证券代码：688099 证券简称：晶晨股份 公告编号：2025-069 晶晨半导体（上海）股份有限公司（以下简称"公司"）第三届董事会第二十 二次会议于 2025 年 10 月 29 日以现场结合通讯表决的方式召开，公司以书面方 式向全体董事发出召开本次会议的通知，与会的各位董事已知悉与所议事项相关 的必要信息。会议应到董事 6 名，实到董事 6 名，会议的召集和召开程序符合《中 华人民共和国公司法》等法律、法规、部门规章以及《晶晨半导体（上海）股份 有限公司章程》的有关规定，作出的决议合法、有效。 会议以投票表决方式审议通过了以下议案： 具体内容详见公司在上海证券交易所网站（www.sse.com.cn）披露的《晶晨 股份 2025 年第三季度报告》。 晶晨半导体（上海）股份有限公司 第三届董事会第二十二次会议决议公告 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。 一、审议通过《关于<2025 年第三季度报告>的议案》 公司《2025 年第三季度报告》的编制符合《证券法》、《上海证券交易所科创 板股票上市规则》及《科创 ...

晶晨半导体（上海）股份有限公司 2025 年第三季度报告 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | --- | --- | | | | | 本报告期比 | | 年初至报告期 | | 项目 | | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | | 减变动幅度 | | 增减变动幅度 | | | | | (%) | | (%) | | 营业收入 | | 1,740,739,168.93 | 7.20 | 5,071,144,502.71 | 9.29 | | 利润总额 | | 226,682,567.80 | -9.19 | 708,216,491.37 | 12.06 | | 归属于上市公司 ...

Core Insights - The company reported third-quarter revenue of 1.741 billion yuan, representing a year-on-year increase of 7.20% [1] - Net profit for the third quarter was 227 million yuan, showing a decline of 9.19% [1] - For the first three quarters, total revenue reached 5.071 billion yuan, up 9.29% year-on-year [1] - Net profit for the first three quarters was 708 million yuan, reflecting a year-on-year growth of 12.06% [1]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index decreased by 0.14% as of October 29, 2025, with mixed performance among constituent stocks [1] - Baiwei Storage led the gains with an increase of 9.48%, while Anji Technology experienced the largest decline [1] - The Sci-Tech Chip ETF (588200) saw a turnover of 3.35% and a transaction volume of 1.414 billion yuan, indicating significant trading activity [1] Group 2 - The Sci-Tech Chip ETF's scale increased by 2.203 billion yuan over the past week, ranking first among comparable funds [1] - The ETF's shares grew by 12 million over the past week, also the highest among comparable funds [1] - Over the last five trading days, the ETF attracted a total of 276 million yuan in inflows [1] Group 3 - As of September 30, 2025, the top ten weighted stocks in the Sci-Tech Chip Index accounted for 59.69% of the index, with Haiguang Information leading at 11.09% [2][4] - The semiconductor materials sector is expected to experience structural growth driven by the "14th Five-Year Plan" and AI industry trends [2] - The storage industry is entering a new upward cycle, with AI accelerating storage demand, starting from Q2 2025 [2] Group 4 - The highest monthly return for the Sci-Tech Chip ETF since inception was 35.07%, with an average monthly return of 9.90% during rising months [1] - The ETF has achieved a net value increase of 136.21% over the past three years, ranking 27th out of 1903 index stock funds [1]

Core Viewpoint - The quarterly reports of four public funds managed by Feng Mingyuan of Xinda Australia Fund indicate a significant reduction in the number of shares held in major stocks, with some holdings decreased by over 50% compared to the end of the second quarter. However, there were increases in positions for stocks like GoerTek and Hengxuan Technology, and new significant investments in companies such as Amlogic and Juchip Technology [1][2][7]. Fund Holdings Changes - Major stocks such as Huahong Semiconductor, Zhaoyi Innovation, and Sitai-W saw significant reductions in holdings during the third quarter, with Huahong Semiconductor's shares decreasing by 51.75% to 501,505 shares [3][5]. - The report highlights that Feng Mingyuan's funds primarily focus on sectors like electronics, new energy, communications, automotive parts, and machinery, with advancements in AI and robotics expected to drive growth in these industries [1][7]. Performance and Fund Size - The performance of Feng Mingyuan's funds has been relatively strong, with the Xinda Leading Intelligent Manufacturing fund achieving a net return of 38.71% in the third quarter, while the median performance for mixed equity funds was 22.67% [10]. - However, there has been a noticeable decline in the total shares of the funds managed by Feng Mingyuan, with the total shares of Xinda Zhiyuan falling from 4.07 billion to 3.31 billion, indicating significant redemptions by institutional investors [10].

Core Viewpoint - The quarterly reports of four public funds managed by Xinda Australia Fund's Feng Mingyuan reveal a significant reduction in the number of holdings, with some stocks seeing a decrease of over 50% compared to the end of Q2 2023, while others like GoerTek and Hengxuan Technology received increased investments [1][2]. Group 1: Fund Holdings Changes - The funds have shown a notable reduction in holdings for stocks such as Huahong Semiconductor, Zhaoyi Innovation, and Sitaiwei-W, with Huahong Semiconductor's shares decreasing by 51.75% to 501,500 shares by the end of Q3 [1][2]. - In contrast, GoerTek and Hengxuan Technology saw increased positions, and some funds initiated new significant holdings in companies like Amlogic and Juchip Technology [1][2]. Group 2: Sector Focus - The fund manager indicated that the primary sectors for investment include electronics, new energy, communications, automotive parts, and machinery, with advancements in AI and robotics expected to drive growth in these industries [1][2]. Group 3: Fund Performance - Despite a cooling in the tech stock market during Q3, the performance of the funds managed by Feng Mingyuan is considered above average, with the highest net value return of 38.71% for the Xinda Leading Intelligent Manufacturing Mixed Fund [2]. - The median performance for mixed equity funds in Q3 was 22.67%, with the top-performing fund achieving a 100.06% increase [2]. Group 4: Fund Size Changes - The total share count for the funds managed by Feng Mingyuan has decreased, with the Xinda Zhiyuan three-year fund dropping from 4.07 billion shares at the end of Q2 to 3.31 billion shares by the end of Q3 [3]. - Institutional investors have also redeemed a significant number of shares from these funds, with one fund seeing a reduction of 77 million shares during the reporting period [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has a strong reserve in edge computing capabilities, with significant acceleration in product shipments, having shipped over 9 million edge computing chips in the first half of 2025, surpassing the total sales for 2024 [7] - The introduction of 6nm new products is leading to increased contributions from Wi-Fi, with over 4 million units sold in the first half of 2025 and expectations to exceed 10 million units for the entire year [7] - Continuous investment in R&D is evident, with R&D expenses reaching 735 million yuan in the first half of 2025, indicating a commitment to exploring future potential markets [7] - Revenue projections for 2025-2027 are 74.89 billion yuan, 89.27 billion yuan, and 103.74 billion yuan respectively, with corresponding net profits of 10.58 billion yuan, 14.25 billion yuan, and 18.01 billion yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 5,371 million yuan, with a growth rate of -3.1%, and is expected to reach 7,489 million yuan in 2025, reflecting a growth rate of 26.4% [6][8] - Net profit for 2023 is estimated at 498 million yuan, with a significant increase to 1,058 million yuan by 2025, indicating a net profit growth rate of 28.7% [6][8] - Earnings per share (EPS) is expected to rise from 1.20 yuan in 2023 to 2.51 yuan in 2025, with a price-to-earnings (PE) ratio of 39.3 in 2025 [6][8] Market Performance - The company's stock has shown a performance of -12% over the last 12 months, compared to the Shanghai Composite Index and the semiconductor sector [4]

Investment Rating - The report maintains an investment rating of "Outperform" with a target price for key stocks such as 688099 (Jingchen Co.) at 97.1 and 688591 (Tailin Micro) at 66.95, both rated as "Buy" [5]. Core Insights - The report highlights that 2026 may be a breakthrough year for AI at the edge, with AIoT expected to lead the industry. Major companies like Apple, OpenAI, and Meta are already positioning themselves in this space, indicating a strong potential for explosive growth in AI-enabled consumer electronics [1][13]. - The semiconductor industry is anticipated to experience a resonance of inventory and innovation cycles in 2026, driven by the gradual rollout of AI terminal products, which will enhance both supply and demand dynamics [2]. - The System on Chip (SoC) sector is set to benefit significantly from the rise of AI terminals, with higher computational power and performance driving systematic growth opportunities. Leading firms in the SoC space are expected to capture excess growth returns during this industry transition [3]. Summary by Sections 1. AI Edge Breakthrough Year - AI at the edge is projected to see rapid growth in 2026, with AIoT leading the charge. The market is witnessing a shift from concept to large-scale commercialization, driven by urgent monetization needs from downstream manufacturers [1][14]. - Major players like Apple are transitioning to an "AI platform ecosystem" approach, enhancing their product offerings and user experiences through AI integration [15][18]. 2. Semiconductor Cycle - The semiconductor industry is expected to experience a dual cycle of inventory adjustment and innovation, with a historical pattern of approximately 60 months for major cycles and 2-3 years for smaller cycles [2]. - The current inventory situation is shifting from passive destocking to proactive restocking, indicating a positive outlook for the semiconductor market [2][19]. 3. SoC Sector - The SoC sector is positioned for significant growth, with AI terminals driving both performance and valuation increases. Leading companies are expected to leverage their technological advancements and customer relationships to achieve superior growth [3][27]. - The report emphasizes a structural growth cycle in the semiconductor and SoC industries, characterized by a clear delineation of opportunities and market dynamics [3]. 4. Investment Recommendations - The report suggests focusing on specific companies within the SoC sector, including Tailin Micro, Jingchen Co., and others in the consumer electronics and storage sectors, indicating a diversified investment approach [4].

Core Viewpoint - The A-share technology sector is experiencing a strong resurgence, particularly driven by artificial intelligence (AI), with significant inflows of capital into related ETFs and indices [1][4]. Group 1: Market Performance - The Sci-Tech Innovation Artificial Intelligence ETF (589560) surged by 3.21% as of 13:04, with trading volume surpassing the previous day's total [1]. - The Sci-Tech 50 Index ETF (588870) also rose over 3%, leading in year-to-date share growth among its peers [1]. - The Shanghai Stock Exchange Sci-Tech Innovation Board AI Index (950180) increased by 2.92%, with notable gains from constituent stocks such as 澜起科技 (688008) up 6.55% and 恒玄科技 (688608) up 6.29% [4][6]. Group 2: Key Stocks and Their Performance - The top ten constituent stocks of the Sci-Tech Innovation Artificial Intelligence ETF include: - 寒武纪-U (688256) with a rise of 3.82% - 澜起科技 (688008) with a rise of 6.55% - 芯原股份 (688521) with a rise of 5.61% [5]. - Other notable performers include 晶晨股份 (688099) up 2.23% and 乐鑫科技 (688018) up 3.78% [5]. Group 3: Industry Insights - The current AI wave is driven by technological innovations such as DeepSeek, which offers high performance and low costs, positioning China to compete globally in AI technology [6][7]. - The domestic AI application landscape benefits from a large pool of engineers, data resources, and a robust application ecosystem, exemplified by Alibaba's rapid AI integration across its platforms [7]. - The demand for large model computing continues to rise, with significant investments in computing power from major domestic and international firms, positively impacting related sectors like optical modules and PCBs [7]. - Recent government policies, including the August 26 directive on "Artificial Intelligence+" actions, aim to support the development of an intelligent economy by 2035, comparable in significance to the earlier "Internet+" initiative [7].

Core Insights - The technology sector, particularly the domestic AI industry chain, is experiencing significant growth, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) seeing a jump of over 2.8% in intraday trading, currently up by 2.66% [1] - Key stocks driving this growth include Lanke Technology, which rose over 5%, and other companies like Hengxuan Technology and Hongsoft Technology, which increased by more than 4% [1] Policy and Market Trends - A recent major conference has highlighted the importance of high-quality development and the acceleration of self-reliance in technology, which is expected to be a central theme in upcoming policies [2] - The urgency for domestic computing power replacement is increasing due to U.S. restrictions on advanced chip exports to China, with expectations for continued breakthroughs in domestic computing capabilities [3] Investment Highlights - The Sci-Tech Innovation Artificial Intelligence ETF (589520) and its linked funds are positioned to benefit from several key factors: 1. Policy support is igniting AI growth, with the sector expected to lead the current market rally [4] 2. The focus on domestic alternatives and self-control in technology is becoming increasingly important amid rising tech tensions [4] 3. The ETF offers high elasticity with a 20% price fluctuation limit, allowing for efficient investment during market surges [4] Top Holdings - As of September 30, 2025, the top ten holdings of the Sci-Tech Innovation Artificial Intelligence Index account for over 71.90% of the total weight, with the semiconductor sector being the largest, comprising 52.6% [5]