中国上海石门一路 288 号兴业太古汇香港兴业中心一座 26 层 邮编：200041 电话：（86-21）5298 5488 传真：（86-21）5298 5492 junhesh@junhe.com 君合律师事务所上海分所 关于江苏长电科技股份有限公司 注销 2022 年股票期权激励计划部分股票期权相关事项的 法律意见书 致：江苏长电科技股份有限公司： 本所仅就与公司本次注销所涉及的相关的法律问题发表意见，并不对本次激 励计划所涉及的标的股票价值、考核标准、考核结果等问题的合理性以及会计、 财务、审计等非法律专业事项发表意见。在本法律意见书中对有关财务数据或结 论进行引述时，本所已履行了必要的注意义务，但该等引述不应视为本所对这些 数据、结论的真实性和准确性作出任何明示或默示的保证。 本法律意见书仅供公司为本次注销之目的使用，不得用作任何其他目的。本 所同意公司将本法律意见书作为其本次注销的必备文件之一，随其他材料一起提 交上海证券交易所予以公告，并依法对本法律意见书承担相应的法律责任。本所 同意公司在其为本次注销所制作的相关文件中依法引用本法律意见书的相关内 容，但该引用不应采取任何可能导致对本所意见的理 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥9,335,146,486.99, representing a 36.44% increase compared to ¥6,842,026,206.64 in the same period last year[4] - Net profit attributable to shareholders was ¥203,363,562.72, up 50.39% from ¥135,226,452.63 year-on-year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 79.26%, amounting to ¥193,070,976.37 compared to ¥107,701,759.54 in the previous year[4] - Basic and diluted earnings per share were both ¥0.11, reflecting a 37.50% increase from ¥0.08 in the same quarter last year[4] - Total operating revenue for Q1 2025 reached ¥9,335,146,486.99, a 36.4% increase from ¥6,842,026,206.64 in Q1 2024[18] - Net profit for Q1 2025 was ¥203,899,562.56, representing a 52.4% increase compared to ¥133,767,279.46 in Q1 2024[18] - Earnings per share for Q1 2025 were ¥0.11, compared to ¥0.08 in Q1 2024[19] - The company reported a total comprehensive income of ¥189,177,109.56 for Q1 2025, compared to ¥146,218,555.12 in Q1 2024, marking a 29.4% increase[19] Cash Flow and Investments - The net cash flow from operating activities was ¥1,144,458,791.99, a decrease of 16.62% compared to ¥1,372,653,089.02 in the same period last year[4] - Cash inflow from investment activities totaled ¥5,882,988,885.44, compared to ¥4,266,102,089.14, marking an increase of about 37.9%[23] - Net cash outflow from investment activities was ¥2,625,616,643.90, worsening from a net outflow of ¥366,976,169.73 in the prior period[23] - Cash inflow from financing activities was ¥1,922,980,489.76, down from ¥3,049,158,845.86, indicating a decline of approximately 37.0%[23] - Net cash flow from financing activities was ¥1,046,029,793.54, a decrease of 36.4% compared to ¥1,644,823,534.40 in the previous period[23] - The ending balance of cash and cash equivalents was ¥8,886,726,692.17, down from ¥9,977,498,184.58, reflecting a decrease of about 10.9%[23] - Cash received from investment recoveries was ¥5,850,000,000.00, an increase from ¥4,250,000,000.00, showing a growth of 37.5%[22] - Total cash outflow for investment activities reached ¥8,508,605,529.34, significantly higher than ¥4,633,078,258.87, indicating an increase of approximately 83.5%[23] - The company reported a foreign exchange impact of -¥20,057,165.36 on cash and cash equivalents, contrasting with a positive impact of ¥2,099,879.03 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥52,824,212,162.14, down 2.29% from ¥54,059,828,326.10 at the end of the previous year[5] - Total liabilities decreased to ¥23,092,548,607.37 in Q1 2025 from ¥24,517,183,369.86 in Q1 2024, a reduction of approximately 5.8%[16] - Total equity increased to ¥29,731,663,554.77 in Q1 2025 from ¥29,542,644,956.24 in Q1 2024, reflecting a growth of about 0.6%[16] - The company's total assets decreased from RMB 54,059,828,326.10 to RMB 52,824,212,162.14, indicating a decline of approximately 2.3%[15] - The total current assets decreased from RMB 22,191,760,280.19 as of December 31, 2024, to RMB 20,894,216,733.81 as of March 31, 2025, reflecting a decline of approximately 5.8%[14] - Cash and cash equivalents decreased from RMB 9,341,911,915.90 to RMB 8,886,726,692.17, a reduction of about 4.9%[14] - The company’s long-term equity investments slightly decreased from RMB 821,492,564.24 to RMB 801,761,262.98, a reduction of about 2.4%[15] - The company’s inventory decreased from RMB 3,792,359,920.18 to RMB 3,604,149,166.12, a decline of approximately 5%[14] - The company reported a short-term loan increase from RMB 1,637,660,932.39 to RMB 1,834,449,050.55, an increase of about 12%[15] - The company’s long-term borrowings increased to ¥8,077,410,544.61 in Q1 2025 from ¥7,003,086,437.92 in Q1 2024, an increase of approximately 15.4%[16] Shareholder Information - The company reported a total of 323,461 common shareholders at the end of the reporting period[9] - The top shareholder, Panstone Runqi (Shenzhen) Information Management Co., Ltd., holds 403,122,922 shares, accounting for 22.53% of the total shares[9] Business Strategy and Operations - The company plans to continue focusing on advanced technologies and key application markets while optimizing its business structure and supply chain layout[11] - The company aims to maintain a resilient and sustainable supply chain while closely monitoring international trade developments[11] - The company reported a year-on-year revenue growth of 92.9% in computing electronics, 66.0% in automotive electronics, and 45.8% in industrial and medical electronics due to the integration of Shengdie Semiconductor (Shanghai) Co., Ltd.[11] - The company completed the acquisition of 80% equity in Shengdie Semiconductor for approximately USD 62.4 million, with the transaction finalized on September 28, 2024[12] Research and Development - Research and development expenses for Q1 2025 were ¥459,145,497.07, an increase of 20.5% from ¥380,993,841.09 in Q1 2024[18] - Financial expenses rose significantly to ¥89,098,747.81 in Q1 2025 from ¥8,020,325.61 in Q1 2024, indicating a substantial increase[18]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company achieved operating revenue of 35.962 billion yuan, a year-on-year increase of 21.24%, and a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% year-on-year [2][4]. - The company continues to optimize its product structure and global layout, maintaining robust growth driven by the recovery of the semiconductor industry and structural differences in downstream applications [10]. - The company has made significant investments in advanced packaging technology and capacity expansion, particularly in AI and automotive electronics, which are expected to drive future growth [10]. Financial Performance - In Q4 2024, the company reported operating revenue of 10.984 billion yuan, a year-on-year increase of 18.99% and a quarter-on-quarter increase of 15.72%, with a net profit of 533 million yuan, up 7.28% year-on-year and 16.66% quarter-on-quarter [10]. - The gross margin for Q4 2024 reached 13.34%, an increase of 1.12 percentage points quarter-on-quarter, while the net profit margin rose to 4.93%, up 0.14 percentage points quarter-on-quarter [10]. - The company’s capital expenditure in Q4 2024 was 1.502 billion yuan, a year-on-year increase of 116.21% and a quarter-on-quarter increase of 23.17%, laying a strong foundation for future growth [10]. Market Segmentation - In 2024, the revenue breakdown by market application was as follows: Communication Electronics 44.8%, Consumer Electronics 24.1%, Computing Electronics 16.2%, Automotive Electronics 7.9%, and Industrial and Medical Electronics 7.0% [10]. - The computing electronics segment saw a year-on-year revenue growth of 38.1%, while the automotive segment grew by 20.5%, both outperforming market averages [10]. Subsidiary Performance - Key subsidiaries reported the following revenues: Xinke Jinpeng 12.185 billion yuan (up 7.39%), Changdian Korea 15.815 billion yuan (up 28.93%), and Changdian Advanced 1.688 billion yuan (up 35.36%) [10]. - Net profits for these subsidiaries were 1.893 billion yuan, 307 million yuan, and 325 million yuan, respectively, with net profit margins of 19.25% and 15.54% for Changdian Advanced and Xinke Jinpeng [10]. Research and Development - The company maintained a strong focus on R&D, with total R&D expenditure reaching 1.718 billion yuan in 2024, a year-on-year increase of 19.33% [10]. - Plans for 2025 include increased investment in advanced packaging R&D, targeting breakthroughs in high-end 3D packaging and other key areas [10].

Core Viewpoint - Jiangsu Changdian Technology Co., Ltd. is set to hold an investor briefing on May 7, 2025, to discuss its 2024 annual performance and the first quarter of 2025, including cash dividend distribution [2][3][6] Group 1: Meeting Details - The investor briefing will take place on May 7, 2025, from 15:00 to 16:30 [3][4] - The meeting will be conducted via a telephone conference and online text interaction, with a video interpretation of the performance available on the Shanghai Stock Exchange Roadshow Center [3][4] - Investors can submit questions in advance through the Shanghai Stock Exchange Roadshow Center or via email to the company [2][3] Group 2: Participants - Key participants in the meeting will include the CEO Zheng Li, CFO Liang Zheng, board secretary Yuan Yan, and vice president Wu Hongkun, among others [5] Group 3: Contact Information - For inquiries, investors can contact the company's board office at phone number 0510-86856061 or via email at IR@jcetglobal.com [6]

证券代码：600584 证券简称：长电科技 公告编号：临 2025-020 江苏长电科技股份有限公司 关于召开 2024 年度、2025 年第一季度业绩 暨现金分红说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 7 日（星期三）下午 15:00-16:30 会议召开地点：上证路演中心（网址：https://roadshow.sseinfo.com/）、 进门财经（网址：https://s.comein.cn/hwduii9g） 上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：进门财经电话会议（易董价值在线平台同步转播）、上证 路演中心网络文字互动 投资者可于 2025 年 4 月 30 日（星期三）16:00 前登录上证路演中心网站 首页点击"预征集问答"栏目或将需要了解的情况和关注的问题发送至公司邮箱 IR@jcetglobal.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 江苏长电科技股 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [20]. Core Views - The company achieved a record revenue of 35.962 billion yuan in 2024, representing a year-on-year growth of 21.24%. The net profit attributable to shareholders was 1.610 billion yuan, up 9.44% year-on-year [4][9]. - The company is focusing on optimizing its business structure and advancing packaging technology, particularly in high-growth sectors such as communications, consumer electronics, computing, and automotive electronics [9][10]. - The company has significantly increased its R&D investment, reaching 1.72 billion yuan in 2024, a 19.3% increase year-on-year, and has applied for 587 new patents, totaling 3,030 patents by the end of 2024 [9][10]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 13.06%, a slight decrease of 0.59% year-on-year, while the net margin was 4.48%, down 0.48% year-on-year. The fourth quarter of 2024 saw a revenue of 10.984 billion yuan, with a net profit of 533 million yuan [4][9]. - The company expects revenues of 40.544 billion yuan, 45.031 billion yuan, and 49.612 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.302 billion yuan, 2.950 billion yuan, and 3.611 billion yuan [10][11]. Business Strategy - The company is enhancing its presence in the automotive electronics sector, with a 20.5% year-on-year revenue growth, significantly above the industry average. It is also establishing strategic partnerships with leading international firms [9][10]. - The company is advancing its Shanghai automotive electronics packaging production base, expected to commence operations in the second half of 2025, gradually increasing production capacity [9][10]. Technological Innovation - The company is recognized for its leading semiconductor advanced packaging technologies, including SiP, WL-CSP, FC, eWLB, PiP, PoP, and XDFOI® series, providing tailored solutions for high-performance computing, AI, 5G, and automotive electronics [9][10]. - The company has successfully launched its encapsulated power modules for the new energy sector, addressing industry challenges such as heat dissipation and warping, thereby enhancing product performance [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][20] Core Views - The company achieved a revenue of 35.962 billion yuan in 2024, representing a year-on-year increase of 21.24%, and a net profit of 1.610 billion yuan, up 9.44% year-on-year [4][9] - The company is focusing on optimizing its business structure and advancing packaging technology, particularly in high-growth product areas such as communications, consumer electronics, computing, and automotive electronics [9][10] - The company has maintained stable profitability with a gross margin of 13.06% in 2024, despite a slight year-on-year decline [9][10] Summary by Relevant Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.984 billion yuan, a year-on-year increase of 18.99% and a quarter-on-quarter increase of 15.72% [4] - The company’s R&D investment reached 1.72 billion yuan in 2024, a year-on-year increase of 19.3%, with 587 new patents filed [9][10] Business Strategy - The company is deepening its focus on four core application areas: communications (44.8% revenue share), consumer electronics (24.1%), computing (16.2%), and automotive electronics (7.9%) [9][10] - The company is expanding its market share in the storage and computing electronics sectors through strategic acquisitions, including an 80% stake in Shengdie Semiconductor [9][10] Technology and Innovation - The company is committed to advanced packaging technology innovation, with industry-leading solutions such as SiP, WL-CSP, and XDFOI® [9][10] - The XDFOI® technology has been successfully mass-produced and is applied in high-performance computing, AI, 5G, and automotive electronics [10] Future Outlook - Revenue projections for 2025-2027 are 40.544 billion yuan, 45.031 billion yuan, and 49.612 billion yuan, respectively, with corresponding net profits of 2.302 billion yuan, 2.950 billion yuan, and 3.611 billion yuan [10][11]

Core Viewpoint - The event organized by Changjiang Electronics Technology Co., Ltd. (长电科技) on World Earth Day aims to promote ecological restoration and species protection in the Yangtze River through scientific release activities and online donation projects [1][2]. Group 1: Event Details - The event involved the release of 422 Chinese sturgeons and 16,000 longfin gizzard shad into the Yangtze River, specifically in the Jiangyin section [1]. - The scientific release emphasizes ecosystem balance and the adaptability of native species, adhering to rigorous technical standards and operational norms [1]. Group 2: Corporate Responsibility - Changjiang Electronics Technology Co., Ltd. is committed to "green development and responsibility," integrating environmental protection into its ESG strategy and actively participating in ecological civilization construction and social welfare [2]. - The company has established special charitable funds focusing on environmental protection, health, and education, promoting volunteer services and social contributions while developing its business [2]. Group 3: Future Initiatives - The company plans to continue collaborating with social organizations like the Wuxi Charity Federation and Jiangyin Charity Federation to deepen the implementation of the "Guarding the Beautiful Yangtze" project and support more exemplary ecological public welfare projects [2].

Core Viewpoint - Longji Technology has achieved a turnaround in its operating performance in 2024, with both revenue and net profit showing significant growth compared to the previous year [1][2]. Financial Performance - In 2024, Longji Technology reported revenue of 35.962 billion yuan, a year-on-year increase of 21.24%, and a net profit attributable to shareholders of 1.610 billion yuan, up 9.44% from the previous year [2][4]. - The company's revenue and net profit had declined in 2023, with figures of 29.661 billion yuan and 1.471 billion yuan, respectively, representing decreases of 12.15% and 54.48% [2][5]. Business Strategy and Market Position - Longji Technology focuses on four core application areas: communications, consumer electronics, computing, and automotive electronics, adapting its business strategy to market changes [4][6]. - The company has strengthened its global layout, with overseas sales revenue reaching 29.096 billion yuan, accounting for 80.91% of total revenue, and showing a year-on-year growth of 25.15% [6][7]. - Longji Technology ranks third among the top ten OSAT manufacturers globally, with an estimated revenue of 34.6 billion yuan [7][8]. Research and Development - In 2024, Longji Technology invested 1.718 billion yuan in R&D, a year-on-year increase of approximately 19.31%, with cumulative R&D investment over nine years reaching 10 billion yuan [1][8]. - The company holds a diverse portfolio of patents, with 3,030 patents granted by the end of 2024, including 2,498 invention patents [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.74 RMB [4][7][8] Core Views - The company's revenue for 2024 is projected to reach 35.962 billion RMB, representing a year-on-year growth of 21.24%, driven by the overall recovery in the global semiconductor industry, particularly in the AI-driven high-performance computing (HPC) sector [1][2] - The company is expected to benefit from the release of new production capacity and the ramp-up of advanced packaging business, which will contribute to future performance growth [1][4] Summary by Sections Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 1.610 billion RMB, a year-on-year increase of 9.44% [1] - The fourth quarter of 2024 saw revenues of 10.984 billion RMB, up 18.99% year-on-year and 15.72% quarter-on-quarter [1] - The company's operational electronic business revenue grew by 38.1% year-on-year, contributing 16.2% to total revenue [2] Market Demand and Business Strategy - The recovery in the global semiconductor market, particularly in high-performance computing chips and storage chips, has led to increased capacity utilization and revenue growth for the company [2] - The company is strategically expanding into high-value markets such as automotive electronics, HPC, storage, and 5G communications, with automotive electronics revenue increasing by 20.5% year-on-year [2][3] Capacity Expansion and Technological Development - The company is actively advancing new production lines and high-value process platforms, with a new automotive electronics packaging production base expected to commence operations in the second half of 2025 [3] - The company has completed the acquisition of 80% of Shengdi Semiconductor, enhancing its market share in the storage and operational electronics sectors [3] Valuation and Earnings Forecast - The report projects a decrease in net profit forecasts for 2025 and 2026 by 22% and 24% respectively, estimating net profits of 2.036 billion RMB and 2.375 billion RMB for those years [4][6] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.14 RMB, 1.33 RMB, and 1.62 RMB respectively [4][6]