证券代码：688141 证券简称：杰华特 公告编号：2025-058 杰华特微电子股份有限公司 2025年第四次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 9 月 17 日 （二） 股东大会召开的地点：浙江省杭州市西湖区华星路 99 号 9 楼西 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 140 | | --- | --- | | 普通股股东人数 | 140 | | 2、出席会议的股东所持有的表决权数量 | 210,196,491 | | 普通股股东所持有表决权数量 | 210,196,491 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 47.0364 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 47.0364 | （四） ...

Group 1 - On September 17, a block trade of 51,000 shares of Jiahua was executed, with a transaction amount of 2.142 million yuan, accounting for 0.19% of the total transaction volume for the day [1] - The transaction price was 42 yuan, representing a discount of 16.13% compared to the market closing price of 50.08 yuan [1]

Core Viewpoint - Jiewater's stock price has shown significant growth this year, with a year-to-date increase of 73.34%, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - On September 16, Jiewater's stock rose by 2.04%, reaching a price of 53.06 CNY per share, with a trading volume of 253 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 23.711 billion CNY [1]. - The stock has experienced a 15.57% increase over the last five trading days, a 57.92% increase over the last 20 days, and a 73.40% increase over the last 60 days [1]. - Jiewater has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on August 15, where it recorded a net purchase of 195 million CNY [1]. Group 2: Company Overview - Jiewater Microelectronics Co., Ltd. was established on March 18, 2013, and went public on December 23, 2022. The company specializes in the research and sales of analog integrated circuits, providing high-efficiency, high-performance, and high-reliability solutions [2]. - The company's main revenue source is power management chips, accounting for 93.09% of total revenue, with DC-DC chips making up 56.79%, AC-DC chips 20.48%, and linear power chips 14.40% [2]. - As of June 30, 2025, Jiewater had 11,000 shareholders, a decrease of 9.16% from the previous period, with an average of 23,997 circulating shares per shareholder, an increase of 10.08% [2]. Group 3: Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder is Galaxy Innovation Mixed A, holding 11 million shares as a new shareholder [3]. - The third-largest circulating shareholder is Harvest SSE Sci-Tech Innovation Board Chip ETF, holding 6.3677 million shares, also a new shareholder [3]. - Other notable changes include an increase in holdings by Guotou Ruijin New Energy Mixed A and a decrease in holdings by Qianhai Kaiyuan New Economy Mixed A [3].

中信证券股份有限公司 关于杰华特微电子股份有限公司 2025 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为杰华特 微电子股份有限公司（以下简称"杰华特"或"公司"或"上市公司"）首次公 开发行股票并在科创板上市的保荐人，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》等相关规定，中信证券履行持续督导职 责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 9 月 3 日现场查看了公司经营和募投项目实施情况。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司关联交易的往来 ...

Investment Rating - The report recommends a positive investment outlook for companies involved in the simulation IC industry, particularly those benefiting from the domestic substitution trend [3][4]. Core Insights - The Ministry of Commerce has initiated anti-dumping investigations against imported simulation chips from the United States, indicating a strong governmental push for domestic alternatives in the simulation IC sector [1][2]. - The report highlights that U.S. manufacturers have long held significant market shares in the simulation chip market in China, with major companies like TI and ADI generating substantial revenues from this market [2]. - The domestic simulation companies are poised to benefit from the ongoing trend of domestic substitution, especially in the context of increased competition and declining prices from U.S. firms [2]. Summary by Sections Section 1: Industry Overview - The anti-dumping investigation targets simulation chips, particularly those using 40nm and above process technologies, which include various interface and gate driver chips [1]. - The investigation period for dumping is set from January 1, 2024, to December 31, 2024, while the period for industry damage assessment spans from January 1, 2022, to December 31, 2024 [1]. Section 2: Market Dynamics - U.S. companies, including TI and ADI, accounted for over $5 billion in revenue from the Chinese market in 2024, indicating a significant opportunity for domestic manufacturers to capture market share [2]. - The report notes a 37% increase in the import volume of relevant chips from the U.S. and a 52% decrease in import prices from 2022 to 2024, which has severely impacted the profit margins of domestic companies [2]. Section 3: Investment Recommendations - The report suggests focusing on companies that have a high proportion of general interface and gate driver chips, which have been under pressure from U.S. competition, as they are likely to be the primary beneficiaries of the domestic substitution trend [3]. - Specific companies recommended for investment include SiRuPu, NaXinWei, ShengBang, NanXin Technology, AiWei Electronics, JieHuaTe, JingFengMingYuan, and MeiXinSheng [3][4].

Core Viewpoint - The signal chain chip industry is experiencing a recovery alongside the overall simulation chip sector, with companies focusing on expanding into high-end markets such as automotive electronics while maintaining their existing market positions [1] Revenue Performance - In the first half of the year, leading signal chain companies reported significant revenue growth, with all major firms achieving both revenue and net profit increases [1] - The top revenue-generating companies include: - Shengbang Co., Ltd.: 1.818 billion yuan, up 15.37% [2] - Naxin Micro: 1.523 billion yuan, up 79.49% [2] - Aiwei Electronics: 1.369 billion yuan, down 13.4% [2] - Shanghai Beiling: 1.347 billion yuan, up 21.27% [2] - Jiehuate: 1.187 billion yuan, up 58.2% [2] - Siripu: 949 million yuan, up 87.33% [2][4] Profitability Analysis - Shengbang Co., Ltd. reported a net profit of 200 million yuan, a year-on-year increase of 12.42%, while its non-recurring net profit decreased by 14.98% [5][7] - Aiwei Electronics achieved a net profit of 156 million yuan, a significant increase of 71.09%, with a non-recurring net profit growth of 81.88% [5][7] - Shanghai Beiling's net profit was 134 million yuan, up 2.25%, with a slight increase in non-recurring net profit [5][7] - Naxin Micro and Jiehuate reported net losses but showed improvement in revenue growth [7] R&D Investment - Companies are maintaining high levels of R&D investment, with the following expenditures: - Shengbang Co., Ltd.: 507 million yuan, 27.88% of revenue [8][10] - Naxin Micro: 361 million yuan, 23.71% of revenue [8][10] - Aiwei Electronics: 262 million yuan, 19.20% of revenue [8][10] - Shanghai Beiling: 201 million yuan [8][10] - Jiehuate: 420 million yuan, 35.45% of revenue [8][10] - Siripu: 268 million yuan, 28.29% of revenue [8][10] Market Dynamics - The global signal chain chip market is dominated by international giants like Texas Instruments and Analog Devices, particularly in high-end sectors such as industrial and automotive [10] - The domestic simulation chip market is projected to grow from 124.9 billion yuan in 2020 to 195.3 billion yuan in 2024, with a compound annual growth rate of 11.8% [10] - The signal chain chip market is expected to reach 105.9 billion yuan by 2029, with a compound annual growth rate of 7.2% from 2024 to 2029 [10][11] Regulatory Environment - Recent U.S. export controls and anti-dumping investigations may provide domestic signal chain chip companies with increased market opportunities, particularly in high-end sectors [11][12] - The investigation into U.S. manufacturers indicates significant price drops in products exported to China, suggesting a potential shift in market strategy by international firms [12]

Core Viewpoint - The analog chip industry is entering an upward cycle, with expected global market growth of 3.3% in 2025 and 5.1% in 2026, reaching $82.2 billion and $86.4 billion respectively. The long-term growth is driven by AI applications such as data centers, autonomous driving, and humanoid robots, indicating significant potential for domestic companies [3][7][12]. Industry Overview - The global analog chip market has a CAGR of 4.77% from 2004 to 2024, with a projected market size of $79.6 billion in 2024, which is a 2.0% decrease from the previous year. The market is expected to recover in 2025 and 2026 [3][12]. - The Chinese analog chip market is projected to reach ¥195.3 billion in 2024, with a CAGR of 11% from 2025 to 2029. The market is driven by sectors such as industrial, automotive, and AI [18][21]. Key Applications and Growth Areas - Key growth areas for analog chips include industrial applications, AI, and automotive sectors. The industrial sector is expected to see a recovery in procurement and new product introductions, while the automotive sector is experiencing a shift towards electrification and intelligence [7][21][37]. - AI applications are expected to significantly increase the demand for analog chips, particularly in power management and signal processing [31][34]. Domestic Market Potential - China accounts for approximately 35% of the global analog chip market, making it a crucial revenue source for international manufacturers. However, the domestic self-sufficiency rate remains low, indicating substantial room for growth [7][34]. - Major international players like TI and ADI derive significant revenue from China, with TI's revenue from China estimated at $3 billion in 2024, while ADI's is around $2.1 billion [34][35]. Competitive Landscape - The competitive landscape is characterized by a mix of established international firms and emerging domestic players. The industry is seeing increased competition as domestic companies aim to capture market share in high-end applications [51][52]. - The growth model for analog chip companies often involves a combination of product diversification and customer base expansion, with established firms leveraging extensive product lines and customer relationships to drive revenue [23][28]. Investment Strategy - The report recommends investing in companies with high-end and platform capabilities, as these firms are better positioned to capitalize on the growth opportunities in the analog chip market [5][8].

Core Viewpoint - The analog chip industry is in an upward cycle, with domestic companies expected to enter a phase of scale expansion for new products in the coming years [1][2] Industry Overview - The global analog chip market is projected to grow at a CAGR of 4.77% from 2004 to 2024, with expected growth rates of 3.3% and 5.1% in 2025 and 2026, reaching market sizes of $82.2 billion and $86.4 billion respectively [1] - Major domestic companies recommended include: Shengbang Co. (300661.SZ), Jiewate (688141.SH), Sirepu (688536.SH), Naxinwei (688052.SH), Nanxin Technology (688484.SH), Aiwei Electronics (688798.SH), Chipengwei (688508.SH), Diaowei (688381.SH), and Jingfeng Mingyuan (688368.SH) [1] Domestic Market Potential - In 2024, China is expected to account for approximately 35% of the global analog chip market, representing a significant revenue source for international manufacturers [2] - Major international companies like TI, ADI, and MPS are projected to generate revenues of approximately $30 million, $21 million, and $12 million from China in 2024, respectively [2] Key Application Areas - **Industrial Sector**: After inventory depletion, normal procurement and new product introduction are expected to resume, with domestic companies' new products likely to achieve scale [2] - **AI Sector**: The AI industry is driving overall demand for analog chips, with a focus on domestic production of core power management chips [2] - **Automotive Sector**: The electrification and intelligence of vehicles provide growth opportunities for domestic analog chip companies, with the market for automotive analog chips still in its early stages [3] - **Consumer Electronics**: Companies are increasingly diversifying their product offerings to provide comprehensive solutions for applications like mobile devices, leading to a more pronounced "Matthew Effect" [3]

Group 1 - The core viewpoint is that the 科创100ETF fund has shown significant growth, with a 3.63% increase and a total scale of 57.64 billion, making it the largest in its category [1][2] - Semiconductor stocks are experiencing a strong performance, driven by Oracle's announcement of a 359% year-on-year increase in unmet performance obligations, reaching 455 billion [1] - The ongoing global AI computing power competition is expected to drive demand in the semiconductor and consumer electronics sectors, with a focus on innovation and recovery in demand [1] Group 2 - The 科创100ETF fund closely tracks the 上证科创板100 index, which selects 100 securities from the Sci-Tech Innovation Board based on market capitalization and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the 上证科创板100 index account for 23.82% of the index, including companies like 东芯股份 and 华虹公司 [2]

Core Viewpoint - The A-share market shows a strong upward trend, with significant gains in sectors such as computing hardware, semiconductors, and liquid-cooled servers, while sports and precious metals sectors remain sluggish [3][4]. Market Performance - The Shanghai Composite Index rose by 1.12%, the Shenzhen Component Index increased by 2.63%, and the ChiNext Index surged by 4.31% [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.48 trillion yuan, an increase of 193.8 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - Notable sectors with significant gains include: - Components: +6.54% - Co-packaged optics (CPO): +6.13% - AI 50 Index: +4.83% - PCB concept: +4.40% - Fiber optic concept: +4.11% [4]. - Semiconductor stocks, particularly computing chips, experienced a notable surge, with companies like Haiguang Information nearing a 20% limit up [6][13]. Individual Stock Movements - Industrial Fulian reached a new historical high, increasing by 8.78% to 58.38 yuan [9]. - In the pork sector, stocks such as Bangji Technology and Lihua Shares saw significant increases, with Bangji Technology hitting the daily limit up [11][12]. International Market Influence - OpenAI reportedly signed a deal to purchase $300 billion worth of computing power from Oracle over five years, leading to a 36% surge in Oracle's stock, which added approximately $250 billion to its market capitalization in a single day [13].