上海荣正企业咨询服务（集团）股份有限公司 证券代码：688362 证券简称：甬矽电子 关于 甬矽电子（宁波）股份有限公司 2024 年限制性股票激励计划 首次授予部分 第一个归属期归属条件成就 之 独立财务顾问报告 2025 年 9 月 | （二）咨询方式 11 | | --- | 一、释义 在本独立财务顾问报告中，除非特别载明，以下简称具有如下含义： | 独立财务顾问 | 指 | 上海荣正企业咨询服务（集团）股份有限公司 | | --- | --- | --- | | 甬矽电子、本公司、公司、上市公司 | 指 | 甬矽电子（宁波）股份有限公司 | | 本激励计划、本计划 | 指 | 甬矽电子（宁波）股份有限公司 年限制性股票 2024 | | | | 激励计划 | | 限制性股票、第二类限制性股票 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归 | | | | 属条件后分次获得并登记的本公司股票 | | 激励对象 | 指 | 按照本激励计划规定，获得限制性股票在公司（含控 股子公司）任职的部分董事、高级管理人员、核心技 | | | | 术人员及核心骨干员工 | | 授予日 | 指 | 公司向激励 ...

| 证券代码：688362 | 证券简称：甬矽电子 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：118057 | 债券简称：甬矽转债 | | 甬矽电子（宁波）股份有限公司 具体内容详见公司于同日在上海证券交易所网站（www.sse.com）披露的《甬矽电 1 甬矽电子（宁波）股份有限公司（以下简称"公司"）第三届监事会第十六次会 议于 2025 年 9 月 10 日以现场结合通讯会议方式在公司会议室召开。本次会议通知于 2025 年 9 月 5 日以书面及电子邮件等方式发出。会议由公司监事会主席岑漩主持，本 次会议应出席监事 3 名，实际出席监事 3 名。本次会议的召集、召开方式符合有关法 律、法规和《甬矽电子（宁波）股份有限公司章程》（以下简称"《公司章程》"） 的规定，会议决议合法、有效。 二、监事会会议审议情况 本次会议经与会监事审议并以记名投票表决方式审议通过了相关的议案，形成决 议如下： 1、审议通过《关于 2024 年限制性股票激励计划首次授予部分第一个归属期归属 条件成就的议案》 监事会认为：公司 2024 年限制性股票激励计划首次授予部分第一个归属 ...

甬矽电子（宁波）股份有限公司 董事会薪酬与考核委员会关于 2024 年限制性 股票激励计划首次授予部分第一个归属期 归属名单的核查意见 甬矽电子（宁波）股份有限公司（以下简称"公司"）董事会薪酬与考核 委员会根据《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》"）、《上海证券交易所科创板股票上市规 则》（以下简称"《上市规则》"）等有关法律、法规、规范性文件以及《甬 矽电子（宁波）股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，对公司 2024 年限制性股票激励计划（以下简称"《激励计划》"或"本 激励计划"）首次授予部分第一个归属期归属名单进行审核，发表核查意见如 下： 本次拟归属的 57 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，其作为公司本次激励计划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。 ...

| 证券代码：688362 | 证券简称：甬矽电子 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：118057 | 债券简称：甬矽转债 | | 甬矽电子（宁波）股份有限公司 第三届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 甬矽电子（宁波）股份有限公司（以下简称"公司"）第三届董事会第十九次会 议于 2025 年 9 月 10 日以现场结合通讯会议方式在公司会议室召开。本次会议通知于 2025 年 9 月 5 日以书面及电子邮件等方式发出。会议由公司董事长王顺波主持，本次 会议应出席董事 7 名，实际出席董事 7 名。本次会议的召集、召开方式符合有关法律、 法规和《甬矽电子（宁波）股份有限公司章程》（以下简称"《公司章程》"）的规 定，会议决议合法、有效。 二、董事会会议审议情况 本次会议经与会董事审议并以记名投票表决方式审议通过了相关的议案，形成决 议如下： 1、审议通过《关于 2024 年限制性股票激励计划首次授予部分第 ...

平安证券股份有限公司 关于甬矽电子(宁波) 股份有限公司 2025 年半年度持续督导跟踪报告 平安证券股份有限公司(以下简称平安证券或保荐机构)作为甬矽电子(宁 波)股份有限公司(以下简称甬矽电子或公司)向不特定对象发行可转换公司债 券(以下简称本次发行)的保荐机构,根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第1号 -- 规范运作》《上海证券交易所上市公司自律监管指引第11号 -- 持续督导》等相关规定,负责诵矽申子的持续督导工作,并出具 2025年半 年度持续督导跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | | 保荐机构已建立健全并有效执 | | 1 | 建立健全并有效执行持续督导工作制度,并针对 | 行了持续督导制度,并制定了 | | | 具体的持续督导工作制定相应的工作计划。 | | | | | 相应的工作计划。 | | | 根据中国证监会相关规定,在持续督导工作开始 前,与上市公司签署持续督导协议,明确双方在 | | | | | 保荐机构已与角矽电子 ...

Group 1: Industry Overview - The performance of companies in emerging industries, particularly integrated circuits, has shown significant improvement, reflecting the optimization and upgrading of China's economic structure [1] - The number of integrated circuit companies listed on the Sci-Tech Innovation Board has reached 120, accounting for 60% of the total number of A-share companies in this sector [1] - In the first half of the year, these 120 integrated circuit companies achieved a total revenue of 160.04 billion yuan, a year-on-year increase of 24%, and a net profit of 13.1 billion yuan, up 62% [1] Group 2: AI Chip Companies - Companies producing AI computing chips have experienced explosive growth due to the surge in demand for computing power driven by AI technology [2] - For instance, Cambrian Technology Co., Ltd. reported a revenue of 2.881 billion yuan in the first half of the year, a staggering increase of 4,300% year-on-year [2] - Other companies like Haiguang Information Technology Co., Ltd. and Montage Technology Co., Ltd. also reported significant revenue growth of 45% and 58%, respectively [2] Group 3: Consumer Electronics and Chips - The dual drive of national subsidies and AI technology has effectively stimulated the consumer market, leading to a structural recovery in categories like smartphones and tablets [3] - Companies such as Tailing Microelectronics and SmartSens Technology have reported substantial revenue increases of 37.72% and 54.11%, respectively, in the first half of the year [3] - The wearable market's growth has also contributed to the revenue increase for companies like Hengxuan Technology, which saw a 26.58% rise in revenue [3] Group 4: Wafer Manufacturing - The domestic wafer manufacturing sector has shown steady growth, with four major wafer foundry companies achieving a combined revenue of 49.059 billion yuan, a year-on-year increase of 21.80% [4] - SMIC reported a revenue of 32.348 billion yuan, up 23.14%, and a net profit of 1.646 billion yuan, reflecting a 39.76% increase [4] - The capacity utilization rates of these companies are close to full capacity, indicating a robust foundation for industry development [4] Group 5: Mergers and Acquisitions - Leading wafer companies are pursuing growth through mergers and acquisitions to enhance their production capacity and technological capabilities [5][6] - For example, Huahong Semiconductor plans to acquire Shanghai Huahong Microelectronics, which is expected to add 38,000 pieces per month of new capacity [6] - Chip Alliance's acquisition of a minority stake in a related company is also aimed at strengthening its service capabilities in emerging markets like new energy vehicles [6] Group 6: Equipment and Materials - The semiconductor equipment sector continues to experience high demand driven by domestic substitution and technological breakthroughs [7] - Companies like Zhongwei Semiconductor Equipment and Shenzhen Zhongke Feicai Technology reported significant revenue growth, with Zhongwei's sales reaching approximately 3.781 billion yuan, a 40.12% increase [7] - The materials segment also saw positive performance, with leading companies like Anji Microelectronics achieving revenue growth of 43.17% [7]

Core Insights - The performance of companies in the integrated circuit sector on the STAR Market has shown significant growth, reflecting the optimization and upgrading of China's economic structure [1] - The demand for AI computing power has surged, leading to substantial growth in general-purpose chips such as servers and CPUs [1][2] Group 1: Integrated Circuit Companies - A total of 120 integrated circuit companies on the STAR Market achieved a combined revenue of 160.04 billion yuan in the first half of the year, representing a year-on-year growth of 24% [1] - The net profit attributable to shareholders reached 13.1 billion yuan, with a year-on-year increase of 62% [1] - The second quarter saw a revenue and net profit growth of 17% and 72% respectively, indicating a robust recovery [1] Group 2: AI Chip Companies - Companies like Cambricon Technologies reported a revenue of 2.881 billion yuan in the first half of the year, a staggering increase of 4,300% year-on-year [2] - Haiguang Information Technology achieved a revenue of 5.464 billion yuan and a net profit of 1.201 billion yuan, with year-on-year growth rates of 45% and 41% respectively [2] - Advanced packaging companies such as Yongxi Electronics saw a revenue increase of 23.37% and a net profit surge of 150.45% [2] Group 3: Audio and Imaging Companies - TaiLing Microelectronics reported a revenue of 503 million yuan, a year-on-year increase of 37.72%, and a net profit of 101 million yuan, up 274.58% [3] - STMicroelectronics achieved a revenue of 3.786 billion yuan and a net profit of 397 million yuan, with year-on-year growth of 54.11% and 164.93% respectively [3] - Hengxuan Technology's revenue reached 1.938 billion yuan, growing 26.58% year-on-year, with a net profit increase of 106.45% [3] Group 4: Wafer Manufacturing Companies - The four wafer foundry companies on the STAR Market achieved a combined revenue of 49.059 billion yuan, a year-on-year growth of 21.80%, and a net profit of 2.537 billion yuan, up 55.89% [4] - SMIC reported a revenue of 32.348 billion yuan, a 23.14% increase, and a net profit of 1.646 billion yuan, growing 39.76% [4] - Hefei Integrated Circuit's revenue and net profit reached 5.198 billion yuan and 332 million yuan, with year-on-year growth of 18.21% and 77.61% respectively [4] Group 5: Mergers and Acquisitions - Leading wafer companies are pursuing mergers and acquisitions to enhance growth and acquire quality capacity and technology [5][6] - Huahong Semiconductor plans to integrate Shanghai Huahong Microelectronics, which is expected to add 38,000 pieces/month of new capacity [6] - Chip Alliance's acquisition of minority stakes in Xinchuan Integrated Circuit Manufacturing is expected to enhance service capabilities in emerging markets like new energy vehicles [6] Group 6: Equipment and Materials Sector - The semiconductor equipment sector continues to thrive due to strong domestic substitution demand and technological breakthroughs [7] - Companies like Zhongwei Semiconductor Equipment reported a revenue increase of approximately 40.12% to 3.781 billion yuan [7] - The materials segment also showed strong growth, with leading companies like Anji Microelectronics achieving a revenue increase of 43.17% [7]

Core Viewpoint - Yongxi Electronics experienced a decline of 5.11% on September 4, with a stock price of 33.44 CNY per share and a total market capitalization of 13.698 billion CNY [1] Company Overview - Yongxi Electronics (Ningbo) Co., Ltd. was established on November 13, 2017, and went public on November 16, 2022. The company is located in Yuyao City, Zhejiang Province, and specializes in integrated circuit packaging and testing [1] - The revenue composition of Yongxi Electronics includes: - System-level packaging products: 44.05% - Flat no-lead packaging products: 34.95% - High-density fine-pitch bump flip-chip products: 15.79% - Wafer-level testing products: 2.94% - Other (supplementary): 2.04% - Other products: 0.23% [1] Shareholder Information - Among the top ten circulating shareholders of Yongxi Electronics, a fund under Southern Fund ranks as a significant stakeholder. The Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders in the second quarter, holding 2.2507 million shares, which accounts for 0.8% of the circulating shares. The estimated floating loss today is approximately 4.0512 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion CNY. Year-to-date returns are 22.23%, ranking 1837 out of 4222 in its category; one-year returns are 59.18%, ranking 1272 out of 3789; and since inception, the return is 8.17% [2]

Summary of Key Points Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the last seven trading days [1][2]. Market Performance - Since reaching a peak on August 25, the convertible bond market has seen a downturn, with the China Convertible Bond Index entering a correction phase starting August 26, including a significant drop of 2.82% on August 27 [1][2]. - In the last seven trading days, more than 400 convertible bonds have declined, representing over 90% of the total, with nearly 230 bonds falling more than 5% and over 50 bonds dropping more than 10% [2][3]. Specific Bond Performance - Notable convertible bonds such as Tianyuan Convertible Bond have seen a price drop from over 240 yuan to 191.700 yuan, marking a cumulative decline of over 20% [3]. - The Borui Convertible Bond has also faced a decline, dropping from over 320 yuan to 260.457 yuan, with a cumulative decrease of 18.84% [5]. Market Influences - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has shown a slowdown, with a cumulative decline of 1.80% over the past seven trading days [7]. - The average decline of the underlying stocks corresponding to convertible bonds that fell over 10% is more than 10%, indicating a significant underperformance compared to the broader market [7][8]. Future Outlook - According to research from Guojin Securities, the overall probability of continued upward movement in the equity market remains high, but there is a short-term impulse for profit-taking in convertible bonds. The market is expected to experience increased trading activity and volatility [10][11].

Core Viewpoint - The convertible bond market, which had shown strong performance earlier in the year, has recently entered a phase of continuous adjustment, with over 90% of convertible bonds experiencing declines in the past seven trading days [1][2][3]. Market Performance - In the last seven trading days, more than 400 convertible bonds have declined, accounting for over 90% of the total convertible bonds available. Approximately 230 of these bonds have seen declines exceeding 5%, and over 50 bonds have dropped more than 10% [6]. - The China Securities Convertible Bond Index began its adjustment on August 26, with a significant drop of 2.82% on August 27. Although there was a slight increase of 0.26% on September 3, the market remains volatile and uncertain [4]. Individual Bond Performance - Specific convertible bonds have shown significant declines, such as: - Tianyuan Convertible Bond: Price dropped from over 240 yuan to 191.7 yuan, a decline of over 20% [6]. - Borui Convertible Bond: Price fell from over 320 yuan to 260.457 yuan, a cumulative decline of 18.84% [8]. - Other notable declines include: - Jinxian Convertible Bond: -18.83% - Outon Convertible Bond: -18.82% - Huamao Convertible Bond: -16.29% [12]. Reasons for Adjustment - The recent adjustment in the convertible bond market is believed to be influenced by the weak performance of the underlying stocks. The Shanghai Composite Index has seen a slowdown since August 26, with a cumulative decline of 1.80% over the past seven trading days [11]. - The average decline of the underlying stocks corresponding to convertible bonds that have dropped over 10% is also more than 10%, indicating a strong correlation between the performance of convertible bonds and their underlying stocks [11]. Market Outlook - According to recent research, the overall probability of the equity market maintaining an upward trend remains high. However, there is a short-term impulse for profit-taking in the convertible bond market. Two convertible bond ETF products now account for nearly 10% of the market, suggesting increased trading activity and potential for greater market volatility [12]. - The expectation is that the valuation of equity-oriented convertible bonds will have limited downward space, and if the market returns to the levels seen at the beginning of July, it could present a new opportunity for systematic accumulation [12].