Core Viewpoint - The company, Yangjie Technology, is actively engaging with various institutional investors and has a positive outlook on its financial performance and market opportunities in high-margin sectors such as automotive electronics and clean energy [1][5]. Group 1: Financial Performance - In Q1 2025, the company reported a main revenue of 1.579 billion yuan, an increase of 18.9% year-on-year [5]. - The net profit attributable to shareholders was 273 million yuan, reflecting a year-on-year growth of 51.22% [5]. - The gross profit margin stood at 34.6%, indicating a stable profitability level [5]. Group 2: Strategic Initiatives - The company is focusing on high-margin industries and enhancing its presence in automotive electronics and overseas high-end markets to improve revenue from high-margin businesses [3]. - A systematic cost reduction strategy is being implemented, emphasizing lean production and digital transformation to enhance operational efficiency [3]. Group 3: Market Trends - The domestic automotive manufacturing sector is increasingly seeking local alternatives for low-voltage power chips, which is expected to drive growth in this market [4]. - The consumer electronics market is anticipated to maintain steady growth due to favorable economic conditions and government policies [4]. - The clean energy sector, including solar and wind power, is expected to see good growth driven by technological advancements and global energy transition policies [4]. Group 4: Global Expansion - The company is prioritizing its overseas business as a core part of its globalization strategy, with ongoing developments in production bases, R&D centers, and marketing networks [5]. - The international geopolitical landscape is prompting overseas clients to seek more secure supply chains, which the company is addressing through its global operations [5]. Group 5: Analyst Ratings - Over the past 90 days, 12 institutions have rated the stock, with 11 buy ratings and 1 hold rating, indicating strong institutional confidence [6]. - The average target price set by analysts is 60.29 yuan, reflecting positive market sentiment [6].

Group 1: Employee Stock Ownership Plan - The employee stock ownership plan aims to enhance the sharing of interests among employees and improve corporate governance, thereby increasing competitiveness and promoting sustainable development [3] - The total funding for the employee stock ownership plan does not exceed CNY 163.22 million, with a maximum of 500 participants, where the share allocation for directors and senior management accounts for 8.47% [3] - The funding source for the plan is the special incentive fund extracted from the company for the years 2025 to 2027, with stock sourced from the company's repurchase account [3] Group 2: Financial Performance and Projections - The company projects that by 2027, its revenue will not be less than CNY 10 billion, or its net profit will not be less than CNY 1.5 billion [3] - The employee performance will be evaluated semi-annually from 2025 to 2027 [3] Group 3: Future Gross Margin Outlook - The company maintains a positive outlook on future gross margin trends, focusing on high-margin industries such as automotive electronics and overseas high-end markets [5] - Strategic initiatives include optimizing customer structure and regional market penetration to increase the proportion of high-margin business revenue [5] - The company is committed to enhancing product value through increased R&D investment and implementing lean production and cost reduction strategies [5] Group 4: Market Trends and Opportunities - The domestic automotive manufacturing industry is expected to accelerate the localization of low-voltage power chips, leading to significant growth in this market segment [6] - The consumer electronics market is anticipated to maintain steady growth due to favorable economic conditions and government policies [6] - The clean energy sector, including solar and wind power, is expected to recover and grow due to technological advancements and global energy transition policies [6] Group 5: International Business Strategy - The overseas business is a core part of the company's globalization strategy, focusing on production bases, R&D centers, and marketing networks [7] - The company has enhanced customer cooperation and order share through its overseas factory layout and production progress [7] - Future growth areas will include not only existing consumer and industrial sectors but also new energy and automotive sectors [7]

Core Viewpoint - The company has approved a share repurchase plan to buy back shares for employee stock ownership plans or equity incentives, with a total fund of no less than RMB 40 million and no more than RMB 80 million, at a maximum price of RMB 58.00 per share [1][2] Summary by Sections Share Repurchase Plan - The company will use its own or raised funds to repurchase shares through centralized bidding, with a maximum price adjusted to RMB 57.60 per share after the annual equity distribution [2] - The implementation period for the repurchase plan is set to not exceed 12 months from the board's approval date [1] Implementation Status - The company has repurchased a total of 48,900 shares at an average price of RMB 40.35 per share, with a total transaction amount of approximately RMB 40.98 million [3] - The actual repurchase amount has exceeded the lower limit of the planned repurchase fund, and the number of shares repurchased meets the scale required for equity incentives or employee stock ownership plans [2][3] Compliance and Impact - The share repurchase complies with relevant laws and regulations, and the implementation does not adversely affect the company's financial status, operations, or shareholder interests [3][4] - There have been no stock trading activities by key stakeholders during the period from the initial disclosure of the repurchase plan to the announcement date [4] Future Arrangements - The repurchased shares will retain shareholder rights but cannot be pledged or lent, and any unused shares must be canceled if not utilized within 36 months [5]

证券代码：300373 证券简称：扬杰科技 公告编号：2025-046 扬州扬杰电子科技股份有限公司 关于股份回购实施结果暨股份变动的公告 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。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2025 年 2 月 14 日 召开公司第五届董事会第十二次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自有资金或自筹资金以集中竞价交易方式回购部分社会公众 股份，用于实施员工持股计划或股权激励。本次回购股份的资金总额不低于人民 币 4,000 万元，不超过人民币 8,000 万元，回购股份的价格不超过人民币 58.00 元 /股。本次回购股份的实施期限自公司董事会审议通过本次回购股份方案之日起 不超过 12 个月。具体内容详见公司于 2025 年 2 月 17 日和 2025 年 2 月 28 日在 巨潮资讯网（www.cninfo.com.cn）发布《关于回购公司股份方案的公告》（公告 编号：2025-003）、《回购报告书》（公告编号：2025-007）。 因公司实施了 2024 年年度权益分派，根据 ...

Summary of Yangjie Technology Conference Call Company Overview - **Company**: Yangjie Technology - **Industry**: Power Semiconductor Key Points and Arguments Financial Performance - Revenue increased from 500 million to 6 billion RMB, and profit rose from 100 million to 1 billion RMB, with market capitalization growing tenfold to 26 billion RMB [2][4][5] - The sixth employee stock ownership plan has a total cost of 160 million RMB, amortized over four years, with minimal impact on performance [2][6] Strategic Planning - The company has a clear strategic plan aiming for 10 billion RMB in revenue by 2027, with a compound annual growth rate (CAGR) of approximately 19.5% [2][9] - The company has been implementing a rolling three-year strategic plan annually since 2017, with specific targets for each product line [9][10] Product Line Focus - Key focus areas include automotive electronics, industrial applications, clean energy, and consumer electronics [2][11] - Automotive electronics are expected to account for 20%-30% of revenue in the next three years, with a CAGR of 40%-50% [2][11] - The industrial sector is projected to grow at a CAGR of 20%-30% due to policy support [2][11] Business Segments - H1 (traditional automotive) is expected to grow steadily by 10%-15% [13] - H2 (MOSFET and small signal devices) is projected to have a CAGR of 20%-25%, with nearly 40% of revenue in three years [13] - H3 (silicon carbide) is anticipated to have a massive market space in the new energy vehicle sector, with a CAGR of 100% [2][13] Employee Stock Ownership Plan - The sixth employee stock ownership plan aims for revenue of at least 10 billion RMB or net profit of at least 1.5 billion RMB by 2027 [3][6] - The plan features a zero-cost grant model, performance-linked stock allocation, and high flexibility for employee promotions [7] Market Expansion - The company aims for overseas revenue to exceed 30% by 2027, with significant investments in overseas factories and R&D centers [4][15] - The company has established a complete overseas market system since 2015, enhancing its competitive advantage in power semiconductors [15] Silicon Carbide Business - The silicon carbide segment is in a harvesting phase, with a focus on expanding product lines and application scenarios [16] - The company has a leading position in silicon carbide manufacturing, with advanced production lines and a strong customer base [16][28] Production Capacity and Utilization - Current production capacity utilization is around 20%, with expectations to reach 60% through optimization [25] - Achieving 60% utilization is crucial for reaching breakeven [25] Profitability and Margin Expectations - The company expects to maintain a net profit of around 1.5 billion RMB, with gross margins between 30% and 35% [26] - The silicon carbide business is currently not profitable, with a need to improve production efficiency to achieve breakeven [24] Market Challenges and Strategies - The company is prepared to handle fluctuations in overseas demand by optimizing supply chain management and enhancing communication with customers [19][20] - The competitive landscape in the automotive sector is intense, but the company believes its quality and supply chain reliability will protect its margins [21] Future Outlook - Yangjie Technology aims for steady domestic growth and high-margin overseas expansion, particularly in automotive and silicon carbide products [30] - The company is optimistic about its growth potential and encourages investors to monitor its developments closely [30]

Core Insights - The Chinese semiconductor diode industry is experiencing rapid development and transformation, with a projected market size of $2.257 billion in 2024, reflecting a year-on-year growth of 15.33% driven by strong demand from sectors such as electric vehicles, 5G communications, and industrial control [1][10] - Domestic companies are accelerating breakthroughs in technology, focusing on the application of third-generation semiconductor materials like silicon carbide (SiC) and gallium nitride (GaN), which are pushing diodes towards high frequency, high efficiency, and high voltage capabilities [1][10] - Innovations in optoelectronic integration have emerged, such as a three-electrode optoelectronic diode structure proposed by the University of Science and Technology of China, which enhances optical communication bandwidth by 60% [1][10] Industry Overview - Semiconductor diodes are electronic devices made from semiconductor materials (like silicon and germanium) with a core PN junction structure, enabling unidirectional conductivity essential for various electronic functions [2] - The industry has evolved through four main stages: initial development (1956-1960s), exploration and challenges (1970s-1980s), technology introduction and catch-up (1980s-1990s), and rapid development and independent innovation (2000s-present) [4][6][7] Market Dynamics - The upstream of the semiconductor diode industry includes raw materials, production equipment, and R&D, while the downstream applications span consumer electronics, communications, automotive electronics, industrial control, and new energy sectors [9] - In the first four months of 2025, China imported 160.8 billion semiconductor devices, marking a 2.16% increase in quantity but a 0.81% decrease in value, indicating persistent domestic demand despite reliance on imports for certain categories [12] Key Companies - Leading companies such as Huazhong Microelectronics, Yangjie Technology, and Suzhou Good Drive dominate the market due to their technological accumulation and production capacity [14] - Yangjie Technology reported a revenue of 1.579 billion yuan in Q1 2025, up 18.90% year-on-year, with a net profit increase of 51.22% [16] - Suzhou Good Drive, one of the largest diode manufacturers globally, produced 250 million units monthly, holding an 8%-9% market share [18] Industry Trends - The industry is moving towards high-end technology, with third-generation semiconductor materials becoming a core driver for advancements [20] - There is a surge in demand from downstream sectors, particularly in electric vehicles and 5G communications, leading to increased applications of diodes in battery management and motor drive systems [21][22] - The industry is witnessing enhanced collaboration across the supply chain, with domestic companies integrating resources to improve high-end manufacturing capabilities and reduce reliance on imports [23]

Core Viewpoint - The employee stock ownership plan reflects the company's growth confidence, with performance assessment requirements set for revenue not less than 10 billion yuan or net profit not less than 1.5 billion yuan by 2027 [1] Group 1: Employee Stock Ownership Plan - The total fund for the stock ownership plan is capped at 163 million yuan, with a maximum of 500 initial holders [1] - The stock purchase price is set at 47.71 yuan per share [1] - The performance assessment requires either revenue to reach 10 billion yuan or net profit to reach 1.5 billion yuan by 2027 [1] Group 2: Market Strategy - The company employs a "dual brand" and "dual circulation" business model, achieving global market channel coverage for its dual brand products [2] - The "YJ" brand targets the domestic and Asia-Pacific markets, forming strategic partnerships with top clients [2] - The "MCC" brand focuses on the European and American markets, competing with leading international companies [2] Group 3: Production and R&D - The Vietnam factory is set to commence mass production in December 2024, with the first phase already at full capacity [2] - The company has achieved mass production of SiC chips, upgrading its products to the fourth generation [2] - The IGBT chips have been developed across a full range, with significant advancements in automotive electronic modules [2] Group 4: Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 7.018 billion, 8.321 billion, and 10.020 billion yuan respectively, with net profits of 1.228 billion, 1.447 billion, and 1.702 billion yuan [3]

证券代码：300373 证券简称：扬杰科技 公告编号：2025-045 一、回购股份进展情况 截至 2025 年 5 月 31 日，公司通过回购专用证券账户以集中竞价交易方式累 计回购公司股份 870,100 股，占公司目前总股本的 0.1601%，最高成交价为 48.63 元/股，最低成交价为 40.35 元/股，成交总金额为 40,983,874.00 元（不含交易费 用）。公司回购股份的实施符合相关法律、法规、规范性文件及公司股份回购方 案的规定。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份方式、回购价格等符合《上 市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购 股份》及公司股份回购方案的相关规定，具体如下： 1、公司未在下列期间内回购公司股份： 扬州扬杰电子科技股份有限公司 关于回购公司股份的进展公告 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。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2025 年 2 月 14 日 召开公司第五届董事会第十二次会议，审议通过了《关于回购公司股份方案的议 案》，同 ...

Core Viewpoint - Yangjie Technology aims to climb into the mid-to-high-end manufacturing sector, setting ambitious performance targets for 2027, including a revenue goal of no less than 10 billion yuan and a net profit target of no less than 1.5 billion yuan [2][4][6] Group 1: Financial Performance and Goals - In 2024, Yangjie Technology achieved a revenue of 6.033 billion yuan, representing a year-on-year growth of 11.53%, and a net profit of 1.002 billion yuan, up 8.50% year-on-year [7] - The company’s 2027 performance targets are designed to enhance competitiveness and motivate employees, reflecting the company's ongoing market share expansion and industry competitiveness [7][6] Group 2: International Expansion and Market Position - Yangjie Technology is gradually moving towards group and international operations, with overseas sales revenue reaching 1.364 billion yuan in 2024, a year-on-year increase of 12.28%, accounting for 22.61% of total revenue [3][11] - The company has established a localized R&D, manufacturing, and sales network across multiple countries, including 5 R&D centers and 15 wafer and packaging factories [8][10] Group 3: Employee Stock Ownership Plan - The employee stock ownership plan includes up to 500 participants, including key executives and core business personnel, with performance targets tied to the company's 2027 revenue and profit goals [4][6] Group 4: Research and Development Investment - Yangjie Technology has consistently increased its R&D investment, with expenditures of 293 million yuan, 356 million yuan, and 423 million yuan from 2022 to 2024, reflecting year-on-year growth rates of 21.03%, 21.57%, and 19% respectively [12] - The company holds a total of 655 intellectual property rights, including 114 invention patents, indicating a strong focus on innovation [12]

扬州扬杰电子科技股份有限公司 "奋斗者计划（六期）"员工持股计划管理办法 二〇二五年五月 1 第一章 总则 第一条 为规范扬州扬杰电子科技股份有限公司（以下简称"扬杰科技"或 "公司"）"奋斗者计划（六期）"员工持股计划（以下简称"员工持股计划"、 "本员工持股计划"）的实施，根据《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》"）、《中国证监会关于 上市公司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《上海 证券交易所科创板上市公司自律监管指引第 1 号——规范运作》（以下简称"《自 律监管指引》"）等相关法律、行政法规、规章、规范性文件和《公司章程》之规 定，特制定本管理办法。 第二章 员工持股计划的制定 第二条 员工持股计划所遵循的基本原则 （一）依法合规原则 公司实施员工持股计划，严格按照法律、行政法规的规定履行程序，真实、 准确、完整、及时地实施信息披露。任何人不得利用员工持股计划进行内幕交易、 操纵证券市场等证券欺诈行为。 2、监事会负责对本员工持股计划是否有利于公司的持续发展，是否损害公 司及全体股东利益，是否以摊派、强行分配 ...