Financial Data and Key Metrics Changes - Total revenue for Q4 2024 reached $75 million, exceeding guidance, with tools revenue of $12 million and combined ATS and Wafer Services revenue of $64 million [11][38] - Full year revenues totaled a record $342 million, up 19% from fiscal 2023 [12] - Reported gross margin for Q4 was nearly 27%, contributing to a positive EPS of $0.04 for the quarter and $0.06 for the full year [12][45] - Full year gross margin was 21%, compared to 22% in 2023, with combined ATS and Wafer Services gross margin increasing from 22.5% in 2023 to 25.8% in 2024 [42][43] Business Line Data and Key Metrics Changes - ATS business experienced a strong 13% revenue growth compared to 2023, while Wafer Services revenue declined significantly due to weakness in automotive and industrial segments [13] - Advanced compute was the second largest end market, with over 90% of revenues related to quantum computing technologies [14] - Tools revenue reached a record $77 million in 2024, reflecting unprecedented customer-funded CapEx investments [15] Market Data and Key Metrics Changes - The aerospace and defense sector showed significant strength in 2024, driving the majority of ATS revenue growth [13] - The automotive market saw a decline in revenue, while the BioHealth sector experienced growth [14] Company Strategy and Development Direction - The acquisition of Infineon's Fab 25 in Austin is a strategic move to expand domestic manufacturing capabilities and become a leading pure-play domestic foundry service provider for foundational semiconductors [8][9] - The acquisition is expected to contribute approximately $300 million in annual Wafer Services revenue and balance the revenue mix between ATS and Wafer Services [29][32] - The company aims to transition Fab 25 to a customer-driven foundry model, enhancing service offerings and expanding the total addressable market by over $3 billion [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative outlook for 2025 due to ongoing budget negotiations and expected timing of program allocations, forecasting combined ATS and Wafer Services revenue growth of approximately 5% [25][101] - The company anticipates a significant rebound in ATS revenues in Q2 2025, with continued growth expected in the second half of the year [26][49] - Management highlighted the importance of the CHIPS Act funding as an accelerant for growth plans [16] Other Important Information - The company plans to hold a Capital Markets Day post-acquisition to provide more details on the financial benefits and long-term strategic vision for Fab 25 [37] - The acquisition structure is capital efficient, with an $80 million purchase price and a strong adjusted EBITDA expected from the transaction [30][31] Q&A Session Summary Question: Clarification on Fab 25's gross profit contribution - Management confirmed that the initial supply agreement with Infineon is to provide products at current output levels, with plans to diversify over time [62][63] Question: Customer revenue profile post-acquisition - Infineon is expected to become the largest customer, enhancing the strategic partnership [64][65] Question: Back-end processing for Fab 25 - Currently done with traditional OSATs, but opportunities exist for future capabilities in Florida [66][68] Question: Quantum computing revenue percentage - Quantum computing accounted for about 10% of revenues in Q4 2024 [70] Question: Mix between ATS and Wafer Services in the future - Management expects a more balanced mix, with wafer services likely to increase due to the Fab 25 acquisition [78][82] Question: Supply agreement details and capacity fungibility - The supply agreement includes take-or-pay contracts, and there is potential to backfill capacity if needed [88][90] Question: Gross margin sustainability - The strong gross margin in Q4 was driven by a combination of ATS business mix and cost deferrals, but not expected to repeat at the same levels [92][93] Question: Yearly outlook adjustments based on defense budgets - Management is taking a conservative approach due to uncertainties in budget allocations, but remains confident in the critical programs [101] Question: Efficiencies and excess capacity from Fab 25 - Transitioning from IDM to foundry is expected to drive efficiencies and allow for new customer engagements [105]

本次股票发行后拟在科创板市场上市，科创板公司具有研发投入大、经营风险高、业绩不 稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 上海合晶硅材料股份有限公司 Wafer Works (Shanghai) Co., Ltd. （上海市松江区石湖荡镇长塔路 558 号） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 声明：本公司的发行上市申请尚需经上海证券交易所和中国证监会履行相应程序。本招股 说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招 股说明书全文作为投资决定的依据。 保荐人（主承销商） （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 上海合晶硅材料股份有限公司 招股说明书（注册稿） 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见均不表明其 对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发 ...

风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投 资者应充分了解科创板市场的投资风险及本公司所披露的风险因素，审慎作 出投资决定。 Skyverse Technology Co., Ltd. （深圳市龙华区观澜街道新澜社区观光路 1301-14 号 101、102） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 投资者应当以正式公告的招股说明书作为投资决定的依据。 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表 明其对发行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判 断或保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 发行人及全体董事、监事、高级管理 ...