Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

证券代码：688141 证券简称：杰华特 杰华特微电子股份有限公司 2024 年年度股东大会会议材料 会议召开时间：2025 年 5 月 15 日 杰华特微电子股份有限公司 2024 年年度股东大会会议材料 目 录 | 杰华特微电子股份有限公司 | 2024 年年度股东大会会议须知 3 | | --- | --- | | 杰华特微电子股份有限公司 | 2024 年年度股东大会会议议程 6 | | 杰华特微电子股份有限公司 | 2024 年年度股东大会会议议案 9 | | 议案一：关于《公司 | 2024 年年度报告》及摘要的议案 9 | | 议案二：关于《公司 | 2024 年度董事会工作报告》的议案 10 | | 议案三：关于《公司 | 2024 年度监事会工作报告》的议案 11 | | 议案四：关于《公司 | 2024 年度独立董事述职报告》的议案 12 | | 议案五：关于《公司 | 年度财务决算报告》的议案 13 2024 | | 议案六：关于公司 | 2024 年度利润分配预案的议案 14 | | 议案七：关于续聘公司 | 2025 年度财务审计机构及内控审计机构的议案 15 | | 议案八：关于确 ...

Core Viewpoint - Jiewate (688141) reported significant revenue growth in Q1 2025, but still faced losses in net profit and cash flow challenges [2][7]. Financial Overview - Total revenue reached 528 million yuan, a year-on-year increase of 60.42% [2] - Net profit attributable to shareholders was -113 million yuan, while the net profit after deducting non-recurring gains and losses was -128 million yuan, indicating a reduction in losses but still in a loss position [2] - Year-on-year increase in net profit attributable to shareholders was 45.77%, and in net profit after deducting non-recurring gains and losses was 39.84% [2] Profitability - Gross margin improved to 29.69%, an increase of 7.24% year-on-year [3] - Net margin was -21.79%, reflecting a year-on-year increase of 65.79%, indicating some success in cost control [3] Expense Control - Total sales, management, and financial expenses amounted to 68.56 million yuan, with a ratio of these expenses to revenue at 12.98%, a decrease of 30.97% year-on-year [4] - This demonstrates an improvement in operational efficiency [4] Cash Flow and Debt Situation - Cash and cash equivalents decreased from 1.652 billion yuan to 1.014 billion yuan, a decline of 38.61% [5] - Interest-bearing debt increased to 1.514 billion yuan, a year-on-year growth of 16.79%, with an interest-bearing asset-liability ratio reaching 37.19% [5] - The average operating cash flow over the past three years has been negative, with an average operating cash flow to current liabilities ratio of -67.36%, indicating significant cash flow pressure [5] Accounts Receivable - Accounts receivable rose from 335 million yuan to 436 million yuan, a year-on-year increase of 30.01% [6] - The growth in accounts receivable may exert pressure on the company's cash flow given the negative net profit [6] Summary - Overall, Jiewate achieved significant revenue growth in Q1 2025 and showed improvements in expense control and profitability, but cash flow and debt conditions remain tight, with increasing accounts receivable warranting attention [7]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688141 证券简称：杰华特 公告编号：2025-023 杰华特微电子股份有限公司 关于增选独立董事、选举职工代表 董事及调整专门委员会的公告 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。 杰华特微电子股份有限公司（以下简称"公司"）于2025年4月28日召开职工代表大会审议通过了《关于 选举公司第二届董事会职工代表董事》，公司于2025年4月29日召开第二届董事会第十次会议，审议通 过了《关于公司董事会提名第二届董事会独立董事及确定其薪酬的议案》《关于调整公司董事会专门委 员会并修订其实施细则的议案》，现将有关情况公告如下： 一、关于公司职工代表大会选举职工代表董事 根据《中华人民共和国公司法》的相关规定，并结合公司于2025年4月25日发布的董事会通知的有关要 求，为进一步完善公司治理结构，公司董事会现拟对公司现行章程进行修订。本次章程修订内容包括拟 在公司董事会中增设职工代表董事职位，以更好地保障职工权益，促进公司的规范运作与长远发展。因 此公司于202 ...

Group 1 - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business layout [1] - The board of directors approved the proposal for H-share issuance and listing on April 29, 2025, with a focus on shareholder interests and market conditions [1] - The company aims to complete the issuance and listing within 18 months after the shareholders' meeting resolution, with the possibility of extending this period [1] Group 2 - The company's revenue for 2022, 2023, and 2024 was 1.448 billion, 1.297 billion, and 1.679 billion respectively, showing a 29.46% increase from 2023 to 2024 [2][3] - The net profit attributable to shareholders was 137 million in 2022, -531 million in 2023, and -603 million in 2024, indicating a continued loss trend [2][3] - The net assets attributable to shareholders decreased by 22.47% from 2023 to 2024, totaling approximately 2.068 billion at the end of 2024 [3] Group 3 - The company raised a total of 2.222 billion in its initial public offering, with a net amount of 2.055 billion, exceeding the original target by 484 million [4] - The funds raised are intended for various projects, including high-performance power management chips and automotive electronic chips [4] - The total issuance costs amounted to approximately 167 million, with underwriting fees constituting a significant portion [4]

Group 1: Company Performance - In Q1 2025, the company reported revenue of 528 million yuan, a year-on-year increase of 60.42% [1] - The net profit loss was 113 million yuan, showing a reduction in losses compared to the previous year [1] - Operating cash flow turned positive with a net amount of 24.82 million yuan [1] - R&D investment totaled 191 million yuan, up 36.18% year-on-year [1] Group 2: Market and Product Development - The company is expanding into emerging application areas such as new energy, computing, and automotive sectors to enhance competitiveness and market share [2] - In the new energy sector, the company launched PMIC chips for solar applications based on proprietary technology [2] - The semiconductor industry is benefiting from AI-driven recovery and ongoing domestic substitution, with a positive market outlook [2] Group 3: Industry Trends - The domestic semiconductor industry is focusing on self-sufficiency and high-end development, accelerated by external technological restrictions [3] - The company aims to achieve domestic chip product substitution to reduce reliance on imports and provide high-quality products for the domestic market [3] - The company plans to list on the Hong Kong Stock Exchange to enhance international strategy and overseas business development [3]

机构指出，目前市场处于修复阶段，预计大盘仍可能延续盘整。 【财经日历】 中国4月制造业PMI； ►►央行召开落实金融"五篇大文章"总体统计制度动员部署会议。会议要求，金融机构要认真落实金融"五篇大文章"相关统计制度，统筹协调本单位资源， 加强相关部门的协调配合，严格落实数据质量主体责任，强化源头数据质量管理，形成从业务到统计的全链条工作保障。 ►►央行数据显示，2025年第一季度全国新发放商业性个人住房贷款加权平均利率为3.11%。 国内成品油将开启新一轮调价窗口； 美国4月ADP就业人数。 | 树 盘前必读 | // 外盘怎么样 // | | | | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | | 道琼斯工业指数 | 40527.62 | 300.03 | 0.75% | | 纳斯达克指数 | 17461.32 с | 95.19 | 0.55% | 美股周二震荡上扬，财报季进入密集期，多家蓝筹公司业绩优于预期，提振市场信心。道指上涨300.03点，涨幅0.75%，报40527.62点；标普500指数上涨 32.08点，涨幅0.58%，报5560.83点；纳 ...

杰华特微电子股份有限公司 对外担保管理办法 （草案） （H股发行并上市后适用） 第一章 总则 第一条 为了规范杰华特微电子股份有限公司（以下简称"公司"）对外 担保行为，保护投资者的合法权益和保证公司的财务安全，加强公司银行信用和 担保管理，规避和降低经营风险，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》"）、《中华人民 共和国担保法》（以下简称"《担保法》"）等相关法律、法规、规范性文件、 公司股票上市地证券监管规则及《杰华特微电子股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，特制定本办法。 第二条 公司对外担保实行统一管理，未经董事会或者股东会审议通过， 公司不得对外提供担保。 第三条 本管理规定适用于本公司及本公司的全资、控股子公司（以下简 称"子公司"）。未经公司批准，子公司不得对外提供担保，不得相互提供担保， 也不得请外单位为其提供担保。 第四条 本管理办法所称对外担保，其担保形式包括保证、抵押及质押。 第二章 一般原则 第五条 公司对外担保应当遵循下列一般原则： （一） 符合《公司法》、《公司章程》和其他相关法律、行政法规、 ...

杰华特微电子股份有限公司 股东会议事规则 （草案） （H 股发行并上市后适用） 第一条 为规范杰华特微电子股份有限公司（以下简称"公司"）股东会议 事行为，保证股东会依法行使职权，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》"）、《上市公司治 理准则》《上市公司股东会规则》《上海证券交易所科创板股票上市规则》《香港联 合交易所有限公司证券上市规则》和《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》等相关法律、法规、规范性文件、公司股票上市地证 券监管规则和《杰华特微电子股份有限公司章程》（以下简称《公司章程》）的规 定，制定本规则。 第二条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关 规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 本规则适用于公司股东会，对公司、股东、股东授权代理人、公司 董事、高级管理人员以及列席股东会的其他有关人员均具有约束力。 第四条 股东会分为年度股东会和临时股东会。年度股 ...

杰华特微电子股份有限公司 募集资金管理制度 （草案） （H 股发行并上市后适用） 第一章 总则 1 / 8 公司募集资金投资项目通过公司的子公司或公司控制的其他企业实施的，公 司应当确保该子公司或受控制的其他企业遵守本制度。 第二章 募集资金专户存储 第六条 公司应当审慎选择商业银行并开设募集资金专项账户（以下简称 "专户"），募集资金应当存放于董事会决定的专户集中管理，专户不得存放非 募集资金或用作其他用途。 第一条 为规范杰华特微电子股份有限公司（以下简称"公司"）募集资 金的管理和使用，提高募集资金使用的效率和效果，防范资金使用风险，确保资 金使用安全，最大限度地保障投资者的利益，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》、《上 海证券交易所科创板股票上市规则》、《香港联合交易所有限公司证券上市规则》 （以下简称"《香港联交所上市规则》"）及《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》等有关法律、法规、规范性文件以及《杰华特 微电子股份有限公司章程》 ...