Jingsheng Co., Ltd.: China Everbright Securities, Yingquan Investment, and several other institutions conducted a research visit to our company on April 1.

Securities Star News: On April 3, 2026, Jingsheng Co., Ltd. (688478) released an announcement stating that Everbright Securities, Yingquan Investment, and CLS (China Finance Information) conducted a research visit to our company on April 1, 2026.

The specific content is as follows:

Question-and-Answer Session

Answer: Question-and-Answer Session

QMay I ask whether the silicon carbide market has shown any signs of recovery recently?

Based on the market information we have learned, the silicon carbide substrate market has released encouraging signals in recent months. Silicon carbide substrate prices have shown structural growth: prices for 6-inch products have rebounded significantly, while 8-inch prices have stabilized after a decline and have risen slightly. Some substrate manufacturers have already received demand for additional orders from their downstream customers. The industry’s supply-and-demand landscape has improved markedly.

QMay I ask where the future growth drivers of the silicon carbide industry will come from?

In the long term, the silicon carbide industry has clear and broad market space. While penetration in existing application scenarios continues, new downstream emerging applications are constantly emerging, and they have become an important driving force for the industry’s future growth. Driven by the rapid development of artificial intelligence, areas such as data centers, high-end compute chips, and intelligent driving continue to iterate and upgrade. Silicon carbide, thanks to its excellent material properties, plays an important role in key links in these fields, and is expected to drive high-speed growth in industry demand.

QThe company’s current market share in the silicon business segment is relatively low. Is there a plan to improve it in the coming years?

In the semiconductor silicon field, domestic companies started later than their international counterparts, and there is still a gap with advanced global levels. Additionally, overseas manufacturers, leveraging their early long-term validation with leading customers, have some first-mover advantages. Therefore, at present, the overall localization rate of semiconductor silicon-related equipment is relatively low, with imported equipment from abroad occupying the main market share. For a long time, the company has continued independent R&D in semiconductor silicon. Currently, it is actively strengthening internal experiments and testing, focusing on directions with higher specifications and higher performance requirements, advancing technology breakthroughs and iteration step by step. The company will steadily narrow the gap with overseas competitors and continuously enhance the competitiveness and market share of related businesses.

QMay I ask the current progress of the acquisition projects and the performance commitment situation of the target companies?

The company has submitted application documents to the Shanghai Stock Exchange and has received a notice of acceptance. As of now, it is in the stage of inquiries. During the performance commitment period, the committed net profit figures can be referenced from the relevant documents related to the acquisition and restructuring that the company has already disclosed.

Jingsheng Co., Ltd. (688478) main business: mainly engaged in the R&D, production, and sales of crystal growth equipment.

Jingsheng Co., Ltd.’s 2025 third-quarter report shows that in the first three quarters, the company’s main operating revenue was 191 million yuan, down 41.13% year over year; net profit attributable to shareholders was -11.26 million yuan, down 120.71% year over year; net profit after excluding non-recurring items was -27.16 million yuan, down 204.65% year over year. Among them, in the third quarter of 2025, the company’s single-quarter main operating revenue was 33.11 million yuan, down 73.85% year over year; single-quarter net profit attributable to shareholders was -3.81 million yuan, down 119.66% year over year; single-quarter net profit after excluding non-recurring items was -7.42 million yuan, down 186.21% year over year. The asset-liability ratio was 9.57%. Investment income was 17.30 million yuan. Financial expenses were -0.46 million yuan. Gross margin was 8.07%.

Financing and securities lending data show that over the past 3 months, this stock had a net outflow of financing of 127 million yuan, and the financing balance decreased. Securities lending had a net inflow of 0.0, and the securities lending balance increased.

The above content has been compiled from publicly available information by Securities Star and generated by an AI algorithm (Wangxin Subscription Record 310104345710301240019). It does not constitute investment advice.