深圳市必易微电子股份有限公司 2025 年第一次临时股东大会 证券代码：688045 证券简称：必易微 深圳市必易微电子股份有限公司 会议资料 深圳市必易微电子股份有限公 司 2025 年第一次临时股东大会 议案一： 关于取消监事会并修订《公司章程》及办理工商变更登记的议案 议案三： 关于公司《2025 年限制性股票激励计划（草案）》及其摘要的议案 议案四： 关于公司《2025 年限制性股票激励计划实施考核管理办法》的议 深圳市必易微电子股份有限公司 为维护广大投资者的合法权益，保障股东在本次股东大会期间依法行使权利， 根据《中华人民共和国公司法》 《中华人民共和国证券法》 《上市公司股东会规则》 以及《深圳市必易微电子股份有限公司章程》《深圳市必易微电子股份有限公司 股东大会议事规则》等有关规定，特制定本次股东大会会议须知： 一、为确认出席股东大会的股东或其代理人或其他出席者的出席资格，会议 工作人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、为保证本次股东大会的严肃性和正常秩序，切实维护股东的合法权益， 出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理签到手续， 并 ...

"保 申万宏源证券承销保荐有限责任公司 关于深圳市必易微电子股份有限公司 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、 荐人"）作为深圳市必易微电子股份有限公司（以下简称"必易微"、 "公司"）首 次公开发行股票并在科创板上市的持续督导保荐人，根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》以及《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等相关规定，负责必易微上市后的 持续督导工作，并出具本持续督导跟踪报告。 一、 持续督导工作情况 序号 工作内容 持续督导情况 建立健全并有效执行持续督导工作制度，并针 保荐人已建立健全并有效执行了持续督导 对具体的持续督导工作制定相应的工作计划。 制度，并制定了相应的工作计划。 根据中国证监会相关规定，在持续督导工作开 始前，与上市公司签署持续督导协议，明确双 保荐人已与必易微签订承销及保荐协议，已 方在持续督导期间的权利义务，并报上海证券 明确双方在持续督导期间的权利和义务。 交易所备案。 保荐人通过日常沟通、定期及不定期回访等 通过日常沟通、定期回访、现场检查、尽职调 查等方式开展持续督导工作。 展持续督 ...

申万宏源证券承销保荐有限责任公司 关于深圳市必易微电子股份有限公司 2025 年半年度持续督导跟踪报告 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐人"）作为深圳市必易微电子股份有限公司（以下简称"必易微"、"公司"）首 次公开发行股票并在科创板上市的持续督导保荐人，根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》以及《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等相关规定，负责必易微上市后的 持续督导工作，并出具本持续督导跟踪报告。 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐人已建立健全并有效执行了持续督导 | | | 对具体的持续督导工作制定相应的工作计划。 | 制度，并制定了相应的工作计划。 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | 保荐人已与必易微签订承销及保荐协议，已 | | | 始前，与上市公司签署持续督导协议，明确双 | | | | 方在持续督导期间的权利义务，并报上海证券 | 明确双方在持续督导期间 ...

深圳市必易微电子股份有限公司 2025 年第一次临时股东大会 证券代码：688045 证券简称：必易微 深圳市必易微电子股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年 9 月 | 2025 | 年第一次临时股东大会会议须知 2 | | --- | --- | | 2025 | 年第一次临时股东大会会议议程 4 | | 2025 | 年第一次临时股东大会会议议案 6 | | | 议案一： 关于取消监事会并修订《公司章程》及办理工商变更登记的议案 | | | 6 | | | 议案二： 关于修订公司部分管理制度的议案 8 | | | 议案三： 关于公司《2025 年限制性股票激励计划（草案）》及其摘要的议案 | | | 10 | | | 议案四： 年限制性股票激励计划实施考核管理办法》的议 关于公司《2025 | | | 案 11 | | | 议案五：关于提请股东大会授权董事会办理公司 2025 年限制性股票激励计 | | | 划相关事项的议案 12 | 深圳市必易微电子股份有限公司 2025 年第一次临时股东大会 深圳市必易微电子股份有限公司 2025 年第一次临时股东大会会议须知 为维护广 ...

Group 1 - The core point of the news is that Biyimi (688045) has seen a net financing inflow of 63.06 million yuan on August 21, 2025, with a total financing balance of 6647.13 million yuan, indicating a positive market sentiment towards the stock [1][2][3] - Over the past three trading days, Biyimi has recorded a cumulative net inflow of 986.01 million yuan, with 11 out of the last 20 trading days showing net financing inflows [1][2] - The financing balance increased by 0.96% compared to the previous day, reflecting a strengthening bullish sentiment in the market [3] Group 2 - The financing net inflow on August 20 was 647.73 million yuan, with a financing balance of 6584.06 million yuan, representing 4.19% of the circulating market value [2] - On August 19, the financing net inflow was 275.22 million yuan, with a financing balance of 5936.33 million yuan, which was 3.78% of the circulating market value [2] - The financing balance on August 15 showed a decrease of 126.62 million yuan, indicating a momentary bearish sentiment before the recent inflows [3]

Group 1 - The core viewpoint of the news is that Shenzhen Biyimi Microelectronics Co., Ltd. has shown a mixed financial performance in its latest earnings report, with a decline in total revenue but an increase in net profit and non-recurring net profit [1] - As of August 19, 2025, the company's stock closed at 41.61 yuan, down 2.69%, with a turnover rate of 9.4% and a trading volume of 35,400 hands, amounting to a transaction value of 148 million yuan [1] - The company reported total operating revenue of 283 million yuan for the first half of 2025, a year-on-year decrease of 6.99%, while net profit attributable to shareholders was 8.81 million yuan, a year-on-year increase of 16.92% [1] Group 2 - The company has a current ratio of 12.318, a quick ratio of 10.701, and a debt-to-asset ratio of 7.43%, indicating strong liquidity and low leverage [1] - Shenzhen Biyimi Microelectronics has made investments in 8 companies and participated in 6 bidding projects, showcasing its active engagement in the market [2] - The company holds 15 trademark registrations and 214 patents, along with 20 administrative licenses, reflecting its focus on intellectual property and regulatory compliance [2]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company achieved profitability in Q2 2025, driven by high-margin products and a broadening product portfolio, which opens up growth opportunities [1][6]. - The demand for AI terminals and the acceleration of domestic substitution are expected to benefit the company, as it continues to expand its product offerings [6][7]. - The company reported a revenue of 283 million yuan in H1 2025, a year-on-year decrease of 6.99%, but with a gross margin improvement to 29.58% [6][7]. Financial Performance Summary - **Revenue Forecast**: Projected total revenue for 2024A is 688 million yuan, increasing to 839 million yuan in 2025E, with a CAGR of 21.8% through 2027E [2][7]. - **Net Profit Forecast**: The company is expected to turn a profit with a net income of 9 million yuan in 2025E, growing to 75 million yuan by 2027E, reflecting a significant growth rate of 362.6% in 2026E [2][7]. - **Earnings Per Share (EPS)**: EPS is projected to improve from -0.25 yuan in 2024A to 1.08 yuan in 2027E [2][7]. Product and Market Development - The company is actively expanding its product matrix, including high-power fast charging and power supply applications, and has successfully entered the supply chain for international brands [6][7]. - The introduction of new products, such as specialized driver chips for micro-stepping motors, has seen significant growth, with a year-on-year increase of over 245% in motor driver control chip products [6][7]. - The company maintains a high R&D investment strategy, with a research expense ratio of 25.42% in H1 2025, focusing on markets such as home appliances and industrial power [6][7].

Financial Performance - In the first half of 2025, the company reported operating revenue of 283 million yuan, a decrease of 6.99% year-on-year [1][3] - The net profit attributable to shareholders was -8.81 million yuan, an improvement from -10.61 million yuan in the same period last year [1][3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -14.52 million yuan, compared to -27.28 million yuan in the previous year [1][3] - The net cash flow from operating activities was 4.15 million yuan, down 43.56% year-on-year [1][3] Future Projections - The projected net profit attributable to shareholders for 2023 and 2024 is -19.07 million yuan and -17.17 million yuan, respectively [3][4] - The projected net profit after deducting non-recurring gains and losses for the same years is -58.57 million yuan and -46.28 million yuan, respectively [3][4] Stock Market Information - The company went public on May 26, 2022, with an issuance of 17.26 million shares at a price of 55.15 yuan per share [4][5] - The stock is currently trading below its initial offering price, indicating it is in a state of decline [4] Fundraising Details - The total amount raised from the initial public offering was 952 million yuan, with a net amount of 860 million yuan after deducting issuance costs [5] - The funds are intended for the development and industrialization of power management control chips, motor drive control chips, and the establishment of a research and development center [5]

Core Viewpoint - The company has demonstrated resilience in a complex external environment by focusing on technological innovation, leading to improved operational efficiency and profitability in the second quarter of 2025 [1][3]. Financial Performance - For the first half of 2025, the company achieved a net profit attributable to shareholders of 4.3179 million yuan, a year-on-year reduction in losses of 16.92%. In the second quarter, net profit increased by 132.88% quarter-on-quarter, reaching 4.3179 million yuan, and 9.3039 million yuan after excluding share-based payment expenses, reflecting a significant quarter-on-quarter growth of 377.44% [1][2]. - The comprehensive gross margin has improved for four consecutive quarters, reaching nearly 30% in the second quarter of 2025 [1]. Product and Market Development - The company is actively responding to the demand in emerging markets such as AI edge computing, home appliances, and robotics, leading to rapid growth in core product lines. Revenue from key products like motor drive control, DC-DC, linear regulators, and LED backlight drivers increased by 64.57% year-on-year, contributing to a nearly 30% quarter-on-quarter revenue growth in the second quarter [1][2]. - New product sales in the home appliance sector grew over 104% year-on-year, while fast charging business revenue exceeded 44 million yuan, marking a nearly 13% increase. Revenue from LED backlight driver chips rose by 40.31%, and motor drive control chips reached 15.6087 million yuan, up over 245% year-on-year [2]. Research and Development - The company maintained high R&D investment, with R&D expenses reaching 71.8466 million yuan in the first half of 2025, accounting for 25.42% of operating revenue. The R&D team expanded to 261 personnel, representing over 69% of the total workforce [2]. - The company continues to launch high-performance new products in areas such as AC-DC, DC-DC, battery management chips, signal chain products, isolation series, and MCUs, gradually forming system-level chip solutions across various application scenarios [2]. Operational Efficiency - The company is enhancing cost control and quality improvement in the supply chain by optimizing upstream and downstream collaboration mechanisms and strengthening process control in key areas, significantly improving overall operational efficiency [2]. - The combination of product structure upgrades and market price strategy adjustments has led to a steady increase in gross margin and the release of profit elasticity [2]. Strategic Focus - The company's operational focus remains on "cost reduction, efficiency enhancement, and structural optimization," despite challenges in traditional product lines. The proactive layout in growth sectors such as AI consumer electronics, smart terminals, and industrial automation is laying a foundation for steady performance recovery in the future [3].

Core Viewpoint - The recent financial report of Biyimi (688045) indicates a decline in total revenue but an improvement in profitability metrics, suggesting a mixed performance outlook for the company [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 283 million yuan, a decrease of 6.99% year-on-year [1]. - The net profit attributable to shareholders was -8.81 million yuan, an increase of 16.92% year-on-year [1]. - In Q2 2025, total revenue was 160 million yuan, down 5.14% year-on-year, while net profit attributable to shareholders was 4.32 million yuan, up 139.63% year-on-year [1]. - Gross margin improved to 29.58%, reflecting an increase of 18.24% year-on-year, while net margin was -4.27%, up 33.44% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 33.00 million yuan, accounting for 11.68% of revenue, an increase of 16.96% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) was -0.13 yuan, a year-on-year increase of 13.33% [1]. - Operating cash flow per share was 0.06 yuan, down 44.19% year-on-year [1]. - The company's net asset per share was 19.66 yuan, reflecting a 0.99% increase year-on-year [1]. Business Evaluation - The company's historical return on invested capital (ROIC) median since listing is 23.98%, indicating good investment returns, although the worst year (2024) showed a ROIC of -2.81% [3]. - The business model relies heavily on research and development, necessitating a thorough examination of the underlying drivers of this approach [3]. Debt and Cash Flow Analysis - The company has a healthy cash asset position, but the average operating cash flow over the past three years is significantly negative compared to current liabilities [3]. - Financial expenses have been a concern, with the average net cash flow from operating activities over the past three years also being negative [3].