Core Viewpoint - Shanghai Hejing Silicon Materials Co., Ltd. is experiencing positive market movement, with a 1.78% increase in stock price and a total market capitalization of 15.226 billion yuan, benefiting from its position in the semiconductor industry and the depreciation of the RMB [1][2]. Company Overview - Shanghai Hejing specializes in the research, production, and sales of semiconductor silicon epitaxial wafers, with its core products being 8-inch and smaller epitaxial wafers used for power devices and analog chips [2]. - The company has been recognized as a "specialized, refined, distinctive, and innovative" enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating its strong market position and technological capabilities [2]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 1.006 billion yuan, representing a year-on-year growth of 19.05%, and a net profit attributable to shareholders of 105 million yuan, with a year-on-year increase of 32.86% [7]. - The company's overseas revenue accounts for 85.40% of its total revenue, which is positively impacted by the depreciation of the RMB [3]. Shareholder Information - As of December 31, the number of shareholders for Shanghai Hejing was 16,100, an increase of 3.79% from the previous period, with an average of 21,089 shares held per shareholder, a decrease of 3.66% [7]. - The company has distributed a total of 332 million yuan in dividends since its A-share listing [8]. Market Activity - The stock has seen a net inflow of 2.0069 million yuan today, with no significant trend in major shareholder activity, indicating a dispersed ownership structure [4][5]. - The average trading cost of the stock is 23.69 yuan, with the current price approaching a resistance level of 23.34 yuan, suggesting potential for upward movement if this level is surpassed [6].

Summary of Key Points Core Viewpoint - Several companies are announcing share reductions by major shareholders, indicating potential shifts in ownership and market dynamics within the A-share market [1]. Shareholder Reductions - Su Shi Testing's controlling shareholder plans to reduce holdings by no more than 2% [1] - Hengda New Materials' shareholder Longyou Lianlong intends to reduce holdings by no more than 3% [1] - Chimo Hongye plans to sell up to 3.5 million shares of Hongye Futures (stock code 001236) at an opportune time [1] - Kaidi Co.'s actual controller Zhou Shucheng plans to reduce holdings by no more than 2% [1] - Zhongxing Duchuang plans to cumulatively reduce no more than 434,900 repurchased shares [1] - Hongxun Technology's controlling shareholder's concerted action party "Help Help" intends to reduce holdings by no more than 3% [1] - Hongye Futures' controlling shareholder's concerted action party plans to reduce holdings by no more than 1% [1] - Andar Intelligent's shareholder Yizhitong has cumulatively reduced 2.7401% of the company's shares [1] - Ruihuatai's shareholder Guotou Gaoke plans to reduce holdings by no more than 1% [1] - Wuzhou Xinchun's Wuzhou Holdings has reduced 9.9998 million shares [1] - Xinjiang Jiaojian's Xinjiang Tebian Electric Group Co., Ltd. has reduced 9.9525 million shares [1] - Guoguang Electric has cumulatively reduced 0.84% of the company's shares [1] - Shanghai Hejing's shareholder Xinggang Rongchuang has cumulatively reduced 5.8494 million shares [1] Other Corporate Actions - Dongjie Intelligent has terminated plans for a major asset restructuring and resumed trading [1] - Zhongneng Electric has also terminated a major asset restructuring [1]

Core Viewpoint - Shanghai Hejing (688584.SH) received a notification from Henan Xinggang Rongchuang Venture Capital Development Fund (Limited Partnership) regarding a change in equity that triggered a 1% threshold [1] Summary by Relevant Sections - **Equity Change Notification** - On December 29, 2025, the company was informed about a reduction in shareholding by Henan Xinggang Rongchuang, which occurred between November 3, 2025, and December 29, 2025 [1] - **Share Reduction Details** - During the specified period, Henan Xinggang Rongchuang reduced its holdings by a total of 5.8494 million shares through centralized bidding [1]

证券代码：688584 证券简称：上海合晶 公告编号：2025-045 上海合晶硅材料股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 公告 河南京港股权投资基金管理有限公司－河南兴港融创创业投资发展基金（有 限合伙）保证向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 29.86% | | | | 权益变动后合计比例 | 28.99% | | | | 本次变动是否违反已作出的承 | 是□ | 否 | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否 | | 上述信息披露义务人无一致行动人。 二、权益变动触及 1%刻度的基本情况 上海合晶硅材料股份有限公司（以下简称"公司"）于 2025 年 12 月 29 日收 到河南京港股权投资基金管理有限公司－河南兴港融创创业投资发展基金（有限 合伙）（以下简称"兴港 ...

Core Viewpoint - The financing difficulties faced by small and medium-sized private enterprises (SMEs) in China are significant, characterized by challenges such as high costs, limited access, and slow processes, which hinder their growth and development [1][2]. Group 1: Financing Challenges - SMEs contribute over 50% of tax revenue and 60% of GDP in China, representing over 90% of all enterprises and providing more than 80% of urban employment [1]. - The financing issues can be summarized as "difficult to borrow, expensive to borrow, and slow to borrow" [2]. - Key factors contributing to these challenges include short loan terms, insufficient loan amounts, limited financing channels, and high overall costs [3][4][5][6][7]. Group 2: Case Studies of Successful Financing - Xiamen Youxun Co., a leading private enterprise in optical communication chips, overcame initial funding challenges with the help of local financial support, including a 1 million yuan technology loan guarantee from Xiamen Jinyuan Group [9][10]. - Xiamen Yaxun Zhiliang has become a leading player in the vehicle networking sector, receiving investment from Xiamen Jinyuan Group to support its growth in the rapidly developing new energy industry [12][13]. - The success stories highlight the importance of financial institutions in providing timely support to SMEs, enabling them to navigate funding difficulties and seize market opportunities [14]. Group 3: Innovative Financial Solutions - Xiamen Jinyuan Investment Group has developed over 200 financial products and services tailored to the lifecycle of enterprises, addressing the specific needs of SMEs [15][16]. - The group has implemented a government-backed financing guarantee system to assist enterprises lacking collateral, offering favorable guarantee rates for loans up to 10 million yuan [17]. - Customized financing services are provided based on industry characteristics and business stages, including innovation funds for tech companies and emergency repayment projects for those under financial pressure [18]. Group 4: Digital and Efficient Financing Processes - Xiamen Jinyuan Group has established a "digital + inclusive" service platform, allowing enterprises to apply for loans and complete approvals online, significantly reducing processing times [20][21]. - The platform has streamlined approval processes, cutting down traditional approval times from weeks to days, enhancing accessibility for SMEs [21]. - By integrating various financial tools, the group has supported over 2,600 enterprises and approved funding exceeding 16 billion yuan in the first half of 2024 [25].

Core Viewpoint - Shanghai Hejing (688584.SH) is accelerating the construction of its Zhengzhou expansion project to meet the strong market demand for its 12-inch wafer production capacity, which is currently fully booked for orders in the upcoming year [1] Group 1: Company Production Capacity - The current production capacity for 12-inch epitaxial wafers is 40,000 pieces per month, primarily used in POWER applications [1] - The second phase of the Zhengzhou project is expected to commence production by the end of this year, with a target to reach a capacity of 60,000 pieces per month by the end of 2026, focusing on CIS applications [1] Group 2: Market Demand and Customer Base - The company has already secured domestic target customers and has completed the sample delivery phase [1]

证券日报网讯 12月24日，上海合晶在互动平台回答投资者提问时表示，大股东减持信息敬请关注公司 相关进展公告。股价的波动受宏观经济环境、行业发展趋势、资本市场环境等多方面因素影响，公司推 动高质量发展，聚焦经营主业，加速拓展大尺寸12英寸产能建设，为股东创造价值。 （文章来源：证券日报） ...

证券日报网讯12月22日，上海合晶在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东 总数为15523户。 ...

（文章来源：证券日报） 证券日报网讯 12月18日晚间，上海合晶发布公告称，公司第三届董事会第四次会议审议通过《2026年 度财务预算报告的议案》《向2024年限制性股票激励计划激励对象授予预留部分限制性股票的议案》。 ...

（文章来源：证券日报） 证券日报网讯 12月18日晚间，上海合晶发布公告称，公司2024年限制性股票激励计划预留授予条件已 成就，董事会同意以11.30元/股向2名激励对象授予12.00万股第二类限制性股票，占当前股本总额66， 545.8353万股的0.02%，授予日为2025年12月18日。 ...