华创证券有限责任公司 核查意见（修订稿） 独立财务顾问：华创证券有限责任公司 （贵州省贵阳市云岩区中华北路216号） 二〇二四年三月 1 关于深圳证券交易所《关于江苏捷捷微电子股份有 限公司发行股份购买资产并募集配套资金申请的审 核问询函》回复 之 2 | 问题一 4 | | | --- | --- | | 问题二 | 32 | | 问题三 | 55 | | 问题四 | 104 | | 问题五 | 130 | | 问题六 | 159 | | 问题七 | 171 | | 问题八 | 207 | | 问题九 | 211 | | 问题十 | 220 | | 问题十一 | 233 | | 问题十二 | 250 | | 其他问题 | 276 | 问题一 申请文件显示：（1）上市公司拟购买控股子公司捷捷微电（南通）科技有 限公司（以下简称标的资产）30.24%股权，交易完成后上市公司将持有标的资 产 91.55%的股权。标的资产于 2022 年 9 月投产，产能处于爬坡过程中，报告期 各期净利润分别为-1,176.28 万元、-2,148.51 万元、-2,024.31 万元，期末未 分配利润为-5,316.17 万元； ...

江苏捷捷微电子股份有限公司 审核问询函之回复 关于深圳证券交易所《关于江苏捷捷 微电子股份有限公司发行股份购买资 产并募集配套资金申请的审核问询 函》之回复 目 录 回 复 1 江苏捷捷微电子股份有限公司 审核问询函之回复 关于深圳证券交易所《关于江苏捷捷微电子股份有限公司发行股份购 买资产并募集配套资金申请的审核问询函》之回复 深圳证券交易所： 根据贵所 2024 年 1 月 15 日出具的《关于江苏捷捷微电子股份有限公司发行 股份购买资产并募集配套资金申请的审核问询函》（审核函〔2024〕030001 号） （以下简称"审核问询函"、"问询函"）的要求，江苏捷捷微电子股份有限公 司（以下简称"公司"、"捷捷微电"或"上市公司"）会同沃克森（北京）国 际资产评估有限公司（以下简称"评估师"）等中介机构，按照贵所的要求对审 核问询中提出的问题逐条进行了认真讨论、核查和落实，现逐条进行回复说明， 请予审核。 除特别说明外，本审核问询函回复（以下简称"本回复"）所述的词语或简 称与重组报告书中"释义"所定义的词语或简称具有相同的含义。在本审核问询 函回复中，若合计数与各分项数值相加之和在尾数上存在差异，均为四舍五 ...

江苏捷捷微电子股份有限公司 发行股份及支付现金购买资产并募集配套资金报告书（草案）摘要 | 股票代码：300623 | 股票简称：捷捷微电 | 上市地点：深圳证券交易所 | | --- | --- | --- | | 债券代码：123115 | 债券简称：捷捷转债 | 上市地点：深圳证券交易所 | 江苏捷捷微电子股份有限公司 发行股份及支付现金购买资产并募集配套资金 报告书（草案）摘要（修订稿） （贵州省贵阳市云岩区中华北路 216 号） 二〇二四年三月 1 江苏捷捷微电子股份有限公司 发行股份及支付现金购买资产并募集配套资金报告书（草案）摘要 声明 | 项目 | 交易对方 | | | | | --- | --- | --- | --- | --- | | 发行股份及支 付现金购买资 | 南通苏通集成电路重大产业项目投资基金合伙企业（有限合伙） 南通投资管理有限公司 南通科技创业投资合伙企业（有限合伙） | | | | | 产 | 南通苏通控股集团有限公司 | | | | | | 江苏南通峰泽一号创业投资合伙企业（有限合伙） | | | | | | 南通挚琦智能产业投资中心（有限合伙） | | | | | 募 ...

北京德恒律师事务所 关于 江苏捷捷微电子股份有限公司 发行股份及支付现金购买资产 并募集配套资金的 补充法律意见（一） 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 | 一、《问询函》问题 | 1 | | 5 | | --- | --- | --- | --- | | 二、《问询函》问题 | 2 | | 19 | | 三、《问询函》问题 | 9 | | 42 | | 四、《问询函》问题 | | 11 | 50 | | 五、《问询函》问题 | | 12 | 66 | 北京德恒律师事务所 关于江苏捷捷微电子股份有限公司 发行股份及支付现金购买资产并募集配套资金的补充法律意见（一） 北京德恒律师事务所 关于 江苏捷捷微电子股份有限公司 发行股份及支付现金购买资产 并募集配套资金的 补充法律意见（一） 德恒 02F20230448-01-0008 号 致：江苏捷捷微电子股份有限公司 北京德恒律师事务所接受江苏捷捷微电子股份有限公司（以下简称"公司"、 "捷捷微电"或"上市公司"）委托，担任捷捷微电发行股份及支付现金购买资 产 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected return that is stronger than the market benchmark by 5% to 15% [4][32]. Core Insights - The company, JieJie Microelectronics (300623.SZ), reported a significant improvement in performance, with a year-on-year revenue increase of 15.51% in 2023, reaching 2.106 billion yuan. However, the net profit attributable to shareholders decreased by 39.04% to 219.13 million yuan [9][37]. - The fourth quarter of 2023 saw a notable recovery, with a quarter-on-quarter net profit increase of 64.84%, suggesting a potential rebound in the downstream consumer electronics sector [9][37]. - The company is actively expanding its product lines, focusing on automotive-grade chips and enhancing its IDM (Integrated Device Manufacturer) full industry chain layout through strategic acquisitions [9][37]. Financial Forecast - The company's projected net profits for 2024, 2025, and 2026 are 332.61 million yuan, 518.81 million yuan, and 793.07 million yuan, respectively, with corresponding PE ratios of 49X, 31.63X, and 20.70X [4][6]. - Revenue is expected to grow significantly, with forecasts of 2.645 billion yuan in 2024, 3.363 billion yuan in 2025, and 4.168 billion yuan in 2026, reflecting growth rates of 25.57%, 27.13%, and 23.94% respectively [6][4].

2024 年 3 月 13 日公司披露 2023 年年度报告, 2023 年实现营收 21.06 亿元,同比增长 15.51%;实现归母净利润 2.19 亿元,同比 -39.04%。其中,Q4 单季度实现营收 6.80 亿元,同比增长 26.23%; 实现归母净利润 0.77 亿元，同比+16.14%。 经营分析 4Q23 行业景气度持续改善,譬收、利润均实现周环比增长。4Q23 公司实现扣非后的归母净利润为 9040 万元,同比+53.75%。2023 年公司的功率半导体分立器件业务实现收入 14.60 亿元,同比 +5.03%,上一轮景气周期的大幅扩产导致功率器件行业内成熟制 程产能相对过剩,市场竞争加剧。经过 2023年的产品价格调整, 出货量的增长被降价等因素部分抵消,导致收入端增幅较弱。 4Q23 公司毛利率和净利率环比均有所改善,未来随着需求逐步转 好,公司产能利用率不断提升,整体盈利能力将持续修复和改善。 持续优化、拓宽产品结构,创新驱动增强公司综合竞争力。公司在 保证晶闸管等业务稳定增长的同时，提升防护器件、MOSFET 及 IGBT 等产品的占比，逐步使公司产品结构和行业结构相匹配。公 司在 ...

Financial Performance - The company's operating revenue for 2023 was ¥2,106,360,178.68, representing a 15.51% increase compared to ¥1,823,510,570.80 in 2022[64]. - The net profit attributable to shareholders for 2023 was ¥219,129,187.55, a decrease of 39.04% from ¥359,454,254.44 in the previous year[64]. - The net cash flow from operating activities increased significantly to ¥934,614,802.10, up 177.09% from ¥337,294,145.56 in 2022[64]. - Basic earnings per share for 2023 were ¥0.30, down 38.78% from ¥0.49 in 2022[64]. - Total assets at the end of 2023 were ¥7,721,873,336.43, a 1.27% increase from ¥7,624,824,487.22 at the end of 2022[64]. - The net assets attributable to shareholders increased by 5.00% to ¥3,758,525,074.69 from ¥3,579,699,142.16 in 2022[64]. - The company reported a quarterly revenue of ¥679,904,901.21 in Q4 2023, marking a significant increase compared to previous quarters[66]. - The net profit attributable to shareholders in Q4 2023 was ¥76,599,950.42, showing a recovery trend in profitability[66]. - The weighted average return on equity for 2023 was 5.97%, down from 10.50% in 2022, indicating a decline in profitability[64]. - Non-operating income from the disposal of non-current assets amounted to ¥447,842.08 in 2023, a significant decrease from ¥36,967,509.69 in 2022[73]. - Government subsidies recognized in the current period were ¥20,130,818.00, down from ¥43,650,102.71 in the previous year[73]. - The total impact of income tax for the year was ¥2,936,989.16, compared to ¥5,117,827.41 in 2022[74]. - The company reported a total of ¥14,867,614.43 in other operating income and expenses for 2023, a decrease from ¥59,155,037.30 in 2022[74]. Market and Competition - The company is experiencing intensified market competition with international semiconductor companies as its sales scale expands[5]. - The semiconductor market is highly competitive, with international companies holding approximately 50% market share, posing challenges for domestic manufacturers[79]. - The company is focused on expanding its market presence and enhancing its product offerings in the power semiconductor sector[88]. - The company is expanding into emerging markets such as aerospace, automotive electronics, and IT products while maintaining its position in traditional markets[118]. - The downstream market for power semiconductor discrete devices is growing, driven by technological advancements and the need for energy efficiency[130]. - The company has successfully exported its mid-to-high-end products to countries like South Korea, Japan, Spain, and Taiwan, reducing reliance on imports[142]. Risks and Challenges - The company is facing risks related to management and human resources due to rapid business expansion, which will require a significant increase in management and technical personnel[4]. - The company is subject to risks from international political and economic changes, particularly due to restrictions imposed by the U.S. on the Chinese semiconductor industry[8]. - The company acknowledges the risk of rising labor costs in the domestic manufacturing sector, which may impact operational efficiency[4]. - The company has identified potential risks in fundraising and investment projects, including possible cost overruns and market acceptance issues[6]. - The company faces risks related to increased asset depreciation due to the expansion of high-end power semiconductor production lines, which could negatively impact operational efficiency if capacity is not effectively utilized[77]. - Environmental risks are heightened due to the chemical processes involved in semiconductor manufacturing, which may lead to increased costs and potential regulatory penalties[80]. Research and Development - The company is investing in key R&D projects and major construction projects, but faces risks of delays and uncertainties due to external factors[25]. - The company is focused on developing new technologies and products in the semiconductor sector[39]. - The company emphasizes innovation in semiconductor technology, with ongoing research and development efforts to enhance product offerings[92]. - The core R&D team is stable and experienced, focusing on power electronics technology, which supports product innovation and process optimization[186]. - The company has adopted an IDM model for power semiconductor discrete devices, independently completing design, manufacturing, packaging, and testing, which significantly improves product performance[179]. - The company has filed for 10 new patents in 2023, focusing on innovative semiconductor manufacturing processes[194]. Corporate Governance - The company has a structured remuneration decision-making process involving the Compensation and Assessment Committee[153]. - The remuneration for directors requires approval from the shareholders' meeting after the board's review[153]. - The company maintains a commitment to transparency in its financial reporting and governance practices[152]. - The company held a total of 15 board meetings during the reporting period, with all directors attending each meeting in person[161]. - The independent directors actively participated in meetings and provided independent opinions on significant matters, ensuring the protection of shareholders' rights[165]. - The Audit Committee convened four times during the reporting period, approving key financial documents including the 2022 Annual Report and the 2023 Q1 Report[166]. Shareholder Information - The company plans to distribute a cash dividend of 0.58 CNY per 10 shares to all shareholders, based on a total of 734,866,697 shares[28]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 12.93 million[154]. - The highest remuneration was received by the Vice Chairman and General Manager, totaling CNY 1.22 million[154]. - The Chairman received a remuneration of CNY 0.96 million[154]. - The company has established a three-year shareholder return plan for 2021-2023, maintaining consistency with the previous plan for 2023[178]. Management and Team - The company has experienced significant changes in its management team, with multiple executives resigning in 2023, including the CFO and several vice presidents[82]. - The company has a strong management team with no reported penalties or disqualifications from regulatory bodies, ensuring compliance and governance[90][91][92][99]. - The management team has a diverse background in finance, technology, and market development, contributing to strategic decision-making[96][100]. - The company’s management system strictly monitors production steps, ensuring product reliability, stability, and consistency at an industry-leading level[180]. - The company’s management team is stable, focusing on improving management efficiency and optimizing processes[137].

【下载】 容 诚 内部控制鉴证报告 江苏捷捷微电子股份有限公司 容诚专字|2024]215Z0079 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.gov.cn）"进行查测 " 容说 目 录 | | 内部控制鉴证报告 | | | | --- | --- | --- | --- | | 序号 2 | 内部控制评价报告 | 内 容 | 页码 1-43 | 内部控制鉴证报告 容诚专字[2024]215Z0079 号 江苏捷捷微电子股份有限公司全体股东: 我们鉴证了后附的江苏捷捷微电子股份有限公司(以下简称捷捷微电公司) 董事会编制的 2023 年 12 月 31 日与财务报告相关的内部控制有效性的评价报告。 二、企业对内部控制的责任 按照财政部发布的《企业内部控制基本规范》和相关规定的要求,建立健全 和有效实施内部控制,并评价其有效性是捷捷微电公司董事会的责任。 三、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捷捷微电公司财务报告内部控制的 有效性独立地提出鉴证结论。 四、工作概述 我们按照《中国注册会计师其他鉴 ...

江苏捷捷微电子股份有限公司 未来三年（2024-2026 年）股东回报规划 江苏捷捷微电子股份有限公司（以下简称"公司"或"本公司"）为了股东 权益分红的回报，根据中国证监会《关于进一步落实上市公司现金分红有关事项 的通知》、《上市公司监管指引第3号——上市公司现金分红》的规定，进一步 细化《公司章程》中关于利润分配政策的条款，增强利润分配决策的透明度和可 操作性，便于股东对公司经营和分配进行监督，公司董事会在《江苏捷捷微电子 股份有限公司未来三年（2019年-2021年）股东分红回报规划》、《江苏捷捷微 电子股份有限公司未来三年（2021-2023年）股东回报规划》的基础上，制定了 《江苏捷捷微电子股份有限公司未来三年（2024-2026年）股东回报规划》，具 体规划如下： 第一条 未来分红回报的原则 公司股东回报规划充分考虑和听取股东（特别是中小股东等公众投资者）和 独立董事的意见，坚持现金分红为主这一基本原则，每年现金分红不低于当期实 现可供分配利润的百分之二十。 第二条 考虑的因素 公司着眼于长远和可持续发展，综合考虑了企业实际情况、发展目标，建立 对投资者持续、稳定、科学的回报规划与机制，从而对股利 ...

江苏捷捷微电子股份有限公司 2024 年度公司高级管理人员薪酬议案 第一章 总 则 第一条 为进一步完善江苏捷捷微电子股份有限公司（以下简称"公司"）治理结 构，提高公司管理水平，建立和完善经营者的激励约束机制，充分调动高级管理人员的 积极性和创造性，提高企业经营管理水平，保证公司健康、持续、稳定发展，加强和规 范公司高级管理人员薪酬的管理，根据《中华人民共和国公司法》、《上市公司治理准 则》等有关法律、法规及《公司章程》的规定，结合公司实际情况及行业水平，制定本 议案。 第二条 本议案适用于所有公司高级管理人员，上述人员包括：公司总经理、副总 经理、财务总监、董事会秘书等。 第三条 公司高级管理人员薪酬的确定遵循以下原则： 第二章 管理机构 （一）坚持按劳分配与责、权、利相结合的原则； （二）实行收入水平与公司效益及工作目标挂钩的原则； （三）薪酬与公司长远利益相结合的原则，确保主营业务增长，防止短期行为，促 进公司的长期、稳健可持续发展； （四）薪酬标准以公开、公正、透明为原则，参照目前的实际收入水平确定，既要 有利于强化激励与约束机制，又要符合企业的实际情况； （五）薪酬收入坚持"有奖有罚，奖罚对等，激 ...