Group 1 - The core viewpoint of the article highlights that Lian Microelectronics (605358.SH) is actively engaging in the compound semiconductor RF and optoelectronic chip business, which caters to various downstream demands such as low Earth orbit satellites, low-altitude economy, robotics, intelligent driving, and optical communication [1] - The pHEMT chips have already been applied in the low Earth orbit satellite sector, indicating the company's involvement in advanced technology applications [1] - VCSEL chips are utilized in intelligent driving, robotics, and optical communication, showcasing the versatility and relevance of the company's products in multiple high-tech fields [1]

Core Viewpoint - The stock of Lian Microelectronics has experienced fluctuations, with a recent decline in share price and significant net outflow of funds, indicating potential investor concerns about the company's performance and market position [1][2]. Company Overview - Lian Microelectronics, established on March 19, 2002, and listed on September 11, 2020, is located in Hangzhou Economic and Technological Development Zone, specializing in semiconductor silicon wafers, power devices, and compound semiconductor RF chips [2]. - The company's revenue composition includes 61.62% from semiconductor silicon wafers, 27.89% from power device chips, 9.55% from compound semiconductor RF chips, and 0.93% from other sources [2]. Stock Performance - Year-to-date, Lian Microelectronics' stock price has increased by 0.89%, with a recent decline of 3.06% over the last five trading days and a 0.75% decrease over the last 20 days. However, there has been an 11.17% increase over the last 60 days [2]. - As of September 9, the stock price was reported at 24.99 CNY per share, with a total market capitalization of 16.77 billion CNY [1]. Fund Flow - On September 9, the company experienced a net outflow of 15.61 million CNY in principal funds, with large orders accounting for 19.21% of purchases and 21.39% of sales [1]. Financial Performance - For the first half of 2025, Lian Microelectronics reported a revenue of 1.666 billion CNY, reflecting a year-on-year growth of 14.18%. However, the net profit attributable to shareholders was a loss of 127 million CNY, a significant decrease of 90% compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 2.70% to 75,300, with an average of 8,911 circulating shares per shareholder, a decrease of 2.63% [2]. - The company has distributed a total of 637 million CNY in dividends since its A-share listing, with 342 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 8.4344 million shares, an increase of 279,200 shares from the previous period. Southern CSI 500 ETF ranked ninth, holding 7.9461 million shares, an increase of 1.1353 million shares [3].

Group 1 - The company, Lian Micro (605358.SH), currently does not have research and development activities focused on silicon carbide substrate materials [1] - The company's R&D expenditures are primarily concentrated on three main business areas: semiconductor silicon wafers, semiconductor power device chips, and compound semiconductor RF and optoelectronic chips [1]

Core Viewpoint - Lian Micro (605358) has successfully validated its 6-inch silicon carbide gallium nitride products with customers, expecting shipments in the second half of the year, primarily for applications in aerospace, large communication bases, high-speed trains, and defense markets [1] Group 1: Company Advantages - The company possesses competitive advantages over peers due to its automated production lines and compatibility with gallium arsenide, which helps reduce costs and failure rates [1] - Technologically, the company has leveraged its experience in power electronics, particularly in passivation and high-voltage devices, leading to significant improvements [1]

Group 1 - The core viewpoint of the article is that Lian Microelectronics (605358.SH) has confirmed the stability of the procurement price for electronic-grade polysilicon, which is essential for semiconductor wafer production [1] Group 2 - The company produces semiconductor wafers and relies on electronic-grade polysilicon as a key material [1] - The current procurement price of electronic-grade polysilicon remains stable, indicating a potentially favorable cost environment for the company [1]

Group 1 - The company, Lian Micro (605358.SH), currently does not have research and development activities for silicon carbide substrate materials [1] - The company's R&D expenditures are primarily focused on three main business areas: semiconductor silicon wafers, semiconductor power device chips, and compound semiconductor RF and optoelectronic chips [1]

Group 1 - The core viewpoint of the article is that Lian Micro (605358.SH) has confirmed its focus on pHEMT chips for low Earth orbit satellite applications, indicating a strategic direction in the semiconductor industry [1] - The company currently does not have any shipments of indium phosphide products, highlighting a specific area of product development that is not yet realized [1]

格隆汇9月8日丨立昂微(605358.SH)在投资者互动平台表示，立昂东芯6英寸碳化硅基氮化镓产品通过客 户验证，下半年将有望实现出货，目前多应用在航空航天、大型通讯基站、高铁机车、防卫市场等领 域。公司相比同行的竞争优势是公司的自动化产线与砷化镓兼容，可降低成本和故障率，技术方面柔和 了PED在电力电子方面的积累，在钝化和高压器件方面有较好的改善。 ...

Core Viewpoint - The company, Lian Micro (605358.SH), is focusing on its 12-inch silicon wafer products, particularly heavy-doped epitaxial wafers, which are competitive in both domestic and international markets [1] Group 1: Product and Technology - The company's 12-inch silicon wafer products include lightly doped polished wafers and heavily doped epitaxial wafers [1] - The subsidiary, Jinruihong, possesses globally leading production technology for certain heavy-doped epitaxial wafers, which are a key product for the company [1] Group 2: Market Demand and Applications - The heavy-doped silicon wafers, specifically the heavy-doped arsenic and phosphorus epitaxial wafers, have a strong order backlog due to their technological advantages [1] - The products are widely used in uninterruptible power supplies for AI servers, driven by the growing demand from AI and computing power sectors [1] Group 3: Future Outlook - The company aims to leverage its technological advantages to expand its presence in the 12-inch heavy-doped silicon wafer market, addressing the increasing market demand and enhancing economic benefits [1]

Core Viewpoint - Lian Microelectronics (605358.SH) focuses on compound semiconductor RF and optoelectronic chip foundry services, specifically providing VCSEL chip foundry services for LiDAR manufacturers, without directly competing in the downstream LiDAR market [1] Group 1 - Lian Dongxin is one of only two global suppliers capable of producing two-dimensional addressable VCSEL chips, indicating a technological leadership in the VCSEL chip foundry market [1] - The company is actively advancing low-cost process research and development, as well as domestic material substitution, to enhance its competitiveness [1]