Core Insights - The MEMS micro-nano manufacturing components industry is experiencing rapid growth due to increased penetration in consumer electronics, automotive electronics, industrial automation, and healthcare sectors, with the global market expected to reach 7.3 billion yuan by 2025 and 7.7 billion yuan by 2026 [1][5][10] Industry Definition and Classification - MEMS (Micro-Electro-Mechanical Systems) combines electronic and mechanical technologies to create devices at micro or nano scales, enabling smart and integrated systems [2][3] - Key components include sensors, acoustic modules, optical modules, pressure sensors, and inertial sensors, characterized by miniaturization, integration, and mass production [3][4] Current Industry Status - The MEMS micro-nano manufacturing components market is expanding, driven by technological advancements and increasing demand for miniaturized and intelligent devices [4][5] - The largest segment within this market is sensors, followed by acoustic modules, with significant growth projected in various subcategories [5] Industry Chain - The upstream of the MEMS industry includes high-grade metals, silicon-based materials, polymers, and precision equipment, with high technical barriers and reliance on imports for some high-end materials [6] - The midstream focuses on the production of MEMS components, characterized by high technology barriers and added value [6] - The downstream applications span aerospace, automotive, biomedical, and consumer electronics sectors [6] Competitive Landscape - The MEMS micro-nano manufacturing components market in China is primarily dominated by foreign companies, with domestic firms accelerating their efforts to replace imports and enhance core technologies [7] - Key players include AAC Technologies, Huazhong University of Science and Technology, Goertek, and others, with ongoing advancements in various segments [7][8] Development Trends - The MEMS industry is evolving towards micro-nano precision manufacturing of integrated functional components, emphasizing miniaturization, integration, and mass production [9][10] - Future growth is anticipated as technological advancements lower production costs and expand applications across various sectors, including IoT, consumer electronics, and automotive industries [10]

国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 杭州士兰微电子股份有限公司 2025 年第四次临时股东会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年十二月 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 杭州士兰微电子股份有限公司 2025 年第四次临时股东会 法律意见书 致：杭州士兰微电子股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受杭州士兰微电子股份有 限公司（以下简称"公司"）委托，指派律师出席公司 2025 年第四次 ...

证券代码：600460 证券简称：士兰微 公告编号：临 2025-059 杭州士兰微电子股份有限公司 2025年第四次临时股东会决议公告 本公司董事会及全体董事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。 (一) 股东会召开的时间：2025 年 12 月 30 日 (二) 股东会召开的地点：浙江省杭州市西湖区黄姑山路 4 号公司三楼大会 议室 重要内容提示： 本次会议是否有否决议案：无 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,985 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 664,288,522 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 39.9195 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况 等。 本次股东会采用现场投票与网络投票相结合的方式对本次股东会通知中列 明的事项进行了投票表决。现场出席本次股东会现场会 ...

Core Insights - The automotive sector has become the largest application area for MOSFETs, accounting for 33% of global MOSFET applications by 2024, driven by the growth of automotive electrification and intelligence [12][11] - The global automotive MOSFET market is projected to grow from 23.7 billion yuan in 2020 to 33.4 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.0% [12][11] - China, as the largest automotive market and electric vehicle producer, holds over 30% of the global automotive MOSFET market, with its market size expected to reach 12.27 billion yuan in 2024, growing by 11.9% year-on-year [12][11] Automotive MOSFET Industry Overview - MOSFET, or Metal-Oxide-Semiconductor Field-Effect Transistor, is essential in both analog and digital circuits, converting input voltage changes into output current changes [1][2] - In the automotive sector, MOSFETs are critical components, with applications in traditional fuel vehicles and electric vehicles [4][5] Industry Development Background - China's automotive industry has rapidly developed over the past few decades, maintaining its position as the world's largest automotive producer and seller [7][9] - The growth of the automotive industry has led to increased demand for upstream components, including automotive MOSFETs [7][9] Market Status 1. **Global Market** - The automotive sector has become the largest application area for MOSFETs, with a 33% share in 2024, followed by the industrial sector at 31% [12] - The global automotive MOSFET market is expected to grow from 23.7 billion yuan in 2020 to 33.4 billion yuan in 2024, achieving a CAGR of 9.0% [12] 2. **Chinese Market** - China's automotive MOSFET market surpassed 10 billion yuan in 2023 and is projected to reach 12.27 billion yuan in 2024, with an 11.9% year-on-year growth [12][11] 3. **Competitive Landscape** - The global automotive MOSFET market is competitive, with international firms like Infineon, ON Semiconductor, and Renesas dominating high-end markets due to their technological expertise [12][11] - Domestic companies such as Wentai Technology and Huazhong Microelectronics are accelerating the localization of automotive MOSFETs to meet domestic demand, although they primarily serve lower-end applications [12][11] Future Trends - The automotive MOSFET industry is expected to evolve towards higher performance, smaller sizes, and lower costs, with the increasing adoption of wide-bandgap semiconductor materials like SiC and GaN [15][16]

Core Viewpoint - The company, Hangzhou Silan Microelectronics Co., Ltd., has approved a resolution to apply for a loan of up to 1.5 billion RMB from the National Development Bank's wholly-owned subsidiary to support the implementation of its 12-inch high-end analog integrated circuit chip manufacturing production line project (Phase I) [1]. Group 1 - The board meeting was held on December 19, 2025, with all 15 directors present, confirming compliance with relevant laws and regulations [1]. - The loan application is intended for capital injection into the project company, Xiamen Silan Jihua Microelectronics Co., Ltd., and will not require any guarantees [1]. - The loan term is set for a maximum of 15 years, with an interest rate not exceeding the five-year Loan Prime Rate (LPR) [1]. Group 2 - The voting results for the resolution were unanimous, with 15 votes in favor and no votes against or abstentions [2]. - The announcement was made by the board of directors on December 20, 2025 [3].

Core Viewpoint - The company, Silan Microelectronics, announced plans to apply for a loan of up to 1.5 billion yuan from a subsidiary of the National Development Bank to support the implementation of its "12-inch high-end analog integrated circuit chip manufacturing production line project (Phase I)" [1] Group 1 - The loan will have a term of no more than 15 years and an interest rate not exceeding the five-year Loan Prime Rate (LPR) [1] - The funds from the loan will be exclusively used as capital injection into the project company, Xiamen Silan Jihua Microelectronics Co., Ltd. [1] - The loan does not require any collateral [1]

（文章来源：证券日报） 证券日报网讯 12月19日晚间，士兰微发布公告称，公司第九届董事会第七次会议审议通过《关于向国 开新型政策性金融工具有限公司申请新型政策性金融工具借款的议案》。 ...

证券代码：600460 证券简称：士兰微 编号：临 2025-058 杭州士兰微电子股份有限公司 特此公告。 杭州士兰微电子股份有限公司 董事会 2025 年 12 月 20 日 1 / 1 本公司董事会及全体董事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。 杭州士兰微电子股份有限公司（以下简称"公司"或"本公司"）第九届董 事会第七次会议于 2025 年 12 月 19 日以通讯的方式召开。本次会议的通知和会 议材料已于 2025 年 12 月 14 日以电子邮件等方式通知全体董事和高级管理人员， 并电话确认。会议应到董事 15 人，实到 15 人，公司高级管理人员列席了本次会 议。会议由董事长陈向东先生主持。本次会议的召开符合《公司法》及《公司章 程》等有关规定。会议审议并通过了以下决议： 1、同意《关于向国开新型政策性金融工具有限公司申请新型政策性金融工 具借款的议案》 为保障 "12 英寸高端模拟集成电路芯片制造生产线项目（一期）"的顺利 实施，本公司拟向国家开发银行的全资子公司国开新型政策性金融工具有限公司 申请不超过人民币 15 亿元 ...

1 / 7 600460 士兰微 2025 年第四次临时股东会会议资料 会议资料目录 | 议案之一：关于修订《关联交易管理制度》的议案 3 | | | | | --- | --- | --- | --- | | 议案之二：关于修订《重大经营和投资决策管理制度》的议案 4 | | | | | 议案之三：关于 年 | 2026 | 1-6 | 月公司与士兰集科日常关联交易预计额 | | 度的议案 5 | | | | 600460 士兰微 2025 年第四次临时股东会会议资料 杭州士兰微电子股份有限公司 2025 年第四次临时股东会 会议资料 2 / 7 600460 士兰微 2025 年第四次临时股东会会议资料 议案之一：关于修订《关联交易管理制度》的议案 为规范公司的关联交易行为，严格履行关联交易决策程序和信息披露义务， 提高公司规范运作水平，保护公司及股东特别是中小股东的合法权益，根据最 新修订的《公司法》《上市公司治理准则》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 5 号——交易与关联交易》等法律、法 规、规范性文件及《公司章程》的相关规定，并结合公司实际情况，特对公司 《关联 ...

Core Viewpoint - The GaN market is experiencing a dramatic shift, with major players like NXP and TSMC withdrawing from GaN-related businesses, while other companies continue to invest heavily in GaN technology, indicating a complex interplay of market demand, business logic, and technological evolution [2][4][15]. Group 1: Major Players' Withdrawal - NXP has decided to close its ECHO wafer fab in Arizona, marking its exit from the GaN-based 5G power amplifier market due to disappointing market demand and low investment returns from 5G base station deployments [6][8]. - TSMC announced plans to gradually exit the GaN foundry business by 2027, citing low profitability and intense competition from lower-cost manufacturers [9][10]. - Wolfspeed sold its GaN RF business for $125 million, focusing instead on its SiC business due to declining market share and demand in the SiC sector [12][13]. Group 2: Market Dynamics and Opportunities - Despite the withdrawal of major players, companies like Infineon, Texas Instruments, and domestic firms such as Innoscience and Sanan continue to expand their investments in GaN technology, indicating a bifurcated market landscape [2][15][20]. - The GaN market is shifting from a focus on technological advancement to a competition based on market potential, engineering capabilities, and profitable business models [15][26]. - The power GaN market is projected to grow significantly, with a compound annual growth rate of 42%, reaching approximately $3.0 billion by 2030, driven by demand in sectors like electric vehicles and data centers [26][28]. Group 3: IDM vs. Foundry Models - The competition between IDM (Integrated Device Manufacturer) and foundry models is intensifying, with IDM firms like Infineon leveraging their vertical integration to optimize product performance and reliability [31][32]. - Foundry models, while allowing for rapid market entry and lower initial capital investment, face challenges in customization and supply chain stability, especially with the exit of key players like TSMC [31][32]. - The future of GaN technology may favor the IDM model due to its advantages in cost control and supply chain stability, although foundry models will still play a role in niche markets [33][34]. Group 4: Future Pathways for GaN - The industry is undergoing a profound restructuring, moving away from blind expansion towards a focus on specific market applications and sustainable business models [36][38]. - Cost efficiency is becoming a critical competitive factor, with Chinese manufacturers adopting strategies to lower production costs through large-scale production [37]. - The GaN industry is expected to see increased consolidation, with smaller firms facing challenges in a market that favors those with scale and technological advantages [39].