Group 1 - The company Xidiwei (SH 688173) announced that approximately 771,800 restricted shares will be unlocked and available for trading on September 29, 2025 [1] - For the year 2024, the company's revenue composition is as follows: integrated circuits account for 99.71%, while other businesses account for 0.29% [2] - As of the latest report, the market capitalization of Xidiwei is 6.5 billion yuan [3]

证券代码：688173 证券简称：希荻微 公告编号：2025-073 希荻微电子集团股份有限公司 关于首次公开发行前股票期权行权限售股 上市流通的公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 771,809股。 二、 本次上市流通的限售股形成后至今公司股本数量变化情况 本次股票上市流通总数为771,809股。 （一） 股票期权激励计划行权 本次股票上市流通日期为2025 年 9 月 29 日。 因公司实施《广东希荻微电子股份有限公司股票期权激励计划（草案）》（以 下简称"2021 年股票期权激励计划"），公司股本在本次期权行权后因 2021 年股票 期权激励计划的行权登记合计新增 3,690,380 股，具体情况如下： | 序号 | 股份变动 | | 股份变动事项 | 股份变动数 | 公告索引 | | --- | --- | --- | --- | --- | --- | | | 日期 | | | 量（股） | | | | 2023 | ...

Core Points - The company announced the listing of restricted shares from the stock option incentive plan prior to its initial public offering, specifically the third exercise of the first exercise period [1] - The number of restricted shares is 771,809, which accounts for 0.19% of the total share capital as of 2025 [1] - The listing date for these restricted shares is set for September 29, 2025 [1] - Following the exercise of stock options, the total share capital will change from 405,307,014 shares to 410,796,009 shares due to various factors including stock option exercises and share repurchases [1] - Shareholders of the restricted shares have committed to not reducing their holdings for three years from the exercise date, and will adhere to the same regulations as directors and supervisors after the lock-up period [1]

中国国际金融股份有限公司 关于希荻微电子集团股份有限公司 2025 年半年度持续督导跟踪报告 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）根据《证 券发行上市保荐业务管理办法》和《上海证券交易所科创板股票上市规则》等相 关规定对希荻微电子集团股份有限公司（以下简称"希荻微"或"公司"）进行持 续督导，并出具本持续督导半年度跟踪报告。 | 一、持续督导工作情况 | | --- | | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针 | 保荐机构已建立健全并有效执行了持续 | | | 对具体的持续督导工作制定相应的工作计划 | 督导制度，并制定了相应的工作计划 | | 2 | 根据中国证监会相关规定，在持续督导工作开 | | | | 始前，与上市公司或相关当事人签署持续督导 | 保荐机构已与希荻微签订保荐协议，已 | | | 协议，明确双方在持续督导期间的权利义务， | 明确双方在持续督导期间的权利和义 | | | | 务，并已报上海证券交易所备案 | | | 并报上海证券交易所备案 | | | 3 | 持续 ...

民生证券股份有限公司 关于希荻微电子集团股份有限公司 2025 年半年度持续督导跟踪报告 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）根据《证券 发行上市保荐业务管理办法》和《上海证券交易所科创板股票上市规则》等相关 规定对希荻微电子集团股份有限公司（以下简称"希荻微"或"公司"）进行持续 督导，并出具本持续督导半年度跟踪报告。 一、持续督导工作情况 | 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的持 续督导工作制定相应的工作计划 | 保荐机构已建立健 | | | | 全并有效执行了持 | | | | 续督导制度，并制 | | | | 定了相应的工作计 | | | | 划 | | 2 | 根据中国证监会相关规定，在持续督导工作开始前，与上 市公司或相关当事人签署持续督导协议，明确双方在持续 督导期间的权利义务，并报上海证券交易所备案 | 保荐机构已与希荻 | | | | 微签订保荐协议， | | | | 已明确双方在持续 | | | | 督导期间的权利和 | | | | 义务，并已报上海 | | | ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [13]. Core Views - The report highlights a significant revenue growth forecast, with projected revenues increasing from 393.63 million in 2023 to 1,537.82 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 38.58% [12]. - The company is expected to recover from previous losses, with net profit projected to improve from -54.18 million in 2023 to 67.04 million by 2027 [12]. - The report emphasizes the company's strong asset base, with total assets expected to grow from 2,016.37 million in 2023 to 2,191.79 million by 2027, indicating a solid financial foundation for future growth [12]. Financial Summary - The company's total market capitalization is approximately 6.54 billion, with a total share capital of 410.65 million shares [5]. - The price-to-earnings (P/E) ratio is currently at -30.02, indicating negative earnings, while the price-to-book (P/B) ratio stands at 4.47 [5]. - The company has a debt-to-asset ratio of 14.67%, suggesting a relatively low level of debt compared to its assets [5]. - The projected earnings per share (EPS) is expected to improve from -0.13 in 2023 to 0.16 by 2027, indicating a turnaround in profitability [12].

证券代码：688173 证券简称：希荻微 公告编号：2025-072 希荻微电子集团股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 希荻微电子集团股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召 开第二届董事会第十二次会议、第二届监事会第九次会议，审议通过了《关于使 用部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过人民币 2 亿元（包含本数）闲置募集资金暂时补充流动资金，仅限于公司的日常经营、业 务拓展等与主营业务相关的生产经营使用，使用期限自 2024 年 9 月 22 日起至 2025 年 9 月 21 日止，在有效期内上述额度可以滚动循环使用。具体内容详见公 司于 2024 年 8 月 30 日在上海证券交易所网站（www.sse.com.cn）披露的《希荻 微电子集团股份有限公司关于使用部分闲置募集资金暂时补充流动资金的公告》 （公告编号：2024-067）。 根据上述决议，公司在规定期限内实际使用了 14,000.00 万元闲置募集资金 暂时补充流动资金，并对资金进行了合理安排与使用，未影响募集资金投资项目 正常进行。 2025 年 9 月 17 日，公 ...

Core Insights - On September 15, Xidi Micro experienced a slight increase of 4.65% in stock price, with a trading volume of 370 million yuan [1] - The company reported a net financing purchase of 21.30 million yuan on the same day, with a total financing and securities balance of 140 million yuan [1] Company Overview - Xidi Micro Electronics Group Co., Ltd. is a leading semiconductor and integrated circuit design company in China, established on September 11, 2012, and listed on January 21, 2022 [2] - The company's main business includes the research, design, and sales of analog integrated circuit products, particularly power management chips and signal chain chips [2] - The revenue composition of the main business includes: power management chips (49.41%), port protection and signal switching chips (17.93%), voice coil motor driver chips (16.99%), sensor chips (13.05%), and others (2.62%) [2] Financial Performance - For the period from January to June 2025, Xidi Micro achieved a revenue of 466 million yuan, representing a year-on-year growth of 102.73% [2] - The company reported a net profit attributable to shareholders of -44.69 million yuan, showing a year-on-year increase of 61.98% [2] Shareholder Information - As of June 30, 2025, the number of shareholders of Xidi Micro increased by 16.22% to 14,200, with an average of 16,873 circulating shares per person, a decrease of 13.95% [2] - Hong Kong Central Clearing Limited is the ninth largest circulating shareholder, holding 2.97 million shares as a new shareholder [3]

Core Viewpoint - The Ministry of Commerce has initiated an anti-dumping investigation into imported analog chips from the United States, leading to a significant rise in the A-share analog chip sector on September 15, 2023 [1][4]. Group 1: Investigation Details - The anti-dumping investigation was formally requested by the Jiangsu Semiconductor Industry Association on July 23, 2023, targeting analog chips imported from the U.S. [2]. - The investigation involves four major U.S. manufacturers: Texas Instruments, Analog Devices, Broadcom, and ON Semiconductor [3]. - Preliminary evidence indicates that the price of the investigated products has significantly decreased, with a dumping margin exceeding 300%, and these products account for an average market share of 41% in China [4]. Group 2: Market Impact - Following the announcement, the A-share market saw stocks like Shengbang Co. and Shanghai Beiling hit the daily limit, while Naxinwei and SIRUI experienced gains of 10.79% and 9.68% respectively [1]. - The investigation is expected to benefit domestic companies such as Naxinwei and SIRUI, which are well-positioned in the automotive and industrial sectors [11]. Group 3: Industry Reactions - The China Semiconductor Industry Association expressed support for the investigation, emphasizing the need for a fair environment for the semiconductor industry's development [6]. - The China Communication Enterprise Association criticized the U.S. government's unilateral actions that harm Chinese companies and called for necessary measures to protect their rights [7]. Group 4: Product Scope - The investigation covers general-purpose interface chips and gate driver chips produced using 40nm and above process technology, including both finished chips and raw materials like wafers and die [9][13]. - The products are primarily used in automotive and industrial systems [10]. Group 5: Market Dynamics - Despite an increase in domestic analog chip self-sufficiency, major players like Texas Instruments and Analog Devices still dominate the market [17]. - Texas Instruments reported a revenue of approximately $3 billion from China in 2024, a 9% decrease year-on-year, while Analog Devices reported about $2.1 billion, down 5% [16].

Core Viewpoint - The Chinese Ministry of Commerce has initiated anti-dumping investigations against imported analog chips from the United States, responding to domestic industry applications and aligning with WTO rules. The investigations focus on general interface and gate driver chips, revealing a significant increase in import volume and a drastic decrease in import prices, which have negatively impacted domestic sales prices and operations [1][2][4]. Group 1: Market Overview - The global semiconductor market reached $346 billion in the first half of 2025, marking an 18.9% year-on-year growth, with analog chips growing by 4% [4]. - In the A-share market, the semiconductor industry reported revenues of 321.2 billion yuan and a net profit of nearly 24.5 billion yuan, reflecting a year-on-year growth of approximately 30% [4]. - The demand for analog chips, particularly in mobile fast charging and power management, is significantly increasing, with domestic products rapidly capturing market share [4]. Group 2: Company Performance - Companies like Xilin Micro and Chipone reported substantial revenue growth, with Xilin Micro achieving a 36.83% increase and a 131.25% rise in net profit [6]. - Chipone's revenue grew by 40.32%, with net profit increasing by 106.02%, driven by new product categories and market expansion [7]. - Jiewa Tech reported a 58.2% revenue increase, primarily from power and signal chain chips, with a total revenue of 11.87 billion yuan [7]. Group 3: Profitability and Margins - The analog chip industry's gross margin improved, with the median gross margin rising from 34.72% in Q1 to 35.05% in Q2 of 2025 [11]. - Leading companies like Saimo Micro and Shengbang Co. maintain gross margins above 50%, showcasing their competitive advantage in the market [11]. - Companies such as Naxin Micro and Aiwai Electronics reported significant improvements in gross margins due to high-value product offerings and operational efficiencies [12][13]. Group 4: Inventory Management - The inventory turnover days for most analog chip companies decreased significantly in 2025 compared to 2024, indicating improved inventory management efficiency [16]. - Companies like Jiewa Tech and Xilin Micro saw their inventory turnover days reduced by over 100 days, reflecting enhanced operational performance [16]. Group 5: Mergers and Acquisitions - The anti-dumping investigations have prompted domestic analog chip companies to pursue mergers and acquisitions to enhance their technological capabilities and market presence [17][19]. - Recent acquisitions include Biyimei's purchase of Shanghai Xingan Semiconductor for approximately 295 million yuan and Jingfeng Mingyuan's acquisition of Yichong Technology for 3.283 billion yuan [18][19]. - These strategic moves aim to consolidate resources, fill technological gaps, and improve competitiveness against international giants [19].