东方证券股份有限公司 国泰海通证券股份有限公司 关于 安徽富乐德科技发展股份有限公司 发行股份、可转换公司债券购买资产 并募集配套资金暨关联交易 之 独立财务顾问报告 （注册稿） 独立财务顾问 二〇二五年五月 富乐德 发行股份、可转换公司债券购买资产并募集配套资金暨关联交易之独立财务顾问报告 声明和承诺 东方证券股份有限公司、国泰海通证券股份有限公司接受安徽富乐德科技发 展股份有限公司（以下简称"富乐德"或"上市公司"）的委托，担任富乐德发 行股份、可转换公司债券购买资产并募集配套资金暨关联交易的独立财务顾问， 并出具本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《上市公司向特定对象发行可转换公司债券购买资产规则》《公开发行证券 的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》《上市公司 监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》和《深圳证 券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求，以 及证券行业公认的业务标准、道德规范， ...

据披露，标的公司系控股股东旗下的优质半导体资产，收入规模较大，盈利能力较强， 2022 年、2023 年及 2024 年 1-6 月（均未经审计，下同）的营业收入分别为 11.07 亿元、16.92 亿元及 8.99 亿元，净利 润分别达 26,082.43 万元、35,350.19 万元和 12,789.98 万元。 5月30日，富乐德发布公告称，公司拟发行股份、可转 换公司债券购买江苏富乐华半导体科技股份有限 公司（简称：富乐华）100.00%股权并募集配套资金暨关联交易（以下简称"本次交易"）。深交所并购 重组审核委员会于2025年5月29日召开2025年第 5 次并购重组审核委员会审议会议，对公司本次交易进 行了审议，认为本次交易符合重组条件 和信息披露要求。 其进一步称，公司本次交易尚需获得中国证券监督管理委员会同意注册的决定后方可实 施，能否经中 国证券监督管理委员会予以注册尚存在不确定性。 富乐德是一家泛半导体（半导体、显示面板等）领域设备精密洗净服务提供商，主要聚焦于半导体和显 示面板两大领域，专注于为半导体及显示面板生产厂商提供一站式设备精密洗净及其衍生增值服务。同 时，上市公司逐步导入半导 ...

Core Viewpoint - The article discusses the approval of Fulede's acquisition project under the new restructuring regulations, highlighting its implications for the semiconductor industry and the innovative financing methods employed in the deal [1][2]. Group 1: Regulatory Changes and Approval - Fulede's acquisition of 100% equity in Fulehua is the first project approved under the new restructuring regulations released by the CSRC on May 16 [2]. - The new regulations aim to enhance the merger and acquisition market by increasing tolerance for changes in financial conditions and related party transactions [2][3]. - Fulede updated its submission to demonstrate that the acquisition would not lead to significant adverse changes in its financial status, showcasing improved profitability post-acquisition [1][3]. Group 2: Financial Aspects of the Acquisition - The total transaction value for the acquisition is 6.56 billion yuan, with 6.19 billion yuan paid through share issuance and 360 million yuan through convertible bonds [4]. - Fulede plans to issue 378 million shares at a price of 16.30 yuan per share, which will account for 52.88% of the total share capital post-transaction [4]. - The acquisition is expected to increase Fulede's net profit attributable to shareholders by 240.62% in the first three quarters of 2024 [3]. Group 3: Industry Impact and Strategic Importance - The acquisition addresses critical challenges in the semiconductor sector, particularly in power semiconductor materials, breaking the foreign monopoly in this field [6]. - Fulehua's production of copper-clad ceramic substrates is crucial for power semiconductor modules, and it has established a leading position in domestic production [6][7]. - The merger aligns with broader industry trends, as nearly 80% of recent asset acquisition restructurings in the Shenzhen market are focused on industrial mergers, particularly in semiconductor and technology sectors [7].

Group 1 - The core viewpoint of the news is that Fulede (301297) has successfully passed the restructuring project review by the Shenzhen Stock Exchange, marking it as the first A-share restructuring project approved under the new regulations [1] - The restructuring project involves the issuance of shares and convertible bonds to acquire assets, which is a novel approach since it combines these two methods to meet the diverse compensation requirements of 59 counterparties [1] - Fulede focuses on the semiconductor and display panel sectors, providing precision cleaning services and aims to integrate high-quality semiconductor industry resources through this acquisition [1][2] Group 2 - The acquisition is expected to enhance the company's core competitiveness by integrating high-quality semiconductor materials manufacturing capabilities, thereby providing comprehensive high-value services to clients [2] - Since the introduction of the "Six Merger Policies" in September last year, there has been a significant increase in merger and acquisition activities, with 817 disclosed transactions amounting to 379.7 billion yuan, reflecting a year-on-year growth of 63% and 111% respectively [2] - The Shenzhen Stock Exchange will continue to support the implementation of the "Six Merger Policies" to facilitate mergers and acquisitions that promote technological innovation and the development of new productive forces [2] Group 3 - Investment directions to focus on include strengthening leading technology companies, the trend of industrial consolidation in traditional sectors, increased willingness of state-owned enterprises for market value management through mergers, and the consideration of mergers by unlisted companies in response to changes in the IPO environment [3]

关于公司发行股份、可转换公司债券购买资产并募集配套 资金事项获得深圳证券交易所并购重组审核委员会审核通 过的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 安徽富乐德科技发展股份有限公司（以下简称"公司"）拟发行股份、可转 换公司债券购买江苏富乐华半导体科技股份有限公司 100.00%股权并募集配套 资金暨关联交易（以下简称"本次交易"）。 证券代码：301297 证券简称：富乐德 公告编号：2025-036 安徽富乐德科技发展股份有限公司 公司本次交易尚需获得中国证券监督管理委员会同意注册的决定后方可实 施，能否经中国证券监督管理委员会予以注册尚存在不确定性。公司将根据本次 交易的进展情况，严格按照有关法律法规的规定和要求及时履行信息披露义务。 有关信息均以公司发布的公告为准，敬请广大投资者注意投资风险。 特此公告。 安徽富乐德科技发展股份有限公司董事会 2025 年 5 月 30 日 深圳证券交易所并购重组审核委员会于 2025 年 5 月 29 日召开 2025 年第 5 次并购重组审核委员会审议会议，对公司本次交易进行了审议。根据深圳证券 交易所 ...

Group 1 - The core point of the article is that Fulede's acquisition project has been approved by the Shenzhen Stock Exchange, marking the first merger and acquisition project to pass under the new restructuring regulations in the A-share market [1][3]. - Fulede is a provider of precision cleaning services in the semiconductor equipment sector, and it plans to acquire Fulehua, a leading manufacturer of copper-clad ceramic substrates, which are critical materials in power semiconductor modules [3][4]. - The acquisition aims to enhance Fulede's industrial upgrade in the semiconductor sector, transitioning from cleaning and value-added services to the production of semiconductor component materials, thereby improving the company's sustainable profitability [3][4]. Group 2 - The total transaction price for the acquisition is 6.55 billion yuan, with 6.19 billion yuan paid through the issuance of shares at a price of 16.30 yuan per share, and 360 million yuan through convertible bonds at the same initial conversion price [5]. - This transaction is notable as it is the first to utilize targeted convertible bonds as a payment method since the release of the "Six Merger Rules" [4][5]. - Since September 2024, the Shenzhen market has disclosed a total of 817 merger and acquisition deals amounting to 379.7 billion yuan, with significant growth in both the number of deals and their total value compared to the previous year [5].

Core Viewpoint - The acquisition of Jiangsu Fulehua Semiconductor Technology Co., Ltd. by Anhui Fulede Technology Development Co., Ltd. is a significant event in the semiconductor industry, marking the first merger project approved after the new restructuring regulations by the China Securities Regulatory Commission (CSRC) [2][10]. Group 1: Acquisition Details - Anhui Fulede plans to issue shares and convertible bonds to acquire 100% equity of Jiangsu Fulehua for approximately 65.5 billion yuan, with a share issuance price of 16.30 yuan per share [1]. - The transaction includes issuing shares worth about 61.9 billion yuan and convertible bonds worth 3.6 billion yuan, resulting in the issuance of approximately 37.976 million shares and 2.208 million shares, respectively [1]. Group 2: Market Reaction and Company Performance - Following the announcement of the acquisition, Fulede's stock price surged, reaching a high of 77.66 yuan, representing a 273% increase from the closing price of 20.82 yuan before the suspension [8]. - Fulede's financial performance is significantly lower than that of Fulehua, with Fulede reporting a revenue of 5.6 billion yuan and a net profit of 0.79 billion yuan for the first three quarters of 2024, compared to Fulehua's revenue of 13.73 billion yuan and net profit of 1.9 billion yuan [6]. Group 3: Industry Context - The acquisition is characterized as a "snake swallowing elephant" deal, as Fulehua's asset scale is twice that of Fulede, with Fulehua's assets amounting to 38.75 billion yuan compared to Fulede's 17.38 billion yuan [6]. - The acquisition involves related parties, as the controlling shareholder of Fulehua is linked to Fulede, making this transaction a related party transaction [5]. Group 4: Regulatory Environment - The CSRC's new merger regulations have led to a significant increase in merger and acquisition activities, with over 1,400 disclosed asset restructurings and more than 200 billion yuan in completed major asset restructuring transactions in 2024 [10][11]. - The approval rate for merger projects has reached 100% in 2025, indicating a robust regulatory environment for corporate restructuring [11].

Market Performance - The main board led the gains with notable increases in stocks such as Geer Software (+10.01%), Xuguang Electronics (+8.33%), and Baoming Technology (+8.03) [1] - The ChiNext board saw significant growth with Dongtu Technology (+13.22%) and Fulede (+10.67%) leading the charge [1] - The Sci-Tech Innovation board also performed well, with Yinghantong (+8.09%) and Pinggao Co. (+7.26%) showing strong increases [1] - Active sub-industries included SW Other Communication Equipment (+2.71%) and SW Electronic Chemicals III (+0.06%) [1] Domestic News - Zhuzhou CRRC announced the construction of its third phase project, expected to start in November 2024, with production line operations anticipated by the end of 2025, focusing on 8-inch SiC wafers [1] - Guokemicro is planning to acquire a company engaged in specialty semiconductor wafer foundry and customized chip manufacturing through a share issuance and cash payment [1] - Lenovo reported a 23% increase in sales for Q4 FY2025, reaching approximately $17 billion, but net profit plummeted 64% to about $9 million, reflecting losses in derivative business and pricing pressures in the PC market [1] - Tianyue Advanced is advancing its expansion plan for 8-inch silicon carbide substrates at its Shanghai Lingang factory, with a phased approach to reach planned capacity [1] Company Announcements - Shengshi Technology announced the acquisition of three invention patents focused on security and customs clearance, applicable in airports, ports, and train stations [2] - Fujida declared a cash dividend of 1 yuan per 10 shares, totaling 18.77 million yuan based on a total share capital of 187,728,000 shares [2] - Luwei Optoelectronics announced a cash dividend of 3.00 yuan per 10 shares for the 2024 fiscal year [2] - Shiji Hengtong disclosed a pre-announcement of share reduction by a major shareholder, with a maximum of 1,953,966 shares (2.00% of total shares) to be reduced [2] Industry Developments - Meta is developing a new generation of smart glasses, expected to commercialize by 2026, enhancing the Live AI system's capabilities, particularly in facial recognition [3] - The South Korean government expressed concerns over potential U.S. tariffs on imported chips, warning of negative impacts on Korean investments in the U.S. and the complementary relationship between the two countries in the semiconductor industry [3] - ADI reported better-than-expected performance for Q2 FY2025, benefiting from a rebound in automotive and industrial demand, and raised its operational outlook [3] - In the flash memory market, some original manufacturers are facing delays in fulfilling DDR4 orders, with demand remaining strong as customers seek to secure supply [3]

安徽富乐德科技发展股份有限公司（以下简称"公司"）拟发行股份、可转 换公司债券购买江苏富乐华半导体科技股份有限公司 100.00%股权并募集配套 资金暨关联交易（以下简称"本次交易"）。 根据《深圳证券交易所并购重组审核委员会 2025 年第 5 次审议会议公告》， 深圳证券交易所并购重组审核委员会定于 2025 年 5 月 29 日召开 2025 年第 5 次并购重组审核委员会审议会议，审核公司本次重组申请。公司将持续关注本次 重组的进展情况，并严格按照有关法律法规的规定及时履行信息披露义务，本次 重组有关信息均以公司指定信息披露媒体发布的公告为准。 公司本次重组事项尚需深圳证券交易所审核通过，并获得中国证券监督管理 委员会同意注册的决定后方可实施。该事项能否通过审核、注册以及最终通过审 核、注册的时间尚存在不确定性。公司将严格按照相关法律法规的规定和要求履 行信息披露义务，敬请广大投资者关注公司后续公告并注意投资风险。 证券代码：301297 证券简称：富乐德 公告编号：2025-035 安徽富乐德科技发展股份有限公司 关于收到深圳证券交易所并购重组审核委员会审核公司发 行股份、可转换公司债券购买资产并募 ...

Group 1 - The core viewpoint of the news is that Fulede plans to acquire 100% equity of Fulehua from 59 trading parties for approximately 6.55 billion yuan, which will enhance its asset scale and profitability [1][2] - The transaction involves related parties, as Shanghai Shenhe, the controlling shareholder of Fulede, also controls Shanghai Zuzhen and Shanghai Zezu, which collectively hold 66.68% of Fulehua [1] - Fulehua is a leading manufacturer of copper-clad ceramic substrates, with significant clients including STMicroelectronics, Infineon, BorgWarner, Fuji Electric, and BYD [2] Group 2 - Fulehua's revenue from 2022 to the first nine months of 2024 was 1.107 billion yuan, 1.668 billion yuan, and 1.373 billion yuan, with net profits of 260 million yuan, 343 million yuan, and 190 million yuan respectively [2] - In contrast, Fulede's revenue during the same period was 624 million yuan, 609 million yuan, and 780 million yuan, with net profits of 88 million yuan, 94 million yuan, and 109 million yuan, indicating slower growth [2] - The acquisition is expected to significantly improve Fulede's total asset scale, net asset scale, operating income, and net profit, thereby enhancing its sustainable development and profitability [2]