就上海证券交易所科创板公司管理部 《关于对上海复旦微电子集团股份有限公司 2024 年年度报告的信息披露监管问询函》 第 1、2、3、4 问题中涉及财务报表项目问询意见的专项说明 上海证券交易所科创板公司管理部： 安永华明会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托，审计了上海复旦 微电子集团股份有限公司（以下简称"复旦微电"或"公司"）2024 年度按照企业会计准则编 制的财务报表，并于 2025 年 3 月 25 日出具了编号为安永华明（2025）审字第 70011746_B01 号的无保留意见审计报告。 按照企业会计准则的规定编制财务报表是公司管理层的责任。我们对复旦微电 2024 年 度的财务报表执行审计程序的目的，是对复旦微电的财务报表是否在所有重大方面按照企业 会计准则的规定编制，是否公允反映了复旦微电 2024 年 12 月 31 日的合并及公司财务状况 以及 2024 年度的合并及公司经营成果和现金流量发表审计意见，不是对上述财务报表中的 个别项目的金额或个别附注单独发表意见。 根据上海证券交易所科创板公司管理部（以下简称贵部）出具的《关于对上海复旦微电 子集团股份有限公司 202 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown a positive operational trend, with expectations for high reliability and volume growth in the future [1][3] - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year increase of 1.53%, while the net profit decreased by 20.42% to 573 million yuan [3] - The first quarter of 2025 saw a revenue of 888 million yuan, a slight year-on-year decline of 0.54%, with a net profit of 136 million yuan, down 15.55% year-on-year [3] - The company is focusing on high-reliability products, with significant growth in the smart meter chip segment, which achieved a revenue increase of 44.90% year-on-year [3] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 3.54 billion yuan - 2024: 3.59 billion yuan - 2025: 4.15 billion yuan (16% growth) - 2026: 5.01 billion yuan (21% growth) - 2027: 6.02 billion yuan (20% growth) [2][3] - Net profit forecasts are: - 2023: 719 million yuan - 2024: 573 million yuan - 2025: 806 million yuan (41% growth) - 2026: 1.11 billion yuan (37% growth) - 2027: 1.34 billion yuan (21% growth) [2][3] - The company's gross margin for 2024 is projected at 55.95%, down 5.26 percentage points year-on-year [3] Business Segment Performance - The revenue breakdown by business segment for 2024 includes: - Security and identification chips: 791 million yuan (down 8.31% year-on-year) - Non-volatile memory: 1.14 billion yuan (up 5.94% year-on-year) - Smart meter chips: 397 million yuan (up 44.90% year-on-year) - FPGA and other chips: 1.13 billion yuan (down 0.51% year-on-year) [3] - The company is the first domestic supplier to obtain WPC certification for security chips, indicating a strong position in the market [3] Future Outlook - The company is expected to benefit from the growing demand for FPGA in data centers and cloud computing, positioning itself for rapid growth in the coming years [3] - The investment recommendation suggests a downward revision of net profit estimates for 2025, 2026, and 2027 to 806 million yuan, 1.11 billion yuan, and 1.34 billion yuan respectively, with corresponding P/E ratios of 46, 33, and 28 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown a positive operational trend, with expectations for high reliability and volume growth in the future [1][3] - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year increase of 1.53%, while the net profit decreased by 20.42% to 573 million yuan [3] - The first quarter of 2025 saw a revenue of 888 million yuan, a slight year-on-year decrease of 0.54%, with a net profit of 136 million yuan, down 15.55% year-on-year [3] - The company is focusing on high-reliability products, with significant growth in the smart meter chip segment, which saw a 44.90% year-on-year increase in revenue [3] Financial Performance Summary - Revenue projections for the company are as follows: 4.15 billion yuan in 2025, 5.01 billion yuan in 2026, and 6.02 billion yuan in 2027, with growth rates of 16%, 21%, and 20% respectively [2][3] - Net profit forecasts are adjusted to 806 million yuan for 2025, 1.11 billion yuan for 2026, and 1.34 billion yuan for 2027, reflecting growth rates of 41%, 37%, and 21% respectively [3] - The company's gross margin for 2024 is projected at 55.95%, with an increase in R&D expenses to 10.31 billion yuan, representing 28.7% of revenue [3] Business Segment Performance - The revenue breakdown for 2024 includes: - Security and identification chips: 791 million yuan (down 8.31% year-on-year) - Non-volatile memory: 1.14 billion yuan (up 5.94% year-on-year) - Smart meter chips: 397 million yuan (up 44.90% year-on-year) - FPGA and other chips: 1.13 billion yuan (down 0.51% year-on-year) [3] - The company is the first domestic supplier to obtain WPC certification for security chips, indicating a strong position in the market [3] Investment Recommendations - The investment recommendation suggests maintaining a "Buy" rating based on anticipated growth in downstream demand and adjusted profit forecasts for 2025, 2026, and 2027 [3][7]

Core Viewpoint - Fudan Microelectronics Group showcased its innovative products for smart vehicles at the 21st Shanghai International Automobile Industry Exhibition, highlighting its technological advancements and market ambitions in automotive-grade MCUs, NFC, SE encryption chips, and memory products [1][2]. Group 1: Product Highlights - The FM33 series MCU chips are widely used in critical areas such as central control screens and lighting control, demonstrating excellent adaptability and reliability in the context of increasing smart cockpit and lighting trends [3]. - The FM17661A NFC chip has shipped over 2 million units, primarily for digital car key applications, with potential applications extending beyond this initial use [3][4]. - Fudan Micro's automotive-grade memory products, including EEPROM, NOR Flash, and NAND Flash, have achieved mass production with major automakers like Changan, Geely, BYD, and SAIC, covering key systems such as front-end control and battery management [6]. Group 2: Industry Positioning and Strategy - Fudan Micro has nearly 100 chips certified by AEC-Q100, leading among domestic manufacturers, with rigorous internal testing processes ensuring product reliability under extreme conditions [6]. - The company has established a complete FAE (Field Application Engineer) team in major cities to provide localized and flexible support, ensuring rapid response times for customer needs [6]. - Fudan Micro has built a highly autonomous and controllable supply chain, with all automotive-grade chip packaging completed domestically and partnerships with local manufacturers for wafer production, aiming for comprehensive domestic production in the future [7]. Group 3: Future Outlook - The company aims to enhance its existing product lines while expanding into new areas such as micro-sensors and Bluetooth chips, providing one-stop chip solutions for customers [7]. - Fudan Micro's commitment to technical accumulation, rapid local support, and continuous exploration of innovative applications positions it well to assist domestic automakers in their smart transformation [8].

Financial Performance - For Q1 2025, the company reported operating revenue of approximately RMB 888 million, a decrease of about 0.54% compared to the same period last year[8]. - Net profit attributable to shareholders was approximately RMB 136 million, down 15.55% year-on-year, while net profit excluding non-recurring gains and losses was approximately RMB 133 million, a decrease of 14.21%[8]. - Total revenue for Q1 2025 was RMB 887.95 million, a slight decrease of 0.09% compared to RMB 892.74 million in Q1 2024[23]. - Operating profit for Q1 2025 was RMB 131.12 million, down 25% from RMB 174.99 million in Q1 2024[23]. - Net profit attributable to shareholders for Q1 2025 was RMB 136.18 million, a decrease of 15.5% from RMB 161.25 million in Q1 2024[23]. - The company's basic and diluted earnings per share were both RMB 0.17, a decrease of 15.00% from the previous year[7]. - The basic earnings per share for Q1 2025 was RMB 0.17, down from RMB 0.20 in Q1 2024[24]. Research and Development - The company's R&D investment totaled RMB 267 million, accounting for 30.09% of operating revenue, down 2.19 percentage points from the previous year[7]. - Research and development expenses increased to RMB 247.89 million in Q1 2025, compared to RMB 245.30 million in Q1 2024, reflecting a focus on innovation[23]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 921.82 million, an increase of 1.96% from the end of the previous year[7]. - Total assets increased to RMB 9.22 billion in Q1 2025 from RMB 9.04 billion in Q1 2024, indicating growth in the company's asset base[21]. - Total liabilities rose to RMB 2.54 billion in Q1 2025, up from RMB 2.50 billion in Q1 2024, reflecting increased borrowing[21]. Cash Flow - Cash flow from operating activities was negative at RMB -26.59 million, compared to a positive RMB 10.58 million in the same period last year[7]. - Cash flow from operating activities showed a net outflow of RMB 26.59 million in Q1 2025, contrasting with a net inflow of RMB 10.58 million in Q1 2024[26]. - The company's cash received from sales in Q1 2025 was RMB 788.16 million, an increase from RMB 751.06 million in Q1 2024[26]. - Cash inflow from investment activities totaled approximately $301.38 million, a significant increase from $161.10 million in the previous period, reflecting a growth of about 87%[27]. - Net cash outflow from investment activities was approximately -$60.01 million, improving from -$236.55 million year-over-year[27]. - Cash inflow from financing activities was $307 million, down from $445.72 million, indicating a decrease of about 31%[27]. - Net cash outflow from financing activities was -$34.19 million, compared to -$24.29 million in the previous period, showing a worsening of approximately 41%[27]. - The ending cash and cash equivalents balance was $940.71 million, an increase from $740.56 million year-over-year[27]. - Cash and cash equivalents decreased by $122.59 million during the period, compared to a decrease of $252.36 million in the previous period[27]. - Cash received from loans was $307 million, while cash paid for debt repayment was $327.1 million, indicating a net cash outflow in financing activities[27]. - The impact of exchange rate changes on cash and cash equivalents was a negative $1.80 million, slightly better than the previous year's impact of -$2.10 million[27]. Shareholder Information - The top shareholder, Hong Kong Central Clearing Limited, holds 284,225,830 shares, representing 34.60% of total shares[14]. - Shanghai Fudan Fuxin Technology Holdings Limited is the second-largest shareholder with 109,620,000 shares, accounting for 13.35%[14]. - The company has 23,460 A-share shareholders and 12 H-share shareholders as of the report date[15]. - Shanghai Zhengben Enterprise Management Consulting Partnership holds 35,682,011 shares, which are under judicial freeze[18]. - The company has a total of 6,000,000 shares held by CITIC Securities, representing 0.73% of total shares[14]. - The report indicates that there are no known relationships or concerted actions among the top shareholders, except for Shanghai Zhengben and Shanghai Nianjin[15]. Inventory and Receivables - Revenue from non-volatile memory decreased by approximately 18.82% year-on-year, impacting overall revenue[8]. - The company experienced an increase in credit impairment losses due to changes in accounts receivable and inventory aging, resulting in an increase of RMB 40.23 million in impairment losses compared to the previous year[9]. - Inventory as of March 31, 2025, stands at RMB 3,240,496,314.59, compared to RMB 3,134,456,903.75 in December 2024, indicating a growth of approximately 3.38%[20]. - Accounts receivable increased to RMB 1,660,266,121.79 from RMB 1,493,805,646.24, showing a growth of approximately 11.16%[20]. Other Financial Information - The gross profit margin for the product lines increased from 56.65% to 58.14% compared to the same period last year[8]. - The weighted average return on net assets decreased to 2.28%, down 0.71 percentage points year-on-year[7]. - The company reported a decrease in other comprehensive income, with a net amount of RMB -174.45 thousand in Q1 2025 compared to RMB 31.38 thousand in Q1 2024[24]. - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[27].

Financial Performance - In Q1 2025, the company reported revenue of approximately CNY 88.79 million, a decrease of 0.54% compared to the same period last year[3]. - Net profit attributable to shareholders was approximately CNY 13.62 million, down 15.55% year-on-year, while the net profit excluding non-recurring gains and losses was approximately CNY 13.30 million, a decrease of 14.21%[4]. - The company achieved a 67.28% increase in net profit compared to Q4 2024, despite the year-on-year decline[4]. - Total operating revenue for Q1 2025 was ¥887,947,169.25, a slight decrease of 0.9% compared to ¥892,743,914.70 in Q1 2024[19]. - Net profit for Q1 2025 was ¥128,718,576.65, a decrease of 18.7% from ¥158,345,185.16 in Q1 2024[20]. - The company reported a total comprehensive income of ¥128,544,124.29 for Q1 2025, down from ¥158,376,563.30 in Q1 2024[21]. Cash Flow and Liquidity - The company's cash flow from operating activities was negative at CNY -2.66 million, compared to a positive CNY 1.06 million in the same period last year[3]. - The net cash flow from operating activities was -$26,589,691.20, a decrease from $10,580,615.27 in the previous period, indicating a decline in operational performance[24]. - Cash outflow for operating activities totaled $829,724,854.56, up from $765,413,481.69, reflecting higher operational costs[24]. - The ending balance of cash and cash equivalents was $940,707,884.85, a decrease from $740,560,120.10, indicating a decline in liquidity[25]. Investment and R&D - R&D investment totaled CNY 26.71 million, a decrease of 7.31% from the previous year, representing 30.09% of revenue, down 2.19 percentage points[4]. - Research and development expenses for Q1 2025 were ¥247,894,406.78, slightly up from ¥245,299,852.18 in Q1 2024[20]. - Total cash inflow from investment activities was $301,380,681.28, compared to $161,100,016.13 in the prior period, showing an increase in investment returns[24]. - The net cash flow from investment activities was -$60,013,848.02, an improvement from -$236,550,874.02 previously, reflecting better investment management[24]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 921.82 million, an increase of 1.96% from the end of the previous year[4]. - Current assets totaled CNY 6,663,577,154.75, compared to CNY 6,480,978,592.52 at the end of 2024, reflecting a growth of approximately 2.82%[15]. - Total liabilities as of the latest reporting period were ¥2,539,354,652.04, up from ¥2,496,991,876.30[17]. - Total current liabilities were CNY 2,262,885,521.83, slightly up from CNY 2,224,391,190.13, marking an increase of approximately 1.73%[16]. Shareholder Information - The company had 23,460 A-share shareholders and 12 H-share shareholders as of the report date[12]. - The top ten shareholders held a combined 84.88% of the total shares, with the largest shareholder owning 34.60%[12]. Other Financial Metrics - The gross profit margin for the product lines increased from 56.65% to 58.14% year-on-year, with a gross profit amounting to CNY 10.49 million higher than the previous year[5]. - The revenue from the non-volatile memory segment decreased by 18.82% to approximately CNY 23.70 million, impacting overall revenue performance[5]. - The company experienced an increase in credit impairment losses by CNY 40.23 million due to changes in accounts receivable and inventory aging[5]. - Earnings per share for Q1 2025 was ¥0.17, compared to ¥0.20 in Q1 2024[21]. - Deferred income was reported at ¥19,554,004.32, compared to ¥20,516,501.67 in the previous period[17].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 海外監管公告 茲載列本公司於上海證券交易所網站刊發的《關於第九届監事會第十八次會議决議公 告》，僅供參閱。 承董事會命 上海復旦微電子集團股份有限公司 主席 蔣國興 中國，上海，2025 年 4 月 28 日 於本公告日期，本公司之執行董事為蔣國興先生、施雷先生、俞軍先生及沈磊先生； 非 執行董事為莊啟飛先生、張睿女士、宋加勒先生及閆娜女士；獨立非執行董事為曹鍾勇 先生、蔡敏勇先生、王頻先生及鄒甫文女士。 *僅供識別 本公告乃上海復旦微電子集團股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第 13.10B 條的規定刊發。 会议审议并通 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 海外監管公告 中國，上海，2025 年 4 月 28 日 於本公告日期，本公司之執行董事為蔣國興先生、施雷先生、俞軍先生及沈磊先生； 非 執行董事為莊啟飛先生、張睿女士、宋加勒先生及閆娜女士；獨立非執行董事為曹鍾勇 先生、蔡敏勇先生、王頻先生及鄒甫文女士。 *僅供識別 | A | 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2025-014 | | --- | --- | --- | --- | | 港股证券代码：01385 | | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 关于第九届董事会第二十二次会议决议公告 本 ...

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), Ganfeng Lithium (01772), and Vanke Enterprises (02202), with short ratios of 15.63%, 14.23%, and 13.24% respectively [1][2] - The company with the largest increase in short positions is China Ruifeng (00136), which saw an increase of 2.52%, followed by Vanke Enterprises (02202) with an increase of 1.49%, and Rongchang Biologics (09995) with an increase of 1.18% [1][2] - The companies with the largest decrease in short positions include Zai Ding Pharmaceuticals (09688) with a decrease of 1.31%, Midea Group (00300) with a decrease of 0.80%, and Kanglong Chemical (03759) with a decrease of 0.76% [1][3] Group 2 - The latest short position data shows that the short ratio for WuXi AppTec decreased from 6168.69 million shares to 6050.95 million shares, while Ganfeng Lithium decreased from 5893.42 million shares to 5743.15 million shares [2] - The short ratio for Vanke Enterprises increased from 259 million shares to 292 million shares, indicating a growing bearish sentiment [2] - Other notable companies with significant changes in short positions include ZTE Corporation (00763) and Brilliance China Automotive (01114), with short ratios of 12.54% and 12.18% respectively [2]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* ( 在中華人民共和國註冊成立的股份有限公司 ) (股份編號: 1385) 2025 年第一季度報告 上海復旦微電子集團股份有限公司(「本公司」或「公司」)董事會(「董事會」)欣然宣 佈，本公司及各附屬公司(「本集團」或「集團」)截至 2025 年 3 月 31 日止三個月按照 中國企業會計準則編製的之第一季度未經審計合併業績報告。 本公告乃根據香港法例第 571章證券及期貨條例第XIVA部項下內幕消息條文及香港聯合交易所有限公司證券上市規則第 13.09(2)和第 13.10B 條的要求而作出。 重要內容提示： 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準確、完整，不 存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法 ...