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。 扬州扬杰电子科技股份有限公司（以下简称"公司"）于 2025 年 10 月 30 日召开 第五届董事会第二十三次会议和第五届监事会第二十二次会议，于 2025 年 11 月 17 日召开 2025 年第四次临时股东大会，审议通过了《关于取消监事会、修订<公司章 程>并办理工商变更登记的议案》。 根据《中华人民共和国公司法》《上市公司章程指引》《上市公司股东会规则》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引 第 2 号——创业板上市公司规范运作》等法律、法规、规范性文件的相关规定，公 司不再设置监事会、监事，监事会的职权由董事会审计委员会行使，公司《监事会 议事规则》等与监事、监事会相关的制度相应废止，《公司章程》及其他公司治理 制度中与监事会相关的条款亦做出相应修订。第五届监事会主席徐萍女士、职工代 表监事华伟女士、监事赵峥女士所担任的监事职务自然免除，三位监事的原定任期 为 2023 年 7 月 26 日至 2026 年 7 月 25 日。离任后，徐萍女士、华伟女士仍在公司 担任 ...

Core Viewpoint - The Dutch government's seizure of the Chinese semiconductor company Nexperia has led to a global chip supply crisis, particularly affecting the European automotive industry, which is struggling with supply chain disruptions due to the refusal of Nexperia's European division to supply wafers to its Chinese counterpart [1][6]. Group 1: Supply Chain Disruption - Nexperia's European customers are seeking alternative solutions to bypass the dispute between its European and Chinese operations, referred to as a "temporary patch," which involves purchasing silicon wafers directly from the European factory and shipping them to China for final packaging [1][3]. - The automotive sector is experiencing significant pressure due to chip shortages, impacting production for major companies like Volkswagen, Bosch, Continental, and Honda [3][4]. Group 2: Alternative Solutions - Nexperia (China) is exploring alternative wafer sources, including domestic Chinese semiconductor manufacturers, to mitigate supply chain disruptions [4][6]. - Other potential solutions being considered include sourcing similar chips from companies like Onsemi and STMicroelectronics [3]. Group 3: Regulatory and Diplomatic Context - The Dutch government has frozen Nexperia's assets and intellectual property for one year, which has exacerbated the supply chain crisis and drawn criticism from China [6][7]. - Dutch officials acknowledge the importance of predictable supply chains and are seeking diplomatic dialogue with China to resolve the issues surrounding Nexperia [7][8].

Core Viewpoint - Yangjie Technology's stock has shown significant volatility, with a year-to-date increase of 56.71% but a recent decline over the past 5 and 20 trading days, indicating potential market fluctuations and investor sentiment changes [1][2]. Financial Performance - For the period from January to September 2025, Yangjie Technology reported a revenue of 5.348 billion yuan, representing a year-on-year growth of 20.89%. The net profit attributable to shareholders was 974 million yuan, reflecting a substantial increase of 45.51% [2]. - Cumulatively, since its A-share listing, Yangjie Technology has distributed a total of 1.717 billion yuan in dividends, with 1.180 billion yuan distributed over the past three years [3]. Shareholder Structure - As of October 31, 2025, the number of shareholders for Yangjie Technology was 58,000, a decrease of 1.69% from the previous period. The average number of circulating shares per shareholder increased by 1.72% to 9,347 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 8.312 million shares, an increase of 390,600 shares from the previous period. Other notable shareholders include E Fund's ChiNext ETF and Southern CSI 500 ETF, with varying changes in their holdings [3]. Market Activity - On November 13, Yangjie Technology's stock price reached 66.92 yuan per share, with a trading volume of 326 million yuan and a turnover rate of 0.91%. The total market capitalization stood at 36.361 billion yuan [1]. - The stock experienced a net outflow of 7.417 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Business Overview - Yangjie Technology, established on August 2, 2006, and listed on January 23, 2014, specializes in the research, production, and sales of power semiconductor silicon wafers, chips, and devices, as well as integrated circuit packaging and testing [1]. - The company's revenue composition is primarily from semiconductor devices (88.05%), followed by semiconductor chips (7.34%), silicon wafers (2.59%), and other sources (2.02%) [1]. Industry Position - Yangjie Technology operates within the electronic-semiconductor-discrete devices sector and is associated with concepts such as silicon carbide, IGBT, automotive chips, gallium nitride, and SMIC [1].

Core Viewpoint - The Dutch government's seizure of a Chinese semiconductor company has led to a significant chip supply disruption, causing anxiety in the European automotive industry despite China's export exemptions [1][6]. Group 1: Impact on the Automotive Industry - European automotive manufacturers and other industrial companies continue to face a "devastating" chip shortage, which could halt global production lines within weeks [1][3]. - The semiconductor company Nexperia, which produces low-margin basic chips essential for automotive electronics, has not supplied wafers to its Chinese subsidiary, exacerbating the supply crisis [1][3]. - A senior executive from the automotive sector indicated that while Chinese factories have some wafer inventory, they will deplete quickly without supplies from Germany and the EU, leaving only a few weeks of chip supply [1][3]. Group 2: Supply Chain Dynamics - The European Automobile Manufacturers Association (ACEA) welcomed China's export exemption but emphasized that wafer export restrictions from Nexperia in the Netherlands hinder sufficient chip availability to meet global demand [3][4]. - Nexperia's operations involve producing semiconductor wafers in Germany and the UK, which are then sent to China for packaging and testing, with approximately 80% of the final products completed in China [6][4]. Group 3: Geopolitical Context - The supply chain disruption was triggered by the Dutch government's actions against Nexperia, which were influenced by U.S. regulatory pressures, leading to a freeze on assets and intellectual property [6][7]. - The U.S. had previously indicated that for Nexperia to gain exemptions from new regulations, its Chinese CEO must be replaced, complicating the situation further [6][7]. - Following the U.S. decision to pause its "50% penetration rule," the Netherlands faces challenges regarding legal consistency and political credibility in its semiconductor policies [7][8]. Group 4: Future Outlook - Chinese factories are expected to maintain supply until early to mid-December, but the situation remains unstable as they seek alternative wafer sources to avoid major supply chain disruptions [4][6]. - The Chinese government has expressed a commitment to stabilizing the global semiconductor supply chain and urged the Dutch government to take constructive actions to resolve the ongoing issues [8].

Core Viewpoint - The company emphasizes the importance of AI server technology and the demand from strategic customers, indicating a proactive approach to capitalize on market opportunities in this sector [1] Company Strategy - The company is addressing the current supply-demand imbalance in power devices for AI server applications by optimizing production capacity based on existing customer collaboration, market demand forecasts, and supply chain efficiency [1] Market Focus - The company aims to expand its business in high-growth areas such as AI and data centers, reflecting a strategic alignment with emerging technology trends and customer needs [1]

Group 1: Economic Indicators - The National Bureau of Statistics released the Consumer Price Index (CPI) and Producer Price Index (PPI) data for October [1] - The CPI and PPI data are crucial for understanding inflation and production costs in the economy [1] Group 2: Semiconductor Industry - The Chinese Ministry of Commerce responded to the Netherlands' recent statements regarding ASML, emphasizing the need for concrete actions to stabilize the global semiconductor supply chain [1] - China has announced exemptions for certain exports to support the semiconductor supply chain, highlighting the responsibility of the Netherlands for current disruptions [1] Group 3: Carbon Neutrality Initiatives - The State Council Information Office published a white paper on China's actions towards carbon peak and carbon neutrality, outlining significant progress in energy transition and low-carbon development [2] - The white paper emphasizes the importance of renewable energy and energy efficiency in achieving carbon reduction goals [2] Group 4: REITs Performance - As of November 8, 63 public REITs have distributed dividends 133 times, totaling 8.639 billion yuan [2] - Some REITs experienced a decline in distributable amounts by over 10% year-on-year, while others saw increases exceeding 10% [2] Group 5: Mining Industry - A significant discovery of a super-large magnesium limestone deposit in Gansu Province was reported, with a resource volume exceeding 700 million tons [3] - The average magnesium oxide grade of the ore is 20.67%, indicating high-quality resources suitable for open-pit mining [3] Group 6: Tourism Development - Heilongjiang Province announced a winter tourism initiative aimed at increasing visitor numbers and total spending by over 10% and 15%, respectively, during the 2025-2026 winter season [4] Group 7: Corporate News - Berkshire Hathaway will release a statement from Warren Buffett on November 10, addressing charity and company matters, clarifying misinformation circulating on social media [5] - Zhaolong Interconnect reported progress in the construction and operation of its production base in Thailand, with ongoing development of smart manufacturing projects [5] - Lichung Group stated that its aluminum product pricing is linked to market prices, indicating resilience against raw material price fluctuations [5] - Yangjie Technology confirmed stable product pricing, reflecting a cautious pricing strategy based on various market factors [6] Group 8: Lithium Battery Industry - Guojin Securities highlighted unprecedented opportunities in the lithium battery industry driven by technological advancements and market demand, particularly in solid-state battery technology [7] - The explosive growth of the global energy storage market is expected to provide significant capacity for the lithium battery sector, creating a positive feedback loop for innovation and development [7]

Investment News - The Nasdaq Composite Index, primarily composed of technology stocks, fell by 3% this week, marking its worst weekly performance since April. Eight leading companies closely associated with AI saw a combined market value drop of approximately $800 billion (about 56,980 million) [5] - As of November 7, 70 life insurance companies reported their insurance business income and net profit for the first three quarters, achieving a total insurance business income of 3.11 trillion yuan and a net profit of 460.53 billion yuan, surpassing the total for the previous year. This improvement is attributed to lower funding costs, optimized business structures, and recovering investment returns [5] - The new tax regulations on gold have led to reports of "gold bar shortages." However, major banks like ICBC and CCB in Shanghai stated that the supply of investment-grade physical gold remains stable and unaffected [5] - The lithium iron phosphate (LFP) industry has shown significant recovery in the third quarter, maintaining over 80% share in power battery installations, with strong demand in energy storage as well. The industry's operating rate has returned to a favorable level, and prices have risen above cost levels. Industry insiders predict that the high demand for LFP will continue into next year, especially for high-end products [5] Company Developments - Honor's CEO, Li Jian, announced at the World Internet Conference that the company will launch a Robot Phone next year, integrating AI technology, embodied intelligence, and high-definition imaging capabilities [6] - The Financial Regulatory Authority announced that Xinjiang Rural Commercial Bank has been approved for establishment as of October 31, making Xinjiang the sixth province to establish a provincial-level rural commercial bank. The bank is expected to have an asset scale exceeding 700 billion yuan upon opening [7] - At the 2025 World Internet Conference, the focus will be on the application of AI, with discussions on computing efficiency and security challenges. Sugon announced a single-cabinet 640-card super node to support large-scale inference, while 360 Digital Security Group is researching technologies to address security challenges posed by AI-generated content [7] - Pfizer has reached a merger agreement with METSERA, with METSERA's board reaffirming support for the merger. Pfizer will acquire METSERA for $65.60 per share in cash, plus up to $20.65 in contingent value rights (CVR), valuing the deal at a maximum of $86.25 per share [7] - Jerry Holdings stated on an interactive platform that the company has reserved key core components for various equipment, including gas turbine main engines, to ensure delivery efficiency. New orders for gas turbine power generation services have begun delivery and on-site operations this year [7] - Yangjie Technology reported that its product prices remain generally stable, adhering to a prudent pricing strategy that considers market supply and demand, raw material costs, industry collaboration, long-term customer relationships, and the company's strategic market outlook [8]

Core Viewpoint - The acquisition of 100% equity of Better Electronics by Yangjie Technology was abruptly terminated, raising market concerns, particularly after the disclosure of disciplinary actions by the Shenzhen Stock Exchange against Better Electronics for various violations during its IPO application process [2][3][4]. Group 1: Acquisition Details - Yangjie Technology announced a cash acquisition of Better Electronics for 2.218 billion yuan, but the deal was called off due to differences in business types, management styles, and corporate culture [7]. - The Shenzhen Stock Exchange publicly reprimanded Better Electronics and its executives for undisclosed financial irregularities, including a hidden "off-balance sheet" fund and inaccurate disclosures regarding performance commitments related to acquisitions [3][4][6]. Group 2: Regulatory Findings - Better Electronics failed to disclose an off-balance sheet fund with a balance of 703,300 yuan as of the end of 2023, which had inflows of 15.0943 million yuan and outflows of 14.373 million yuan during the reporting period [3][4]. - The company also did not accurately disclose performance commitments related to its acquisition of Dongguan Boyue Electronics, misleading the Shenzhen Stock Exchange during the IPO process [4][5]. Group 3: Company Background - Better Electronics, established in 2003, specializes in mid-to-high-end circuit protection components and has clients including Midea, Gree, and BYD [5]. - Yangjie Technology, founded in 2006, is a vertically integrated enterprise in the semiconductor industry, with a revenue exceeding 6 billion yuan in 2024 and a year-on-year growth of 20.89% in the first three quarters of 2025 [6][7].

Core Viewpoint - The acquisition of Dongguan Better Electronics Technology Co., Ltd. by Yangjie Technology was abruptly terminated, raising market concerns, particularly after the Shenzhen Stock Exchange disclosed disciplinary actions against Better Electronics for various violations during its IPO application process [1][2]. Summary by Sections Acquisition Details - Yangjie Technology announced a cash acquisition of 2.218 billion yuan for 100% of Better Electronics, which was later called off due to differences in business types, management styles, and corporate culture [1][6]. - The termination of the acquisition reflects a shift in the semiconductor industry's capital operation logic, with companies becoming more cautious in their merger and acquisition strategies [6]. Violations by Better Electronics - Better Electronics failed to disclose an "off-balance sheet fund pool" during its IPO application, which had a balance of 703,300 yuan at the end of 2023, with total inflows of 15.0943 million yuan and outflows of 14.373 million yuan [2][3]. - The company did not disclose performance commitment agreements related to its acquisition of Dongguan Boyue Electronics, misleading the Shenzhen Stock Exchange during the inquiry process [2][3]. - There were inaccuracies in the integration disclosures post-acquisition, with Better Electronics not fully integrating its operations with the parent company, leading to discrepancies in financial and personnel management [3]. Company Background - Better Electronics, established in 2003, specializes in mid-to-high-end circuit protection components and has clients including Midea, Gree, and BYD [4]. - Yangjie Technology, founded in 2006, is a vertically integrated enterprise in the semiconductor industry, with a revenue exceeding 6 billion yuan in 2024 and a year-on-year growth of 20.89% in the first three quarters of 2025 [5].

Group 1 - The Huatai Securities Investment Summit held on November 5-6 emphasized optimism towards the revaluation of Chinese assets and the "old economy" [1] - The summit gathered nearly 3,000 professional investors and institutional clients from various sectors including public funds, private equity, banks, insurance, and listed companies [1] Group 2 - The China Securities Index Co., Ltd. announced the launch of the China Securities Science and Technology Innovation Drug Index and the China Securities Science and Technology Innovation Medical Device Index on November 7, providing more investment options [2] - The first version of the commercial insurance innovative drug directory is set to be officially released in the first weekend of December, following negotiations involving 120 domestic and foreign companies [3] Group 3 - Hong Kong ranked fourth globally in the 2025 World Digital Competitiveness Ranking, showing significant improvements in technology and knowledge [4] - The Hong Kong government is committed to enhancing its innovation and technology strategy, aiming to attract businesses and talent to foster development [4] Group 4 - The China Securities Regulatory Commission announced the initiation of reforms for the Growth Enterprise Market to better serve the "14th Five-Year Plan" for technological innovation [5] - The market saw a notable increase in the number of active equity fund managers, surpassing 100 for the first time, indicating a growing interest in equity funds [8] Group 5 - Banks are accelerating the disposal of non-performing assets, with several banks announcing significant asset packages, which is seen as beneficial for both bank stability and support for the real economy [6] - The fund issuance market is heating up, with two "daylight funds" launched on the same day, reflecting a resurgence in new fund offerings [7] Group 6 - Berkshire Hathaway reported a 34% year-on-year increase in operating profit for Q3, driven by a surge in insurance underwriting profits [9] - The alternative investment management sector is increasingly recognizing the significance of the Chinese market, highlighting its vast scale and innovative potential [10] Group 7 - MSCI announced the results of its November index adjustments, which will take effect after the market closes on November 24, 2025 [11] - Chongqing's government introduced measures to support the high-quality development of innovative drugs, aiming for 1-3 new drug approvals annually by 2027 [12] Group 8 - The Financial Regulatory Bureau issued a notification to adjust the regulatory levels for certain administrative licenses and reporting matters, streamlining the regulatory process [13][14] - A well-known brokerage firm appointed a new chairman, reflecting confidence in management capabilities [15] Group 9 - The China Europe Fund announced a limit on large subscriptions for its small-cap growth fund, indicating a trend of limiting large investments in high-performing funds [16] - Nanjing Securities received approval for its private placement plan, while another firm terminated its fundraising efforts, highlighting the challenges in the brokerage sector [17] Group 10 - Private equity firms revealed their latest portfolio adjustments, with significant movements in technology and consumer sectors, indicating a strategic shift in investment focus [18] - The A-share market is experiencing a "slow bull" phase, with opportunities in sectors like AI, robotics, and high-end manufacturing being highlighted by private equity firms [19]