Core Viewpoint - The demand for electric vehicles remains a key growth driver for China's power semiconductor companies in Q3 2025, despite uncertainties in consumer demand and stable industrial demand [1][2]. Demand by Application Area - **Automotive Sector**: Optimism persists regarding unit demand for electric vehicles in China, expected to grow over 20% year-on-year in 2025, with positive growth anticipated in the automotive business for the second half of 2025 [1]. - **Industrial Sector**: Industrial shipments saw good growth in Q2 2025, primarily due to seasonal factors and potential pre-purchasing, but Q3 2025 industrial orders are expected to remain flat with no significant growth or decline [1]. - **Consumer Sector**: Consumer demand is showing signs of decline or uncertainty due to tightened appliance purchase subsidies in some regions and a lack of growth momentum after subsidies have been distributed [1]. Industry Profitability - Leading silicon-based power semiconductor companies, such as StarPower and United Nova, are expected to maintain stable or slightly improved gross margins in Q2 2025, with robust capacity utilization [2]. - Despite stable capacity utilization, most companies are unable to directly increase wafer prices due to industry competition [2]. - There is uncertainty regarding market demand and profit margins for Q4 2025, with price pressures on silicon carbide (SiC) materials and devices expected to remain significant [2]. Stock Impact - The companies covered, including SICC, StarPower, NCE Power, and United Nova, maintain a neutral rating, with no identified turning points for price increases, leading to a cautious outlook [2]. - Investor focus remains on whether the industry will experience meaningful price increases or recoveries in the future [2].

Industry Overview - The fifth RISC-V China Summit will be held from July 16 to 19, 2025, in Shanghai, featuring a main forum, nine vertical sub-forums, five workshops, and 11 concurrent activities, along with a 4,500 square meter future technology exhibition area [1] - The event is expected to attract nearly 2,000 domestic and international professional attendees, with 80% from the industry, and online coverage reaching over 500,000 industry participants [1] - RISC-V architecture is rapidly rising as one of the three major instruction set architectures globally, with advantages such as being open-source, flexible in design, and low power consumption [1] - It is predicted that the compound annual growth rate of RISC-V architecture product shipments will exceed 40% by 2030 [1] - The development of RISC-V in China is reflected in software, applications, and developer ecosystems, presenting an opportunity for domestic chips to leapfrog competitors [1] Company Insights - Chipone Technology is a leading company focused on semiconductor IP licensing and chip customization services, playing a core role in the RISC-V ecosystem [2] - Newclean is positioned as a high-performance power semiconductor supplier, investing in the RISC-V ecosystem to achieve a strategic upgrade from discrete devices to "smart integration" [2] - Goke Microelectronics has independently developed the CRV7 multi-core processor, achieving cloud security chip performance of 200 Gbps and winning projects from state-owned banks, indicating clear potential for domestic substitution [2]

证券代码：605111 证券简称：新洁能 公告编号：2025-036 无锡新洁能股份有限公司 关于闲置募集资金现金管理赎回的公告 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。 无锡新洁能股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开第四 届董事会第十七次会议和第四届监事会第十五次会议审议通过了《关于使用暂时 闲置的募集资金进行现金管理的议案》，同意公司在确保不影响募集资金项目开 展和使用计划的前提下，使用最高额度不超过 115,000 万元人民币的暂时闲置的 非公开发行募集资金进行现金管理，投资于安全性高、流动性好的投资产品，本 次公司使用非公开发行闲置募集资金购买投资产品的投资期限不超过 12 个月， 在前述期限内可由公司滚动使用，并于到期后归还至募集资金专户。公司使用闲 置募集资金进行现金管理将严格遵守上海证券交易所关于上市公司募集资金管 理的相关规定。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关于 使用暂时闲置的募集资金进行现金管理的公告》（公告编号：2024 ...

二、截止本公告披露日公司使用闲置募集资金进行现金管理的情况 证券代码：605111 证券简称：新洁能 公告编号：2025-035 无锡新洁能股份有限公司 关于闲置募集资金现金管理赎回的公告 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。 无锡新洁能股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开第四 届董事会第十七次会议和第四届监事会第十五次会议审议通过了《关于使用暂时 闲置的募集资金进行现金管理的议案》，同意公司在确保不影响募集资金项目开 展和使用计划的前提下，使用最高额度不超过 115,000 万元人民币的暂时闲置的 非公开发行募集资金进行现金管理，投资于安全性高、流动性好的投资产品，本 次公司使用非公开发行闲置募集资金购买投资产品的投资期限不超过 12 个月， 在前述期限内可由公司滚动使用，并于到期后归还至募集资金专户。公司使用闲 置募集资金进行现金管理将严格遵守上海证券交易所关于上市公司募集资金管 理的相关规定。 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《关于 使 ...

Core Viewpoint - The MOSFET industry in China is experiencing significant growth driven by the demand from sectors such as consumer electronics, communication, industrial control, and automotive electronics, with a projected market size of 42.944 billion yuan in 2024, reflecting a year-on-year growth of 7.67% [1][11]. Industry Overview - MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) is a semiconductor device that controls current using electric fields, consisting of a metal gate, an insulating oxide layer, and a semiconductor substrate [2]. - The industry has evolved through four main stages, from initial development before 2010 to the current phase of domestic substitution, where local manufacturers are increasingly producing high-end products [4][5]. Industry Development History - The industry has transitioned from a pioneering phase before 2010 to a period of local alliances from 2011 to 2013, followed by structural reforms from 2014 to 2016, and now to a phase of domestic substitution since 2017 [4][5]. Industry Supply Chain - The upstream of the MOSFET industry includes raw materials and production equipment, while the midstream focuses on manufacturing, and the downstream applications span automotive electronics, consumer electronics, industrial control, and communication devices [7]. Market Size - The demand for MOSFETs is rising due to the proliferation of 5G technology, the boom in the electric vehicle market, and increasing industrial automation [11]. - The performance of silicon-based MOSFETs is improving, and third-generation semiconductor devices like SiC MOSFETs are being commercialized, enhancing charging efficiency and range for electric vehicles [11]. Key Companies' Performance - The competitive landscape of the MOSFET industry is characterized by dominance from overseas giants like Infineon and ON Semiconductor, while domestic firms such as Huazhu Microelectronics, Silan Microelectronics, and New Clean Energy are emerging as leaders [13]. - Huazhu Microelectronics reported a revenue of 2.355 billion yuan in Q1 2025, a year-on-year increase of 11.29%, with a net profit of 83 million yuan, up 150.68% [14]. - Silan Microelectronics achieved a revenue of 11.221 billion yuan in 2024, reflecting a growth of 20.14%, with R&D investment reaching 1.084 billion yuan, up 22.93% [16]. Industry Development Trends - The market size of the MOSFET industry is expected to continue expanding, particularly in the electric vehicle sector, where demand for high-performance MOSFETs is increasing [18]. - Technological innovation is accelerating, with third-generation semiconductor materials like SiC and GaN gaining traction, promising higher efficiency and performance [19][20]. - The trend of domestic substitution is strengthening, with local companies improving their competitiveness and reducing reliance on foreign products, while also integrating the supply chain [21].

Industry Overview - The pyroelectric infrared sensor technology in China began in the 1970s, initially used in military applications, but has expanded into civilian markets due to technological advancements and cost reductions [1][15] - The market size of China's pyroelectric infrared sensor industry has grown from 365 million yuan in 2015 to 1.599 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.84% [1][15] - The production volume of pyroelectric infrared sensors in China is projected to increase from 217 million units in 2015 to 965 million units in 2024, with a CAGR of 18.03% [14] - The demand for these sensors is expected to rise from 209 million units in 2015 to 937 million units in 2024, with a CAGR of 18.14% [14] Market Dynamics - The rapid growth in demand for LED lighting and security monitoring in China is driving the expansion of the pyroelectric infrared sensor market [1][15] - The industry is becoming increasingly competitive, with China emerging as a global manufacturing hub for these sensors due to its cost advantages and improved labor productivity [1][15] Application Areas - Pyroelectric infrared sensors are widely used in various applications, including security monitoring, smart homes, automatic driving, medical diagnostics, thermal imaging, industrial automation, and environmental monitoring [7] - In the smart home sector, these sensors play a crucial role in detecting human presence and activity, enabling automatic control of lighting and other systems [12] Key Companies - Notable companies in the industry include Senba Sensor Technology Co., Ltd., Shanghai Naisela Sensor Co., Ltd., and Zhengzhou Weisheng Electronic Technology Co., Ltd., among others [18][21][23] - Senba Sensor's revenue from pyroelectric infrared sensors is projected to reach 251 million yuan in 2024, reflecting a year-on-year growth of 5.91% [21] Industry Trends - The industry is witnessing a trend towards miniaturization, driven by advancements in MEMS technology and semiconductor processes, making sensors more suitable for compact applications [25] - There is a growing emphasis on smart features, with sensors increasingly incorporating AI algorithms and edge computing capabilities for enhanced environmental perception and data analysis [26] - The evolution from standalone components to integrated system solutions is becoming prominent, allowing for modular products that facilitate easier customer development [27] - Multi-functionality is key to enhancing the value of pyroelectric infrared sensors, with new products integrating additional sensing capabilities to meet complex application needs [28]

Group 1 - The company approved the use of temporarily idle raised funds for cash management, with a maximum amount not exceeding 1,150 million RMB [1] - The investment will be in high-security and high-liquidity products, with a maximum investment period of 12 months [1] - The company will strictly comply with the relevant regulations of the Shanghai Stock Exchange regarding the management of raised funds [1] Group 2 - As of the date of the announcement, the balance of idle raised funds used for cash management is reported [2] - Specific details regarding the cash management products and their performance are provided, including the actual returns and maturity dates [2]

无锡新洁能股份有限公司 关于闲置募集资金现金管理赎回的公告 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。 无锡新洁能股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开第四 届董事会第十七次会议和第四届监事会第十五次会议审议通过了《关于使用暂时 闲置的募集资金进行现金管理的议案》，同意公司在确保不影响募集资金项目开 展和使用计划的前提下，使用最高额度不超过 115,000 万元人民币的暂时闲置的 非公开发行募集资金进行现金管理，投资于安全性高、流动性好的投资产品，本 次公司使用非公开发行闲置募集资金购买投资产品的投资期限不超过 12 个月， 在前述期限内可由公司滚动使用，并于到期后归还至募集资金专户。公司使用闲 置募集资金进行现金管理将严格遵守上海证券交易所关于上市公司募集资金管 理的相关规定。 证券代码：605111 证券简称：新洁能 公告编号：2025-034 1 履约银行 产品名称 金额 （万 元） 产品 类型 产品 起息 日 产品 到期 日 实际 赎回 日 实际 年化 收益 率（%） 实际收 益（万 ...

Core Viewpoint - The legal opinion letter confirms that Wuxi New Clean Energy Co., Ltd.'s differentiated dividend distribution plan for 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [7]. Group 1: Differentiated Dividend Distribution - The company plans to implement a differentiated dividend distribution due to the repurchase of shares, which will not participate in profit distribution [3][4]. - The proposed cash dividend is set at 0.0651 yuan per share (tax included), with a total distribution amounting to approximately 26.97 million yuan (tax included) based on the actual participating shares [4][5]. - The total number of shares participating in the profit distribution is 414,278,987 shares after excluding the repurchased shares [4]. Group 2: Legal Compliance and Verification - The law firm has conducted thorough verification and confirmed that the facts presented in the legal opinion are true, accurate, and complete, adhering to the principles of diligence and good faith [2]. - The legal opinion is based solely on current Chinese laws and does not cover any non-legal matters such as accounting or financial issues [3]. - The differentiated dividend distribution plan has been deemed compliant with the Company Law, Securities Law, and relevant self-regulatory guidelines [7]. Group 3: Impact on Stock Price - The differentiated dividend distribution's impact on the ex-dividend reference price is minimal, calculated to be less than 1% [6]. - The ex-dividend reference price is determined using a specific formula that accounts for the cash dividend and changes in circulating shares [5][6]. - The absolute value of the impact on the ex-dividend reference price is approximately 0%, indicating a negligible effect on the stock price [6].

Core Points - The company plans to distribute a cash dividend of 0.0651 CNY per share (including tax) to its shareholders [1][2] - The record date for the A-share dividend is set for June 12, 2025, with the ex-dividend date and payment date both on June 13, 2025 [1][2] - The total share capital of the company is 415,332,567 shares, with a total cash dividend payout of 26,969,562.05 CNY (including tax) [1][2] Dividend Distribution Plan - The company will not issue bonus shares or increase capital through reserves this year [2] - The cash dividend distribution will remain unchanged even if the total share capital changes between the announcement date and the record date [2] - The calculation for the ex-dividend reference price is based on the formula provided, with no change in circulating shares, resulting in a circulating share change ratio of 0 [2] Taxation on Dividends - Individual shareholders holding shares for over one year will not be subject to personal income tax on dividend income [4][5] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but will calculate the tax owed when the shares are sold [4][5] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied to their dividends, resulting in a net cash dividend of 0.05859 CNY per share [5][6] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the company's board secretary office at 0510-85618058-8101 [6]