Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company reported a 14% year-on-year revenue growth in Q1 2025, driven by the expansion of silicon carbide (SiC), Intelligent Power Modules (IPM), and Microcontroller Units (MCU) [1]. - In 2024, the company's revenue from the new energy sector was 2.009 billion yuan, a decrease of 6.83% year-on-year, while revenue from the new energy vehicle sector grew by 26.72% [2]. - The company is expected to benefit from the introduction of new products and the recovery of the photovoltaic market, with a projected net profit of 5.56 billion yuan in 2025 [4]. Summary by Sections Financial Performance - In 2024, the company's revenue was 3.391 billion yuan, down 7.4% year-on-year, with a net profit of 508 million yuan, a decrease of 44.2% [5]. - For Q1 2025, the company achieved a revenue of 919 million yuan, a year-on-year increase of 14.22%, and a net profit of 104 million yuan, down 36.22% year-on-year [1]. Product and Market Development - The company is expanding its product lines, including the seventh-generation micro-groove technology IGBT modules, which are expected to see increased demand in the automotive sector [2]. - The acquisition of Meikan Semiconductor is anticipated to enhance the company's market share in the white goods sector [3]. Future Projections - The company forecasts net profits of 5.56 billion yuan, 7.19 billion yuan, and 8.00 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 35, 27, and 24 [4]. - The company is expected to maintain a focus on overseas market expansion and leverage its first-mover advantage in silicon carbide technology [4].

Meeting Overview - The shareholders' meeting of Stada Semiconductor Co., Ltd. was held on May 28, 2025, at the company's conference room in Jiaxing, Zhejiang Province [1] - The meeting was attended by shareholders representing 59.0635% of the total shares [1] - The meeting was conducted in accordance with the Company Law and the Articles of Association, combining on-site and online voting methods [1] Voting Results - All non-cumulative voting proposals were approved with a high level of agreement from shareholders, with the approval rates consistently above 99.83% for various proposals [1][2][3] - Specific voting results included: - 141,238,403 votes in favor (99.8563%) for the first proposal [1] - 141,239,503 votes in favor (99.8571%) for the second proposal [1] - 141,243,283 votes in favor (99.8597%) for the third proposal [1] - The voting results indicate strong shareholder support for the proposed resolutions [1][2][3] Legal Compliance - The meeting's procedures were verified by lawyers, confirming compliance with relevant laws, regulations, and the company's Articles of Association [4] - The qualifications of attendees and the convenor were deemed valid, and the voting procedures and results were confirmed as legal and effective [4]

北京海润天睿律师事务所 关于斯达半导体股份有限公司 致：斯达半导体股份有限公司 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 2024 年年度股东大会，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： 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。 《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实，严格履行了法定职责，遵循了勤勉尽责和诚 实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准 确、完整，所发表的结论性意见合法、准确 ...

北京海润天睿律师事务所 关于斯达半导体股份有限公司 2024 年年度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（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 2024 年年度股东大会，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实，严格履行了 ...

证券代码：603290 证券简称：斯达半导 公告编号：2025-017 斯达半导体股份有限公司 2024年年度股东大会决议公告 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。 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 (一)股东大会召开的时间：2025 年 5 月 28 日 (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 | 343 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 141,441,603 | | 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（%） | 59.0635 | (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 ...

Core Viewpoint - Jiaxing City is advancing the construction of a strong manufacturing innovation city by focusing on the high-end, intelligent, and green development paths, establishing a modern industrial structure through the "135N" advanced manufacturing cluster system [1][14]. Group 1: New Quality Productive Forces - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, characterized by high technology, efficiency, and quality, aligning with the new development concept [2]. - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [2]. Group 2: Economic Performance of Jiaxing City - Jiaxing's GDP reached 756.95 billion yuan in 2024, with a year-on-year growth of 5.6%, surpassing the national average [4]. - The industrial structure is optimized, with the primary, secondary, and tertiary industries contributing 2.0%, 49.5%, and 48.5% respectively [4]. Group 3: Industrial Development and Innovation - Jiaxing has implemented a strong manufacturing strategy, achieving a 6.5% year-on-year increase in industrial added value, contributing 45.2% to economic growth [6]. - In 2024, 24 out of 33 major industrial sectors experienced growth, with advanced manufacturing sectors like electrical machinery and equipment manufacturing showing significant increases of 19.8% and 17.7% respectively [7]. Group 4: Technological Innovation and Intellectual Property - Jiaxing saw a total of 39,500 patent authorizations in 2024, with a notable 5,953 invention patents, marking a 22.2% increase [9]. - The city has recognized 579 new national high-tech enterprises, bringing the total to 4,509, and 1,500 new provincial technology-based SMEs, totaling 10,694 [9]. Group 5: Policy Framework for New Quality Productive Forces - The "New Quality Productive Forces" strategy was included in the State Council's work report, guiding the construction of a modern industrial system [11]. - Jiaxing has established a "1+N" policy system to support the development of new quality productive forces, with various policies targeting emerging industries and traditional industry upgrades [11]. Group 6: Modern Industrial System - Jiaxing's modern industrial system is supported by three major industries: chemical new materials, intelligent photovoltaics, and high-end equipment, with emerging industries like integrated circuits and hydrogen energy as growth drivers [22]. - The city aims to create a significant impact in the Yangtze River Delta region through its advanced manufacturing clusters [14][15]. Group 7: Future Development Trends - Jiaxing is expected to see a rise in strategic emerging industries, with a target of over 45% by 2027, and aims to establish 2-3 globally leading technology standard clusters [26]. - The city plans to enhance digital transformation, with 80% of large-scale enterprises expected to complete intelligent upgrades [27].

Investment Rating - The industry investment rating is "Outperform" (maintained) [2] Core Insights - The profitability of the power semiconductor industry is steadily improving, with the automotive sector and data centers being the main growth drivers. The domestic production of medium and low voltage devices for automobiles is continuously advancing [4][7] - The penetration of SiC MOSFETs in new energy vehicles is increasing, with a notable rise in the market share of domestic suppliers in the IGBT module sector [38][39] - The overall industry is entering a stable phase, with demand from consumption and industrial control maintaining steady growth, while the new energy vehicle market continues to expand [6][21] Summary by Sections Power Semiconductor Performance - The industry is experiencing a recovery in profitability as revenues improve, with automotive and data center applications being the primary growth areas [4] - The sales volume of new energy vehicles in March reached 1.24 million units, a year-on-year increase of 40.1%, with a penetration rate of 42.4% [32][34] New Energy Vehicles - The market share of new energy vehicles with a peak power of over 200kW has increased from 9% in 2022 to 25% in the first quarter of 2025 [35] - The penetration rate of SiC MOSFETs in new energy vehicles reached 18.9% in the first quarter of 2025, indicating a shift towards higher power modules [38] Charging Infrastructure - The number of charging stations in March 2025 increased by 634,000 units, with public charging stations showing a year-on-year decrease of 18.35% [5] Market Dynamics - The competition among leading companies in the IGBT module market is stabilizing, with domestic suppliers gaining market share as overseas competitors decline [38][39] - The industry is expected to continue its growth trend in 2024, driven by the demand for automotive power devices and the ongoing transition to electric vehicles [6][21]

Core Viewpoint - The article highlights the upcoming "2025 China Welding Industry Forum" focusing on robotics and intelligent welding technology, scheduled to take place in Jiaxing, Zhejiang from June 15-17, 2025, emphasizing its significance in the welding industry and the integration of advanced technologies [3][4]. Group 1: Event Overview - The "2025 China Welding Industry Forum" will be held in Jiaxing, a city known for its rich history and cultural significance, particularly in relation to the Chinese Communist Party [3]. - The forum is organized by the China Welding Association and aims to discuss advanced technologies and products in the field of robotics and intelligent welding [3][4]. - The event will feature 15 specialized reports from renowned experts in the field, covering applications in various industries such as shipbuilding, steel structures, automotive, and aerospace [3][6]. Group 2: Conference Details - The forum will coincide with the "28th Beijing Essen Welding and Cutting Fair," which is recognized as the largest welding industry event globally [4]. - Attendees will include leaders from industry regulatory bodies, manufacturing units, and academic institutions, fostering a platform for technical exchange [4]. - The conference will include a series of presentations on topics such as intelligent welding robots, innovative welding techniques, and applications in new energy vehicles [6][8]. Group 3: Registration and Logistics - Registration for the forum is required before June 6, 2025, with a participation fee of 1,500 yuan per person, while special guests and speakers are exempt from fees [11][13]. - Accommodation is available at the Jinghui Hotel in Jiaxing, with special rates for conference attendees [13]. - Transportation to the venue is not provided, and attendees are advised to arrange their own travel [13].

Group 1: Opportunities for Domestic Substitution - Domestic companies are making significant technological breakthroughs in the silicon carbide (SiC) sector, narrowing the gap with international leaders, particularly in the electric vehicle (EV) market [2] - In 2023, China's market share of SiC epitaxial wafers reached 38.8%, ranking first globally, driven by increased production capacity [3] - National policies are increasingly supportive of key semiconductor materials, with the "14th Five-Year Plan for Integrated Circuit Industry" emphasizing the need to overcome technological bottlenecks in third-generation semiconductor materials [4] Group 2: Restructuring Industry Landscape - The core competitiveness of the SiC industry chain lies in the self-sufficiency of upstream materials and equipment, with companies mastering key equipment and high-end materials poised for rapid growth [5] - Domestic companies are accelerating their catch-up in device manufacturing, especially in automotive-grade SiC power devices, benefiting from the continuous growth of the EV market [6] - The application scenarios for SiC are expanding beyond EVs to include photovoltaic power generation, rail transportation, and industrial power supplies, positioning domestic companies for significant global market presence [7] Group 3: Dual-Driven Growth of Domestic Breakthroughs - Chinese companies have established a significant cost advantage through continuous R&D and process innovation, with 6-inch substrate prices at only 30% of international levels [8] - The acceleration of equipment localization is exemplified by Northern Huachuang's new generation SiC crystal growth furnace, which reduces equipment prices by 50% and surpasses key performance indicators [9] Group 4: Market Opportunities for Domestic SiC - The EV market is the largest application for SiC, with projected production and sales of 12.888 million and 12.866 million units in China for 2024, reflecting year-on-year growth of 34.4% and 35.5% [12] - In the photovoltaic and energy storage sectors, SiC is a key technology for improving system efficiency, with China's new photovoltaic installations expected to reach 277.2 GW in 2024, a 27.8% increase [13] - Emerging technologies such as AI data centers and AR glasses present new growth opportunities for the SiC industry, with AI data centers requiring high-efficiency power modules [14] Group 5: Benefiting Companies - Tianyue Advanced is one of the few global participants capable of mass-producing 8-inch SiC substrates, with a projected global market share ranking second in conductive SiC substrate materials by 2024 [16] - Tianshuo He Da is the largest domestic supplier of power electronics SiC substrates, holding a 17.3% share in the global market, and is positioned to capture orders following Wolfspeed's bankruptcy [16] - Sinda Semiconductor is making progress in the SiC sector, with its SiC MOSFET modules for passenger vehicle motor controllers seeing increased volume [16] - Mind Electronics, through its subsidiary Guangxin Microelectronics, is expected to achieve an annual production capacity of 36,000 6-inch SiC wafers, with costs significantly lower than competitors [17]

Core Viewpoint - The company is preparing for its 2024 Annual General Meeting, focusing on various proposals including compensation assessments, related party transactions, and capital changes, while also addressing operational challenges and growth opportunities in the semiconductor industry [1][2][3][4][5]. Group 1: Company Proposals and Meeting Structure - The company will present proposals regarding the compensation assessment for directors and supervisors for 2024 and the plan for 2025 [1][2]. - The meeting will include a combination of on-site and online voting for each proposal, ensuring shareholder participation [2][5]. - The meeting is scheduled for May 28, 2025, at 10:00 AM, with specific guidelines for attendance and participation [5][6]. Group 2: Financial Performance and Industry Challenges - The company reported a net profit of 50.77 million yuan for the reporting period, a decrease of 44.24% year-on-year, with a revenue decline in key sectors such as industrial control and power [6][7]. - The industrial control and power sector saw a revenue drop of 14.00%, while the new energy sector's revenue decreased by 6.83% [7][8]. - The company aims to leverage its technological advantages to navigate market challenges and capitalize on growth opportunities in the new energy and automotive sectors [6][9]. Group 3: Market Trends and Future Outlook - The global power semiconductor market is projected to grow from $50.3 billion in 2023 to $59.6 billion by 2027, with China being the largest consumer market [13][14]. - The demand for IGBT devices is expected to rise significantly due to the rapid development of new energy vehicles and renewable energy sectors, with global IGBT market size anticipated to reach $8.4 billion by 2026 [17][18]. - The company plans to enhance its product offerings in the IGBT and SiC sectors, focusing on innovation and market expansion to meet the growing demand [20][21].