证券代码：600745 证券简称：闻泰科技 公告编号：临 2025-141 转债代码：110081 转债简称：闻泰转债 闻泰科技股份有限公司 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： ● 大股东持股的基本情况：本次减持计划实施前，闻泰科技股份有限公司（以下简称"公司"）持股5% 以上股东无锡国联集成电路投资中心（有限合伙）持有公司股票109,137,709股，占公司总股本8.77%， 上述股份来源于公司发行股份购买资产取得，均为无限售流通股。 ● 减持计划的实施结果情况：公司于2025年6月6日披露了无锡国联集成电路投资中心（有限合伙）本次 减持计划，详见《关于股东减持股份计划公告》（公告编号：临2025-098）。截至2025年9月26日，无 锡国联集成电路投资中心（有限合伙）本次减持计划时间区间已届满。在本次减持计划实施期间内，无 锡国联集成电路投资中心（有限合伙）通过集中竞价方式减持公司股份12,419,143股。 一、减持主体减持前基本情况 此次减持计划未设置最低减 ...

Core Summary - The A-share semiconductor sector has seen an 11% increase since September, with supply chain research confirming optimistic sentiment. The upstream wafer fabrication equipment (WFE), foundries, and OSAT/test service providers are positive, while semiconductor design companies are cautious about traditional end-user demand but remain optimistic about long-term opportunities driven by domestic AI [2]. Group 1: Market Sentiment and Trends - The semiconductor industry is experiencing a rebound in capacity utilization driven by AI demand, with expectations for further increases by Q4 2025 [3]. - Price differentiation is evident, with storage products expected to see price increases, while mature logic products may face downward pressure [4]. Group 2: WFE Demand and Key Recommendations - China's WFE imports in August showed a 12% year-on-year increase, supporting a positive outlook for overall semiconductor capital expenditures [5]. - Morgan Stanley highlights Zhongwei Company as a key player in the WFE sector, with over 40% year-on-year growth in existing orders, primarily from high-end fields [6]. Group 3: End-user Demand Dynamics - The smartphone market is facing stagnation, leading to increased price competition among components, which may pressure related design companies [7]. - The AIoT sector is emerging as a growth driver for companies like OmniVision, which is benefiting from rising demand for new applications such as action cameras and AIAR glasses [8]. Group 4: Long-term Growth Drivers - Domestic AI chip localization is identified as a long-term growth driver for the semiconductor supply chain, with an expected increase in local AI chip suppliers and capacities by 2026 [9]. - Key companies benefiting from this trend include Zhongwei Company, Weicai Technology, Yongsha Electronics, and Changchuan Technology, all of which are projected to see accelerated profit growth [9]. Group 5: Valuation Adjustments and Preferred Stocks - The semiconductor sector's overall valuation is expected to rise due to the long-term growth of domestic AI supply chains, with AI enablers showing greater elasticity [10]. - Core recommended stocks include Zhongwei Company, OmniVision, and Wentai Technology, all of which have strong growth prospects and attractive valuations [10].

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 2025-141 | | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | 闻泰科技股份有限公司 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。 一、减持主体减持前基本情况 (一)大股东因以下事项披露减持计划实施结果： 1 披露的减持时间区间届满 | 股东名称 | 无锡国联集成电路投资中心（有限合伙） | | --- | --- | | 减持计划首次披露日期 | 2025 年 6 月 6 日 | | 减持数量 | 12,419,143股 | | 减持期间 | 2025 年 6 月 27 日～2025 年 9 月 26 日 | | 减持方式及对应减持数量 | 集中竞价减持，12,419,143 股 | | 减持价格区间 | 36.36～48.95元/股 | | 减持总金额 | 495,624,769.87元 | | 减持完成情况 | 已完成 | | 减持比例 | 0.9979% | ...

【闻泰科技（维权）：股东无锡国联集成电路投资中心减持0.9979%股份】智通财经9月26日电，闻泰 科技(600745.SH)公告称，公司股东无锡国联集成电路投资中心（有限合伙）的减持计划时间区间已届 满，于2025年6月27日至2025年9月26日通过集中竞价减持公司股份1241.91万股，占总股本0.9979%，成 交价36.36-48.95元/股，减持总金额4.96亿元；减持前持股1.09亿股，占8.77%，目前持股9671.86万股， 占7.77%。 转自：智通财经 ...

闻泰科技公告，无锡国联集成电路投资中心(有限合伙)已于2025年6月27日至2025年9月26日通过集中竞 价减持公司股份1241.91万股，占总股本0.9979%，成交价36.36～48.95元/股，套现4.96亿元；减持前持 股1.09亿股，占8.77%，目前持股9671.86万股，占7.77%。 ...

Summary of the Conference Call on the Chinese Semiconductor Industry Industry Overview - The conference call focused on the **Chinese semiconductor industry** and its recent performance, particularly in the context of the A-share market, which saw an **11% increase** in the semiconductor sector since September [1][3]. Key Insights and Arguments 1. **Optimistic Supply Chain Feedback**: Recent supply chain surveys indicate a positive outlook from wafer fabrication equipment (WFE) companies, foundries, and OSAT/test service providers, despite a cautious stance from most semiconductor design firms regarding overall demand in sectors like automotive, home appliances, and smartphones [1][3]. 2. **AIoT Device Growth**: The emergence of AIoT devices is expected to maintain robust shipments through 2026, largely driven by the development of domestic AI technologies in China [1][3]. 3. **Valuation Adjustments**: Anticipation of long-term catalysts, particularly in AI-enabled sectors, suggests an upward adjustment in the valuation of the Chinese semiconductor sector, with a specific focus on WFE companies [1][3]. 4. **Preferred Sub-sectors**: The report highlights WFE as a preferred sub-sector, with **Zhongwei Company** (中微公司) identified as a top pick, alongside **Omnivision** (豪威集团) and **Wentai Technology** (闻泰科技) due to their attractive valuations and growth catalysts [1][3]. 5. **Capacity Utilization Trends**: The capacity utilization rate is expected to rise in Q4 2025, supported by domestic and overseas AI-related demand, while overall prices are projected to remain stable [3][3]. 6. **WFE Demand Outlook**: WFE imports in China showed a **12% year-on-year increase** in August, reinforcing a positive outlook for overall capital expenditures [3][3]. 7. **Smartphone Demand Stagnation**: While flagship smartphones are set for release in Q4 2025, the demand for Android smartphones appears weak, potentially leading to increased price competition in smartphone components [3][3]. 8. **Emerging Applications**: The demand for CMOS image sensors from **Omnivision** is expected to grow due to new applications like action cameras and AI/AR glasses, which could enhance sales and profitability [3][3]. 9. **Domestic AI Chip Growth**: The report emphasizes the long-term growth potential for domestic AI chip manufacturers, which is expected to benefit the overall semiconductor supply chain [3][3]. 10. **Profit Growth Guidance**: Companies visited during the research, such as Zhongwei Company and others, indicated accelerated profit growth due to increased domestic AI chip supply and capacity [3][3]. Additional Important Information - The report includes a list of companies visited during the research, highlighting their business descriptions and stock codes, which provides context for the insights shared [6][3]. - The document also contains historical price-to-earnings (P/E) ratios for various semiconductor sub-sectors, indicating market trends and investor sentiment [10][11][14][12]. This summary encapsulates the key points discussed in the conference call regarding the Chinese semiconductor industry, focusing on market trends, company performance, and future outlooks.

Investment Rating - The investment rating for the company is "Accumulate" [9] Core Views - The company is strategically adjusting its product integration business to focus on high-margin, high-barrier semiconductor operations. The semiconductor business has shown steady growth due to industry recovery, while the product integration business has faced challenges due to being placed on an entity list [1][3] - In the first half of 2025, the company reported a revenue of 25.341 billion yuan, a year-on-year decrease of 24.56%, but a net profit attributable to the parent company of 0.474 billion yuan, a year-on-year increase of 237.36% [1] - The semiconductor business achieved a revenue of 7.825 billion yuan, a year-on-year increase of 11.23%, with a gross margin of 37.89% and a net profit of 1.261 billion yuan, a year-on-year increase of 17.05% [1][2] Summary by Sections Semiconductor Business Performance - The semiconductor business is experiencing growth driven by strong sales in power and analog semiconductors, with significant demand from the automotive sector, AI infrastructure, and industrial applications. The revenue from the automotive sector accounted for 59.86% of the semiconductor business in the first half of 2025 [2][4] - The company is focusing on R&D and innovation to enhance its product offerings, with a significant portion of its semiconductor products meeting automotive-grade standards [2][4] Product Integration Business Challenges - The product integration business has faced significant revenue declines due to the impact of being placed on an entity list, leading to a net loss of 0.685 billion yuan in the first half of 2025 [1][3] - The company has decided to divest its product integration business to concentrate resources on strengthening its semiconductor business, which is expected to enhance its competitive advantage in the semiconductor industry [3][6] Financial Projections - The company forecasts revenues of 35.636 billion yuan, 18.331 billion yuan, and 20.447 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.909 billion yuan, 2.588 billion yuan, and 3.114 billion yuan for the same years [6][7] - The company is expected to maintain stable profitability in the future as it focuses on the semiconductor sector [6]

Core Points - The company has approved the achievement of the exercise conditions for the second exercise period of the 2023 stock option incentive plan [1] - A total of 24 individuals are eligible to exercise 232,753 stock options starting from September 26, 2025 [1] - The exercise price is set at 38.465 yuan per share, and the exercise period is from September 26, 2025, to August 24, 2026 [1] Summary by Sections - **Incentive Plan Details** - The stock options were granted on August 25, 2023 [1] - The exercise method is self-exercise through the brokerage system of Huatai Securities [1] - The stock options are sourced from shares issued to the incentive targets [1] - **Exercise Arrangement** - The exercise window is defined, with stocks available for trading on the second trading day after the exercise date [1] - The company will disclose changes in incentive targets and important parameters in regular or temporary reports [2]

Core Viewpoint - Wentech Technology has shown significant stock performance with a year-to-date increase of 28.78% and a recent surge of 15.28% over the last five trading days, indicating strong market interest and potential growth in the semiconductor and electronics sectors [1][2]. Company Overview - Wentech Technology, established on January 11, 1993, and listed on August 28, 1996, is based in Shenzhen, Guangdong Province. The company primarily engages in real estate development and the research and manufacturing of mobile internet devices, with a revenue composition of 69.00% from smart terminals and 30.88% from semiconductor products [1][2]. Financial Performance - For the first half of 2025, Wentech Technology reported a revenue of 25.341 billion yuan, reflecting a year-on-year decrease of 24.56%. However, the net profit attributable to shareholders increased by 237.36% to 474 million yuan [2]. - Cumulatively, the company has distributed 796 million yuan in dividends since its A-share listing, with 155 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Wentech Technology had 151,800 shareholders, an increase of 1.34% from the previous period. The average number of tradable shares per shareholder decreased by 1.32% to 8,199 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 9.613 million shares to 47.144 million shares, and Huaxia Guozheng Semiconductor Chip ETF, which increased its holdings by 413,100 shares to 15.166 million shares [3].

转债代码：110081 转债简称：闻泰转债 闻泰科技股份有限公司 关于2023年股票期权激励计划首次授予第二个行权期开始行权的提示性公告 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。 2025年9月4日，闻泰科技股份有限公司（以下简称"公司"）召开了第十二届董事会第十九次会议，审议 通过了《关于2023年股票期权激励计划首次授予股票期权第二个行权期行权条件成就的议案》，公司认 为2023年股票期权激励计划设定的首次授予激励对象行权条件已成就，同意为满足条件的激励对象办理 股票期权行权所需的相关事宜。本次符合行权条件的股票期权行权人数为24人，行权数量为232,753 份。经上海证券交易所及中国证券登记结算有限责任公司上海分公司审核，相关期权将于2025年9月26 日（周五）开始可以行权。本次可以行权的期权代码为1000000505。 公司2023年股票期权激励计划首次授予的股票期权第二个行权期采用自主行权方式行权，主要情况如 下： 1、授予日：2023年8月25日 证券代码：600745 证券简称：闻泰科技 公告编号：临20 ...