资产规模方面，报告期末公司总资产约 91.97 亿元，较年初增长 1.72%；归属于母公司的所有者权益约 61.19 亿元，较年初增长 3.81%；每股净资产约 7.43 元，较年初增长 3.48%，资产结构保持稳健，抗风险能力稳固。 尽管利润端短期承压，公司核心业务在细分赛道的表现依然亮眼，成为营收增长的核心支撑。2025 年半导体行业景气度呈现明显结构性分化，复旦微电 精准把握高景气赛道机遇：FPGA 产品凭借强竞争力，在有线无线通信、卫星通信、工业控制、人工智能及高可靠领域实现良好应用，营收稳步增长； MCU 芯片通过优质市场布局与稳定产品质量，在车规级与白色家电市场出货量较上年快速增长，成为新的增长亮点；安全与识别芯片业务在 RFID 与传 感芯片的带动下，整体营收实现小幅增长。 不过，受非挥发存储器市场竞争激烈影响，该产品线全年营收有所下降，一定程度上影响了业务增长的均衡性。得益于核心产品的良好表现，公司整体毛 利率保持稳定，全年毛利较上年同期增加约 2.29 亿元，为业绩基本面提供了有力支撑。 对于净利润的阶段性下滑，业绩快报明确了三大核心影响因素。其一，研发费用显著增加。为提升产品竞争力与供应链 ...

Core Insights - The company achieved a revenue of 1.116 billion yuan in 2025, representing a year-on-year growth of 16.15% [1] - The total profit reached 334 million yuan, with a year-on-year increase of 16.79% [1] - The net profit attributable to shareholders was 293 million yuan, up 16.42% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 264 million yuan, reflecting a growth of 16.44% [1] Financial Performance - Total assets at the end of the reporting period amounted to 2.260 billion yuan, an increase of 14.63% from the beginning of the period [1] - Shareholders' equity attributable to the parent company reached 1.706 billion yuan, growing by 13.13% [1] - The company’s capital structure has been optimized, enhancing its risk resistance capabilities [1] Product and Market Development - The company focuses on upgrading its product structure and has made significant progress in high-performance product development [1] - In 2025, the demand for high-performance electronic circuit substrates and thermal materials is expected to expand rapidly, driven by global advanced packaging technology [1] - The company is strengthening its market share in spherical silicon micro powder and spherical alumina while promoting high-performance product R&D [1] Shareholder Returns and Capital Structure - The company's share capital reached 241 million yuan, a 30% increase due to the capitalization of capital reserves [2] - The profit distribution plan for 2024 includes a cash dividend of 5.00 yuan per 10 shares (tax included) and a stock increase of 3 shares [2] - The cash dividend accounts for 36.95% of the net profit for 2024, providing reasonable returns to shareholders while enhancing stock liquidity [2] Industry Position - The company is a leading player in the electronic-grade powder materials sector in China, holding approximately 15% of the global market share [3] - Its products serve nearly 300 enterprises worldwide across various fields, including electronic materials and special ceramics [3] - The company is well-positioned to benefit from the growing demand in high-end applications such as AI infrastructure and automotive electronics [3]

作为全球第三、中国第一大 EEPROM 供应商，以及全球第二大 DDR5 SPD 芯片供应商（2024 年市场份额超 40%），聚辰股份在核心产品领 域的领先地位持续巩固。其车规级高可靠性存储芯片已通过 AEC-Q100 认证，成功切入全球前 20 大汽车品牌中的 16 家及国内全部前 20 大汽 车品牌供应链，广泛应用于视觉感知、智能座舱、三电系统等核心模块，汽车电子业务收入占比快速提升，成为公司业务结构多元化的重要 支撑。 2 月 13 日，聚辰股份发布 2025 年度业绩快报，公司全年实现营业总收入 12.21 亿元，同比增长 18.73%；归属于上市公司股东的净利润 3.63 亿元，同比增幅达 25.01%；基本每股收益 2.3 元，在行业需求分化的背景下交出亮眼答卷。 面对下游应用市场需求结构分化、部分产品线波动的行业挑战，聚辰股份通过前瞻性布局高附加值赛道实现逆势增长。报告期内，公司 DDR5 SPD 芯片、汽车级 EEPROM 芯片及高性能工业级 EEPROM 芯片出货量快速攀升，成为收入增长的核心支柱。其中，光学防抖式 （OIS）摄像头马达驱动芯片成功搭载主流智能手机品牌多款中高端机型实现商用 ...

Core Viewpoint - Huazhuo Precision Technology Co., Ltd. is restarting its IPO process after two years, coinciding with increased domestic semiconductor equipment policies and surging market demand [1][3] Company Overview - Established in May 2012, Huazhuo Precision focuses on ultra-precision measurement and control technology, providing core components for photolithography machines [2] - The company has a domestic market share exceeding 60% for its self-developed nano-level dual workpiece stage, which has achieved a positioning accuracy at the nanometer level [2] - Huazhuo's JB-300 wafer-level bonding equipment supports 8/12 inch wafer processing and is priced 40% lower than foreign products, capturing a 12% market share in 2024 [2] Financial Performance - Benefiting from the surge in equipment demand driven by AI computing, Huazhuo is projected to achieve a significant profit increase in 2025, with net profit expected to reach between 165 million to 207 million yuan, representing a year-on-year growth of 134% to 194% [2] - The company's non-recurring net profit is anticipated to grow by 152% to 218% year-on-year, driven by product structure optimization and high-margin business expansion [2] Industry Context - The restart of the IPO occurs during a golden development period for domestic semiconductor equipment, with the first phase of the National Integrated Circuit Industry Investment Fund raising 93 billion yuan fully allocated to photolithography and core component sectors [3] - The Ministry of Industry and Information Technology is offering up to 15% subsidies for domestic equipment procurement, enhancing market conditions [3] - SEMI forecasts that global semiconductor manufacturing equipment sales will reach 145 billion USD by 2026, with China's market growth expected to be five times the global average [3]

苹果成为唯一实现增长的头部品牌，销量同比增长 8%，市场份额升至近五年 1 月最高水平。这一成绩得益于 iPhone 17 系列的持续热度（标准版符合政府 补贴条件，性价比凸显，销量环比增 9%），且该系列降价幅度较小，为后续利润优化或价格调整预留空间，支撑长期销量韧性。 其他国产头部品牌均遭遇两位数下滑。小米（含 Redmi）下滑 36%、vivo（含 iQOO）下滑 29%、OPPO（含一加、realme）下滑 19%、荣耀下滑 26%，"Others" 品牌下滑 24%。Counterpoint 分析指出，核心症结在于 2025 年初补贴政策的 "透支效应"—— 去年 1 月补贴恰逢春节促销前置了需求，而 2026 年补贴力度减弱、消费需求疲软，对销量刺激有限。 2 月 12 日，Counterpoint Research发布最新数据，2026 年 1 月中国智能手机市场整体销量同比下滑 23%。核心原因包括 2025 年初补贴政策形成的高基数效 应、2026 年补贴力度减弱，以及农历新年时间错峰对消费节奏的影响。 从厂商来看，华为以 19% 的市场份额位列第一，但受去年补贴刺激的高基数、Nova 系列 ...

Core Insights - The company has signed a business cooperation framework contract with Wuhan Lingzhi Cloud Creation Technology Co., Ltd. to provide robot product assembly and related services, marking a shift from core technology R&D to large-scale production in the robotics industry [1] - Wuhan Lingzhi Cloud Creation, a subsidiary in which the company holds a 34.9951% stake, focuses on the R&D and industrialization of unmanned systems, aligning closely with the company's robotics strategy [1][2] Company Summary - As of December 31, 2025, Lingzhi Cloud Creation has total assets of 15.6967 million yuan, total liabilities of 10.5956 million yuan, and net assets of 5.1011 million yuan, with an operating income of 5.0801 million yuan and a net profit of -10.6163 million yuan [1] - The company has a solid technical foundation and application experience in the robotics field, having launched various robot products for disinfection, logistics, and security patrols, successfully entering key sectors such as hospitals and airports [2] Industry Summary - The global service robot market is projected to reach $40 billion by 2025, with a compound annual growth rate (CAGR) of 17.1%, and commercial service robot shipments exceeding 100,000 units, with Chinese companies holding over 60% of the market share [2] - The collaboration between the company and Lingzhi Cloud Creation covers the complete industry chain from core technology to large-scale production and scene implementation, positioning them to fully benefit from industry growth [2]

2月12日，沪电股份发布公告称，董事会已审议通过新建高端印制电路板（PCB）生产项目议案，计划 投资 33 亿元布局高层数、高频高速等高端产品，对接高速运算服务器、下一代高速网络交换机的中长 期需求，抢抓 AI 算力爆发机遇。 沪电股份提示，土地竞拍、前置审批存在不确定性，市场需求不及预期、价格波动等可能影响项目效 益。沪士电子将积极推进审批工作，深化客户合作、提升成本效能，多维度降低风险。 业内认为，该项目顺应行业升级趋势，彰显沪电股份抢占高端市场的决心，将助力公司把握 AI 相关领 域增长机遇，巩固行业地位，为高端电子制造业发展注入新动能。 项目拟竞拍昆山高新区约 6.67 万平方米土地（毗邻现有厂区），建设期 2 年。总投资中土地及固定资 产投资 27 亿元，铺底流动资金 6 亿元，资金来源为自有或自筹。达产后预计年新增产能 14 万平方米， 年营收 30.5 亿元，净利润约 5 亿元，所得税后内部收益率 13.9%，投资回收期 7.6 年（含建设期），具 备可行性。 当前全球 AI 服务器 PCB 市场需求爆发，高盛预测 2025-2027 年年均复合增速达 140%，30 层以上高端 产品占比持续提 ...

业内分析认为，中兴通讯的市场需求优势与源杰科技的技术实力形成强协同，基金将推动双方从产品供 应升级为资本绑定的战略伙伴。3 亿元资金将精准投向 "卡脖子" 技术环节，依托两大企业资源实现 "投 资 - 孵化 - 产业化" 良性循环。当前 AI 算力爆发带动高速光模块需求激增，光芯片供需缺口持续，此次 基金成立既是双方深化合作的重要举措，更是产业链核心企业赋能新质生产力的实践，为我国高端制造 业高质量发展注入新动能。 近日，企查查 APP 公示显示，陕西建兴湛卢股权投资合伙企业（有限合伙）正式成立，基金规模 3 亿 元，聚焦股权投资、投资管理等业务，重点布局新一代信息技术、新能源、人工智能、先进制造等前沿 领域。股权穿透显示，该基金由通信龙头中兴通讯与高速光芯片领军企业源杰科技等共同出资，标志着 两大产业链核心企业开启深度资本协同，助力国产高端制造升级。 中兴通讯此次出资 1.17 亿元，延续其加码产业投资的战略。此前本月初，公司已出资 2 亿元参与粤港 澳大湾区创投引导基金，形成 "双基金并行" 格局。中兴通讯相关负责人表示，基金将依托公司通信设 备、网络技术领域的产业资源，挖掘产业链优质标的，通过资本赋能推 ...

Core Insights - The Chinese tablet market is projected to reach a shipment volume of 33.76 million units in Q4 2025, reflecting a year-on-year growth of 13.1%, with a 7.2% increase in Q4 alone [1] - The "National Subsidy" policy has positively influenced consumer confidence and purchasing decisions, leading to an improved willingness to upgrade devices [1] - Market growth is transitioning from being policy-driven to being driven by product features and consumer demand as the "National Subsidy" policy begins to tighten in some regions [1] Market Performance - In Q4 2025, the Chinese tablet market experienced a year-on-year shipment growth of 7.2%, supported by an ongoing device upgrade cycle and continuous product feature enhancements by manufacturers [1] - Huawei maintained its leading position with a market share of 29.2%, despite a decline of 3.1% from the previous year [2] - Apple ranked second with a market share of 24.5%, showing a year-on-year increase in shipment volume [3] Manufacturer Analysis - Xiaomi held the third position with a market share of 13.1%, achieving double-digit growth in annual shipments [3] - Lenovo and Honor ranked fourth and fifth, with market shares of 9.7% and 8.6% respectively, with Lenovo experiencing a notable increase of 3.0% year-on-year [2] - Huawei's new product, the MatePad Edge, integrates PC-level systems and enhances the tablet's positioning for office and multi-scenario use, maintaining high market attention [2] Future Outlook - The expansion of the user base provides a solid foundation for device upgrades, although rising costs are increasing market uncertainties [3] - There is an urgent need for deeper exploration of AI and scenario-based upgrade paths in the industry [3]

面对业绩困境，福特宣布停止部分纯电车型生产，将资源向混合动力、增程式车型倾斜，同时开发更贴合市场需求的小型纯电产品。在 业务布局上，福特持续巩固传统优势板块，燃油及混动业务、商用车业务2025年保持盈利，成为公司业绩的重要支撑，其中混动车型销 量同比增长超20%，商用车板块利润率达10.3%。 对于未来发展，福特管理层明确了盈利优先的核心方向，预计电动汽车业务仍将面临短期亏损，但亏损规模将逐步收窄，2026年调整后 息税前利润有望回升至80亿至100亿美元。同时，公司正开拓电池储能等新盈利赛道，改造原有电动车电池工厂布局储能业务，推动企业 从规模扩张向质量增长转型。 （校对/黄仁贵） 当地时间2月10日，福特汽车发布2025年第四季度及全年财报，数据显示公司全年营收实现1873亿美元，同比微增1.23%，连续五年保持 营收增长态势，但净利润由盈转亏，全年净亏损达81.82亿美元，第四季度单季净亏损更是达到111亿美元。 此次业绩大幅亏损核心原因源于电动化业务的持续承压与战略调整成本。福特电动化部门2025年亏损48亿美元，累计亏损已超百亿美 元，为缩减电动化业务规模，公司计提195亿美元特殊项目费用，且大部分 ...