法律意见书 北京市邦盛律师事务所 关于 沈阳芯源微电子设备股份有限公司 部分第二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 [2025]邦盛股字第 080 号 中国·北京·海淀区中关村大街19号新中关大厦A座12层 电话（Tel）：(010)82870288 传真（Fax）：(010)82870299 二○二五年八月 北京市邦盛律师事务所 法律意见书 北京市邦盛律师事务所 关于沈阳芯源微电子设备股份有限公司 个归属期归属条件成就暨部分限制性股票作废事项之 [2025]邦盛股字第 080 号 致：沈阳芯源微电子设备股份有限公司 北京市邦盛律师事务所（以下简称"本所"）接受沈阳芯源微电子设备股份 有限公司（以下简称"公司"）委托，作为公司 2023 年限制性股票激励计划（以 下简称"本次激励计划"）的专项法律顾问，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》（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》《科创板上市公司自律监管指南第 4 号——股权激励 信息披露》等有关 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 475.6 CNY per share, maintaining the rating [6]. Core Views - The company reported a robust revenue growth of 30.86% year-on-year, achieving 16.142 billion CNY in revenue for the first half of 2025, with a net profit of 3.208 billion CNY, reflecting a 15.37% increase [1]. - The increase in orders has driven revenue growth, with a gross margin of 42.17%, although it decreased by 3.33 percentage points year-on-year [2]. - The company completed the acquisition of ChipSource Micro, enhancing its product line in semiconductor equipment, particularly in lithography process equipment, which creates strong synergies with existing operations [10]. Financial Performance - In the first half of 2025, the company's revenue from electronic process equipment reached 15.258 billion CNY, a year-on-year increase of 33.89%, with a gross margin of 41.70% [3]. - The revenue from electronic components decreased by 17.47% year-on-year to 868 million CNY, with a gross margin of 50.43% [3]. - The company expects continued revenue growth in the semiconductor equipment sector due to domestic IC localization trends and benefits from technological iterations in the photovoltaic and new energy industries [3]. Future Projections - Revenue projections for the company are estimated at 39.09 billion CNY, 48.86 billion CNY, and 59.61 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 7.30 billion CNY, 9.39 billion CNY, and 11.98 billion CNY for the same years [10][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant improvement in performance, with a notable increase in revenue and a positive outlook on its coating and developing equipment business [7] - The company is positioned as a leader in the semiconductor equipment sector, particularly in coating and developing equipment, and is expected to benefit from the growth of its chemical cleaning machines [7] - The financial forecasts for the company indicate a steady increase in revenue and net profit over the next few years, with a projected net profit of 2.33 billion, 3.75 billion, and 5.92 billion for 2025, 2026, and 2027 respectively [7][8] Financial Summary - Total revenue is projected to grow from 1,717 million in 2023 to 3,525 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 39.04% [1][8] - The net profit is expected to recover from a decline in 2024 to 591.84 million by 2027, with a significant growth rate of 57.66% in 2027 [1][8] - The earnings per share (EPS) is forecasted to increase from 1.25 in 2023 to 2.94 in 2027, indicating strong profitability growth [1][8] - The company’s gross margin is expected to improve gradually, reaching 40.42% by 2027 [8]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported steady growth in its H1 2025 performance, benefiting from the expansion of advanced process manufacturing [2][3] - The semiconductor equipment business experienced rapid growth, with H1 2025 revenue reaching 16.142 billion yuan, a year-on-year increase of 29.51% [3] - The company's gross profit margin showed fluctuations, leading to a slight decline in profitability levels in H1 2025 [4] - The platform layout is expected to benefit from the expansion of advanced processes, with strategic acquisitions enhancing competitiveness [5] Summary by Sections Revenue Performance - In H1 2025, the company achieved revenue of 161.42 billion yuan, up 29.51% year-on-year, with Q2 revenue at 79.36 billion yuan, a 21.84% increase year-on-year [3] - The electronic process equipment segment generated 152.58 billion yuan in revenue, a 33.89% increase year-on-year, contributing over 85% to total revenue [3] - The electronic components segment saw a revenue decline of 17.47% year-on-year, impacting overall revenue performance [3] Profitability Analysis - The net profit attributable to the parent company for H1 2025 was 32.08 billion yuan, a 14.97% increase year-on-year, while the net profit margin decreased slightly [4] - The overall gross profit margin for 2025 was 42.17%, down 3.33 percentage points year-on-year, influenced by changes in product mix and industry conditions [4] - R&D expenses for H1 2025 were 29.15 billion yuan, with a capitalized R&D expense ratio of 28.75%, contributing to the decline in net profit margin [4] Strategic Outlook - The company is expected to benefit from the expansion of advanced processes in the semiconductor industry over the next five years [5] - The acquisition of Chip Source Microelectronics is anticipated to enhance the company's competitive position in the market [5] - The strategic significance of acquisitions is highlighted, with comparisons to global leaders in specific segments [5] Financial Forecast - Revenue forecasts for 2025-2027 are projected at 390.58 billion yuan, 484.54 billion yuan, and 601.63 billion yuan, with respective year-on-year growth rates of 30.9%, 24.1%, and 24.2% [7] - Net profit forecasts for the same period are 76.37 billion yuan, 101.56 billion yuan, and 128.55 billion yuan, with year-on-year growth rates of 35.9%, 33.0%, and 26.6% [7] - The estimated EPS for 2025-2027 is 10.58 yuan, 14.07 yuan, and 17.82 yuan, respectively [7]

Group 1: Northern Huachuang - Northern Huachuang achieved operating revenue of 16.142 billion yuan in the first half of 2025, a year-on-year increase of 29.51% [2][3] - The net profit attributable to shareholders was 3.208 billion yuan, reflecting a year-on-year growth of 14.97% [2][3] - The company focuses on the research, production, sales, and technical services of semiconductor basic products, including electronic process equipment and electronic components [4] Group 2: Deep Kangjia - Deep Kangjia reported operating revenue of 5.248 billion yuan in the first half of 2025, a decrease of 3.05% year-on-year [5][6] - The company incurred a net loss of 383 million yuan attributable to shareholders [5][6] - The consumer electronics business faced intensified competition and product mismatch with national subsidy policies, leading to losses [7] Group 3: Crystal Integration - Crystal Integration achieved operating revenue of 5.198 billion yuan in the first half of 2025, an increase of 18.21% year-on-year [8][10] - The net profit attributable to shareholders was 332 million yuan, marking a significant increase of 77.61% [8][10] - The company specializes in 12-inch wafer foundry services and has made progress in various technology platforms [11] Group 4: Weida Optoelectronics - Weida Optoelectronics reported operating revenue of 101 million yuan in the first half of 2025, a decrease of 7.25% year-on-year [12][13] - The net profit attributable to shareholders was 9.48 million yuan, down 39.78% [12][13] - The company is focused on the development and sales of polarizers and optical films for liquid crystal displays [14] Group 5: Landai Technology - Landai Technology achieved operating revenue of 1.751 billion yuan in the first half of 2025, a year-on-year increase of 8.32% [15][16] - The net profit attributable to shareholders was 109 million yuan, reflecting a growth of 61.56% [15][16] - The company is engaged in power transmission and touch display businesses, with a focus on automotive electronics and IoT devices [17]

Core Insights - In the first half of 2025, the company reported a revenue of 16.142 billion yuan, representing a year-on-year growth of 29.51% [2][3] - The net profit attributable to shareholders reached 3.208 billion yuan, with a year-on-year increase of 14.97% [2][3] - The net profit excluding non-recurring gains and losses was 3.181 billion yuan, up 20.17% year-on-year [2][3] Financial Performance - Revenue for the reporting period was 16.142 billion yuan, compared to 12.335 billion yuan in the same period last year, marking a 29.51% increase [3] - Net profit attributable to shareholders was 3.208 billion yuan, up from 2.781 billion yuan, reflecting a 14.97% growth [3] - The net profit after excluding non-recurring items was 3.181 billion yuan, compared to 2.640 billion yuan, showing a 20.17% increase [3] - Basic earnings per share increased by 14.23% to 4.45 yuan, while diluted earnings per share rose by 14.29% to 4.45 yuan [3] - Total assets at the end of the reporting period were 84.345 billion yuan, a 27.09% increase from the previous year [3] Business Development - The company achieved significant milestones with the delivery of the 1,000th unit of vertical furnaces and physical vapor deposition (PVD) equipment, alongside previous milestones in etching equipment [2] - New product launches included ion implantation equipment, electroplating equipment, and advanced low-pressure chemical vapor deposition vertical furnaces, contributing to the growth of the domestic semiconductor equipment industry [2] - The company completed the acquisition of ChipSource Micro in the first half of 2025, enhancing its product line in the semiconductor equipment sector and creating strong synergies in lithography process equipment [4] - Research and development investment reached 2.915 billion yuan, a 30.01% increase year-on-year, with over 9,900 patent applications and 5,700 authorized patents, maintaining the leading position among domestic integrated circuit equipment companies [4]

Market Performance - The A-share market closed in August with all three major indices rising: the Shanghai Composite Index increased by 0.37% and accumulated a rise of 7.97% for the month [1] - The Shenzhen Component Index rose by 0.99%, with a total increase of 15.32% in August [1] - The ChiNext Index saw a significant rise of 2.23%, accumulating a 24.13% increase for the month [1] - The North Star 50 Index increased by 1.28%, with an overall rise of 10.64% in August [1] - The Sci-Tech Innovation 50 Index had a remarkable increase of 28% for the month [1] - The total trading volume in the Shanghai and Shenzhen markets reached 28,302 billion yuan, a decrease of 1,707 billion yuan compared to the previous day [1] - Nearly 2,000 stocks in the market experienced an increase [1] Sector Performance - In terms of sectors, lithium batteries, liquor, insurance, innovative pharmaceuticals, and military equipment saw the highest gains [2] - The lithium battery sector experienced a collective surge, with CATL rising over 10% and stocks like Guoxuan High-Tech and Xianlead Intelligent reaching the daily limit [2] - Liquor stocks rebounded collectively, with notable increases in Wuliangye, Laobaigan, and Luzhou Laojiao [2] - The AI technology sector saw localized gains in the afternoon, with Industrial Fulian hitting the daily limit and surpassing a total market value of 1 trillion yuan [2] - Other active sectors included innovative pharmaceuticals, insurance, rare earths, and military industries [2] - The semiconductor sector experienced adjustments, with stocks like Cambrian, Northern Huachuang, and Chip Source Micro experiencing varying degrees of decline [2]

A股8月收官，三大指数集体上涨，上证指数涨0.37%，8月累涨7.97%；深证成指涨0.99%，8月累涨 15.32%；创业板指涨2.23%，8月累涨24.13%。北证50涨1.28%，8月累涨10.64%。科创50指数8月累涨 28%。沪深京三市全天成交额28302亿元，较上日缩量1707亿元。全市场近2000只个股上涨。板块题材 上，锂电池、白酒、保险、创新药、军工装备板块涨幅居前；半导体、智谱AI、算力租赁、教育板块 跌幅居前。盘面上，锂电池板块集体爆发，宁德时代大涨超10%，国轩高科、先导智能等股涨停。白酒 股集体反弹，五粮液、老白干酒、泸州老窖纷纷上扬。AI科技板块午后局部拉升，工业富联涨停总市 值突破1万亿元大关。此外、创新药、保险、稀土、军工等板块均表现活跃。半导体板块今日有所调 整，寒武纪、北方华创、芯源微等均有不同程度下跌。 ...

Core Insights - The Sci-Tech 100 Index (000698) has shown a slight decline of 0.18% as of August 29, 2025, with mixed performance among constituent stocks, highlighting a significant increase in profitability for many companies within the index [3] - A total of 83 companies have reported their half-year results for 2025, showing an average net profit of 0.8386 billion yuan and a remarkable year-on-year growth rate of 27%, indicating a strong enhancement in the profitability of tech enterprises represented by the index [3] Industry Analysis - The current A-share market has a clear investment focus on technology growth sectors, particularly those with performance verification capabilities, although there are rising risks associated with high volatility in specific sub-sectors like chips and communications [4] - The Sci-Tech 100 Index offers a diversified industry exposure, covering sectors such as semiconductors, renewable energy, biomedicine, and high-end equipment, which helps mitigate risks associated with over-reliance on any single industry [4] - The index's constituent stocks are primarily growth-oriented companies with core technologies and high R&D investments, benefiting from the ongoing upgrade of the domestic technology industry [4] ETF Performance - The Sci-Tech 100 Index ETF (588030) has seen a significant increase in scale, growing by 4.85 million yuan this month, with a net buying amount of 136.63 thousand yuan in leveraged funds [5] - The ETF has achieved a net value increase of 100.17% over the past year, ranking in the top 8.02% among comparable funds, with a historical one-year profit probability of 65.68% [5] - The ETF's management fee is 0.15%, and its tracking error is 0.019%, indicating a competitive cost structure and high tracking precision compared to similar funds [6] Index Composition - The Sci-Tech 100 Index is composed of 100 securities selected from the Shanghai Stock Exchange's Sci-Tech Board, focusing on medium market capitalization and liquidity [7] - The top ten weighted stocks in the index account for 23.52% of the total, including companies like BeiGene (688235) and Huahong Semiconductor (688347) [7]

北方华创上半年营收同比增近30%、净利增长近15%，但由于订单和研发投入增加，经营活动净现金流出同比扩大约9倍。公司并购支出增加，也 导致投资活动现金流同比下滑超2倍。 8月28日周四，北方华创发布半年业绩报告。具体来看：上半年营收161.4亿元，同比增长29.51%。上半年归母净利润32.1亿元，同比增长 14.97%。扣非净利润31.8亿元，同比增长20.17%。经营活动现金流净额为-31.91亿元，较去年同期-3.14亿元大幅减少917.34%。总资产843.4亿元， 较年初增长27.09%。基本每股收益4.45元，同比增长14.23%。2024年度的分红方案为每10股派息10.60元，同时每10股转增3.5股。 | H TTH LTCT H | | | | | | --- | --- | --- | --- | --- | | | 本报告期 | 上年同期 | | 本报告期比上年 同期增减 | | | | 调整前 | 调整后 | 调整后 | | 营业收入(元) | 16,141,546,184.74 | 12,334,907,204.28 | 12,463,584,943.88 | 29.51% | | ...