Core Viewpoint - Jing Sheng Co., Ltd. is a leading domestic supplier of semiconductor equipment, focusing on crystal growth equipment and capable of providing a full range of equipment for silicon carbide material preparation [1] Group 1: Business Performance - In Q3 2025, Jing Sheng's revenue was 191 million, ranking 21st among 22 companies in the industry, significantly lower than the industry leader, North China Innovation, which reported 27.301 billion [2] - The net profit for the same period was -11.26 million, ranking 19th in the industry, again showing a substantial gap compared to North China Innovation's 4.98 billion [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 9.57%, a decrease from 16.57% year-on-year, significantly lower than the industry average of 35.23%, indicating lower debt pressure [3] - The gross profit margin was 8.07%, down from 29.49% year-on-year, and below the industry average of 38.42%, suggesting a need for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 10.27% to 6,648, while the average number of circulating A-shares held per account decreased by 9.31% to 15,600 [5] Group 4: Business Highlights and Future Outlook - The company covers key processes in silicon carbide material preparation, with core products including large-size semiconductor-grade single crystal silicon furnaces and silicon carbide single crystal furnaces [5] - The company plans to acquire Zhun Intelligent to vertically integrate the semiconductor industry chain from upstream to end applications [5] - Revenue projections for 2025-2027 are 470 million, 650 million, and 770 million, with net profits of 54 million, 100 million, and 130 million respectively [5] - The company is one of the main manufacturers of silicon carbide single crystal furnaces, with plans to advance the development of new products like silicon carbide epitaxial furnaces in 2024 [6] - The company expects revenue of 539 million, 646 million, and 755 million for 2025-2027, with net profits of 65 million, 79 million, and 95 million respectively [6]

Core Insights - On October 30, Jing Sheng Co., Ltd. experienced a 5.20% decline in stock price with a trading volume of 84.91 million yuan [1] - The company reported a net financing outflow of 8.21 million yuan for the same day, with a total financing balance of 310 million yuan, representing 8.97% of its market capitalization [1] - As of September 30, the company recorded a revenue of 191 million yuan for the first nine months of 2025, a year-on-year decrease of 41.13%, and a net profit attributable to shareholders of -11.26 million yuan, a decline of 120.71% [2] Financing and Trading Activity - On October 30, Jing Sheng Co., Ltd. had a financing buy-in of 6.22 million yuan, while the financing balance stood at 310 million yuan, which is above the 90th percentile of the past year [1] - The company had no short-selling activity on the same day, with a short-selling balance of 0.00 yuan, indicating a high level of short-selling availability [1] Company Overview - Jing Sheng Co., Ltd. was established on February 9, 2012, and went public on April 24, 2023, specializing in the research, production, and sales of crystal growth equipment [1] - The company's revenue composition includes 85.37% from crystal growth equipment, 10.60% from other equipment and accessories, 3.71% from technical services and auxiliary materials, and 0.33% from other sources [1] Shareholder Information - As of September 30, the number of shareholders increased by 10.27% to 6,648, while the average circulating shares per person decreased by 9.31% to 15,554 shares [2] - Since its A-share listing, the company has distributed a total of 96.32 million yuan in dividends [2]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters of 2025 was 191 million yuan, representing a year-on-year decrease of 41.13% [1] - The net profit attributable to shareholders of the parent company was -11.26 million yuan, a decline from a net profit of 54.38 million yuan in the same period last year [1] - The basic earnings per share were -0.08 yuan [1]

证券代码：688478 证券简称：晶升股份 公告编号：2025-052 南京晶升装备股份有限公司 关于调整 2023 年限制性股票激励计划 授予价格的公告 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： 一、本次激励计划已履行的决策程序和信息披露情况 （一）2023年8月17日，公司召开的第一届董事会第二十一次会议，审议通 过了《关于<南京晶升装备股份有限公司2023年限制性股票激励计划（草案）> 及其摘要的议案》《关于<南京晶升装备股份有限公司2023年限制性股票激励计 划实施考核管理办法>的议案》及《关于提请股东大会授权董事会办理公司限制 性股票激励计划相关事宜的议案》。公司独立董事就本次激励计划相关议案发表 了同意的独立意见。 同日，公司召开第一届监事会第十六次会议，审议通过了《关于<南京晶升 装备股份有限公司2023年限制性股票激励计划（草案）>及其摘要的议案》《关 于<南京晶升装备股份有限公司2023年限制性股票激励计划实施考核管理办法> 的议案》及《关于核实公司<2023年限制性股票激励计划首次授予 ...

证券代码：688478 证券简称：晶升股份 公告编号：2025-053 南京晶升装备股份有限公司 关于作废 2023 年限制性股票激励计划 部分已授予尚未归属的限制性股票的公告 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。 南京晶升装备股份有限公司（以下简称"公司"）于2025年10月29日召开了 第二届董事会第十五次会议，审议通过了《关于作废2023年限制性股票激励计划 部分已授予尚未归属的限制性股票的议案》，现将相关事项说明如下： 一、本次股权激励计划已履行的决策程序和信息披露情况 （一）2023年8月17日，公司召开的第一届董事会第二十一次会议，审议通 过了《关于<南京晶升装备股份有限公司2023年限制性股票激励计划（草案）> 及其摘要的议案》《关于<南京晶升装备股份有限公司2023年限制性股票激励计 划实施考核管理办法>的议案》及《关于提请股东大会授权董事会办理公司限制 性股票激励计划相关事宜的议案》。公司独立董事就本次激励计划相关议案发表 了同意的独立意见。 同日，公司召开第一届监事会第十六次会议，审议通过了《关于 ...

上海市锦天城律师事务所 关于南京晶升装备股份有限公司 2023年限制性股票激励计划授予价格调整及 作废部分已授予尚未归属限制性股票的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | | | 上海市锦天城律师事务所 关于南京晶升装备股份有限公司 致：南京晶升装备股份有限公司 上海市锦天城律师事务所接受晶升股份的委托，担任晶升股份 2023 年限制 性股票激励计划的专项法律顾问，根据《公司法》《证券法》《管理办法》《上市 规则》《披露指南》等法律法规、规范性文件及《公司章程》的规定，按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，为公司本次激励计划价格调整 及作废部分已授予尚未归属限制性股票事项出具本法律意见书。 第一部分 声 明 对本法律意见书的出具，本所律师特作如下声明： 1. 本所律师依据《公司法》《证券法》《民法典》《管理办法》等现行有效的 有关法律、行政法规、规范性文件的有关规定和《上市规则》《披露指南》等中 国证监会、上交所有关规范性文件，按照《律师事务所执业办法》和《律 ...

南京晶升装备股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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 11 月 25 日(星期二) 下午 13:00- 14:00 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/） 证券代码：688478 证券简称：晶升股份 公告编号：2025-054 会议召开方式：网络文字互动 投资者可于 2025 年 11 月 18 日(星期二)至 11 月 24 日（星期 一）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（cgee@cgee.com.cn）进行提问。公司将在文字互 动环节对投资者普遍关注的问题进行回答。 南京晶升装备股份有限公司（以下简称"公司"）已于 2025 年 10 月 30 日在上海证券交易所网站（www.sse.com.cn）披露了公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营 ...

南京晶升装备股份有限公司 第二届董事会第十五次会议决议公告 证券代码：688478 证券简称：晶升股份 公告编号：2025-051 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 一、董事会会议召开情况 南京晶升装备股份有限公司（以下简称"公司"）第二届董事会第十五次会 议通知已于2025年10月24日向全体董事发出，会议于2025年10月29日在公司会议 室以现场方式召开。会议应出席董事7名，实际出席董事7名，本次会议由董事长 李辉主持。本次会议的召集、召开及表决程序符合《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》"） 等有关法律、行政法规、规范性文件和《南京晶升装备股份有限公司章程》（以 下简称"《公司章程》"）的规定，会议决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司2025年第三季度报告的议案》 董事会认为：公司2025年第三季度报告的编制和审议程序符合相关法律、法 规及《公司章程》等内部管理制度的规定。报告内容真实、准确、完整地反映了 公司报告期内的经营成果和财务状况，不存在虚假记载、误导性陈述或者重大遗 ...

Financial Performance - Revenue for the third quarter was ¥33,108,356.25, a decrease of 73.85% compared to the same period last year[3] - Total profit for the third quarter was -¥5,463,774.25, representing a decline of 124.98% year-over-year[3] - Net profit attributable to shareholders was -¥3,809,771.37, down 119.66% from the previous year[3] - The company experienced a significant decline in revenue due to industry adjustments and a slowdown in customer orders[8] - Basic earnings per share for the third quarter were -¥0.03, a decrease of 121.43% year-over-year[4] - Net profit for the first nine months was a loss of CNY 11,260,713.33, compared to a profit of CNY 54,378,787.19 in the previous year[20] - Basic earnings per share (EPS) for the first three quarters of 2025 is -0.08 CNY, compared to 0.40 CNY in the same period of 2024[21] - Diluted EPS for the first three quarters of 2025 is -0.08 CNY, compared to 0.39 CNY in the same period of 2024[21] Cash Flow - The company reported a net cash flow from operating activities of -¥59,103,523.94 for the year-to-date period[3] - Cash inflow from operating activities for the first three quarters of 2025 is 147,440,047.06 CNY, down 46.3% from 275,001,462.43 CNY in the same period of 2024[21] - Cash outflow from operating activities for the first three quarters of 2025 is 206,543,571.00 CNY, down 31.2% from 300,820,163.24 CNY in the same period of 2024[21] - Net cash flow from operating activities for the first three quarters of 2025 is -59,103,523.94 CNY, compared to -25,818,700.81 CNY in the same period of 2024[21] - Cash inflow from investing activities for the first three quarters of 2025 is 942,736,947.78 CNY, down 36.8% from 1,491,606,181.91 CNY in the same period of 2024[22] - Net cash flow from investing activities for the first three quarters of 2025 is 76,754,310.20 CNY, up 53.6% from 49,952,719.72 CNY in the same period of 2024[22] - Cash outflow from financing activities for the first three quarters of 2025 is 34,811,629.45 CNY, down 55.6% from 78,264,195.94 CNY in the same period of 2024[22] - The ending cash and cash equivalents balance for the first three quarters of 2025 is 89,437,033.11 CNY, down from 117,833,653.59 CNY in the same period of 2024[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,697,755,486.21, a decrease of 8.97% from the end of the previous year[4] - The company's total assets decreased to CNY 1,697,755,486.21 from CNY 1,865,042,657.87, a decline of 9.0%[15] - Total liabilities decreased to CNY 162,469,193.58 from CNY 289,121,234.13, a reduction of 43.8%[15] - Non-current assets totaled CNY 585,536,491.81, down from CNY 606,681,031.61, a decrease of 3.8%[15] - The company’s total equity decreased to CNY 1,535,286,292.63 from CNY 1,575,921,423.74, a decline of 2.6%[15] Shareholder Information - The total number of common shareholders at the end of the reporting period is 6,648[10] - The largest shareholder, Li Hui, holds 22,249,406 shares, representing 16.08% of total shares[10] - The second-largest shareholder, Xiamen Xinding Guorui Asset Management Co., Ltd., holds 17,018,358 shares, accounting for 12.30%[10] - The company has a repurchase account holding 1,306,117 shares, representing 0.94% of the total share capital[11] - There are no changes in the participation of major shareholders in margin financing and securities lending[12] Research and Development - Research and development expenses totaled ¥10,662,616.60, accounting for 32.21% of revenue, an increase of 21.05 percentage points[4] - Research and development expenses were CNY 31,226,528.59, slightly down from CNY 35,953,998.46, a decrease of 21.0%[19] Other Financial Metrics - The weighted average return on equity was -0.25%, a decrease of 1.49 percentage points[4] - Other comprehensive income after tax was CNY 1,951,754.91, reflecting a positive adjustment in the company's financial position[20] - The company will not apply new accounting standards starting from 2025[23]

南京晶升装备股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范南京晶升装备股份有限公司（以下简称"公司"）董事、高 级管理人员离职事项的管理，确保公司治理结构的稳定性和连续性，保障公司 和股东的合法权益。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》"）、《上海证券交易所科创板 股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号——规范 运作》等法律法规、规范性文件及《南京晶升装备股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员因任期 届满、辞职、被解除职务或其他原因离职的情形。 第二章 离职情形与程序 第三条 公司董事、高级管理人员离职包含任期届满未连任、主动辞职、被 解除职务以及其他导致董事、高级管理人员实际离职等情形。 第四条 公司董事、高级管理人员的任期按《公司章程》规定执行，任期届 满，除非经股东会选举或董事会聘任连任，其职务自任期届满之日起自然终止。 第五条 董事可以在任期届满以前辞任。董事辞任应当 ...