Core Viewpoint - Hangzhou Changchuan Technology Co., Ltd. expects a significant increase in net profit for the first half of 2025, projecting between 360 million to 420 million yuan, representing a year-on-year growth of 67.54% to 95.46% [2] Group 1: Financial Performance - The company attributes its strong performance to the rapid growth in the integrated circuit industry, leading to high customer demand for its products [2] - Sales orders across all product lines have significantly increased compared to the same period last year, aided by the company's scale effects [2] Group 2: Research and Development - Changchuan Technology has consistently increased its R&D expenditure from 645 million yuan in 2022 to 967 million yuan in 2024, maintaining an R&D expense ratio above 25% [2] - The company has achieved comprehensive independent R&D capabilities and holds over 1,000 domestic and international patents in integrated circuit testing equipment [2] Group 3: Talent and Innovation - As of December 31, 2024, the company has 2,059 R&D personnel, making up over 50% of its total workforce, ensuring a strong foundation for continuous innovation [3] - Experts highlight that the high R&D investment supports new product iterations, enhancing product value and profitability, thereby improving the company's resilience [3] Group 4: Capital Raising and Future Plans - On June 25, the company announced a plan to raise up to 3.132 billion yuan through a private placement of A-shares, with 2.192 billion yuan allocated for semiconductor equipment R&D projects [3] - The funds will be used to purchase R&D equipment and resources to enhance the technology depth of testing machines and AOI devices, addressing diverse market needs [3]

Core Viewpoint - Changchuan Technology has announced a significant fundraising plan of up to 3.132 billion yuan, marking the largest financing record since its listing, but several issues have arisen that require clarification [1] Group 1: Fundraising Details - The proposed fundraising aims to raise no more than 3.132 billion yuan, with 2.192 billion yuan allocated for semiconductor equipment R&D projects, accounting for approximately 70% of the total [1] - The remaining 940 million yuan will be used to supplement working capital, with the issuance targeting no more than 35 investors [1] Group 2: Historical Financing and Dividends - Since its successful listing in April 2017, Changchuan Technology has raised a total of 1.605 billion yuan through direct financing, while cash dividends amount to only 305 million yuan over seven occasions, indicating a reliance on external financing rather than shareholder returns [2] - In 2021, the company raised 37.18 million yuan through a previous fundraising, with the net amount being 36.24584 million yuan, allocated for probe station R&D and working capital [2] Group 3: Project Management Issues - The probe station R&D project from the previous fundraising has faced delays, with the expected completion date pushed back to December 31, 2025, raising concerns about the company's project management and the efficiency of fund utilization [3] Group 4: Shareholding Structure and Control - If the current fundraising is completed at the upper limit, the controlling shareholders' stake will decrease from 28.48% to 18.10%, significantly diluting their control over the company [4] - This dilution may impact the stability of control and governance, potentially leading to challenges in strategic decision-making and operational management [4] - Historical issues with controlling shareholder misconduct highlight the need for improved internal governance and stakeholder relationship management [4]

Core Viewpoint - The semiconductor equipment company Changchuan Technology plans to raise up to 3.132 billion yuan for R&D and working capital to enhance its competitiveness and reduce the gap with foreign giants in the semiconductor industry [1][5][9]. Group 1: Fundraising and Investment Plans - Changchuan Technology intends to issue up to 189 million shares to no more than 35 specific investors, raising a maximum of 3.132 billion yuan [5][6]. - Of the raised funds, 2.192 billion yuan will be allocated for semiconductor equipment R&D, while approximately 940 million yuan will be used to supplement working capital [6][9]. - The total investment for the semiconductor equipment R&D project is planned to be 3.84 billion yuan [7]. Group 2: Company Growth and Financial Performance - Since its IPO in 2017, Changchuan Technology's total assets have grown from 277 million yuan at the end of 2016 to 7.764 billion yuan by the end of Q1 2023, representing an increase of approximately 27 times [1][17]. - The company's R&D investment has significantly increased from 25 million yuan in 2016 to 1.025 billion yuan in 2024, a cumulative growth of about 40 times [2][10]. - In Q1 2024, Changchuan Technology achieved a net profit attributable to shareholders of 111 million yuan, a year-on-year increase of approximately 26 times [3][18]. Group 3: Market Position and Competitive Landscape - The semiconductor equipment market is dominated by a few foreign companies, with China's domestic equipment localization rate projected to be only 13.6% in 2024 [9]. - Changchuan Technology aims to focus on key core technology areas and enhance product depth to gradually close the gap with international competitors [9][10]. - The company has established a strong market presence, with its products being recognized and utilized by leading semiconductor manufacturers in China [17].

Group 1 - The company expects a net profit of 36,000 to 42,000 thousand yuan for the current reporting period, which represents a significant increase compared to the previous year's profit of 21,488.04 thousand yuan, reflecting a growth rate of 67.54% to 95.46% [2] - The net profit after deducting non-recurring gains and losses is projected to be 20,848.22 thousand yuan, showing a year-on-year increase of 39.10% to 67.88% [2] - The increase in sales revenue is attributed to the recognition of equipment products in the industry, successful customer development, and a significant growth in sales orders across all product lines compared to the previous year [2] Group 2 - The company has communicated with the accounting firm regarding the performance forecast, and there are no significant discrepancies between the two parties [2] - The performance forecast data is based on preliminary calculations by the company's finance department and has not been audited by the accounting firm; the final financial data will be disclosed in the official 2025 semi-annual report [2] - The company emphasizes the importance of cautious decision-making for investors, highlighting the impact of government subsidies on the performance [2]

Group 1 - Nord Shares' copper foil business for solid-state batteries contributes less than 1% to total revenue, indicating limited impact on overall performance [1] - Xiangtan Electric's subsidiary is collaborating with solid-state battery companies but has not yet generated revenue from this effort [2] - Xingye's phenolic resin for semiconductor photoresist is still in sample testing and has not yet signed supply contracts, thus not affecting company performance [3] Group 2 - Guoxuan High-Tech's solid-state battery technologies are in trial production and testing phases, with no commercial application yet, not significantly impacting overall performance [4] - Tianji's subsidiary has obtained a patent for lithium sulfide and is advancing towards industrialization, though risks remain regarding commercialization [5] - Longpan Technology's subsidiary is developing solid-state battery precursors, currently in testing stages, with no revenue generated yet [6] Group 3 - Sitiwei's major shareholder has reduced holdings by 261.2 million shares, representing 0.65% of total shares [7] - *ST Huamei's controlling shareholder is transferring shares to raise funds, changing the controlling entity to Jilin Provincial State-owned Assets Supervision and Administration Commission [8] - Zhina Compass confirms normal operations with no undisclosed significant matters affecting stock performance [9] Group 4 - Anlu Technology's major shareholder has reduced holdings to 5.94% after selling 3.29 million shares [10] - *ST Yazhen warns of potential stock trading anomalies and may apply for a trading suspension if necessary [11] - Hailian Jinhui is in the process of transferring ownership of a third-party payment business [12] Group 5 - Changchuan Technology expects a net profit increase of 67.54% to 95.46% for the first half of 2025, driven by strong demand in the integrated circuit industry [13]

[2025 Semi-Annual Performance Forecast](index=1&type=section&id=2025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A) [Summary of Performance Forecast](index=1&type=section&id=Item%20I.%20Current%20Period%20Performance%20Estimate) The company projects a significant increase in H1 2025 net profit attributable to shareholders, with earnings between RMB 360-420 million and non-recurring net profit of RMB 290-350 million 2025 Semi-Annual Performance Forecast | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) (RMB Million) | Prior Period (RMB Million) | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | **Profit: 360-420** | Profit: 214.8804 | | | **Year-on-Year Growth: 67.54% to 95.46%** | | | **Net Profit After Deducting Non-Recurring Gains and Losses** | **Profit: 290-350** | Profit: 208.4822 | | | **Year-on-Year Growth: 39.10% to 67.88%** | | [Analysis of Performance Changes](index=1&type=section&id=Item%20III.%20Explanation%20of%20Performance%20Changes) Performance growth is driven by the booming integrated circuit industry, strong customer demand, and market recognition of high-end testing equipment, boosting sales and revenue, with initial scale effects emerging - Key drivers include **rapid growth** in the integrated circuit industry, **robust customer demand**, industry recognition for the company's high-end testing equipment, and successful customer acquisition, leading to **significant year-on-year increases** in sales orders and revenue across all product lines, with **initial scale effects emerging**[6](index=6&type=chunk) - Non-recurring gains and losses for the current reporting period are estimated at approximately **RMB 70 million**, primarily from M&A activities and government subsidies[7](index=7&type=chunk) [Other Explanations and Risk Warnings](index=1&type=section&id=Item%20II.%20Communication%20with%20Accounting%20Firm%20%26%20Item%20IV.%20Other%20Relevant%20Explanations) Preliminary discussions on the performance forecast with the accounting firm revealed no major disagreements, but the forecast remains unaudited, with final data subject to the official semi-annual report - This performance forecast is a **preliminary estimate** by the company's finance department and has **not been audited** by an accounting firm; specific financial data will be subject to the company's officially disclosed semi-annual report[8](index=8&type=chunk) - The company has conducted preliminary discussions with its accounting firm regarding the performance forecast, and there are **no significant disagreements** between the parties[5](index=5&type=chunk)

Group 1 - The company expects a net profit attributable to shareholders between 360 million to 420 million yuan for the period from January 1, 2025, to June 30, 2025, representing a growth of 67.54% to 95.46% compared to 215 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 290 million to 350 million yuan, an increase of 39.10% to 67.88% from 208 million yuan in the previous year [1] - The significant growth in performance is primarily driven by strong demand in the integrated circuit industry, recognition of the company's high-end testing equipment products, and a notable increase in sales orders, along with the impact of approximately 70 million yuan in non-recurring gains [1]

Group 1 - The Ministry of Foreign Affairs of China emphasizes the importance of international law in response to Israel and the US's actions against Iran's nuclear facilities, indicating a willingness to support peace initiatives [1] - The National Committee of the Chinese People's Political Consultative Conference discusses deepening economic reforms to promote modernization [2] - The People's Bank of China and six other departments issue guidelines to enhance financial support for consumption, including a 500 billion yuan loan for service consumption and pension [3] - The Ministry of Commerce announces a campaign to promote electric vehicle consumption in rural areas from July to December 2025 [4] - Guangdong province releases a plan to stimulate domestic circulation by promoting trade-in programs for various consumer goods [5] Group 2 - Youyan New Materials announces plans to introduce strategic investors with a total investment of 300 million yuan [6] - Youngor announces the sale of financial assets, totaling 4.175 billion yuan [7] - Changchuan Technology plans to raise up to 3.132 billion yuan for semiconductor equipment research and development [8] - Tailin Microelectronics expects a 267% year-on-year increase in net profit for the first half of the year [9] - Huatai Securities is approved to issue up to 10 billion yuan in technology innovation bonds [11] Group 3 - The Federal Reserve Chairman Powell indicates potential for early interest rate cuts if the labor market weakens and inflation decreases [16] - US stock markets show significant gains, with the Nasdaq rising 1.43% and the Dow Jones reaching its highest closing since March [17] - International crude oil futures experience substantial declines, with WTI and Brent crude oil futures dropping over 6% [18] - Goldman Sachs maintains an overweight recommendation for A-shares and Hong Kong stocks, projecting a target of 4600 points for the CSI 300 index [19]

Core Viewpoint - The report provides an independent verification of the non-recurring gains and losses of Hangzhou Changchuan Technology Co., Ltd. for the past three years and the current period, confirming compliance with the relevant regulations set by the China Securities Regulatory Commission [1][2]. Summary by Sections Section 1: Verification Report - The verification report is intended solely for the issuance of stocks to specific parties and cannot be used for any other purpose [1]. - The report confirms that the non-recurring gains and losses table prepared by the management accurately reflects the company's financial situation over the specified periods [2]. Section 2: Management's Responsibility - The management of Hangzhou Changchuan Technology Co., Ltd. is responsible for providing accurate and complete information, ensuring that the non-recurring gains and losses table is prepared in accordance with the regulations [2]. Section 3: Auditor's Responsibility - The auditor's responsibility is to provide an independent verification conclusion based on the verification work performed, ensuring that the information does not contain significant misstatements [2]. Section 4: Work Overview - The verification was conducted in accordance with Chinese CPA standards, which require planning and implementation of verification work to obtain reasonable assurance regarding the information's accuracy [2]. Section 5: Verification Conclusion - The auditor concludes that the non-recurring gains and losses table prepared by the management complies with the relevant regulations and accurately reflects the company's financial situation [2]. Section 6: Non-Recurring Gains and Losses Details - The report includes detailed figures for non-recurring gains and losses for the periods 2022 to 2025, highlighting significant items such as asset disposal gains and government subsidies [4][5][6][7]. - For example, the net non-recurring gains attributable to the parent company's shareholders for 2024 amounted to approximately 44.29 million RMB, compared to 66.09 million RMB in 2022 [4][5]. Section 7: Government Subsidies - The report outlines various government subsidies received by the company, including specific amounts and purposes, such as support for technology development and employment incentives [5][6][7]. Section 8: Other Non-Recurring Items - Other non-recurring items include gains from the acquisition of subsidiaries and various one-time financial supports, with detailed amounts provided for each category [6][7][8].

杭州长川科技股份有限公司 监事会关于公司向特定对象发行 A 股股票 相关事项的书面确认意见 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》）、 册管理办法》等相关法律、法规及规范性文件的规定。本次发行方案和预案合理、 切实可行，综合考虑了公司所处行业和发展状况、实际经营情况、资金需求等情 况，符合公司的发展战略及实际情况，符合公司及全体股东的利益。 三、公司就本次发行编制的《杭州长川科技股份有限公司 2025 年度向特定 对象发行股票方案的论证分析报告》充分论证了本次发行方案的可行性及必要性， 符合相关法律法规的规定，符合公司发展战略，符合公司及全体股东的利益。 《上市公司证券发行注册管理办法》 （以下简称《注 册管理办法》）等法律、法规及规范性文件及《杭州长川科技股份有限公司章程》 的规定，杭州长川科技股份有限公司（以下简称"公司"）监事会，在全面了解 和审阅公司 2025 年度向特定对象发行 A 股股票（以下简称"本次发行"）的相 关文件后，发表书面确认意见如下： 一、根据《公司法》 《证券法》 《注册管理办法》的规定并结合公司实际情况， 我们认为 ...