| | | 600460 士兰微 2025 年第二次临时股东大会会议资料 杭州士兰微电子股份有限公司 2025 年第二次临时股东大会 会议资料 1 / 63 600460 士兰微 2025 年第二次临时股东大会会议资料 议案之一：关于修订《公司章程》的议案 根据 2024 年 7 月 1 日生效实施的新《公司法》、中国证券监督管理委员会发 布的《关于新〈公司法〉配套制度规则实施相关过渡期安排》《上市公司章程指 引》《上市公司治理准则》等相关法律法规的规定，结合公司第八届董事会、监 事会即将届满的实际情况，拟对《公司章程》进行修订。公司将不再设置监事会， 由董事会审计委员会行使《公司法》规定的监事会的职权。公司《监事会议事规 则》等监事会相关制度将于本次《公司章程》修订生效之日起废止。 本次修订后的《公司章程》全文详见上海证券交易所网站（www.sse.com.cn）。 本次《公司章程》修订对照表详见附件一。 本议案已经公司第八届董事会第三十六次会议审议通过，现提请公司 2025 年第二次临时股东大会审议。本议案为特别决议议案，应当经出席股东大会的股 东（包括股东代理人）所持表决权的三分之二以上通过。 杭州士兰 ...

金融界消息 截至2025年8月1日收盘，士兰微（600460）报收于26.1元，上涨1.99%，换手率3.55%，成 交量59.05万手，成交金额15.39亿元。 资金流向方面，今日主力资金净流入1.08亿元，占比成交额7.03%。其中，超大单净流入1.12亿元、占 成交额7.3%，大单净流出417.63万元、占成交额0.27%，中单净流出流出4208.00万元、占成交额 2.73%，小单净流出6617.52万元、占成交额4.3%。 士兰微最新一期业绩显示，截至2025一季报，公司营业总收入30.00亿元、同比增长21.70%，归属净利 润1.49亿元，同比增长1072.43%，扣非净利润1.45亿元，同比增长8.96%，流动比率1.883、速动比率 1.332、资产负债率44.57%。 天眼查商业履历信息显示，杭州士兰微电子股份有限公司，成立于1997年，位于杭州市，是一家以从事 计算机、通信和其他电子设备制造业为主的企业。企业注册资本166407.1845万人民币，实缴资本 166407.1845万人民币。公司法定代表人为陈向东。 通过天眼查大数据分析，杭州士兰微电子股份有限公司共对外投资了30家企业，参 ...

Industry Overview - The Chinese secure storage chip market is experiencing rapid growth driven by the implementation of national information security strategies and accelerated domestic substitution processes. The market size is projected to reach 18.67 billion RMB in 2024, representing a year-on-year growth of 19.3% [1][16]. - By 2025, the market size is expected to exceed 21.85 billion RMB, supported by increased investments in information security infrastructure and the scaling of projects like IC cards and electronic IDs [1][16]. Market Structure - The secure storage chip market is characterized by a clear structural feature, with the financial payment sector maintaining a leading position with a 42% market share in 2024. The government and public service applications follow closely with a 28% market share [17]. - Emerging applications in industrial control and vehicle networking, although currently smaller in market share, are growing rapidly and are expected to reshape the market landscape [17]. Industry Development History - The secure storage chip industry in China has evolved from reliance on foreign manufacturers to achieving a degree of self-sufficiency. Prior to 2015, domestic production was almost entirely dependent on foreign companies [8]. - The introduction of laws such as the Cybersecurity Law and Data Security Law has spurred local companies to make technological advancements and expand their market presence [8]. - From 2018 to 2020, domestic companies like Unisoc and National Technology made significant progress in the secure storage chip sector, covering various application scenarios [8]. Industry Chain - The secure storage chip industry chain consists of upstream raw materials and equipment, midstream production and manufacturing, and downstream application fields including financial payments, government services, industrial control, and vehicle networking [10]. Key Companies - Major players in the secure storage chip industry include Zhaoyi Innovation, Huawei, Tongfu Microelectronics, and National Technology, among others. These companies leverage technological advancements and scale advantages to capture significant market shares [20][21]. - The competitive landscape is marked by a mix of large enterprises and emerging companies focusing on innovation and differentiation [20]. Future Trends - The secure storage chip industry is expected to trend towards multifunctionality, integrating storage, encryption, identity authentication, and secure boot capabilities into single chips [26]. - High performance will be a focus, with developments in storage chips supporting high-speed interfaces and optimized encryption algorithms to meet the demands of AI and supercomputing applications [27]. - Low power consumption will also be a key trend, driven by the proliferation of IoT and edge devices, with new non-volatile memory technologies gradually replacing traditional flash chips [29].

本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 减持计划实施前股东持股的基本情况 本次减持主体为杭州士兰微电子股份有限公司（以下简称"公司"或"士兰微"）之股东、实际控制人之 一、控股股东的一致行动人、董事罗华兵先生。本次减持计划实施前，罗华兵先生直接持有公司股份 4,593,908股，占公司总股本比例为0.27606%，均为无限售条件流通股。 ● 减持计划的实施结果情况 公司于2025年7月1日在上海证券交易所网站（www.sse.com.cn）披露了《股东减持股份计划公告》（公 告编号：临2025-032）：罗华兵先生计划自公告披露之日起15个交易日后的3个月内，在符合法律法规 规定的前提下，通过集中竞价交易或大宗交易方式减持其所持有的公司股份合计不超过500,000股，减 持数量占公司总股本的比例不超过0.03005%。 截至2025年7月29日，罗华兵先生通过集中竞价交易累计减持公司股份500,000股，占公司总股本的 0.03005%。本次减持计划已实施完毕。截至本公告披露日，罗华兵先生 ...

证券代码：600460 证券简称：士兰微 公告编号：临2025-038 ● 减持计划的实施结果情况 公司于2025年7月1日在上海证券交易所网站（www.sse.com.cn）披露了《股东减持股份计划公告》（公 告编号：临2025-032）：罗华兵先生计划自公告披露之日起15个交易日后的3个月内，在符合法律法规 规定的前提下，通过集中竞价交易或大宗交易方式减持其所持有的公司股份合计不超过500,000股，减 持数量占公司总股本的比例不超过0.03005%。 截至2025年7月29日，罗华兵先生通过集中竞价交易累计减持公司股份500,000股，占公司总股本的 0.03005%。本次减持计划已实施完毕。截至本公告披露日，罗华兵先生直接持有公司股份4,093,908 股，占公司总股本比例为0.24602%。（注：本公告数据如有尾差，系四舍五入所致） 一、减持主体减持前基本情况 ■ 杭州士兰微电子股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 减持计划实施前股东持股的基 ...

证券代码：600460 证券简称：士兰微 公告编号：临 2025-038 杭州士兰微电子股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 减持计划实施前股东持股的基本情况 本次减持主体为杭州士兰微电子股份有限公司（以下简称"公司"或"士兰 微"）之股东、实际控制人之一、控股股东的一致行动人、董事罗华兵先生。本 次减持计划实施前，罗华兵先生直接持有公司股份 4,593,908 股，占公司总股本 比例为 0.27606%，均为无限售条件流通股。 公司于 2025 年 7 月 1 日在上海证券交易所网站（www.sse.com.cn）披露了 《股东减持股份计划公告》（公告编号：临 2025-032）：罗华兵先生计划自公告 披露之日起 15 个交易日后的 3 个月内，在符合法律法规规定的前提下，通过集 中竞价交易或大宗交易方式减持其所持有的公司股份合计不超过 500,000 股，减 持数量占公司总股本的比例不超过 0.03005%。 截至 2025 年 7 月 29 日， ...

证券代码：600460 证券简称：士兰微 公告编号：临 2025-038 杭州士兰微电子股份有限公司 股东减持股份结果公告 公司于 2025 年 7 月 1 日在上海证券交易所网站（www.sse.com.cn）披露了 《股东减持股份计划公告》（公告编号：临 2025-032）：罗华兵先生计划自公告 披露之日起 15 个交易日后的 3 个月内，在符合法律法规规定的前提下，通过集 中竞价交易或大宗交易方式减持其所持有的公司股份合计不超过 500,000 股，减 持数量占公司总股本的比例不超过 0.03005%。 截至 2025 年 7 月 29 日，罗华兵先生通过集中竞价交易累计减持公司股份 500,000 股，占公司总股本的 0.03005%。本次减持计划已实施完毕。截至本公告 披露日，罗华兵先生直接持有公司股份 4,093,908 股，占公司总股本比例为 0.24602%。（注：本公告数据如有尾差，系四舍五入所致） | 股东名称 | 罗华兵 | | | | --- | --- | --- | --- | | | 控股股东、实控人及一致行动人 | √是 | □否 | | 股东身份 | 直接持股 5%以上股东 ...

Core Viewpoint - The power semiconductor industry is undergoing a significant adjustment phase due to global economic fluctuations, geopolitical conflicts, and accelerated technological iterations, leading to a complex landscape of opportunities and challenges for companies [1]. Group 1: Revenue and Profit Analysis - In 2024, most companies in the power semiconductor industry experienced revenue growth, but net profit showed significant divergence [2]. - Notable revenue figures include: - Silan Micro: 11.22 billion yuan, up 20.14% - Jiejie Microelectronics: 2.845 billion yuan, up 35.05% - New Clean Energy: 1.828 billion yuan, up 23.83% - Yangjie Technology: 6.033 billion yuan, up 11.53% - Huazhong Micro: 10.119 billion yuan, up 2.20% - Stada Semiconductor: 3.391 billion yuan, down 7.44% - Dongwei Semiconductor: 1.003 billion yuan, up 3.12% - Hongwei Technology: 1.331 billion yuan, down 11.52% [3]. - In terms of net profit: - Jiejie Microelectronics saw a dramatic increase of 115.87% - New Clean Energy and Yangjie Technology also reported growth - Silan Micro turned a profit of 220 million yuan - Huazhong Micro, Stada Semiconductor, Dongwei Semiconductor, and Hongwei Technology experienced varying degrees of decline [4]. Group 2: Market Dynamics and Competitive Landscape - The global power semiconductor market is projected to reach $46.8 billion in 2024, reflecting an 8% year-on-year decline, indicating limited growth in market demand [6]. - Companies are facing pressures from both supply-demand adjustments and intensified price competition, with Huazhong Micro noting significant impacts on profit metrics due to increased R&D investments and competitive pricing [7]. - Macro uncertainties and price competition are directly affecting company performance, with Hongwei Technology and Stada Semiconductor reporting declines in both revenue and net profit [8]. Group 3: Strategic Responses and Future Outlook - Some companies are achieving growth through "dislocated competition" by expanding into new application areas and optimizing product structures, such as Jiejie Microelectronics and New Clean Energy [9]. - The industry is characterized by a "dislocated growth" phenomenon, where some companies leverage technological advancements to capture high-end markets, while others struggle with price competition due to product homogeneity [10]. - To achieve coordinated growth in revenue and net profit, companies should focus on three strategies: 1. Increase R&D investments to innovate and create high-value products 2. Expand market boundaries by exploring both traditional and emerging markets 3. Strengthen internal cost control and optimize supply chain management to enhance overall profitability [12].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [6][8]. Core Insights - The company is positioned as one of the few private IDM (Integrated Device Manufacturer) semiconductor firms in China, with strong competitiveness in its IPM (Intelligent Power Module) products, particularly benefiting from demand growth in the home appliance and industrial sectors due to national subsidies and economic recovery [6][8]. - The company is expected to achieve significant net profit growth from 2025 to 2027, with projected net profits of 640 million RMB, 880 million RMB, and 1.16 billion RMB, representing year-on-year growth rates of 192%, 38%, and 31% respectively [6][8]. - The stock is currently trading at a price-to-earnings (P/E) ratio of 65, 47, and 36 for the years 2025, 2026, and 2027, respectively, which supports the "Buy" rating [6][8]. Financial Summary - The company anticipates a net profit of 24 million to 28 million RMB in the first half of 2025, marking a turnaround from losses in the previous year, with a year-on-year growth of 90% to 122% [8]. - Revenue is projected to grow from 9.34 billion RMB in 2023 to 14.03 billion RMB in 2025, with a steady increase in operating profit expected [11]. - The company’s gross margin is expected to remain stable due to cost reduction measures and increased production capacity, particularly in its 12-inch wafer production lines [8][11].

Core Viewpoint - The company is revising its articles of association in accordance with the new Company Law effective from July 1, 2024, which includes the abolition of the supervisory board and the delegation of its powers to the audit committee of the board of directors [1][2][3]. Group 1: Board Meeting Decisions - The eighth board of directors held its 36th meeting on July 23, 2025, with all 12 directors present, confirming compliance with relevant laws and regulations [1]. - The board approved the proposal to amend the articles of association, which will eliminate the supervisory board and transfer its responsibilities to the audit committee [1][2]. - The revised articles of association will also lead to changes in the rules governing the shareholders' meeting, which will be renamed [2][3]. Group 2: Election of New Board Members - The company plans to hold elections for the ninth board of directors, with candidates nominated by major shareholders, including the controlling shareholder [4]. - The board has nominated several candidates for both non-independent and independent director positions, all of whom must be approved by the shareholders' meeting [4][5]. - The independent directors' compensation is proposed to be set at 80,000 RMB per year, payable monthly [5]. Group 3: Candidate Qualifications - All nominated candidates for the board have been confirmed to meet the qualifications set by relevant laws and regulations, with no conflicts of interest reported [12][14]. - The independent director candidates have academic and professional backgrounds relevant to their roles, ensuring compliance with independence requirements [12][14].