Investment Rating - The investment rating for the company is maintained at "Buy" [1] Core Views - The company has turned profitable in Q2 2025, with significant growth in new business areas [6] - The core driver of performance improvement is attributed to the active adjustment of product structure and the continuous release of high-value-added new products in emerging fields [6] - The company is expected to achieve revenue of 838 million yuan in 2025, with a net profit of 18 million yuan, reflecting a strong growth trajectory [5][6] Financial Performance Summary - In 1H2025, the company reported revenue of 283 million yuan, a year-on-year decrease of 6.99%, but a reduction in net loss by 16.92% [6] - The revenue from motor drive control chips in 1H2025 reached 15.61 million yuan, a year-on-year increase of over 245% [6] - The DC-DC chip business saw a revenue increase of over 47% in 1H2025, gaining recognition from leading clients in various sectors [6] Revenue and Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 838 million yuan, 965 million yuan, and 1.132 billion yuan respectively [5][6] - The expected net profits for the same years are 18 million yuan, 38 million yuan, and 61 million yuan respectively [5][6] - The company is anticipated to maintain a PE ratio of 150.5 in 2025, decreasing to 43.9 by 2027 [5][6]

Group 1 - The core viewpoint of the news is that 必易微 (688045.SH) has reported a decrease in institutional investor holdings in its A-shares, with a total of 9 institutions holding 23.2492 million shares, accounting for 33.29% of the total share capital, which is a decrease of 1.54 percentage points compared to the previous quarter [1] - The report indicates that one new public fund, 诺安多策略混合A, has been disclosed this period, while five public funds have not been disclosed compared to the previous quarter [1] - For social security funds, one fund, 招商基金管理有限公司-社保基金1903组合, has not been disclosed this period compared to the previous quarter [2]

Company Overview - Shenzhen Biyi Microelectronics Co., Ltd. reported total assets of approximately 1.44 billion yuan at the end of the reporting period, a decrease of 1.37% compared to the previous year [1] - The company's net assets attributable to shareholders decreased from the previous year, with a reported operating income of approximately 282.58 million yuan, down 6.99% year-on-year [1] - The total profit for the period was approximately -14.86 million yuan, showing an improvement compared to -20.14 million yuan in the same period last year [1] Financial Performance - The net profit attributable to shareholders was approximately -8.81 million yuan, an improvement from -10.61 million yuan year-on-year [1] - The net profit after deducting non-recurring gains and losses was approximately -14.52 million yuan, compared to -27.28 million yuan in the previous year [1] - The weighted average return on net assets increased by 0.14 percentage points, from -0.76% to -0.62% [2] Shareholder Information - As of the end of the reporting period, the total number of shareholders was 6,014 [3] - The largest shareholder, Xie Pengcun, holds 18.39% of the shares, with a total of 12,844,050 shares [3] - Other significant shareholders include Suzhou Fangguang Phase II Venture Capital Partnership and Shenzhen Kaiweisi Enterprise Management Center, holding 10.23% and 7.16% respectively [3]

Core Viewpoint - The company has the qualifications to implement the 2025 restricted stock incentive plan, as confirmed by the remuneration and assessment committee [1][2]. Group 1: Eligibility and Compliance - The company has verified that it meets the necessary qualifications for implementing the stock incentive plan, including compliance with relevant laws and regulations [1][2]. - The incentive plan does not include company directors, supervisors, senior management, or shareholders holding more than 5% of the company's shares [2]. Group 2: Disclosure and Approval Process - The company will publicly disclose the names and positions of the incentive plan participants at least 10 days prior to the shareholders' meeting [3]. - The remuneration committee will provide its review opinions on the list of incentive participants five days before the shareholders' meeting [3]. Group 3: Benefits and Objectives - The incentive plan aims to enhance employee cohesion and the company's core competitiveness, contributing to sustainable development without harming the interests of the company and its shareholders [3].

Core Viewpoint - The board of directors of Shenzhen Biyimi Electronics Co., Ltd. held its 17th meeting of the second session, approving several key proposals including the 2025 semi-annual report, the cancellation of the supervisory board, and the implementation of a stock incentive plan [1][2][3][4][5][6][7][8][9][10][11][12]. Group 1: Board Meeting Details - The meeting was held on August 15, 2025, with all 7 directors present, complying with relevant laws and regulations [1]. - The board approved the 2025 semi-annual report, confirming its compliance with legal requirements and accurately reflecting the company's financial status [2]. Group 2: Financial Reports and Fund Usage - The board approved the special report on the storage and actual use of raised funds for the first half of 2025, confirming no violations in fund usage [2][3]. - The board agreed on the necessity of using raised funds for capital contributions and loans to wholly-owned subsidiaries to enhance project implementation and efficiency [6][7]. Group 3: Structural Changes - The board approved the cancellation of the supervisory board, transferring its responsibilities to the audit committee, and proposed amendments to the company’s articles of association [3][4]. - The board also agreed to revise and add certain management systems in accordance with updated regulations [4][5]. Group 4: Incentive Plans - The board reviewed and approved the draft of the 2025 restricted stock incentive plan, aimed at attracting and retaining talent while aligning interests among shareholders, the company, and employees [7][8]. - The board proposed to authorize the board to manage the implementation of the incentive plan, including determining eligibility and conditions for participants [9][10]. Group 5: Upcoming Shareholder Meeting - The board agreed to convene the first extraordinary general meeting of shareholders in 2025 on September 5, 2025, to discuss the approved proposals [11][12].

证券代码：688045 证券简称：必易微 公告编号：2025-029 深圳市必易微电子股份有限公司 第二届监事会第十五次会议决议公告 本公司监事会及全体监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、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 深圳市必易微电子股份有限公司（以下简称"公司"）第二届监事会第十五 次会议（以下简称"本次会议"或"会议"）于 2025 年 8 月 15 日以现场结合通 讯会议方式在公司会议室召开，本次会议已于 2025 年 8 月 8 日以邮件方式发出 会议通知，由监事会主席王晓佳先生召集和主持，应出席监事 3 人，实际出席监 事 3 人。本次会议的召集和召开符合《中华人民共和国公司法》和《深圳市必易 微电子股份有限公司章程》的有关规定。 二、监事会会议审议情况 本次会议以书面表决方式进行表决。经与会监事认真审议，一致通过了以下 议案： （一）关于公司《2025 年半年度报告》及其摘要的议案 全体监事经审查后认为：公司《2025 年半年度报告》及其摘要的编制和审 议程序符合相关法律、行政法规及公司相关管理制度的规定；公司《2025 ...

证券代码：688045 证券简称：必易微 公告编号：2025-035 深圳市必易微电子股份有限公司 关于召开2025年第一次临时股东大会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： ? 股东大会召开日期：2025 年 9 月 5 日 ? 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 （一） 股东大会类型和届次 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 5 日 14 点 30 分 召开地点：深圳市南山区西丽街道云科技大厦 33 楼公司培训室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 5 日 至2025 年 9 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间 ...

证券代码：688045 证券简称：必易微 公告编号：2025-032 二、募投项目情况 根据公司披露的《首次公开发行股票并在科创板上市招股说明书》，公司首 次公开发行股票募投项目及募集资金使用计划如下： | | | 单位：万元 | | | | --- | --- | --- | --- | --- | | 序号 | 募集资金投资方向 | 投资总额 | | 募集资金投入金额 | | | 合计 | 65,251.50 | 65,251.50 | | 深圳市必易微电子股份有限公司 关于部分募投项目新增实施主体和实施地点的公告 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、准确性和完整性依法承担法律责任。 深圳市必易微电子股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召开公司第二届董事会第十七次会议和第二届监事会第十五次会议，审议通过 了《关于部分募投项目新增实施主体和实施地点并开立募集资金专户的议案》， 同意公司新增全资子公司上海必易微电子技术有限公司（以下简称"必易微上海"） 为募集资金投资项目（以下简称"募投项目"）"电源管理系列控制芯 ...

证券代码：688045 证券简称：必易微 公告编号：2025-031 深圳市必易微电子股份有限公司 关于取消监事会、修订《公司章程》并办理 工商变更登记及修订、新增部分管理制度的公告 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、准确性和完整性依法承担法律责任。 深圳市必易微电子股份有限公司（以下简称"公司"）于 2025 年 8 月 15 日召开了第二届董事会第十七次会议，审议通过了《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》《关于修订、新增公司部分管理制度的议 案》，现将相关情况公告如下： 一、取消监事会的情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司 章程指引》的有关规定，上市公司将不再设置监事会及监事，由董事会审计委员 会行使《公司法》规定的监事会的职权。因此，公司拟取消监事会，由公司董事 会审计委员会行使《公司法》规定的监事会的职权，公司《监事会议事规则》相 应废止，公司各项规章制度中与公司监事、监事会相关的规定不再适用。 在公司股东大会审议通过取消监事会的事项前，公司第二届监事会及监事仍 将继续 ...

Core Points - The report details the fundraising activities and usage of funds by Shenzhen Biyimi Microelectronics Co., Ltd. for the first half of 2025, ensuring compliance with relevant regulations and protecting investor interests [1][2][4] Fundraising Overview - The company raised a total of RMB 95,201.58 million by issuing 17,262,300 shares at RMB 55.15 per share, with a net amount of RMB 86,077.79 million after deducting issuance costs [1] - As of June 30, 2025, the total actual received fundraising amount was RMB 879,222,196.04, with a remaining balance of RMB 218,892,997.78 in the fundraising account [2][4] Fund Usage and Surplus - Cumulative direct investment in fundraising projects amounted to RMB 395,212,306.06, with RMB 69,953,204.26 invested in the current period [2][4] - The company has permanently supplemented working capital with RMB 167,529,096.32 from excess fundraising, and repurchased shares worth RMB 47,364,750.01 [4][6] Fund Management - The company has established a dedicated account storage system for fundraising, ensuring compliance with laws and regulations, and has signed multiple tripartite and quadripartite supervision agreements with banks and underwriters [1][2] - As of June 30, 2025, there were no outstanding financial products held, and all idle funds were managed effectively to generate returns [4][6] Project Status and Adjustments - There were no changes to the fundraising investment projects as of June 30, 2025, and no external transfers or replacements of fundraising projects occurred [5][6] - The company has adjusted the internal investment structure and extended the expected operational dates for certain projects, including the power management series control chip development project and the motor drive control chip development project, to May 2027 [5][6] Compliance and Disclosure - The company has adhered to all relevant laws and regulations regarding the use and disclosure of fundraising, ensuring timely and accurate reporting of fundraising storage and usage [5][6]