复旦微电（688385.SH）2025 年半年报点评 FPGA 国产领先厂商，FPAI 等新产品值得期待 2025 年 08 月 29 日 ➢ 事件：8 月 27 日，复旦微电发布 2025 年半年度报告。公司 25H1 实现收 入 18.39 亿元，同比增长 2.49%；实现归母净利润 1.94 亿元，同比下降 44.38%； 实现扣非归母净利润 1.82 亿元，同比下降 40.96%。 其中，公司 2Q25 单季度实现收入 9.51 亿元（YoY+5.50%，QoQ+7.09%）； 归母净利润 0.57 亿元（YoY-69.26%，QoQ-57.82%），扣非归母净利润 0.49 亿元（YoY-67.92%，QoQ-62.89%）。 ➢ 25H1 营收有所增长，存货跌价准备增加等导致业绩下滑。2025 年上半年， 公司营收同比增长 2.49%，综合毛利率 56.80%，同比增加 0.31pct，但归母净 利润同比下滑 44.38%，主要由于公司确认的集成电路设计企业增值税加计抵减 额及政府补助专项验收减少，其他收益下降；以及存货中部分产品需求下降及库 龄变长等原因计提存货跌价准备增加，2025 年上半年公 ...

8月28日，A股半导体龙头复旦微电(688385.SH)股价强势拉升，盘中一度上涨超14%，最高触及66.84 元，创历史新高。截至发稿，公司换手率达3.84%，成交额突破12.96亿元，市场关注度持续升温。 市场分析指出，随着支付宝"碰一下"生态加速渗透至零售、交通、政务等多场景，复旦微电作为核心硬 件供应商将直接受益。当前，双方已启动千万级终端设备部署，过亿级标签规模化应用在即，未来有望 进一步拓展至物联网、智慧城市等领域，勾勒NFC技术赋能的数字化生活新蓝图。 值得注意的是，自4月24日复旦微电宣布和支付宝研发"碰一下"专属芯片后，股价涨幅已超30%。 自2024年"碰一下"功能上线以来，这一全新交互模式已覆盖5000余个品牌、超千万商家，国内用户规模 突破1亿，成为用户服务新入口。在商超、餐饮、自动贩卖机等高频场景中，用户仅需解锁手机轻碰即 可完成支付。这一便捷体验背后，正是复旦微电Boost Tag芯片的技术支撑。 此前，复旦微电安全与识别事业部总经理张纲介绍称，已与支付宝联合开发"碰一下"专属芯片，新款芯 片将感应响应时间从毫秒级提升至微秒级，大幅缩短交易等待时间。张纲表示，复旦微电通过持续优化 ...

证 券 研 究 报 告 复旦微电（688385）2025 年半年报点评 强推（维持） 业绩短期承压，高可靠产品动能修复 目标价：75.13 元/49.06 港元 事项： ❖ 公司发布 2025 年半年度报告：2025 年上半年公司实现营收 18.39 亿元 （YoY+2.49%），实现归母净利润 1.94 亿元（YoY-44.38%）。单二季度来看， 公司 25Q2 实现营收 9.51 亿元（YoY+5.50%，QoQ+7.09%），实现归母净利润 0.57 亿元（YoY-69.26%，QoQ-57.82%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,590 | 4,220 | 4,850 | 5,510 | | 同比增速(%) | 1.5% | 17.5% | 14.9% | 13.6% | | 归母净利润(百万) | 573 | 803 | 1,029 | 1,227 | | 同比增速(%) | -20.4% | ...

Group 1: Market Overview - The Hang Seng Index fell by 0.66%, down 165 points, closing at 25,035 points, while the Hang Seng Tech Index decreased by 1.04% [1] - Early trading volume in Hong Kong stocks reached HKD 210.8 billion [1] Group 2: Chip Industry Insights - According to TrendForce, the proportion of external chip suppliers in China's AI server market is expected to drop from 63% in 2024 to 42% by 2025, while local chip suppliers' share may rise to 40%, indicating a trend towards domestic substitution [1] - Chip stocks saw gains, with Shanghai Fudan up 5.79%, SMIC up 8.27%, and Huahong Semiconductor up 4.64% [1] Group 3: Company Performance Highlights - China Cinda's stock rose by 9.74% after reporting a 5.8% year-on-year increase in net profit for the first half of the year, reinforcing its advantage in the non-performing asset management sector [2] - Yadea Holdings' stock increased by over 5% as its net profit for the first half of the year surged nearly 60%, with the new national standard expected to usher in a new industry cycle [3] - CNOOC's stock rose by 4.4% following a mid-term net profit of approximately CNY 69.5 billion, with further potential in overseas exploration [4] - Television Broadcasts' stock fell over 9%, reporting a loss of HKD 108 million for the first half of the year, but expects to achieve positive net profit for the year [5] - Alibaba's stock declined by 3.74% ahead of its first fiscal quarter earnings report, with market concerns regarding the impact of flash sale investments on profits [6] - Lao Pu Gold's stock dropped nearly 4% due to a reduction in shares by the company's incentive platform, although the controlling shareholder did not sell any shares [7] - Smoore International's stock fell over 8%, with a nearly 28% year-on-year decrease in net profit for the first half of the year, affected by increased R&D expenditures [8]

芯片股午前普遍走高，中芯国际（00981）上涨6.67%，报60港元；上海复旦（01385）上涨5.33%，报 36.76港元；华虹半导体（01347）上涨2.84%，报54.25港元；晶门半导体（02878）上涨2%，报0.51港 元。 来源：新浪港股 ...

Group 1 - Semiconductor stocks in Hong Kong showed strong performance, with notable gains in several companies [1] - Shun Tai Holdings surged over 18%, while SMIC and Shanghai Fudan both increased by over 8% [1][2] - Other companies like Jingmen Semiconductor, Huahong Semiconductor, and Hongguang Semiconductor also experienced significant increases, ranging from 3% to 6% [1][2] Group 2 - Shun Tai Holdings (code: 01335) rose by 18.32% to a price of 0.155, with a total market capitalization of 3.77 billion [2] - SMIC (code: 00981) increased by 8.98% to 61.300, with a market cap of 4895.62 billion [2] - Shanghai Fudan (code: 01385) saw an 8.77% rise to 37.960, with a market value of 311.81 billion [2] - Jingmen Semiconductor (code: 02878) gained 6.00% to 0.530, with a market cap of 13.24 billion [2] - Huahong Semiconductor (code: 01347) increased by 5.78% to 55.800, with a total market value of 965.05 billion [2] - Hongguang Semiconductor (code: 06908) rose by 3.33% to 0.620, with a market cap of 5.82 billion [2]

Group 1 - Semiconductor stocks in Hong Kong continued their recent momentum, with Shanghai Fudan rising by 7.68%, SMIC by 7.02%, Hua Hong Semiconductor by 4.27%, and Jingmen Semiconductor by 4% [1][2] - According to TrendForce, the proportion of imported chips in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025, while domestic chip suppliers' share is projected to rise to 40%, indicating a trend towards domestic substitution [2] - The Chinese government recently issued opinions on the implementation of the "Artificial Intelligence +" initiative, emphasizing the integration of AI-driven technology research and development, which is expected to benefit the semiconductor and domestic computing sectors [3] Group 2 - Shanghai Fudan reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, but net profit fell by 44.38% to 194 million yuan [4] - Despite the decline in profit, Shanghai Fudan's stock price surged, reaching an intraday increase of nearly 11% [4]

Group 1 - Semiconductor stocks experienced a rise in early trading, with Shanghai Fudan up 6.88% at HKD 37.3, SMIC up 5.6% at HKD 59.4, Jingmen Semiconductor up 4% at HKD 0.52, and Huahong Semiconductor up 2.56% at HKD 54.1 [1] - According to TrendForce, the proportion of foreign-sourced chips from companies like Nvidia and AMD in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025, while domestic chip suppliers' share is projected to rise to 40% [1] - Tianfeng Securities believes that the semiconductor, domestic computing power, and self-controllable sectors will remain long-term trends, especially amid ongoing uncertainties in US-China trade policies regarding AI computing power chips [1] Group 2 - Domestic large model development companies and internet platforms are expected to gradually increase their procurement and usage of domestic chips, creating growth opportunities for domestic chip suppliers and their supporting industry chain [1]

Core Viewpoint - Semiconductor stocks experienced a significant rise, indicating positive market sentiment and potential growth in the sector driven by domestic chip suppliers and AI server market trends [1] Group 1: Stock Performance - Shanghai Fudan (01385) increased by 6.88%, reaching HKD 37.3 - SMIC (00981) rose by 5.6%, trading at HKD 59.4 - Jingmen Semiconductor (02878) saw a 4% increase, priced at HKD 0.52 - Huahong Semiconductor (01347) gained 2.56%, with a price of HKD 54.1 [1] Group 2: Market Trends - According to TrendForce, the proportion of foreign-sourced chips in China's AI server market is expected to decrease from 63% in 2024 to 42% by 2025 - Domestic chip suppliers are projected to increase their market share to 40%, indicating a strong trend towards domestic substitution [1] Group 3: Industry Outlook - Tianfeng Securities emphasizes that the semiconductor, domestic computing power, and self-controllable sectors will remain long-term trends - In light of ongoing uncertainties in US-China trade policies regarding AI computing chips, domestic model development companies and internet platforms are expected to gradually increase their procurement and usage of domestic chips - This shift is likely to create development opportunities for domestic chip suppliers and their supporting industry chain [1]

Group 1 - Shanghai Fudan (01385.HK) increased by 5.21% [1] - SMIC (09981.HK) rose by 2.76% [1] - Chipone Technology (02166.HK) gained 2.23% [1]