Core Viewpoint - Shanghai Hejing's stock performance shows a slight increase, with significant financing activities indicating strong investor interest and a high level of trading activity in the market [1][2]. Financing Summary - On November 11, Shanghai Hejing had a financing buy-in amount of 10.18 million yuan, with a net financing buy of 3.37 million yuan, indicating robust investor engagement [1]. - The total financing and securities balance reached 15.4 million yuan, accounting for 1.94% of the circulating market value, which is above the 80th percentile of the past year [1]. - The margin trading data shows no short selling activity on November 11, with a remaining short position of 6,500 shares valued at 151,700 yuan, also indicating a high level of short interest [1]. Company Performance - For the period from January to September 2025, Shanghai Hejing reported a revenue of 1.006 billion yuan, reflecting a year-on-year growth of 19.05%, and a net profit attributable to shareholders of 105 million yuan, up 32.86% year-on-year [2]. - The company has distributed a total of 332 million yuan in dividends since its A-share listing, demonstrating a commitment to returning value to shareholders [3]. Shareholder Information - As of October 20, 2025, the number of shareholders for Shanghai Hejing decreased to 16,000, a reduction of 4.74%, while the average circulating shares per person increased by 4.97% to 21,231 shares [2]. - Among the top ten circulating shareholders, the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF holds 4.5265 million shares, having decreased its holdings by 198,800 shares compared to the previous period [3].

Core Insights - The silicon epitaxial wafer industry is experiencing significant growth driven by strong demand in downstream applications, particularly in integrated circuits and power devices [1][7][10] - The market for silicon epitaxial wafers in China is projected to reach 12.44 billion yuan in 2024, with a year-on-year growth of 10.58% [10][11] - The industry is transitioning towards high-end, autonomous, and diversified development, focusing on technological upgrades and industry chain collaboration [13][14][15] Industry Overview - Silicon epitaxial wafers are core semiconductor materials formed by growing a single-crystal semiconductor film on a silicon substrate, allowing precise control of key parameters [2][3] - The classification of silicon epitaxial wafers includes sizes of 300mm (12 inches), 200mm (8 inches), and 150mm (6 inches and below), catering to various semiconductor device requirements [3][4] Market Dynamics - The integrated circuit sector is the most significant application market for silicon epitaxial wafers, with production expected to reach 451.42 billion units in 2024, a 14.38% increase year-on-year [7][8] - The power semiconductor market in China is projected to grow to 175.255 billion yuan in 2024, driven by sectors such as new energy vehicles and photovoltaics [8][10] Industry Development - The Chinese silicon epitaxial wafer industry has evolved from technology dependence to achieving self-sufficiency, with significant advancements in 8-inch core processes and a shift towards 12-inch high-end products [5][10] - The industry is currently in a phase of simultaneous scale expansion and quality upgrade, with increasing competitiveness and a focus on high-end applications [10][11] Competitive Landscape - The industry is characterized by a competitive landscape where international giants dominate the high-end market, while domestic companies are rapidly catching up through technological collaboration and industry chain integration [12][13] - Key players include Hu Silicon Industry, TCL Zhonghuan, and Lian Microelectronics, focusing on breakthroughs in 12-inch technology and establishing advantages in the 8-inch power device sector [12][13] Future Trends - The silicon epitaxial wafer industry is expected to accelerate towards high-end, autonomous, and diversified development, with a focus on large-size and low-defect density technologies [14][15] - There will be a stronger emphasis on upstream and downstream collaboration to enhance self-sufficiency and build a secure and controllable industrial ecosystem [14] - Emerging application scenarios, such as new energy vehicles and artificial intelligence, will drive product diversification and innovation in the industry [15][16]

Core Viewpoint - Shanghai Hejing (688584) has seen a decline in stock price, closing at 22.83 yuan, down 4.6% from the previous week, with a total market capitalization of 15.192 billion yuan [1] Company Announcements - The company plans to issue technology innovation bonds to raise up to 600 million yuan, with a maturity of no more than 5 years. This issuance aims to respond to national technology innovation policies, increase technological investment, broaden financing channels, and optimize debt structure [1] - The board of directors has proposed to authorize the board and senior management to handle all matters related to the bond issuance, including formulating issuance terms, hiring intermediaries, signing documents, and information disclosure. The authorization is valid from the date of approval by the shareholders' meeting until the relevant matters are completed [1] - The proposal has been approved by the third meeting of the third board of directors and will be submitted for review at the first temporary shareholders' meeting of 2025 [1]

2025年第一次临时股东会会议资料 证券代码：688584 证券简称：上海合晶 上海合晶硅材料股份有限公司 2025年第一次临时股东会会议资料 2025年11月 1 / 7 | | | 五、股东（或股东代理人）要求在股东会现场会议上发言的，应于股东会 召开前向大会会务组进行登记，填写股东《发言登记表》，阐明发言主题，由 公司统一安排发言。股东（或股东代理人）临时要求发言或就相关问题提出质 询的，应当先向大会会务组申请，经大会主持人许可后方可进行。股东（或股 东代理人）在大会上发言应围绕本次大会所审议的议案，简明扼要，每位股东 （或股东代理人）发言不超过两次，每次发言的时间原则上不超过三分钟。 六、股东（或股东代理人）要求发言时，不得打断会议报告人的报告或其 他股东（或股东代理人）的发言，在股东会进行表决时，股东（或股东代理人） 3 / 7 2025年第一次临时股东会会议资料 2025年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效率，保证 股东会的顺利进行，上海合晶硅材料股份有限公司（以下简称"公司"或"上 海合晶"）根据《中华人民共和国公司法》（以下简称"《公司法》"）、 ...

Core Viewpoint - Shanghai Hejing Silicon Materials Co., Ltd. reported a strong performance in Q3 2025, driven by industry recovery and technological breakthroughs, with significant year-on-year growth in both revenue and net profit [2]. Financial Performance - In Q3 2025, the company achieved revenue of 380 million yuan, a year-on-year increase of 25.85% [2]. - The net profit attributable to shareholders was 45.08 million yuan, reflecting a year-on-year growth of 47.02% [2]. - For the first three quarters, total revenue reached 1.006 billion yuan, up 19.05% year-on-year [2]. - The net profit for the same period was 105 million yuan, marking a year-on-year increase of 32.86% [2]. Industry Dynamics - The company noted that the recovery in industry sentiment and the return of downstream customer inventory levels to reasonable ranges contributed to increased sales volume and high capacity utilization [2]. - There is a resurgence in demand for epitaxial wafers, particularly driven by the recovery in the demand for power devices and analog chips [2]. Strategic Initiatives - Shanghai Hejing is actively developing and expanding production for 12-inch large-size silicon wafers, as well as ramping up mass production of 12-inch 55nm CIS epitaxial wafers and researching 28nm P/P- epitaxial wafers [2]. - The increase in demand for 12-inch products has led to higher sales volumes, contributing to revenue and profit growth [2]. - The company's differentiated strategy for 8-inch products is being further implemented, promoting high-end domestic substitution in the power device sector [2].

Core Insights - Shanghai Hejing's stock price increased by 5.01%, reaching 25.36 CNY per share, with a trading volume of 168 million CNY and a turnover rate of 1.98%, resulting in a total market capitalization of 16.876 billion CNY [1] Company Overview - Shanghai Hejing Silicon Materials Co., Ltd. is located in Songjiang District, Shanghai, established on December 1, 1994, and listed on February 8, 2024 [1] - The company focuses on developing and applying industry-leading processes to provide customers with high flatness, high uniformity, and low defect semiconductor silicon epitaxial wafers [1] - The revenue composition of the company is 83.17% from product sales and 16.83% from entrusted processing [1] Shareholder Analysis - Among the top ten circulating shareholders of Shanghai Hejing, a fund under Harvest Fund ranks first. The Harvest SSE STAR Chip ETF (588200) reduced its holdings by 198,800 shares in the third quarter, holding 4.5265 million shares, which accounts for 1.33% of the circulating shares [2] - The estimated floating profit from this reduction is approximately 5.4771 million CNY [2] Fund Performance - The Harvest SSE STAR Chip ETF (588200) was established on September 30, 2022, with a current scale of 27.806 billion CNY [2] - Year-to-date return is 70.9%, ranking 142 out of 4219 in its category; the one-year return is 80.77%, ranking 48 out of 3877; and since inception, the return is 150.87% [2]

Core Viewpoint - Shanghai Hojin Silicon Materials Co., Ltd. plans to issue technology innovation bonds to enhance its financing capabilities and support technological innovation efforts, with a total issuance amount not exceeding RMB 600 million [9][10][13]. Group 1: Bond Issuance Details - The proposed bond issuance aims to raise funds for technological innovation and to optimize the company's debt structure [9][13]. - The bond issuance will have a maximum term of 5 years, with specific terms to be determined based on market conditions [10]. - The company will seek authorization from the shareholders' meeting to proceed with the bond issuance and related decisions [11][14]. Group 2: Foreign Exchange Hedging - The company intends to conduct forward foreign exchange settlement and sales to hedge against exchange rate risks associated with its international trade activities [20][21]. - The maximum contract value for these forward transactions will not exceed RMB 150 million, with a maximum margin and premium of RMB 60 million [22][25]. - The company will only engage in hedging transactions and will not pursue speculative trading [21][26]. Group 3: Shareholders Meeting - The first extraordinary shareholders' meeting of 2025 is scheduled for November 12, 2025, to discuss the bond issuance and other matters [35][37]. - The meeting will allow for both on-site and online voting, ensuring participation from shareholders [36][39]. - The company has implemented a reminder service to facilitate attendance and voting for minority shareholders [41].

Core Insights - Shanghai Hejing (688361.SH) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 380 million yuan, a year-on-year growth of 25.85%, and net profit of 45.084 million yuan, up 47.02% [1][3] - For the first three quarters of 2025, the company achieved a total revenue of 1.006 billion yuan, reflecting a year-on-year increase of 19.05%, and a net profit of 105 million yuan, which is a 32.86% increase compared to the previous year [1][3] Revenue and Profit Growth - The growth in performance is attributed to the recovery in industry conditions, reasonable inventory levels among downstream customers, increased product sales, and high capacity utilization rates, which collectively boosted both revenue and net profit [3] Strategic Developments - The company is accelerating its layout in the 12-inch large-size silicon wafer business, actively advancing research and development as well as capacity expansion [3] - The 12-inch 55nm CIS epitaxial wafers have already entered mass production, and the development of 28nm P/P-epitaxial wafers is progressing steadily [3] - With the continuous increase in demand for 12-inch products, the company's sales have significantly improved, providing effective support for its performance [3] Market Positioning - The company is implementing a differentiated strategy for its 8-inch products, focusing on high-end domestic substitution in the power device epitaxial wafer sector [3] - The company aims to continuously enhance its core technological capabilities and optimize its product structure to solidify its leading position in the semiconductor silicon wafer market [3] Industry Outlook - Industry experts believe that Shanghai Hejing's multi-line layout in the 12-inch and 8-inch epitaxial wafer sectors is likely to benefit from the expansion of wafer capacity and the recovery of downstream demand, suggesting that the momentum for performance growth may continue into subsequent quarters [3]

Core Viewpoint - Shanghai Hejing (688584.SH) reported a significant increase in revenue and net profit for Q3 2025, driven by industry recovery and increased customer demand [1] Financial Performance - Q3 2025 revenue reached 380 million yuan, a year-on-year increase of 25.85% [1] - Net profit attributable to shareholders was 45.084 million yuan, up 47.02% year-on-year [1] - For the first three quarters, total revenue was 1.006 billion yuan, reflecting a 19.05% increase year-on-year [1] - Net profit for the first three quarters was 105 million yuan, a year-on-year growth of 32.86% [1] Industry Dynamics - The recovery in industry sentiment and the return of customer inventory levels to reasonable ranges contributed to increased sales volume and high capacity utilization [1] - The company is actively expanding its research and production capacity for 12-inch large silicon wafers and has commenced mass production of 12-inch 55nm CIS epitaxial wafers [1] - Increased demand for 12-inch products has led to higher sales, contributing to revenue and profit growth [1] - The differentiated strategy for 8-inch products is being further implemented, promoting high-end domestic substitution in the power device epitaxial wafer sector [1]

Group 1 - Shanghai Hejing reported a revenue of approximately 1.006 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 19.05% [1] - The net profit attributable to shareholders for the same period was approximately 105 million yuan, showing a year-on-year increase of 32.86% [1] Group 2 - As of the report date, Shanghai Hejing's market capitalization stands at 16.1 billion yuan [2] - The Chinese innovative drug sector has seen overseas licensing sales reach 80 billion US dollars this year [2]