Group 1 - The company received a government subsidy of 20 million yuan, which accounts for 26.06% of the audited net profit for the last fiscal year [1][2] - The subsidy is classified as a revenue-related government grant, intended to compensate for future costs or losses [1][2] - The company plans to recognize the entire subsidy amount in the relevant accounts, expecting an impact of 20 million yuan on the current year's profit [2] Group 2 - The accounting treatment of the government subsidy will be subject to confirmation by the annual audit [2]

Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms that the differentiated equity distribution and special ex-rights and ex-dividend treatment for Lianmei Quantum Co., Ltd. complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [4]. Group 1: Reasons for Differentiated Equity Distribution - The company held its eighth board meeting on November 16, 2023, and approved a share repurchase plan, having repurchased 38,309,470 shares by September 13, 2024 [2][3]. - Shares in the repurchase account do not participate in profit distribution, leading to a discrepancy between the total share capital and the actual shares participating in the 2024 profit distribution [3]. Group 2: Differentiated Equity Distribution Plan - The company plans to distribute a cash dividend of 2.00 yuan (including tax) for every 10 shares based on the total share capital minus the shares in the repurchase account, as approved in the 2024 annual shareholders' meeting on May 23, 2025 [3][4]. Group 3: Calculation Basis for Differentiated Equity Distribution - The ex-rights and ex-dividend reference price is calculated based on the previous closing price minus the cash dividend, adjusted for the change in circulating shares [4]. - The virtual cash dividend per share is calculated to be approximately 0.1966 yuan, resulting in a minimal impact on the ex-rights and ex-dividend reference price, less than 1% [4]. Group 4: Conclusion Opinion - The legal opinion concludes that the differentiated equity distribution aligns with the Company Law, Securities Law, and relevant regulations, with no detriment to the company or its shareholders [4].

Core Viewpoint - The legal opinion from Beijing Deheng Law Firm confirms that the 2024 Annual General Meeting of Unimicron Technology Corporation was convened and conducted in compliance with relevant laws and regulations, ensuring the legitimacy of the meeting and its resolutions [3][10]. Group 1: Meeting Procedures - The 2024 Annual General Meeting is scheduled for May 23, 2025, and the notice was sent to all shareholders more than 20 days prior to the meeting [2][5]. - The meeting was held at the designated location and time as stated in the notice, confirming adherence to the announced details [5][6]. - The meeting's procedures, including the qualifications of attendees and voting processes, were verified to comply with the Company Law and the company's articles of association [3][9]. Group 2: Attendance and Voting - A total of 160 shareholders attended the meeting, representing 1,480,910,090 shares, which is 65.4447% of the total share capital [6][7]. - The voting process included both on-site and online voting, with specific time frames established for participation [6][8]. - The voting results showed overwhelming support for the proposals, with approval rates exceeding 99% for several resolutions [9][10]. Group 3: Legal Validity - The legal opinion asserts that all aspects of the meeting, including the convening, attendance, proposals, and voting results, are in accordance with the Company Law, Securities Law, and the company's regulations [10][11]. - The resolutions passed during the meeting are deemed legally valid and effective, with no objections raised by attendees [10][11].

Core Viewpoint - The report indicates that Lianmei Holdings (600167) is expected to face a decline in net profit due to impairment losses, but maintains a stable dividend policy, leading to an "Accumulate" rating from Zhongyou Securities [1][3]. Financial Performance - In 2024, the company reported revenue of 3.51 billion yuan, a year-on-year increase of 2.9%, while net profit attributable to shareholders was 660 million yuan, a year-on-year decrease of 23.3% [1]. - For Q4 2024, revenue was 1.21 billion yuan, with a quarter-on-quarter decrease of 1.3% and a year-on-year increase of 248.3%. Net profit for the same period was 150 million yuan, with a quarter-on-quarter decrease of 26.8% and a year-on-year increase of 390.4% [1]. - In Q1 2025, revenue was 1.70 billion yuan, a year-on-year decrease of 1.1%, while net profit attributable to shareholders was 620 million yuan, a year-on-year increase of 9.6% [1]. Profitability and Costs - In Q1 2025, the company's gross margin and net margin were 49.3% and 37.0%, respectively, reflecting increases of 4.6 percentage points and 3.2 percentage points year-on-year [2]. - The company experienced an overall increase of 1.6 percentage points in expense ratios, with sales expense ratio at 1.1%, R&D expense ratio at 0.2%, management expense ratio at 2.2%, and financial expense ratio at -1.0% [2]. Cash Flow and Dividends - In 2024, the company generated a net cash flow from operating activities of 1.30 billion yuan, with cash on hand amounting to 7.48 billion yuan [2]. - Total cash dividends, special dividends, and buyback amounts for 2024 were 440 million yuan, 270 million yuan, and 190 million yuan, respectively, totaling 910 million yuan, resulting in a dividend yield of 6.8% based on the closing price on April 30, 2025 [2]. Earnings Forecast - The company is projected to achieve revenues of 3.74 billion yuan, 4.03 billion yuan, and 4.40 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 780 million yuan, 860 million yuan, and 960 million yuan for the same years [3]. - Corresponding price-to-earnings ratios (PE) are expected to be 17, 15, and 14 times for 2025, 2026, and 2027, respectively [3].

Financial Performance - The company's basic earnings per share decreased by 23.08% from 0.1300 yuan in 2023 to 0.1000 yuan in 2024 [1] - Operating revenue fell by 18.3% from 13.66 billion yuan in 2023 to 11.16 billion yuan in 2024 [1] - Net profit decreased by 18.33% from 0.60 billion yuan in 2023 to 0.49 billion yuan in 2024 [1] - Return on equity declined by 19.11%, from 3.14% in 2023 to 2.54% in 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 60.9333 million shares, accounting for 15.85% of the circulating shares, with an increase of 4.6267 million shares compared to the previous period [1] - Notable changes among the top shareholders include an increase of 161.51 thousand shares for Li Guangyu and 98.07 thousand shares for Li Shengjun [2] - New entrants to the top ten shareholders include Xu Ping and Xiang Jun, while Chi Ping and Tian Guo Ying have exited [2] Dividend Distribution - The company announced a dividend distribution plan of 1 yuan per share (including tax) [3]