致：北京华大九天科技股份有限公司 北京市金杜律师事务所（以下简称本所）接受北京华大九天科技股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）《上市公司股东会规则（2025 修订）》（以下简称《股东会规 则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不 包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法 律、行政法规、规章、规范性文件和现行有效的《北京华大九天科技股份有限公 司章程》（以下简称《公司章程》）有关规定，指派律师出席了公司于 2025 年 5 月 20 日召开的 2024 年度股东大会（以下简称本次股东大会），并就本次股东大 会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2022 年第二次临时股东大会审议通过的《公司章程》； 2. 公司 2025 年 4 月 28 日刊登于巨潮资讯网及深圳证券交易所网站的《北 京华大九天科技股份有限公司第二届董事会第十四次会议 ...

Group 1: EDA Technology Development - The company has achieved significant breakthroughs in EDA tools for various circuit designs, including analog, storage, RF, and digital circuits, with some tools reaching international leading levels [2][3] - The company aims to complete the development and market promotion of integrated circuit design tools within the next three years, achieving full domestic replacement of design tools and multiple products reaching international leading standards [4] - The company plans to accelerate the layout of EDA tools through independent research and development, cooperative development, and mergers and acquisitions [5] Group 2: Financial Performance and Incentives - The company approved a stock incentive plan on December 18, 2023, granting 8.69 million shares at a price of 51.22 CNY per share to 408 eligible participants [5] - The stock incentive plan price was adjusted to 51.07 CNY per share for an additional 2.17 million shares granted to 186 participants on November 4, 2024 [5] - The company’s stock payment expenses for 2024 are projected to be 178 million CNY [5] Group 3: Strategic Partnerships and Market Expansion - The company is a member of the TSMC EDA Alliance, providing integrated solutions from chip design to manufacturing [6] - The company has established over 30 joint laboratories with top universities and research institutions, focusing on core technical challenges in the EDA field [7] - The company is collaborating with China Electronics Group to enhance business development and asset quality post-acquisition [3][8] Group 4: Research and Development Investment - The company maintains a high R&D investment, with 2024 R&D expenses amounting to 868.12 million CNY, representing 71.02% of operating revenue [10] - The company plans to balance R&D investment with profitability, expecting the R&D expense ratio to decrease as market share expands [10] Group 5: Investor Relations and Governance - The company has implemented measures to protect minority investors, including establishing rules for shareholder meetings and ensuring timely information disclosure [10] - The company emphasizes communication with investors through various channels, including performance briefings and direct interactions [10] Group 6: AI Integration in EDA - AI technology is being integrated into EDA tools to enhance design efficiency and quality, with new tools like the Andes design automation platform incorporating AI features [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4] Core Views - The company achieved a revenue of 1.22 billion yuan in 2024, representing a year-on-year growth of 20.98%, while the net profit attributable to the parent company was 109 million yuan, a decrease of 45.46% year-on-year [4] - The company is expanding its full-process advantages and plans to acquire Chip and Semiconductor to extend its capabilities [4] - The company has a strong customer base with nearly 700 global clients, covering major integrated circuit design companies, wafer manufacturers, packaging companies, and flat panel manufacturers [4] Revenue and Profit Forecast - The company forecasts revenues of 1.61 billion yuan in 2025, 2.02 billion yuan in 2026, and 2.49 billion yuan in 2027, with corresponding net profits of 137 million yuan, 172 million yuan, and 225 million yuan respectively [2][4] - The expected growth rates for revenue are 31.9% in 2025, 25.4% in 2026, and 23.2% in 2027 [6] Financial Metrics - The company's earnings per share (EPS) is projected to be 0.25 yuan in 2025, 0.32 yuan in 2026, and 0.41 yuan in 2027 [6] - The price-to-earnings (P/E) ratio is expected to be 463 in 2025, 368 in 2026, and 281 in 2027 [6] Strategic Initiatives - The company is enhancing its research and development investments, with R&D expenses projected to reach 1.09 billion yuan in 2025 and 1.36 billion yuan in 2026 [6] - The acquisition of Chip and Semiconductor is aimed at entering the integrated system design market, which is expected to complement the company's existing EDA product line [4]

北京华大九天科技股份有限公司 证券代码：301269 证券简称：华大九天 公告编号：2025-024 一、召开时间、地点及方式 关于举行 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 北京华大九天科技股份有限公司（以下简称"公司"）《2024 年年度报告》及 《2025 年第一季度报告》已分别于 2025 年 4 月 28 日、2025 年 4 月 29 日披露， 为了让投资者能进一步了解公司 2024 年度及 2025 年第一季度经营情况，公司将 于 2025 年 5 月 20 日（星期二）16:00-17:00 在"价值在线"（www.ir-online.cn） 举行 2024 年度暨 2025 年第一季度业绩说明会，与投资者进行沟通和交流，广泛 听取投资者的意见和建议。具体安排如下： （一）召开日期及时间：2025 年 5 月 20 日（星期二）16:00-17:00 （二）召开地点：价值在线（www.ir-online.cn） （三）召开方式：网络互动方式 （四）参与方式：投资者可于 2025 ...

中信证券股份有限公司 关于北京华大九天科技股份有限公司 2024 年度持续督导定期现场检查报告 | 保荐人名称：中信证券股份有限公司 被保荐公司简称：华大九天 | | --- | | （以下简称"中信证券"或"保荐人"） | | 保荐代表人姓名：罗峰 联系电话：010-60837549 | | 保荐代表人姓名：何洋 联系电话：021-20262372 | | 现场检查人员姓名：王金石 | | 现场检查对应期间：2024 年 1 月 1 日-2024 年 12 月 31 日 | | 现场检查时间：2025 年 4 月 21 日至 2025 年 4 月 22 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段： | | 查阅了上市公司最新章程、三会文件及议事规则，取得上市公司董事、监事、高 级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司董事、 | | 监事、高级管理人员的信息披露文件，查看上市公司生产经营场所，对上市公司 | | 高级管理人员进行访谈。 | | 1.公司章程和公司治理制度是否完备、合规 √ | | 2.公司章程和三会规则是否得 ...

Core Viewpoint - The company reported a revenue growth in 2024 but faced a significant decline in net profit, while the first quarter of 2025 showed positive trends in both revenue and net profit [1][2]. Financial Performance - In 2024, the company achieved a revenue of 1.22 billion, representing a year-on-year increase of 20.98%, while the net profit attributable to shareholders was 109 million, a decrease of 45.46% [1]. - For the first quarter of 2025, the company reported a revenue of 234 million, an increase of 9.77% year-on-year, and a net profit of 10 million, which is a year-on-year growth of 26.72% [2]. Industry Position and Growth - The company maintained a strong growth in software sales and technical services, solidifying its leading position in the domestic EDA (Electronic Design Automation) market. In 2024, EDA software sales reached 1.09 billion, up 20.71%, and technical service revenue was 115 million, up 40.01% [3]. - As one of the earliest companies engaged in EDA research and development in China, the company has become the largest and most comprehensive EDA enterprise domestically, holding the top market share among local EDA companies in 2024 [3]. Research and Development - The company emphasizes continuous R&D innovation, with R&D expenses amounting to 868.12 million in 2024, accounting for 71.02% of its revenue. It has achieved full-process tool coverage in various circuit design fields and is enhancing its coverage in other EDA areas [3]. - On March 31, 2025, the company announced a plan to acquire 100% of Chip and Semiconductor, aiming to build a comprehensive EDA solution from chip to system level, thereby enhancing the domestic EDA ecosystem [3]. Product and Customer Base - The company's EDA tool software and services cover multiple fields, including various circuit designs and wafer manufacturing. It has nearly 700 global customers, establishing a strong reputation in the industry [4]. - In 2024, the company achieved over 50% coverage in domestic process nodes for PDK (Process Design Kit), with plans for full coverage in the next two to three years [4]. Revenue Forecast - The company forecasts total revenues of 1.65 billion, 2.12 billion, and 2.68 billion for 2025, 2026, and 2027, respectively, with growth rates of 35.28%, 28.47%, and 26.04%. The net profit attributable to shareholders is expected to be 220 million, 337 million, and 470 million, reflecting year-on-year growth of 100.84%, 53.37%, and 39.51% [4].

关于北京华大九天科技股份有限公司 2024 年度持续督导培训情况的报告 深圳证券交易所： 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）根据《深 圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等相关规定，对北 京华大九天科技股份有限公司（以下简称"华大九天"、"公司"）进行了 2024 年度持续督导培训，报告如下： 一、本次持续督导培训的基本情况 （一）保荐机构：中信证券股份有限公司 （二）保荐代表人：罗峰、何洋 中信证券股份有限公司 三、本次持续督导培训的结论 保荐机构按照《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》的相关要求，对华大九天进行了 2024 年度持续督导培训。 1 保荐机构认为：通过本次培训，公司的董事、监事、高级管理人员对上市公 司治理、信息披露相关要求、募集资金规划使用及防范关联交易、内幕交易及资 金占用等有了更加深刻的理解与认识。本次持续督导培训总体上提高了培训对象 的规范运作意识及对资本市场的理解，有助于提高公司的规范运作和信息披露水 平。本次持续督导培训达到了预期效果，有助于进一步提升公司的规范运作水平。 （以下无正文） （三）培训时间：2 ...

Core Viewpoint - The company is experiencing growth in revenue and is strategically positioning itself in the EDA industry through acquisitions and partnerships, while also facing challenges from being placed on the U.S. entity list. Group 1: Financial Performance - In Q1 2025, the company reported revenue of 234 million yuan, a year-on-year increase of 9.8% but a quarter-on-quarter decrease of 51.1% [1] - For 2024, the company expects revenue of 1.222 billion yuan, a year-on-year increase of 20.98%, with a projected net profit of 109 million yuan, down 45.46% year-on-year [1] - The company anticipates total stock-based compensation expenses of approximately 179 million yuan for 2024, which will impact net profit margins [1] Group 2: Strategic Developments - The company has established a comprehensive EDA tool system covering various circuit design areas and is expected to enhance its capabilities in digital circuit design and wafer manufacturing [2] - The acquisition of Chip and Semiconductor is aimed at complementing the company's product line and enhancing its offerings in the EDA space, particularly in system-level design [3] - The company is now under the control of China Electronics Group, which is expected to provide strategic support and resources for further development [2] Group 3: Market Position and Outlook - The company has been listed on the U.S. entity list, which is expected to accelerate the domestic EDA tool localization process [4] - The company is positioned as a leading player in the domestic EDA market and is expected to benefit from the trend of domestic substitution in the EDA sector [4] - Revenue projections for 2025-2027 are estimated at 1.6 billion, 1.93 billion, and 2.32 billion yuan respectively, with corresponding net profits of 166 million, 295 million, and 409 million yuan [4]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing accelerated domestic EDA core segment localization and has acquired Chip and Semiconductor to enhance its business layout in TMT and small-cap/electronic sectors [1] - The company is expected to benefit from the domestic EDA substitution trend, having established a comprehensive layout across seven major fields and four complete processes [1] - The acquisition of Chip and Semiconductor is anticipated to complement the company's product lines and provide a more comprehensive chip-to-system level product offering [1] Financial Performance Summary - For Q1 2025, the company reported revenue of 234 million yuan, a year-on-year increase of 9.8% but a quarter-on-quarter decrease of 51.1%, with a net profit attributable to shareholders of 9.71 million yuan [1] - The 2024 revenue is projected to be 1.222 billion yuan, representing a year-on-year growth of 20.98%, with a net profit of 109 million yuan, down 45.46% year-on-year due to stock payment expenses [1] - The company expects revenues of 1.6 billion yuan, 1.93 billion yuan, and 2.32 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 166 million yuan, 295 million yuan, and 409 million yuan [5][12] Business Development Summary - The company has established a full-process EDA tool system for analog, storage, RF, and flat panel display circuit design, with plans to quickly complete the EDA full process for digital circuits, wafer manufacturing, and advanced packaging [1] - The company was included in the U.S. Entity List, which is expected to accelerate the localization process of EDA tools [1] - The company is now under the control of China Electronics Group, which is expected to support its development and integration into the group's financial statements [1]

公 司 报 告 计算机 2025年05月05日 华大九天(301269.SZ) 一季度利润表现良好，国内EDA领先地位持续稳固 推荐 ( 维持) 股价:119.19元 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年报和2025年一季报。2024年，公司实现营业收入12.22亿 元，同比增长20.98%；实现归母净利润1.09亿元，同比减少45.46%。2025年 一季度，公司实现营业收入2.34亿元，同比增长9.77%；实现归母净利润0.10 亿元，同比增长26.72%。公司发布利润分配预案：以542,941,768为基数，向 全体股东每10股派发现金红利1.50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。 平安观点： 券 研究助理 | 王佳一 | 一般证券从业资格编号 | | --- ...