中信建投证券股份有限公司 关于唯捷创芯（天津）电子技术股份有限公司 首次公开发行部分限售股上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"本保荐机构"） 作为唯捷创芯（天津）电子技术股份有限公司（以下简称"唯捷创芯"、"公司"） 首次公开发行股票并在科创板上市的保荐机构，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》《科创板上市公司持续监管办法 （试行）》等有关规定，对唯捷创芯首次公开发行部分限售股上市流通事项进行 了审慎核查，具体情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2022 年 3 月 1 日出具的《关于同意唯捷创 芯（天津）电子技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕 425 号），同意公司首次公开发行股票的注册申请。公司首次向社会公众公开发 行人民币普通股（A 股）股票 40,080,000 股，并于 2022 年 4 月 12 日在上海证券 交易所科创板上市。发行完成后公司总股本为 400,080,000 股，其中有限售条件 流通股 369,540,709 股，占公司发行后总股本的 92 ...

Core Viewpoint - The RF module industry is experiencing robust growth driven by the proliferation of 5G, ongoing 6G research, and emerging market demands, with the market size expected to reach 33 billion yuan in 2024 and exceed 37 billion yuan in 2025 [1][8]. Industry Overview - RF modules are essential components for wireless communication, integrating RF front-end circuits and modems to facilitate signal transmission and reception, forming the basis for data exchange in devices like smartphones, IoT, and automotive electronics [1][2]. - The industry is categorized by various integration methods, functionalities, application scenarios, and frequency ranges, indicating a diverse landscape [3]. Industry Chain - The RF module industry chain in China consists of upstream raw materials and core component supply, midstream module manufacturing, and downstream terminal applications, with a focus on collaboration across these segments [4][5]. - The downstream market is diversifying, with smartphones maintaining a core position but facing saturation, while automotive electronics and industrial IoT are emerging as new growth drivers [5][6]. Market Dynamics - The smartphone market, while still significant, is experiencing a slowdown in growth due to saturation, with a projected shipment of 1.41 billion units in the first half of 2025, down 3.9% year-on-year [6]. - Industrial IoT is expected to see a surge in demand, with connections projected to exceed 2.8 billion units in 2024, driving the industrial-grade RF module market to surpass 20 billion yuan by 2027 [6][7]. Competitive Landscape - The RF module market is highly concentrated, with over 70% of the market share held by international giants like Qualcomm and Broadcom, particularly in high-end modules and millimeter-wave communication [9][10]. - Domestic companies such as Zhaoxin Micro and Weijie Chuangxin are making significant strides through vertical integration and technological innovation, aiming to increase the domestic market share from 8% in 2020 to 32% by 2024 [10][11]. Development Trends - The industry is evolving towards high-frequency and intelligent solutions, with automotive electronics and industrial IoT becoming key growth engines [12]. - The trend of domestic substitution is accelerating, with leading companies actively participating in global supply chains and standard-setting, transitioning China from a technology follower to a standard leader [12][14].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][10]. Core Views - The company is expected to see a sequential increase in revenue in the second half of the year, driven by an improved product mix and stable pricing [6]. - The company has successfully validated cost-reduction solutions for Wi-Fi 6/6E and has entered mass production for the second-generation non-linear Wi-Fi 7 module, which shows significant improvements in energy efficiency and signal quality [7]. - The company is diversifying its product offerings, with successful sales of L-PAMiD modules and plans for new products targeting both domestic and international markets [8]. Financial Performance - The company reported a revenue of 987 million yuan in the first half of the year, a year-on-year decrease of 7.93%, with the RF power amplifier module contributing 80.19% of the main business revenue [6]. - The projected revenues for 2025, 2026, and 2027 are 2.32 billion, 2.94 billion, and 3.53 billion yuan respectively, with net profits expected to be 40 million, 140 million, and 406 million yuan [9][11]. - The company’s gross margin for Q2 was 28.02%, showing a year-on-year increase of 4.05 percentage points and a quarter-on-quarter increase of 6.76 percentage points [6]. Relative Valuation - The company is one of the earliest integrated circuit design firms in China focusing on RF front-end chip development, with a strong position in the RF power amplifier market [14]. - Compared to peers, the company is expected to maintain a price-to-sales (P/S) ratio of 7.38 in 2025, which is competitive within the industry [15].

Company Overview - Weijie Chuangxin (Tianjin) Electronic Technology Co., Ltd. specializes in the research, design, and sales of RF front-end chips, primarily providing RF power amplifier module products, as well as RF switch chips, Wi-Fi RF front-end modules, and receiving end modules [2] - The company's main business revenue composition includes RF power amplifier modules at 79.96%, receiving end modules at 19.75%, and other supplementary products at 0.29% [2] Financial Performance - For the first half of 2025, Weijie Chuangxin achieved operating revenue of 987 million yuan, a year-on-year decrease of 7.93%, and a net profit attributable to shareholders of -9.43 million yuan, a year-on-year decrease of 183.72% [2] - Since its A-share listing, the company has distributed a total of 23.01 million yuan in dividends [3] Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Weijie Chuangxin increased by 17.92% to 12,400, with an average of 12,951 circulating shares per person, up by 19.78% [2] - On September 18, 2023, the company experienced a financing buy-in of 28.31 million yuan, with a net financing buy of -9.48 million yuan, indicating a high level of financing activity [1] - The total financing and securities lending balance reached 217 million yuan, with the financing balance accounting for 3.69% of the circulating market value, which is above the 90th percentile level over the past year [1]

Core Points - The company, Vanchip, will hold a semi-annual performance briefing on September 29, 2025, from 15:30 to 16:30 [2][3] - The briefing aims to provide investors with a comprehensive understanding of the company's operational results and financial status [3] - Investors can submit questions via email by September 28, 2025, and the company will address common concerns during the briefing [2][4] Meeting Details - The meeting will take place online at the Shanghai Securities News and China Securities Network Roadshow Center [2][4] - Key participants include the General Manager, Financial Officer, Board Secretary, and an Independent Director [4] - Investors can log in to participate and ask questions during the specified time [4][5] Contact Information - The company has provided contact details for inquiries, including a phone number and an email address for investor relations [5]

证券代码：688153 证券简称：唯捷创芯 公告编号：2025-063 唯捷创芯（天津）电子技术股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 9 月 29 日（星期一）15:30-16:30 二、说明会召开的时间、地点 会议召开时间：2025 年 9 月 29 日（星期一）15:30-16:30 会议召开地点：上海证券报·中国证券网路演中心（https://roadshow.cnstock. com/） 会议召开方式：网络文字互动 1 会 议 召 开 地 点 ： 上 海 证 券 报 · 中 国 证 券 网 路 演 中 心 （https://roadshow.cnstock.com/） 会议召开方式：网络文字互动 投资者可于 2025 年 9 月 28 日（星期日）18:00 前，将需要了解的情况和 相关问题，通过电子邮件的形式发送至公司投资者关系邮箱 IR@vanchip.com。 公司将在说明会上对投资者普遍关注的问 ...

Core Viewpoint - The company Weijie Chuangxin (688153.SH) announced a share reduction plan by its directors and senior management due to personal funding needs, which may impact investor sentiment and stock performance [1][2]. Group 1: Share Reduction Plan - Director Xin Jing plans to reduce up to 327,820 shares, representing no more than 0.08% of the total share capital [1] - Director Zhou Ying intends to reduce up to 491,731 shares, representing no more than 0.11% of the total share capital [1] - Senior management Zhao Yanping also plans to reduce up to 327,820 shares, representing no more than 0.08% of the total share capital [1] - The reduction will occur within three months after the announcement, starting 15 trading days post-announcement [1] Group 2: Shareholding Information - As of the announcement date, Xin Jing holds 1,311,283 shares, accounting for 0.30% of the total share capital [1] - Zhou Ying holds 1,966,925 shares, accounting for 0.46% of the total share capital [1] - Zhao Yanping holds 1,311,283 shares, also accounting for 0.30% of the total share capital [1] Group 3: Company Background - Weijie Chuangxin was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on April 12, 2022, with an initial public offering of 40.08 million shares at a price of 66.60 yuan per share [2] - The total funds raised from the IPO amounted to 266,932.80 million yuan, with a net amount of 250,251.13 million yuan after deducting issuance costs [2] - The company plans to use the raised funds for integrated circuit production testing, R&D center construction, and to supplement working capital [2]

Core Viewpoint - The announcement details the share reduction plans of directors and senior management of Weijie Chuangxin (Tianjin) Electronics Technology Co., Ltd. due to personal funding needs, with specific share quantities and percentages outlined for each individual involved [2][3]. Summary by Relevant Sections Shareholding Status of Directors and Senior Management - As of the announcement date, Ms. Xin Jing holds 1,311,283 shares (0.30% of total shares), Ms. Zhou Ying holds 1,966,925 shares (0.46%), and Ms. Zhao Yanping holds 1,311,283 shares (0.30%). These shares were obtained through equity incentives, with some shares becoming tradable from September 15, 2025 [2]. Details of the Reduction Plan - Ms. Xin Jing plans to reduce up to 327,820 shares (0.08% of total shares), Ms. Zhou Ying plans to reduce up to 491,731 shares (0.11%), and Ms. Zhao Yanping plans to reduce up to 327,820 shares (0.08%). The reduction will occur within three months after the announcement, starting 15 trading days later [3][5]. - If there are any corporate actions such as dividends or stock splits during the reduction period, the number of shares to be reduced will be adjusted accordingly [3]. Compliance with Previous Commitments - The reduction plan is consistent with prior commitments made by the directors and senior management regarding shareholding and reduction practices, which include restrictions on selling shares for a specified period after the company's IPO [6][7]. Additional Information - The announcement confirms that the directors and senior management have not reduced their holdings since the company's listing [4]. - The company will adhere to relevant laws and regulations during the reduction process, ensuring compliance with the stock incentive plan and timely disclosure of information [8].

Group 1 - On September 17, Junsheng Electronics disclosed an increase in shareholding, with Junsheng Group acquiring 700,000 A-shares during the period of unusual stock fluctuations [1][2] - A total of 29 A-share listed companies announced share reductions, including notable firms such as Shuanglu Pharmaceutical, Xinruida, and Boyun New Materials [1][2] Group 2 - Shuanglu Pharmaceutical's board secretary plans to reduce holdings by no more than 0.0365% of the company's shares [2] - Xinruida's shareholder Dai Yongjian intends to reduce holdings by no more than 0.13% [2] - Boyun New Materials' shareholder Gao Chuangtou plans to reduce holdings by no more than 1% [2] - Other companies with planned reductions include Guanggang Gas, Hanyi Co., and Weilan Lithium, with reductions ranging from 0.16% to 3.48% [2]

Core Viewpoint - The announcement from Weijie Chuangxin indicates that several executives plan to reduce their shareholdings in the company due to personal financial needs, which may impact investor sentiment and stock performance [2] Summary by Relevant Sections Shareholding Details - Executive Xin Jing holds 1,311,283 shares, accounting for 0.30% of the total share capital - Executive Zhou Ying holds 1,966,925 shares, accounting for 0.46% of the total share capital - Executive Zhao Yanping holds 1,311,283 shares, accounting for 0.30% of the total share capital [2] Reduction Plans - Xin Jing plans to reduce her holdings by up to 327,820 shares, representing a maximum of 0.08% of the total share capital - Zhou Ying plans to reduce her holdings by up to 491,731 shares, representing a maximum of 0.11% of the total share capital - Zhao Yanping plans to reduce her holdings by up to 327,820 shares, representing a maximum of 0.08% of the total share capital [2] Timeline for Reduction - The share reduction will occur within three months following the announcement, starting 15 trading days after the disclosure [2]