沈阳芯源微电子设备股份有限公司 2025 年半年度报告 1 / 199 沈阳芯源微电子设备股份有限公司2025 年半年度报告 公司代码：688037 公司简称：芯源微 沈阳芯源微电子设备股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 公司已在本报告中详细阐述公司在生产经营过程中可能面临的各种风险，敬请查阅"第三节 管理 层讨论与分析"之"风险因素"。敬请投资者注意投资风险。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人邓晓军、主管会计工作负责人张新超及会计机构负责人（会计主管人员）王玲 声明：保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 七、 是否存在公司治理特殊安排等重要事项 √适用 □不适用 报告所涉及的公司未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投资 者注意投资风险。 九、 是否存在被控股股东及其他关联方 ...

沈阳芯源微电子设备股份有限公司 2025 年度"提质增效重回报"行动方案的半年度评估 报告 为践行以"投资者为本"的发展理念，维护公司全体股东利益，基于对公司 未来发展前景的信心、对公司价值的认可以及切实履行社会责任，沈阳芯源微电 子设备股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日发布了《沈阳芯 源微电子设备股份有限公司 2025 年度"提质增效重回报"行动方案》（以下简称 《行动方案》）。公司根据《行动方案》内容，积极开展和落实各项工作，现将 2025 年上半年的主要工作成果报告如下： 一、聚焦经营主业，持续巩固和增强核心竞争力 自成立以来，公司始终专注于半导体专用设备的研发、生产和销售，产品包 括光刻工序涂胶显影设备和单片式湿法设备，广泛应用于国内各大晶圆厂、先进 封装厂、化合物半导体等厂商。作为国内涂胶显影设备细分领域龙头企业，产品 涵盖 offline、I-line、KrF、ArF 浸没式等多种工艺类型。 2025 年上半年，公司继续提升研发力度，在前道涂胶显影、高端封装涂胶 显影、前道化学清洗、后道键合品类等多个业务板块及核心零部件方面持续加大 研发投入，产品综合竞争力持续提升 ...

证券代码：688037 证券简称：芯源微 公告编号：2025-063 沈阳芯源微电子设备股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 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、募集资金基本情况 （一）实际募集资金的金额及到账情况 1、2019 年首次公开发行股票募集资金 经中国证券监督管理委员会《关于同意沈阳芯源微电子设备股份有限公司首 次公开发行股票注册的批复》（证监许可〔2019〕2335 号）同意注册，沈阳芯 源微电子设备股份有限公司（以下简称"本公司"、"公司"）向社会公开发行 人民币普通股（A 股）21,000,000 股，每股面值为人民币 1 元，每股发行价为人 民币 26.97 元，应募集资金总额为 566,370,000.00 元，根据有关规定扣除发行费 用 60,625,896.22 元后，实际募集资金净额为 505,744,103.78 元。以上募集资金已 于 2019 年 12 月 10 日到位，募集资金到位情况已经容诚会计师事务所（特殊普 通合伙）审验并出具会验字[201 ...

证券代码：688037 证券简称：芯源微 公告编号：2025-064 沈阳芯源微电子设备股份有限公司 关于会计政策、会计估计变更的公告 本公司董事会及全体董事保证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。 重要内容提示： ●鉴于沈阳芯源微电子设备股份有限公司（以下简称"公司"）股权结构发 生变动，为遵循企业会计准则及北方华创科技集团股份有限公司（以下简称"母 公司"）政策要求，依据《企业会计准则第 20 号—企业合并》《企业会计准则 第 33 号—合并财务报表》《企业会计准则第 1 号—存货》及《企业会计准则第 28 号—会计政策、会计估计变更和差错更正》的相关规定，公司决定对存货计 价方法进行会计政策变更。 ●鉴于公司股权结构发生变动，为遵循企业会计准则及母公司政策要求，依 据《企业会计准则第 20 号—企业合并》《企业会计准则第 33 号—合并财务报表》 《企业会计准则第 4 号—固定资产》及《企业会计准则第 28 号—会计政策、会 计估计变更和差错更正》的相关规定，公司决定对未来新增固定资产的预计残值 率及折旧年限进行会计估计变更。 ●本次 ...

Core Insights - The current M&A market is experiencing unprecedented activity, with over 1,000 asset restructuring cases disclosed by listed companies from January to July this year, which is 1.4 times that of the same period last year [1] - Central and state-owned enterprises are increasingly integrating resources in response to government policies aimed at enhancing the competitiveness and efficiency of listed companies [2][3] - Institutional innovations, such as the "Six Guidelines for M&A," are acting as catalysts for M&A activities, encouraging companies to optimize their asset structures and enhance core competitiveness [3] Group 1: M&A Market Activity - The number of major asset restructurings reached 133, which is 2.7 times that of the same period last year [1] - The integration of central and state-owned enterprises is a prominent trend, with companies like China Shenhua planning to acquire 13 subsidiaries to create an integrated operational system [1][2] Group 2: Policy Support and Industry Focus - Recent policies are encouraging M&A activities that focus on emerging industries and technological innovation, with companies actively expanding their technology ecosystems [2] - The "Six Guidelines for M&A" explicitly support listed companies in transitioning towards new productive forces, promoting resource allocation towards technology-driven sectors [2] Group 3: Institutional Innovations - The China Securities Regulatory Commission has been optimizing the M&A policy framework, including measures to facilitate asset injections and enhance investment value [3] - Local governments are also introducing supportive policies for M&A and resource integration, contributing to a more favorable environment for corporate restructuring [3] Group 4: Future Outlook - The M&A market is expected to further release potential for industrial integration and value reconstruction, with companies encouraged to leverage policy benefits for high-quality development [4]

Group 1 - The Core Point: The semiconductor sector is experiencing growth, driven by advancements in AI chip design and increasing demand for computing power in China [1][2] - The DeepSeek-V3.1 model was officially released on August 21, enhancing the design capabilities for domestic chips and supporting complex model inference [1] - As of June 30, 2025, China has 4.55 million 5G base stations and 226 million gigabit broadband users, positioning the country second globally in computing power [1] Group 2 - The Kexin 100 ETF fund closely tracks the Shanghai Stock Exchange's Kexin 100 Index, which includes 100 medium-cap stocks with good liquidity [2] - As of July 31, 2025, the top ten weighted stocks in the Kexin 100 Index account for 23.52% of the index, with notable companies including BoRui Pharmaceutical and BeiGene [2]

Investment Rating - The report maintains a rating of "Outperform" for the electronic industry, indicating a relative performance expectation of over 10% compared to the benchmark index [3][34]. Core Insights - The report continues to be optimistic about opportunities in the domestic computing power industry driven by advancements in advanced processes and the overseas computing power supply chain [2][28]. - The release of Deepseek V3.1 is expected to enhance domestic computing power demand, particularly in training applications, while the halt in production of the H20 chip by Nvidia may improve the penetration rate of domestic AI chips [28]. - The report highlights significant investment opportunities in both domestic and overseas ASIC supply chains, particularly in the context of AI hardware investments transitioning to a reasoning-driven era [2][28]. Summary by Sections Market Review - The overall market saw an increase, with the Shanghai Composite Index rising by 3.49% and the Shenwan Electronics Index increasing by 8.95%, ranking second among 31 sectors [1][13]. Weekly Focus - The report discusses the release of Deepseek V3.1, which features a hybrid reasoning architecture and improved efficiency [23][24]. - Nvidia's request to halt production of the H20 chip is noted, reflecting a strategic reassessment of its market approach in China [25][28]. - GoerTek's acquisition of Shanghai Aolai is aimed at enhancing its core competitiveness in micro-nano optical devices for AI and AR applications [26][27]. Investment Opportunities - Domestic computing power opportunities are emphasized, with a focus on companies like SMIC and Huahong Semiconductor, as well as semiconductor equipment and materials firms [28]. - The overseas ASIC supply chain is highlighted, particularly companies with significant capacity increases, such as Huidian Co., and PCB manufacturers like Shengyi Technology [28].

Core Viewpoint - The news highlights the performance of the STAR Market and the launch of Huawei's new AI SSD, indicating a growing interest in AI storage solutions and the potential for investment opportunities in the tech sector [3][4]. Group 1: STAR Market Performance - As of August 26, 2025, the STAR Market 100 Index rose by 0.61%, with notable increases in constituent stocks such as Huafeng Technology (up 13.04%) and Zhuhai Guanyu (up 12.17%) [3]. - The STAR 100 Index ETF saw a 0.78% increase, marking its third consecutive rise, with a latest price of 1.3 yuan [3]. - Over the past week, the STAR 100 Index ETF accumulated a 5.49% increase, with a trading volume of 99.8865 million yuan and a turnover rate of 1.36% [3][4]. Group 2: Investment Trends and Fund Performance - The STAR 100 Index ETF experienced a net inflow of 27.3865 million yuan over the last ten trading days, despite a recent net outflow of 6.55234 million yuan [4]. - The ETF's net asset value increased by 23.84% over the past six months, ranking it 514 out of 3544 in the index stock fund category [5]. - The ETF's management fee is 0.15%, and its tracking error is 0.020%, indicating a competitive cost structure and high tracking precision compared to similar funds [5][6]. Group 3: Huawei's AI SSD Launch - Huawei is set to launch a new AI SSD on August 27, targeting the AI storage market by addressing the limitations of traditional HBM with innovative technology [3]. - The new product aims to meet the demands for large capacity and high performance in AI training and inference processes, potentially revitalizing the AI storage market [3]. - Huawei plans to collaborate with integrated machine manufacturers to enhance the current market landscape, suggesting a strategic move to increase competitiveness in the AI storage sector [3]. Group 4: Domestic Computing Power Chain - The release of DeepSeek-V3.1 is expected to boost the domestic computing power chain, with significant growth anticipated in related infrastructure due to increased capital expenditure from domestic internet companies [4]. - The focus on domestic computing power and its supporting industries, such as optical modules and switches, is projected to maintain high demand and growth in the coming years [4].

Group 1 - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 1.82% as of August 25, 2025, with mixed performance among constituent stocks [1] - The Sci-Tech Semiconductor ETF (588170) fell by 1.97% to a latest price of 1.2 yuan, but saw a weekly increase of 11.21% as of August 22, 2025, indicating active market trading with a turnover of 1.18 billion yuan [1] - The Sci-Tech Semiconductor ETF (588170) experienced a significant increase in shares, growing by 66 million shares over the past three months [1] Group 2 - The China Computing Power Conference highlighted the rapid construction of computing power platforms, with 10 provinces officially connected, and the total computing power scale in China growing at an annual rate of approximately 30% [2] - The demand for intelligent computing power is surging due to the rapid development of artificial intelligence, with applications in various fields such as generative models, autonomous driving, and smart cities [2] - East China Securities noted that the core of China's semiconductor industry research is the dual resonance of cyclicality and growth, with significant domestic production motivation despite current cyclical pressures [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) and its linked funds track the semiconductor materials and equipment index, focusing on companies in semiconductor equipment (59%) and materials (25%) [3] - The semiconductor materials ETF (562590) also emphasizes the upstream semiconductor sector, reflecting the low domestic replacement rate and high potential for domestic substitution [3]

Core Viewpoint - The article highlights the strong performance of the STAR Market and its index, driven by significant gains in key stocks and positive analyst outlooks, particularly for AI chip companies like Cambricon. Group 1: Market Performance - As of August 25, 2025, the STAR Market 100 Index (000698) rose by 1.60%, with notable increases in stocks such as Shengyi Electronics (688183) up 13.82% and Xinke Mobile (688387) up 10.54% [3] - The STAR 100 Index ETF (588030) increased by 1.74%, with a latest price of 1.29 yuan, and a 5.43% rise over the past week as of August 22, 2025 [3] Group 2: Analyst Insights - Goldman Sachs raised Cambricon's target price by 50% to 1,835 yuan, citing increased capital expenditure in cloud computing and diversified chip platforms as key factors [3] - The firm also adjusted Cambricon's net profit forecasts for 2025-2027 upwards by 59%, 28%, and 29% respectively, reflecting higher AI chip shipment volumes [3] Group 3: Industry Trends - Xiangcai Securities noted that the demand-supply dynamics are accelerating the domestic replacement in the AI sector, with the DeepSeek-V3.1 standard set for next-generation domestic chip designs [4] - The report mentioned that Nvidia has halted H20 chip production due to performance limitations and safety concerns, leading to weakened demand from Chinese customers [4] Group 4: ETF Performance Metrics - The STAR 100 Index ETF recorded a turnover rate of 6.83% with a transaction volume of 505 million yuan, ranking first among comparable funds in terms of average daily transaction volume over the past week [4] - The ETF's net asset value increased by 8.00 million yuan over the past two weeks, with a significant growth in shares by 90 million [4] - As of August 22, 2025, the ETF's net value rose by 21.52% over the past six months, placing it in the top 10.32% of equity funds [5] Group 5: Fund Characteristics - The STAR 100 Index ETF closely tracks the STAR Market 100 Index, which includes 100 medium-cap stocks with good liquidity from the STAR Market [6] - The top ten weighted stocks in the index accounted for 23.52% of the total as of July 31, 2025, indicating a concentrated investment in key players [7]