Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report indicates that the terminal demand is weak, leading to pressure on performance in Q2 2024, with inventory continuing to be a concern [1][3] - The company reported a revenue of 317 million yuan in the first half of 2024, a year-on-year decrease of 21.48%, and a net profit attributable to shareholders of -122 million yuan, an increase in loss of 41.81 million yuan compared to the same period last year [2][3] - The report anticipates a gradual improvement in performance in the second half of the year as inventory levels decrease and downstream demand recovers [4] Summary by Sections Market Performance - The company's stock has seen a significant decline, with absolute and relative performance metrics indicating a drop of -15.09% and -11.58% respectively over the past year [2] Financial Performance - In Q2 2024, the company achieved a revenue of 175 million yuan, a year-on-year decrease of 19.06%, but a quarter-on-quarter increase of 23.58% [3] - The gross profit margin for the first half of 2024 was 33.21%, with a net profit margin of -38.48% [3] - The company’s R&D expenses accounted for 60.56% of revenue in the first half of 2024, reflecting a strong commitment to innovation [4] Business Segments - The company has made progress in developing new FPGA and FPSoC chips, with several models now in mass production and application in various fields [3][4] - The inventory level has decreased from 763 million yuan at the end of 2023 to 607 million yuan, indicating a gradual reduction in inventory pressure [4] Earnings Forecast and Investment Advice - The company is expected to achieve revenues of 763 million yuan, 1.063 billion yuan, and 1.549 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits projected at -239 million yuan, -160 million yuan, and -52 million yuan [5][6] - The report maintains a "Buy" rating based on the expectation of a recovery in performance as inventory issues are resolved and demand improves [4][6]

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 23.9 CNY, maintaining the rating [4][5]. Core Views - The company reported a revenue of 317 million CNY in the first half of 2024, a year-on-year decline of 21.48%, with a net profit attributable to shareholders of -122 million CNY [1]. - The decline in revenue is attributed to ongoing inventory destocking by some terminal industry clients and uneven recovery in demand across various downstream markets such as industrial, communication, and consumer electronics [2]. - Despite the revenue decline, the company has seen a year-on-year increase in chip shipments, indicating signs of demand recovery as inventory destocking approaches completion [2]. - The company has effectively managed inventory, reducing it from 763 million CNY at the beginning of the reporting period to 607 million CNY at the end, a decrease of 20.49% [2]. - The company continues to invest heavily in research and development, with R&D expenses amounting to 192 million CNY, representing a 60.56% R&D expense ratio [3]. - The company has made progress in developing multiple new products, including the PHOENIX and ELF series, and has completed the development of domestically produced 28nm FPGA chips [3]. Financial Projections - Revenue projections for the company are estimated at 736 million CNY, 993 million CNY, and 1.192 billion CNY for 2024, 2025, and 2026 respectively, with net profits projected at -183 million CNY, -103 million CNY, and -20 million CNY for the same years [4][9]. - The company is expected to benefit from the domestic FPGA market trend due to its position as a leading domestic FPGA manufacturer and its high R&D investment [4].

上海安路信息科技股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 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。 上海安路信息科技股份有限公司（以下简称"公司"或"安路科技"）于 2024 年 8 月 27 日召开第二届董事会第四次会议和第二届监事会第三次会议，分 别审议通过了《关于作废部分已授予尚未归属的限制性股票的议案》，由于激励 对象离职或岗位调整、以及公司业绩考核未达标的原因，根据相关规定，对此部 分首次授予及预留授予且尚未归属的限制性股票予以作废处理。现将有关事项详 细说明如下： 一、 本次权益授予已履行的决策程序和信息披露情况 1、2022 年 4 月 26 日，公司召开第一届董事会第十三次会议，审议通过了 《关于公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于公司 <2022 年限制性股票激励计划实施考核管理办法>的议案》以及《关于提请公司 股东大会授权董事会办理股权激励相关事宜的议案》等议案。公司独立董事就本 激励计划是否有利于公司的持续发展及是否存在损害公司及全体股东利益的情 ...

证券代码：688107 证券简称：安路科技 公告编号：2024-029 上海安路信息科技股份有限公司 第二届监事会第三次会议决议公告 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 上海安路信息科技股份有限公司（以下简称"公司"）第二届监事会第三次 会议于 2024 年 8 月 27 日在公司会议室以现场结合通讯方式召开。会议通知日前 以电子邮件方式送达全体监事。会议应出席监事 3 人，实际出席监事 3 人，会议 由监事会主席周热情先生主持。会议的召集和召开程序符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定，会议决议合法、有效。 （二）审议通过《关于<公司 2024 年半年度募集资金存放与使用情况的专项 报告>的议案》 监事会认为：公司 2024 年上半年度按照相关法律法规及公司《募集资金使 用管理办法》的相关要求，规范管理募集资金专项账户，并及时、真实、准确、 完整地履行相关信息披露工作，公司募集资金存放与使用合法、合规，不存在变 1 相改变募集资金投向、损害公司及全体股东利 ...

证券代码：688107 证券简称： 安路科技 公告编号：2024-030 上海安路信息科技股份有限公司 2024 年半年度募集资金存放与使用情况的专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》以及《上 海证券交易所上市公司自律监管指南第 1 号——公告格式》的相关规定，上海安 路信息科技股份有限公司（以下简称"本公司"或"公司"）就 2024 年半年度 募集资金存放与实际使用情况专项报告说明如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会出具的《关于同意上海安路信息科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2021]3093 号）同意注册，公司 获准向社会公开发行人民币普通股 50,100,000 股，每股面值人民币 1.00 元，每 ...

证券代码：688107 证券简称：安路科技 公告编号：2024-028 上海安路信息科技股份有限公司 第二届董事会第四次会议决议公告 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。 会议由董事长许海东先生主持，经出席会议的董事签署表决，会议一致通过 并形成如下决议： (一) 通过《关于公司 2024 年半年度报告及其摘要的议案》 同意《公司 2024 年半年度报告》及其摘要的相关内容。 表决结果：9 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会 2024 年第四次会议审议通过。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的 《2024 年半年度报告》及《2024 年半年度报告摘要》。 (二) 审议通过《关于<公司 2024 年半年度募集资金存放与使用情况的专项报 告>的议案》 同意《公司 2024 年半年度募集资金存放与使用情况的专项报告》的相关内 容。 一、 董事会会议召开情况 上海安路信息科技股份有限公司（以下简称"公司"）日前以电子邮件方式 向董事发出第二届董事会 ...

上海市锦天城律师事务所 关于上海安路信息科技股份有限公司作废 2022 年限制性 股票激励计划部分已授予尚未归属的限制性股票的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股权激 励管理办法》（以下简称"《管理办法》"）、《上海证券交易所科创板股票 上市规则》（以下简称"《上市规则》"）、《科创板上市公司自律监管指南 第 4 号——股权激励信息披露》（以下简称"《监管指南》"）及其他有关法 律、法规和规范性文件，按照律师行业公认的业务标准、道德规范和勤勉尽责 精神，已经就安路科技实施本激励计划于 2022 年 4 月 27 日出具了《上海市锦 天城律师事务所关于上海安路信息科技股份有限公司 2022 年限制性股票激励计 划（草案）的法律意见书》、于 2022 年 5 月 25 日出具了《上海市锦天城律师 事务所关于上海安路信 ...

一、计提资产减值损失（信用减值）准备情况的概述 根据《企业会计准则》和《上海证券交易所科创板股票上市规则》的相关规 定，为客观、公允地反映上海安路信息科技股份有限公司（以下简称"公司"） 截至 2024 年 6 月 30 日的财务状况和 2024 年 1-6 月份的经营成果，公司及下属 子公司对截至 2024 年 6 月 30 日的应收款项、存货、固定资产、在建工程、无形 资产、长期股权投资等各类资产进行了减值测试，公司 2024 年上半年计提各项 资产减值准备合计人民币 3,555.82 万元。具体情况如下： 证券代码：688107 证券简称：安路科技 公告编号：2024-032 上海安路信息科技股份有限公司 关于 2024 年半年度计提资产减值准备的公告 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。 | 序号 | 项目 | 2024 金额（万元） | 年上半年度发生 | 备注 | | --- | --- | --- | --- | --- | | 1 | 信用减值损失 | | -50.81 | 应收账款、其他应收款 ...

2024 年上半年，公司新产品研发取得重要进展，推出多款新产品，进一步丰 富了应用 IP 和解决方案，提高公司产品市场竞争力和发展潜力。在新产品方面， 公司完成了基于全国产工艺的高性能 FPGA 芯片、基于先进工艺的高容量高性能 FPGA 芯片研发，快速推出新封装产品型号，进一步扩大可服务市场范围。在软件 方面，公司根据软件技术升级路线和市场使用反馈，优化 FPGA 专用 EDA 软件及 相关算法，显著提升软件运行性能、时序性能、易用性和稳定性，同时进一步完 1 上海安路信息科技股份有限公司 关于公司 2024 年度"提质增效重回报"行动方案的半年度评估报告 上海安路信息科技股份有限公司（以下简称"公司"）为践行"以投资者为 本"的上市公司发展理念，基于对公司未来发展前景的信心，为维护公司股价稳 定，塑造良好的资本市场形象，结合公司自身发展战略、经营情况和财务情况， 公司于 2024 年 4 月 30 日发布了《2024 年度"提质增效重回报"行动方案》（以 下简称"行动方案"），以助力信心提振，回报广大投资者的信任。 公司根据行动方案内容，积极开展和落实各项工作。2024 年上半年，行动方 案主要举措的进展 ...

Financial Performance - The company reported a continuous improvement in operating revenue for two consecutive quarters, although losses compared to the same period last year have increased[3]. - The company's operating revenue for the first half of 2024 was approximately CNY 317.45 million, a decrease of 21.48% compared to the same period last year[17]. - The net profit attributable to shareholders was a loss of CNY 122.15 million, while the net profit after deducting non-recurring gains and losses was a loss of CNY 146.66 million[20]. - The company experienced a quarter-on-quarter revenue growth of approximately 23.58% in Q2 2024 compared to Q1 2024, driven by gradual recovery in demand from downstream industries[20]. - The company's revenue for the first half of 2024 was CNY 317.45 million, a decrease of 21.48% year-on-year, while the net profit attributable to the parent company was CNY -122.15 million[51]. - In Q2 2024, the company's revenue reached CNY 175.47 million, representing a 23.58% increase compared to Q1 2024[51]. - The company reported a net loss of -332,960,553.95, an increase in losses compared to -210,810,038.99 from the previous year[70]. - The total comprehensive loss for the first half of 2024 was approximately ¥122.15 million, compared to a loss of ¥80.33 million in the first half of 2023[132]. Research and Development - The company maintains a significant investment in R&D, which may pose risks of continued losses if market recovery is slower than expected or if competition intensifies[3]. - Research and development expenses accounted for 60.56% of operating revenue, an increase of 9.08 percentage points year-on-year[19]. - The company has developed a comprehensive FPGA-specific EDA software system that integrates various key technologies, enhancing user experience and efficiency[32]. - The company has applied for 23 new intellectual property rights during the reporting period, including 19 invention patents, maintaining stable growth[40]. - The company has developed multiple new specifications for the PHOENIX and ELF series FPGA chips, with a total investment of ¥91.20 million in FPGA chip R&D, and cumulative investment reaching ¥75.24 million[43]. - The company has developed over 100 new application IPs and reference designs for various application scenarios, enhancing customer product development speed and competitiveness[36]. - The company has established a strong technical barrier through over ten years of independent R&D, continuously enhancing its chip product richness and advanced EDA software support capabilities[47]. Market Conditions and Risks - There are ongoing inventory destocking cycles among some end-industry clients, leading to uneven recovery in downstream market demand[3]. - The company has outlined potential risks in its management discussion and analysis section, urging investors to be cautious[3]. - The company’s future outlook remains cautious due to the potential for slower-than-expected market recovery and increased competition[3]. - The company is at risk of continued losses if market recovery is slower than expected or if competition intensifies[55]. - The company faces potential risks from supply chain disruptions and reliance on third-party manufacturers for chip production[61]. - The FPGA chip industry is highly concentrated and competitive, with the company facing challenges in product layout compared to international peers[56]. Corporate Governance and Compliance - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[4]. - The financial report for the half-year period has not been audited[4]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[4]. - There are no violations of decision-making procedures regarding external guarantees[4]. - The company has completed the election of its second board of directors and supervisory board on January 18, 2024, with a total of six non-independent directors and three independent directors elected[78]. - The company has implemented a stock incentive plan, but the eligibility of one of the participants was canceled due to their election as a supervisor[80]. - The company has committed to ensuring the accuracy and completeness of the incentive plan and its summary, bearing legal responsibility for any misstatements[99]. Environmental and Social Responsibility - The company actively promotes green development and has implemented measures to reduce energy consumption, such as using LED lighting and increasing online meetings[82]. - The company does not directly produce products but focuses on chip design and sales, resulting in minimal direct greenhouse gas emissions[82]. - The company has established an environmental protection mechanism and is involved in carbon neutrality initiatives, including greenhouse gas emission verification[82]. - The company has not disclosed any environmental penalties during the reporting period[81]. - The company has not taken specific carbon reduction measures during the reporting period[83]. Financial Management and Investments - The total amount of funds raised through the initial public offering was ¥1,302,600,000, with a net amount of ¥1,200,642,462.30 after deducting issuance costs[102]. - As of the reporting period, the cumulative investment of raised funds reached ¥969,976,632.43, representing an investment progress of 80.79%[102]. - The company has not engaged in high-risk investments or provided financial assistance to others after using excess raised funds for working capital[110]. - The company plans to use RMB 60 million of excess raised funds for cash management, with a maximum annualized return of 1.85%-2.55% on structured deposits[114]. - The company has authorized the management to use excess raised funds for cash management within a 12-month period, ensuring efficient use of funds for shareholder returns[113]. Employee and Talent Management - The company has a total of 436 R&D personnel, representing 81.95% of the total workforce, with an average salary of ¥29.94 million per person[45]. - The average salary for R&D personnel increased from ¥29.85 million to ¥29.94 million, reflecting the company's commitment to attracting and retaining talent[45]. - The company has implemented a multi-faceted talent incentive mechanism to enhance employee stability and motivation[54]. Shareholder and Equity Management - The company has committed to a lock-up period of 36 months for its shares in Anlu Technology after acquisition, with restrictions on transfer and management of shares during this period[86]. - The company will limit any share reduction to no more than 2% of the total shares held in Anlu Technology during the fourth and fifth fiscal years post-IPO[86]. - The company has set a limit of 25% for annual share transfers by directors and senior management after the lock-up period[87]. - The company plans to allocate 10% of its after-tax profits to statutory reserves, with a cumulative reserve amount exceeding 50% of registered capital allowing for no further allocation[89]. - The company aims to distribute at least 30% of the average annual distributable profit over the last three years in cash dividends[91]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, indicating no significant issues affecting the company's ability to continue operations for at least 12 months[155]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial reports reflect true and complete financial conditions[157]. - The company's accounting policies are aligned with its operational characteristics, particularly in revenue recognition[156]. - The company recognizes impairment losses on financial assets when there is objective evidence of credit impairment, and adjusts the carrying amount accordingly[180].