Core Viewpoint - The China Securities Intelligent Automotive Theme Index (CS Intelligent Automotive, 930721) has shown a recent upward trend, reflecting the overall performance of companies involved in the intelligent automotive industry [1][2]. Group 1: Index Performance - The CS Intelligent Automotive Index opened lower but closed higher, increasing by 0.74% to 4919.67 points, with a trading volume of 27.407 billion yuan [1]. - Over the past month, the index has risen by 10.54%, while it has decreased by 8.21% over the last three months, and it has gained 3.85% year-to-date [1]. Group 2: Index Composition - The index includes companies that provide terminal perception and platform applications for intelligent vehicles, as well as other representative companies benefiting from the intelligent automotive sector [1]. - The top ten weighted companies in the index are: iFlytek (5.14%), Weir Shares (5.03%), OFILM (4.67%), Top Group (4.61%), Luxshare Precision (4.43%), Chipone (4.4%), Wingtech Technology (4.22%), Desay SV (4.18%), Great Wall Motors (4.12%), and Huayu Automotive (4.03%) [1]. - The market share of the index's holdings is divided between Shenzhen Stock Exchange (51.74%) and Shanghai Stock Exchange (48.26%) [1]. Group 3: Industry Breakdown - The industry composition of the index holdings includes: passenger cars and parts (33.63%), electronics (22.04%), semiconductors (17.46%), computers (16.06%), and communication equipment and technology services (10.80%) [2]. - The index samples are adjusted quarterly, with adjustments occurring in the second week of March, June, September, and December [2].

Core Viewpoint - The company has received an inquiry letter from the Shanghai Stock Exchange regarding a major asset sale proposal and has applied for an extension to respond, ensuring the completeness and accuracy of the reply [1]. Group 1 - The company received the inquiry letter on March 27, 2025, and is actively organizing responses to the questions raised [1]. - The company has requested an extension of no more than 5 trading days to reply to the inquiry letter to ensure the response is thorough and accurate [1]. - The company is committed to completing the response and fulfilling its information disclosure obligations promptly [1].

收到《问询函》后，公司积极组织相关各方共同对《问询函》中涉及的问题 进行逐项落实和回复。截至本公告披露日，《问询函》的回复内容尚需进一步补 充和完善，为确保回复内容的真实、准确、完整，经向上海证券交易所申请，公 司将延期回复《问询函》，延期时间不超过 5 个交易日。公司将继续积极推进相 关工作，尽快完成《问询函》的回复工作并履行信息披露义务。 公司指定信息披露媒体为《中国证券报》、《上海证券报》、《证券日报》、《证 券时报》和上海证券交易所网站（www.sse.com.cn），公司有关信息均以公司在 上述指定媒体披露信息为准，敬请广大投资者及时关注后续公告并注意投资风险。 特此公告。 闻泰科技股份有限公司董事会 | 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 2025-071 | | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | 闻泰科技股份有限公司 关于延期回复上海证券交易所《关于对闻泰科技股份 有限公司重大资产出售预案的问询函》的公告 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 ...

Core Viewpoint - The global semiconductor sales continue to grow in Q1 2025, but there is a significant performance divergence among major chip manufacturers, influenced by market and product differences, particularly in AI and storage sectors, while automotive chip manufacturers are struggling [1]. Chip Design (Including IDM) - Texas Instruments (TI) reported Q1 revenue of $4.07 billion, a year-over-year increase of 11% and a sequential increase of 2%. The company expects Q2 revenue between $4.17 billion and $4.53 billion [3]. - STMicroelectronics (ST) reported Q1 revenue of $2.52 billion, a year-over-year decline of 27.3%, with a net profit of $56 million, down 89.1% [5]. - NXP's Q1 revenue was $2.84 billion, down 9% year-over-year, with a significant decline in automotive market revenue [6]. - Qualcomm's Q1 revenue reached $10.98 billion, a year-over-year increase of 16.9%, driven by growth in mobile, automotive, and IoT sectors [8]. - MediaTek's Q1 revenue was NT$153.31 billion, up 14.9% year-over-year, exceeding operational targets due to increased market demand [9]. Semiconductor Manufacturing - TSMC's Q1 revenue was $25.53 billion, a year-over-year increase of 35.3%, with a gross margin of 58.8% [42]. - UMC reported Q1 revenue of NT$57.86 billion, a year-over-year increase of 5.9%, with a focus on 22/28nm process technology [46]. - World Advanced's Q1 revenue was NT$11.949 billion, a year-over-year increase of 24%, achieving a net profit of NT$2.414 billion [48]. Chip Distribution - WPG Holdings reported Q1 revenue of NT$248.83 billion, a year-over-year increase of 36.8%, driven by demand from AI and related sectors [58]. - Winstek Technology's Q1 revenue was NT$247.4 billion, a year-over-year increase of 28% [60]. - Arrow Electronics reported a 6% year-over-year decline in sales, totaling $5.3 billion [64]. Domestic Semiconductor Companies - Over 70% of semiconductor companies listed in A-shares reported year-over-year revenue growth in Q1 2025, with 60.63% of companies showing profit increases [35]. - Weir Shares reported a 14.68% year-over-year revenue increase in Q1, with a net profit increase of 55.25% [38]. - Zhaoyi Innovation's Q1 revenue was 1.909 billion yuan, a year-over-year increase of 17.32% [40].

| 证券代码：600745 | 证券简称：闻泰科技 | 公告编号：临 2025-070 | | --- | --- | --- | | 转债代码：110081 | 转债简称：闻泰转债 | | 闻泰科技股份有限公司 关于股份回购进展公告 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司截至上月末的回购进展情况公告如下： 截至 2025 年 4 月 30 日，公司已通过上海证券交易所系统以集中竞价交易方式 回购股份 7,557,000 股，占公司总股本比例约为 0.61%，回购成交的最低价为人 民币 31.36 元/股，最高价为人民币 35.09 元/股，已支付的资金总额为人民币 249,966,036.54 元（不含交易费用）。 本次回购股份符合相关法律法规的规定和公司股份回购方案的要求。 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、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2025/4/12 | | --- | --- | | 回购方 ...

闻泰科技：截至4月30日已累计回购755.7万股 金十数据5月6日讯，闻泰科技晚间公告称，截至4月30日，公司已累计回购755.7万股公司股份，占公司 总股本的0.6072%，占预计回购股份的比例为94.46%，回购最高价为35.09元，最低价为31.36元，累计 回购金额为2.5亿元，占预计回购金额的比例为62.49%。 ...

| 601688 | 华泰证 | 5 | 2.08 | 6.01 | 1.76 | | --- | --- | --- | --- | --- | --- | | | 券 | | | | | | 603005 | 晶方科 | 5 | 1.94 | 5.46 | 9.07 | | | 技 | | | | | | 000933 | 神火股 | 7 | 1.91 | 6.53 | 4.81 | | | 份 | | | | | | 300657 | 弘信电 | 5 | 1.79 | 4.55 | 11.37 | | | 子 | | | | | | 688158 | 优刻得 | 5 | 1.78 | 5.36 | 13.31 | | 000630 | 铜陵有 | 5 | 1.71 | 8.40 | 1.58 | | | 色 | | | | | | 300382 | 斯莱克 | 5 | 1.62 | 8.36 | 24.17 | | 688208 | 道通科 | 5 | 1.50 | 5.56 | 14.00 | | | 技 | | | | | | 002558 | 巨人网 | 5 | 1.37 | 5.25 | 11. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 73.598 billion yuan for 2024, representing a year-on-year growth of 20.23%, but incurred a net loss of 2.833 billion yuan. In Q1 2025, the revenue was 13.099 billion yuan, a decline of 19.38% year-on-year, while the net profit was 261 million yuan, an increase of 82.29% year-on-year, with a non-recurring net profit of 154 million yuan, up 277.91% year-on-year [2][6]. Financial Performance - In 2024, the semiconductor business generated revenue of 14.715 billion yuan with a gross margin of 37.47%, contributing a net profit of 2.297 billion yuan. The revenue breakdown by end market includes automotive (62.03%), mobile and wearable devices (7.99%), industrial and power (20.60%), computing devices (5.36%), and consumer electronics (3.74%). Geographically, revenue was distributed as follows: Europe and Middle East (23.36%), China (46.91%), Americas (9.25%), and others (20.47%) [11]. - The ODM business achieved revenue of 58.431 billion yuan in 2024, a year-on-year increase of 31.85%, with a gross margin of 2.73%. The business faced challenges due to low initial pricing of new projects, rising raw material costs, and increased labor costs, leading to a decline in gross margin [11]. - In Q1 2025, the semiconductor business revenue was 3.711 billion yuan, up 8.40% year-on-year, with a gross margin of 38.32% and a net profit of 578 million yuan. The ODM business generated revenue of 9.38 billion yuan with a gross margin of 4.31% [11]. Future Outlook - The company plans to focus on its semiconductor business, as the ODM business has shown significant volatility in profitability and has been impacted by new capacity investments. The semiconductor segment, particularly the automotive power device sector, is expected to benefit from trends in electrification, digitalization, automation, and green energy, which will drive market growth. The company is also positioned to benefit from the trend of semiconductor localization in China [11]. - Forecasted net profits for the company are projected to be 1.756 billion yuan in 2025, 2.354 billion yuan in 2026, and 2.923 billion yuan in 2027 [11].

Core Viewpoint - The semiconductor industry is entering a new growth cycle, benefiting from the recovery in end markets such as automotive and consumer electronics, with Wentech Technology (600745) reporting better-than-expected performance [1] Group 1: Financial Performance - In 2024, the company's revenue reached 73.6 billion, with the semiconductor business contributing 14.7 billion and a gross margin of 37.47% [1][3] - In Q1 2025, the company's net profit surged by 82%, with the semiconductor business gross margin exceeding 38% [1][3] - The company reported a net cash flow from operating activities of 2.523 billion in Q1 2025, a year-on-year increase of 29.58% [3] Group 2: Market Position and Product Offerings - Wentech Technology is a leading player in the power semiconductor sector, having risen from 11th to 3rd globally since acquiring Anshi Semiconductor in 2019 [2] - The company holds the top position in several product categories, including small-signal diodes, transistors, and ESD protection devices [2] - The semiconductor business has nearly 16,000 product numbers, with key product lines including transistors, MOSFETs, and analog/logical ICs [2] Group 3: Industry Trends and Growth Drivers - The global semiconductor market is projected to exceed $600 billion in 2024, with a year-on-year growth of 19.1% [5] - Wentech Technology's semiconductor business is benefiting from the rapid growth of the Chinese new energy vehicle market, having entered the supply chains of top domestic EV manufacturers [4][6] - The company is investing $200 million in R&D for next-generation wide-bandgap semiconductor products, including SiC and GaN [5][7] Group 4: Future Outlook - The company is focusing on high ASP products and expanding its portfolio in third-generation semiconductor products, with significant progress in GaN and SiC technologies [7][8] - The revenue share from analog and logical ICs is expected to grow, with a 20% year-on-year increase in Q1 2025 [8] - The ongoing electrification and intelligence of vehicles, along with AI-driven demand in data centers, are anticipated to provide new growth opportunities for the semiconductor business [8]

Core Insights - Wentech Technology Co., Ltd. reported a revenue of 73.598 billion yuan for 2024, marking a year-on-year increase of 20.23% [2] - The company experienced a net loss attributable to shareholders of 2.833 billion yuan, a significant improvement with a year-on-year decrease of 339.83% [2] - The basic earnings per share stood at -2.28 yuan [2] Financial Performance - In Q4 2024, Wentech achieved a revenue of 20.437 billion yuan, reflecting a year-on-year growth of 21.64% and a quarter-on-quarter increase of 4.42% [3] - The net loss attributable to shareholders for Q4 was 3.248 billion yuan, showing a year-on-year decrease of 253.65% and a quarter-on-quarter decrease of 1284.74% [3] - The non-GAAP net profit for Q4 was 343 million yuan, with a year-on-year increase of 140.10% and a quarter-on-quarter increase of 71.98% [3] Profitability Metrics - The gross margin for 2024 was 9.77%, down by 6.31 percentage points year-on-year [3] - The net margin was -3.88%, a decline of 5.46 percentage points year-on-year [3] Expense Management - Total operating expenses for 2024 were 6.335 billion yuan, a decrease of 455 million yuan year-on-year [3] - The expense ratio was 8.61%, down by 2.49 percentage points year-on-year [3] - Sales expenses increased by 7.57%, while management expenses decreased by 13.60%, R&D expenses decreased by 3.22%, and financial expenses decreased by 20.09% [3] Cash Flow and Assets - The net cash flow from operating activities was 4.492 billion yuan, representing a year-on-year growth of 114.73% [3] - As of the end of 2024, total assets were 74.978 billion yuan, an increase of 11.0% year-on-year [3] - The net assets attributable to shareholders were 35.476 billion yuan, a decrease of 7.3% year-on-year [3] Company Overview - Wentech Technology was established on January 11, 1993, and went public on August 28, 1996 [4] - The company's main business includes real estate development and operation, research and manufacturing of mobile internet devices primarily focused on smartphones, and upstream semiconductor activities [4]