关于北京华峰测控技术股份有限公司向不 特定对象发行可转换公司债券申请文件的 审核问询函的回复 大信备字[2025]第 3-00044 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants.LLP Room 2206 22/F, Xueyuan International Tower No.1 Zhichun Road, Haidian Dist. Beijing,China,100083 电话 Telephone：+86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 《关于北京华峰测控技术股份有限公司向不特定对象 发行可转换公司债券申请文件的审核问询函》的回复 大信备字[2025]第 3-00044 号 上海证券交易所： 根据贵所《关于北京华峰测控技术股份有限公司向不特定对象发行可转换 ...

根据上交所进一步审核意见，公司会同相关中介机构对部分回复内容进行 了 补 充 与 修 订 ， 具 体 内 容 详 见 公 司 于 同 日 在 上 海 证 券 交 易 所 网 站 （ www.sse.com.cn）披露的《关于北京华峰测控技术股份有限公司向不特定对象 发行可转换公司债券申请文件的审核问询函的回复（修订稿）》等相关文件。 证券代码：688200 证券简称：华峰测控 公告编号：2025-060 北京华峰测控技术股份有限公司 关于向不特定对象发行可转换公司债券申请文件 审核问询函回复的提示性公告 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。 北京华峰测控技术股份有限公司（以下简称"公司"）于2025年5月13日收 到上海证券交易所（以下简称"上交所"）出具的《关于北京华峰测控技术股 份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证 科审（再融资）〔2025〕50号）（以下简称"《审核问询函》"），上交所审核 机构对公司向不特定对象发行可转换公司债券申请文件进行了审核，并形成了 问询问题。 公司 ...

Group 1 - The core viewpoint is that the semiconductor materials and equipment sector is experiencing fluctuations, with the STAR Market Semiconductor Materials and Equipment Index down by 0.6% as of 10:22, while individual stocks show mixed performance [1] - The STAR Market Semiconductor ETF (588170) has seen a recent decline of 0.73%, with the latest price at 1.09 yuan, but has accumulated a 6.69% increase over the past week as of July 29, 2025 [1] - The liquidity of the STAR Market Semiconductor ETF is notable, with a turnover of 5.25% and a transaction volume of 21.34 million yuan, while the average daily transaction volume over the past week reached 87.06 million yuan [1] Group 2 - Xiangcai Securities indicates that major players like Samsung, SK Hynix, and Micron plan to exit the niche DRAM market, leading to a reversal in supply and demand dynamics, with prices expected to remain at mid-to-high levels in 2025 and 2026 [2] - The demand for DRAM is showing signs of weak recovery in sectors such as smartphones, PCs, IoT, and industrial control, alongside a trend towards domestic substitution, which is expected to drive prices upward for domestic storage manufacturers [2] - The STAR Market Semiconductor ETF (588170) tracks the STAR Market Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (59%) and materials (25%), which are critical areas for domestic substitution and are benefiting from the expansion of semiconductor demand driven by the AI revolution [2]

截至11:02，上证科创板半导体材料设备主题指数下跌0.11%。成分股方面涨跌互现，华峰测控领涨 2.31%，新益昌上涨2.07%，晶升股份上涨1.94%；和林微纳领跌1.89%，中科飞测下跌1.55%，中芯国际 下跌1.08%。科创半导体ETF（588170）多空胶着，最新报价1.1元。拉长时间看，截至2025年7月29 日，科创半导体ETF近1周累计上涨6.69%。 流动性方面，科创半导体ETF盘中换手6.11%，成交2485.82万元。拉长时间看，截至7月29日，科创半 导体ETF近1周日均成交8706.38万元。 规模方面，科创半导体ETF最新规模达4.08亿元，创近3月新高。从资金净流入方面来看，科创半导体 ETF近5天获得连续资金净流入，最高单日获得1.18亿元净流入，合计"吸金"1.37亿元，日均净流入达 2748万元。 从大市资金来看，数据显示，半导体行业（申万二级）近一月两融余额持续攀升，截至7月29日，两融 余额为1222亿元，创下近一月新高。 国信证券指出，半导体行业迎来全面反弹，看好"宏观政策周期、产业库存周期、AI创新周期"三重共振 下的估值扩张行情。北美算力需求强势上涨带动交换机及 ...

Group 1 - The core viewpoint of the articles highlights a strong performance in the semiconductor materials and equipment sector, particularly driven by AI-related capital expenditures and innovations in chip architecture [1][2] - The STAR Market Semiconductor Materials and Equipment Theme Index has seen a significant increase of 1.83%, with notable gains in constituent stocks such as ZKFC and Huafeng Measurement Control [1] - The STAR Semiconductor ETF (588170) has experienced a robust trading activity, with a turnover rate of 12.83% and a total transaction volume of 51.56 million yuan, reaching a new high in scale and shares over the past three months [1] Group 2 - Tianfeng Securities indicates that the AI capital expenditure cycle is still on the rise, which is expected to continuously drive the demand for computing infrastructure [2] - The STAR Semiconductor ETF (588170) tracks the STAR Market Semiconductor Materials and Equipment Theme Index, focusing on semiconductor equipment (59%) and materials (25%), which are crucial for domestic substitution [2] - The semiconductor materials and equipment industry is positioned to benefit from the expansion of semiconductor demand driven by the AI revolution and advancements in lithography technology [2]

Group 1 - The semiconductor materials and equipment sector is experiencing positive momentum, with the Shanghai Stock Exchange's Sci-Tech Innovation Board Semiconductor Materials and Equipment Index rising by 0.92% as of July 29, 2025 [1] - Notable individual stock performances include Huafeng Measurement Control up 3.86%, Xinyi Chang up 3.29%, and Zhongke Feimeng up 2.69% [1] - The Sci-Tech Semiconductor ETF (588170) has seen a price increase of 0.83%, reaching a new annual high, with a trading volume of 40.78 million yuan and a turnover rate of 10.17% [1] Group 2 - Shanghai Securities forecasts a comprehensive recovery in the electronic semiconductor industry by 2025, with an improved competitive landscape and profitability for related companies [2] - Key areas of focus include AIOT SoC chips, analog chips, and driver chips, with a strong outlook for leading companies in semiconductor materials [2] - Tianfeng Securities anticipates continued optimistic growth in the global semiconductor market, with significant performance forecasts for the second quarter and recommendations to focus on design sectors and domestic production of equipment and materials [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) tracks the Sci-Tech Innovation Board Semiconductor Materials and Equipment Index, focusing on semiconductor equipment (59%) and materials (25%) [3] - The semiconductor equipment and materials industry is crucial for domestic substitution, benefiting from low domestic replacement rates and high potential ceilings [3] - The semiconductor materials ETF (562590) and its associated funds also emphasize the upstream semiconductor sector, with significant allocations to equipment and materials [3]

Group 1 - The semiconductor materials and equipment theme index on the STAR Market rose by 1.55%, with notable increases in stocks such as Xinyi Chang (+6.72%), Huafeng Measurement Control (+5.36%), and Zhongke Feimeasure (+5.10%) [1] - The STAR Semiconductor ETF (588170) increased by 1.48%, reaching a latest price of 1.1 yuan, with a trading volume of 43.87 million yuan and a turnover rate of 10.93% [1] - The STAR Semiconductor ETF (588170) achieved a new high in scale at 399 million yuan and a new high in shares at 369 million, with a total net inflow of 135 million yuan over the past four days [1] Group 2 - Micron announced the launch of the industry's highest density and radiation-resistant SLC NAND product, with a chip capacity of 256Gb, marking a significant addition to its product lineup [2] - Storage manufacturers are experiencing supply pressure for LPDDR4X, leading to price increases despite attempts by Tier 2 and other market customers to secure supplies at higher prices [2] - Guosen Securities views the storage sector as entering a technological iteration crossroads, anticipating growth opportunities driven by the explosion of data volume and the need for faster data handling and lower power consumption [2] Group 3 - The semiconductor materials ETF (562590) and its linked funds focus on the upstream semiconductor sector, with significant allocations to semiconductor equipment (59%) and semiconductor materials (24%) [3]

Market Overview - The Shanghai Composite Index closed at 3595.19 points, slightly down by 0.08%, and remains above the six-month moving average [1] - The total trading volume of A-shares reached 1,145.862 billion yuan [1] Stocks Performance - A total of 44 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] - The stocks with the highest deviation rates include: - Hexin Instrument (17.10%) - Dekeli (16.12%) - Lais Information (7.54%) [1] - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Junda Co., Ltd. - Taihe Intelligent - Aikodi [1] Notable Stocks - Hexin Instrument (688622) saw a price increase of 20.00% with a turnover rate of 3.28% [1] - Dekeli (688205) increased by 17.49% with a turnover rate of 23.70% [1] - Lais Information (688631) rose by 7.96% with a turnover rate of 7.58% [1] - Other notable stocks include: - Xinganjiang (873167) up by 13.11% - Anpeilong (301413) up by 10.81% [1] Additional Stocks with Positive Movement - Other stocks with positive movement include: - Haiziwang (301078) up by 4.48% - Naxinwei (688052) up by 7.92% - Tianzhun Technology (688003) up by 4.52% [1]

Investment Rating - The report maintains an "Outperform" rating for the semiconductor testing equipment industry [1]. Core Insights - The rapid development of AI chips and HBM (High Bandwidth Memory) is driving new testing demands in the semiconductor industry, highlighting the need for improved domestic production capabilities in testing equipment [1][4]. - The domestic semiconductor testing equipment market is expected to grow significantly, with projections indicating a market size of 26.74 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 12.6% [16]. - The report emphasizes the importance of post-manufacturing testing to ensure that chips meet design specifications, with a focus on the core testing equipment: testing machines, sorting machines, and probe stations [8][14]. Summary by Sections 1. Semiconductor Post-Manufacturing Testing - Semiconductor testing is crucial across design, manufacturing, and packaging stages to ensure chip functionality meets design specifications [6][8]. - The testing equipment market is stable, with testing machines accounting for over 61.9% of the market share in 2022 [16]. 2. New Requirements from AI Chips and HBM - AI chips are experiencing rapid growth, with the global AI chip market expected to reach approximately $92 billion by 2025, growing at a CAGR of 27.7% [22]. - The complexity of AI chip designs and advanced manufacturing processes increases testing challenges, necessitating more efficient testing systems [29]. 3. Domestic Semiconductor Testing Equipment Market - The domestic market for semiconductor testing equipment is primarily dominated by foreign companies, with a significant opportunity for domestic manufacturers to increase their market share [40]. - Current projections indicate that the domestic localization rate for storage testing machines will only be 8% by 2025, and for SOC testing machines, it will be 9% by 2027 [44]. 4. Investment Recommendations - The report suggests focusing on domestic companies such as Changchuan Technology, Huafeng Measurement and Control, Jinhaitong, Jingzhida, and Helin Micro-Nano, which are expected to benefit from the growing demand for semiconductor testing equipment [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The release of the restricted stock incentive plan aims to bind core talent and reflects confidence in performance growth. The revenue from simulation testing machines is steadily increasing, and the company is awaiting positive developments regarding SoC testing machines [3][4] - The company is expected to benefit from the recovery of the semiconductor industry, with strong demand from AI, new energy vehicles, consumer electronics, and the Internet of Things, leading to a robust business development momentum [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 691 million - 2024: 905 million (31.05% YoY growth) - 2025E: 1,167 million (28.96% YoY growth) - 2026E: 1,483 million (27.04% YoY growth) - 2027E: 1,855 million (25.04% YoY growth) [6] - Net profit forecasts are as follows: - 2023: 252 million - 2024: 334 million (32.69% YoY growth) - 2025E: 430 million (28.74% YoY growth) - 2026E: 564 million (31.11% YoY growth) - 2027E: 721 million (27.84% YoY growth) [8] - The company’s R&D investment for 2024 is projected to be 1.72 billion, accounting for 19.04% of revenue, with a continued increase in R&D spending expected in 2025 [7] Valuation Metrics - The projected P/E ratios for the company are: - 2025E: 42.18 - 2026E: 32.17 - 2027E: 25.17 [8] - The company’s return on equity (ROE) is expected to improve from 9.35% in 2024 to 15.17% in 2027 [8]