证券代码：300604 证券简称：长川科技 公告编号：2025-042 杭州长川科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 杭州长川科技股份有限公司（以下简称"公司"）2024 年年度权益分派方案 已获 2025 年 5 月 22 日召开的 2024 年年度股东大会审议通过，现将权益分派事 宜公告如下： 一、股东大会审议通过权益分派方案情况 1、公司 2024 年年度权益分派方案已获 2025 年 5 月 22 日召开的 2024 年年 度股东大会审议通过，2024 年年度权益分派方案为：以公司 2024 年 12 月 31 日 总股本 626,783,502 股为基数，向全体股东按每 10 股派发现金股利人民币 1 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。因 公司总股本在实施权益分派的股权登记日前可能受到限制性股票回购注销、发行 股份购买资产等事项影响，在实施权益分派的股权登记日前公司总股本发生变动 的，拟维持每股的分配比例不变，相应调整分配总额。 2、自上述权益 ...

Group 1 - The total amount raised through private placements in the A-share market in the first half of 2023 reached 780.51 billion yuan, marking a nearly 700% increase compared to the same period last year, which raised 97.793 billion yuan [2] - The surge in private placement financing reflects a significant recovery in the financing function of the A-share market, driven by policy relaxation and a rebound in market confidence [2] - Major banks, including China Bank (165 billion yuan), Postal Savings Bank (130 billion yuan), and others, contributed significantly to the total, with the top four banks raising over 500 billion yuan [2] Group 2 - The financial sector, including banks and insurance companies, accounts for over 60% of the profits of A-share listed companies, and increased financing will enhance their capital strength and profitability [3] - There are concerns regarding potential "over-financing" by some companies, raising questions about the efficiency of fund usage [3] - For instance, Changchun Technology's recent financing plan of up to 3.132 billion yuan faces scrutiny due to previous project delays and regulatory warnings regarding financial reporting and fund management [4] Group 3 - The healthy development of the private placement market requires a more refined regulatory framework, including enhanced information disclosure and stricter monitoring of fund usage [5] - There is a need to improve the lock-up period for private placement shares to curb short-term speculation and promote long-term value investment [5]

Group 1 - A total of 18 companies listed on the ChiNext board have released their performance forecasts for the first half of the year, with 13 companies expecting profit increases, 1 company expecting to turn a profit, 1 company expecting a profit decrease, and 1 company expecting a loss [1][3] Group 2 - The performance forecast details include various companies with significant expected profit growth, such as: - Hanyu Pharmaceutical (300199) with a projected profit increase of 1567.36% [2] - Chuanjin Nuo (300505) with a projected profit increase of 167.27% [2] - Chenguang Biotech (300138) with a projected profit increase of 117.36% [2] - Huizhong (300371) with a projected profit increase of 100.00% [2] - Taotao Automotive (301345) with a projected profit increase of 84.08% [2] Group 3 - Companies with performance forecasts indicating a decrease or loss include: - Zairun (301636) with a projected profit decrease of 5.43% [2] - Yuyou Green Energy (301590) with a projected profit decrease of 6.57% [2] - Juguang (300203) with a projected loss of 205.37% [2]

Summary of Semiconductor Industry Conference Call Industry Overview - The semiconductor supply chain is accelerating towards self-sufficiency, with significant growth in equipment and materials manufacturers' orders and performance in Q2 2025 [1][2][3] - Key sectors such as storage, analog, and MCU are showing signs of recovery, with strong performance guidance from SoC companies indicating robust demand [1][2] Market Performance - In June 2025, global semiconductor stocks performed well, with the Shenzhen Composite Index rising nearly 6% [2] - Demand for mobile phones, PCs, and wearable devices remains stable, with Xiaomi's AI glasses receiving positive market feedback [1][2] - The automotive market is experiencing steady growth, with Xiaomi's new car sales exceeding expectations [1][2] Inventory and Supply Chain Dynamics - The inventory situation for mobile phones is stable, while PC inventory adjustment space is narrowing [1][3] - Power semiconductor manufacturers are gradually improving their inventory levels [1][3] - TSMC maintains its capital expenditure guidance, while SMIC and Hua Hong are steadily expanding production [1][3] Pricing Trends - After a rapid increase, DDR4 prices are losing momentum, with some models even trading below DDR5 prices, which is expected to drive DDR5 adoption [1][3] - In April 2025, global semiconductor sales increased by over 20% year-on-year, with significant growth in China and the Americas [1][3] Company Developments - Domestic GPU manufacturers such as Muxi and Moer Thread are making progress, while Loongson has released a fully autonomous server CPU [1][2] - Companies like Rockchip and Espressif are showing stable performance, and the MCU market is recovering across multiple sectors [1][2] Financial Performance - Micron's latest financial report shows a nearly 50% increase in HBM revenue, with expectations for Q3 revenue growth of 38% year-on-year and 15% quarter-on-quarter [3][22] - Analog chip companies are experiencing significant revenue growth, with companies like Ti and AD expected to see a 10%-20% increase in Q2 2025 [4][25] Investment Recommendations - Investment suggestions focus on two main areas: self-sufficiency and marginal changes in the economic cycle, with recommended sectors including upstream equipment and materials, storage chip modules, manufacturing and advanced packaging, and AI-related chips [13] Challenges and Opportunities - The RF industry faces competitive pressures, but opportunities for domestic substitution are noteworthy, particularly in the automotive sector [6][28] - The power semiconductor market remains stable, with good demand in the new energy vehicle sector, although price competition persists [7][29] Conclusion - The semiconductor industry is showing signs of recovery and growth across various sectors, with strong demand and improving financial performance expected in the coming quarters. The focus on self-sufficiency and technological advancements will be crucial for future developments [1][2][3][13]

Core Viewpoint - In the first half of the year, 52 A-share companies reported their performance forecasts, with over 60% showing positive results, particularly in the electronics sector where companies like TaiLing Micro, XinDong LianKe, XinPeng Wei, and ChangChuan Technology saw median net profit growth exceeding 80%, with the highest reaching 267% [1] Group 1: TaiLing Micro (688591) - TaiLing Micro's performance surge is attributed to its innovative applications in AIoT, such as low-power Bluetooth chips for smart glasses, enhancing battery life from one charge per day to three [2] - The company secured significant orders from major retail chains by integrating multi-mode chips into electronic price tags, enabling seamless Bluetooth and Wi-Fi switching [2] - With local foundries prioritizing its production, TaiLing Micro's cost has decreased, and its gross margin has soared to 60% [2] Group 2: XinDong LianKe (688582) - XinDong LianKe has successfully penetrated the MEMS sensor market, traditionally dominated by foreign giants, by focusing on high-end applications like attitude sensors for commercial satellites and dynamic measurement for autonomous vehicles [4] - The company has received over 400 million yuan in orders for commercial aerospace and smart driving sectors in the first half of 2025, surpassing its total revenue for the previous year [4] - XinDong LianKe manages the entire process from chip design to packaging, ensuring production stability despite supply chain disruptions, achieving a gross margin of 85% [4] Group 3: XinPeng Wei (688508) - XinPeng Wei excels in the analog chip market, with its products integrated into various applications, including electric vehicle chargers and photovoltaic inverters [5][6] - The company reported a 70% revenue increase in industrial automation and automotive electronics sectors for the first half of 2025, driven by its versatile product strategy [6] - XinPeng Wei benefits from domestic chip policies, leading to a surge in orders for imported alternatives [6] Group 4: ChangChuan Technology (300604) - ChangChuan Technology has capitalized on the booming semiconductor testing equipment market, driven by the global demand for AI chips and HBM storage chips [8] - The company offers competitive pricing, with its testing machines being 30% cheaper than international counterparts while maintaining similar performance [8] - Following a successful fundraising of 3.1 billion yuan, ChangChuan Technology plans to double its production capacity for high-end testing machines, positioning itself strongly in the AI chip testing market [8] Group 5: Industry Insights - The success of these companies stems from their focus on niche markets like AIoT chips and MEMS sensors, allowing them to excel without directly competing with industry giants [9] - Many domestic firms are achieving performance levels comparable to international leaders while offering more attractive pricing [9] - Emerging sectors such as low-altitude economy, AI terminals, and electric vehicles are creating new growth opportunities in the semiconductor industry, benefiting early movers [9]

Group 1 - The A-share market has seen an acceleration in the disclosure of semi-annual performance forecasts, with 54 companies announcing their forecasts as of July 6, 2025, indicating a slight increase of 11 companies, 3 companies turning losses into profits, 4 companies maintaining profits, and 21 companies expecting profit growth [1][4] - Companies like Taotao Automotive (301345) have expressed confidence in continued growth for the second half of the year, expecting a net profit of 310 million to 360 million yuan for the first half of 2025, representing a year-on-year increase of 70.34% to 97.81% [2][4] - Jingbeifang (002987) experienced significant stock price fluctuations after intensive institutional research, with a cumulative price deviation exceeding 20% over three consecutive trading days [2][4] Group 2 - Chipong Micro (芯朋微) expects a revenue of approximately 630 million yuan for the first half of 2025, an increase of about 176 million yuan or 38% year-on-year, with a net profit forecast of around 90 million yuan, reflecting a growth of approximately 104% [4] - Daotong Technology (道通科技) anticipates a net profit of 460 million to 490 million yuan for the first half of 2025, representing a year-on-year growth of 19% to 26.76% [4] - Changchuan Technology (长川科技) projects a net profit of 360 million to 420 million yuan for the first half of 2025, indicating a year-on-year increase of 67.54% to 95.46% due to rapid growth in the integrated circuit industry and strong customer demand [5]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 54.37 CNY per share, reflecting a 40x PE valuation for 2025 [5][7]. Core Insights - The company is expected to achieve a net profit of 360-420 million CNY in H1 2025, representing a year-on-year growth of 67.5%-95.5%. The non-recurring gains are estimated at approximately 70 million CNY, primarily from mergers and government subsidies [1][2]. - The rapid growth in performance is attributed to the recovery of the integrated circuit industry, strong downstream demand, and significant order growth across product lines, which has led to increased sales revenue and profit [2][3]. - The company is entering a phase of increased production for its testing machines, with a diversified product range that includes high-power testers and sorting machines, achieving recognition from major domestic and international semiconductor firms [3][4]. Financial Projections - Revenue projections for 2025-2027 are 4.88 billion CNY, 6.15 billion CNY, and 7.81 billion CNY, respectively. Net profits are projected at 857 million CNY, 1.14 billion CNY, and 1.47 billion CNY for the same period [5][11]. - The company plans to raise up to 3.13 billion CNY through a private placement, with 2.19 billion CNY allocated for semiconductor equipment R&D, focusing on key areas such as testing machines and AOI equipment [4][5].

Core Points - In June 2025, A-share listed companies implemented 14 private placements, a year-on-year increase of 133.33%, raising approximately 533.23 billion yuan, a significant increase compared to the previous year [1][2] - The major contributors to the fundraising were major banks, including Bank of China, Postal Savings Bank, and others, which raised over 1 billion yuan each for capital expansion [2][4] Group 1: Fundraising Overview - The total amount raised in June 2025 was approximately 533.23 billion yuan, with a year-on-year increase [2][4] - The number of private placement proposals disclosed in June 2025 was 35, with a proposed fundraising scale of approximately 21.67 billion yuan, a year-on-year increase of 107.37% [1][8] - The financial sector led the fundraising efforts with 5 placements totaling about 524 billion yuan, followed by the industrial sector with 4 placements raising approximately 29.31 billion yuan [7][15] Group 2: Major Companies Involved - Bank of China raised the highest amount, totaling 165 billion yuan by issuing 27.825 billion shares at a price of 5.93 yuan per share, aimed at increasing its core Tier 1 capital [4][6] - Postal Savings Bank followed with a fundraising of 130 billion yuan by issuing approximately 20.934 billion shares at a price of 6.21 yuan per share, also for core Tier 1 capital [4][6] - The largest proposed fundraising from private placements was by Changchuan Technology, aiming to raise up to 3.132 billion yuan for semiconductor equipment R&D and working capital [11][12]

Group 1 - The core index, the China Securities Zhejiang Phoenix Action 50 Index (Phoenix 50), increased by 0.6% to 6186.75 points, with a trading volume of 16.109 billion yuan [1] - The Phoenix 50 index has shown a growth of 3.22% over the past month, 2.36% over the past three months, and 6.16% year-to-date [1] - The index comprises 50 securities selected from profitable and high-dividend companies listed in Zhejiang Province, reflecting the overall performance of high-dividend and high-growth stocks in the region [1] Group 2 - The top ten holdings of the Phoenix 50 index include: Hangzhou Bank (10.03%), Hikvision (9.6%), Huayou Cobalt (8.93%), Xinhongcheng (5.79%), Dahua Technology (5.57%), China Jushi (4.85%), Tianshan Aluminum (4.11%), Changchuan Technology (3.51%), Deyang Co. (3.38%), and Wuchan Zhongda (2.91%) [1] - The index's market composition shows that 55.76% of the holdings are from the Shenzhen Stock Exchange, while 44.24% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index includes: Materials (25.39%), Information Technology (18.98%), Industrials (13.69%), Financials (12.04%), Consumer Discretionary (11.96%), Health Care (9.78%), Communication Services (5.49%), Consumer Staples (1.77%), Utilities (0.74%), and Real Estate (0.17%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Phoenix 50 include: Zhejiang Merchants Huijin China Securities Phoenix 50 ETF Link A, Zhejiang Merchants Huijin China Securities Phoenix 50 ETF Link C, and Zhejiang Merchants Huijin China Securities Phoenix 50 ETF [2]

Core Viewpoint - The company, Changchuan Technology, is experiencing explosive growth in its performance, with a projected profit of 360 million to 420 million yuan for the first half of the year, representing a year-on-year increase of 67.54% to 95.46% [1] Group 1: Financial Performance - In 2024, the company reported a revenue of 3.642 billion yuan, a year-on-year increase of 105.15% [5] - The net profit attributable to shareholders reached 458 million yuan, showing a staggering year-on-year growth of 915.14% [5] - In the first quarter of this year, net profit surged by 2623.82% to 111 million yuan, attributed to strong market demand and effective cost control [6] Group 2: Industry Position and Challenges - Changchuan Technology is a leading enterprise in China's integrated circuit testing equipment sector, focusing on the R&D, production, and sales of specialized equipment [4] - The company aims to promote technological upgrades and import substitution in the domestic semiconductor equipment industry [4] - Despite strong performance, the company faces challenges such as project delays, regulatory warnings, and a low domestic semiconductor equipment localization rate of only 13.6% [2][7] Group 3: R&D Investment and Future Plans - The company plans to invest 3.84 billion yuan in a semiconductor equipment R&D project focusing on the iteration of testing machines and AOI equipment, with a long implementation period of five years [7] - R&D investment has significantly increased from 25 million yuan in 2016 to 967 million yuan in 2024, with R&D accounting for 28.14% of revenue [10] - The company has over 1,000 authorized patents, including more than 350 invention patents, and its products are integrated into the supply chains of major domestic and international companies [10] Group 4: Previous Project Delays and Regulatory Issues - The company has faced delays in previous fundraising projects, particularly a 260 million yuan project for probe station R&D, which has been postponed twice [9][11] - The Zhejiang Securities Regulatory Bureau issued a warning letter to the company for issues related to premature revenue recognition, improper management of raised funds, and inadequate sales internal controls [11]