（编辑 袁冠琳） 证券日报网1月7日讯 ，先导基电在接受调研者提问时表示，截至2025年上半年，子公司凯世通现有存 量客户已突破12家，离子注入机产品已通过国内多家12英寸主流晶圆厂客户的验证验收，产品覆盖低能 大束流离子注入机、超低温离子注入机、高能离子注入机等多款机型。其中，应用于CIS器件掺杂的低 能大束流离子注入机实现首台设备验收，并稳步推进批量应用；高能离子注入机产业化进展良好，持续 拓展新客户。此外，公司正加快开发高能离子注入设备、氢离子注入设备、中束流离子注入设备等全谱 系差异化竞争设备。公司不仅持续获得现有核心客户的重复订单，也成功赢得多家新客户的认可，实现 了更多细分领域工艺应用，市场份额稳步提升。未来，凯世通将全力为客户提供性能卓越、高生产效率 的全周期一站式离子注入设备与解决方案，进一步拓展客户基础，增强市场覆盖能力。 ...

Core Viewpoint - Qindao SIRUI Intelligent Technology Co., Ltd. has successfully completed a multi-billion C round financing, marking a significant milestone in its growth trajectory within the semiconductor core equipment sector, with strong backing from national-level funds and industry-leading investors [1][5]. Financing History - Since its establishment in 2018, SIRUI Intelligent has undergone six rounds of financing, showcasing a clear pattern of industry capital leading the way, followed by diverse capital participation, and culminating in national-level capital involvement [3]. - The financing timeline includes: - 2019: Angel round led by CRRC Capital and China CRRC, establishing a foundation for technology layout [4]. - 2022: A round financing with 12 participants, accelerating the domestic implementation of ALD technology [4]. - 2023: A+ round financing further strengthening R&D capabilities [4]. - 2024: B and B+ rounds, with valuations reaching 4.1 billion yuan, reflecting increased market recognition [4]. - 2025: C round financing led by national funds, enhancing the company's capital structure and industry connections [5]. Product Focus and Competitive Edge - SIRUI Intelligent targets the semiconductor front-end process equipment market, specializing in Atomic Layer Deposition (ALD) and Ion Implantation (IMP) equipment, becoming the only domestic company to achieve mass production of both technologies [6][10]. - The acquisition of Beneq Oy in 2018 enabled rapid access to 40 years of ALD technology, facilitating a transition from research to industrial applications [8]. - In the ALD sector, SIRUI's orders grew by 40% year-on-year in 2024, with successful deliveries to leading semiconductor manufacturers [8]. - In the IMP sector, SIRUI developed China's first high-energy ion implanter, filling a domestic gap and meeting advanced process requirements [10]. Market Potential and Growth - The global semiconductor equipment market is valued at $70 billion, with a projected annual growth rate of 10% over the next five years, while the domestic demand for ALD equipment is expected to grow at 20% [11]. - SIRUI's technology breakthroughs address critical "bottleneck" issues in the industry, supporting the national semiconductor supply chain and enhancing domestic production capabilities [11]. - Despite not yet achieving profitability, SIRUI's revenue for 2023 was 468 million yuan, with a net loss of 239 million yuan, which aligns with the high R&D investment typical in the semiconductor equipment sector [11]. IPO Progress - Concurrent with the C round financing, SIRUI's IPO process is advancing, with plans to submit documents to the Sci-Tech Innovation Board in early to mid-2026 [12]. - The successful completion of the C round financing is expected to optimize the capital structure and provide operational funding for the IPO, positioning SIRUI as a benchmark enterprise in the semiconductor equipment sector [12].

这是山东财政部门在探索财政科学管理新举措、服务经济社会高质量发展过程中的一个案例。"开展财 政科学管理试点工作以来，我们持续深化财政金融协同，以财政资金为引子，以科学管理为手段，发挥 财政乘数效应，引导带动各类资金资源共同支持高质量发展。"山东省财政厅金融处处长唐宁说。 山东还探索发挥政府投资基金培育作用，借力资本市场支持科创企业融资，助力新质生产力发展。 成立于2023年2月的济南市艾恩半导体科技有限公司，专注于半导体核心关键装备离子注入机的研发、 设计、生产和销售。"公司成立初期，因我们的技术研发具有高风险、不确定性，加之缺少抵押物，营 业收入不高，获取资金支持比较困难。"公司创始人重新华回忆。 新华社北京12月25日电 12月25日,《新华每日电讯》发表题为《更好发挥财政资金"四两拨千斤"作用 ——山东以财政科学管理助推高质量发展》的报道。 "5000万元供应链票据贴现资金1天就到账了，让我们快速拿到原料，持续生产，还帮我们省下融资成 本，这口'金融活水'太解渴了。"近日，日照银行工作人员在昱岚新材料有限公司回访时，总经理郑铁 强指着刚下线的食品级马口铁对他们说。 作为年产70万吨马口铁的龙头企业，昱岚 ...

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote the healthy development of the investment industry, particularly the mother fund sector [1][22][24] - The first three "Fujian Province New Quality Productivity M&A Series Funds" have been launched with a target scale of 2.5 billion yuan and an initial subscription scale of 900 million yuan [3][5] - The Fujian (Xiamen) Social Security Science and Technology Innovation Fund has been officially established with a first phase scale of 20 billion yuan, aiming to support technological innovation and industrial integration [6][7] Group 2 - Jiangxi Investment Fund has successfully completed the filing of the Dingnan Fund, which has a scale of 500 million yuan and will focus on key sectors such as emergency safety and rare earth new materials [8] - Dongguan Science and Technology Innovation Group has completed an investment in Baiyoda Life Science, focusing on high-value medical device localization [10][11] - The National New Fund has led an investment in ShuoKe ZhongKeXin, supporting the domestic semiconductor ion implantation equipment sector [12][14] Group 3 - The launch of the Longjiang Industry Group's Mother Fund AI Intelligent Agent marks a significant step towards digital transformation in fund management, enhancing the integration of capital and projects [15][16] - The first pilot expansion of provincial AIC funds has been officially launched in Fujian, focusing on strategic sectors such as new energy and artificial intelligence [17][18] - China Merchants Capital has engaged in a series of business activities in Kuwait to support the local economy and promote economic diversification [19][20][21]

Core Insights - The company has officially changed its name to "Xian Dao Ji Dian" (600641.SH) as of November 12, 2023, marking a strategic focus on the integrated circuit sector and accelerating the establishment of a platform-based hard technology industry layout involving semiconductor equipment, new materials, and precision components [1][2] - Xian Dao Ji Dian's major shareholder, Xian Dao Technology Group, became the controlling shareholder on November 28, 2024, injecting significant momentum into the company's business transformation [1] - The company is focusing on three core business areas: new materials (with an emphasis on deep processing of bismuth compounds), semiconductor equipment (targeting key technologies for 28nm and more advanced processes), and precision components [1] Business Strategy - The brand renewal reflects the company's commitment to focusing on the semiconductor core sector, integrating resources in rare metal, high-end electronic materials, and precision manufacturing [2] - The company aims to enhance R&D investment and strengthen collaboration among production, education, research, and application, aspiring to become an indispensable "key piece" in China's semiconductor industry chain [2] - The strategy emphasizes independent innovation as the core driving force, leveraging global resources from Xian Dao Technology Group to enhance technology development and market expansion [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company achieved a revenue of 370 million yuan in Q3 2025, representing a year-on-year increase of 246.80%. However, the net profit attributable to shareholders was -22 million yuan, a decrease of 156.57% year-on-year. The gross profit margin was 23.71%, down 34.72 percentage points [2][6]. - For the first three quarters of 2025, the company reported a revenue of 1.069 billion yuan, a year-on-year increase of 247.43%, with a net profit of 19 million yuan, up 158.93% year-on-year. The gross profit margin for this period was 26.20%, down 33.10 percentage points [2][6]. - The semiconductor equipment product line is continuously expanding, providing a one-stop solution for customers. The company has successfully delivered various ion implantation machines and is accelerating the development of differentiated competitive equipment [12]. - New materials are becoming a significant growth driver for the company, with the bismuth business showing rapid capacity and sales growth. The company is expected to maintain a leading position in the bismuth materials market [12]. - The company is accelerating its business transformation, with semiconductor equipment and materials expected to become core growth drivers. The ion implantation machines have passed verification from several domestic wafer manufacturers, indicating potential for rapid revenue and profit growth [12]. Financial Performance - In 2024, the company is projected to achieve a total revenue of 581 million yuan, with a net profit of 108 million yuan. By 2027, the revenue is expected to reach 2.922 billion yuan, with a net profit of 315 million yuan [19]. - The projected earnings per share (EPS) for 2025 is 0.07 yuan, increasing to 0.34 yuan by 2027, reflecting a significant growth trajectory [19].

Group 1 - The company Shanghai XianDao JiDian Technology Co., Ltd. has officially changed its name from "Wanye Enterprise" to "XianDao JiDian" with the stock code "600641" remaining unchanged, marking a strategic focus on integrated circuit products and the establishment of a platform-based hard technology industry layout [2] - The new brand logo features the main color "Tech Blue," representing the controlling shareholder XianDao Technology Group, and the English name "VITAL DEEPTECH" emphasizes the company's core hard technology positioning [2] - The name change reflects the company's commitment to the semiconductor core sector, highlighting its role as a pioneer in the industry [4] Group 2 - XianDao Technology Group became the controlling shareholder of XianDao JiDian, injecting significant momentum into the business transformation [3] - Founded in 1995, XianDao Technology Group has developed into a leading global high-tech enterprise in the rare metal and semiconductor industry, with over 361 billion yuan in revenue in 2024 and long-term partnerships with major semiconductor clients [3] - XianDao JiDian is expected to benefit from the technological and supply chain support provided by XianDao Technology Group's six major business sectors and four national-level research platforms [3] Group 3 - XianDao JiDian has laid out three core business directions: new materials focusing on deep processing of bismuth compounds, semiconductor equipment with a focus on ion implantation machines, and precision components development to enhance local supply chain capabilities [4] - The brand renewal signifies the company's strong confidence in focusing on the semiconductor core track, aiming to become an indispensable "key piece" in China's semiconductor industry chain [4]

Core Viewpoint - The company Wan Ye Enterprise (600641.SH) has successfully validated its KST ion implantation machines with several domestic 12-inch mainstream wafer manufacturers, indicating strong market acceptance and growth potential [1] Group 1: Product Validation and Market Expansion - The KST ion implantation machines include low-energy high-current ion implanters, ultra-low temperature ion implanters, and high-energy ion implanters, all of which have passed verification by multiple clients [1] - The low-energy high-current ion implanter for CIS device doping has achieved its first equipment acceptance and is steadily advancing towards mass application [1] - The high-energy ion implanter is progressing well in terms of industrialization and is continuously expanding its customer base [1] Group 2: Customer Acquisition and Market Share - The company is not only receiving repeat orders from existing core customers but has also successfully gained recognition from several new clients [1] - This has led to the realization of more applications in various niche areas, contributing to a steady increase in market share [1] Group 3: Future Strategy - Moving forward, KST aims to provide customers with high-performance, high-efficiency, and comprehensive ion implantation equipment and solutions [1] - The company plans to further expand its customer base and enhance its market coverage capabilities [1]

Core Insights - The total value of technology contracts has exceeded 100 billion, reaching 109.528 billion yuan, with a year-on-year growth of 34.52% [1] - The number of technology-based small and medium-sized enterprises has surpassed 11,700, totaling 11,700, indicating significant growth in innovation entities [1] Group 1: Innovation and Development - The city's technology service industry revenue reached 43.6 billion yuan from January to August, showing a year-on-year increase of 11.4% [1] - The "1+2" laboratory system has made significant progress, enhancing strategic support for innovation [2] - The establishment of the national traditional Chinese medicine germplasm resource bank at the Yuelu Mountain Laboratory strengthens the foundation for seed industry innovation [2] Group 2: Research and Development Resources - 68 new R&D centers have been introduced this year, including 9 projects from "three types of top 500" companies, state-owned enterprises, and central enterprises [3] - The total number of various R&D institutions in the city has reached 3,823, with 152 national-level innovation platforms [3] - 70% of new R&D institutions are located in innovation clusters, forming a "core leading, multi-point support" innovation space [3] Group 3: Technology Transfer and Talent Development - 62 link cadres visited 178 platforms, summarizing 156 technology achievements to promote precise supply-demand matching [4] - 16 municipal-level new R&D institutions achieved 291 technology transfers and incubated 76 technology-based enterprises [4] - The city has attracted two Nobel laureates and eight expert teams, enhancing the talent pool and innovation ecosystem [4]

Summary of Wan Ye Enterprise Conference Call Company Overview - Wan Ye Enterprise has undergone a name change to Shanghai Xian Dao Electromechanical Technology Co., Ltd, marking a strategic upgrade to an integrated industrial platform focused on core technology breakthroughs and industry implementation [4][9]. Financial Performance - For the first three quarters of 2025, Wan Ye Enterprise achieved a net profit of 18.67 million yuan, turning from loss to profit year-on-year [2][3]. - Revenue for the first three quarters reached 1.069 billion yuan, a year-on-year increase of 247%, with Q3 revenue at 370 million yuan, also up 246% year-on-year [3][2]. - The fluctuation in Q3 net profit was attributed to rapid business expansion, increased management and financial expenses due to new production line construction and R&D investments [2][3][15]. Semiconductor Equipment Developments - The subsidiary, Kai Shi Tong, has established approximately 50 ion implantation machines in domestic 11+12 inch wafer fabs, covering mainstream semiconductor manufacturing fields such as logic storage and CIS [5][6]. - In the first nine months of 2025, Kai Shi Tong delivered 10 ion implantation machines, with the first low-energy high-current ion implantation machine accepted by customers [5][6]. - Future product development will focus on low-temperature ion implantation machines for 28nm and below processes, SOI process hydrogen ion implantation equipment, and large current ion implantation machines for CIS processes [6][12]. New Materials Business - The B materials business generated revenue of 820 million yuan, accounting for 76.75% of the company's total revenue [2][8]. - The company has established production bases in multiple locations and is developing Micro TEC products for precise temperature control solutions for data centers [2][8]. - The B materials business is expected to continue growing due to its wide range of downstream applications, with plans to expand into travel-related materials [23]. Strategic Transformation Plans - Wan Ye Enterprise plans to adjust its business structure over the next 3-5 years, reducing the revenue share from materials while increasing the share from semiconductor components and equipment [4][14]. - The company aims to create a small industrial chain around semiconductor materials, components, and equipment to enhance market share [14]. Cost and Expense Management - The increase in operating costs and management expenses in Q3 was primarily due to the new B materials business and the expansion of semiconductor components and equipment businesses [15]. - The company has strengthened supplier management and established supply chain cooperation with Qingdao Technology Group to improve efficiency and reduce costs [15]. Future Development Plans - Wan Ye Enterprise aims to leverage its purification technology and device development in semiconductor and new energy materials to better meet customer needs [18]. - The company is also developing high-end components for semiconductor equipment, including aluminum nitride components and thermal management systems [19]. Real Estate Business - The real estate business is currently focused on inventory reduction, with sales dependent on market price trends. The industry nature change is expected to be completed by June 2026 [20][21]. Market Position and Customer Base - The company has over 250 customers across various industries, particularly in the Micro TEC cooling chip sector, which is expected to replace imported products [17]. This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic direction, and developments in semiconductor equipment and new materials.