证券代码：688584 证券简称：上海合晶 公告编号：2025-036 上海合晶硅材料股份有限公司 2025年半年度募集资金存放、管理与实际使用情况的 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。 根据《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》等有关规定，上海合晶硅材料股份有 限公司（以下简称"公司"）董事会对2025年半年度募集资金存放、管理与实 际使用情况专项报告说明如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意上海合晶硅材料股份有限 公司首次公开发行股票注册的批复》（证监许可[2023]2253号），公司首次向 社会公众公开发行人民币普通股（A股）66,206,036股，每股发行价格为22.66元， 募集资金总额为1,500,228,775.76元，扣除新股发行费用（不含增值税）后，实 际募集资金净额为1,390,175,042.29元，以上募集资金已由立信会计师事务所 （特殊普通合伙）于2024年2月5日出具《上海合晶硅 ...

上海合晶 688584 二、持续加强募投项目管理，提升公司科技创新能力 2024年2月8日，公司在上海证券交易所科创板挂牌上市，募集资金总额为人民 币15亿元，实际募集资金净额为13.9亿元。公司使用募集资金投入"低阻单晶成长 及优质外延研究项目"、"优质外延片研发及产业化项目"及补充流动资金等项目。 1 上海合晶 688584 上海合晶硅材料股份有限公司 关于 2025 年度提质增效重回报专项行动方案的半年度 评估报告 上海合晶硅材料股份有限公司（以下简称"公司"）为践行"以投资者为本"的 上市公司发展理念，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 公司价值的认可和切实履行社会责任，公司于 2025 年 3 月 19 日发布了《2025 年度 提质增效重回报行动方案》（以下简称"行动方案"），为公司 2025 年度提质增效 重回报行动制定出明确的工作方向。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，提升核心竞争力 公司是中国少数具备从晶体成长、衬底成型到外延生长全流程生产能力的半导 体硅外延片一体化制造商，主要产品为半导体 ...

Core Points - Shanghai Hejing reported a closing price of 26.52 yuan as of August 25, 2025, with a decline of 2.03% [1] - The company experienced a net outflow of main funds amounting to 65.89 million yuan, accounting for 11.77% of the transaction amount [1] - The latest quarterly report shows total operating revenue of 280 million yuan, a year-on-year increase of 12.47%, and a net profit attributable to shareholders of 19.21 million yuan, up 5.15% year-on-year [1] Financial Performance - The company's operating revenue for Q1 2025 was 280 million yuan, with a year-on-year growth of 12.47% [1] - Net profit attributable to shareholders reached 19.21 million yuan, reflecting a year-on-year increase of 5.15% [1] - The company's current ratio is 8.987, quick ratio is 7.365, and debt-to-asset ratio is 8.00% [1] Company Overview - Shanghai Hejing Silicon Materials Co., Ltd. was established in 1994 and is located in Shanghai, primarily engaged in non-ferrous metal smelting and rolling processing [2] - The company has a registered capital of 6.65 billion yuan and a paid-in capital of 5.68 billion yuan [1] - The legal representative of the company is Mao Ruiyuan [1] Investment and Intellectual Property - The company has made investments in 5 external enterprises and participated in 11 bidding projects [2] - It holds 3 trademark registrations and 115 patent applications, along with 71 administrative licenses [2]

Group 1 - The stock price of Shanghai Hejing as of August 21, 2025, is 27.39 yuan, down by 0.96 yuan from the previous trading day [1] - The opening price on the same day was 28.66 yuan, with a high of 29.65 yuan and a low of 26.88 yuan, resulting in a trading volume of 265,890 hands and a transaction amount of 744 million yuan [1] - Shanghai Hejing's main business includes the research, production, and sales of semiconductor materials, primarily used in integrated circuits and discrete devices [1] Group 2 - As an upstream enterprise in the semiconductor industry chain, Shanghai Hejing's operations involve silicon materials and wafer manufacturing [1] - On August 21, the net outflow of main funds for Shanghai Hejing was 61.93 million yuan, with a cumulative net outflow of 59.05 million yuan over the past five trading days [1] - The semiconductor sector has shown active performance, with market transaction amounts maintaining above 2.1 trillion yuan for six consecutive trading days [1]

Group 1 - The core viewpoint of the news highlights the significant growth in the global smart glasses market, which saw a year-on-year increase of 110% in the first half of 2025, with expectations of maintaining a compound annual growth rate (CAGR) of over 60% from 2024 to 2029 [2] - Meta dominates the smart glasses market with a 73% share, while emerging companies like Xiaomi and RayNeo are accelerating their presence, contributing to the sustained interest in AI glasses [2] - Domestic semiconductor equipment has made breakthroughs in 28nm electron beam measurement equipment and electron beam lithography machines, which are crucial for enhancing China's semiconductor industry chain autonomy [2] Group 2 - The current demand in the electronics industry is experiencing a mild recovery, prompting recommendations to focus on the AI server supply chain, AIOT, equipment materials, and the localization of automotive electronics [2] - The Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme Index has seen a decline of 1.11%, with significant drops in constituent stocks such as Xinyichang and Shanghai Hejing [1] - The Sci-Tech Semiconductor ETF (588170) has shown a weekly increase of 5.51% as of August 20, 2025, with a notable trading volume and liquidity, indicating active market participation [1]

Group 1: Market Performance - The Shanghai Stock Exchange's Sci-Tech Innovation Board semiconductor materials and equipment index decreased by 0.39% as of August 21, 2025 [1] - Among constituent stocks, Jingyi Equipment led with a 7.00% increase, while Shanghai Hejing fell by 4.87% [1] - The Sci-Tech Semiconductor ETF (588170) dropped by 0.52%, with a latest price of 1.14 yuan [1] Group 2: Trading Activity - The Sci-Tech Semiconductor ETF (588170) had a turnover rate of 16.49%, with a trading volume of 68.0184 million yuan, indicating active market participation [1] - Over the past week, the ETF accumulated a 5.51% increase [1] - The ETF's average daily trading volume over the past week was 104 million yuan [1] Group 3: Fund Flows and Growth - The Sci-Tech Semiconductor ETF saw a significant growth of 1.51 billion yuan in size over the past month [1] - The ETF's shares increased by 10.4 million over the past month, indicating substantial growth [1] - Recent net outflow from the ETF was 64.4746 million yuan, but there were 17 days of net inflow totaling 113 million yuan over the last 23 trading days [1] Group 4: Industry Insights - OpenAI's CFO reported a milestone of $1 billion in monthly revenue in July, highlighting the ongoing demand for AI despite challenges in computing power [2] - CITIC Securities noted that tariff policies have provided a temporary boost to sentiment in the semiconductor industry, coinciding with a busy earnings release period in August [2] - The semiconductor equipment and materials sector is crucial for domestic substitution, benefiting from low domestic replacement rates and high potential ceilings under the AI demand expansion [2]

Market Overview - On August 20, the A-share market rebounded, with the Shanghai Composite Index reaching 3760 points, marking a 10-year high. The market saw over 3600 stocks rise, with more than 100 stocks hitting the daily limit up. The trading volume was 2.45 trillion yuan, maintaining above 2.1 trillion yuan for six consecutive trading days [1][2]. Sector Performance - Technology stocks surged across the board, with significant gains in GPU, semiconductor, and consumer electronics sectors. The only sector to decline was the pharmaceutical and biological industry, which fell by 0.07%. Other sectors, including beauty care, oil and petrochemicals, and electronics, saw increases of 2.42%, 2.36%, and 2.32% respectively [2][3]. Semiconductor Sector Highlights - Within the semiconductor sector, notable performers included Shengke Communication, which hit the daily limit up, and *ST Tianlong, which rose over 16%. The stock price of Cambrian Technology exceeded 1000 yuan per share, with a market capitalization surpassing 420 billion yuan, reaching a new historical high [2][3]. Market Dynamics - Recent market uptrends have been primarily driven by active capital inflows, with margin financing balances reaching 2.131694 trillion yuan, the highest in over a decade. The financing balance increased by 146.483 billion yuan in August, with a single-day increase of 39.506 billion yuan on August 18, marking the fourth highest in history [3][4]. Investment Strategy - Analysts suggest focusing on two main investment lines: growth sectors such as AI applications, semiconductors, and pharmaceuticals, and policy-benefiting sectors like electric equipment, new energy, steel, and non-ferrous metals. The market is expected to maintain relative strength in the short term, driven by liquidity [4].

Group 1 - The core viewpoint of the articles highlights the ongoing fluctuations in the semiconductor materials and equipment sector, with specific attention to the performance of the STAR Market Semiconductor Materials and Equipment Index and related ETFs [1][2]. - As of August 20, the STAR Market Semiconductor Materials and Equipment Index decreased by 0.18%, with mixed performance among constituent stocks, including Shanghai Hejing rising by 6.35% and Jing Sheng Co. falling by 3.83% [1]. - The STAR Market Semiconductor ETF (588170) saw a slight decline of 0.36%, with a recent price of 1.1 yuan, but has shown a cumulative increase of 3.18% over the past week [1]. Group 2 - The global semiconductor materials market is projected to reach approximately $70 billion by 2025, with a year-on-year growth of about 6%, driven by AI-related demand [2]. - The silicon wafer market is expected to reach around $14 billion by 2025, with a year-on-year growth of 3.8% and a projected increase in shipment area of 5.4% [2]. - The domestic semiconductor materials market is anticipated to benefit from a rising domestic production rate, presenting a favorable investment window [2]. Group 3 - The semiconductor materials ETF (562590) and its associated funds focus heavily on the upstream semiconductor sector, with 59% of the index comprising semiconductor equipment and 24% comprising semiconductor materials [3].

Group 1 - High-position stocks experienced a significant decline on August 20, with multiple stocks hitting the daily limit down, indicating a strong profit-taking sentiment among investors [1][2] - The food and beverage sector, particularly the liquor stocks, showed resilience, with the liquor index rising despite a year-to-date decline of 3.77%, suggesting a potential rotation in market style rather than a complete shift [1][4] - The white liquor sector is currently at a historical low in terms of valuation, with the market showing signs of a valuation recovery, driven by a combination of policy improvements and fundamental recovery [4][5] Group 2 - The high-position stocks that faced declines were characterized by significant short-term gains, with some stocks like Hai Li Co. and Hua Sheng Tian Cheng experiencing substantial price increases prior to the downturn [2][3] - The white liquor sector's valuation is seen as attractive, with historical price-to-earnings ratios indicating a low relative valuation, which may attract funds seeking safer investments [4][5] - Despite the downturn in high-position stocks, technology stocks, particularly in the semiconductor sector, continued to perform well, with several leading stocks reaching new highs [5]

Group 1: Semiconductor Market Performance - On August 20, the semiconductor sector experienced a significant rally, with stocks such as Shengke Communication rising by 20%, Aiwei Electronics by 15.85%, and Chipone Technology by 15.52% [1][6] - The semiconductor sector has seen a cumulative increase of 14.19% in August [6] Group 2: AI Driving Semiconductor Growth - AI technology is driving a new growth cycle in the semiconductor industry, with applications in servers, smartphones, PCs, and automobiles leading to increased demand for semiconductor components [2][3] - The global AI server market is projected to grow to 30% from 2023 to 2033, with increased demand for high-performance GPUs, CPUs, and storage hardware [2] - AI smartphone shipments are expected to reach approximately 119 million units in 2024, growing to 606 million units by 2028, with a compound annual growth rate (CAGR) of about 38% [2] - AI PC shipments are forecasted to be around 48 million units in 2024, increasing to 204 million units by 2028, with a CAGR of 43.58% [2] Group 3: Automotive AI Sector - The global smart vehicle sales are expected to grow at a CAGR of about 11% from 2023 to 2030, with ADAS penetration increasing from 65.6% in 2023 to 96.7% by 2030 [3] - The demand for advanced driving chips, storage chips, and interaction hardware is expected to rise due to the high computational and storage requirements of automotive AI models [3] Group 4: Domestic Semiconductor Industry Developments - China's semiconductor industry is undergoing significant domestic substitution efforts, with a decrease in the import share of integrated circuits from 4.4% in 2019 to 2.4% in 2023 [4] - The domestic production rate of semiconductor equipment has reached 30% in certain areas, with breakthroughs in photolithography technology and EDA achieving domestic substitution [4] - Shanghai Microelectronics has delivered its first 7nm process-supporting immersion DUV lithography machine, achieving a domestic production rate of 70% [4] Group 5: Semiconductor Equipment and Materials - The semiconductor equipment and materials sector is identified as a key area for domestic substitution, with significant potential for growth driven by AI demand and technological advancements [5] - National Electric Power Investment Corporation has completed the delivery of its first batch of optimized hydrogen ion implantation performance chips, marking a milestone in domestic technology [5] - Guangfa Securities highlights the increasing penetration and demand for new technologies such as renewable energy, automotive electronics, and AI as important drivers for the semiconductor industry [5]