股票简称：北方华创 股票代码：002371 中信建投证券股份有限公司 关于 北方华创科技集团股份有限公司 2025年员工持股计划（草案） 之 独立财务顾问报告 独立财务顾问 二〇二五年十二月 1 | （一）本员工持股计划的基本原则 5 | | | --- | --- | | （二）员工持股计划持有人的确定依据和范围 5 | | | （三）员工持股计划的资金来源、股票来源、规模及受让价格 | 6 | | （四）员工持股计划的存续期、锁定期 7 | | | （五）员工持股计划的管理模式 9 | | | （六）员工持股计划的资产构成、权益分配及处置办法 | 15 | | （七）员工持股计划的变更和终止 18 | | | （八）员工持股计划其他内容 19 | | | （一）对本员工持股计划是否符合政策法规规定的核查意见 | 20 | | （二）对公司本员工持股计划可行性的核查意见 22 | | | （三）对本员工持股计划定价方式及定价依据的核查意见 | 23 | | （四）公司实施本员工持股计划对上市公司持续经营能力、股东权益的影响 | 24 | 一、释义 在本独立财务顾问报告中，除非另有说明，下列简称具有如下含义： ...

股票简称：北方华创 股票代码：002371 上市地点：深圳证券交易所 2025年员工持股计划 （草案） 二〇二五年十二月 北方华创科技集团股份有限公司 2025年员工持股计划（草案） 声明 本公司及董事会全体成员保证本员工持股计划不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、完整性承担法律责任。 2 北方华创科技集团股份有限公司 2025年员工持股计划（草案） 北方华创科技集团股份有限公司 风险提示 一、北方华创科技集团股份有限公司（以下简称"北方华创"或"公司"） 2025-2027年员工持股计划已获得公司股东会批准，根据股东会的授权，公司董事会 设立2025年员工持股计划。 二、有关本次员工持股计划的实施方案等属初步结果，能否完成实施，存在不 确定性。 三、股票价格受公司经营业绩、宏观经济周期、国内外政治经济形势及投资者 心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资者对此 应有充分准备。 四、公司将根据相关规定披露本员工持股计划的进展情况，敬请广大投资者谨 慎决策，注意投资风险。 3 北方华创科技集团股份有限公司 2025年员工持股计划（草案） 特别提示 本部分内容中 ...

证券代码：002371 证券简称：北方华创 公告编号：2025-074 北方华创科技集团股份有限公司 第八届董事会第三十次会议决议公告 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、误导性陈述或者重大遗漏。 北方华创科技集团股份有限公司（以下简称"公司"）第八届董事会第三十 次会议通知于 2025 年 11 月 28 日以电子邮件方式发出。会议于 2025 年 12 月 31 日在公司会议室以现场和通讯相结合方式召开，应到董事 11 名，实到 11 名，会 议由董事长赵晋荣先生主持，公司高级管理人员列席了会议。会议的召集、召开 符合《公司法》和《公司章程》的规定。 本议案已经董事会薪酬与考核委员会审议通过。 具 体 内 容 详 见 与 本 公 告 同 日 在 公 司 指 定 信 息 披 露 媒 体 巨 潮 资 讯 网 （www.cninfo.com.cn）上刊载的《北方华创科技集团股份有限公司 2025 年员工 持股计划（草案）》及其摘要。公司董事会薪酬与考核委员会、律师及独立财务 顾问发表了意见，详见与本公告同日在公司指定信息披露媒体巨潮资讯网 （www.cninfo.com.c ...

一、关于 2025 年持股计划相关事项的核查意见 （一）关于 2025 年持股计划（草案）及其摘要事项 （二）关于核实 2025 年持股计划持有人名单事项 北方华创科技集团股份有限公司 董事会薪酬与考核委员会关于公司2025年员工持股计划及 2025年股票期权激励计划相关事项的核查意见 北方华创科技集团股份有限公司（以下简称"公司"） 董事会薪酬与考核 委员会依据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）《上市公司股权激励管理办法》 （以下简称"《管理办法》"）、《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》等相关法律、法规及规范性文件和《北方华创科技集团股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，对公司 2025 年股票 期权激励计划（以下简称"2025 年激励计划"）和 2025 年员工持股计划（以下 简称"2025 年持股计划"）相关事项进行核查，发表核查意见如下： 经审核，与会委员认为公司不存在《关于上市公司实施员工持股计划试点的 指导意见》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运 ...

转自：前瞻产业研究院 以下数据及分析来自于前瞻产业研究院移动游戏研究小组发布的《中国移动游戏行业市场前瞻与投资战 略规划分析报告》。 分析近五年来的中国集成电路行业融资事件数(数据截至2025年11月21日)，2021-2022年为行业融资高热 期，均突破1000起融资事件，2023年数量有所回落但总额升至1.15万亿元，2024年数量微降且总额腰斩至 5623.92亿元，2025年数量小幅回升至938起，总额为9110.51亿元。 融资事件汇总 2025年我国集成电路行业的主要融资事件如下： 行业主要上市公司：目前国内集成电路产业的上市公司主要有芯原股份(688521.SH);寒武纪(688256.SH); 概伦电子(688206.SH);北方华创(002371.SZ);中微公司(688012.SH);兆易创新(603986.SH);圣邦微电子 (300661.SZ);华虹集团(688347.SH);中芯国际(688981.SH/00981.HK);长电科技(600584.SH);通富微电 (002156.SZ)等。 本文核心数据：融资事件数;融资总量 1、中国集成电路行业投融资现状 融资事件情况 图表2： ...

Group 1 - The "Spring Market" is gradually unfolding, with both internal and external environments showing positive changes, including favorable macroeconomic conditions and supportive policies [2][3] - The report suggests that the focus for investment should be on growth sectors, particularly those related to the "14th Five-Year Plan," which is expected to attract significant capital [3][4] - Key investment directions for January include AI industry chains, emerging industries, and cyclical price increases in industrial metals and chemicals [6][7] Group 2 - The report highlights specific companies as top investment picks, including North China Innovation (机械), Maiwei Co., Ltd. (机械), Wanhua Chemical (能源化工), Chipbond Technology (电子), Ping An Insurance (非银), Zijin Mining (煤炭有色钢铁), Giant Network (传媒互联网), AVIC High-Tech (军工), Sanhua Intelligent Control (电新), and Kaiter (北交所) [7][11] - North China Innovation is expected to benefit from increased domestic equipment adoption and the expansion of storage and AI chip production [14][20] - Maiwei Co., Ltd. is positioned to capitalize on the U.S. solar expansion due to a significant gap in battery production capacity [23][30] - Wanhua Chemical is projected to strengthen its market position in MDI and TDI, with expected price increases due to supply constraints [33][35] - Chipbond Technology is set to benefit from the growing demand for PCB and semiconductor equipment driven by AI [41][42] - Ping An Insurance is anticipated to maintain strong growth in new business value (NBV) and dividend yield, supported by its insurance operations [45][46] - Zijin Mining is expected to see price increases in gold and copper, with a clear growth path in production [49][50] - Giant Network's game "Supernatural Action Group" is expected to show significant potential for long-term growth and profitability [56][57] - AVIC High-Tech is positioned to benefit from the increasing demand for aerospace composite materials as the C919 enters mass production [58][59] - Sanhua Intelligent Control is expected to see growth from its involvement in Tesla's supply chain and the increasing demand for cooling solutions in data centers and energy storage [65][66] - Kaiter is projected to benefit from the automotive electronics sector and its expansion into robotics and liquid cooling markets [72][78]

Group 1 - The semiconductor industry is entering a new upcycle driven by AI, with global semiconductor revenue expected to reach approximately $975.46 billion in 2026, a 26.3% increase from 2025 [12][16] - Memory chips, particularly DRAM and NAND, are projected to be the core drivers of this cycle, with memory chip sales expected to grow by 27.8% in 2025 and 39.4% in 2026 [14][18] - The demand structure for memory chips is shifting from consumer electronics to dual drivers of "smart cars and data centers," with the automotive storage market expected to grow at a compound annual growth rate (CAGR) of about 21% from 2024 to 2030 [21][24] Group 2 - China's semiconductor equipment spending is expected to lead globally, with a projected $94 billion in spending from 2026 to 2028, accounting for 25% of global spending [50][54] - The demand for etching and thin film deposition equipment is expected to rise significantly as the industry transitions to 3D NAND technology, which reduces reliance on photolithography [61][66] - Lam Research indicates that the serviceable market for equipment per wafer for 3D DRAM and NAND will increase to 1.7 times and 1.8 times, respectively, compared to previous technologies [66]

Core Viewpoint - Torrens Precision Manufacturing has submitted its application for an IPO on the ChiNext board, highlighting its position as a key supplier of semiconductor components to major clients like North Huachuang and Zhongwei Company, while facing scrutiny over its low R&D investment and ongoing related-party transactions [1][2][4]. Financial Performance - Torrens reported revenues of 283 million, 291 million, 610 million, and 373 million yuan for the years 2022 to 2025 (first half) respectively, with net profits of 33.94 million, 15.30 million, 106 million, and 60.85 million yuan during the same periods [2]. - The company's gross profit margins for the reporting periods were 29.84%, 22.39%, 29.45%, and 29.72% [4]. Product and Market Position - Torrens claims to be one of the preferred suppliers of metal components for domestic semiconductor equipment manufacturers, with over 50% of its revenue coming from semiconductor key process components [4]. - The average selling price of Torrens' semiconductor key process components increased from 9,057.93 yuan in 2022 to 13,200 yuan in the first half of 2025, with gross margins rising from 33.17% to 35.29% [5]. R&D Investment - Torrens' R&D expenditures were 5.55 million, 11.54 million, 23.42 million, and 15.11 million yuan for the years 2022 to 2025 (first half), representing 1.96%, 3.97%, 3.84%, and 4.05% of revenue, which is significantly lower than the industry average [6][7]. Client Dependency - Over 80% of Torrens' revenue comes from North Huachuang and Zhongwei Company, with sales to North Huachuang accounting for 46.18%, 44.06%, 52.11%, and 44.6% of total revenue during the reporting periods [8][9]. Inventory and Accounts Receivable - Torrens has seen an increase in inventory and accounts receivable, with inventory balances rising from 92.68 million to 197 million yuan over the reporting periods [10]. Financing and Valuation - Since 2022, Torrens has completed five rounds of financing, with a latest valuation of approximately 2.759 billion yuan following its most recent funding round [10]. - The company plans to issue up to 46.3684 million new shares in its IPO, aiming to raise 1.156 billion yuan for precision component manufacturing and R&D projects [11]. Related-Party Transactions - Torrens has ongoing related-party transactions, with significant procurement from companies controlled by its actual controller's family members, raising concerns about potential conflicts of interest [14][15].

截至12月30日收盘，同花顺新质50概念上涨1.18%，位居概念板块涨幅第10，板块内，16股上涨，三花 智控涨停，绿的谐波、值得买、寒武纪等涨幅居前，分别上涨9.19%、4.46%、4.22%。跌幅居前的有浩 瀚深度、国光电气、奥普光电等，分别下跌3.58%、3.20%、3.17%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 减速器 | 2.86 | 海南自贸区 | -4.06 | | 人形机器人 | 1.94 | 免税店 | -2.74 | | PEEK材料 | 1.82 | 自由贸易港 | -2.04 | | 同花顺果指数 | 1.64 | BC电池 | -1.84 | | 汽车热管理 | 1.43 | 钙钛矿电池 | -1.63 | | 特斯拉概念 | 1.40 | 信托概念 | -1.57 | | 中国AI 50 | 1.37 | HJT电池 | -1.47 | | 快手概念 | 1.22 | 房屋检测 | -1.35 | | 工业母机 | 1.21 | 建筑节能 | -1.31 | | 同花 ...

Group 1 - The China AI 50 concept index rose by 1.37%, ranking 7th among concept sectors, with 19 stocks increasing in value, including Green Harmony Wave, Lexin Technology, and Cambricon, which rose by 9.19%, 5.41%, and 4.22% respectively [1][2] - The concept sector saw a net inflow of 2.195 billion yuan, with 15 stocks receiving net inflows, and 6 stocks exceeding 100 million yuan in net inflows, led by Cambricon with 1.1 billion yuan [2][3] - The top three stocks by net inflow ratio were Haitan Ruisheng, Northern Huachuang, and Cambricon, with net inflow ratios of 10.82%, 8.71%, and 8.55% respectively [3][4] Group 2 - The stocks with the highest daily increase included Cambricon (4.22%), Haiguang Information (2.64%), and Northern Huachuang (1.37%) [3][4] - Stocks that experienced the largest declines included Youke De (-2.71%), Softcom Power (-0.87%), and Weichai Heavy Industry (-0.58%) [5] - The overall performance of the China AI 50 concept indicates a positive trend in the sector, with significant capital inflows and a majority of stocks showing gains [1][2][3]