Core Points - The company announced the resignation of non-independent director Cui Weibing due to adjustments in the corporate governance structure [2] - Following his resignation, Cui Weibing will continue to serve in the company [2] - The company held the fourth employee representative assembly meeting on November 24, 2025, where Cui Weibing was elected as a worker representative director for the eighth board of directors [2] - Cui Weibing's term as a worker representative director will last until the eighth board's term expires [2]

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。 一、董事辞职情况 关于董事辞职暨选举职工代表董事的公告 天水华天科技股份有限公司 证券代码：002185 证券简称：华天科技 公告编号：2025-061 崔卫兵先生当选职工代表董事后，公司第八届董事会中兼任公司高级管理人 员以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相 1 关法律法规的要求。 特此公告。 天水华天科技股份有限公司董事会 二〇二五年十一月二十五日 天水华天科技股份有限公司（以下简称"公司"）董事会于 2025 年 11 月 24 日收到非独立董事崔卫兵先生提交的书面辞职报告，因公司治理结构调整， 崔卫兵先生申请辞去公司第八届董事会非独立董事职务，辞去非独立董事职务后 将继续在公司任职。崔卫兵先生原定任期至第八届董事会届满之日止。 崔卫兵先生辞去董事职务不会导致公司董事会成员低于法定最低人数，不会 影响公司董事会的正常运作，根据有关法律法规及《公司章程》的规定，辞职报 告自送达公司董事会时生效。截至本公告披露日，崔卫兵先生直接持有公司股份 107,600 股，不存在应当履行而未 ...

Group 1 - The core viewpoint of the article emphasizes the transition of the integrated circuit industry from traditional transistor scaling to system-level integration and architecture innovation, particularly highlighting the importance of advanced packaging and testing in enhancing chip performance and optimizing system power consumption [2][4][9]. Group 2 - The integrated circuit manufacturing industry consists of three main segments: chip design, wafer manufacturing, and packaging testing, with packaging testing further divided into packaging and testing processes [4][6]. - Advanced packaging is a critical aspect of modern integrated circuit manufacturing, focusing on enhancing functionality density and system-level optimization, distinguishing itself from traditional packaging methods [9][11]. Group 3 - The global integrated circuit packaging and testing industry has shifted from its early development in Europe and the United States to emerging markets in Asia, with Taiwan, mainland China, and the United States forming a triad in the current market landscape [14][16]. - The market size of the global integrated circuit packaging and testing industry is projected to grow from $55.46 billion in 2019 to $101.47 billion in 2024, with a compound annual growth rate (CAGR) of 12.8% [16]. - The advanced packaging market is expected to grow at a CAGR of 10.6% from 2024 to 2029, significantly outpacing the traditional packaging market's 2.1% CAGR [17]. Group 4 - In mainland China, major players in the integrated circuit packaging and testing industry include Longsys Technology, Tongfu Microelectronics, and Huatian Technology, with a market size projected to grow from ¥234.98 billion in 2019 to ¥331.90 billion in 2024, reflecting a CAGR of 7.2% [20][22]. - The advanced packaging market in mainland China is expected to grow at a CAGR of 14.4% from 2024 to 2029, with its market share reaching 22.9% by 2029 [22]. Group 5 - The global advanced packaging industry includes participants from both wafer manufacturing and packaging backgrounds, with significant growth driven by the demand for high-performance computing applications such as artificial intelligence and data centers [24][25]. - The market for Flip Chip (FC) packaging is projected to grow from $18.75 billion in 2019 to $26.97 billion in 2024, with a CAGR of 7.5% [28]. - Chiplet integration packaging is identified as a key growth area, with its market size expected to increase from $2.49 billion in 2019 to $8.18 billion in 2024, reflecting a remarkable CAGR of 26.9% [29]. Group 6 - The advanced packaging technology is widely applied across various sectors, including consumer electronics, mobile communications, and high-performance computing, with significant growth driven by the demand for advanced packaging in smartphones and AI applications [34][42]. - The global computing power is expected to grow from 309.0 EFlops in 2019 to 2,207.0 EFlops in 2024, with a CAGR of 48.2% [36]. Group 7 - The article outlines several trends in the integrated circuit advanced packaging and testing industry, including the acceleration of domestic substitution, the rise of chiplet integration packaging, and the increasing importance of industry chain collaboration [48][50][51]. - The value of advanced packaging is expected to continue rising, driven by the shift towards high-performance applications in AI and data centers [52].

证券代码：002185 证券简称：华天科技 公告编号：2025-060 天水华天科技股份有限公司 2025 年第一次临时股东大会决议公告 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。 重要提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更前次股东大会决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025 年 11 月 21 日（星期五）14:30 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统 进行网络投票的时间为 2025 年 11 月 21 日上午 9:15 至 9:25，9:30 至 11:30，下午 13:00 至 15:00；通过深交所互联网投票系统投票的时间为 2025 年 11 月 21 日 9:15 至 15:00 期间的任意时间。 2、现场会议召开地点：甘肃省天水市秦州区秦州大道 360 号公司六楼会议室 3、会议的召开方式：本次股东大会采用现场投票与网络投票相结合的方式。 4、会议召集人：公司董事会 5、会议主持人：公司董事长肖胜利先生 6、会 ...

北京市竞天公诚律师事务所上海分所 关于 天水华天科技股份有限公司 2025 年第一次临时股东大会 之 法律意见书 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 Suite 45/F, K.Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel: +86 21 5404 9930 传真/Fax: +86 21 5404 9931 网址/Website: www.jingtian.com 二〇二五年十一月 北京市竞天公诚律师事务所上海分所 法律意见书 北京市竞天公诚律师事务所上海分所 关于天水华天科技股份有限公司 2025 年第一次临时股东大会之法律意见书 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上海分所（下称"本所"）受天水华天科技股份 有限公司（下称"公司"）委托，就公司 2025 年第一次临时股东大会（下称"本 次股东大会"）召集、召开、表决程序、出席会议人员资格和有效表决等所涉及 的法律事项出具本法律意见书（下称"本法律意见书"）。 本所根据《中华人民共和国公 ...

Core Viewpoint - The acquisition of Huayi Microelectronics by Huatian Technology reflects a strategic shift for a semiconductor company facing challenges after its failed IPO, highlighting a trend of companies opting for integration into larger industry players rather than pursuing independent listings [2][3]. Group 1: Background of Huayi Microelectronics - Huayi Microelectronics was once on a path to an independent IPO, with its valuation soaring to 4.8 billion yuan within six months, supported by a strong list of investors [2][6]. - Despite its promising position in the semiconductor power device sector, Huayi Microelectronics faced persistent losses, cash flow issues, and high inventory levels, leading to the withdrawal of its IPO application [6][7]. - From 2020 to 2022, Huayi Microelectronics' revenue grew from 847 million yuan to 1.157 billion yuan, but net profit plummeted from a peak profit of 88.13 million yuan to a loss of 43.2 million yuan [6][7]. Group 2: Financial Challenges - The company received over 100 million yuan in government subsidies from 2020 to 2022, which masked its profitability issues, as subsidies accounted for 112% and 37% of net profit in 2020 and 2021, respectively [6][7]. - Operating cash flow deteriorated from 174 million yuan in 2020 to -162 million yuan in 2022, indicating a weakening ability to generate cash [7]. - Inventory levels surged from 144 million yuan to 492 million yuan between 2020 and 2022, with a provision for inventory impairment reaching 49.95 million yuan in 2022, signaling potential sales slowdowns and product backlogs [7]. Group 3: Strategic Acquisition - Following the termination of its IPO plans, Huayi Microelectronics initiated a merger with Huatian Technology, which involves acquiring 100% of Huayi Microelectronics' shares through a combination of stock issuance and cash payment [10][11]. - This acquisition not only resolves Huayi Microelectronics' challenges but also indicates Huatian Technology's strategy to restructure its resources amid its own performance pressures [11]. - Huatian Technology's revenue grew by 15.81% in the first half of 2025, yet its net profit remained negative, highlighting the need for strategic moves like this acquisition to enhance competitiveness in the semiconductor market [11][12]. Group 4: Industry Trends - The shift from independent IPO aspirations to integration with larger firms reflects a broader trend in the semiconductor industry, where companies are increasingly seeking to achieve asset securitization and capital exit through mergers rather than standalone listings [3][12].

日前，国内封测巨头华天科技（002185）（002185.SZ）发布公告，拟将同属华天电子集团旗下的"兄 弟"公司——华羿微电纳入麾下。 然而，光鲜背后，其业绩持续亏损、现金流紧张、存货高企的隐忧难以掩盖。随着监管对半导体企 业"硬科技"成色与持续盈利能力审核的日趋严厉，华羿微电主动撤回上市申请，独立上市之路遇阻。 IPO的失败，意味着资本退出通道的关闭。在此背景下，华天科技的并购预案犹如一场"及时雨"，既为 陷入退出困局的机构投资者提供了解决方案，也为华羿微电自身找到了一个现实的资本化路径。 对华天科技而言，此次整合更是其应对自身业绩承压、谋求业务协同的战略选择。 从独立上市梦碎，到被并购"归位"，华羿微电的路径转换，是部分半导体企业从估值狂欢回归产业理性 的一个缩影。当独立IPO这座"通天塔"难以企及，融入产业龙头的生态圈，正成为一批企业更为务实和 必然的选择。 这起关联交易，表面是一次顺理成章的内部资产整合，但其背后，却清晰勾勒出一家半导体明星企业在 IPO折戟后的战略转向与必然归宿。 仅一年前，华羿微电还行走在独立冲击IPO的征途上。它曾备受资本追捧，估值在半年内飙升至48亿 元，阵容豪华的股东名单为 ...

Core Viewpoint - The acquisition of Huayi Microelectronics by Huati Technology marks a significant move in the context of tightened IPO regulations, reflecting a shift in exit strategies for venture capital institutions [1][12]. Group 1: Acquisition Details - Huati Technology plans to acquire 100% of Huayi Microelectronics for an estimated valuation of 4.8 billion yuan through a combination of share issuance and cash payment [1]. - This acquisition is the largest merger in the private sector in Shaanxi province this year, highlighting the trend of "intra-group integration" as both companies share common ownership [1][12]. - Huayi Microelectronics, a subsidiary of Huati Technology's controlling shareholder, has rapidly developed in the semiconductor industry, ranking 13th among Chinese semiconductor power device companies in 2022 [1][3]. Group 2: Financial Performance - Huayi Microelectronics achieved revenues of 8.4 billion yuan in 2020, peaking at 11.6 billion yuan in 2021, but saw a slight decline to 11.5 billion yuan in 2022, with a net loss of 432 million yuan [3][4]. - The company is expected to recover, with projected net profits exceeding 30 million yuan in Q3 2024, reflecting an over 80% quarter-on-quarter growth [4]. Group 3: Market Context - The tightening of IPO regulations has led to a significant decrease in the number of IPOs in China, with only 313 companies listed in 2023, down from 524 in 2021, and further expected to drop to 100 in 2024 [12]. - This environment has made mergers and acquisitions a crucial pathway for industry consolidation and capital exit, particularly for technology firms like Huayi Microelectronics that are unable to go public [12][18]. Group 4: Investment and Financing - Huayi Microelectronics has completed three rounds of financing prior to its IPO attempt, with notable investors including Xiaomi Industrial Fund, raising a total of 8.644 billion yuan [6][8]. - The acquisition provides an exit route for the 27 institutional shareholders of Huayi Microelectronics, addressing the pressure for returns as many funds approach their exit deadlines [9][18].

Core Viewpoint - The company plans to acquire 100% of Huayi Microelectronics Co., Ltd. through a combination of issuing shares and cash payment, which constitutes a related party transaction [1] Group 1: Transaction Details - The transaction involves ongoing audit and evaluation work, and the specific transaction plan is still under discussion [1] - The company will actively promote the transaction and comply with the relevant regulations of the China Securities Regulatory Commission and the Shenzhen Stock Exchange for subsequent approvals and information disclosure [1]

证券代码：002185 证券简称：华天科技 公告编号：2025-059 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暨 2、自本次交易预案披露以来，公司及交易相关方积极推进本次交易的相关 工作。截至本公告披露日，本次交易所涉及的审计、评估等工作尚未完成，具体 交易方案仍在商讨论证中。公司将继续积极推进本次交易，并根据中国证监会和 深圳证券交易所的相关规定及时履行本次交易的后续审批和信息披露程序。 一、本次交易概述 天水华天科技股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金的方式购买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 名交易对方合计 持有的华羿微电子股份有限公司 100%股份，并募集配套资金（以下简称"本次 交易"）。根据《上市公司重大资产重组管理办法》等相关法规，本次交易构成 关联交易，预计不构成重大资产重组，不构成重组上市。 二、本次交易的历史披露情况 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。 特 ...