编者按：基于中国市场功率半导体企业的观点以及小摩的行业研究，小摩对 2025 年第三季度中国市场需求前景给出最新看法。 电动汽车需求仍将是第三季度中国功率半导体企业基本面的关键增长驱动力。 在第二季度良好复苏之后，第三季度工业需求环比可能基本持平。然而，第三季度消费需求环比呈现不确定性。 小摩对所覆盖的相关公司斯达半导（603290）（StarPower）、芯联集成（United Nova）、天岳先进（SICC）、新洁能（605111）（NCE Power）维持中 性评级。尽管小摩认为像斯达半导和芯联集成这样的硅基功率半导体供应商，2025 年第二季度的毛利率相较于第一季度可能保持稳定或略有改善，并且 对 2025 年第三季度的前景有稳健指引，但小摩预计它们在近期不会出现价格上涨的拐点。 按应用领域划分的需求情况。根据中国市场功率半导体企业的反馈： 1）汽车领域：他们对中国电动汽车的单位需求（2025 年同比增长 20% 以上，这是自 2025 年初以来的一贯预期）以及其 2025 年下半年的汽车业务增长 保持乐观； 3）消费领域：鉴于部分地区家用电器购置补贴暂时收紧，以及在补贴发放一段时间后消费产品缺乏太多 ...

Group 1 - Fumiao Technology signed a strategic cooperation agreement with New Hu Textile to advance technology development and market expansion in the textile dyeing industry [1] - Fumiao Technology's shareholder, Feixiang Chemical, transferred 6.1076 million shares at a price of 16.38 yuan per share, representing 5% of the company's total shares [1] - Huaitian Thermal Power was recommended as the owner of a 700,000 kW wind power project, aligning with local government policies for investment strategy [1][2] Group 2 - Beiyinmei's controlling shareholder applied for pre-restructuring due to liquidity issues, holding 1.33 billion shares, 98.85% of which are pledged or frozen [3] - *ST Songfa's subsidiary signed a contract for the construction of two LNG dual-fuel oil tankers, expected to positively impact future performance [4] - Hongming Technology terminated a major asset restructuring plan to acquire 83% of Shenzhen Chisu Automation Equipment due to failure to reach an agreement [18] Group 3 - Guoxiang Technology's controlling shareholder plans to transfer 4 million shares at a price of 44.14 yuan per share, representing 5% of the total shares [20] - Longpin Puzhi's controlling shareholder is set to change to Changjiang Guomao after transferring 72.239 million shares at 12.42 yuan per share, totaling 1.046 billion yuan [28] - Hanwujing adjusted its 2025 fundraising plan to raise up to 3.985 billion yuan for AI chip platform projects and working capital [31]

Core Viewpoint - The power discrete device market is experiencing structural adjustments driven by semiconductor technology advancements and the new energy revolution, with significant growth expected in 2024 and beyond [1][11][13]. Industry Overview - Power discrete devices are independent semiconductor components used for energy conversion and control, capable of handling high voltage and current, and are widely applied in power management, motor drives, and new energy systems [2][4]. - The market is categorized into diodes, transistors, thyristors, and wide bandgap devices, with materials divided into silicon-based and third-generation semiconductors (SiC/GaN) [2][4]. Market Dynamics - The global power discrete device market is projected to grow at a compound annual growth rate (CAGR) of approximately 12%, reaching a market size of 48 billion yuan in 2024, driven by strong demand from the new energy vehicle sector [1][13]. - In 2023, despite a slowdown due to a decline in consumer electronics, high-end devices like automotive-grade IGBTs and SiC MOSFETs maintained over 20% growth [11][13]. Competitive Landscape - The Chinese power discrete device industry features a "pyramid" competition structure, with leading companies like Anshi Semiconductor and BYD Semiconductor at the top, followed by companies like Silan Micro and Huazhong Micro [17][19]. - The domestic market has achieved over 60% replacement rate in mid-to-low-end segments, but high-end sectors still face technological barriers [17][22]. Development Trends - The industry is witnessing three core trends: accelerated penetration of third-generation semiconductor technologies (SiC/GaN), deepening domestic replacement processes, and diversification of application markets [21][22]. - The market for SiC MOSFETs is expected to grow over 30% in 2024, with significant advancements in manufacturing yields and technology [21][22]. - The demand for power discrete devices is increasingly driven by new energy vehicles, photovoltaic energy storage, and industrial control, with expectations of over 10 million new energy vehicles sold by 2025 [21][23].

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant developments, including changes in control, asset sales, investments, and performance forecasts, which may present investment opportunities and risks for investors. Group 1: Control Changes and Major Transactions - Helen Piano's actual controllers are planning a change in control, leading to a suspension of trading starting July 18, 2025, for up to two trading days [3] - Tiger Medical is selling 95.09% of its stake in Lixin Pharmaceutical for approximately $34.11 million [4] - ST Lifan announced that its operational situation has not changed significantly despite a stock price fluctuation of 42.54% over two trading days [9] Group 2: Investments and Acquisitions - Sdic plans to invest approximately 509 million yuan in expanding its high-end functional film production capacity [5] - Dongfang Yuhong's subsidiary intends to acquire 100% of Chile's Construmart for about $123 million [6] - Huaitian Thermal Power has been recommended as the owner of a 700,000 kW wind power project, aligning with its investment strategy [7] Group 3: Performance Announcements - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of the year, a year-on-year increase of 16.67% [14] - Tuojing Technology expects a net profit increase of 101% to 108% in Q2 2025, driven by new product breakthroughs [15] - Weicheng Bio anticipates a net profit of 30.06 million yuan for the first half of 2025, reversing a loss from the previous year [17] Group 4: Contracts and Strategic Partnerships - State Grid Information won contracts totaling 966 million yuan from the State Grid Corporation [21] - Beizhi Technology signed a contract worth 164 million yuan with a major client [22] - Mould Technology received a project letter of intent for exterior parts with an expected total sales of 2.044 billion yuan [23] Group 5: Shareholding Changes - Huasheng Lithium plans to reduce its shareholding by up to 2.24% [25] - Yutai Micro's shareholder intends to reduce holdings by up to 3% due to personal funding needs [26] - Alter's controlling shareholder plans to reduce holdings by up to 3% [27]

斯达半导：股东拟合计减持不超1.12%公司股份 金十数据7月17日讯，斯达半导7月17日晚间公告，持股12.32%的股东浙江兴得利纺织有限公司、持股 0.34%的副总经理戴志展、持股0.21%的副总经理TANG YI（汤艺）分别计划通过集中竞价和大宗交易 方式减持不超过公司总股本的1%、0.08%、0.04%。 ...

证券代码：603290 证券简称：斯达半导 公告编号：2025-029 斯达半导体股份有限公司 股东及董监高减持股份计划公告 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： 股东及董监高持股的基本情况 截至本公告披露日，斯达半导体股份有限公司（以下简称 "公司"或"斯 达半导"）股东浙江兴得利纺织有限公司（以下简称"兴得利"）持有本公司股份 29,493,471 股，占公司总股本比例为 12.32%；公司副总经理戴志展持有本公司股 份 807,986 股，占公司总股本比例为 0.34%；公司副总经理 TANG YI（汤艺）持 有本公司股份 496,500 股，占公司总股本比例为 0.21%。 减持计划的主要内容 | 股东名称 | YI（汤艺） TANG | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | ...

证券代码：603290 证券简称：斯达半导 公告编号：2025-028 斯达半导体股份有限公司 2025年第一次临时股东大会决议公告 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。 (二)股东大会召开的地点：浙江省嘉兴市南湖区科兴路 988 号斯达半导会议室 (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： | 1、出席会议的股东和代理人人数 | 405 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 141,791,997 | | 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 | | | 份总数的比例（%） | 59.2098 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长沈华先生主持召开。本次会议采取 现场投票和网络投票相结合的方式表决，符合《公司法》及《公司章程》的相关 规定。 (五)公司董事、监事和董事会秘书的出席情况 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 ...

关于斯达半导体股份有限公司 2025 年第一次临时股东大会的法律意见书 致：斯达半导体股份有限公司 北京海润天睿律师事务所 北京海润天睿律师事务所（以下简称"本所"）接受斯达半导体股份有限 公司（以下简称"斯达半导"或"公司"）的委托，指派本所律师出席公司 2025 年第一次临时股东大会，并依据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《公司章 程》及其他相关法律、法规的规定，就公司本次股东大会的召集、召开程序、出 席会议人员的资格、召集人资格、表决程序及表决结果等有关事宜出具本法律意 见书。 关于本法律意见书，本所及本所律师谨作如下声明： 1. 在本法律意见书中，本所及本所律师仅就本次股东大会的召集及召开程 序、出席会议人员及召集人的资格、表决程序及表决结果进行核查和见证并发表 法律意见，不对本次股东大会的议案内容及其所涉及的事实和数据的完整性、真 实性和准确性发表意见。 2. 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定以及本法律意见书出具 日以前已经发生的或者存在的事 ...

2025 China Automobile Chip Industry 2025 年中国の自動車用チップ産業 概览标签：半导体、车规级芯片、新能源汽车 车载芯片白皮书 ——行业竞争加剧，国产化率持续提升 报告主要作者：文上 2025/04 1 www.leadleo.com 400-072-5588 ©2022 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。 ，任何人不得以任何方式擅自复制 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 www.leadleo.com 精简版 报告说明 相比较全球汽车芯片市场，中国汽车芯片市场增速更快。同时，与传 统燃油车相比，新能源汽车新增三电系统且智能化程度更高，对芯片 的需求量大幅增加，这种数量级的差异使得新能源汽车 ...

Core Viewpoint - The company plans to issue convertible bonds to optimize its capital structure and enhance market competitiveness, aiming to raise up to RMB 1.5 billion for projects including automotive-grade SiC MOSFET module manufacturing and working capital [1][4]. Group 1: Company Overview - Founded in April 2005, the company is a leader in the domestic power semiconductor industry, ranking fifth globally in the IGBT module market and first in China [2]. - The company primarily engages in the design, research and development, production, and sales of power semiconductor chips and modules, with applications in new energy, electric vehicles, industrial control, and home appliances [2]. Group 2: Business Expansion and Production Capacity - The company has accelerated its expansion in recent years, focusing on automotive-grade power semiconductors and third-generation semiconductor materials [3]. - In 2021, the company raised RMB 3.5 billion for the research and industrialization of high-voltage specialty process power chips and SiC chips [3]. - A SiC chip research and industrialization project was launched in Jiaxing, Zhejiang Province in 2023, with an expected annual production capacity of 720,000 power chips [3]. Group 3: Financial Performance - In 2024, the company provided power modules for over 3 million electric vehicles, maintaining its position as the largest domestic EV power module supplier [4]. - The company's revenue from the new energy sector in 2024 was RMB 2.009 billion, accounting for 59.25% of total revenue, despite a year-on-year decline of 6.83% [5]. - The revenue from the electric vehicle sector grew by 26.72%, highlighting its strong performance [5]. - The company experienced a significant decline in overall revenue and net profit in 2024, with total revenue of RMB 3.391 billion, down 7.44%, and net profit dropping 44.24% to RMB 508 million [6]. - In Q1 2025, the company reported revenue of RMB 919 million, a year-on-year increase of 14.22%, but net profit decreased by 36.22% to RMB 104 million due to increased R&D expenses [7].