中国国际金融股份有限公司 关于北京华峰测控技术股份有限公司 向不特定对象发行可转换公司债券之 上市保荐书 保荐人 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 2025 年 4 月 北京华峰测控技术股份有限公司 上市保荐书 一、发行人基本情况 （一）发行人基本资料 北京华峰测控技术股份有限公司 上市保荐书 上海证券交易所： 中国国际金融股份有限公司（以下简称"保荐人"、"本机构"或"中金公司"） 接受北京华峰测控技术股份有限公司（以下简称"华峰测控"、"发行人"或"公司"） 的委托，就发行人向不特定对象发行可转换公司债券并在科创板上市事项（以下简称"本 次发行"）出具本上市保荐书。 保荐人及其保荐代表人根据《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》"）、《证券发行上市保荐业务管 理办法》（以下简称"《保荐办法》"）、《上市公司证券发行注册管理办法》（以下 简称"《注册管理办法》"），以及《上海证券交易所科创板股票上市规则（以下简称 "《上市规则》"）、《上海证券交易所发行上市审核规则适用指引第 2 号——上市保 荐书内容与 ...

德和衡证律意见（2025）第00199号 北京德和衡律师事务所 B E I J I N G D H H L A W F I R M 北京德和衡律师事务所 关于北京华峰测控技术股份有限公司 向不特定对象发行可转换公司债券的 法律意见书 BEIJING DHH LAW FIRM 中国北京市朝阳区建国门外大街 2 号银泰中心 C 座 11、12 层 Tel：(+86 10) 8521-9100/9111/9222 邮编：100022 www.deheheng.com | 释 义 1 | | --- | | 第一章 引言 3 | | 一、律师工作过程 3 | | 二、律师声明 4 | | 第二章 正文 6 | | 一、本次发行的批准和授权 6 | | 二、发行人的主体资格 6 | | 三、本次发行的实质条件 6 | | 四、发行人的设立 14 | | 五、发行人的独立性 15 | | 六、发行人的主要股东及实际控制人 15 | | 七、发行人的股本及其演变 15 | | 八、发行人的业务 15 | | 九、关联交易及同业竞争 17 | | 十、发行人的主要财产 17 | | 十一、发行人的重大债权债务 18 | | ...

Core Insights - The company has established itself as a leading semiconductor testing equipment supplier in China, with nearly 30 years of industry experience and a consistent sales gross margin above 70% [1] - The company's STS8300 product has entered a growth phase, with significant year-on-year shipment increases and a successful customer ecosystem development [1][2] - The semiconductor industry is expected to recover in 2024, with global sales projected to reach $621 billion, driven by AI, electric vehicles, consumer electronics, and IoT [2] Company Developments - The STS8200 testing system has gained numerous high-quality domestic and international clients, positioning it strongly in the power testing sector for the foreseeable future [2] - The STS8300 model targets discrete devices and power chips, entering a volume production phase as the ecosystem matures [2] - The STS8600 product has broken the foreign monopoly in the high-end testing machine sector, addressing the low domestic replacement rate in the semiconductor testing equipment market [3] Market Trends - The domestic semiconductor design companies are experiencing rapid growth, leading to increased testing demand that is expected to outpace global market growth [2] - The urgency for domestic replacement in the SoC testing machine market is rising due to the growth in AI-driven SoC chip demand and the emergence of local IC design firms [3] - The company forecasts revenue of 1.202 billion, 1.518 billion, and 1.875 billion yuan for 2025-2027, with corresponding net profits of 503 million, 648 million, and 866 million yuan, indicating a strong growth trajectory [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][107]. Core Insights - The company is a leading domestic semiconductor testing equipment supplier, with its STS8600 product expected to break through in the high-end testing machine market, which has high barriers to entry [3][86]. - The semiconductor testing equipment market in China is experiencing a shift towards domestic alternatives, with the urgency for local SoC testing machine replacements increasing due to the rise of domestic IC design companies [3][86]. - The company has shown strong revenue growth, with a projected revenue of 1.202 billion yuan in 2025, and a net profit of 503 million yuan, reflecting a significant increase in profitability [3][107]. Summary by Sections 1. Deep Industry Engagement - The company has been deeply engaged in the semiconductor testing equipment industry for nearly 30 years, becoming a leading supplier in the field [4][10]. - It has maintained a high gross margin of over 70%, with its core product STS8300 entering a phase of sustained growth [4][33]. 2. Traditional Analog Testing Machines - The main product, STS8300, is entering a volume production phase, driven by demand from AI, new energy vehicles, and consumer electronics [4][38]. - The semiconductor industry is expected to recover in 2024, with global semiconductor sales projected to reach a record high of $621 billion [4][50]. 3. High-End Testing Machines - The STS8600 product is positioned to break the foreign monopoly in the high-end testing machine market, addressing the increasing complexity of SoC devices [3][86]. - The domestic market for SoC testing machines is currently low in terms of localization, with only 4% in 2022, but is expected to grow significantly by 2027 [3][97]. 4. Profitability Forecast - The company is expected to achieve revenues of 1.202 billion yuan, 1.518 billion yuan, and 1.875 billion yuan from 2025 to 2027, with corresponding net profits of 503 million yuan, 648 million yuan, and 866 million yuan [3][107]. - The projected PE ratios for the same period are 41.75, 32.40, and 24.25, indicating a strong growth outlook [3][107].

北京德和衡律师事务所 关于 北京华峰测控技术股份有限公司 差异化分红事项之 专项法律意见书 德和衡证律意见（2025）第00191号 中国北京市朝阳区建国门外大街 2 号银泰中心 C 座 12 层 Tel：010-85407666 邮编：100022 www.deheheng.com 北京德和衡律师事务所 关于北京华峰测控技术股份有限公司 差异化分红事项之专项法律意见书 德和衡证律意见（2025）第00191号 致：北京华峰测控技术股份有限公司 北京德和衡律师事务所（以下简称"本所"）接受北京华峰测控技术股份有限公司 （以下简称"公司"或"贵公司"）的委托，根据《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》）、《上海证券交 易所上市公司自律监管指引第 7 号——回购股份》（以下简称《回购股份指引》）等法 律、法规及规范性文件以及《北京华峰测控技术股份有限公司章程》（以下简称《公司 章程》）就公司 2024 年度利润分配所涉及的差异化事项（以下简称"本次差异化分红"） 出具本法律意见书。 本所在出具本法律意见书之前已得到公司的保证，即公司提供给本所律师的所有文 件 ...

北京华峰测控技术股份有限公司2024年年度 权益分派实施公告 证券代码：688200 证券简称：华峰测控 公告编号：2025-024 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （北京华峰测控技术股份有限公司回购专用证券账户除外）。 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等相关法律、行政法规、部门规章 及其他规范性文件以及《公司章程》的有关规定，公司回购专用证券账户中的股 是否涉及差异化分红送转：是 每股分配比例 每股现金红利0.75元 相关日期 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/4/29 | 2025/4/30 | 2025/4/30 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 ...

证券代码：688200 证券简称:华峰测控 公告编号：2025-023 北京华峰测控技术股份有限公司 关于参加 2024 年度科创板半导体设备行业 集体业绩说明会的公告 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 4 月 28 日（星期一）15:00-17:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 总经理：蔡琳 副总经理：徐捷爽 投资者可于 2025 年 4 月 21 日（星期一）至 4 月 25 日（星期五）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@accotest.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。 北京华峰测控技术股份有限公司（以下简称"公司"）已于 2025 年 3 月 14 日发布公司 2024 年年度报告，为便于广大投资者更全面深入地了解公司 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its market position and growth potential [5][8]. Core Views - The company is recognized as a leading domestic and globally known supplier of semiconductor testing equipment, focusing on analog and mixed-signal testing devices, and has successfully broken the monopoly of foreign manufacturers [7][10]. - The company is expected to see significant revenue and profit growth in 2024, driven by the recovery of the semiconductor industry and increased demand from markets such as AI, new energy vehicles, consumer electronics, and IoT [21][42]. - The introduction of the STS8600 testing system is anticipated to create a second growth curve for the company, enhancing its product offerings in the SoC testing segment [10][44]. Summary by Sections Company Overview - The company has over 30 years of experience in the semiconductor testing equipment industry and has established itself as a leader in the domestic market [14]. - It has a clear shareholding structure with experienced management, which is crucial for its strategic direction and operational efficiency [14]. Financial Performance - In 2024, the company achieved a revenue of 905 million yuan, a year-on-year increase of 31.05%, and a net profit of 334 million yuan, up 32.69% from the previous year [21][23]. - The testing system business generated 815 million yuan in revenue, reflecting a growth of 37.52%, and accounted for 90.02% of total revenue [23][25]. Market Outlook - The global semiconductor equipment sales are projected to reach a new high of 117.1 billion USD in 2024, with testing equipment sales expected to grow significantly due to rising demand from AI and high-bandwidth memory [33][39]. - The domestic market for semiconductor testing machines is anticipated to grow at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2027, indicating a robust demand for local manufacturers [40][42]. Growth Drivers - The company is focusing on expanding its product matrix in the analog, mixed-signal, and SoC testing equipment sectors, which are expected to drive future growth [16][44]. - The STS8300 testing system has gained significant market recognition, contributing to the company's increasing market share in the analog testing segment, projected to reach 36% in 2024 [43][44]. Profitability Forecast - The company forecasts net profits of 430 million yuan, 564 million yuan, and 721 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 28.76%, 31.14%, and 27.87% [5][52]. - The price-to-earnings (P/E) ratios for the upcoming years are projected to be 46.77, 35.67, and 27.89, indicating a favorable valuation compared to peers [5][52].

Group 1 - The annual general meeting of Beijing Huafeng Measurement and Control Technology Co., Ltd. was held on April 3, 2025, with no rejected proposals [2][3][7] - All current directors and supervisors attended the meeting, with 6 directors and 3 supervisors present [3][4] - The meeting approved several key proposals, including the 2024 annual report, the board of directors' work report, the supervisors' work report, the financial settlement for 2024, the budget for 2025, and the profit distribution plan for 2024 [5][6] Group 2 - The meeting's legal compliance was confirmed by Beijing Deheheng Law Firm, ensuring that all procedures and voting results adhered to relevant laws and regulations [6]