中微半导体设备（上海）股份有限公司（以下简称"公司"）监事会依据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）和《中微 半导体设备（上海）股份有限公司章程》（以下简称"《公司章程》"）等有关规 定，对公司 2022 年限制性股票激励计划（以下简称"本次激励计划"）第二个归 属期归属名单进行审核，发表核查意见如下： 中微半导体设备（上海）股份有限公司监事会 关于 2022 年限制性股票激励计划 第二个归属期归属名单的核查意见 特此公告。 中微半导体设备（上海）股份有限公司监事会 2024 年 3 月 27 日 1 本次拟归属的 955 名激励对象符合《公司法》《证券法》等法律、法规和规 范性文件以及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等 法律、法规和规范性文件规定的激励对象条件，符合本次激励计划规定的激励对 象范围，其作为公司本次限制性股票激励计划激励对象的主体资格合法、有效， 激励对象获授限制性股票的归属条 ...

为保证公司 2024 年限制性股票激励计划的顺利实施，现根据《中华人民共 和国公司法》《中华人民共和国证券法》《上市公司股权激励管理办法》《上海证 券交易所科创板股票上市规则》等有关法律、法规和规范性文件、以及《中微半 导体设备（上海）股份有限公司章程》《中微半导体（上海）股份有限公司 2024 年限制性股票激励计划（草案）》（以下简称"激励计划"、"计划"）的相关规定， 特制定《中微半导体设备（上海）股份有限公司 2024 年限制性股票激励计划实 施考核管理办法》（以下简称"本办法"）。 2024 年限制性股票激励计划实施考核管理办法 中微半导体设备（上海）股份有限公司（以下简称"公司"）为进一步健全公 司的激励约束机制，形成良好均衡的价值分配体系，有效地将股东利益、公司利 益和员工个人利益结合在一起，使其更诚信勤勉地开展工作，以保证公司业绩稳 步提升，确保公司发展战略和经营目标的实现。按照收益与贡献匹配的原则，公 司拟实施 2024 年限制性股票激励计划。 中微半导体设备（上海）股份有限公司 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 业绩进行评价，以实现激励计划与激励对象工作业绩 ...

证券研究报告 | 2024年03月22日 中微公司（688012.SH） 买入 刻蚀设备市占上升，薄膜设备新品层出 核心观点 公司研究·财报点评 2023年营收增长32.1%，新增订单62.2亿元。公司发布年报：2023年实现 电子·半导体 营收62.64亿元（YoY +32.1%），归母净利润17.86亿元（YoY +52.7%）， 证券分析师：胡剑 证券分析师：胡慧 扣非归母净利润11.91亿元（YoY +29.6%），其中非经常性损益为出售部分 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn 持有的拓荆科技股票产生的税后净收益约4.06亿元。2023年毛利率为45.8% S0980521080001 S0980521080002 （YoY +0.1pct），维持高位；全年新增订单63.2亿元(YoY +32.3%)，有望 证券分析师：周靖翔 证券分析师：叶子 进一步保持业绩持续增长动能。 021-60375402 0755-81982153 zhoujingxiang@guosen.com.cnyezi3@guos ...

2024年03月24日 公司研究●证券研究报告 中微公司（ ） 公司快报 688012.SH 电子 | 半导体设备Ⅲ 全年业绩续创新高，打造刻蚀/薄膜/检测三大增 买入-A(维持) 投资评级 股价(2024-03-22) 158.81元 长引擎 交易数据 投资要点 总市值（百万元） 98,347.77 2024年3月21日，公司ICP刻蚀设备PrimoNanova®系列第500台反应腔顺利付 流通市值（百万元） 98,347.77 运。此前，公司发布了《2023年年度报告》。 总股本（百万股） 619.28 刻蚀设备龙头全年业绩续创新高，累计超四千个反应腔在客户产线量产 流通股本（百万股） 619.28 12个月价格区间 186.51/113.50 2023年公司实现营收62.64亿元，同比增长32.15%；归母净利润17.86亿元，同 比增长52.67%；扣非归母净利润11.91亿元，同比增长29.58%；毛利率45.83%， 一年股价表现 同比提升0.09个百分点；净利率28.48%，同比提升3.84个百分点；新增订单约 83.6亿元，同比增长约32.3%。 单季度看，23Q4公司实现营收22.22亿元 ...

上 市 公 司 电子 公 2024年03月21日 中微公司 (688012) 司 研 究 ——刻蚀签单增超 6 成，工艺覆盖度快速提升 / 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持） ⚫ 事件：公司发布2023年年报，符合预期。20223公司营收62.6亿，同比增长32.2%； 毛利率45.83%，同比增长0.09pct；扣非归母净利润11.9亿，同比增长29.6%；归母净 证 市场数据： 2024年03月21日 利润17.9亿，同比增长52.7%。其中，4Q23单季营收22.2亿，同比增长31.0%；扣非 券 收盘价（元） 155.89 研 归母净利润4.58亿，同比增长66.1%；归母净利润6.26亿，同比增长66.1%。 一年内最高/最低（元） 199.81/104.92 究 市净率 5.4 报 息率（分红/股价） 0.13 ⚫ 刻蚀设备2023年新签订单高增60%，占整体签单超过8成。2023年公司新增订单83.6 告 流通A股市值（百万元） 96539 亿，同比增长32.3%，其中刻蚀设备全年新增订单69.5亿，同比增长60.1%，占公司整 上证指数/深证成指 3077 ...

半导体设备 中微公司（688012.SH） 买入-A(维持) 业绩和订单创新高，新品拓展顺利 2024年3月21日 公司研究/公司快报 公司近一年市场表现 事件描述  公司公布2023年报。实现营业收入62.6亿元，同比+32.2%；归母净利 润17.9亿元，同比+52.7%；扣非归母净利润11.9亿元，同比+29.6%。其中， Q4单季实现营业收入22.2亿元，同比+31.0%；归母净利润6.3亿元，同比 +66.1%；扣非归母净利润4.6亿元，同比+66.1%。 事件点评  核心设备均达到国际先进水平，市场份额不断提升，高端系列布局顺利。 截止2023年末，累计4000多台等离子刻蚀和化学薄膜的反应台在客户120 市场数据：2024年3月20日 多条生产线全面量产和大量重复性销售。劳动生产率不断提高，人均年化营 收盘价（元）： 154.38 业收入超过350万元。（1）刻蚀设备实现收入47.0亿元，yoy+49.4%。CCP 年内最高/最低（元）： 199.81/104.92 设备，2023年交付超400个CCP刻蚀反应腔，累计交付2875个；针对超高 流通A股/总股本（亿）： 6.19/6.19 深 ...

[Table_Page] 年报点评|半导体 证券研究报告 [中Table_微Title] 公司（688012.SH） [公Tab司le_I评nves级t] 买入 当前价格 154.38元 23 年订单快速增长，产品高端化/多元化加速推进 合理价值 222.62元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-20 ⚫ 23 年订单、业绩快速增长，24Q1 机台发货量有较大增长。公司发布 相[Ta对ble市_Pi场cQu表ote现] 23年报。23年，公司营收约62.64亿元，yoy+32.15%。其中，23 年 刻蚀设备销售约 47.03 亿元，yoy+ 49.43%，MOCVD 设备销售约 48% 4.62 亿元，yoy-33.95%。公司 23 年归母净利润为 17.86 亿元， 34% yoy+52.67%；23年公司新增订单约83.6亿元，yoy+32.3%。其中， 21% 刻蚀设备新增订单约69.5亿元，yoy+60.1%，MOCVD设备新增订单 8% 约2.6亿元，由于终端市场波动影响，yoy-72.2%。公司合同负债7.72 -6%03/23 05 ...

证券研究报告·公司点评报告·半导体 中微公司（688012） 2023 年报点评：业绩稳健增长，刻蚀&薄膜 2024年 03月 20日 沉积等多产品加速推进 证券分析师 周尔双 买入（维持） 执业证书：S0600515110002 021-60199784 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zhouersh@dwzq.com.cn 研究助理 李文意 营业总收入（百万元） 4,740 6,264 8,124 10,464 13,319 执业证书：S0600122080043 同比 52.50% 32.15% 29.70% 28.81% 27.29% liwenyi@dwzq.com.cn 归母净利润（百万元） 1,170 1,786 2,083 2,581 3,637 同比 15.66% 52.67% 16.66% 23.87% 40.92% 股价走势 EPS-最新摊薄（元/股） 1.89 2.88 3.36 4.17 5.87 中微公司 沪深300 P/E（现价&最新摊薄） 81.30 53.26 45.65 36.85 26.15 ...

公司研 究 证 券研究 报 告 半导体设备 2024年03月19日 中 微公司（688012）2023年报点评 强 推 （维持） 目标价：203.3元 业绩保持高增态势，拓宽产品矩阵未来可期 当前价：155.09元 事项： 华创证券研究所  2024年3月18日，公司发布2023年年度报告： 证券分析师：耿琛  1）2023年：营业收入62.64亿元，同比增长32.15%；归母净利润17.86亿元， 电话：0755-82755859 同比增长52.67%；扣非后归母净利润11.91亿元，同比增长29.58%； 邮箱：gengchen@hcyjs.com  2）2023Q4：营业收入22.22亿元，同比增长30.97%，环比增长46.71%；归母 执业编号：S0360517100004 净利润 6.26亿元，同比增长 66.14%，环比增长 299.11%；扣非后归母净利润 证券分析师：岳阳 4.58亿元，同比增长66.13%，环比增长113.18%。 评论： 邮箱：yueyang@hcyjs.com 执业编 号：S0360521120002  刻蚀设备业务持续高增长，半导体设备龙头盈利能力保持高水平。 ...

Financial Performance - AMEC's 2023 revenue reached approximately 6.26 billion yuan, a year-on-year increase of 32.2%[4] - Net profit attributable to the parent company in 2023 was approximately 1.79 billion yuan, a year-on-year increase of 52.7%[5] - Revenue for the fiscal year 2023 reached RMB 10.2 billion, representing a year-over-year growth of 25%[50] - Net profit for the year stood at RMB 2.3 billion, marking a 30% increase compared to the previous year[50] - Revenue in 2023 reached RMB 6.26 billion, a year-on-year increase of 32.15%[57] - Net profit attributable to shareholders in 2023 was RMB 1.79 billion, up 52.67% year-on-year[57] - Revenue in 2023 reached approximately 6.264 billion yuan, an increase of 1.524 billion yuan compared to 2022, representing a year-on-year growth of 32.15%[155] - Operating income increased by 32.15% to 4,739,830,997.55 yuan, while operating costs rose by 31.93% to 2,571,933,469.82 yuan[156] - The company's revenue for the fiscal year 2023 reached $96.77 billion, driven by strong performance in the Chinese market[200] - The company's net income increased by 15% year-over-year, reaching $12.34 billion[200] Revenue Breakdown - Plasma etching equipment accounted for 75.1% of the company's revenue, with a year-on-year growth of 49.4% to 4.7 billion yuan in 2023[4] - Etching equipment sales in 2023 were RMB 4.70 billion, up 49.43% year-on-year[58] - MOCVD equipment sales in 2023 were RMB 462 million, down 33.95% year-on-year[58] - Semiconductor equipment revenue grew by 32.15% to 6.26 billion yuan, with a gross margin of 45.83%[158] - Revenue from dedicated equipment increased by 34.26% to 5.17 billion yuan, with a gross margin of 45.17%[158] - Revenue from the mainland region increased by 37.27% to 5.76 billion yuan, accounting for the majority of the company's income[159] - Revenue from spare parts increased by 16.32% to 971.17 million yuan, with a gross margin of 48.30%[158] - The company's new product line contributed $5.6 billion in revenue, accounting for 15% of total sales[200] Orders and Market Share - New orders in 2023 totaled approximately 8.36 billion yuan, a 32.3% increase from 2022, with etching equipment orders reaching 6.95 billion yuan, up 60.1%[5] - New orders in 2023 amounted to RMB 8.36 billion, a year-on-year increase of 32.3%[59] - The company's CCP and ICP etching equipment can cover over 95% of domestic etching application needs[5] - The company's MOCVD equipment holds over 80% market share in the global GaN-based LED lighting MOCVD equipment market, contributing significantly to global energy savings and carbon emission reduction[6] - The company expanded its market share in the semiconductor equipment sector to 12%, up from 10% in 2022[51] - The company's CCP and ICP etching equipment significantly increased market share in domestic major customer chip production lines in 2023[69] - The company's market share in the semiconductor sector grew by 3% to reach 25% globally[200] R&D and Innovation - R&D investment in 2023 reached 1.262 billion yuan, a year-on-year increase of 35.89%, accounting for 20.15% of total revenue[27] - The company's R&D expenditure for 2023 was RMB 1.5 billion, accounting for 14.7% of total revenue[50] - R&D investment accounted for 20.15% of revenue in 2023, an increase of 0.56 percentage points year-on-year[58] - R&D expenses grew by 34.91% to 605,343,887.13 yuan, reflecting the company's continued investment in innovation[156] - The company's R&D expenditure for the year was $2.56 billion, representing 10% of total revenue[200] - The company plans to invest $1.5 billion in new product development and technology innovation over the next two years[200] Equipment and Technology - The company's CCP and ICP etching equipment can cover over 95% of domestic etching application needs[5] - AMEC's dual-reactor etching system has nearly 600 units in use at the most advanced chip manufacturing customer production lines, with half used for 5nm and more advanced processes[5] - The company's LPCVD and ALD equipment for conductor film deposition has four products in the market, with three already certified by customers and receiving repeat orders[5] - The company's MOCVD equipment holds over 80% market share in the global GaN-based LED lighting MOCVD equipment market, contributing significantly to global energy savings and carbon emission reduction[6] - The company's new double-chamber etching machine saves over 30% of total manufacturing parts, reducing carbon emissions[6] - The company's CCP etching equipment has been sold in bulk for advanced 5nm and below integrated circuit production lines, with over 200 reaction chambers operating in production lines[108] - The company's MOCVD equipment PRISMO UniMax is widely used in leading customers' Mini-LED epitaxial production lines, dominating the industry[114] - The company's Micro-LED MOCVD equipment has achieved excellent wavelength uniformity in lab results and delivered prototypes to leading domestic customers for production verification[114] - The company's PRISMO PD5 MOCVD equipment for GaN power devices has been delivered to customers for production verification and received repeat orders[114] - The company is developing next-generation MOCVD equipment for GaN power devices to further improve performance and reduce customer production costs[114] - The company is optimizing MOCVD equipment for SiC power devices to meet the transition to 8-inch substrates, with promising lab results and plans for customer collaboration[114] Global Operations and Supply Chain - AMEC is a China-based global leader in advanced micro-processing equipment, serving customers in regions including Mainland China, Taiwan, Singapore, South Korea, Germany, and Italy[22] - The company has over 4,000 plasma etching and chemical thin film reaction stations, supporting mass production and repeat sales across 120 production lines in China, Asia, and Europe[6] - The company has developed a global supply chain with approximately 600 suppliers, ensuring a more self-controllable supply chain[6] - The company has 15 regional offices and 6 overseas subsidiaries, with total factory and office space reaching approximately 450,000 square meters[38] - The company's global sales are managed through direct sales, with the exception of the European market, which is handled through agents[102] - The company has established a global procurement system with approximately 600 suppliers and has cultivated numerous domestic component suppliers[137] Future Plans and Investments - The company plans to launch over 10 new thin film deposition equipment models in 2024, expanding product coverage in the thin film deposition field[70] - The company plans to invest RMB 1 billion in R&D for 2024, focusing on next-generation semiconductor manufacturing technologies[50] - The company is developing specialized MOCVD equipment for Micro-LED applications and epitaxial equipment for silicon-based GaN and SiC power devices[181] - The company aims to hire over 500 domestic and international professionals and provide over 20,000 training sessions totaling 50,000 hours in 2024[182] - The company will participate in major industry events such as Semicon China and IC China, supporting over 10 domestic and international academic conferences in 2024[183] - The company is considering investments and mergers with high-end semiconductor equipment and key component manufacturers to expand product coverage and market share[184] - The company plans to advance smart factory projects and lean management at its Zhongwei Lingang production base to improve personnel and operational efficiency and shorten equipment delivery cycles[186] - The company expects to achieve a revenue growth rate of 10-12% in the next fiscal year[200] Risks and Challenges - The company faces risks from downstream customers' capital expenditure fluctuations, which could impact sales and profitability[141] - Potential risks from downstream customers' expansion plans falling short of expectations, which may reduce equipment procurement demand[142] - Risks associated with changes in government subsidies and tax incentives, particularly the 15% preferential corporate income tax rate for high-tech enterprises[144] - International trade friction risks, especially with increased export control restrictions on semiconductors by certain countries[146] - Supply chain risks due to global semiconductor industry capacity constraints, which could affect equipment delivery timelines[147] - The global semiconductor equipment market is highly cyclical, influenced by economic conditions, semiconductor market trends, and end-consumer demand[103] ESG and Sustainability - The company is committed to ESG (Environmental, Social, and Governance) initiatives, focusing on green production, employee rights, and social development, aiming to become an international leader in these areas[186] - In 2024, the company will focus on reducing energy consumption, lowering the use of fluorine-containing chemicals, and increasing the proportion of renewable energy usage[186] - The company will continue to integrate into international sustainability organizations such as the Responsible Business Alliance (RBA) and the Semiconductor Climate Consortium (SCC) in 2024[186] - The company will continue its public welfare activities, including supporting education and the "Chip Liver Baby Plan," and expand collaborations with renowned universities to cultivate new industry talent[186] Corporate Governance and Leadership - The company has developed a comprehensive management culture, including ten principles for product development, ten strategies for sales, and ten methods for operational management[138] - Zhang Wei, born in 1968, holds a bachelor's, master's, and doctoral degree from Xi'an Jiaotong University. He has served as a professor and executive dean at Fudan University's Microelectronics Institute since 2017[199] - Chen Shimin, born in 1958, holds a bachelor's and master's degree from Shanghai University of Finance and Economics and a Ph.D. from the University of Georgia. He has been a professor at CEIBS since 2008[199] - Kong Wei, born in 1971, holds a bachelor's degree from Gansu Political Science and Law Institute. He has been a partner at Zhong Lun Law Firm since 2001[199] - Zhang Yu, born in 1972, holds a master's degree from the University of Hawaii. He has served as an independent director at AMEC since 2014[199] - Du Zhiyou, born in 1959, holds a bachelor's degree from Shanghai Jiao Tong University and a master's and doctoral degree from MIT. He served as COO at AMEC from 2004 until his departure[199] - Ouyang Yiyun, born in 1994, holds a master's degree from Johns Hopkins University. She previously served as a manager at China Integrated Circuit Industry Investment Fund[199] - Chen Datong, born in 1955, holds a bachelor's, master's, and doctoral degree from Tsinghua University. He co-founded OmniVision and Spreadtrum Communications and served as a founding partner at Hua Capital[199] - Fan Xiaoning, born in 1983, holds a graduate degree in economic law from Renmin University of China. He previously served as a general manager at China Integrated Circuit Industry Investment Fund[199] - Huang Qing, born in 1962, holds a bachelor's degree in physics from UC Berkeley and a master's and doctoral degree in electrical engineering. He has served as a managing director at Walden International since 2005[199] - Zou Fei, born in 1985, holds a bachelor's degree from Peking University. She has served in various roles at China Development Bank Capital and China International Capital Corporation[199] Industry Trends and Market Outlook - Etching and thin film equipment each account for approximately 22% of the total integrated circuit equipment market, with continued growth expected[4] - The company's inspection equipment sector, accounting for about 11% of the total equipment market, is growing rapidly, with the company expanding its coverage in this area[6] - Global semiconductor industry sales in 2023 were $526.8 billion, an 8.2% decrease from 2022's $574.1 billion, with a recovery expected in 2024[177] - Global semiconductor manufacturing equipment sales are projected to reach $100 billion in 2023, a 6.1% decline from 2022's $107.4 billion, with a rebound anticipated by 2025 to $124 billion[177] - China's semiconductor equipment market is expected to grow to $30 billion in 2023, accounting for 30% of the global market[177] - The semiconductor equipment industry's development indirectly promotes the emergence of new industries such as AI, big data, wearables, autonomous vehicles, and smart robots[117] Employee and Workforce - The company's new employees in 2023 totaled 461, bringing the total workforce to 1,722, with R&D personnel accounting for 45.76%[7] - The company has 788 R&D personnel, accounting for 45.76% of the total workforce, covering various specialized fields such as plasma physics, RF and microwave science, and vacuum mechanical transmission[133] - The company has achieved 100% employee training coverage and maintains an annualized revenue per employee exceeding 3.5 million yuan[33] - The company hired 461 new employees in 2023 and granted 5.5 million restricted shares to 1,361 incentive recipients[89] - Total compensation for core technical personnel amounted to 6,756.23 thousand units[196] Acquisitions and Strategic Partnerships - The company invested in over 30 upstream and downstream enterprises, achieving good economic benefits and strategic synergies, with some investees completing IPOs on the STAR Market in 2023[7] - A strategic partnership was formed with a leading global semiconductor manufacturer, expected to contribute RMB 500 million in revenue in 2024[51] - The company completed two strategic acquisitions, totaling $3.2 billion, to enhance its product portfolio and market reach[200] Facilities and Infrastructure - The company's new facilities in Nanchang (140,000 sqm) and Shanghai Lingang (180,000 sqm) are partially operational, supporting rapid sales growth[6] - The company's headquarters building in Lingang Dishui Lake, covering approximately 100,000 sqm, is nearing completion, providing optimal conditions for high-speed development[7] - The company's production and R&D base in Nanchang, covering approximately 140,000 square meters, became operational in July 2023[71] - Part of the company's production facilities and finished product warehouses in the Shanghai Lingang base, covering approximately 180,000 square meters, became operational in October 2023[71] - The company's R&D center and headquarters building in Shanghai Lingang, covering approximately 100,000 square meters, is nearing completion[71] - The company has completed a 140,000 square meter production and R&D base in Nanchang, which became operational in July 2023[85] - A 180,000 square meter production and R&D base in Shanghai's Lingang area partially became operational in October 2023[85] Intellectual Property and Patents - The company filed 292 new patent applications in 2023, including 224 invention patents, bringing the total to 2,551 patents with 84.7% being invention patents[88] - The company successfully registered 23 new trademarks in 2023, increasing the total number of registered trademarks to 164[88] - The company has applied for 2,551 patents, including 2,161 invention patents, and has been granted 1,547 patents, including 1,329 invention patents as of December 2023[134] Cash Flow and Financial Position - Net cash flow from operating activities decreased by 258.20% to 617,523,432.12 yuan, indicating significant changes in cash management[156] - Net cash flow from investing activities dropped by 163.29% to -2,887,158,945.92 yuan, highlighting increased investment activities[156] - Operating cash flow decreased by 258.20% to -976,926,439.66 RMB, primarily due to delayed payments from new etching equipment orders and increased raw material procurement[167] - Net investment cash flow increased by 163.29% to 1,827,328,883.23 RMB, mainly due to reduced purchases of bank financial products[167] - Net financing cash flow decreased by 53.78% to 222,595,710.06 RMB, primarily due to dividend distribution of 123 million RMB[167] - Non-recurring gains from the sale of equity in Tuojing contributed 477 million RMB to the company's investment income[168] Shareholder and Equity Information - The company proposed a cash dividend of 3.00 yuan per 10 shares, totaling approximately 185.67 million yuan[44] - Total shares held by core technical personnel decreased by 2,939,058 shares, representing a 20.1% reduction from 14,602,445 to 11,663,387 shares[196] - Ni Tuqiang, a core technical personnel, reduced his holdings by 205,000 shares, decreasing from 1,139,358 to 934,358 shares[195] - Chen Weiwen, the financial officer, reduced his holdings by 217,900 shares, decreasing from 872,142 to 654,242 shares[195] - Yang Wei, a core technical personnel, reduced his holdings by 416,253 shares, decreasing from 1,001,770 to 585,517 shares[195] - Li Tianxiao, a core technical personnel, reduced his holdings by 273,375 shares, decreasing from 1,937,157 to 1,663,782 shares[196] - Mai Shiyi, a core technical personnel, reduced his holdings by 360,780 shares, decreasing from 2,212,106 to 1,851,326 shares[196] - Chen Huanglin, a core technical personnel, increased his holdings by 5,790 shares, rising from 2,030 to 7,820 shares[195] - Liu Zhiqiang, a core technical personnel, increased his holdings by 5,790 shares, rising from 0 to 5,790 shares[195] Customer and Supplier Information - Top 5 customers accounted for 33.71% of total annual sales, with Customer One contributing 73,577.23 million RMB, representing 11.75% of total