斯达半导体股份有限公司 证券代码：603290 证券简称：斯达半导 公告编号：2026-001 〔2025〕356 号）（以下简称"《审核问询函》"）。公司收到《审核问询函》后， 按照要求会同相关中介机构就《审核问询函》提出的问题进行了认真研究和逐项 落实，并已根据相关要求对《审核问询函》回复进行公开披露，具体内容详见公 司于 2025 年 12 月 25 日在上交所网站（www.sse.com.cn）披露的《关于斯达半 导体股份有限公司向不特定对象发行可转换公司债券申请文件的审核问询函回 复》等相关文件。 根据上交所的进一步审核意见及相关要求，公司会同相关中介机构对部分回 复内容进行了相应补充与更新，并根据相关要求对更新后的审核问询函回复进行 公开披露，具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披 露的相关公告文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过上交所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）做出同意注册的决定后 方可实施，最终能否通过上交所审核，并获得中国证监会同意注册的决定及其时 斯达半导体股份有限公司董事会 关于向不特定对象发行可 ...

Core Insights - The article emphasizes the importance of supporting leading enterprises in the South Lake District to enhance industrial clusters and strengthen the "3221" modern industrial cluster for high-quality economic development [1][2] Group 1: Company Overview - Jiaxing SIDA Microelectronics Co., Ltd. is highlighted as a leading enterprise in the microelectronics industry within the South Lake District, recognized as a national high-tech enterprise specializing in the research, production, and sales of power semiconductor chips and modules, particularly IGBT chips and modules [1] - The company has maintained steady growth over the years, significantly contributing to the development of the microelectronics industry and the overall economic and social progress of the South Lake District [1] Group 2: Government Support and Initiatives - The South Lake District government, led by Secretary Chen Qunwei, is committed to providing comprehensive support for enterprises, ensuring a favorable business environment by addressing their needs promptly and efficiently [1] - The district boasts unique geographical advantages, well-developed public services, abundant scientific and technological resources, and strong financial support, including the South Lake Fund Town and various industrial funds, which collectively provide essential resources for enterprise development [2] - The government aims to strengthen innovation-driven initiatives and support leading enterprises in expanding their operations and launching new projects, particularly in the microelectronics sector and emerging industries like artificial intelligence and future transportation [2]

Summary of StarPower Conference Call Company Overview - **Company**: StarPower (603290.SS) - **Industry**: Semiconductor, specifically focusing on power semiconductors including SiC (Silicon Carbide) and GaN (Gallium Nitride) technologies Key Points 1. Revenue Growth Outlook for 2026 - Management is optimistic about revenue growth across various end markets in 2026 - **AI Servers**: Growth driven by the AI infrastructure cycle, with collaborations with global-tier power supply vendors for SiC devices expected to expand in 2026 [2] - **Automotive**: Anticipated increase in EV penetration rates and SiC adoption, with efforts to engage more global-tier car OEMs, particularly in Europe [2] - **Industrial**: Growth through penetration of global-tier customers such as Delta, Schneider, ABB, and Siemens [2] - **Photovoltaic**: Market share expansion despite modest end demand [2] - **Home Appliances**: Strong growth supported by increased market share and IPM capacity expansion [2] 2. SiC and GaN Technology Outlook - The pricing gap between SiC and IGBT (Insulated Gate Bipolar Transistor) has narrowed from Rmb2,000-3,000 to within Rmb1,000, driven by lower SiC substrate costs [3] - SiC devices are expected to be used in EVs priced at Rmb200k+ in 2025, potentially decreasing to Rmb100k+ in 2026 [3] - Management maintains that their SiC pricing remains competitive due to superior quality, with a yield rate of 80% [3] - Expansion into GaN technology is underway, with products capable of covering over 1,000V, targeting applications in EVs and AI data centers [3] 3. Pricing Trends - Management expects the pricing decline in power semiconductors to moderate to normal levels by 2026, as some smaller vendors may exit the market due to losses [4] - Despite ongoing pricing pressures, the company anticipates a stable gross margin trend in 2026 due to product mix upgrades [7] 4. Valuation and Price Target - The company is rated Neutral with a 12-month target price of Rmb121.20, representing a 21.0% upside from the current price of Rmb100.17 [10] - Valuation methodology includes applying a 31.0x target P/E multiple to the 2026E EPS [8] 5. Key Risks - Risks include stronger or weaker-than-expected IGBT market growth, variability in new design wins and market share gains, and competition levels [9] Additional Insights - The company is focusing on upgrading its product mix to mitigate pricing pressures in the power semiconductor market [1] - Management's proactive approach in expanding product lines and capturing new markets is viewed positively, although the overall market conditions remain challenging [1][2]

Core Insights - The explosive growth of the electric vehicle market has significantly increased the demand for silicon carbide (SiC) power modules in China, with the market expected to reach 5 billion yuan in 2024, representing a year-on-year growth of 31.6% and accounting for 28.4% of the global SiC power module market [1][9]. Overview - SiC power modules are core power electronic devices made from silicon carbide, integrating multiple SiC semiconductor chips through advanced packaging technology for efficient energy conversion and control. They outperform traditional silicon-based modules in terms of switching frequency, energy loss, and high-temperature performance, making them essential in electric vehicles and photovoltaic applications [1][4]. Development History - The development of China's SiC power module industry has evolved through five stages: foundational research, industrial initiation, technological breakthroughs, large-scale production, and ecosystem formation. Since 2022, the industry has entered a phase of global competition, with local companies increasing their market share in photovoltaic and electric vehicle sectors [4][6]. Policy Environment - The Chinese government has implemented various policies to support the semiconductor industry, including tax incentives and action plans aimed at promoting growth and innovation in the electronic information manufacturing sector, creating a favorable environment for the SiC power module industry [6]. Industry Chain - The SiC power module industry chain in China consists of three layers: upstream materials and equipment, midstream device packaging, and downstream application scenarios. The industry is moving towards a fully autonomous and controllable ecosystem, with core barriers concentrated in substrate and equipment manufacturing [6][7]. Current Market Demand - The electric vehicle sector is the primary demand market for SiC power modules in China, projected to account for over 80% of the market in 2024. The continuous growth in electric vehicle production and sales, with a year-on-year increase of 35.2% in 2025, provides significant growth opportunities for the SiC power module industry [7][8]. Competitive Landscape - The SiC power module industry has high entry barriers due to technology, supply chain, certification, funding, and talent. The market is highly concentrated, with the top 10 companies holding an 83.7% market share in 2024. International giants like Infineon and STMicroelectronics maintain a competitive edge in high-end markets due to their technological advancements and established relationships with leading automotive and photovoltaic companies [9][10]. Domestic Company Analysis - **SDA Semiconductor Co., Ltd.** focuses on the design, development, and production of power semiconductor chips and modules, reporting a revenue of 1.936 billion yuan in the first half of 2025, with a gross profit of 576 million yuan and a gross margin of 29.74% [10]. - **Shenzhen Basic Semiconductor Co., Ltd.** specializes in SiC power devices, achieving a revenue of 104 million yuan in the first half of 2025, with SiC power module revenue accounting for 45.79% of total revenue [10]. Development Trends - The industry is transitioning from 6-inch to 8-inch wafers, which will help reduce costs and improve yield. There is a focus on enhancing the reliability of gate oxides and terminal passivation technologies [11]. - The domestic supply chain is becoming more self-sufficient, with local equipment gradually replacing foreign high-end equipment, fostering collaboration among upstream and downstream companies to overcome technical challenges [12]. - While international giants still dominate the high-end automotive market, domestic companies are rapidly gaining market share in the mid-to-high-end segments, reducing price gaps and expanding their global presence [13].

Core Insights - The core viewpoint of the article emphasizes the significant role of medium and high-voltage variable frequency drives (VFDs) in industrial production, driven by China's "dual carbon" strategy and policy support, leading to a stable growth in market demand [1][10]. Industry Overview - Medium and high-voltage VFDs are essential for adjusting motor speed and operational status to meet various process requirements, commonly used in fans, pumps, and compressors [1][6]. - The market size of China's medium and high-voltage VFD industry is projected to grow from 10.8 billion yuan in 2017 to 21.6 billion yuan in 2024, with a compound annual growth rate (CAGR) of 10.41% [1][11]. Industry Chain - The upstream of the medium and high-voltage VFD industry includes raw materials and components such as transformers, IGBTs, capacitors, and cooling systems [8]. - The downstream applications encompass sectors like electricity, petrochemicals, construction materials, coal, and metallurgy [8]. Market Demand and Growth - The demand for medium and high-voltage VFDs is significantly influenced by the need for energy conservation and emission reduction in high-energy-consuming industries, particularly under strict environmental regulations [1][10]. - The industrial power generation in China is expected to grow from 6,275.82 billion kWh in 2017 to 9,418.1 billion kWh in 2024, with a CAGR of 5.97% [9][10]. Competitive Landscape - The medium and high-voltage VFD industry in China features a diversified competitive landscape, with both international brands (like Schneider, ABB, Siemens) and domestic leaders (like Invt, Huichuan Technology, and HeKang New Energy) [11]. - Domestic companies are gaining market share by leveraging localized service responsiveness and competitive product pricing [11]. Key Companies - Invt Electric Co., Ltd. focuses on industrial automation and energy sectors, reporting a revenue of 1.153 billion yuan from VFDs in the first half of 2025, a year-on-year increase of 6.56% [12]. - Huichuan Technology Co., Ltd. provides automation solutions across various industries, with a revenue of 8.807 billion yuan from general automation in the first half of 2025, reflecting a year-on-year growth of 17.11% [13]. Development Trends - Future trends in the medium and high-voltage VFD industry include energy efficiency optimization and enhanced dynamic response capabilities through advanced semiconductor devices and control algorithms [14]. - The integration of VFDs into the industrial internet will enable full lifecycle digital management, enhancing operational efficiency and predictive maintenance [15]. - VFDs are expected to evolve into power conversion nodes with multi-energy interfaces, supporting renewable energy integration and smart grid functionalities [15].

Core Viewpoint - The company has completed the registration of changes in business operations, including the cancellation of the supervisory board and changes in registered capital, as approved by the board and shareholders [1]. Group 1: Company Changes - The company has completed the business registration change procedures and obtained a new business license from the Zhejiang Provincial Market Supervision Administration [1]. - The registered capital of the company is now 239,473,366 RMB [1]. - The company type is classified as a joint-stock company with investments from Hong Kong, Macau, and Taiwan, and it is publicly listed [1]. Group 2: Company Information - The company is located at 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province [1]. - The legal representative of the company is Shen Hua [1]. - The company was established on April 27, 2005, and its business scope includes semiconductor discrete device manufacturing, integrated circuit chip design and services, and various related activities [1].

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个别及连带责任。 经斯达半导体股份有限公司（以下简称为"公司"）第五届董事会第十二次 会议和 2025 年第二次临时股东大会审议通过了《关于取消监事会、变更公司注 册资本、修订<公司章程>并办理工商变更登记的议案》，具体内容详见公司于 2025 年 12 月 09 日在上海证券交易所网站（www.sse.com.cn）披露的《斯达半导 体股份有限公司关于取消监事会、变更公司注册资本、修订<公司章程>并办理 工商变更登记及制定、修订部分治理制度的公告》（公告编号：2025-042）。 近日，公司已完成工商变更登记相关手续，并已取得浙江省市场监督管理局 换发的《营业执照》，具体登记信息如下： 统一社会信用代码：913304007731328302 证券代码：603290 证券简称：斯达半导 公告编号：2025-048 斯达半导体股份有限公司 关于完成工商变更登记的公告 住所：浙江省嘉兴市南湖区科兴路 988 号 法定代表人：沈华 注册资本：贰亿叁仟玖佰肆拾柒万叁仟肆佰陆拾陆人民币元 成立日期：2 ...

斯达半导体股份有限公司 （浙江省嘉兴市南湖区科兴路 988 号） 关于斯达半导体股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复报告 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十二月 上海证券交易所： 贵所于 2025 年 11 月 6 日出具的上证上审（再融资）〔2025〕356 号《关于 斯达半导体股份有限公司向不特定对象发行可转换公司债券申请文件的审核问 询函》（以下简称"问询函"）已收悉，斯达半导体股份有限公司（以下简称"斯 达半导""发行人""公司"）、中信证券股份有限公司（以下简称"保荐机构""中 信证券"）对问询函中的相关问题逐项进行了研究和落实，现对问询函问题回复 如下，请予审核。 如无特别说明，本问询函回复报告中的简称或名词的释义与募集说明书（申 报稿）中的相同。本回复报告中的字体： | 问询函所列问题： | 黑体 | | --- | --- | | 对问询函所列问题的回复： | 宋体、Times New Roman（不加粗） | | 对募集说明书的引用： | 楷体（不加粗） | | 对募集说明书的修改或补充披露： | ...

立信会计师事务所（特殊普通合伙）关于 斯达半导体股份有限公司向不特定对象发行 可转换公司债券申请文件的审核问询函的答复 信会师函字[2025]第 ZA664 号 上海证券交易所： 根据贵所于 2025 年 11 月 6 日出具的《关于斯达半导体股份有限公司向不特 定对象发行可转换公司债券申请文件的审核问询函》（以下简称"审核问询函"） 的要求，立信会计师事务所（特殊普通合伙）（以下简称"申报会计师"、"会 计师"）本着勤勉尽责、诚实守信的原则，就审核问询函要求会计师核查的问题 进行了审慎核查，现将有关问题的核查情况和核查意见回复如下： 2、本所没有接受委托审计或审阅发行人 2025 年 1 月至 6 月期间的财务报 表，因此无法对发行人上述期间的财务信息发表意见或结论。以下所述的核查程 序及实施核查程序的结果仅为协助公司回复贵所审核问询目的，不构成审计或审 阅。 答复 第 1 页 7-2-1 问题 1、关于本次募投项目 根据申报材料，1）发行人本次募集资金不超过 15 亿元，拟用于"车规级 SiC MOSFET 模块制造项目""IPM 模块制造项目""车规级 GaN 模块产业化项 目"和补充流动资金。2）本次 ...

每经头条（nbdtoutiao）——微信聊天遭老板监视，杀毒软件"失明"，员工隐私被系统性采集！软件商 公开售卖"监控神器"，称已服务多家企业 截至发稿，斯达半导市值为230亿元。 （记者 张明双） 每经AI快讯，斯达半导（SH 603290，收盘价：96.05元）12月24日晚间发布公告称，公司第五届第十三 次董事会会议于2025年12月24日以现场和通讯结合的方式召开。会议审议了《关于确认公司审计委员会 成员及召集人的议案》等文件。 ...