证券代码：603893 证券简称：瑞芯微 公告编号：2025-060 瑞芯微电子股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 8 月 22 日（星期五）下午 15:00-16:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （一）会议召开时间：2025 年 8 月 22 日（星期五）下午 15:00-16:00 （二）会议召开地点：上证路演中心（网址：https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络文字互动 1 三、参加人员 会议召开方式：上证路演中心网络文字互动 投资者可于 2025 年 8 月 15 日（星期五）至 8 月 21 日（星期四）下午 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@rock-chips.com ...

Core Viewpoint - The artificial intelligence (AI) sector is experiencing significant growth, as evidenced by the strong performance of the China Securities Artificial Intelligence Industry Index and related ETFs, indicating a bullish market sentiment towards AI investments [1][3][4]. Market Performance - As of August 14, 2025, the China Securities Artificial Intelligence Industry Index rose by 1.49%, with notable gains from individual stocks such as Cambricon (12.33%) and Hearta (10cm limit up) [1]. - The AI ETF (515980) increased by 1.32%, achieving a nearly 8.52% rise over the past week [1][3]. - The AI ETF's trading volume reached 1.73 billion yuan, with a weekly average trading volume of 2.84 billion yuan [3]. ETF Characteristics - The AI ETF closely tracks the China Securities Artificial Intelligence Industry Index, which is designed to provide a comprehensive and balanced exposure to 50 high-growth AI stocks [3]. - The index uniquely balances infrastructure (50%) and application layers (50%), covering the entire AI industry chain and aligning with domestic AI application trends [3][4]. Investment Strategy - Recent reports suggest focusing on three main investment lines within the AI sector: 1. Core components such as domestic computing power and high-end chips [4]. 2. Leading companies in overseas computing infrastructure and AI subscription models [4]. 3. AI application leaders with monetization capabilities [4]. Index Performance - Since the upgrade of the artificial intelligence industry index on July 29, 2025, it has risen by 13.1%, outperforming a simple market-cap weighted index by 3.9% [7]. - Year-to-date, the AI index has increased by 35.7%, exceeding the simple market-cap weighted index by 7.1% [7]. - The index includes sectors with verified growth potential, such as AIGC applications and domestic computing, each holding a weight of 20%-25% [7]. Investment Options - Investors can consider the HuaFu AI ETF linked funds (Class A 008020, Class C 008021) to gain exposure to high-growth potential companies in the AI sector [7].

Group 1 - The AI chip sector is leading the market with an increase of 2.26% [1] - Companies such as Cambricon Technologies saw a rise of 4.25%, while Haiguang Information increased by 4.19% [1] - Youbuxun experienced a growth of 2.79%, and both Rockchip and Ropute rose by over 2% [1]

Core Viewpoint - The Chinese semiconductor industry is experiencing a unique form of "non-typical involution," characterized by structural imbalances rather than traditional overcapacity, where high-quality production is in short supply while low-level, homogeneous production intensifies market competition [1][3]. Group 1: Industry Expansion and Capacity - The semiconductor industry in China is expanding rapidly, with a projected 15% increase in chip manufacturing capacity in 2024, reaching 8.85 million wafers per month, driven by the launch of 18 new semiconductor fabs [2]. - The global capacity is also expected to grow by 6% in the same year, with domestic foundries becoming the main contributors to mature process capacity increases by 2025 [2]. Group 2: Quality vs. Quantity - Despite rapid capacity expansion, there is a mismatch in effective supply growth, leading to excessive competition in low-level segments while high-quality capacity remains severely lacking [3]. - High-end production facilities are operating at full capacity, with SMIC reporting a capacity utilization rate of 89.6% in Q1 2025, and Hua Hong Semiconductor indicating near full production for 2024 [3]. Group 3: Market Dynamics and Challenges - The semiconductor industry's involution is primarily due to severe technological homogenization, imbalanced capacity expansion, and a lack of industry chain collaboration, particularly in low-end segments like mature process chips [3][4]. - The SiC substrate market is facing a downturn, with a projected 9% revenue decline in 2024 due to weakened demand and intensified competition, prompting companies like Tiantong to pause related projects [4]. Group 4: Strategic Responses - Companies are exploring paths to break free from low-level competition by shifting focus from price wars to differentiated innovation and ecosystem collaboration [4][5]. - For instance, Rockchip is concentrating on core technologies in audio, video, and perception, aiming to build a differentiated platform for new production capabilities [5][6]. Group 5: Structural Optimization - To resolve the non-typical involution, a structural optimization across the industry is necessary, emphasizing the distinction between market competition and low-end involution [7]. - The proposed "dislocated competition" strategy suggests that state-supported "national teams" focus on high-tech challenges, while local government-backed firms target promising niche markets, allowing market-driven companies to compete in the mature process sector [7][8].

Group 1 - The A-share market showed mixed performance on August 14, with the Shanghai Composite Index rising by 0.43%, driven by gains in the real estate, non-bank financial, and food and beverage sectors, while defense and comprehensive sectors lagged behind [1] - The semiconductor sector, particularly chip technology stocks, performed strongly, with the Chip ETF (159995.SZ) increasing by 2.75% and notable individual stock performances including Haiguang Information up by 8.35% and Cambrian up by 7.21% [1] - TSMC projected that the global semiconductor market will reach a size of $1 trillion by 2030, with AI leading a new growth cycle, and HPC/AI terminal markets expected to account for 45% of the semiconductor market by that year [1] Group 2 - Guosheng Securities highlighted the opportunities in the domestic advanced packaging supply chain, noting that advanced packaging technology is driving an upgrade in the global testing and packaging industry, particularly due to strong demand from HPC and AI [1] - The domestic integrated circuit manufacturing and packaging processes have seen continuous breakthroughs and improvements in technology levels, with local equipment and material suppliers accelerating product development and customer integration [1] - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, such as SMIC and Cambrian [2]

Core Insights - The Chinese semiconductor industry is experiencing a unique form of "non-typical involution," characterized by structural imbalances rather than traditional overcapacity, with a shortage of high-quality production capacity amidst excessive competition from low-level, homogeneous capacities [1][3] Industry Expansion and Capacity - According to SEMI, China's chip manufacturing capacity is expected to grow by 15% in 2024, reaching 8.85 million wafers per month, driven by the launch of 18 new semiconductor fabs [2] - TrendForce forecasts that domestic foundries will become the main contributors to mature process capacity growth by 2025, with a projected 6% increase in the capacity of the top ten global mature process foundries [2] Capacity Utilization and Quality Concerns - Despite rapid capacity expansion, effective supply growth has not kept pace, leading to competition excess primarily in low-level segments, while high-quality production remains critically insufficient [3] - Major players like SMIC and Hua Hong Semiconductor report high capacity utilization rates, indicating that qualified production lines are operating at full capacity [3] Market Dynamics and Price Pressures - The market for SiC substrates has seen a slowdown in growth due to weakened demand from the automotive and industrial sectors, resulting in a 9% year-over-year revenue decline for the global N-type SiC substrate industry in 2024 [4] - Companies like Tiantong Co. have paused projects in response to the competitive pressures in the SiC market [4] Strategic Responses to Competition - Companies are shifting from price wars to "differentiated innovation and ecological collaboration" as a strategy to overcome low-level competition [4] - Example of Rockchip shows a focus on core technological capabilities and innovation in audio, video, and perception fields, aiming to build a differentiated platform for new production capabilities [5] High-End Market Focus - Rockchip emphasizes high-end markets such as smart vehicles and humanoid robots, aiming to meet stringent requirements for safety and reliability while lowering innovation barriers for the industry [6] - The company's approach has resulted in maintaining a high net profit margin, even reaching a historical peak in Q1 of this year [6] Structural Optimization and Industry Collaboration - To address the non-typical involution, a structural optimization across the industry is necessary, focusing on distinguishing between market competition and low-end involution [7] - The proposed "dislocated competition" strategy suggests that state-supported entities should tackle high-tech challenges, while local governments can focus on regional market opportunities, allowing market-driven companies to compete in mature process markets [7][8]

Market Overview - The semiconductor sector increased by 1.04% on August 13, with Zhongchuan Special Gas leading the gains [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Top Gainers in Semiconductor Sector - Zhongchuan Special Gas (688146) closed at 44.86, up 20.01% with a trading volume of 310,400 shares and a transaction value of 1.376 billion [1] - Sawing Wall Technology (688270) closed at 68.51, up 15.63% with a trading volume of 262,800 shares [1] - Shanghai HePin (688584) closed at 26.18, up 14.52% with a trading volume of 431,000 shares [1] - Liyang Chip (688135) closed at 24.40, up 14.23% with a trading volume of 183,600 shares [1] Decliners in Semiconductor Sector - Juguang Technology (688167) closed at 100.20, down 3.65% with a trading volume of 62,400 shares [2] - Xindao Technology (688230) closed at 72.71, down 2.56% with a trading volume of 32,900 shares [2] - Jinghua Micro (688130) closed at 25.52, down 2.48% with a trading volume of 52,800 shares [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 2.551 billion from institutional investors, while retail investors saw a net inflow of 2.53 billion [2] - The net inflow from speculative funds was 20.592 million [2] Individual Stock Capital Flow - Haowei Group (603501) had a net inflow of 476 million from institutional investors, while it faced a net outflow of 240 million from speculative funds [3] - Ziguang Guowei (002049) saw a net inflow of 199 million from institutional investors, with a net outflow of 85.01 million from speculative funds [3] - Long Electric Technology (600584) had a net inflow of 169 million from institutional investors, with a net outflow of 39.93 million from speculative funds [3]

Core Viewpoint - The semiconductor industry in A-shares is experiencing a downturn due to the cyclical nature of the sector and slow recovery in consumer electronics demand, leading to widespread declines in net profits among listed companies. However, some leading firms have shown signs of recovery in the second quarter, driven by sectors like artificial intelligence, automotive electronics, and power grids. Group 1: Semiconductor Design Companies - Chip design companies are accelerating inventory reduction, with many reporting a decline in performance in the first half of the year, but some have stabilized and shown growth in the second quarter [2][3] - Rockchip, a leader in AIoT chips, expects revenue of approximately 858 million yuan, a year-on-year decrease of about 31%, but a sequential growth of around 60% in the second quarter [2] - GigaDevice, a leader in Nor Flash memory, anticipates a net profit of about 340 million yuan, down over 70% year-on-year, but with a nearly 30% increase from the first quarter [2] Group 2: Fingerprint Recognition and Wireless Chip Companies - Goodix, a leader in fingerprint recognition chips, expects revenue of about 2.02 billion yuan, a year-on-year increase of approximately 10.5%, but a net loss of about 137 million yuan [3] - Broadcom Integrated anticipates a net loss of between 64.8 million and 43.3 million yuan for the first half of 2023, with some improvement in the second quarter [3] - Zhaoxin Microelectronics, heavily reliant on the mobile market, expects a revenue decline of 25.48% year-on-year, with a net profit decrease of 50.01% to 55.06% [3] Group 3: Packaging and Testing Companies - Packaging and testing companies are showing significant sequential growth, with Tongfu Microelectronics reporting revenue of approximately 9.909 billion yuan, a year-on-year increase of 3.58%, but a net loss of 17 to 19.8 million yuan [7] - Longji Technology, a leading packaging and testing company, expects a net profit of 446 to 546 million yuan, a year-on-year decrease of 64.65% to 71.08%, but a significant increase in the second quarter [8] - Crystal Technology anticipates a net profit of 70 to 80 million yuan, a year-on-year decline of 58.11% to 63.35%, but expects to double its profit in the second quarter compared to the first [9] Group 4: Equipment Companies - Despite the overall semiconductor sector being in a downturn, equipment companies are experiencing rapid growth, with North Huachuang reporting revenue of 7.82 to 8.95 billion yuan, a year-on-year increase of 43.65% to 64.41% [10] - Zhongwei Company, a leader in etching equipment, expects revenue of approximately 2.527 billion yuan, a year-on-year increase of about 28.13%, with a net profit increase of 109.49% to 120.18% [11] - Wan Ye Enterprises is increasing its focus on integrated circuits, expecting a net profit of about 118 million yuan, a year-on-year increase of approximately 316% [12]

格隆汇8月12日｜Wind数据显示，按变动截止日期为基准，8月11日，1股获重要股东增持，鑫科材料获 重要股东增持158.55万股，增持金额为543.79万元。14家上市公司股票遭重要股东减持，瑞芯微遭重要 股东减持113.58万股，减持金额为1.83亿元。 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2025-059 瑞芯微电子股份有限公司 股东提前终止减持计划暨减持股份结果公告 ● 大股东持股的基本情况 本次减持计划实施前，厦门市润科欣投资管理合伙企业（有限合伙）（以下简称"润科欣"）持有瑞芯微 电子股份有限公司（以下简称"公司"）股份28,268,940股，占当时公司总股本的6.75%。 ● 减持计划的实施结果情况 上述减持主体无一致行动人。 二、减持计划的实施结果 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： 2025年5月21日，公司披露了《瑞芯微电子股份有限公司股东减持股份计划公告》（公告编号：2025- 044），润科欣计划以集中竞价和/或大宗交易方式减持公司股份合计不超过8,378,000股，即不超过公司 股份总数的2%。其中，在任意连续90日内，通过集中竞价方式减持股份的总数不超过公司总股本的 1%；通过大宗交易方式减持股份的总数不超过公司总股本的2%。 在本次减持计划实施期间，润科欣于2025年6月13日-2025年8月11日 ...