天风证券股份有限公司 关于上海新阳半导体材料股份有限公司 2021 年向特定对象发行股票并在创业板上市之 保荐总结报告书 三、发行人基本情况 天风证券股份有限公司（以下简称"天风证券"或"保荐机构"）作为上海 新阳半导体材料股份有限公司（以下简称"上海新阳"或"公司"）2021年向特 定对象发行股票并在创业板上市的保荐机构，自股票上市之日起对公司进行持 续督导工作，持续督导期至 2024 年 12 月 31 日。目前持续督导期限已届满，保 荐机构根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等相关法规和规范性文件的要求，出具本保荐总结报告书。 一、保荐人及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐人及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐人及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项进 行的任何质询和调查。 3、保荐人及保荐代表人自愿接受中国证监会按照《证券发行上市保荐业务 管理办法》的有关规定采取的监管措施。 ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has seen a significant increase in orders for electronic chemicals, with a substantial expansion of production capacity planned [8] - The semiconductor materials business is experiencing strong growth, with revenue and profit forecasts indicating a positive trend for the coming years [9] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 1.475 billion yuan, a year-on-year increase of 21.67%, and a net profit attributable to shareholders of 176 million yuan, up 5.32% year-on-year [5] - For Q1 2025, revenue reached 434 million yuan, reflecting a year-on-year growth of 45.89%, with net profit attributable to shareholders at 51 million yuan, a significant increase of 171.06% [5] Revenue and Profit Forecasts - Revenue projections for 2025-2027 are 2.031 billion yuan, 2.669 billion yuan, and 3.713 billion yuan respectively, with corresponding net profits of 281 million yuan, 364 million yuan, and 522 million yuan [7][11] - The company anticipates a compound annual growth rate (CAGR) in revenue of 39.1% from 2025 to 2027 [7] Production Capacity and Expansion - The company is expanding its production capacity significantly, with total planned capacity increasing from 17,000 tons/year to 43,500 tons/year by 2027 [9] - The new production base in Hefei is set to begin trial production in Q2 2024, with full capacity expected by June 2027 [8] Market Trends - The global semiconductor industry is in a growth phase, with increasing demand for the company's electronic chemical products, particularly in the semiconductor sector [9] - The company’s electronic chemical materials for integrated circuits are projected to generate revenue of 998 million yuan in 2024, a year-on-year increase of 40.8% [8] Research and Development - R&D expenses for 2024 are projected at 220 million yuan, representing a 48.02% increase year-on-year, indicating a strong commitment to innovation [9] - The company has made significant progress in developing advanced semiconductor materials, with several products already achieving sales [9]

证券代码：300236 证券简称：上海新阳 公告编号：2025-023 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 众华会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为众华会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以311496558为基数，向全体股东每10股派发现金红利 2.6元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增0股。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 晶圆制造及先进封装用电镀液和添加剂系列产品为公司面向芯片制造领域开发的第二代电子电镀产品。 主要包括大马士革铜互连、TSV、Bumpi ...

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has seen a significant increase in electronic chemical product orders and is expanding its production capacity substantially. The semiconductor materials business is experiencing strong growth, with revenue and profit forecasts indicating a positive trend for the coming years [5][8][9]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 1.475 billion yuan, a year-on-year increase of 21.67%. The net profit attributable to shareholders was 176 million yuan, up 5.32% year-on-year. For Q1 2025, revenue reached 434 million yuan, a year-on-year increase of 45.89%, with net profit of 51 million yuan, up 171.06% year-on-year [5][7]. Business Growth - The company's integrated circuit electronic chemical product orders continue to rise, with production and sales volumes for semiconductor materials in 2024 reaching 20,198 tons and 19,607 tons, respectively, representing year-on-year increases of 37.36% and 37.00%. The revenue from this segment was 998 million yuan, a 40.8% increase year-on-year [8]. Production Capacity Expansion - The company is investing significantly in its Hefei facility, increasing the total investment from 350 million yuan to 1.049 billion yuan. The production capacity for various semiconductor materials is set to expand significantly, with total planned capacity increasing from 17,000 tons/year to 43,500 tons/year by the end of June 2027 [8][9]. Research and Development - R&D expenses for 2024 were 220 million yuan, a 48.02% increase year-on-year, accounting for 14.9% of total revenue. The company has made progress in developing and commercializing various semiconductor materials, including photoresists and etching liquids [9]. Future Profitability Projections - The company is expected to maintain strong profit growth, with projected net profits of 281 million yuan in 2025, 364 million yuan in 2026, and 522 million yuan in 2027. The corresponding P/E ratios are forecasted to be 40.3, 31.1, and 21.7, respectively [9][11].

Financial Performance - The company's revenue for 2024 reached ¥1,475,183,325.30, representing a 21.67% increase compared to ¥1,212,420,426.53 in 2023[24]. - Net profit attributable to shareholders for 2024 was ¥175,708,529.19, a 5.32% increase from ¥166,840,625.59 in 2023[24]. - The net profit after deducting non-recurring gains and losses was ¥160,765,402.17, up 30.63% from ¥123,070,944.40 in 2023[24]. - Operating cash flow net amount for 2024 was ¥224,741,098.52, an increase of 48.46% from ¥151,385,721.60 in 2023[24]. - Basic earnings per share for 2024 were ¥0.5654, a 4.92% increase from ¥0.5389 in 2023[24]. - Total assets at the end of 2024 were ¥5,860,673,166.39, a 4.87% increase from ¥5,588,589,806.19 at the end of 2023[24]. - Net assets attributable to shareholders at the end of 2024 were ¥4,536,694,935.49, an 8.31% increase from ¥4,188,533,225.02 at the end of 2023[24]. - The company achieved a revenue of 1.475 billion yuan in 2024, representing a year-on-year growth of 21.67%[64]. - The net profit attributable to shareholders was 176 million yuan, a year-on-year increase of 5.32%, while the net profit excluding non-recurring gains and losses was 161 million yuan, up 30.63% year-on-year[64]. Market Position and Industry Outlook - The global semiconductor market is projected to reach $627.6 billion in 2024, marking a year-on-year growth of 19.1%[35]. - China's semiconductor sales for the first three quarters of 2024 reached $135.8 billion, accounting for nearly 30% of the global market share[35]. - The company is positioned in the semiconductor supply chain, focusing on key materials for integrated circuit manufacturing, which is expected to benefit from the industry's growth[36]. - The global market for wet electronic chemicals is estimated to grow from ¥684.02 billion in 2023 to ¥827.85 billion by 2025, with the integrated circuit segment expected to reach ¥544.60 billion[38]. - The semiconductor industry is expected to maintain strong growth potential, driven by increasing domestic demand and technological advancements[43]. - The company is positioned as a leading provider of key process materials for integrated circuit manufacturing and packaging in China, benefiting from the rapid expansion of the semiconductor market[43]. Research and Development - The company has applied for a total of 552 patents, including 389 invention patents, of which 173 have been authorized[79]. - The company has a strong focus on R&D, with a compound annual growth rate of nearly 30% in R&D investment since the semiconductor business was listed[81]. - The company’s R&D investment for 2024 amounted to ¥220,119,251.13, representing 14.92% of operating revenue, an increase from 12.27% in 2023[104]. - The company is committed to continuous innovation and development in response to the rapidly evolving semiconductor industry demands[69]. - The company has developed advanced packaging materials for TSV technology, achieving a high aspect ratio of 20:1 in microvia plating, which is at an international leading level[67]. Operational Improvements and Strategies - The company emphasizes a comprehensive service model, providing integrated solutions that include chemical materials, equipment, application processes, and on-site services to enhance customer competitiveness[63]. - The company is focusing on enhancing its management system and core competitiveness, with ongoing initiatives to improve operational management and talent development[75]. - The company has established a complete R&D and production platform for various types of photoresists, with KrF photoresists achieving over 100% year-on-year sales growth, marking significant progress towards domestic high-end photoresist production[71]. - The company has developed second-generation electronic plating products for chip manufacturing, including copper interconnects and TSV plating solutions[48]. - The company is actively participating in investments to support the semiconductor storage industry, including a significant investment in a private equity fund aimed at developing the semiconductor supply chain[77]. Risk Management and Challenges - The company emphasizes the importance of risk awareness regarding future strategic plans and operational risks outlined in the report[4]. - The report includes a section on the company's future development outlook, detailing potential risks and corresponding countermeasures[4]. - New product market promotion faces risks due to strict certification requirements from chip manufacturers, necessitating robust quality management and market development efforts[157]. - The semiconductor industry is subject to cyclical fluctuations, impacting the company's business and profitability; measures are in place to stabilize raw material costs[158]. - Environmental and safety risks are managed through certifications and adherence to strict safety protocols, despite the inherent risks in chemical production[160]. Corporate Governance and Structure - The company has established a transparent information disclosure system, ensuring timely and accurate communication with investors[183]. - The company has a governance structure that includes a general meeting of shareholders, a board of directors, a supervisory board, and a management team, all operating independently[175]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal and regulatory requirements[179]. - The company has independent ownership and usage rights for land, factories, machinery, trademarks, patents, and non-patented technologies related to its operations[173]. - The company has established an independent financial department with a dedicated accounting system and financial management policies, ensuring independent accounting and financial decision-making[174]. Future Plans and Investments - The company aims to become a leader in the semiconductor materials industry by expanding its business scale and enhancing its technological capabilities[73]. - The company plans to produce over 20,000 tons of chemical products in 2024, a 37% increase compared to the previous year, with over 80% of this production dedicated to wafer manufacturing chemical materials[74]. - The company is focusing on expanding its semiconductor materials business, with plans for new product development in the upcoming fiscal year[197]. - The company aims to increase its market share in the semiconductor industry by 20% over the next three years through strategic initiatives[197]. - The company is exploring potential mergers and acquisitions to enhance its market position and technological capabilities[197].

审 计 报 告 众会字（2025）第 04428 号 上海新阳半导体材料股份有限公司全体股东： 一、审计意见 我们审计了上海新阳半导体材料股份有限公司（以下简称上海新阳公司）财务报表，包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司现金流量 表、合并所有者权益变动表、公司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了上海新阳 公司2024年12月31日的合并及公司财务状况以及2024年度的合并及公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财务报表 审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道德守则， 我们独立于上海新阳公司，并履行了职业道德方面的其他责任。我们相信，我们获取的审计证据 是充分、适当的，为发表审计意见提供了基础。 三、关键审计事项 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要的事项。这些事项的应对 以对财务报表整体进行审计并形成审计意见为背 ...

天风证券股份有限公司 一、日常关联交易的基本情况 （一）日常关联交易概述 上海新阳半导体材料股份有限公司或子公司预计 2025 年度将与如下关联方 发生日常关联交易：芯栋微（上海）半导体技术有限公司（原"新阳硅密（上海） 半导体技术有限公司"）（以下简称"芯栋微"），上海心芯相连半导体技术有限公 司（以下简称"心芯相连"），SIN YANG INDUSTRIES & TRADING PTE LTD （以 下简称"新加坡工业贸易"），上海燕归来实业发展集团有限公司及其控股子公司 （以下简称"燕归来集团"），江苏博砚电子科技股份有限公司（以下简称"江苏 博砚"）。 公司预计 2025 年与芯栋微发生日常关联交易总额不超过人民币 2800 万元； 预计 2025 年与心芯相连发生日常关联交易总额不超过人民币 100 万元；预计 2025 年与新加坡工业贸易发生日常关联交易总额不超过人民币 60 万元；预计 2025 年将与燕归来集团发生的日常关联交易金额不超过人民币 600 万元；预计 2025 年将与江苏博砚发生的日常关联交易金额不超过人民币 50 万元。 2025 年 4 月 16 日，公司第六届董事会第四次会 ...

天风证券股份有限公司关于 上海新阳半导体材料股份有限公司使用闲置 自有资金进行现金管理的核查意见 天风证券股份有限公司（以下简称"保荐机构"或"天风证券"）作为上 海新阳半导体材料股份有限公司（以下简称"上海新阳"或"公司"）2021 年 向特定对象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》、 《深圳证券交易所创业板股票上市规则》、《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》等有关法律法规的要求，对上海新 阳使用闲置自有资金购买银行理财产品等进行现金管理之事项进行了专项核查， 具体情况如下： 一、公司使用闲置自有资金进行现金管理的情况 公司于 2025 年 4 月 16 日召开的第六届董事会第四次会议及第六届监事会 第四次会议分别审议通过了《关于使用闲置自有资金进行现金管理的议案》。公 司可以使用最高额度不超过 4 亿元人民币的闲置自有资金进行现金管理，在不 影响公司主营业务运营和公司日常资金周转的前提下，用于购买银行、证券公 司、保险公司或信托公司等金融机构发行的理财产品。在该额度范围内，资金 可以滚动使用，使用期限为自公司董事会审议通过之日起 12 个月内。主 ...

专项鉴证报告 众会字（2025）第 04431 号 上海新阳半导体材料股份有限公司全体股东： 我们审核了后附的上海新阳半导体材料股份有限公司（以下简称"上海新阳公司"）编制的 《上海新阳半导体材料股份有限公司 2024 年度募集资金年度存放与使用情况的专项报告》（以 下简称"专项报告"）。 一、管理层对专项报告的责任 提供真实、合法、完整的相关资料，按照中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》、深圳证券交易所《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》及相关格式指引等规定编制专项报告，并保 证其内容真实、准确、完整，不存在虚假记录、误导性陈述或重大遗漏是上海新阳公司管理层的 责任。 二、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对专项报告发表鉴证意见。 三、工作概述 我们按照《中国注册会计师其他鉴证业务准则第 3101 号-历史财务信息审计和审阅以外的鉴 证业务》的规定执行了鉴证业务。该准则要求我们计划和实施鉴证工作，以对专项报告是否不存 在重大错报获取合理保证。在鉴证过程中，我们实施了包括了解、询问、检查、重新计算 ...

天风证券股份有限公司 关于上海新阳半导体材料股份有限公司 2024 年度募集资金存放与使用情况的核查意见 天风证券股份有限公司（以下简称"天风证券"或"保荐机构"）作为上海 新阳半导体材料股份有限公司（以下简称"上海新阳"或"公司"）持续督导工 作的保荐机构，根据《证券发行上市保荐业务管理办法》、《上市公司监管指引 第 2 号——上市公司募集资金管理和使用的监管要求》、《深圳证券交易所创业 板股票上市规则》及《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》等有关规定，对上海新阳 2024 年度募集资金的存放与使 用情况进行了核查，核查情况如下： 单位：人民币万元 P A G E | 项目名称 | 本次募集 | 期初募集 | 本期变更 | 本期实际使 | 募集资金期 | | --- | --- | --- | --- | --- | --- | | | 资金金额 | 资金余额 | 金额 | 用金额 | 末余额 | | 集成电路制造用高端光 刻胶研发、产业化项目 | 42,553.97 | 34,404.95 | -24,314.00 | 5,931.38 | 4,159.57 | | ...