证券代码：688099 证券简称：晶晨股份 公告编号：2025-037 晶晨半导体（上海）股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性股票激励 计划激励对象名单的公示情况说明及核查意见 本公司及董事会薪酬与考核委员会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。 晶晨半导体（上海）股份有限公司（以下简称"公司"）于2025年4月17日召 开了第三届董事会第十六次会议审议通过了《关于公司<2025年限制性股票激励计 划（草案）>及其摘要的议案》等相关议案。根据《上市公司股权激励管理办法》 （2025年修正）（以下简称"《管理办法》"）的相关规定，公司对2025年限制 性股票激励计划激励对象名单在公司内部进行了公示。公司董事会薪酬与考核委 员会结合公示情况对拟激励对象进行了核查，相关公示情况及核查情况如下： 一、公示情况 1、公司于2025年4月18日在上海证券交易所网站（www.sse.com.cn）上披露 了《晶晨半导体（上海）股份有限公司2025年限制性股票激励计划（草案）》（以 下简称"《激励计划（草案）》"）及其摘要 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2025-036 晶晨半导体（上海）股份有限公司 关于公司高级管理人员、核心技术人员调整 暨聘任高级管理人员的公告 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。 重要内容提示： 一、 公司高级管理人员的变动情况 （一） 副总经理Raymond Wing-Man Wong先生的卸任情况 公司副总经理Raymond Wing-Man Wong先生原定任期至2026年7月，因工作调 整卸任副总经理职务，但仍继续在公司任职。根据《中华人民共和国公司法》等 有关法律法规及《公司章程》的规定，Raymond Wing-Man Wong先生的卸任申请自 送达公司董事会之日生效。Raymond Wing-Man Wong先生承诺在卸任公司副总经理 职务后半年内，不转让或者委托他人管理本人通过直接或间接方式持有的公司的 股份。除上述承诺外，不存在其他未履行完毕的公开承诺。 （二） 副总经理、核心技术人员Michael Yip先生的卸任情况 公司副总经理、核心技术人员Michael Yi ...

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

证券代码：688099 证券简称：晶晨股份 晶晨半导体（上海）股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 | 2024 年年度股东大会会议须知 … | | --- | | 2024年年度股东大会会议议程 | | 2024 年年度股东大会会议议案 . | | 议案一:关于《2024年度董事会工作报告》的议案 | | 议案一附件:2024年度董事会工作报告 | | 议案二:关于《2024年度监事会工作报告》的议案 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………9 | | 议案二附件:2024年度监事会工作报告 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 议案三:关于《2024年度财务决算报告及 2025年度财务预算报告》的议案 | | 议案三附件 ...

Core Insights - The company reported a revenue of 1.53 billion yuan for Q1 2025, representing a year-on-year increase of 10.98%, and a net profit of 188 million yuan, up 47.53% year-on-year, with a gross margin of 36.23% [1] - The smart home and Wi-Fi 6 segments are expected to maintain high growth momentum in 2025, with smart home chip sales increasing over 50% year-on-year and Wi-Fi 6 chip shipments growing by 35% [2] - The company has made significant R&D investments, totaling 1.352 billion yuan in 2024 and 359 million yuan in Q1 2025, leading to a competitive advantage across multiple product lines [3] Financial Performance - Q1 2025 revenue reached 1.53 billion yuan, a 10.98% increase year-on-year [1] - Net profit for Q1 2025 was 188 million yuan, reflecting a 47.53% year-on-year growth [1] - Gross margin stood at 36.23% [1] Product Performance - Smart home chip sales surged over 50% year-on-year, with over 10 million units shipped in a single quarter [2] - Wi-Fi 6 chip shipments increased by 35%, with 25% of shipments being Wi-Fi 6 2*2 chips, a significant rise from 1.5% in Q1 2024 [2] - The S series chips captured the largest share in domestic operator tenders, while the T series saw a 30% increase in sales [3] R&D Investment - The company invested 1.352 billion yuan in R&D in 2024 and 359 million yuan in Q1 2025 [1][3] - The focus on R&D has led to advancements in various product lines, including the S905X5 series and 8K chips, with expectations of significant sales growth [3] Investment Outlook - The company is positioned to benefit from the AI industry trend, with projected revenues of 7.408 billion yuan, 9.26 billion yuan, and 10.741 billion yuan for 2025 to 2027, respectively [4] - Expected net profits for the same period are 1.019 billion yuan, 1.394 billion yuan, and 1.815 billion yuan [4] - A target price of 97.1 yuan is set, with a 40x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 97.1 CNY for the next six months [4][6]. Core Views - The company has demonstrated strong profit growth in Q1 2025, with revenue reaching 1.53 billion CNY, a year-on-year increase of 10.98%, and a net profit of 188 million CNY, up 47.53% year-on-year [1][4]. - The company is expected to benefit from the growing demand in the end-side AI industry, with projected revenues of 7.41 billion CNY, 9.26 billion CNY, and 10.74 billion CNY for 2025, 2026, and 2027 respectively [4][10]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 36.23% and invested 3.59 billion CNY in R&D, reflecting its commitment to innovation [1][4]. - The company’s revenue and net profit forecasts indicate a robust growth trajectory, with net profit expected to reach 1.02 billion CNY in 2025 [10][11]. Product Lines and Market Position - The smart home chip sales increased by over 50% year-on-year in Q1 2025, with over 10 million units shipped [2]. - The company has a strong market presence in various product lines, including the S series, T series, A series, and W series, with significant sales growth reported across these categories [3][4]. R&D and Competitive Advantage - The company maintains high R&D investment, with 13.52 billion CNY allocated in 2024, which supports its competitive edge in the semiconductor industry [1][4]. - Key products such as the 6nm S905X5 series and 8K S928X chips are expected to drive sales growth, with the S905X5 series projected to exceed 10 million units in 2025 [3][4].

证券代码：688099 证券简称：晶晨股份 公告编号：2025-035 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。 重要内容提示： | 回购方案首次披露日 | 2025/4/11，由董事长暨实控人提议 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 2025 4 9 | 4 | 月 | 10 | 日~2026 | 年 | 月 | 日 | | 预计回购金额 | 5,000万元~10,000万元 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | | | | 累计已回购股数 | 15.3万股 | | | | | | | | | 累计已回购股数占总股本比例 | 0.036% | | | | | | | | | 累计已回购金额 | 1,067.16万元 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the recovery in downstream demand and the excellent performance of new products [4][6]. Core Insights - The company achieved steady growth in revenue and profit, with a 10.98% year-on-year increase in revenue to 1.53 billion yuan in Q1 2025 and a 47.53% increase in net profit to 188 million yuan [1]. - In 2024, the company reported a total revenue of 5.93 billion yuan, a 10.34% increase year-on-year, and a net profit of 822 million yuan, reflecting a 65.03% growth [1][2]. - The demand for smart home technology is driving revenue and profit growth, with Q1 2025 revenue and net profit maintaining high growth rates, particularly in smart home chip sales, which increased by over 50% year-on-year [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.53 billion yuan, up 10.98% year-on-year and 18.93% quarter-on-quarter, with a net profit of 188 million yuan, up 47.53% year-on-year but down 17.52% quarter-on-quarter [1]. - For the full year 2024, the company achieved revenue of 5.93 billion yuan, a 10.34% increase, and a net profit of 822 million yuan, a 65.03% increase [1][5]. Market Expansion and Product Development - The company has invested over 10 billion yuan in R&D for three consecutive years, totaling 3.82 billion yuan, leading to successful market performance of several strategic new products [3]. - The S series chips have gained significant market share in domestic and international markets, while the T series saw a year-on-year sales increase of over 30% [3]. Future Outlook - The company expects continued growth in Q2 2025 and throughout 2025, driven by the launch of new products and improved operational efficiency [2][4]. - Profit forecasts for 2025-2027 are adjusted to 1.05 billion yuan, 1.43 billion yuan, and 1.77 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 16 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the recovery in downstream demand and the excellent performance of new products [4][6]. Core Insights - The company achieved steady growth in revenue and profit, with Q1 2025 revenue reaching 1.53 billion yuan, a year-on-year increase of 10.98%, and a net profit of 188 million yuan, up 47.53% year-on-year [1][2]. - The company has been actively expanding its market presence and improving operational efficiency, leading to record-high revenue and net profit in 2024 [2][3]. - The company has invested over 10 billion yuan in R&D for three consecutive years, totaling 3.82 billion yuan, resulting in strong market performance for several strategic new products [3]. Revenue and Profit Forecast - The forecast for the company's net profit for 2025-2027 is 1.05 billion, 1.43 billion, and 1.77 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 16 [4][5]. - The company expects continued growth in revenue, with projected figures of 7.60 billion, 9.38 billion, and 10.84 billion yuan for 2025-2027, reflecting growth rates of 28.3%, 23.3%, and 15.6% [5][10]. Product Performance and Market Expansion - The company has seen significant sales growth in its smart home chip segment, with Q1 2025 sales increasing by over 50% year-on-year, and a shipment of nearly 4 million self-developed edge computing chips [2][3]. - Various product lines have made progress, with the S series capturing the largest share in domestic tenders and expanding globally, while the T series saw a year-on-year sales increase of over 30% [3].

Core Viewpoint - The performance of the CSI 500 Quality Growth Index and its constituent stocks has shown significant upward movement, indicating a positive market sentiment and potential investment opportunities in the sector [1][2]. Group 1: Index Performance - As of April 21, 2025, the CSI 500 Quality Growth Index rose by 1.15%, with notable increases in constituent stocks such as Chifeng Jilong Gold Mining (up 7.35%) and Hunan Gold (up 6.56%) [1]. - The CSI 500 Quality Growth ETF experienced a 0.87% increase, reaching a latest price of 0.92 yuan [1]. Group 2: Fund Growth Metrics - The CSI 500 Quality Growth ETF saw a significant scale increase of 7.91 million yuan over the past week, ranking in the top third among comparable funds [1]. - The latest share count for the CSI 500 Quality Growth ETF reached 575 million, marking a one-month high and also placing it in the top third among comparable funds [1]. - The ETF recorded a net inflow of 913,900 yuan, with a total of 14.67 million yuan net inflow over the last five trading days, averaging 2.93 million yuan per day [1]. Group 3: Market Outlook - According to Huaxi Securities, the Chinese equity market is expected to benefit from a valuation advantage compared to major global indices, with supportive policies anticipated from the upcoming political bureau meeting [2]. - The central government has emphasized its commitment to stabilizing the stock market, which is expected to bolster investor confidence [2]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index accounted for 24.26% of the index, with Chifeng Jilong Gold Mining being the highest at 3.13% [3][5].