Core Viewpoint - Shanghai Super Silicon Semiconductor Co., Ltd. has received approval for its IPO application, marking it as the third unprofitable company accepted since the release of the "Science and Technology Innovation Board Eight Articles" [1][5] Company Overview - Shanghai Super Silicon specializes in the R&D, production, and sales of 300mm and 200mm semiconductor silicon wafers, with a designed production capacity of 700,000 pieces per month for 300mm wafers and 400,000 pieces per month for 200mm wafers [1] - The company has completed eight rounds of financing since 2014, with a valuation of approximately 20 billion yuan after the latest round [1] - The company aims to raise 4.965 billion yuan through the IPO to fund projects related to silicon wafer expansion and R&D [1] Market Position - The silicon wafer market is dominated by five major companies, which hold about 80% of the global market share, leaving significant room for growth for domestic companies like Shanghai Super Silicon [2] - Shanghai Super Silicon holds approximately 1.6% of the domestic market share, positioning it as a leading player, although its overall scale remains relatively small compared to competitors [2] Financial Performance - The company reported revenues of 921 million yuan, 928 million yuan, and 1.327 billion yuan for the years 2022, 2023, and 2024, respectively, indicating a growth trend [3] - R&D expenditures have increased significantly, reaching 250 million yuan in 2024, accounting for 18.55% of revenue [3] Investment Interest - The company has attracted attention from several investment institutions, including Shanghai Integrated Circuit Fund and Hefei Chip Silicon, which are among its top shareholders [4] - Despite strong backing, the capital-intensive nature of the semiconductor industry poses challenges for the company's financial strength and future development [4] Unique IPO Characteristics - Shanghai Super Silicon employs a dual-class share structure, allowing its actual controller to maintain significant voting power despite external financing [5][6] - The company remains unprofitable, with net losses of approximately 803 million yuan, 1.044 billion yuan, and 1.299 billion yuan for the years 2022, 2023, and 2024, respectively [6][8] Industry Context - The semiconductor silicon wafer industry is characterized by high technical and capital intensity, with significant investments in equipment and production lines [6][7] - The company anticipates that as production scales up and product structures are optimized, operating losses will narrow in the future [7] - The trend of unprofitable companies entering the capital market is expected to continue, with regulatory bodies focusing on the technological capabilities and competitive landscape of these firms [8]

Company Overview - Shanghai Super Silicon has submitted its IPO application to the Sci-Tech Innovation Board, aiming to raise 4.965 billion yuan for projects related to 300mm thin silicon epitaxial wafer expansion, high-end semiconductor silicon material R&D, and working capital [1] - The company operates in the semiconductor market, focusing on the research, production, and sales of 300mm and 200mm silicon wafers, and has developed into a well-known international silicon wafer manufacturer [1][2] - Shanghai Super Silicon has a designed production capacity of 700,000 pieces per month for 300mm wafers and 400,000 pieces per month for 200mm wafers, with products already in mass production for advanced process chips [1] Financial Performance - The company reported revenues of 921 million yuan, 928 million yuan, and 1.327 billion yuan for the years 2022 to 2024, respectively, while net losses were -803 million yuan, -1.044 billion yuan, and -1.299 billion yuan for the same period [2] - As of the end of 2024, the cumulative unabsorbed losses amounted to 3.972 billion yuan [2] - R&D investment as a percentage of revenue increased from 8.43% in 2022 to 18.55% in 2024, with a total of 98 authorized patents, including 52 invention patents [2] Industry Context - The global semiconductor wafer industry has high entry barriers due to technological complexity, long R&D cycles, and significant capital investment, leading to a concentrated market dominated by five major players holding approximately 80% market share [2][3] - In 2024, the global semiconductor wafer market is projected to reach 11.5 billion USD (approximately 826.67 billion yuan), with Shanghai Super Silicon expected to capture a market share of 1.60% [3] - The company faces challenges in increasing its market share due to late entry and existing technological and resource barriers, but there is significant room for growth in the domestic market [3] Future Outlook - Shanghai Super Silicon plans to enhance its technological innovation, improve product competitiveness, diversify its product offerings, and strengthen operational capabilities through the IPO proceeds [3] - The company aims to establish an AI-driven R&D and manufacturing feedback system to bolster team capabilities and governance, ultimately creating value for customers and shareholders [3]

Summary of Key Points Core Viewpoint - Shanghai Hejing (688584) has experienced a decline in stock price, closing at 17.46 yuan as of June 13, 2025, down 3.32% from the previous week [1] Company Announcements - Shanghai Hejing announced a cash dividend of 0.20 yuan per share (before tax), with the record date set for June 17, 2025 [2] - The total cash dividend distribution amounts to 133,091,670.60 yuan (before tax), based on a total share capital of 665,458,353 shares [2] - The ex-dividend date and cash dividend payment date are both scheduled for June 18, 2025 [2] Taxation Details - For individual shareholders holding unrestricted shares, no personal income tax will be withheld at the time of dividend distribution [2] - For individual shareholders holding restricted shares and securities investment funds, the effective tax burden is 10%, resulting in a net dividend of 0.18 yuan per share [2] - For QFII shareholders, a corporate income tax of 10% will be withheld, leading to a net dividend of 0.18 yuan per share [2]

证券代码：688584 证券简称：上海合晶 公告编号：2025-030 上海合晶硅材料股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/17 | 2025/6/18 | 2025/6/18 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 4 月 29 日的2024年年度股东会审议通过。 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本665,458,353股为基数，每股派发现 金红利0.20元（含税），共计派发现金红利133,091,670.60元（含税）。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利0.20元（含税） 相关日期 1. 发放年度：2024年年度 2 ...

证券代码：688584 证券简称：上海合晶 公告编号：2025-030 上海合晶硅材料股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 是否涉及差异化分红送转：否 ? 每股分配比例 每股现金红利0.20元（含税） ? 相关日期 股权登记日 除权（息）日 现金红利发放日 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 4 月 29 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本665,458,353股为基数，每股派发现 金红利0.20元（含税），共计派发现金红利133,091,670.60元（含税）。 三、 相关日期 （2）对于持有公司有限售条件流通股的自然人股东和证券投资基金，根据《关 于实施上市公司股息红利差别化个人所得税政策有关问题的通知》（财税201285 号）有关规定，解禁后取 ...

证券代码：688584 证券简称：上海合晶 公告编号：2025-030 上海合晶硅材料股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/17 | 2025/6/18 | 2025/6/18 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 4 月 29 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本665,458,353股为基数，每股派发现 金红利0.20元（含税），共计派发现金红利133,091,670.60元（含税）。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利0.20元（含税） 相关日期 除公司自行发放对象 ...

证券代码：688584 证券简称：上海合晶 公告编号：2025-029 上海合晶硅材料股份有限公司 投资者可于 2025 年 5 月 26 日（星期一）至 5 月 30 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@wwxs.waferworks.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 上海合晶硅材料股份有限公司（以下简称"公司"）已于 2025 年 3 月 19 日、2025 年 4 月 29 日分别发布了公司 2024 年年度报告及 2025 年第一季度报告， 为便于广大投资者更全面深入地了解公司2024年度及2025年第一季度经营成果、 财务状况，公司计划于 2025 年 6 月 3 日下午 14:00-15:00 举行 2024 年度暨 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第一 季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披 露允许的范围内就投资者普遍关注的问题进行回答。 关于召开 2 ...

证券代码：688584 证券简称：上海合晶 公告编号：2025-028 上海合晶硅材料股份有限公司 关于首期员工持股计划实施进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 上海合晶硅材料股份有限公司（以下简称"公司"）分别于2024年12月9日、 2024年12月25日召开第二届董事会第十六次会议和2024年第二次临时股东大会， 审议通过了《关于上海合晶硅材料股份有限公司中长期员工持股计划（草案） 相关事项的议案》，同意公司在2025年-2026年内滚动设立两期各自独立存续的 员工持股计划，后续各期员工持股计划的实施授权董事会审议。具体内容详见 公司于2024年12月10日、2024年12月26日在上海证券交易所网站及指定信息披露 媒体披露的相关公告及文件。 根据公司2024年第二次临时股东大会的授权，公司于2025年3月18日召开第 二届董事会第十八次会议，审议通过《关于提取公司首期员工持股计划专项基 金的议案》，同意公司实施首期员工持股计划。具体内容详见公司于2025年3月 19日在上海证券交易所网站及指定 ...

业绩暂时承压，期待半导体业务提速 ——石英股份 2024 年年报&2025 年一季报点评 核心观点 ⚫ 调整 2025-2027 年归母净利润至 5.14、7.98、12.42 亿元（原预测 2025 年为 69.43 亿元），主要对预测期高纯石英砂的单价和销量调整。根据可比公司 2025 年平均 37X PE 计算，对应目标价 35.15 元，维持"买入"评级。 风险提示 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,184 | 1,210 | 1,618 | 2,173 | 3,011 | | 同比增长 (%) | 258.5% | -83.2% | 33.7% | 34.3% | 38.5% | | 营业利润(百万元) | 5,958 | 395 | 588 | 917 | 1,436 | | 同比增长 (%) | 381.7% | -93.4% | 48.9% | 56.1% | 56.5% | | 归属母公司净利润(百万元) | 5, ...

Core Insights - Shanghai Hejing (688584) reported a total revenue of 280 million yuan for Q1 2025, representing a year-on-year increase of 12.47% [1] - The net profit attributable to shareholders reached 19.21 million yuan, up 5.15% year-on-year [1] - The company's accounts receivable is notably high, with accounts receivable accounting for 170.02% of the latest annual net profit [2] Financial Performance - Total revenue for Q1 2025: 280 million yuan, up from 249 million yuan in Q1 2024, a growth of 12.47% [1] - Net profit for Q1 2025: 19.21 million yuan, compared to 18.27 million yuan in Q1 2024, an increase of 5.15% [1] - Gross margin for Q1 2025: 23.53%, down 20.83% year-on-year [1] - Net margin for Q1 2025: 6.86%, down 6.51% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 19.45 million yuan, accounting for 6.94% of revenue, a decrease of 32.81% year-on-year [1] Cash Flow and Assets - Operating cash flow per share for Q1 2025: 0.15 yuan, an increase of 84.64% year-on-year [1] - Cash and cash equivalents decreased to 1.15 billion yuan, down 33.39% from the previous year [1] - Accounts receivable decreased to 205 million yuan, down 11.97% year-on-year [1] - Interest-bearing debt significantly reduced to 111 million yuan, a decrease of 78.16% [1] Business Evaluation - The company's return on invested capital (ROIC) was 3.08%, indicating weak capital returns [1] - The net profit margin last year was 10.89%, suggesting average added value for products or services [1] - The company has raised a total of 1.5 billion yuan since its listing, with cumulative dividends amounting to 198 million yuan, resulting in a dividend-to-financing ratio of 0.13 [1]