Core Viewpoint - The company, Yingjixin Technology Co., Ltd., is actively involved in the development and sales of power management and fast charging protocol chips, with a focus on automotive electronics and consumer electronics sectors. Group 1: Company Overview - Yingjixin was established on November 20, 2014, and went public on April 19, 2022, with its headquarters located in Zhuhai, Guangdong Province [7] - The company's main business revenue composition includes: 65.15% from power management, 22.02% from mixed-signal SoC, 12.33% from battery management, and 0.49% from other sources [7] - As of June 30, 2025, the company had 13,700 shareholders, a decrease of 5.80% from the previous period, with an average of 21,800 circulating shares per person, an increase of 6.19% [8] Group 2: Financial Performance - For the first half of 2025, Yingjixin achieved a revenue of 702 million yuan, representing a year-on-year growth of 13.42%, and a net profit attributable to shareholders of 51.92 million yuan, up 32.96% year-on-year [8] - The company has distributed a total of 171 million yuan in dividends since its A-share listing, with 155 million yuan distributed over the past three years [9] Group 3: Market Position and Products - The company has successfully developed automotive-grade charging chips that meet AEC-Q100 standards and has begun mass production for domestic and international automotive manufacturers [2] - Yingjixin's TWS earphone charging case chip offers a highly integrated power solution, supporting deep customization of MCU software, which reduces design complexity and material costs for customers [2] - The company is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [3] Group 4: Technical Analysis - The average trading cost of the stock is 19.68 yuan, with recent accumulation activity observed, although the strength of this accumulation is weak; the current stock price is between resistance at 21.88 yuan and support at 19.47 yuan, suggesting potential for range trading [6]

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].

Core Viewpoint - The analog chip industry is entering an upward cycle, with expected global market growth of 3.3% in 2025 and 5.1% in 2026, reaching $82.2 billion and $86.4 billion respectively. The long-term growth is driven by AI applications such as data centers, autonomous driving, and humanoid robots, indicating significant potential for domestic companies [3][7][12]. Industry Overview - The global analog chip market has a CAGR of 4.77% from 2004 to 2024, with a projected market size of $79.6 billion in 2024, which is a 2.0% decrease from the previous year. The market is expected to recover in 2025 and 2026 [3][12]. - The Chinese analog chip market is projected to reach ¥195.3 billion in 2024, with a CAGR of 11% from 2025 to 2029. The market is driven by sectors such as industrial, automotive, and AI [18][21]. Key Applications and Growth Areas - Key growth areas for analog chips include industrial applications, AI, and automotive sectors. The industrial sector is expected to see a recovery in procurement and new product introductions, while the automotive sector is experiencing a shift towards electrification and intelligence [7][21][37]. - AI applications are expected to significantly increase the demand for analog chips, particularly in power management and signal processing [31][34]. Domestic Market Potential - China accounts for approximately 35% of the global analog chip market, making it a crucial revenue source for international manufacturers. However, the domestic self-sufficiency rate remains low, indicating substantial room for growth [7][34]. - Major international players like TI and ADI derive significant revenue from China, with TI's revenue from China estimated at $3 billion in 2024, while ADI's is around $2.1 billion [34][35]. Competitive Landscape - The competitive landscape is characterized by a mix of established international firms and emerging domestic players. The industry is seeing increased competition as domestic companies aim to capture market share in high-end applications [51][52]. - The growth model for analog chip companies often involves a combination of product diversification and customer base expansion, with established firms leveraging extensive product lines and customer relationships to drive revenue [23][28]. Investment Strategy - The report recommends investing in companies with high-end and platform capabilities, as these firms are better positioned to capitalize on the growth opportunities in the analog chip market [5][8].

二、重大风险事项 公司目前面临的风险因素主要如下： （一）核心竞争力风险 1、技术升级迭代的风险 华泰联合证券有限责任公司 关于深圳英集芯科技股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：英集芯 | | --- | --- | | 保荐代表人姓名：张鹏 | 联系电话：010-56839300 | | 保荐代表人姓名：付涛 | 联系电话：0755-81902000 | 根据《证券法》《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》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐机构"）作为深圳英集芯科技股份有限公司（以 下简称"英集芯"、"公司"或"发行人"）首次公开发行股票的保荐机构，对 英集芯进行持续督导，并出具本持续督导跟踪报告： 一、保荐机构和保荐代表人发现的问题及整改情况 无。 公司主营业务为电源管理系列芯片、电池管理系列芯片、数模混合 SoC 等 相关芯片的研发与销售，主要产品广泛应用于消费类电子领域，最终客户产品更 新换代较快，公司需要根据技术发展趋势和最终客户需求不断升 ...

Core Viewpoint - The company, Yingjixin Technology Co., Ltd., has shown significant growth in the automotive electronics sector, particularly with its AEC-Q100 compliant automotive charging chips, which have been successfully mass-produced and integrated into domestic and international automotive manufacturers [2]. Company Overview - Yingjixin was established on November 20, 2014, and went public on April 19, 2022. The company specializes in the research and sales of power management and fast charging protocol chips [6]. - The revenue composition of the company includes 65.15% from power management, 22.02% from mixed-signal SoC, 12.33% from battery management, and 0.49% from other sources [6]. Financial Performance - For the first half of 2025, Yingjixin achieved a revenue of 702 million yuan, representing a year-on-year growth of 13.42%. The net profit attributable to the parent company was 51.92 million yuan, with a year-on-year increase of 32.96% [6][7]. - The company has distributed a total of 171 million yuan in dividends since its A-share listing, with 155 million yuan distributed over the past three years [8]. Market Position and Recognition - Yingjixin has established itself as a key supplier in the consumer electronics market for power management and fast charging protocol chips, having entered the supply chains of major brands such as Xiaomi, OPPO, and Samsung [2]. - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for companies excelling in niche markets and possessing strong innovation capabilities [2]. Stock Performance - On September 11, the stock price of Yingjixin increased by 3.91%, with a trading volume of 147 million yuan and a turnover rate of 2.57%, bringing the total market capitalization to 8.338 billion yuan [1].

Core Viewpoint - The company, Yingjixin Technology Co., Ltd., is actively involved in the automotive electronics sector and has successfully developed automotive-grade charging chips that meet AEC-Q100 standards, leading to mass production and integration with domestic and international automotive manufacturers [2]. Company Overview - Yingjixin was established on November 20, 2014, and went public on April 19, 2022. The company specializes in the research and sales of power management and fast charging protocol chips [6]. - The revenue composition of the company includes 65.15% from power management, 22.02% from mixed-signal SoC, 12.33% from battery management, and 0.49% from other sources [6]. Market Position - The company has gained recognition in the power management market and has established a solid user base by entering the supply chains of well-known brands such as Xiaomi, OPPO, and Samsung [2]. - Yingjixin is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for companies that excel in niche markets and possess strong innovation capabilities [2]. Financial Performance - For the first half of 2025, the company achieved a revenue of 702 million yuan, representing a year-on-year growth of 13.42%. The net profit attributable to the parent company was 51.92 million yuan, with a year-on-year increase of 32.96% [6][7]. - The company has distributed a total of 171 million yuan in dividends since its A-share listing, with 155 million yuan distributed over the past three years [8]. Stock Performance - On September 10, the stock price of Yingjixin fell by 0.80%, with a trading volume of 102 million yuan and a turnover rate of 1.81%, resulting in a total market capitalization of 8.024 billion yuan [1]. - The average trading cost of the stock is 19.45 yuan, with the current price near a support level of 18.52 yuan [5].

证券代码：688209 证券简称：英集芯 公告编号：2025-060 一、回购股份的基本情况 2025 年 2 月 24 日，公司召开了第二届董事会第十五次会议，审议通过了《关 于以集中竞价交易方式回购股份方案的议案》，同意公司使用自有资金以集中竞价 交易方式回购公司股份。回购股份将全部用于员工持股计划或股权激励，回购价 格不超过人民币 27.00 元/股（含），回购资金总额不低于人民币 1,000 万元（含） 且不超过人民币 1,500 万元（含），回购期限为自董事会审议通过本次回购方案之 日起 12 个月内。 具 体 内 容 详 见 公 司 于 2025 年 2 月 25 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上披露的《关于以集中竞价交易方式回购股份的回购报告书》 （公告编号：2025-010）。 二、回购股份的进展情况 深圳英集芯科技股份有限公司 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 关于以集中竞价交易方式回购公司股份的进展公告 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 ...

Core Viewpoint - The company, 英集芯 (688209.SH), has announced a share buyback program, indicating a commitment to returning value to shareholders through repurchasing shares in the market [1] Summary by Relevant Sections - **Share Buyback Details** - The company has repurchased a total of 107,000 shares, which represents 0.02% of the current total share capital of 429,331,405 shares [1] - The highest price paid for the repurchased shares was 15.06 CNY per share, while the lowest price was 15.01 CNY per share [1] - The total amount spent on the buyback is 1,609,670 CNY, excluding transaction fees such as stamp duty and commissions [1]

Core Insights - The semiconductor industry is experiencing a surge in mergers and acquisitions (M&A), driven by policy incentives and technological integration needs, with 139 M&A events reported by August 28, 2025, compared to 115 in the same period of 2024, marking a growth of 24 events [3][4] - The M&A activities are characterized by "strong alliances" and "curved listings," focusing on equipment, materials, and design sectors, particularly in etching equipment, photoresists, and silicon carbide [3][4] Policy Empowerment - Policies such as the "315 New Policy," "National Nine Articles," and "M&A Six Articles" have significantly lowered barriers for M&A, providing strong support for equity investment and restructuring in the semiconductor sector [4][5] - Local governments, like Shanghai, have established funds and action plans to support M&A, enhancing capital market attention towards the semiconductor sector [5][6] Market Dynamics - The active M&A market is expected to lead to larger-scale transactions, with significant capital flow enhancing market vibrancy [5] - The integration of various financing tools and support from financial institutions is facilitating M&A activities, allowing for resource optimization and enhanced core competitiveness [6][10] Challenges and Risks - There have been 7 failed M&A cases in the semiconductor sector this year, primarily due to valuation bubbles, insufficient synergy, and high technical integration difficulties [7][8] - The performance pressure on both acquirers and targets is evident, with many companies facing declining profits amid high inventory levels in the global semiconductor market [8][9] Future Trends - Future M&A activities in the semiconductor industry are expected to shift from horizontal integration to ecosystem mergers, with a focus on cross-border acquisitions and value creation rather than mere scale expansion [13][14] - The emphasis will be on deep integration around strategic emerging technologies and building a complete industrial ecosystem, moving beyond simple chip design or manufacturing [14]

Core Insights - The company reported a total revenue of 702 million yuan for the first half of 2025, representing a year-on-year increase of 13.42% [1] - The net profit attributable to shareholders reached 51.92 million yuan, up 32.96% compared to the previous year [1] - The second quarter revenue was 395 million yuan, showing a 10.62% increase year-on-year, while the net profit for the same period decreased by 7.99% to 32.28 million yuan [1] Financial Performance - The gross margin was 32.79%, a decrease of 2.08% year-on-year, while the net margin improved by 14.6% to 7.25% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 37.32 million yuan, accounting for 5.32% of revenue, which is a 10.27% increase year-on-year [1] - Earnings per share increased by 33.33% to 0.12 yuan, and operating cash flow per share improved significantly by 132.9% to 0.11 yuan [1] Balance Sheet and Cash Flow - The company’s cash assets are reported to be very healthy, with monetary funds increasing by 24.85% to 788 million yuan [1][2] - Accounts receivable rose by 23.44% to 170 million yuan, with accounts receivable to net profit ratio reaching 137.2%, indicating a significant amount of receivables relative to profit [1][3] - Interest-bearing liabilities decreased by 22.82% to 5.91 million yuan, reflecting improved debt management [1] Investment and Market Position - The company's return on invested capital (ROIC) was 5.11%, indicating average capital returns, with a historical median ROIC of 11.06% since its listing [1] - The company’s reliance on research and development as a primary driver of performance suggests a need for careful analysis of the underlying factors supporting this model [2] - The largest fund holding the company’s shares is the Guotou Ruijin Specialized New Heavy Chemical Stock Mixed A Fund, which has shown significant growth over the past year [4]