Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company focuses on automotive electronics and aims to enhance its market penetration in key applications such as smart cockpits, automotive antennas, body control, and advanced driver-assistance systems (ADAS) [3]. - The company is expected to achieve significant revenue growth driven by the rapid launch of new products in the consumer electronics sector and the consolidation of acquired entities [3]. - The company aims to become a leading player in the analog chip sector, providing high-performance power management chips and solutions for global high-efficiency smart system applications [10]. Summary by Sections Financial Performance - The company is projected to achieve total revenue of 1.07 billion in 2025, 1.53 billion in 2026, and 1.89 billion in 2027, with corresponding net profits of 0.14 billion, 1.57 billion, and 2.36 billion respectively [3]. - The earnings per share (EPS) are expected to improve from a loss of 0.71 yuan in 2024 to a profit of 0.58 yuan by 2027 [3]. - The company’s revenue in 2024 is anticipated to grow by 38.58% year-on-year, reaching 5.46 billion [10]. Product Development - The company has established a strong presence in the power management chip market, with a diverse product line that includes DC/DC converters, lithium battery charging management, and various other power conversion chips [10]. - The company has successfully integrated its products into major platforms such as Qualcomm and MediaTek, enhancing its market position in consumer electronics [10]. - The automotive electronics segment is expected to see increased demand due to the growth of electric and intelligent vehicles, with the company’s products meeting automotive standards [3][10]. Market Trends - The global smartphone market is projected to continue its growth, with a 2.4% increase in shipments in Q4 2024, which will positively impact the company's revenue from consumer electronics [33]. - The automotive industry is experiencing rapid growth, particularly in the electric vehicle segment, which is expected to double the demand for automotive power management integrated circuits (PMICs) [51]. Strategic Acquisitions - The acquisition of Zinitix is expected to provide new revenue streams and enhance the company’s product offerings, particularly in touch control and haptic feedback technologies [3][73]. - The integration of Zinitix is anticipated to contribute positively to the company’s financial performance, with a focus on expanding its customer base and market share [73].

文/梧桐小编 7月25日，希荻微电子集团股份有限公司（688173）发布关于控股子公司重大事项提示公告。希荻微发 现控股子公司 Zinitix Co., Ltd.（以下简称"Zinitix"、韩国科斯达克市场上市公司）现任董事在希荻微 及其子公司任职期间涉嫌不法行为，要求 Zinitix 召开临时股东大会改选董事。但Zinitix现任董事采取 了一系列行为阻碍董事改选，截至本公告日，公司尚未完成Zinitix董事会改选。后续，公司将继续积极 通过韩国当地的行政和司法途径维护正当的股东权益。公司2024年收购Zinitix 形成商誉6421.75 万 元。根据公司2025 年第一季度报告，Zinitix 2025 年第一季度的营业收入为人民币4,807.32 万元，占 公司 2025 年第一季度营业收入的 27.06%。如公司失去对Zinitix 的控制，根据企业会计准则的相关规 定，公司将不再把 Zinitix 纳入公司合并报表范围，终止确认商誉并产生损失，可能对公司 2025 年财 务报表产生重大不利影响。 一、 2024年才收购的子公司，产生商誉6421万元 2024 年 8 月 ， 希 荻 微 公 司 ...

Core Points - The stock of Xidiwei (688173.SH) closed at 13.61 yuan, experiencing a decline of 5.49%, currently in a state of breaking issue [1] - Xidiwei was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 21, 2022, with an initial public offering (IPO) price of 33.57 yuan per share [1][2] - The company raised a total of 1.343 billion yuan through the IPO, with a net amount of 1.221 billion yuan after deducting issuance costs, exceeding the original plan by 640 million yuan [2] Fundraising and Use of Proceeds - The funds raised are intended for the development and industrialization of high-performance power management chips for consumer electronics and communication devices, new generation automotive and industrial power management chips, headquarters base and cutting-edge technology research projects, and to supplement working capital [2] - The total issuance costs amounted to 122 million yuan, with underwriting and sponsorship fees of 102 million yuan received by Minsheng Securities, China International Capital Corporation, and Huaxing Securities [3] Share Distribution and Control - Minsheng Securities and China International Capital Corporation each received 1.6004 million shares, representing 4.00% of the total shares issued, with a lock-up period of 24 months from the listing date [3] - The actual controlling shareholders of Xidiwei are Dai Zuyu, Tao Hai, and Tang Ya, with their respective nationalities and birth years provided [3]

Core Viewpoint - The company faces a significant risk of losing control over its subsidiary Zinitix due to alleged misconduct by current board members, which could lead to substantial financial impacts in 2025 [1][3]. Group 1: Causes of Control Loss - The control loss incident is fundamentally an internal governance crisis following a cross-border acquisition, with allegations against three board members for misconduct [2]. - The current board members are obstructing the convening of an extraordinary shareholders' meeting to elect new directors, citing legal loopholes to delay the process [2]. Group 2: Financial Impact - Zinitix's revenue contribution is projected to rise from 15.57% in 2024 to 27.06% in Q1 2025, making it a core growth driver for the company [3]. - Losing control over Zinitix would result in a revenue gap of nearly 30%, exacerbating the company's existing losses, which are estimated at 291 million yuan for 2024 and 27.26 million yuan for Q1 2025 [3]. Group 3: Governance Deficiencies - The incident highlights the failure of the company's localization strategy, which relied on financial reporting and audit supervision without establishing a robust governance structure [4]. - The geopolitical context of technology sovereignty is also a concern, as South Korea has expanded its protection of core technologies, complicating the company's operations [4]. Group 4: Response Strategies - The company has initiated civil and criminal lawsuits in the U.S. and South Korea against the involved board members and is seeking to reconvene the shareholders' meeting [5]. - Mobilizing support from minority shareholders is crucial, as the U.S. subsidiary holds 35.31% of shares, and combined with minority shareholders, it approaches 50% of voting rights [5]. Group 5: Market Reaction - Following the announcement, the company's stock price dropped over 7%, resulting in a market value loss of more than 400 million yuan, reflecting investor concerns about revenue disruption, goodwill impairment, and management capabilities [6]. - The previous valuation premium based on acquisition growth has diminished, necessitating progress in core business areas like automotive-grade chips and AI power chips to rebuild market confidence [6]. Group 6: Lessons Learned - The crisis underscores the vulnerabilities in cross-border acquisitions, particularly regarding technology sovereignty sensitivity and weak legal safeguards [8]. - Companies must establish a comprehensive framework for technology compliance, governance structures with strong constraints, and localized crisis management capabilities to avoid performance pitfalls during expansion [8].

Group 1 - High Energy Environment reported a net profit of 502 million yuan for the first half of 2025, an increase of 20.85% year-on-year, while revenue decreased by 11.20% to 6.7 billion yuan [1] - Angel Yeast plans to acquire 55% of Shengtong Sugar Industry for 506 million yuan, which will make Shengtong a subsidiary [1] - Wentech Technology's shareholders plan to reduce their holdings by up to 1% of the company's shares, amounting to approximately 12.45 million shares [1][2] Group 2 - *ST Zhengping clarified that it is not involved in the Yarlung Zangbo River downstream hydropower project, despite market speculation [2] - Aidi Te announced that two shareholders plan to reduce their holdings by up to 3% of the company's shares, totaling approximately 319,690 shares [3] - *ST Baoying intends to publicly transfer 50.1% of its stake in Danhua Renewable Energy for an initial price of 30 million yuan, expecting a loss of about 29.4 million yuan [5] Group 3 - Yaoji Technology's controlling shareholder plans to reduce their holdings by up to 3% of the company's shares, approximately 1.25 million shares [6] - China Haicheng reported a net profit of 152 million yuan for the first half of 2025, an increase of 8.52% year-on-year, with total revenue of 2.745 billion yuan [8] - Shenzhou Information's major shareholder plans to reduce their holdings by up to 0.97%, approximately 9.5 million shares [9] Group 4 - Betaini's major shareholder plans to reduce their holdings by up to 2%, approximately 842,590 shares [10] - Guotou Intelligent's shareholders plan to reduce their holdings by up to 1.35%, approximately 11.59 million shares [12] - Shen Shui Institute confirmed it is not participating in the Yarlung Zangbo River downstream hydropower project [14] Group 5 - Xidi Micro announced a risk of losing control over its subsidiary Zinitix due to alleged misconduct by current directors [15] - Tiantian Technology's controlling shareholder plans to reduce their holdings by up to 3%, approximately 38.95 million shares [17] - Ningbo Color Master announced a plan to reduce holdings by up to 1.38%, approximately 231,550 shares [19] Group 6 - Dongguan Holdings plans to publicly transfer 20% of its stake in Dongguan Songshan Lake Microfinance Company for a base price of 48.12 million yuan [21] - Bohai Leasing's subsidiary Avolon intends to purchase 15 A330NEO and 75 A321NEO aircraft from Airbus [22] - Dongfang Fortune reported that shareholder Shen Yougen's stake has decreased to 0.19% after transferring 158.8 million shares [23] Group 7 - Quanzhu Co. plans to raise up to 180 million yuan through a private placement to fund AI-based projects [24] - Zhongjin Gold announced that its subsidiary in Inner Mongolia has ceased operations following a tragic incident [25] - *ST Xinchao has changed its chairman and legal representative, appointing Zhang Junyu as the new chairman [27]

截至2025年6月底，科创民企指数样本共422只，合计市值3.5万亿元，其中有171只在2024年实现营收和 净利润双增长，37只营业收入增速超过50%，64只净利润增速超过50%，展现出科创民企较强的增长活 力。 科创板民企指数和科创民企策略指数的设立，将进一步提升科技民企在资本市场的能见度，为投资者提 供更具针对性的投资标的。入选指数样本，有利于民营科创企业在自主创新、关键材料、核心器件等领 域的"硬实力"收获资本认可，并借助资本市场力量加快布局前沿科技、培育新质生产力。 （编辑 张伟） 本报讯 （记者丁蓉）科创板指数体系再迎"新成员"。7月23日，上海证券交易所正式发布上证科创板民 营企业指数（以下简称"科创民企指数"）和上证科创板民营企业50策略指数（以下简称"科创民企策略 指数"），为市场提供科创板民营企业领域的业绩基准和投资标的。希荻微电子集团股份有限公司（以 下简称"希荻微"）被纳入科创民企指数样本。 希荻微是国内领先的电源管理芯片及信号链芯片供应商之一，致力于高性能模拟芯片和数模混合芯片的 研发、设计和销售，可以为客户提供业界领先的模拟和电源管理芯片和方案。公司拥有具备国际化背景 的行业高端研 ...

Group 1 - The State Council's General Office announced that Premier Li Qiang will attend the opening ceremony of the 2025 World Artificial Intelligence Conference in Shanghai on July 26 [1] - The State-owned Assets Supervision and Administration Commission held a seminar from July 23 to 24, emphasizing the need to optimize the allocation of state-owned assets and resist "involution" competition [1] - The National Development and Reform Commission and the State Administration for Market Regulation are soliciting opinions on the draft amendment to the Price Law, aiming to improve standards for identifying low-price dumping and regulate market pricing order [1] Group 2 - As of June 30, 2025, the total scale of public funds in China reached 34.39 trillion yuan, marking a historical high since early 2024, while money market funds saw a decline of over 160 billion yuan [2] - The second batch of 12 floating fee funds has been approved and will be launched successively [2] - The U.S. has imposed counter-tariffs totaling 93 billion euros on American products, which will take effect on August 7 if no trade agreement is reached with the U.S. [2] Group 3 - Yuanli Co. announced plans to acquire 100% equity of Tongsheng Co., and its stock has resumed trading [3] - Hengtong Optic-Electric won a marine energy project worth 1.509 billion yuan [3] - China Gold Group's Inner Mongolia Mining Co. has suspended production, and the company will promote follow-up work [3] Group 4 - Intel reported second-quarter revenue of $12.86 billion, a year-on-year increase of 0.2%, with a net loss of $2.92 billion compared to a loss of $1.61 billion in the same period last year [4] - OpenAI plans to release its flagship model GPT-5 as early as early August, along with mini and nano versions [4] - The European Central Bank maintained its main refinancing rate at 2.15%, the deposit facility rate at 2%, and the marginal lending rate at 2.4%, all in line with market expectations [4]

Group 1 - The market is experiencing frequent hotspots but lacks sufficient trading volume, leading to a cautiously optimistic outlook [20] - The S&P 500 and Nasdaq indices reached new historical closing highs [3] - The Dow Jones Industrial Average fell by 0.7%, while the Nasdaq rose by 0.18% and the S&P 500 increased by 0.07% [4] Group 2 - The Nasdaq China Golden Dragon Index declined by 1.54%, with mixed performances among popular Chinese concept stocks [5] - The U.S. Department of Labor reported that initial jobless claims fell to 217,000, a decrease of 4,000 from the previous value and below market expectations [6] Group 3 - The People's Bank of China plans to conduct a 400 billion MLF operation to maintain liquidity in the banking system [7] - The National Development and Reform Commission is soliciting opinions on the draft amendment to the Price Law, aiming to clarify standards for unfair pricing behaviors [7] Group 4 - The Ministry of Agriculture and Rural Affairs is supporting Hainan in advancing agricultural technology innovation and high-quality development of tropical agriculture [9] - The State-owned Assets Supervision and Administration Commission is focusing on high-quality completion of state-owned enterprise reforms and optimizing the allocation of state capital [10] Group 5 - The European Central Bank maintained its key refinancing rate at 2.15%, aligning with market expectations [11] - The EU member states voted to impose counter-tariffs on U.S. products totaling €93 billion [11]

《上海证券交易所科创板股票上市规则》（以下简称"《上市规则》"）《科创 板上市公司自律监管指南第 4 号——股权激励信息披露》等相关法律、法规及规 范性文件和《希荻微电子集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，对公司 2024 年股票期权激励计划（以下简称"本激励计划"）预 留授予部分第一个行权期可行权激励对象名单进行了核查，发表核查意见如下： 希荻微电子集团股份有限公司（以下简称"公司"）监事会依据《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》"） 《上市公司股权激励管理办法》 （以下简称"《管理办法》"） 希荻微电子集团股份有限公司 监事会关于 2024 年股票期权激励计划预留授予部分 第一个行权期可行权激励对象名单的核查意见 本次拟行权的 7 名激励对象均符合《公司法》《证券法》等法律、法规和规 范性文件及《公司章程》规定的任职资格，符合《管理办法》《上市规则》等法 律、法规和规范性文件规定的激励对象条件，符合本激励计划规定的激励对象范 围，其作为公司本激励计划激励对象的主体资格合法、有效，根据本激励计划的 规定，激励对象获授 ...

Core Viewpoint - The company is facing significant governance issues with its subsidiary Zinitix, which may lead to a loss of control over the subsidiary and potential adverse financial impacts in 2025 [1][2][8]. Group 1: Governance Issues - The company has discovered alleged misconduct by current directors of Zinitix, prompting a request for a temporary shareholders' meeting to elect new directors [1][5]. - The current board of Zinitix is obstructing the election process, and as of the announcement date, the board has not been re-elected [1][2]. - The company is pursuing legal actions in both the United States and South Korea against the involved directors to protect shareholder interests [5][9]. Group 2: Shareholding Structure - Halo Microelectronics International Corporation (HMI) remains the largest shareholder of Zinitix, holding a combined 35.31% stake with its subsidiaries, which grants it veto power over special resolutions [2][8]. - The ongoing disputes with the current board may hinder the company's ability to complete the board re-election in a timely manner, raising the risk of losing control over Zinitix [2][8]. Group 3: Financial Implications - If the company loses control over Zinitix, it will no longer consolidate Zinitix's financials, leading to the termination of goodwill recognition and potential losses, which could significantly impact the company's 2025 financial statements [2][8]. - Zinitix's revenue for the first quarter of 2025 was reported at RMB 48.07 million, accounting for 27.06% of the company's total revenue for that period [8].