Investment Rating - The report maintains an "Overweight" rating for the company with a target price of 96.00 CNY, based on a 30x forward P/E ratio, which is close to the historical average of peers in the A-share market [2][27][28]. Core Insights - The company is transitioning to a pure semiconductor IDM model, with the divestiture of its ODM business expected to eliminate negative profitability factors. This transition is anticipated to enhance growth prospects and improve profitability [7][12][27]. - The company is expected to benefit from the growing demand in the Chinese market and the recovery of the higher-margin European market. The financial burden is expected to decrease, leading to a projected compound annual growth rate (CAGR) of 212% in earnings from 2025 to 2027 [1][12][27]. - The semiconductor business is projected to see revenue growth of 22%, 11%, and 11% in 2025, 2026, and 2027, respectively, despite an expected decline in overall sales due to the divestiture of the ODM business [23][27]. Summary by Sections Financial Forecasts - Adjusted earnings per share (EPS) for 2025 is projected at 1.65 CNY, with a significant recovery expected in subsequent years, reaching 2.53 CNY in 2026 and 3.24 CNY in 2027 [4][11][30]. - Revenue for 2025 is expected to decline to 31,480 million CNY, down 57% year-on-year, but net profit is projected to increase by 173% to 2,057 million CNY [11][23][30]. Valuation and Market Position - The company is currently one of the lowest-valued semiconductor firms covered, trading at a 40% discount compared to peers, with a dynamic P/E ratio of 17x [1][12]. - The report highlights the company's strong position as a leading supplier in the discrete semiconductor market, benefiting from the trend of semiconductor localization in China [12][27]. Market Performance - Year-to-date, the company's stock has decreased by 12.4%, underperforming the A-share technology and semiconductor indices by 8% and 10%, respectively [25][26]. - The report suggests that despite the ongoing divestiture of the ODM assets, the current market conditions present a favorable opportunity to reassess the company's potential due to its improving semiconductor business outlook [25][27].

Key Points - The company announced a repurchase price of 101.25 CNY per bond, including accrued interest [1][3] - The repurchase period is set from May 27, 2025, to June 3, 2025 [1][3] - The payment date for the repurchase funds is June 6, 2025 [1][3] Repurchase Terms - The repurchase rights are granted to bondholders if there are significant changes in the use of raised funds compared to the commitments in the prospectus, as recognized by the China Securities Regulatory Commission [1][2] - The accrued interest calculation formula is provided, with the fourth-year coupon rate set at 1.5% and the interest amount calculated to be 1.25 CNY per bond [2][3] - Bondholders can choose to sell part or all of their unconverted bonds during the repurchase period, which is not mandatory [2][4] Trading During Repurchase Period - The bonds will continue to trade during the repurchase period but will stop converting into shares [4] - If the total face value of the convertible bonds falls below 30 million CNY due to repurchases, trading will continue until the end of the repurchase period, after which an announcement will be made [4]

Core Viewpoint - The company is holding its second extraordinary general meeting of shareholders in 2025 to discuss significant asset transfer transactions involving cash sales to Luxshare Precision Industry Co., Ltd. and its subsidiaries, which will result in the transfer of 100% equity stakes in several subsidiaries and related business assets [7][9][10]. Meeting Arrangements - The meeting will combine on-site and online voting, with a designated time for shareholder registration and voting [1][4]. - The meeting will be presided over by the chairwoman, Ms. Zhang Qiuhong, with provisions for adjustments based on actual circumstances [1][4]. Proposed Resolutions - **Resolution 1**: Approval of the transaction meeting the conditions for a major asset restructuring, involving the cash sale of 100% equity stakes in subsidiaries and related business assets to Luxshare Precision [7][9][10]. - **Resolution 2**: Approval of the major asset sale plan, detailing the specific subsidiaries and assets involved in the transaction [8][9]. - **Resolution 3**: Review of the draft major asset sale report and its summary [13][14]. - **Resolution 4**: Authorization for signing conditional agreements related to the asset sale [15]. - **Resolution 5**: Signing of supplementary agreements to clarify transaction price and related matters [16]. - **Resolution 6**: Confirmation that the transaction does not constitute a related party transaction [17]. - **Resolution 7**: Acknowledgment that the transaction qualifies as a major asset restructuring [18]. - **Resolution 8**: Compliance with regulatory requirements for the transaction [21]. - **Resolution 9**: Confirmation of the company's eligibility to execute the transaction [22]. - **Resolution 10**: Assurance that the transaction does not involve a change in control of the company [23]. - **Resolution 11**: Confirmation that the transaction parties do not fall under disallowed conditions for major asset restructuring [24]. - **Resolution 12**: Approval of audit, review, and valuation reports related to the transaction [12][25]. - **Resolution 13**: Assurance of the independence and fairness of the valuation process [26][27]. - **Resolution 14**: Discussion of the potential dilution of immediate returns and measures to mitigate this [28][29]. - **Resolution 15**: Explanation of stock price fluctuations prior to the transaction announcement [31]. - **Resolution 16**: Confirmation of the completeness and compliance of legal procedures for the transaction [33][34]. - **Resolution 17**: Disclosure of asset purchase and sale activities in the past twelve months [36]. - **Resolution 18**: Implementation of confidentiality measures during the transaction process [39]. - **Resolution 19**: Authorization for the board to handle specific transaction matters [40].

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 2025-095 | | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | 闻泰科技股份有限公司 注：鉴于公司可转债处于转股期等因素，占总股本比例按照 2025 年 5 月 29 日的股本总数 1,244,578,835 股计算。 一、 回购审批情况和回购方案内容 闻泰科技股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日召开了第十 二届董事会第八次会议，审议并通过了《关于回购公司股份的议案》。2025 年 4 月 12 日，公司披露了《关于回购公司股份的回购报告书》（公告编号：临 2025-048）。 本次回购股份方案的主要内容为：公司拟使用不低于人民币 2 亿元（含）、不超过 人民币 4 亿元（含）的自有资金回购公司股票，用于员工持股计划；回购股份价 格不超过人民币 50 元/股（含），回购期限为自董事会审议通过回购股份方案之日 起 12 个月内，从 2025 年 4 月 14 日至 2026 年 4 月 10 日。 二、 回购实施情况 （一）2025 年 4 月 14 日公 ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2025-094 | | --- | --- | --- | --- | | 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"闻泰转债"可选择回售的第三次提示性公告 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。 重要内容提示： 闻泰科技股份有限公司（以下简称"公司"）2024 年年度股东大会、2025 年第一次债券持有人会议分别审议通过了《关于变更募集资金用途并将剩余募集 资金永久补充流动资金的议案》，根据公司《公开发行可转换公司债券募集说明 书》（以下简称《募集说明书》）有关"闻泰转债"的附加回售条款，"闻泰转债" 附加回售条款生效。现依据《上市公司证券发行注册管理办法》、《上海证券交易 所股票上市规则》和公司《募集说明书》的规定，就回售有关事项向全体"闻泰 转债"持有人公告如下： 一、回售条款及价格 （一）根据公司《募集说明书》的规定，附加回售条款具体如下： ● 回售价格：101.25 元/张（含当期应计利息 ...

闻泰科技股份有限公司 2025 年第二次债券持有人会议 会议材料 （转债代码：110081） 二〇二五年六月九日 闻泰转债 2025 年第二次债券持有人会议材料 闻泰科技股份有限公司 2025 年第二次债券持有人会议材料目录 | 闻泰科技股份有限公司 2025 年第二次债券持有人会议议程 | 1 | | --- | --- | | 闻泰科技股份有限公司 2025 年第二次债券持有人会议须知 | 2 | | 会议议案 | 4 | 闻泰转债 2025 年第二次债券持有人会议材料 闻泰科技股份有限公司 2025 年第二次债券持有人会议议程 会议时间：2025 年 6 月 9 日（星期一）15：00 现场会议地点：广东省深圳市罗湖区沿河北路 1003 号公司会议室 七、投票表决、计票 八、休会、工作人员统计表决结果 九、宣布表决结果 1 一、参会人员签到，债券持有人或其代理人登记（13:00-13:45） 二、主持人宣布会议开始 三、宣布债券持有人会议现场出席情况 四、推选监票人和计票人 会议召开方式：会议采取现场方式召开 会议安排： 五、审议各项议案 1、审议《关于公司重大资产出售方案的议案》 六、针对会议审议议案 ...

闻泰科技股份有限公司 2025 年第二次临时股东大会 会议材料 （证券代码：600745） 二〇二五年六月九日 闻泰科技 2025 年第二次临时股东大会会议材料 闻泰科技股份有限公司 2025 年第二次临时股东大会会议材料目录 | 闻泰科技股份有限公司 2025 年第二次临时股东大会会议议程 | 1 | | --- | --- | | 闻泰科技股份有限公司 2025 年第二次临时股东大会会议须知 | 4 | | 会议议案 | 6 | 闻泰科技 2025 年第二次临时股东大会会议材料 闻泰科技股份有限公司 2025 年第二次临时股东大会会议议程 会议时间： 1、现场会议召开时间：2025 年 6 月 9 日（星期一）14：00 2、网络投票时间：2025 年 6 月 9 日，采用上海证券交易所网络投票系统， 通过交易系统投票平台的投票时间为股东大会召开当日的交易时间段，即 9:15- 9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东大会召开 当日的 9:15-15:00。 二、主持人宣布会议开始 三、宣布股东大会现场出席情况及会议须知 四、推选监票人和计票人 五、审议各 ...

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 | 2025-093 | | --- | --- | --- | --- | | 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"闻泰转债"可选择回售的第二次提示性公告 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。 重要内容提示： 闻泰科技股份有限公司（以下简称"公司"）2024 年年度股东大会、2025 年第一次债券持有人会议分别审议通过了《关于变更募集资金用途并将剩余募集 资金永久补充流动资金的议案》，根据公司《公开发行可转换公司债券募集说明 书》（以下简称《募集说明书》）有关"闻泰转债"的附加回售条款，"闻泰转债" 附加回售条款生效。现依据《上市公司证券发行注册管理办法》、《上海证券交易 所股票上市规则》和公司《募集说明书》的规定，就回售有关事项向全体"闻泰 转债"持有人公告如下： 一、回售条款及价格 （一）根据公司《募集说明书》的规定，附加回售条款具体如下： 若本次发行的可转换公司债券募集资金投资项目的实施情 ...

Core Viewpoint - The China Securities Intelligent Automotive Theme Index (CS Intelligent Automotive, 930721) experienced a slight decline of 0.18%, closing at 4792.29 points with a trading volume of 21.297 billion yuan, reflecting a mixed performance in the intelligent automotive sector [1]. Group 1: Index Performance - The CS Intelligent Automotive Theme Index has increased by 1.76% over the past month, decreased by 14.28% over the last three months, and has risen by 2.08% year-to-date [1]. - The index was established on June 29, 2012, with a base value of 1000.0 points [1]. Group 2: Index Holdings - The top ten weighted companies in the CS Intelligent Automotive Theme Index are: - Weir Shares (5.06%) - iFlytek (5.04%) - OFILM (4.92%) - Top Group (4.54%) - Wingtech Technology (4.36%) - Luxshare Precision (4.34%) - Chipone Technology (4.23%) - Huayu Automotive (4.20%) - Desay SV (4.15%) - Great Wall Motors (4.12%) [1]. - The market distribution of the index holdings shows that 51.27% are from the Shenzhen Stock Exchange and 48.73% from the Shanghai Stock Exchange [1]. Group 3: Industry Composition - The industry composition of the index holdings is as follows: - Information Technology: 54.72% - Consumer Discretionary: 34.70% - Communication Services: 10.58% [1]. Group 4: Index Sample Adjustment - The index samples are adjusted quarterly, with adjustments occurring in the second Friday of March, June, September, and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]. - Public funds tracking the CS Intelligent Automotive Index include several ETFs and mutual funds, such as Tianhong and Huaxia ETFs [2].

Group 1 - The sixth meeting of the 12th Supervisory Board of the company was held in accordance with relevant laws and regulations [1][2] - The meeting was convened via email notification sent on May 22, 2025, and was conducted through remote voting on May 23, 2025 [1] - All three supervisors attended the meeting, with no absentees, and the meeting was chaired by Mr. Hu Zheng [1] Group 2 - The Supervisory Board approved the "2024 Sustainable Development Report" during the meeting [2] - The voting results were unanimous with 3 votes in favor, 0 against, and 0 abstentions [2]