2021 年限制性股票激励计划首次授予部分的激励对象中：本期有 34 名激 励对象已离职，已授予未归属股份作废。469 名激励对象符合《公司法》《证券 法》等法律、法规和规范性文件以及《公司章程》规定的任职资格；符合《管 理办法》《上市规则》等法律、法规和规范性文件规定的激励对象条件，符合本 次激励计划规定的激励对象范围，其作为本次激励计划首次授予激励对象的主 体资格合法、有效，激励对象获授限制性股票的归属条件已成就。 综上，薪酬与考核委员会同意公司 2021 年限制性股票激励计划首次授予部 分第四个归属期的归属名单。 二、对 2021 年限制性股票激励计划预留授予部分第三个归属期归属名单 核查意见 上海复旦微电子集团股份有限公司 第十届董事会薪酬与考核委员会关于 2021 年限制性股票激励计划 首次授予部分第四个归属期归属名单、预留授予部分第三个归属期 归属名单核查意见 上海复旦微电子集团股份有限公司(以下简称"公司")根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《上 海证券交易所科 ...

证券代码：688385 证券简称：复旦微电 中信建投证券股份有限公司 2025 年 12 月 | 一、释义 2 | | | | --- | --- | --- | | 二、声明 4 | | | | 三、本次激励计划已履行的必要程序 5 | | | | 四、调整 | 年限制性股票激励计划授予价格的情况 8 | 2021 | | 五、本次激励计划首次授予部分第四个归属期归属条件成就的情况 10 | | | | 六、本次激励计划预留授予部分第三个归属期归属条件成就的情况 13 | | | | 七、作废部分已授予尚未归属的限制性股票的情况 16 | | | | 八、独立财务顾问意见 | 17 | | | 九、备查文件及备查地点 | 18 | | 关于 上海复旦微电子集团股份有限公司 2021 年限制性股票激励计划授予价格调 整、首次授予部分第四个归属期及预留授 予部分第三个归属期的归属条件成就、作 废部分已授予尚未归属的限制性股票事项 之 独立财务顾问报告 独立财务顾问 一、释义 以下词语如无特殊说明，在本文中具有如下含义： | 复旦微电、公司、上市公 | 指 | 上海复旦微电子集团股份有限公司 | | --- | ...

上海市锦天城律师事务所 关于上海复旦微电子集团股份有限公司 2021 年限制性股票激励计划授予价格调整、 首次授予部分第四个归属期及预留授予部分第三个归属期 归属条件成就暨部分限制性股票作废事项之 法律意见书 上海市锦天城律师事务所 关于上海复旦微电子集团股份有限公司 2021 年限制性股票激励计划授予价格调整、 首次授予部分第四个归属期及预留授予部分第三个归属期 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 归属条件成就暨部分限制性股票作废事项之 法律意见书 致：上海复旦微电子集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海复旦微电子集团股 份有限公司（以下简称"公司"或"复旦微电"）的委托，担任公司"2021 年限 制性股票激励计划"（以下简称"本次激励计划"）的特聘专项法律顾问，根据 《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券 法》《上海证券交易所科创板股票上市规则》《上市公司股权激励管理办法》（以 下简称"《管理 ...

| 股证券代码：688385 | A | 证券简称：复旦微电 | 公告编号：2025-060 | | --- | --- | --- | --- | | 港股证券代码：01385 | | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 第十届董事会第七次会议决议公告 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。 上海复旦微电子集团股份有限公司(以下简称"公司"、"复旦微电")第十届董 事会第七次会议通知于 2025 年 12 月 25 日以电子邮件方式发出，于 2025 年 12 月 30 日以通讯表决的形式召开。目前董事会共有 11 名董事，实到董事 11 名， 会议由董事长兼总经理张卫主持。会议的召集召开符合《公司法》和《公司章 程》的有关规定，合法有效。 会议审议并通过了如下事项： 一、审议通过《关于公司 2021 年限制性股票激励计划首次授予部分第四个 归属期符合归属条件的议案》 综上，2021 年限制性股票激励计划首次授予股票本期作废 126,250 股；预 留授予股票本期作废 48,000 股。 ...

Core Viewpoint - Qiangyi Semiconductor (Suzhou) Co., Ltd. has become the first domestic company to list on the STAR Market as a "semiconductor probe card" company, with its stock price surging significantly on its debut, indicating strong market interest and potential for growth in the semiconductor sector [1][3]. Group 1: Company Overview - Qiangyi Semiconductor specializes in probe cards, which are critical for wafer testing and directly impact chip yield and production costs. The company has transitioned from cantilever probe cards to more advanced vertical probe cards and MEMS probe cards, becoming the first in mainland China to develop vertical probe card technology independently [3]. - The company serves leading firms in the semiconductor industry, including ZTE Microelectronics, Fudan Microelectronics, and GigaDevice, and has ranked among the top ten global semiconductor probe card companies in 2023 and 2024, being the only domestic company on the list [3]. Group 2: Investment and Growth - The investment journey of Qiangyi Semiconductor is highlighted by the involvement of Fengnian Capital, which became the first institutional investor in 2020, providing crucial funding that enabled the company to achieve core process validation and mass production of 2D MEMS probe cards [5]. - Following Fengnian Capital's initial investment, Qiangyi Semiconductor successfully completed five rounds of financing within two years, attracting investments from notable firms such as Huawei's Hubble Investment and Yuanhe Puhua, which facilitated technological breakthroughs and capacity expansion [6]. - The company's revenue has seen a compound annual growth rate of 58.85% over the past three years, with projected net profits of 233 million yuan in 2024 and an expected increase to between 355 million and 420 million yuan in 2025, reflecting a year-on-year growth of over 50% [6]. Group 3: Market Outlook - The global probe card market is expected to grow to USD 3.972 billion by 2029, indicating significant growth potential for domestic companies like Qiangyi Semiconductor as the semiconductor industry experiences a recovery [6].

Core Viewpoint - Qiangyi Co., Ltd., a leading domestic probe card manufacturer, has successfully listed on the Sci-Tech Innovation Board, becoming the 600th company on the board and the 11th new A-share listed company in Suzhou this year [2] Group 1: Company Overview - Qiangyi Co., Ltd. specializes in probe cards, essential components in the semiconductor industry for wafer testing, and has evolved from traditional products to high-value MEMS probe cards since its establishment in 2015 [2][3] - The company has achieved significant growth, becoming the only domestic enterprise in the top ten global semiconductor probe card manufacturers [2] Group 2: Technology and Innovation - As of September 30, 2025, Qiangyi has obtained 182 relevant patents, establishing a comprehensive self-developed technology barrier to promote the localization of MEMS probe cards [3] - The company focuses on high-precision manufacturing and core component autonomy, which are critical challenges in probe card development [4] Group 3: Financial Performance - Qiangyi's revenue has shown remarkable growth, with figures of 254 million, 354 million, 641 million, and 374 million yuan for the years 2022 to 2025, respectively, while net profit figures were 16 million, 19 million, 233 million, and 138 million yuan [6] Group 4: Market Position and Strategy - The company has established partnerships with over 400 clients in the semiconductor industry, indicating a strong market presence [9] - Qiangyi aims to provide reliable local supply for domestic chip design and wafer manufacturing companies, focusing on breaking technological barriers through independent research and development [7] Group 5: Future Directions - The company plans to raise 1.5 billion yuan through its IPO to fund R&D and production projects, including the construction of a new facility in Nantong and a headquarters in Suzhou [11] - Future R&D efforts will focus on optimizing the precision, stability, and durability of 2D/2.5D MEMS probe cards, as well as expanding into automotive electronics and industrial chip testing solutions [10][11]

Summary of Key Points from Conference Call Records Industry Overview: Commercial Aerospace - The domestic commercial aerospace industry is experiencing rapid capitalization, with several companies initiating IPO preparations, potentially accelerating listings to Q2 and Q3 of 2026 [1][5] - Reusable rocket technology is deemed crucial for the development of domestic commercial aerospace, with companies like Interstellar Glory and CAS Space planning their maiden flights and attempting first-stage recovery [1][6] - The domestic market is integrating market-oriented approaches with national systems to catch up with international standards, aiming to achieve global leadership in reusable technology [1][8] Key Developments and Predictions - The Shanghai Stock Exchange has introduced favorable listing standards for high-quality commercial aerospace companies, particularly those utilizing reusable rocket technology, requiring a minimum market value of 4 billion [2] - SpaceX's internal valuation is reported at $800 billion, with Ark Invest predicting a post-IPO market cap of $2.5 trillion, driven by expectations from Starlink and Starship [1][7] - Major satellite constellation projects, GW and Qianfan, are advancing rapidly, with Qianfan aiming to deploy 15,000 satellites by 2030 and GW planning at least 1,300 launches by 2030 [1][9] Technological Impact and Challenges - The success of reusable rocket technology is expected to significantly lower launch costs, thereby increasing market demand and frequency of commercial space missions [12] - The complexity and risks associated with technological innovation necessitate a degree of tolerance for potential failures during initial attempts at recovery [6] - Security challenges are emerging with the increasing intelligence of satellite payloads, necessitating enhanced management and protection measures [17] Infrastructure and Market Dynamics - The domestic capacity for satellite manufacturing has exceeded 3,000 units, supported by multiple state-owned and private enterprises [16] - Infrastructure developments include the establishment of commercial launch sites and demand-side investments in specialized networks, enhancing the overall commercial aerospace ecosystem [18] Investment Opportunities - Companies such as Aerospace Electronics, Fudan Microelectronics, China Satellite, and China Satcom are recommended for investment due to their strong market positions and liquidity [26] - The domestic market for large aircraft and engine manufacturing is identified as a significant investment theme for 2026, with companies like AVIC Xi'an Aircraft and Aero Engine Corporation of China presenting good opportunities [4][22] - The focus on military-to-civilian transitions and military trade is expected to drive growth, with specific recommendations for quartz fiber leaders and key players in the aerospace sector [28][29] Conclusion - The commercial aerospace sector is poised for significant growth driven by technological advancements in reusable rockets and satellite constellations, with various investment opportunities emerging as companies prepare for IPOs and expand their operational capabilities [1][26][29]

Summary of Conference Call Records Industry Overview - The commercial aerospace market is projected to reach a scale of 1.5 trillion by 2025, with an accelerated launch schedule by the end of the year indicating a strong growth trajectory for 2026, including potential IPOs of major companies and the maturation of reusable technology, positioning commercial aerospace as a key investment theme [1][2] Key Companies and Investment Opportunities 1. Changjiang Communication - Holds a 15% stake in Changfei Optical Fiber, corresponding to a market value of approximately 15 billion, currently in a state of market value inversion [6] - Deeply tied to Shanghai Yanjin, expected to generate 1-1.5 billion in new optical station construction revenue from overseas expansion in 2026 [6] - Established a satellite team to develop baseband and communication data transmission equipment, and won a project for vehicle-mounted terminals for emergency departments, with a market potential of approximately 6-10 billion nationwide [6] 2. Aerospace Intelligent Equipment - Affiliated with the Fifth Academy of Aerospace, comparable in importance to China Satellite, focusing on Hall thrusters and attitude control systems, backed by 502 Institute, and is the sole supplier with a strong core positioning advantage [6] 3. Fudan Microelectronics - FPGA technology recognized by China Star Network, positioned well in the satellite sector with promising future prospects [6] 4. Xingtong Measurement and Control - A core subsidiary of Zhongke Xingtong, listed on the Beijing Stock Exchange, integrating AI algorithms for aerospace simulation and situational awareness, planning to deploy nearly 200 satellites over five years, with the first two low-orbit satellites expected to launch in the first half of 2026 [8] 5. Other Notable Companies - **Yukede**: Becomes the only data center service provider for the Beijing Social Science Committee-led space data center innovation consortium, providing computing infrastructure and operational services [9] - **Xinwei Communication**: Strong prospects in commercial aerospace, collaborating with Starlink and Amazon's Project Cooper, with revenues from Starlink reaching several hundred million this year [11] Industry Trends and Challenges - The commercial aerospace sector currently faces a talent supply shortage, with existing companies in the core supply chain maintaining a first-mover advantage. New entrants face challenges such as satellite verification and a lack of skilled personnel [9] - The demand for satellite launches is expected to rise rapidly, with a total of 20,000 satellites needed by 2025, indicating significant growth potential in the sector [9] Additional Insights - The integration of AI in aerospace applications is expected to enhance operational capabilities and situational awareness, indicating a trend towards more advanced technological solutions in the industry [8] - The collaboration between companies like Jun Da and Youyi Optical is crucial for meeting stringent space application requirements and validating materials for aerospace use [13]

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Group 1 - The core viewpoint of the news is the strong performance of the A+H semiconductor industry chain in the Hong Kong stock market, with significant gains in various companies and the launch of the first ETF focused on the Hong Kong chip industry [1][3]. Group 2 - In the early trading session on December 29, stocks such as UBTECH and Shanghai Fudan rose over 10%, while Jiantao Laminates increased by over 7%, and Huahong Semiconductor and Fourth Paradigm gained over 2% [1]. - The first ETF focusing on the "Hong Kong chip" industry chain (159131) opened strong and is expected to continue its upward trend, with a real-time transaction amount exceeding 300 million CNY [1]. - The ETF is designed to track the "China Securities Hong Kong Stock Connect Information Technology Comprehensive Index," with a composition of 70% hardware and 30% software, including 42 Hong Kong tech companies [3]. - Notably, the ETF has significant weightings in companies such as SMIC (20.48%), Xiaomi Group-W (9.53%), and Huahong Semiconductor (5.80%), excluding major internet firms like Alibaba and Tencent [3]. - The IPO of Wallen Technology, the first GPU company listed in Hong Kong, has started, aiming to raise up to 4.85 billion HKD, with a subscription amount of 260.7 billion HKD, indicating strong demand [1][3].