北京市天元律师事务所 关于 江苏卓胜微电子股份有限公司 延长 2025 年度向特定对象发行 A 股股票的 股东大会决议有效期及相关授权有效期的 专项核查意见 TLANYUAN 北京市天元律师事务所 北京市天元律师事务所 关于江苏卓胜微电子股份有限公司 延长2025年度向特定对象发行A股股票的 股东大会决议有效期及相关授权有效期的 专项核查意见 致:江苏卓胜微电子股份有限公司 北京市天元律师事务所（下称"本所"）接受江苏卓胜微电子股份有限公司 (下称"发行人"或"公司") 委托,担任发行人申请 2025 年度向特定对象发行 A 股股票并在深圳证券交易所上市(下称"本次发行")的专项法律顾问。 针对发行人延长本次发行股东大会决议有效期(下称"决议有效期")及延 长股东大会授权董事会及其授权人士全权办理公司本次向特定对象发行股票相 关事宜的有效期(下称"授权有效期",与决议有效期以下合称"决议及授权有 效期")事项,本所律师现根据《监管规则适用指引 -- 发行类第 6 号》(下称"《6 号监管指引》"）的相关要求进行核查并出具本专项核查意见。 本专项核查意见仅供发行人回复《6号监管指引》核查要求及为本次发行之 目的 ...

中国国际金融股份有限公司 关于江苏卓胜微电子股份有限公司 延长公司向特定对象发行股票股东大会决议有效期及 相关授权有效期的核查意见 中国国际金融股份有限公司(以下简称"中金公司"或"保荐机构")作 为江苏卓胜微电子股份有限公司(以下简称"卓胜微"或"公司")2025年度 向特定对象发行股票(以下简称"本次发行")项目的保荐入,根据《监管规 则适用指引 -- 发行类第 6 号》等有关文件规定,对卓胜微延长公司向特定对 象发行股票股东大会获议有效期及相关授权有效期的事项进行了审慎核查,具 体核查情况和核查意见如下: 一、关于延长公司向特定对象发行股票相关有效期的基本情况 公司于 2025年1月24日召开第三届董事会第九次会议、第三届监事会第九 次会议,并于 2025年2月 12日召开 2025年第一次临时股东大会,审议通过了 《关于公司 2025 年度向特定对象发行股票方案的议案》《关于提请股东大会授 权公司董事会及其授权人士全权办理公司本次向特定对象发行股票相关事宜的议 案》等与公司 2025年度向特定对象发行股票事宜相关的议案。根据上述决议, 公司本次向特定对象发行股票决议的有效期、授权董事会及其授权人士全权 ...

证券代码：300782 证券简称：卓胜微 公告编号：2026-007 江苏卓胜微电子股份有限公司 2026年第一次临时股东会决议公告 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。 特别提示： 一、会议召开和出席情况 （一）会议召开情况 1、股东会召开时间： （1）现场会议时间：2026 年 1 月 26 日（星期一）下午 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2026 年 1 月 26 日（星期一）上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通 过深圳证券交易所互联网投票系统投票的具体时间为：2026 年 1 月 26 日（星期 一）9:15-15:00 期间的任意时间。 2、股东会召开地点：江苏省无锡市滨湖区胡埭工业园刘闾路29号（无锡芯 卓湖光半导体有限公司）一层会议室 3、召开方式：现场投票与网络投票相结合的方式 4、召集人：江苏卓胜微电子股份有限公司（以下简称"公司"）董事会 5、主持人：公司董事长许志翰先生 1、本次股东会无否决提案的情况； 2、本次股东会无变更以往股东会 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [3][11]. Core Insights - The company is undergoing a transformation to a Fab-Lite model, which is expected to pressure short-term performance. For 2025, the company anticipates revenue of approximately 3.72 to 3.75 billion yuan, representing a year-on-year decline of about 16% to 18%. The net profit attributable to the parent company is projected to be between -295 million and -255 million yuan, a decrease of approximately 163.46% to 173.41% year-on-year [2][3]. - The company is actively preparing for growth in optical communication, satellite communication, and high-end RF sectors. Its SOI technology has evolved from a single product application to a comprehensive core technology platform covering all categories of RF front-end. The ongoing breakthroughs in the second-generation SOI process are expected to further solidify its position in the global RF chip market [2][3]. - The company has launched several high-performance, low-power mobile communication signal low-noise amplifier products based on germanium-silicon technology, which is crucial for efficient optoelectronic conversion in silicon photonics [2]. Financial Forecasts and Metrics - Revenue projections for 2025, 2026, and 2027 are estimated at 3.72 billion, 4.20 billion, and 5.00 billion yuan, respectively. The net profit attributable to the parent company is expected to be -270 million, 250 million, and 502 million yuan for the same years [3][5]. - The company’s EBITDA is forecasted to be 1.07 billion, 1.57 billion, and 1.82 billion yuan for 2025, 2026, and 2027, respectively [5]. - The projected EPS for the years 2025, 2026, and 2027 is -0.50, 0.47, and 0.94 yuan per share [5]. Relative Valuation - The company is recognized as one of the leading players in the RF front-end sector within the domestic integrated circuit industry, adopting a Fab-Lite operational model. It offers a comprehensive range of products across various materials and processes, allowing flexibility in meeting market and customer demands [8]. - The average PB ratio for comparable companies in 2026 is expected to be 5.82x, while the company’s projected PB ratios for 2025, 2026, and 2027 are 4.18, 4.13, and 4.03, respectively [8][9].

证券之星消息，1月23日半导体板块较上一交易日上涨0.02%，臻镭科技领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。半导体板块个股涨跌见下表： 从资金流向上来看，当日半导体板块主力资金净流出90.34亿元，游资资金净流入19.21亿元，散户资金净 流入71.13亿元。半导体板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 688270 | | | 5.91 Z | 9.58% | -4.03 Z | -6.54% | -1.88 Z- | -3.05% | | 002049 | 紫光国微 | | 3.13 乙 | 6.91% | -1.79亿 | -3.94% | -1.35 Z | -2.97% | | 600745 | 闻泰科技 | | 2.71亿 | 8.72% | -1.52亿 | -4.90% | -1. ...

证券研究报告：电子 | 公司点评报告 股票投资评级 卓胜微(300782) 光通信、卫星通讯、高端射频积极储备 l 事件 公司发布业绩预告，预计 2025 年营收同比下降约 16%-18%，归 母净利润同比减少约 163.46%-173.41%。 l 投资要点 Fab-Lite 模式转型过程中，短期业绩承压。2025 年受产能建设 的投入增加及供应转化、行业竞争持续激烈、供给侧部分原材料产品 交付环节紧张、下游客户库存结构优化调整等因素影响，公司预计 2025 年实现营业收入 37-37.5 亿元，同比下降约 16%-18%，归母净利 润-2.95 到-2.55 亿元，同比减少约 163.46%-173.41%。 光通信、卫星通讯、高端射频积极储备，未来成长可期。在 SOI 工艺方面，目前公司的 SOI 技术已从单一产品应用发展为覆盖射频前 端全品类的核心技术平台，随着第二代 SOI 工艺的持续突破，将进一 步巩固其在全球射频芯片市场的地位。在锗硅工艺方面，公司发布多 款基于锗硅工艺的高性能低功耗移动通信信号低噪声放大器产品。锗 硅也是硅光平台实现高效光电转换的核心材料，能够弥补硅在 1.31/1.55um ...

Core Viewpoint - The company has successfully launched the L-PAMiD product series, marking the first nationwide supply chain in the industry, with complete self-controllable capabilities [2] Group 1: Product Development - The company is actively promoting the marketization of the L-PAMiD launch module across the country [2] - Different versions of the L-PAMiD product have achieved mass production and delivery with multiple brand clients [2] - The L-PAMiD product has been successfully mass-produced and delivered in the Honor Power2 model, demonstrating significant performance improvements in various application scenarios [2] Group 2: Future Strategy - The company plans to deepen the integration of research and development design with chip-level process capabilities [2] - There is a focus on collaborating with clients to define the specifications and implementation paths for the next generation of technology [2] - The company aims to further enhance its technological capabilities and strengthen its market competitiveness [2]

Core Viewpoint - The company has successfully developed the L-PAMiD product series, which is the first in the industry to achieve a fully domestic supply chain, showcasing complete self-control capabilities [1] Group 1: Product Development - The company is actively promoting the marketization of the fully domestic L-PAMiD launch module, with various product solutions already achieving large-scale production and delivery for multiple brand clients [1] - The L-PAMiD product has been successfully mass-produced and delivered in the Honor Power2 model, demonstrating significant performance improvements across diverse application scenarios [1] Group 2: Future Strategy - The company plans to continue deepening the integration of research and development design with chip-level process capabilities, collaborating with clients to define the specifications and implementation paths for the next generation of technology [1] - The ongoing efforts aim to further enhance technological capabilities and solidify market competitiveness [1]

Core Viewpoint - The financial performance of Zhaosheng Microelectronics shows a significant decline in revenue and net profit, indicating potential challenges ahead for the company [2]. Group 1: Financial Performance - As of January 13, Zhaosheng Microelectronics experienced a stock price drop of 2.76%, with a trading volume of 1.624 billion yuan [1]. - For the period from January to September 2025, the company reported a revenue of 2.769 billion yuan, a year-on-year decrease of 17.77%, and a net profit of -171 million yuan, representing a 140.13% decline [2]. - Cumulative cash dividends since the company's A-share listing amount to 884 million yuan, with 265 million yuan distributed over the past three years [2]. Group 2: Shareholder and Market Activity - As of December 31, the number of shareholders for Zhaosheng Microelectronics was 76,200, a decrease of 2.09% from the previous period [2]. - The average number of circulating shares per shareholder increased by 2.13% to 5,884 shares [2]. - The financing balance for Zhaosheng Microelectronics reached 1.668 billion yuan, accounting for 3.78% of its market capitalization, indicating a high level of financing activity [1]. Group 3: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 10.0688 million shares, an increase of 958,600 shares from the previous period [2]. - The E Fund ChiNext ETF ranked as the ninth-largest circulating shareholder with 7.3024 million shares, a decrease of 1.2461 million shares [2]. - Huatai-PB CSI 300 ETF was the tenth-largest circulating shareholder, holding 6.3345 million shares, down by 297,300 shares [2].

Core Viewpoint - The company, Zhaosheng Microelectronics, has projected a significant decline in its 2025 annual performance, with expected revenue and net profit showing substantial decreases compared to the previous year [1]. Financial Performance - The projected operating revenue for 2025 is between 3.7 billion to 3.75 billion yuan, representing a decrease of 16% to 18% year-on-year [1]. - The net profit attributable to shareholders is expected to be between -295 million to -255 million yuan, indicating a decline of 173.41% to 163.46% compared to the previous year [1]. - The net profit after deducting non-recurring gains and losses is projected to be between -336 million to -300 million yuan, reflecting a decrease of 192.42% to 182.52% year-on-year [1]. Fundraising Activities - Zhaosheng Microelectronics went public on June 18, 2019, raising a total of 882.25 million yuan, with a net amount of 828.86 million yuan after deducting issuance costs [1]. - The company issued 25 million new shares at a price of 35.29 yuan per share, with the funds allocated for various R&D and industrialization projects related to RF filters, amplifiers, switches, and IoT connectivity [1]. - In February 2021, the company raised 3.005 billion yuan through a private placement of shares at a price of 565.85 yuan per share, with a net amount of 2.970 billion yuan after costs [2]. - The total amount raised from the two fundraising activities post-IPO is 3.887 billion yuan [3]. - A new fundraising plan was disclosed on October 27, 2025, aiming to raise up to 3.475 billion yuan for expanding RF chip manufacturing and supplementing working capital [3].