experienced any bond extensions or defaults, indicating a stable credit environment [29]. - The chip design sector has seen rapid growth, particularly in AI chip manufacturers, which have outperformed other segments [31].

Core Viewpoint - Huatian Technology aims to acquire 100% of Huayi Microelectronics through a transaction structure involving "share issuance + cash payment + supporting financing," despite having significant cash assets on its balance sheet [1][5]. Group 1: Acquisition Details - The company plans to issue 31,578.36 million shares at a price of 8.35 yuan per share, totaling 2.637 billion yuan for the acquisition of Huayi Microelectronics [2]. - The total share capital will increase from 325,888.17 million shares to 357,466.53 million shares, resulting in a dilution of approximately 10% for existing shareholders [2][3]. - The company also intends to raise up to 400 million yuan from no more than 35 specific investors, leading to further dilution for existing shareholders [4]. Group 2: Financial Context - As of February 11, the company's market capitalization was approximately 45.1 billion yuan, with the planned fundraising amount being less than 1% of its market value [5]. - The company has accumulated a total financing of 9.907 billion yuan since its IPO in 2007, which exceeds its total net profit of 8.128 billion yuan during the same period, indicating a reliance on capital markets for funding [5][6]. - Huatian Technology has conducted multiple rounds of financing since its listing, with a total of six financing events, including an IPO and several capital increases [6]. Group 3: Huayi Microelectronics Background - Huayi Microelectronics, previously attempted an IPO in June 2023 but withdrew the application in June 2024 due to a decline in performance during the review period [7]. - The company reported net profits of -145 million yuan, 14.53 million yuan, and 50.13 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively [8]. - As of September 2025, Huayi Microelectronics had a net asset value of 1.126 billion yuan [8].

Core Viewpoint - Huatian Technology plans to acquire 100% of Huayi Microelectronics for a total consideration of 2.996 billion yuan, with a premium rate of 166.17%, as part of its strategy to optimize business structure and seek new growth opportunities [1] Group 1: Acquisition Details - The acquisition will be financed through a combination of cash (359 million yuan) and shares (2.637 billion yuan), with an additional fundraising of up to 400 million yuan for related expenses [1] - The transaction is classified as a related party transaction, as Huatian Technology's controlling shareholder, Huatian Electronic Group, is one of the parties involved in the transaction [1] Group 2: Business Impact - The acquisition aims to enhance Huatian Technology's core business in packaging and testing, expand into power device packaging and testing, and develop proprietary brand products, thereby creating a second growth curve [1] - Huayi Microelectronics is a leading power device company in Shaanxi Province and is recognized as a high-tech enterprise that integrates R&D, design, packaging, testing, reliability verification, and system solutions [1] Group 3: Financial Performance - Huayi Microelectronics has shown fluctuating performance, with net profits of -43.21 million yuan in 2022, -149 million yuan in 2023, and a projected profit of 14.53 million yuan in 2024 [2] - Huatian Technology has maintained stable financial performance, with revenues of 11.906 billion yuan in 2022, 11.298 billion yuan in 2023, and 14.462 billion yuan in 2024, alongside net profits of 754 million yuan, 226 million yuan, and 616 million yuan respectively [2] - In the first three quarters of 2025, Huatian Technology reported revenues of 12.38 billion yuan, a year-on-year increase of 17.55%, and a net profit of 543 million yuan, reflecting a growth of 51.98% [3]

Group 1 - The company, Huada Technology, specializes in integrated circuit packaging and testing, with products widely used in computers, network communications, and consumer electronics [2] - An investor inquired about the company's order fulfillment and capacity release in the AI computing power and HBM high-end storage packaging sectors [2] - The company responded to the inquiry on its investor interaction platform, indicating ongoing developments in its core business areas [2]

Core Viewpoint - The article discusses the acquisition of 100% equity of Shaanxi Huayi Microelectronics by Gansu Tianshui Semiconductor Packaging and Testing Giant Huatian Technology for a transaction price of 2.996 billion yuan, highlighting the strategic importance of this deal in enhancing Huatian's competitive edge in the semiconductor industry [6][12]. Group 1: Company Overview - Huatian Technology, established in December 2003, focuses on integrated circuit packaging and testing, ranking among the top three in mainland China and sixth globally, with the highest revenue growth rate among the top ten packaging and testing manufacturers in 2024 [6][7]. - Huayi Microelectronics, founded in June 2017, specializes in high-performance power devices and is recognized as a high-tech enterprise in China, leading the market share in Shaanxi province for 2023 and 2024 [8][9]. Group 2: Transaction Details - The transaction involves a valuation increase of 166.17% for Huayi Microelectronics, with the purchase price set at 2.996 billion yuan [7]. - Post-transaction, Huatian's shareholding structure will change, with Huatian Electronic Group's stake increasing from 22.33% to 25.97% [10]. Group 3: Financial Impact - Following the acquisition, Huatian Technology's total assets, net assets, revenue, total profit, and net profit attributable to shareholders are expected to rise, while the basic earnings per share will remain consistent with pre-transaction levels [11]. - Huayi Microelectronics reported net profits of -149 million yuan, 14.53 million yuan, and 50.13 million yuan for the years 2023, 2024, and the first nine months of 2025, indicating significant fluctuations influenced by market conditions [10]. Group 4: Strategic Implications - The acquisition will enable Huatian Technology to expand its power device packaging business, enhancing its competitive advantage in the semiconductor packaging sector [12]. - The deal aligns with national strategies for domestic substitution and self-control, positioning the semiconductor industry for significant growth opportunities amid a trend of accelerated mergers and acquisitions [12].

Group 1 - The core point of the article is that Huatian Technology (002185.SZ) has announced that Pangu Semiconductor has entered the production phase [1] Group 2 - Huatian Technology made this announcement on its investor interaction platform [1]