每经AI快讯，11月19日，燕东微(688172.SH)公告称，持股5%以上股东国家集成电路基金因自身经营管 理需要，计划通过大宗交易或集中竞价方式减持公司股份不超过2141.43万股，占公司总股本比例不超 过1.5%，减持期间为2025年12月11日至2026年3月11日；股东京国瑞因自身经营需要，计划通过大宗交 易或集中竞价方式减持公司股份不超过1427.62万股，占公司总股本比例不超过1%，减持期间为2025年 12月11日至2026年3月11日。 ...

Core Viewpoint - The major shareholders of Yandong Microelectronics, including the National Integrated Circuit Fund and Jingguo Rui, plan to reduce their holdings through block trades or centralized bidding, indicating a strategic shift in their investment approach [1] Group 1: Shareholder Actions - The National Integrated Circuit Fund intends to reduce its stake by up to 21.4143 million shares, representing 1.5% of the company's total share capital [1] - Shareholder Jingguo Rui plans to decrease its holdings by up to 14.2762 million shares, accounting for 1% of the company's total share capital [1] - The planned reduction period is set to occur within 15 trading days following the announcement and extend up to three months [1] Group 2: Market Conditions - The share price for the planned reductions will be determined based on market prices, reflecting the current market conditions [1] - The reductions are attributed to the shareholders' operational management needs, suggesting a potential reallocation of resources or strategic focus [1]

Group 1 - The core point of the news is that Yandong Microelectronics has seen a stock price increase of 5.4%, reaching 26.72 yuan per share, with a total market capitalization of 38.146 billion yuan as of November 17 [1] - Yandong Microelectronics, established on October 6, 1987, is located in Beijing Economic and Technological Development Zone and was listed on December 16, 2022. The company specializes in the design, production, and sales of discrete devices, analog integrated circuits, special integrated circuits, and semiconductor wafer manufacturing and packaging testing services [1] - The revenue composition of Yandong Microelectronics includes 47.18% from products and solutions, 43.91% from manufacturing and services, 5.79% from other sources, and 3.13% from supplementary sources [1] Group 2 - According to data, Yandong Microelectronics is a significant holding in the Fuyong Fund, specifically in the Fuyong Research Optimal Mixed A Fund (015657), which held 58,700 shares, accounting for 1.81% of the fund's net value, ranking as the fifth-largest holding [2] - The Fuyong Research Optimal Mixed A Fund was established on September 19, 2023, with a latest scale of 1.3054 million. The fund has achieved a year-to-date return of 48.14%, ranking 1028 out of 8213 in its category, and a one-year return of 45.39%, ranking 911 out of 8130 [2] - The fund manager of Fuyong Research Optimal Mixed A is Lang Chengcheng, who has been in the position for 5 years and 126 days, managing a total asset size of 1.242 billion yuan. During his tenure, the best fund return was 61.86%, while the worst was -18.92% [3]

Group 1 - Yandong Microelectronics' stock increased by 5.16% to 25.46 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 0.93%, resulting in a total market capitalization of 36.347 billion CNY [1] - The company, established on October 6, 1987, is located in Beijing Economic and Technological Development Zone and was listed on December 16, 2022. Its main business includes the design, production, and sales of discrete devices, analog integrated circuits, special integrated circuits, and semiconductor wafer manufacturing and packaging testing services [1] - The revenue composition of Yandong Microelectronics is as follows: products and solutions account for 47.18%, manufacturing and services for 43.91%, other for 5.79%, and additional (supplementary) for 3.13% [1] Group 2 - Among the top ten circulating shareholders of Yandong Microelectronics, a fund under Harvest Fund ranks first. The Harvest SSE STAR Chip ETF (588200) increased its holdings by 779,600 shares in the third quarter, bringing its total to 6.4795 million shares, which represents 1.11% of the circulating shares [2] - The Harvest SSE STAR Chip ETF (588200) was established on September 30, 2022, with a latest scale of 40.404 billion CNY. Year-to-date returns are 57.21%, ranking 281 out of 4216 in its category; the one-year return is 49.85%, ranking 216 out of 3951; and since inception, the return is 130.77% [2] Group 3 - The fund manager of the Harvest SSE STAR Chip ETF (588200) is Tian Guangyuan, who has been in the position for 4 years and 251 days. The total asset size of the fund is 75.812 billion CNY, with the best fund return during his tenure being 131.75% and the worst being -46.65% [3]

Group 1 - The core point of the article highlights the performance and market position of Beijing Yandong Microelectronics Co., Ltd., which saw a stock increase of 5.02% to 24.50 CNY per share, with a total market capitalization of 34.977 billion CNY [1] - The company, established in October 1987 and listed in December 2022, specializes in the design, production, and sales of discrete devices, analog integrated circuits, and special integrated circuits, along with semiconductor wafer manufacturing and packaging testing services [1] - The revenue composition of the company includes 47.18% from products and solutions, 43.91% from manufacturing and services, and 5.79% from other sources [1] Group 2 - In terms of fund holdings, Invesco Great Wall Fund has a significant position in Yandong Micro, with its Invesco Great Wall CSI 500 Enhanced Strategy ETF holding 185,400 shares, representing 1.45% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a year-to-date return of 29.92%, ranking 1674 out of 4216 in its category, and a one-year return of 23.26%, ranking 1715 out of 3909 [2] Group 3 - The fund managers of Invesco Great Wall CSI 500 Enhanced Strategy ETF are Zhang Xiaonan and Guo Lin, with Zhang having a tenure of 10 years and 75 days, managing assets totaling 36.191 billion CNY, and achieving a best return of 140.67% during his tenure [3] - Guo Lin has a tenure of 3 years and 119 days, managing assets of 5.53 billion CNY, with a best return of 48.58% during his tenure [3]

Core Viewpoint - Yandong Microelectronics has experienced a decline in stock price recently, with a year-to-date increase of 16.16% but a significant drop of 14.22% in the last five trading days [2][3]. Group 1: Stock Performance - As of November 5, Yandong Microelectronics' stock price is 23.29 CNY per share, with a market capitalization of 33.249 billion CNY [1]. - The stock has seen a net outflow of 2.953 million CNY in principal funds, with large orders accounting for 15.40% of total buying and 21.30% of total selling [1]. - Year-to-date, the stock has been on the leaderboard once, with a net buy of -62.5807 million CNY on October 9 [2]. Group 2: Financial Performance - For the period from January to September 2025, Yandong Microelectronics reported revenue of 1.167 billion CNY, representing a year-on-year growth of 18.03% [3]. - The company recorded a net profit attributable to shareholders of -13.4004 million CNY, showing a year-on-year increase of 89.02% [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders has increased by 24.34% to 21,200 [3]. - The average circulating shares per person decreased by 19.58% to 27,621 shares [3]. - The company has distributed a total of 47.9642 million CNY in dividends since its A-share listing [4]. Group 4: Institutional Holdings - As of September 30, 2025, Yandong Microelectronics' seventh largest circulating shareholder is Yongying Semiconductor Industry Smart Selection Mixed Fund, holding 13 million shares [4]. - The ninth largest circulating shareholder is the Harvest SSE STAR Chip ETF, which increased its holdings by 779,600 shares to 6.4795 million shares [4].

Group 1 - Yandong Microelectronics' stock price has declined for three consecutive days, with a total drop of 10.9% during this period, currently trading at 24.19 CNY per share and a market capitalization of 34.534 billion CNY [1] - The company, established on October 6, 1987, specializes in the design, production, and sales of discrete devices, analog integrated circuits, special integrated circuits, and semiconductor wafer manufacturing and packaging testing services [1] - The revenue composition of Yandong Microelectronics includes 47.18% from products and solutions, 43.91% from manufacturing and services, and 5.79% from other sources [1] Group 2 - Fuyong Fund's "Fuyong Research Optimal Mixed A" (015657) holds 58,700 shares of Yandong Microelectronics, accounting for 1.81% of the fund's net value, making it the fifth-largest holding [2] - The fund has experienced a floating loss of approximately 19,900 CNY today and a total floating loss of 173,600 CNY over the three-day decline [2] - Since its establishment on September 19, 2023, the fund has achieved a return of 48.64% this year, ranking 1145 out of 8223 in its category [2]

Core Insights - The latest investment direction of the "National Big Fund" has emerged, with 30 A-share listed companies having the fund as a significant shareholder [1] Group 1: Investment Holdings - The "National Big Fund" has significant holdings in companies such as Northern Huachuang, Hushi Silicon Industry, and Tuojing Technology, among others [1] - The fund's investments are primarily in the semiconductor and integrated circuit sectors, reflecting a strategic focus on these industries [1] Group 2: Company Performance - Northern Huachuang reported a Q3 revenue of 11.16 billion yuan, a year-on-year increase of 38.31%, with a net profit of 1.92 billion yuan, up 14.60% [3] - Hushi Silicon Industry achieved a Q3 revenue of 944 million yuan, a 3.79% increase, but reported a net loss of 265 million yuan [4] - Tuojing Technology saw a significant Q3 revenue increase of 124.15% to 2.27 billion yuan, with a net profit of 462 million yuan, up 225.07% [5]

Core Insights - Yandong Microelectronics reported a revenue increase of 18.03% year-on-year for the first three quarters of 2025, reaching 1.167 billion yuan, but continued to incur losses [1] - The net profit attributable to shareholders was a loss of 13.4004 million yuan, and the non-recurring net profit loss was 549 million yuan, significantly worsening from a loss of 193 million yuan in the same period last year [1] - The company's performance has been declining since its listing in 2022, with increasing losses [1] Financial Performance - For Q3 2025, Yandong Microelectronics achieved a revenue of 508 million yuan, a year-on-year increase of 36.59% [1] - The net profit attributable to shareholders for Q3 was a loss of 141 million yuan, compared to a loss of 107 million yuan in the same period last year, indicating an expansion of losses [1] - The operating cash flow for the first three quarters of 2025 decreased significantly by 144.43% to -156 million yuan [2] Historical Performance - From 2021 to 2024, the non-recurring net profit attributable to shareholders was 385 million yuan, 365 million yuan, 292 million yuan, and -288 million yuan respectively, showing a downward trend [1]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][8][14] - The company plans to hold a performance briefing for the third quarter of 2025 on November 26, 2025, to discuss its operational results, financial status, and development philosophy [9][10][11] Financial Data - The company reported a provision for asset impairment amounting to 167.35 million yuan for the first three quarters of 2025, which includes credit impairment losses of 17.52 million yuan and inventory write-downs of 149.82 million yuan [15][16][17] - The impairment provisions will reduce the total consolidated profit for the first three quarters of 2025 by 167.35 million yuan [17][18] Shareholder Information - The company has not reported any changes in the number of shareholders or significant shareholders due to the transfer of shares for margin trading [4] Meeting Details - The performance briefing will be conducted online, allowing investors to submit questions in advance from November 19 to November 25, 2025 [9][12]