FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 蘇州貝克微電子股份有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02149 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

蘇州貝克微電子股份有限公司 BaTeLab Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號：2149 2025 中期報告 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 管理層討論及分析 | 5 | | 企業管治及其他資料 | 16 | | 獨立核數師審閱報告 | 29 | | 損益及其他全面收益表 | 31 | | 財務狀況表 | 32 | | 權益變動表 | 34 | | 簡明現金流量表 | 35 | | 中期財務報表附註 | 36 | 董事會 執行董事 張廣平先生 （董事長）（於2025年6月27日獲選舉） 李真先生 李一先生 非執行董事 孔建華先生 獨立非執行董事 趙鶴鳴先生 溫承革先生 馬明先生 康元書女士 聯席公司秘書 李一先生 張啟昌先生 （於2025年7月3日辭任） 鍾明輝先生 （於2025年7月3日獲委任） 授權代表 董事專門委員會 審計委員會 馬明先生 （主席） 趙鶴鳴先生 溫承革先生 薪酬與考核委員會 趙鶴鳴先生 （主席） 李一先生 馬明先生 提名委員會 溫承革先生 （主席） 張廣平先生 康元書女士 戰略委員會 李真先 ...

Core Viewpoint - The recent stock transfer of Baker Micro (02149) from Standard Chartered Bank (Hong Kong) to Goldman Sachs (Asia) Securities indicates a significant shift in shareholder strategy, with a market value of approximately HKD 51.9964 million, representing 5.43% of the company [1] Financial Performance - For the interim results of 2025, the company reported revenue of approximately HKD 292 million, reflecting a year-on-year growth of 0.4% [1] - The gross profit was approximately HKD 151 million, showing a year-on-year increase of 1.4% [1] - The net profit reached HKD 77.148 million, marking a substantial year-on-year growth of 14.95% [1] - Earnings per share were reported at HKD 1.274 [1]

Group 1 - Chip stocks collectively rose, with notable increases: Beike Micro up 6.94% to HKD 58.7, Zhongdian Huada Technology up 3.8% to HKD 1.64, InnoCare up 2.41% to HKD 102, and Huahong Semiconductor up 2.16% to HKD 52 [1] - On September 13, the Ministry of Commerce announced an anti-dumping investigation into imported analog chips from the United States, effective from September 13, 2025 [1] - The Ministry of Commerce also initiated an anti-discrimination investigation regarding U.S. measures in the integrated circuit sector [1] Group 2 - CITIC Securities noted that major overseas manufacturers like Texas Instruments have been aggressively expanding production and implementing price measures in the domestic market, which has slowed the pace of domestic substitution in the analog chip sector [1] - The recent tariff events since 2025 have increased domestic customers' willingness to substitute, and Texas Instruments' price hikes from June to August indicate a shift in competitive strategy [1] - As the anti-dumping investigation progresses, domestic manufacturers are expected to benefit from a better market environment, leading to potential recovery in profitability [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02149 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | ...

Core Viewpoint - The company, 贝克微, reported a slight revenue increase of 0.4% to 2.92 billion RMB in 1H25, achieving a historical high despite a high base in 1H24, and demonstrated strong profitability with a net profit growth of 14.9% to 77 million RMB [1][2][3] Financial Performance - Revenue for 1H25 reached 2.92 billion RMB, a 0.4% increase from 2.91 billion RMB in 1H24, reflecting a year-on-year growth of 42% [1] - Gross margin maintained at 51.8%, up 0.5 percentage points year-on-year, while net profit increased by 14.9% to 77 million RMB, with a net profit margin of 26.4%, up 3.3 percentage points year-on-year [1][2] - The company adjusted its revenue growth forecast for 2025 from 25% to 16% due to capacity constraints, while net profit forecast was slightly adjusted to 202 million RMB, reflecting a 21% year-on-year growth [2] Product Development - The company added 130 new SKUs in 1H25, bringing the total to 850, with an annual forecast of over 200 new SKUs to support long-term revenue growth and market penetration [1][2] Strategic Adjustments - Management is strategically reducing reliance on major clients and diversifying the distribution network, which may impact short-term sales but is expected to enhance business resilience in the long term [2] - The company is experiencing a 21% year-on-year increase in inventory, indicating adjustments in customer structure that may affect short-term revenue growth [2] Market Outlook - The industrial-grade analog chip market shows signs of recovery, influenced by price adjustments from competitors and improved industrial outlooks, although revenue growth in the second half may be constrained by wafer factory capacity issues [2] - The company’s business model and self-developed EDA platform are expected to sustain high profit margins, with projected gross margins above 50% and net margins above 26% for FY25/26E [2] Investment Rating - The company maintains a "Buy" rating with a target price of 93 HKD, based on a 26.6 times forecasted P/E ratio for 2025, reflecting a favorable valuation compared to industry peers [3] - The current valuation corresponds to 17.4 times and 13.8 times forecasted P/E ratios for 2025 and 2026, significantly lower than the average of domestic and international peers [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 93, indicating a potential upside of 53.0% from the current price of HKD 60.80 [3][9]. Core Views - The company has demonstrated strong profitability during its strategic adjustments, with a slight revenue increase of 0.4% year-on-year in 1H25, reaching RMB 292 million, despite a high base from 1H24 [1]. - The gross margin remains robust at 51.8%, reflecting a year-on-year improvement of 0.5 percentage points, while net profit increased by 14.9% to RMB 77 million, with a net margin of 26.4% [1]. - The company is focused on the industrial-grade long-tail chip market, expanding its product matrix and maintaining a solid IP/EDA design platform, which supports its long-term growth outlook [1][9]. Financial Summary - Revenue projections for FY25E are set at RMB 672 million, with a year-on-year growth rate of 16.1%, down from previous estimates due to capacity constraints [2][10]. - The company expects to maintain a gross margin above 50% and a net margin above 26% in FY25/26E, supported by its business model and self-developed EDA platform [9][10]. - The earnings per share (EPS) is projected to reach RMB 3.20 in FY25E, with a price-to-earnings (P/E) ratio of 17.4 times [2][10]. Market Position - The company is positioned favorably within the semiconductor industry, with a market capitalization of HKD 1,094.4 million and a significant increase in stock performance over the past months [4][6]. - The average P/E ratio of comparable companies in the industry is significantly higher, indicating that the company's current valuation may be attractive [11].

Core Viewpoint - The recent stock transfer of Baker Hughes (02149) from BNP Paribas to HSBC reflects a significant market movement, alongside the company's financial performance for the first half of 2025, indicating modest growth in revenue and a notable increase in net profit [1] Financial Performance - The company reported a revenue of approximately 292 million HKD for the first half of 2025, representing a year-on-year growth of 0.4% [1] - Gross profit was about 151 million HKD, showing a year-on-year increase of 1.4% [1] - Net profit reached 77.148 million HKD, which is a year-on-year growth of 14.95% [1] - Earnings per share stood at 1.274 HKD [1] Stock Transfer - On August 22, the shareholders of Baker Hughes transferred shares from BNP Paribas to HSBC, with a market value of 57.9564 million HKD, accounting for 5.26% of the total shares [1]

Core Viewpoint - The recent stock transfer of Baker Hughes (02149) from BNP Paribas to HSBC reflects a significant market movement, alongside the company's financial performance for the mid-year 2025, indicating stable revenue growth and improved net profit [1] Financial Performance - The company reported a revenue of approximately 292 million HKD for the mid-year 2025, representing a year-on-year growth of 0.4% [1] - Gross profit was around 151 million HKD, showing a year-on-year increase of 1.4% [1] - Net profit reached 77.148 million HKD, marking a substantial year-on-year growth of 14.95% [1] - Earnings per share stood at 1.274 HKD [1] Stock Transfer - On August 22, the shareholders transferred Baker Hughes' stock from BNP Paribas to HSBC, with a market value of 57.9564 million HKD, accounting for 5.26% of the total shares [1]

Group 1 - RAYS Capital Partners Limited increased its stake in Baker Micro (02149) by purchasing 5,000 shares at a price of 62.3249 HKD per share, totaling approximately 0.316 million HKD [1] - After the purchase, RAYS Capital Partners Limited's total shareholding in Baker Micro reached 1.983 million shares, representing an ownership percentage of 11.01% [1]