Core Viewpoint - The domestic analog chip industry is experiencing "collective growth with internal differentiation" driven by technological iteration and market demand in Q3 2025, with financial reports from 10 representative companies revealing both resilience among leading firms and competitive dynamics in a recovering market [1] Revenue Landscape - The total revenue of 10 analog chip manufacturers reached 7.087 billion yuan in Q3 2025, showing an overall growth trend [2] - Leading the high-growth segment, Jiehuate achieved a revenue increase of 71.18% year-on-year, followed by SIRUIPO and NAXINWEI with increases of 70.29% and 62.81% respectively, driven by technological breakthroughs in high-end analog chips and overall industry recovery [2][5] - Nanchip Technology ranked second in growth with a revenue increase of 40.26%, benefiting from its strong presence in consumer electronics and expectations of further growth in the second half of the year [2] Profitability Analysis - The total net profit attributable to shareholders of the 10 manufacturers was 346 million yuan, with a non-recurring net profit of 170 million yuan, indicating significant differentiation in profitability compared to revenue [6] - Shengbang's net profit reached 142 million yuan, up 34.02% year-on-year, while Awei Electronics reported a net profit of 119 million yuan, up 37.93% [6] - Conversely, NAXINWEI and Jiehuate reported net losses of 62 million yuan and 165 million yuan respectively, highlighting the competitive pressures within the industry [7] R&D Investment Trends - The total R&D investment among the 10 manufacturers was 1.184 billion yuan, reflecting varying recognition and strategic focus on technological iteration [8] - Jiehuate led in R&D investment with 258 million yuan, a 52.19% increase year-on-year, representing 34.20% of its revenue [8][11] - Nanchip Technology and Awei Electronics also increased their R&D investments significantly, with growth rates of 51.32% and 21.04% respectively, indicating a heightened focus on innovation [11] Market Dynamics - The competition among leading firms is intensifying as the analog chip sector approaches a critical phase, with companies emphasizing high-quality R&D investments to maintain competitive advantages [11][12] - The differentiation in R&D investment and its effectiveness in translating into competitive strength will be crucial as the industry undergoes potential reshuffling [12]

Core Viewpoint - Jiewate Microelectronics Co., Ltd. has shown significant stock price fluctuations and financial performance, with a notable increase in revenue but a net loss in profit for the year 2025. Group 1: Stock Performance - On November 12, Jiewate's stock rose by 2.01%, reaching 41.10 CNY per share, with a trading volume of 124 million CNY and a turnover rate of 1.15%, resulting in a total market capitalization of 18.508 billion CNY [1] - Year-to-date, Jiewate's stock price has increased by 34.27%, but it has experienced a decline of 9.79% over the last five trading days and 23.63% over the last 20 days, while it has risen by 39.09% over the last 60 days [1] - Jiewate 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 - Jiewate Microelectronics, established on March 18, 2013, and listed on December 23, 2022, specializes in the research and sales of analog integrated circuits, providing high-efficiency, high-performance, and high-reliability solutions [2] - The company's revenue composition includes 93.09% from power management chips, with DC-DC chips accounting for 56.79%, AC-DC chips for 20.48%, and linear power chips for 14.40% [2] - As of September 30, 2025, Jiewate reported a revenue of 1.942 billion CNY, reflecting a year-on-year growth of 63.01%, while the net profit attributable to shareholders was -460 million CNY, a year-on-year increase of 9.29% [2] Group 3: Shareholder Structure - As of September 30, 2025, Jiewate had 12,400 shareholders, an increase of 12.90% from the previous period, with an average of 21,255 circulating shares per shareholder, a decrease of 11.43% [2] - Among the top ten circulating shareholders, the largest shareholder is the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, holding 6.084 million shares, a decrease of 283,700 shares from the previous period [3] - New entrants among the top ten shareholders include Nu'an Pioneer Mixed A and Huitianfu Technology Innovation Mixed A, while several funds have exited the list [3]

Group 1 - The core point of the news is that Jiewate Microelectronics Co., Ltd. has experienced significant stock price fluctuations, with a year-to-date increase of 33% but a recent decline of 13.20% over the last five trading days [1] - As of November 11, Jiewate's stock price was 40.71 CNY per share, with a total market capitalization of 18.33 billion CNY [1] - The company has seen a net outflow of main funds amounting to 30.66 million CNY, with large orders showing a buy of 29.44 million CNY and a sell of 49.38 million CNY [1] Group 2 - Jiewate was established on March 18, 2013, and went public on December 23, 2022, focusing on the research and sales of analog integrated circuits [2] - The company's main business revenue composition includes power management chips at 93.09%, with DC-DC chips making up 56.79% and AC-DC chips at 20.48% [2] - As of September 30, 2025, Jiewate reported a revenue of 1.942 billion CNY, a year-on-year increase of 63.01%, while the net profit attributable to shareholders was -460 million CNY, a year-on-year increase of 9.29% [2] Group 3 - As of September 30, 2025, Jiewate's top ten circulating shareholders include notable funds such as the Harvest Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF, which holds 6.084 million shares [3] - The number of shareholders increased by 12.90% to 12,400, while the average circulating shares per person decreased by 11.43% to 21,255 shares [2]

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.57%, closing at 1407.56 points, with a total trading volume of 4.379 billion shares and a turnover of 203.38 billion yuan [1] - Among the tradable stocks on the STAR Market, 332 stocks closed higher, with 8 stocks hitting the daily limit up, while 252 stocks closed lower, including 1 stock with a decline exceeding 10% [1] Trading Activity - The highest turnover rates were observed in He Yuan Biological, which closed down by 1.54% with a turnover rate of 23.03%, and Wanrun New Energy, which closed down by 0.81% with a turnover rate of 21.13% [1][3] - A total of 36 stocks with high turnover rates experienced net inflows of main funds, with the highest net inflows recorded for Purun Co., Shen Gong Co., and Shijia Photon, amounting to 214 million yuan, 171 million yuan, and 132 million yuan respectively [2] Sector Analysis - In terms of industry distribution, the electronics sector had the most stocks with a turnover rate exceeding 5%, totaling 23 stocks, followed by the power equipment and computer sectors with 15 and 9 stocks respectively [2] - The stocks with the highest turnover rates also showed significant variations in net fund flows, with some experiencing substantial net outflows, such as Guo Dun Quantum and Hua Hong Company, with net outflows of 543 million yuan and 342 million yuan respectively [2] Notable Stocks - Key stocks with notable performance included: - He Yuan Biological (688765): Closed at 93.50 yuan, down 1.54%, with a turnover rate of 23.03% and a net outflow of 67.69 million yuan [3] - Wanrun New Energy (688275): Closed at 90.77 yuan, down 0.81%, with a turnover rate of 21.13% and a net outflow of 40.22 million yuan [3] - Yingfang Software (688435): Closed at 54.89 yuan, up 14.28%, with a turnover rate of 19.78% and a net inflow of 36.17 million yuan [3]

Market Overview - The semiconductor sector experienced a slight decline of 0.12% on November 10, with Jiewater leading the drop [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Top Gainers in Semiconductor Sector - Shengen Co. (688233) saw a significant increase of 20.00%, closing at 61.19 with a trading volume of 114,700 shares and a transaction value of 700 million [1] - Pushen Co. (688766) rose by 13.47%, closing at 173.15 with a trading volume of 163,300 shares and a transaction value of 2.691 billion [1] - Jingyi Equipment (688652) increased by 12.37%, closing at 105.80 with a trading volume of 132,400 shares and a transaction value of 1.362 billion [1] Top Decliners in Semiconductor Sector - Jiewater (688141) fell by 5.57%, closing at 41.56 with a trading volume of 197,700 shares and a transaction value of 829 million [2] - Huahong Company (688347) decreased by 5.49%, closing at 118.85 with a trading volume of 294,300 shares and a transaction value of 3.513 billion [2] - Huafeng Measurement and Control (688200) dropped by 3.77%, closing at 178.31 with a trading volume of 38,400 shares and a transaction value of 697 million [2] Capital Flow Analysis - The semiconductor sector saw a net outflow of 3.206 billion from institutional investors, while retail investors experienced a net inflow of 1.701 billion [2][3] - Major stocks like Daway Co. (002213) had a net inflow of 504 million from institutional investors, but a net outflow of 240 million from retail investors [3] - Beijing Junzheng (300223) had a net inflow of 478 million from institutional investors, while retail investors saw a net inflow of 953,740 [3]

Core Insights - Jiewate's stock price has declined by 5.04% to 41.79 CNY per share, with a trading volume of 427 million CNY and a turnover rate of 3.75%, resulting in a total market capitalization of 18.819 billion CNY [1] - The company has experienced a continuous decline in stock price for 10 consecutive days, with a cumulative drop of 0% during this period [1] Company Overview - Jiewate Microelectronics Co., Ltd. is located in Hangzhou, Zhejiang Province, and was established on March 18, 2013, with its listing date on December 23, 2022 [1] - The company's main business involves the research and sales of analog integrated circuits, providing high-efficiency, high-performance, and high-reliability one-stop solutions for analog integrated circuit products [1] - The revenue composition of the main business includes: - Power management chips: 93.09% - DC-DC chips: 56.79% - AC-DC chips: 20.48% - Linear power chips: 14.40% - Signal chain chips: 4.37% - Power products: 1.69% - Battery management chips: 1.43% - Technical service revenue: 0.82% - Other revenues: 0.02% and 0.01% [1] Shareholder Insights - Jiajia Fund's ETF, which is among Jiewate's top ten circulating shareholders, reduced its holdings by 283,700 shares, now holding 6.084 million shares, representing 2.31% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 13.5065 million CNY, with no floating loss during the 10-day decline [2] - The ETF was established on September 30, 2022, with a latest scale of 40.404 billion CNY, and has achieved a return of 62.63% this year, ranking 262 out of 4216 in its category [2]

Core Viewpoint - The company will hold a performance briefing on November 17, 2025, to discuss its Q3 2025 results and address investor questions [2][3][4]. Group 1: Meeting Details - The performance briefing is scheduled for November 17, 2025, from 09:00 to 10:00 [2][4]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [2][4]. - Investors can submit questions from November 10 to November 14, 2025, through the Roadshow Center website or via the company's email [2][4][5]. Group 2: Participants - Key participants include the Chairman Zhou Xun Wei, General Manager Ma Wenwen, CFO Xie Liheng, and Independent Director Shen Shuhao [4]. Group 3: Investor Participation - Investors can join the briefing online on the scheduled date and time [4][5]. - The company will respond to commonly asked questions during the session [3][4].

Core Viewpoint - The company, Joulwatt Microelectronics Co., Ltd., is set to hold a third-quarter performance briefing on November 17, 2025, to discuss its operational results and financial status for the first three quarters of 2025 [2][3]. Group 1: Meeting Details - The performance briefing will take place on November 17, 2025, from 09:00 to 10:00 [5]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [4][5]. - Investors can submit questions for the briefing from November 10 to November 14, 2025, through the Roadshow Center website or via the company's email [6]. Group 2: Participation Information - Participants in the meeting will include the chairman, independent directors, and key executives such as the general manager and financial director [5]. - After the briefing, investors will be able to view the meeting's proceedings and key content on the Shanghai Stock Exchange Roadshow Center [6].

证券代码：688141 证券简称：杰华特 杰华特微电子股份有限公司 2025 年第五次临时股东会会议材料 会议召开时间：2025 年 11 月 19 日 杰华特微电子股份有限公司 2025 年第五次临时股东会会议材料 目 录 | 杰华特微电子股份有限公司 2025 年第五次临时股东会会议须知 3 | | | --- | --- | | 杰华特微电子股份有限公司 2025 年第五次临时股东会会议议程 6 | | | 杰华特微电子股份有限公司 2025 年第五次临时股东会会议议案 8 | | | 议案一：关于变更公司注册资本并修订《公司章程》的议案 8 | | | 议案二：关于为控股子公司申请综合授信额度并提供担保的议案 | 10 | 2 杰华特微电子股份有限公司 2025 年第五次临时股东会会议材料 杰华特微电子股份有限公司 2025 年第五次临时股东会会议须知 为维护广大投资者的合法权益，保障股东在本次股东会期间依法行使权利，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》"）《上市公司股东会规则》以及《杰华特微电子股份有限公司章程》 （以下简称"《公司 ...

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