登录新浪财经APP 搜索【信披】查看更多考评等级 （一）公司基本情况 全称：上海合晶硅材料股份有限公司 简称：上海合晶 代码：688584.SH IPO申报日期：2022年12月29日 上市日期：2024年2月8日 上市板块：上证科创板 所属行业：计算机、通信和其他电子设备制造业 IPO保荐机构：中信证券 保荐代表人：谢雯、张俊晖 IPO承销商：中信证券、中金公司 IPO律师：北京市金杜律师事务所 IPO审计机构：立信会计师事务所（特殊普通合伙） （二）执业评价情况 2024年度已上市A股企业从申报到上市的平均天数为629.45天，上海合晶的上市周期是406天，低于整体 均值。 （5）是否多次申报：属于，扣分。 （6）发行费用及发行费用率 上海合晶的承销及保荐费用为8726.73万元，承销保荐佣金率5.82%，低于整体平均数7.71% 。 （7）上市首日表现 （1）信披情况： 被要求说明公司2019年前五大客户与前次披露不一致的原因；被要求完善信息披露豁免申请文件，充分 说明对申请豁免披露的依据和理由；被要求完善招股说明书信息披露，突出重大性和针对性；被要求准 确披露招股说明书中对科创属性指标的部分内容；被要 ...

Core Insights - Shanghai Hejing's stock price increased by 5.26% on September 24, with a trading volume of 557 million yuan [1] - The company reported a financing net purchase of 14.15 million yuan on the same day, indicating strong investor interest [1] - As of September 24, the total margin balance for Shanghai Hejing was 189 million yuan, representing 2.08% of its market capitalization [1] Financing Summary - On September 24, Shanghai Hejing had a financing buy-in amount of 72.12 million yuan, with a financing repayment of 57.97 million yuan, resulting in a net financing purchase of 14.15 million yuan [1] - The current financing balance of 189 million yuan is above the 90th percentile level for the past year, indicating a high level of leverage [1] Short Selling Summary - On September 24, Shanghai Hejing repaid 1,481 shares in short selling and sold 6,900 shares, amounting to a selling value of 183,700 yuan [1] - The short selling balance stood at 43,390 yuan, also exceeding the 90th percentile level for the past year, suggesting significant short interest [1] Company Performance - As of September 10, the number of shareholders for Shanghai Hejing was 17,000, a decrease of 4.68% from the previous period [2] - For the first half of 2025, the company achieved a revenue of 625 million yuan, a year-on-year increase of 15.26%, and a net profit of 59.71 million yuan, up 23.86% year-on-year [2] Dividend and Shareholding - Since its A-share listing, Shanghai Hejing has distributed a total of 332 million yuan in dividends [3] - As of June 30, 2025, the sixth largest circulating shareholder is the Harvest SSE STAR Chip ETF, holding 4.7253 million shares as a new shareholder [3]

开源证券认为，多样化的先进封装技术在匹配适配场景下可充分发挥优势，包括且不限于性能高、成本 低、面积小、周期短等。国产封测厂商正面对高端先进封装的关键突破窗口。重视本土厂商高端封测产 线产能、良率和产能利用率提升带来的投资机会。 公开信息显示，科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418）跟踪上证科 创板半导体材料设备主题指数，囊括科创板中半导体设备（59%）和半导体材料（25%）细分领域的硬 科技公司。半导体设备和材料行业是重要的国产替代领域，具备国产化率较低、国产替代天花板较高属 性，受益于人工智能革命下的半导体需求扩张、科技重组并购浪潮、光刻机技术进展。 截至2025年9月23日 11点20分，上证科创板半导体材料设备主题指数强势上涨1.21%，成分股沪硅产业 上涨10.41%，有研硅上涨7.19%，华峰测控上涨5.80%，上海合晶，拓荆科技等个股跟涨。科创半导体 ETF（588170）上涨1.07%，逆市走出"V"字行情。 消息方面，当地时间周一（9月22日），英伟达和OpenAI宣布达成合作，包括建设庞大数据中心计划， 以及英伟达对OpenAI最高1000亿美 ...

中信证券股份有限公司 关于上海合晶硅材料股份有限公司 2025 半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海合 晶硅材料股份有限公司（以下简称"上海合晶"或"公司"或"上市公司"）首 次公开发行股票并在科创板上市的保荐人。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》等相关规定，中信证券履行持续 督导职责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 9 月 2 日、2025 年 9 月 9 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅 ...

Group 1 - Shanghai Hejing's stock price increased by 0.46% on September 12, with a trading volume of 171 million yuan [1] - The financing data on September 12 shows that Shanghai Hejing had a financing purchase amount of 12.96 million yuan and a financing repayment of 18.41 million yuan, resulting in a net financing outflow of 5.45 million yuan [1] - As of September 12, the total balance of margin trading for Shanghai Hejing was 178 million yuan, with the financing balance accounting for 2.15% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of September 10, the number of shareholders of Shanghai Hejing was 17,000, a decrease of 4.68% from the previous period, while the average circulating shares per person increased by 4.91% to 19,937 shares [2] - For the first half of 2025, Shanghai Hejing achieved an operating income of 625 million yuan, representing a year-on-year growth of 15.26%, and a net profit attributable to shareholders of 59.71 million yuan, up 23.86% year-on-year [2] Group 3 - Since its A-share listing, Shanghai Hejing has distributed a total of 332 million yuan in dividends [3] - As of June 30, 2025, among the top ten circulating shareholders of Shanghai Hejing, the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) ranked as the sixth largest circulating shareholder, holding 4.73 million shares as a new shareholder [3]

Summary of Key Points Core Viewpoint - Shanghai Hejing reported a significant decrease in the number of shareholders, indicating a potential shift in investor sentiment and market dynamics [2]. Shareholder and Stock Performance - As of August 31, the number of shareholders for Shanghai Hejing was 17,880, a decrease of 2,994 from the previous period, representing a decline of 14.34% [2]. - The closing price of Shanghai Hejing on the reporting date was 23.73 yuan, reflecting an increase of 2.24%, although the stock has cumulatively decreased by 16.30% since the concentration of shares began [2]. - The stock experienced 4 days of price increases and 8 days of declines during the reporting period [2]. Financing and Margin Data - The latest margin trading data as of September 4 shows a total margin balance of 189 million yuan, with a financing balance of 188 million yuan [2]. - Since the concentration of shares began, the financing balance has decreased by 46.75 million yuan, a decline of 19.88% [2]. Financial Performance - In the first half of the year, Shanghai Hejing achieved a total revenue of 625 million yuan, representing a year-on-year growth of 15.26% [2]. - The net profit for the same period was 59.71 million yuan, reflecting a year-on-year increase of 23.86% [2]. - The basic earnings per share were reported at 0.0900 yuan, with a weighted average return on equity of 1.45% [2].

Core Insights - Shanghai Hejing Silicon Materials Co., Ltd. reported a revenue of 625 million yuan for the first half of 2025, representing a year-on-year increase of 15.26% [1] - The net profit attributable to shareholders reached 59.71 million yuan, up 23.86% year-on-year, while the net profit after deducting non-recurring items was 59.18 million yuan, reflecting a 42.15% increase [1] Revenue and Profit Growth - The company's main business focuses on the research, production, and sales of semiconductor silicon epitaxial wafers [1] - Key drivers for the revenue growth in the first half of 2025 included enhanced market expansion and the implementation of differentiated competition strategies [1] - Sales volume for 8-inch and 12-inch products increased year-on-year, with a significant growth of 151.9% in 12-inch product sales compared to the same period last year [1] Capacity Utilization and Production - The release of previously invested capacity contributed to the performance, with ongoing expansion in certain product lines leading to improved capacity utilization [1] - The capacity utilization rate for 8-inch products increased by 12.6% year-on-year, while the 12-inch products saw a 27.9% year-on-year increase in capacity utilization [1] Quarterly Performance - In the second quarter of 2025, the company achieved a revenue of 345 million yuan, representing a quarter-on-quarter growth of 23.13% [1] - The net profit attributable to shareholders for the second quarter was 40.50 million yuan, showing a remarkable quarter-on-quarter increase of 110.87% [1] - The net profit after deducting non-recurring items for the second quarter was 43.66 million yuan, reflecting a quarter-on-quarter growth of 181.38%, indicating a significant improvement in operational performance [1]

Core Viewpoint - Shanghai Hejing's stock price dropped by 4.24% on September 2, with a trading volume of 245 million yuan and a market capitalization of 16.37 billion yuan [1] Group 1: Company Overview - Shanghai Hejing Silicon Materials Co., Ltd. specializes in the research, production, and sales of semiconductor silicon epitaxial wafers, with its core products being 8-inch and smaller epitaxial wafers used for power devices and analog chips [2] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2] - As of August 20, the number of shareholders in Shanghai Hejing increased by 26.43% to 20,900, with an average of 16,278 circulating shares per person, a decrease of 20.91% [7] Group 2: Financial Performance - For the first half of 2025, Shanghai Hejing achieved a revenue of 625 million yuan, representing a year-on-year growth of 15.26%, and a net profit attributable to shareholders of 59.71 million yuan, up 23.86% year-on-year [7] - The company has a significant overseas revenue share of 85.40%, benefiting from the depreciation of the RMB [3] Group 3: Market Activity - The stock experienced a net outflow of 39.04 million yuan today, with a total net outflow of 1.74 billion yuan over the past 20 days, indicating a lack of clear trend in major funds [4][5] - The average trading cost of the stock is 23.73 yuan, with the current price fluctuating between a resistance level of 28.35 yuan and a support level of 18.48 yuan, suggesting potential for range trading [6] Group 4: Shareholder and Dividend Information - Since its A-share listing, Shanghai Hejing has distributed a total of 332 million yuan in dividends [8] - As of June 30, 2025, the sixth largest circulating shareholder is the Harvest SSE STAR Chip ETF, holding 4.7253 million shares as a new shareholder [8]

Core Viewpoint - Shanghai Hejing (688584.SH) reported a significant increase in revenue and net profit for the first half of 2025, indicating strong financial performance compared to the same period last year [1][3]. Financial Performance - The company's total revenue reached 625 million yuan, an increase of 82.78 million yuan, representing a year-on-year growth of 15.26% [1]. - The net profit attributable to shareholders was 59.71 million yuan, up by 11.50 million yuan, reflecting a year-on-year increase of 23.86% [1]. - Operating cash flow amounted to 196 million yuan, an increase of 26.33 million yuan, with a year-on-year growth of 15.53% [1]. Profitability Metrics - The latest asset-liability ratio stands at 10.18%, a decrease of 7.69 percentage points compared to the same period last year [3]. - The gross profit margin is reported at 28.32%, an increase of 4.79 percentage points from the previous quarter [3]. - The return on equity (ROE) is 1.47%, which is an increase of 0.27 percentage points year-on-year [3]. Earnings and Efficiency - The diluted earnings per share (EPS) is 0.09 yuan, an increase of 0.01 yuan, reflecting a year-on-year growth of 12.50% [4]. - The total asset turnover ratio is 0.14 times, an increase of 0.01 times, representing a year-on-year growth of 8.88% [4]. - The inventory turnover ratio is 1.45 times, an increase of 0.29 times, with a year-on-year growth of 25.16% [4]. Shareholder Structure - The number of shareholders is 15,900, with the top ten shareholders holding 568 million shares, accounting for 85.35% of the total share capital [4]. - The largest shareholder is SILICON TECHNOLOGY INVESTMENT (CAYMAN) CORP. with a holding of 48.03% [4].

Core Viewpoint - Shanghai Hejing (688584) reported a strong performance in its 2025 mid-year financial results, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 reached 625 million yuan, a year-on-year increase of 15.26% [1] - Net profit attributable to shareholders was 59.71 million yuan, up 23.86% year-on-year [1] - In Q2 2025, total revenue was 345 million yuan, reflecting a 17.64% increase year-on-year [1] - Q2 net profit attributable to shareholders was 40.50 million yuan, a 35.27% increase year-on-year [1] - Gross margin was 28.32%, a slight decrease of 0.14% year-on-year, while net margin improved to 9.55%, an increase of 7.46% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 52.90 million yuan, accounting for 8.46% of revenue, down 5.24% year-on-year [1] Balance Sheet Highlights - Accounts receivable stood at 258 million yuan, representing a 5.83% increase year-on-year, with accounts receivable to net profit ratio at 213.65% [1][3] - Cash and cash equivalents decreased by 42.65% to 970 million yuan [1] - Interest-bearing debt was reduced by 51.90% to 202 million yuan [1] Earnings Per Share - Earnings per share (EPS) increased to 0.09 yuan, a 12.50% rise year-on-year [1] - Operating cash flow per share improved to 0.29 yuan, reflecting a 15.53% increase year-on-year [1] - Net asset value per share was 6.12 yuan, up 0.65% year-on-year [1] Business Model and Strategy - The company's performance is primarily driven by research and development, indicating a need for careful analysis of the underlying factors [2] - The company aims to optimize its 8-inch product structure and maximize output, targeting to become a benchmark in the domestic market [4] - The 12-inch production capacity is being developed in phases, with plans to expand capacity based on market demand [5]