Core Viewpoint - The company, Zhongwei, is expected to maintain strong revenue growth in the first half of 2025, with projected revenue of approximately 4.96 billion yuan, representing a year-on-year increase of about 43.88% [1] Group 1: Revenue Growth - In the second quarter of 2025, the company anticipates revenue of around 2.79 billion yuan, reflecting a year-on-year growth of approximately 51.26% [1] - The company's revenue from etching equipment is expected to grow by about 40.12%, reaching 3.78 billion yuan, while LPCVD film equipment revenue is projected to increase by approximately 608.19%, reaching 199 million yuan [1][2] - The company has maintained an average annual revenue growth rate of over 35% for the past 14 years [1] Group 2: Profit Growth - The company expects to achieve a net profit attributable to shareholders of between 680 million and 730 million yuan in the first half of 2025, representing a year-on-year increase of 31.61% to 41.28% [1] - The increase in net profit is primarily driven by a revenue growth of 43.88%, with gross profit rising by approximately 552 million yuan compared to the previous year [2] - The company's R&D investment for the first half of 2025 is expected to be around 1.49 billion yuan, an increase of approximately 53.70% year-on-year, accounting for about 30.07% of revenue [2] Group 3: R&D and Innovation - The company is focused on technological innovation, product differentiation, and intellectual property protection, with ongoing projects covering six categories of equipment and over twenty new devices under development [2] - The speed of new product development has significantly accelerated, with competitive new devices being developed in two years or less, compared to the previous three to five years [2] - The company has reported a fair value change gain and investment income of approximately 172 million yuan in the first half of 2025, a significant increase from a loss of 8 million yuan in the same period of 2024 [2] Group 4: Market Position and Applications - Zhongwei is dedicated to providing leading processing equipment and technology solutions for global integrated circuit and LED chip manufacturers, with its plasma etching equipment widely used by top domestic and international clients [3] - The company is also expanding into optical and electron beam measurement equipment and developing various semiconductor micro-processing devices [3] - In 2024, the company achieved revenue of approximately 9.07 billion yuan, a year-on-year increase of about 44.73%, maintaining an average annual revenue growth rate of over 40% for nearly four years [3]

Core Viewpoint - The development of the semiconductor industry chain, including design, manufacturing, equipment, and components, is crucial for the advancement of micro-processing capabilities and the production of advanced storage chips [1][2]. Group 1: Company Overview - 中微公司 has emerged as a key player in the semiconductor equipment market, particularly in plasma etching and film deposition equipment, which are essential for advanced micro-processing [2][3]. - The company has achieved significant growth opportunities due to the increasing market demand for etching and film deposition equipment, which are critical for producing advanced microstructures [2][3]. Group 2: Technological Innovation - 中微公司 emphasizes "technological innovation" and "product differentiation" as core principles in product development, leading to breakthroughs such as the introduction of the Decoupled Radio Frequency Inductively Coupled Plasma Etching technology (D-RIE) in 2004 [3][4]. - The company has developed a unique dual-reactor design that allows for high output and low processing costs, significantly enhancing its competitive edge in the market [3][4]. Group 3: Intellectual Property and Market Recognition - 中微公司 has established a robust intellectual property management system, which has been crucial in navigating patent litigation and protecting its innovations [5][6]. - As of March 2025, 中微公司 has filed a total of 2,941 patents, with 2,443 being invention patents, reflecting its commitment to innovation and intellectual property protection [5][6]. - The company received six awards at the 2025 Semiconductor Supplier Awards, indicating strong market recognition and positioning within the semiconductor equipment sector [6]. Group 4: Future Goals - 中微公司 aims to expand its market coverage from approximately 30% to over 60% of the high-end integrated circuit equipment market within the next five to ten years [6]. - By 2035, the company aspires to become a leading platform company in the semiconductor equipment industry, excelling in scale, product competitiveness, and customer satisfaction [6].

Core Viewpoint - The company aims to become a leading platform group in the semiconductor equipment industry, focusing on high-end equipment and expanding into emerging fields while enhancing its R&D capabilities and market presence [5][9]. Group 1: Strategic Development - The company is committed to a three-dimensional development strategy, focusing on integrated circuit key equipment, expanding applications in the semiconductor field, and exploring new opportunities [5]. - The company has successfully penetrated the domestic and international markets with its plasma etching equipment, which is widely used in advanced processes from 65nm to 5nm [5]. - The company has invested over 2 billion yuan in approximately 40 upstream and downstream enterprises since its listing, achieving over 5 billion yuan in floating profits and significant results in industrial collaboration [5]. Group 2: R&D Efficiency - The company has established a research team of over 1,000 people, significantly improving R&D efficiency, now completing new product development in about 18 months, compared to 3-5 years previously [6]. - In 2024, the total R&D investment is expected to reach 2.452 billion yuan, a year-on-year increase of 94.31%, accounting for approximately 27% of revenue [6]. - The company is currently developing over 20 new devices covering core semiconductor equipment areas [6]. Group 3: Business Performance - The company's etching equipment remains its core competitive advantage, with projected revenue of approximately 7.277 billion yuan in 2024, reflecting a year-on-year growth of about 54.72% [7]. - Although the revenue from thin film equipment is currently small, it is expected to grow rapidly in the next three to five years, with the first LPCVD sales in 2024 projected at approximately 156 million yuan [7]. Group 4: Industry Insights - The company recognizes the competitive landscape and aims to develop differentiated, proprietary high-end equipment, particularly in electron beam detection devices [8]. - The domestic semiconductor equipment market is primarily dominated by foreign companies, but the increasing technological capabilities of domestic firms are enhancing the competitiveness of local products [9]. - The company aspires to be among the top-tier global semiconductor equipment companies by 2035, focusing on scale, product quality, competitiveness, and customer satisfaction [9].

Core Viewpoint - The company aims to expand its business layout through a three-dimensional development strategy, focusing on key equipment in the integrated circuit sector and exploring opportunities in emerging fields, while achieving stable and healthy growth [1] Group 1: Business Strategy and Investments - Since its listing, the company has invested over 2 billion yuan in approximately 40 upstream and downstream enterprises, achieving a floating profit of over 5 billion yuan [1] - The company has a comprehensive R&D team of over 1,000 people, significantly reducing the time required to develop new products from three to five years to about 18 months, with mass production achievable within six months to a year [1][2] - The total R&D investment for 2024 is projected to be 2.452 billion yuan, a year-on-year increase of 94.31%, accounting for approximately 27% of revenue [1] Group 2: Product Development and Market Position - The company is developing competitive new-generation equipment for integrated circuit micro-manufacturing, including high-energy CCP plasma etching equipment and various other advanced devices [2] - The company's plasma etching equipment is widely used by leading domestic and international clients, covering etching applications from 65nm to 5nm and beyond [2] - The company has been continuously expanding its layout in the semiconductor micro-manufacturing field, including MOCVD equipment for GaN-based LEDs and SiC power devices [2] Group 3: Financial Performance - The company achieved an operating income of approximately 9.065 billion yuan in 2024, a year-on-year increase of about 44.73%, maintaining an annual growth rate of over 40% for nearly four years [3] - In the first quarter of this year, the company reported an operating income of 2.173 billion yuan, a year-on-year increase of 35.4%, with a net profit of 313 million yuan, up 25.67% [3] Group 4: Competitive Landscape and Industry Outlook - The company welcomes competition and focuses on developing differentiated, proprietary high-end equipment, particularly in the electronic beam detection sector [4] - The domestic semiconductor equipment market is primarily occupied by foreign companies, but the increasing technical level of domestic equipment is enhancing its competitiveness [4] - The long-term vision is to become a leading semiconductor equipment company by 2035, aiming to be in the top tier globally in terms of scale, product quality, competitiveness, and customer satisfaction [5]

公司代码：688012 公司简称：中微公司 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到www.sse.com.cn网站仔细阅读年度报告全文。 2、重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在报告中详细描述可能存在 的相关风险，敬请查阅第三节管理层讨论与分析"四、风险因素"部分内容。 3、本公司董事会、监事会及董事、监事、高级管理人员保证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。 4、公司全体董事出席董事会会议。 5、普华永道中天会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 7、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 公司拟向全体股东每10股派发现金红利3.00元（含税）。截止2024年12月31日，公司总股本622,363,735 股，扣除公司回购专户的股份余额2,096,273股，即620,267,462股，以此计算合计拟派发现金红利 186,080,238. ...

Core Viewpoint - The article highlights the journey of Yin Zhiyao, a prominent figure in the semiconductor industry, who transitioned from Silicon Valley to lead a domestic company in China, contributing significantly to the country's semiconductor self-sufficiency and innovation [2][15]. Group 1: Historical Context and Contributions - In 1984, Yin Zhiyao joined Intel, where he made significant improvements in plasma etching technology, enhancing uniformity from ±15% to ±5%, which became an industry standard [5]. - Yin's move to Lam Research in 1986 marked a pivotal point in his career, where he led the development of the "Rainbow" project, resulting in the world's first etching machine capable of 0.5-micron processes, significantly increasing market share [6][8]. - The "Rainbow" project not only showcased the capabilities of Chinese engineers but also disrupted the semiconductor equipment market, proving that Eastern innovation could set global standards [8]. Group 2: Transition to Strategic Leadership - In 1991, Yin Zhiyao became Vice President at Applied Materials, where he transformed the company's etching business by focusing on customer needs and integrating equipment with process solutions, leading to a significant market share increase [10][12]. - His strategic shift towards customization and collaboration with major clients like Samsung and TSMC helped Applied Materials regain its competitive edge, with etching equipment market share rising to 42% by 2004 [12][13]. Group 3: Founding of Zhongwei Company - In 2004, at the age of 60, Yin Zhiyao returned to China to establish Zhongwei Company, focusing on domestic semiconductor equipment production amidst international technological barriers [15]. - Zhongwei's first dry etching machine launched in 2005 filled a critical gap in China's high-end semiconductor equipment market, challenging the dominance of Western firms [16]. - The company faced legal challenges from American firms but successfully built a supply chain that reduced reliance on U.S. components, demonstrating strategic foresight [17]. Group 4: Technological Advancements and Market Impact - By 2017, Zhongwei delivered its first 5nm etching machine, significantly advancing the capabilities of Chinese semiconductor manufacturers and contributing to a rise in domestic chip self-sufficiency from 5% in 2016 to 20% in 2023 [18]. - Zhongwei's innovations in etching technology have begun to dismantle the market monopolies held by major players like Lam Research and Applied Materials, fostering vertical integration within China's semiconductor industry [18]. Group 5: Philosophical Insights and Future Directions - The article concludes with reflections on the nature of technological advancement, emphasizing the importance of deep understanding and persistent effort in overcoming challenges in the semiconductor field [20][21]. - Yin Zhiyao's journey illustrates a broader narrative of China's technological evolution, highlighting the shift from dependency to self-reliance and innovation in the global semiconductor landscape [21].