Group 1 - The company has provided a guarantee of RMB 44 million for its wholly-owned subsidiary, Jinrui Hongyang Technology (Quzhou) Co., Ltd. [2][3] - As of the announcement date, the actual guarantee balance provided is RMB 0 million, indicating no current financial exposure [2][3] - The guarantee is aimed at supporting the subsidiary's project financing needs and has been approved by the company's board and shareholders [4][9] Group 2 - Jinrui Hongyang has a registered capital of RMB 20 million and is fully owned by the company [5] - As of December 31, 2024, Jinrui Hongyang reported total assets of RMB 19.89 million, with a net asset total of RMB 6.99 million and a net profit of -RMB 0.99 million for the year [5] - The company has no overdue guarantees and the total guarantee balance amounts to RMB 323.45 million, which is 44.08% of the company's latest audited net assets [10] Group 3 - The guarantee includes a joint liability guarantee and a mortgage agreement with the bank, with the mortgage covering property and land use rights valued at RMB 44 million [7][8] - The guarantee period extends from the effective date of the guarantee until the debt is settled, with a specified term from July 2, 2025, to July 1, 2032 [7] - The board believes that the guarantee is a normal financing activity that will not adversely affect the company's operations or the interests of minority shareholders [9]

（编辑 任世碧） 证券日报网讯 7月30日晚间，立昂微发布公告称，截至本公告日，公司为控股子公司承担担保责任的担 保余额合计为人民币323，447.24万元，公司为除控股子公司之外的其他单位的担保余额为0，公司合计 担保余额323，447.24万元，占公司最近一期经审计净资产的44.08%。公司不存在逾期担保的情况。 ...

| 证券代码：605358 | 证券简称：立昂微 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：111010 | 债券简称：立昂转债 | | 杭州立昂微电子股份有限公司 关于为控股子公司提供担保的进展公告 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个别及连带责任。 重要内容提示: 一、担保情况概述 （一）担保事项说明 被担保人名称：金瑞泓昂扬科技（衢州）有限公司（以下简称"金瑞泓昂扬"）。 本次担保金额及已实际为其提供的担保余额：公司子公司金瑞泓科技（衢州）有限公 司（以下简称"金瑞泓科技"）本次为金瑞泓昂扬提供的担保额度为人民币 44,000 万 元，截至本公告日已实际为其提供的担保余额为人民币 0 万元。 本次担保无反担保 本公司不存在逾期对外担保 二、被担保人基本情况 （一）被担保人金瑞泓昂扬科技（衢州）有限公司 注册地点为浙江省衢州市，法定代表人为凤坤，经营范围：电子专用材料制造；集成电 路芯片及产品制造；半导体分立器件制造；电子专用材料研发；技术服务、技术开发、技术咨 询、技术交 ...

Investment Rating - The report maintains a "Recommended" rating for the humanoid robotics industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [29]. Core Insights - The humanoid robotics concept index increased by 2.03% from July 20 to July 25, 2025, outperforming the CSI 300 index by 0.34 percentage points. Year-to-date, the humanoid robotics index has risen by 47.50%, surpassing the CSI 300 index by 39.47 percentage points [2][11]. - Significant advancements in humanoid robotics technology were highlighted, including the launch of new models and innovations in battery technology, which are expected to enhance operational efficiency and market competitiveness [3][20][21][22][23]. - The report emphasizes the growing investment and financing activities in the humanoid robotics sector, with notable funding rounds led by major players like JD.com, indicating strong market confidence and potential for growth [3][24][25]. Summary by Sections Weekly Market Review - The humanoid robotics index outperformed the CSI 300 index, with notable stock performances including Songlin Technology (+26.52%) and Lansheng Co. (-15.73%) [11][17]. Weekly Hotspots Policy Developments - The Hubei Provincial Data Bureau announced initiatives to promote the integration of embodied intelligence models with humanoid robots, aiming to establish a robust industrial ecosystem [3][20]. Product and Technology Iterations - Major companies like UBTECH and Tesla are launching new humanoid robots with advanced features, including the Walker S2 and Optimus, which are set to revolutionize the industry with mass production goals [3][21][22]. Investment and Financing - Significant funding activities were reported, including nearly 600 million yuan raised by Qianxun Intelligent and strategic investments in companies like LimX Dynamics and Zhongqing Robotics [3][24][25]. Key Company Announcements - Companies such as Lian Micro and SAIC Beijing are forming strategic partnerships and expanding their product offerings in humanoid robotics, indicating a collaborative approach to innovation in the sector [3][4][27].

Core Viewpoint - Chip stocks experienced a significant rally in the afternoon, with several companies seeing substantial gains, indicating a positive trend in the semiconductor sector [1] Company Performance - Aishi Technology reached a 20% limit up, showcasing strong market interest [1] - Companies such as Cambricon, Saiwei Microelectronics, Aojie Technology, Hengxuan Technology, Qipai Technology, and Chipway Technology all saw their stock prices increase by over 5% [1] - Other companies including Lianang Microelectronics, Taiji Co., and Huahong Semiconductor also followed suit with notable gains [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [9][15]. Core Insights - The company has a robust order backlog for epitaxial wafers, with a projected revenue of 2.239 billion yuan from semiconductor wafers in 2024, representing a year-on-year growth of 24.91% [3]. - The sales volume of 6-inch wafers is expected to reach 15.1278 million pieces in 2024, a year-on-year increase of 53.68%, while 12-inch wafer sales are projected to grow by 121.23% [3]. - The company is leveraging its integrated supply chain advantages in the semiconductor power device sector, with a focus on expanding the sales of trench products and stabilizing the sales of FRD products [4]. - The revenue from compound semiconductor RF chips is expected to reach 295 million yuan in 2024, a significant year-on-year increase of 115.08% [5]. - The company is strategically positioning itself in emerging markets such as low-orbit satellites and AI terminals, enhancing its product offerings and market presence [5]. Financial Projections - The company is projected to achieve revenues of 4.006 billion yuan in 2025, 5.017 billion yuan in 2026, and 6.009 billion yuan in 2027, with corresponding net profits of 30 million yuan, 202.6 million yuan, and 401.83 million yuan respectively [9][11]. - The EBITDA is expected to grow significantly, reaching 1.3457 billion yuan in 2025 and 2.06054 billion yuan in 2027 [11][12]. - The company anticipates a gross margin improvement, with the gross profit margin projected to increase from 8.7% in 2024 to 20.2% in 2027 [14].

Core Insights - The report provides a comprehensive analysis of the current state and future prospects of the RF device market in China from 2025 to 2031, highlighting key trends, challenges, and opportunities within the industry [1][3]. Group 1: Industry Overview - The RF device industry is defined and categorized, including distinctions between RF devices and similar concepts such as electronic components and power semiconductors [4][5]. - The report outlines the classification of RF devices based on various criteria, including control signal characteristics and internal carrier participation in conduction [4][5]. Group 2: Macro Environment Analysis - A PEST analysis is conducted, examining the policy, economic, social, and technological environments affecting the RF device industry in China [5][6]. - The report details the regulatory framework and standardization efforts within the RF device sector, including current and upcoming standards [5][6]. Group 3: Global Market Insights - The global RF device market is analyzed, including historical development, current market size, and competitive landscape [6][7]. - Key regions such as the US, Europe, and Japan are examined for their respective RF device market conditions and standards [6][7]. Group 4: Supply and Demand Analysis - The report assesses the supply and demand dynamics within the Chinese RF device market, including production and consumption statistics of representative companies [8][9]. - It highlights the import and export trends over the past five years, providing insights into trade dynamics and market structure [8][9]. Group 5: Competitive Landscape - The competitive landscape of the RF device industry in China is analyzed, including the entry processes of competitors and strategic positioning [9][10]. - The report discusses the market concentration and competitive clusters within the industry, providing a detailed overview of major players [9][10]. Group 6: Investment Opportunities - The report identifies potential investment opportunities within the RF device industry, focusing on weak links in the supply chain and emerging market segments [10][11]. - It also provides strategic recommendations for entering and exiting the market, along with an assessment of investment risks and values [10][11].

| 证券代码：605358 | 证券简称：立昂微 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：111010 | 债券简称：立昂转债 | | 杭州立昂微电子股份有限公司 关于为控股子公司提供担保的进展公告 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个别及连带责任。 重要内容提示: 一、担保情况概述 （一）担保事项说明 为满足生产经营等对资金的需求，浙江金瑞泓向交通银行股份有限公司宁波分行（以下 简称交通银行宁波分行）、中国农业银行股份有限公司宁波北仑分行（以下简称农业银行宁波 分行）分别申请借款 35,000 万元、10,000 万元，嘉兴金瑞泓向交通银行股份有限公司嘉兴分 1 被担保人名称：浙江金瑞泓科技股份有限公司（以下简称"浙江金瑞泓"）、杭州立昂 东芯微电子有限公司（以下简称"立昂东芯"）、金瑞泓微电子（嘉兴）有限公司（以 下简称"嘉兴金瑞泓"）。 本次担保金额及已实际为其提供的担保余额：公司本次为浙江金瑞泓提供的担保额度 为人民币 47,000 万元（其中 42,000 万元为前 ...

Core Viewpoint - Lian Micro (605358.SH) has announced that it is the first manufacturer in the industry and in mainland China to mass-produce two-dimensional addressable VCSEL chips for laser radar applications, indicating a significant advancement in the smart driving and robotics market [1] Group 1: Company Overview - Lian Micro has developed a two-dimensional addressable VCSEL technology, which is currently the first of its kind in the industry [1] - The company's products are applied in various end-use scenarios, including automotive smart driving, human-shaped robots, and vacuum robots [1] Group 2: Market Context - The market for VCSEL products is experiencing explosive growth, marking a pivotal year for applications in laser radar technology [1] - The company reports a full order book and a significant increase in shipment volumes for its VCSEL products [1]

Market Overview - The global semiconductor wafer market is projected to reach approximately $11.5 billion in sales in 2024, with a shipment area of 12,266 million square inches, reflecting a year-on-year decline of 2.7%, marking a recent low [2][3] - The domestic semiconductor wafer market in China is expected to be around 15 billion yuan in 2024, with significant growth in 300mm wafer shipments, particularly from companies like Shanghai Xinsheng, which saw over 70% year-on-year growth [2][3] Industry Trends - By 2027, the demand for silicon wafers is anticipated to grow robustly due to increasing needs related to artificial intelligence and advanced processes, with domestic companies like SMIC and Huahong Group planning clear capacity expansions [3][4] - The 300mm wafer segment is expected to dominate, with global sales projected at around $8.5 billion in 2024, accounting for over 70% of the market, and a domestic market size of approximately 7.5 billion yuan, with a growth rate exceeding 50% [4][5] Pricing Dynamics - In 2024, the pricing of semiconductor wafers is expected to show a divergence, with 300mm wafers remaining stable due to demand from AI and storage chips, while prices for 200mm and smaller wafers are under pressure, with 200mm epitaxial wafer prices dropping over 15% [5][6] - Major players like Shin-Etsu Chemical and SUMCO are controlling production to maintain high margins, while domestic companies are aggressively expanding capacity and pricing their products 10%-15% lower than international competitors [7][8] Financial Performance - In 2024, the total revenue of listed companies in the silicon wafer industry is projected to be approximately 13.453 billion yuan, reflecting a year-on-year growth of 10.58%, with an average gross margin of about 21.14% [10][11] - TCL Zhonghuan and Huahong Group are leading in revenue, with TCL Zhonghuan generating 4.687 billion yuan and Huahong Group 3.388 billion yuan [11] Stock Market Performance - The silicon wafer industry experienced a turbulent stock market in 2024, with an overall decline of 25.13% by year-end compared to the beginning of the year, and a maximum drawdown of 41.51% [14][16] - Huahong Group was the only company to see a slight increase in market value, while TCL Zhonghuan and Shen Gong Co. faced significant declines of 41.41% and 33.55%, respectively [16][17]