Group 1 - Tianyue Advanced (688234) officially launched its H-share global offering in August 2025, with Shenzhen Heertai (002402) as one of the cornerstone investors, subscribing for HKD 80 million [1] - Tianyue Advanced focuses on wide-bandgap semiconductor materials and is one of the few companies capable of mass production of 8-inch silicon carbide substrates, having also launched 12-inch silicon carbide substrate products [1] - In 2024, Tianyue Advanced is projected to capture 16.7% of the global silicon carbide substrate market, ranking among the top three [1] Group 2 - The company achieved a revenue of RMB 1.768 billion in 2024, representing a year-on-year growth of 41.4%, and net profit of RMB 179 million, marking a turnaround from losses [1] - The silicon carbide substrates produced by Tianyue Advanced have advantages in high voltage, high frequency, and high temperature, with applications in electric vehicle drive systems, AI servers, and smart power management modules [2] - The global silicon carbide substrate market is expected to grow from USD 1.2 billion in 2023 to USD 8.2 billion by 2030, with a compound annual growth rate of 31.1% [2]

《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 募集资金进行现金管理的事项进行了核查，核查情况如下： 一、募集资金基本情况 国信证券股份有限公司 关于浙江铖昌科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 国信证券股份有限公司（以下简称"国信证券"、"保荐人"）作为浙江铖昌 科技股份有限公司（以下简称"铖昌科技"、"公司"）首次公开发行股票并上市 的保荐人，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规 则》 （特殊普通合伙）出具的"大华验字[2022]000315 号"《验资报告》予以验证。 为规范募集资金管理，公司已开设了募集资金专项账户，对募集资金采取了 专户存储并与保荐人、募集资金专户开立银行签署了相应的募集资金三方监管协 议。 经中国证券监督管理委员会《关于核准浙江铖昌科技股份有限公司首次公开 发行股票的批复》 （证监许可[2022]946 号）核准，并经深圳证券交易所同意，浙 江铖昌科技股份有限公司公开发行 2,795.35 万股新股，发行价为人民币 21.68 元 /股，股票发行募集资金总额为 606,031,880.00 元，扣除与发行有关的 ...

浙江省杭州市西湖区学院路 77 号 黄龙万科中心 A 座 16 楼 邮编：310012 电话：(86-571) 2689-8188 传真：(86-571) 2689-8199 北京君合（杭州）律师事务所 关于浙江铖昌科技股份有限公司 致: 浙江铖昌科技股份有限公司 北京君合（杭州）律师事务所（以下简称"本所"）接受浙江铖昌科技股份 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《上市公司股东会规则》（以下简称《股东会规则》）、《律师事务所从事 证券法律业务管理办法》等中华人民共和国（以下简称"中国"）现行有效的法 律、行政法规、规章和规范性文件（为本法律意见书之目的，不包括香港特别行 政区、澳门特别行政区和台湾地区现行有效的法律、行政法规、规章和规范性文 件）和现行有效的《浙江铖昌科技股份有限公司章程》（以下简称《公司章程》） 有关规定，指派律师列席了公司于 2025 年 5 月 13 日召开的 2024 年年度股东大 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。 ...

Core Points - Zhejiang Chengchang Technology Co., Ltd. reported significant declines in multiple financial metrics for the year 2024, including a net profit decrease of 139.04% and a cash flow from operating activities decline of 228.47% [1] Revenue - The company's operating revenue for 2024 was 211,539,009.02 yuan, down 26.38% from 287,353,971.81 yuan in the previous year, primarily due to project delays and extended funding approval cycles [2] - T/R chip sales accounted for 91.48% of total revenue but fell by 30.52% year-on-year, while revenue from technical services grew by 103.95% [2] Net Profit - The net profit attributable to shareholders was -31,117,893.52 yuan in 2024, compared to 79,707,857.22 yuan in 2023, marking a shift from profit to loss [3] - The decline in net profit was attributed to high R&D investments, increased credit impairment losses, and stock-based compensation expenses related to an employee incentive plan [3] Deducted Non-Recurring Profit - The deducted non-recurring profit was -43,613,965.50 yuan, a decrease of 162.38% from 69,911,116.06 yuan in 2023, indicating weakened core business profitability [4] Earnings Per Share - Basic earnings per share fell to -0.1529 yuan from 0.3917 yuan in 2023, reflecting a significant decline in shareholder returns [5] - The deducted earnings per share also turned negative at -0.2143 yuan, highlighting operational challenges [6] Expenses - Sales expenses increased by 6.17% to 10,813,778.71 yuan, likely due to efforts to expand market share [7] - Management expenses rose by 13.58% to 28,845,485.07 yuan, driven by increased personnel costs and other operational expenditures [9] - Financial expenses showed a 36.46% increase due to reduced interest income [10] - R&D expenses surged by 29.15% to 87,859,915.93 yuan, reflecting the company's commitment to innovation despite short-term profit pressures [11] Cash Flow - The net cash flow from operating activities was -47,571,089.62 yuan, a decrease of 228.47% from the previous year, indicating reduced cash generation capabilities [13] - The net cash flow from investing activities turned negative at -145,078,870.29 yuan, primarily due to increased capital expenditures [14] - The net cash flow from financing activities increased by 197.81% to 52,961,833.20 yuan, aided by employee stock incentive funding [15] R&D Personnel - The number of R&D personnel remained stable at 99, but the proportion of R&D staff decreased from 47.60% to 41.77% [12] Summary - Overall, Chengchang Technology's performance in 2024 showed significant declines across various financial metrics, with multiple challenges ahead, including cash flow issues and operational pressures. The company is actively pursuing market expansion and R&D initiatives to address these challenges [1]