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。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2577） 股東周年大會通告 (a) 在符合香港聯合交易所有限公司（「香港聯交所」）證券上市規則現行 規定的情況下及受下文(b)段所規限，一般及無條件授予本公司董事 一般授權，以(i)配發、發行及處置（包括出售或轉讓任何庫存股份） 本公司股本中的額外普通股；(ii)根據所有適用法律、規則及法規以 及公司章程的條文於有關期間（定義見下文）內或結束後，作出或授 予可能須行使有關權力的要約、協議或購股權；(iii)就發行股份及註 冊資本對公司章程作出其審慎認為屬必要的任何修訂；及(iv)採取任 何其他必要行動及進行其他必要程序，以實施發行及實現註冊資本增 加； (b) 董事根據上文(a)段授權配發 ...

Financial Performance - InnoScience reported a revenue increase of 25% year-over-year, reaching RMB 1.5 billion for the fiscal year 2024[8]. - The company projects a revenue growth of 20% for the next fiscal year, targeting RMB 1.8 billion[8]. - The company's sales revenue reached RMB 828.5 million, representing a year-on-year growth of 39.8%[15]. - The total revenue of the group increased by 39.8% from RMB 592.7 million in 2023 to RMB 828.5 million in 2024, driven by increased product sales due to market demand[37]. - Revenue from the sale of GaN discrete devices and integrated circuits increased by 87.8% from RMB 192.1 million in 2023 to RMB 360.8 million in 2024, reflecting market penetration in expanding application scenarios[40]. - Overseas sales revenue reached RMB 126.4 million, marking a year-on-year increase of 118.1%[16]. - The gross margin improved to 40%, up from 35% in the previous year, reflecting operational efficiencies[8]. - The gross loss margin improved significantly from -61.1% in 2023 to -19.5% in 2024, an increase of 41.6 percentage points[15]. - Other net income rose by 11.2% from RMB 65.0 million in 2023 to RMB 72.2 million in 2024, mainly due to increased government subsidies and foreign exchange gains[41]. Market Expansion and Product Development - The user base expanded by 30%, with active users now totaling 2 million[8]. - New product launches contributed to a 15% increase in market share within the semiconductor sector[8]. - The company launched over 50 new products during the reporting period, with 471 customer integrations[16]. - The company expanded its product applications in consumer electronics, achieving a 48.0% increase in revenue from this segment[15]. - The company has developed a full range of GaN solutions for data centers and home appliances, gaining wide recognition from major customers[34]. - The company plans to expand its market presence in Southeast Asia, aiming for a 10% market penetration by 2025[8]. - The company is the first in the world to mass-produce 8-inch wafers for GaN, leveraging multi-domain technological advantages and industry chain collaboration to achieve strong sales growth[21]. Research and Development - Research and development expenses increased by 10%, totaling RMB 200 million, focusing on advanced semiconductor technologies[8]. - R&D investment accounted for 38.99% of revenue in 2024, with a total of 422 patents granted, covering the entire voltage spectrum from 15V to 1,200V[19]. - The newly developed 3.0 generation process platform increased the output of single-chip wafers by over 30%, enhancing key performance indicators of the chips[19]. - R&D costs decreased by 7.4% from RMB 348.7 million in 2023 to RMB 323.0 million in 2024, attributed to lower unit costs and optimized team structure[44]. Corporate Governance and Management - The company has established a comprehensive internal management system for human resources, including recruitment, training, and internal referrals[73]. - The company is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[111]. - The board consists of 11 members, including 4 executive directors, 3 non-executive directors, and 4 independent non-executive directors[113]. - The company has established mechanisms to ensure the independence of the board and to avoid conflicts of interest in decision-making[117]. - The company has adopted a corporate governance code and has complied with all provisions since its listing up to December 31, 2024[111]. Financial Position and Investments - The total loans and borrowings decreased from RMB 2,054.6 million in 2023 to RMB 1,923.9 million in 2024[48]. - The current ratio improved from 1.2 times in 2023 to 2.5 times in 2024, mainly due to increased cash reserves from global fundraising[50]. - Capital expenditures for the year amounted to RMB 171.8 million, down from RMB 331.3 million in 2023, primarily for the construction of R&D facilities[58]. - The company has no significant future investment or capital asset plans disclosed beyond those in the prospectus as of December 31, 2024[61]. Shareholder Relations and Equity - The company has established a shareholder communication policy to enhance investor relations and ensure timely and accurate information disclosure[139]. - Shareholders holding more than 10% of shares can request the board to convene an extraordinary general meeting[137]. - The company has established multiple channels for shareholder communication, including a dedicated investor relations section on its website[140]. - The company has not declared or paid any dividends for the year ending December 31, 2024[166]. Risk Management - The company has established a robust risk management and internal control system to ensure compliance and operational efficiency[142]. - The board is responsible for reviewing the adequacy and effectiveness of the risk management and internal control systems at least annually[143]. - Compliance risk management procedures are in place to effectively identify and manage compliance risks, ensuring operations adhere to applicable laws and regulations[145]. Leadership and Board Composition - Dr. Weiwei Luo, the founder and executive director, has been with the group since July 2017 and is responsible for overall business development and strategic planning[74]. - The company has a diverse board with members possessing expertise in finance, law, and semiconductor technology, enhancing its strategic capabilities[86]. - The leadership team is focused on driving business growth and innovation in semiconductor technology and financial management[75][77][82].

（股份代號：2577） 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。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 董事會認為，意法半導體與英諾賽科的戰略合作將進一步擴大和加速氮化鎵技術 普及，雙方團隊將共同致力於開發下一代氮化鎵技術。 自願公告 氮化鎵技術聯合開發協議 本公告由英諾賽科（蘇州）科技股份有限公司（「本公司」或「英諾賽科」）自願作出。 本公司董事會（「董事會」）宣佈，英諾賽科與意法半導體（「意法半導體」）（本公司 的獨立第三方）簽署了一項基於氮化鎵（「氮化鎵」）功率技術開發與製造的聯合開 發協議（「聯合開發協議」），旨在未來幾年內共同推動該技術在消費電子、數據中 心、汽車及工業電源系統等領域的應用。根據聯合開發協議，英諾賽科可使用意 法半導體在中國以外地區的製造產能生產其氮化鎵晶 ...

Summary of InnoSilicon Conference Call Company Overview - **Company**: InnoSilicon - **Industry**: Gallium Nitride (GaN) Semiconductor Technology Key Points Industry and Technology Insights - **GaN Advantages**: GaN technology is revolutionizing power semiconductor materials with high efficiency, high frequency, and high power density, making it suitable for modern applications in AI, electric vehicles, and data centers [3][4][13] - **Comparison with SiC**: GaN outperforms Silicon (Si) and Silicon Carbide (SiC) in applications below 1,200 volts, particularly in mobile fast charging and electric vehicles [3][4] - **Market Demand**: Over 90% of global power demand is below 1,200 volts, where GaN shows significant advantages [4] Financial Performance - **2024 Revenue**: InnoSilicon's total revenue reached 828 million yuan, with wafer and discrete device revenue growing 60% year-over-year to 644 million yuan [3][7] - **Future Projections**: The company anticipates that non-consumer business segments, driven by AI data centers and electric vehicles, will exceed 60% of total revenue by 2026, enhancing profitability [3][8] Market Expansion - **Consumer Electronics**: GaN chargers and adapters have surpassed 50% market penetration, with expansion into home appliances expected to drive significant growth in 2025-2026 [3][9] - **Automotive and Server Markets**: Key growth drivers for GaN include automotive electronics and server markets, with applications in onboard charging systems and data center efficiency improvements [3][10] Production and Capacity - **Current Production**: InnoSilicon has several GaN products in mass production, including automotive radar and charging systems [3][14] - **Capacity Goals**: The company aims to reach a production capacity of 20,000-22,000 wafers by the end of 2025, with plans for full capacity at the Suzhou plant (65,000-70,000 wafers) by late 2027 to early 2028 [20][23] Financial Outlook - **Profitability Timeline**: InnoSilicon expects to achieve gross profit by 2025 and net profit by the second half of 2026 [22][29] - **Utilization Rates**: The production capacity utilization rate is projected to be around 70% in 2024, increasing to 75%-80% in 2025 [21][23] Strategic Model - **IDM Model**: The company employs an Integrated Device Manufacturer (IDM) model, allowing for optimized design and manufacturing processes, crucial for GaN technology [19] Challenges and Future Development - **Scaling Production**: The company is focused on scaling production and building an ecosystem around GaN technology, including drivers and controllers [5][28] - **Market Competition**: The GaN industry has a higher technical barrier compared to SiC, leading to a more concentrated market with fewer competitors [6] Emerging Applications - **Robotics**: GaN is expected to play a significant role in robotics, particularly in joint drive motors and power supplies, with a vast market potential as humanoid robots become more prevalent [17][18] Conclusion - **Future Growth**: InnoSilicon is positioned for rapid growth in the semiconductor industry, driven by advancements in AI, electric vehicles, and robotics, with a strong focus on GaN technology [29]

Core Viewpoint - Innosilicon, a leading third-generation semiconductor company in China, reported a significant improvement in its financial performance for the fiscal year 2024, with a sales revenue of 828.5 million, representing a 39.8% increase from 2023, and a substantial reduction in overall gross loss margin from -61.6% to -19.5% [1] Group 1: Financial Performance - Innosilicon achieved a sales revenue of 828.5 million in 2024, marking a 39.8% growth compared to 2023 [1] - The overall gross loss margin improved significantly from -61.6% in 2023 to -19.5% in 2024, an increase of 42.1 percentage points [1][3] Group 2: IDM Model and Technological Innovation - Innosilicon's rise is attributed to its disruptive innovation in the IDM (Integrated Device Manufacturing) model, establishing the world's first 8-inch silicon-based gallium nitride production line [2] - The company has achieved a wafer production capacity of 13,000 pieces per month, with a manufacturing yield exceeding 95%, ensuring lower production costs and higher product quality [2][3] Group 3: Competitive Advantage and Market Position - Innosilicon is positioned as a leader in the consumer electronics market, benefiting from the explosive growth in emerging industries such as AI computing, electric vehicles, and robotics [5] - The company has developed a strong customer base across various sectors, including power semiconductor manufacturers, automotive OEM suppliers, and renewable energy companies, enhancing its supply chain capabilities [8] Group 4: Future Outlook - The global gallium nitride power semiconductor market is projected to reach 50.1 billion RMB by 2028, with Innosilicon poised to capitalize on this growth [7] - Innosilicon is expected to enter a "blowout period" in 2025, driven by increasing demand for AI computing and electric vehicles, as well as its ongoing product innovations [6][7]

Core Insights - InnoLux (02577) reported strong revenue growth for the fiscal year 2024, achieving sales of 828 million RMB, a year-on-year increase of 39.8% as the first IDM company to mass-produce 8-inch GaN wafers globally [1] Group 1: Revenue Growth - The company's revenue from consumer electronics grew by 48.0%, expanding its GaN chip applications into various segments such as smartphones, laptops, TVs, air conditioners, audio systems, and kitchen appliances [1] - The automotive electronics sector saw a remarkable growth in chip deliveries, with a year-on-year increase of 986.7% [1] - Revenue from AI and data center applications surged, with chip deliveries increasing by 669.8% due to the mass production of GaN products for 48V to 12V power conversion [1] Group 2: Manufacturing Efficiency - The overall yield rate for the company reached 95% in 2024, with unit manufacturing costs decreasing by nearly 40%, enhancing profitability [1] - The company delivered a total of 660 million chips during the reporting period, with annual shipment volumes showing exponential growth [3] Group 3: International Market Expansion - The overseas sales revenue reached 126.4 million RMB, reflecting a significant year-on-year growth of 118.1% [2]

英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2577） 建議採納2025年股份獎勵計劃及授權辦理有關事宜 2025年股份獎勵計劃 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。 InnoScience (Suzhou) Technology Holding Co., Ltd. 董事會已於2025年3月28日審議並批准建議採納2025年股份獎勵計劃。2025年 股份獎勵計劃須待股東於應屆股東周年大會上審議及批准後，方可作實。 上市規則的影響 2025年股份獎勵計劃構成涉及本公司授出新股份及╱或現有股份的股份計劃， 並須遵守上市規則第17章項下的適用披露規定。根據上市規則第17章，涉及授 出新股份的股份計劃須經上市發行人股東於股東大會上批准。因此，建議採納 2025年股份獎勵計劃須待（其中包括）股東於應屆股東周年大會上批准後，方可 作實。 應屆股東周年大會 本 公 司 將 召 開 應 ...

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。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） (1) 日期 （股份代號：2577） 持續關連交易 產品、服務及設備銷售框架協議 產品、服務及設備銷售框架協議 董事會欣然宣布，於2025年3月28日，本公司與星鑰半導體訂立產品、服務及 設備銷售框架協議。據此，本集團同意向星鑰半導體提供氮化鎵外延晶圓、失 效性分析等外送測試服務，以及外延生長設備等機台，期限自2025年1月1日起 至2027年12月31日止（包括首尾兩日），為期三年。 於本公告日期，星鑰半導體由本公司控股股東集團成員Luo博士最終控制。因 此，星鑰半導體構成了本公司於上市規則第14A章項下的關連人士，而產品、 服務及設備銷售框架協議和其項下交易將構成本公司於上市規則第14A章項下 的關 ...

Financial Performance - The company's sales revenue reached RMB 828.5 million, representing a year-on-year growth of 39.8%[5] - The company's total revenue increased by 39.8% from RMB 592.7 million in 2023 to RMB 828.5 million in 2024, driven by strong market demand and growth in overseas markets[28] - Revenue from the sale of GaN discrete devices and integrated circuits surged by 87.8% from RMB 192.1 million in 2023 to RMB 360.8 million in 2024[32] - Total revenue from customer contracts for 2024 was RMB 828,459,000, compared to RMB 592,717,000 in 2023, reflecting a growth of 40.0%[58] - Revenue from mainland China increased to RMB 702,073,000 in 2024, up from RMB 534,764,000 in 2023, marking a rise of 31.3%[63] Cost and Expenses - Sales cost rose by 3.7% from RMB 954.8 million in 2023 to RMB 989.9 million in 2024, with unit production costs decreasing due to production scale effects and process optimization[29] - Gross loss decreased by 55.4% from RMB 362.1 million in 2023 to RMB 161.4 million in 2024, resulting in a gross loss margin reduction from 61.1% to 19.5%[30] - Administrative expenses rose by 82.6% from RMB 247.1 million in 2023 to RMB 451.2 million in 2024, primarily due to increased employee costs and legal service fees[34] - R&D costs decreased by 7.4% from RMB 348.7 million in 2023 to RMB 323.0 million in 2024, attributed to lower unit costs and optimized team structure[35] - Financial costs dropped by 29.3% from RMB 118.9 million in 2023 to RMB 84.1 million in 2024, due to reduced interest from loan repayments and lower market interest rates[36] Profitability - The company reported a pre-tax loss of RMB 1,045,342,000 for 2024, slightly improved from a loss of RMB 1,101,932,000 in 2023[70] - The company's net loss for the year decreased by 5.1% from RMB 1,101.9 million in 2023 to RMB 1,045.7 million in 2024[37] - The operating loss for the year ended December 31, 2024, was RMB 961.277 million, compared to an operating loss of RMB 983.020 million in 2023[49] Liquidity and Capital Structure - Cash and cash equivalents increased significantly from RMB 329.0 million in 2023 to RMB 1,525.0 million in 2024, reflecting improved liquidity[38] - The current ratio increased from 1.2x as of December 31, 2023, to 2.5x as of December 31, 2024, primarily due to increased cash and cash equivalents from global fundraising[41] - The quick ratio rose from 0.8x as of December 31, 2023, to 2.0x as of December 31, 2024, also driven by the increase in cash and cash equivalents from global fundraising[42] - The net debt ratio decreased from 87.9% as of December 31, 2023, to 13.4% as of December 31, 2024, due to increases in cash and cash equivalents and total equity[43] Production and Operations - The overall yield rate reached 95% in 2024, with unit manufacturing costs decreasing by nearly 40%[9] - The company is the first in the world to mass-produce 8-inch GaN wafers, enhancing its competitive edge in the market[10] - The company established a leading mature process technology platform, achieving over 30% improvement in wafer output efficiency with the new 3.0 generation process technology[18] - The overall yield rate exceeded 95% in 2024, supported by enhanced process stability and defect control measures[20] - Cumulative chip deliveries in renewable energy and industrial applications reached 33.0 million units by the end of 2024, showcasing the company's strong capabilities in this area[16] Product Development and Innovation - The company launched over 50 new products during the reporting period, with 471 customer integrations[9] - The company has developed a new generation of 700V GaN devices, expected to start mass production in 2025, which will significantly reduce switching losses[12] - The introduction of the 100V automotive-grade device enhances the performance of lidar systems, meeting the growing demands of automotive applications[14] - The company accelerated the replacement of traditional silicon-based markets with third-generation semiconductors, achieving breakthroughs in multiple fields driven by structural demand changes[16] - In the automotive electronics sector, the company has developed automotive-grade GaN chips, enhancing overall vehicle efficiency and reducing manufacturing costs, with multiple domestic and international OEMs adopting these solutions[16] Market and Sales - Overseas sales revenue reached RMB 126.4 million, marking a year-on-year growth of 118.1%[9] - The company’s overseas market sales revenue reached RMB 126.4 million, accounting for 15.3% of total revenue, with a year-on-year growth of 118.1%[22] - The company delivered server power chips to multiple global manufacturers and launched 650V and 100V GaN power devices, significantly improving power density and efficiency in data centers[16] Human Resources - The company employed 1,147 staff as of December 31, 2024, with a focus on enhancing human resource management through various recruitment and training programs[48] - Employee costs decreased to RMB 590,715,000 in 2024 from RMB 582,878,000 in 2023, showing a slight increase of 1.4%[65] Corporate Governance - The company has confirmed compliance with all applicable corporate governance codes during the reporting period[90] - The company has established an audit committee consisting of three independent non-executive directors to review the audited consolidated financial statements for the year ending December 31, 2024[94] Future Outlook - The company plans to utilize 60% of the net proceeds from the IPO, amounting to approximately HKD 781.48 million, to expand its 8-inch GaN wafer production capacity from 12,500 wafers per month to 70,000 wafers per month over the next five years[91] - The company aims to allocate 20% of the net proceeds, approximately HKD 260.49 million, for research and development to enhance the penetration of GaN products in end markets such as consumer electronics and automotive electronics by 2029[91]

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，概不就因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2577） 自願公告 EPC ITC案之最終裁決 本公告為英諾賽科（蘇州）科技股份有限公司（「本公司」）自願作出。 茲提述本公司日期為2024年12月18日的招股章程，內容有關（其中包括）Efficient Power Conversion Corporation（「EPC」）於美國國際貿易委員會（「ITC」）對本公司 提出的訴訟（「EPC ITC案」）。 本公司董事會（「董事會」）欣然宣佈本公司在EPC ITC案中取得決勝。於2025年3 月18日，美國專利商標局（「USPTO」）發佈最終裁決（「最終裁決」），宣告EPC的 美國專利第8,350,294號（「'294號專利」）的所有索賠無效 ...