长川科技涨超7%，续创历史新高；英集芯、盛美上海、京仪装备、正帆科技、中微公司等跟涨。 (本文来自第一财经) ...

Core Viewpoint - The stock of Shenzhen Yingjixin Technology Co., Ltd. increased by 5.12% on September 29, reaching a price of 21.76 CNY per share, with a trading volume of 107 million CNY and a turnover rate of 1.70%, resulting in a total market capitalization of 9.342 billion CNY [1] Company Overview - Shenzhen Yingjixin Technology Co., Ltd. was established on November 20, 2014, and went public on April 19, 2022. The company is located in Tangjiawan Town, Xiangzhou District, Zhuhai City, Guangdong Province. Its main business involves the research and sales of power management and fast charging protocol chips [1] - The revenue composition of the company is as follows: power management accounts for 65.15%, mixed-signal SoC accounts for 22.02%, battery management accounts for 12.33%, and other categories account for 0.49% and 0.01% respectively [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Guotou Ruijin holds a significant position in Yingjixin. The Guotou Ruijin Specialized and New Quantitative Stock Selection Mixed A Fund (015842) held 56,400 shares in the second quarter, accounting for 1.37% of the fund's net value, ranking as the seventh largest heavy stock [2] - The Guotou Ruijin Specialized and New Quantitative Stock Selection Mixed A Fund (015842) was established on December 5, 2022, with a latest scale of 64.6775 million CNY. Year-to-date, it has achieved a return of 53.64%, ranking 828 out of 8244 in its category; over the past year, it has returned 100.77%, ranking 356 out of 8080; and since inception, it has returned 37.71% [2]

截至6月30日，英集芯股东户数1.37万，较上期减少5.80%；人均流通股21800股，较上期增加6.19%。 2025年1月-6月，英集芯实现营业收入7.02亿元，同比增长13.42%；归母净利润5192.14万元，同比增长 32.96%。 分红方面，英集芯A股上市后累计派现1.71亿元。近三年，累计派现1.55亿元。 机构持仓方面，截止2025年6月30日，英集芯十大流通股东中，香港中央结算有限公司位居第八大流通 股东，持股270.66万股，为新进股东。 9月25日，英集芯跌0.95%，成交额1.65亿元。两融数据显示，当日英集芯获融资买入额3117.58万元， 融资偿还2055.17万元，融资净买入1062.41万元。截至9月25日，英集芯融资融券余额合计1.92亿元。 融资方面，英集芯当日融资买入3117.58万元。当前融资余额1.92亿元，占流通市值的3.08%，融资余额 超过近一年60%分位水平，处于较高位。 融券方面，英集芯9月25日融券偿还4157.00股，融券卖出1000.00股，按当日收盘价计算，卖出金额2.09 万元；融券余量1.42万股，融券余额29.74万元，低于近一年40%分位水平 ...

来源：新浪证券-红岸工作室 9月24日，英集芯涨3.59%，成交额2.36亿元，换手率3.78%，总市值90.50亿元。 今日主力净流入-510.31万，占比0.02%，行业排名145/165，连续3日被主力资金减仓；所属行业主力净 流入162.93亿，当前无连续增减仓现象，主力趋势不明显。 异动分析 汽车芯片+芯片概念+无线耳机+消费电子概念+专精特新 1、根据2025年4月29日公告：在汽车电子领域，公司成功研发符合AEC-Q100标准的车规级车充芯片， 并顺利导入国内外汽车厂商，完成规模量产。 2、公司的主营业务为为电源管理、快充协议芯片的研发和销售。主要产品是电源管理芯片、快充协议 芯片。 3、2022年3月29日招股书显示英集芯的TWS耳机充电仓芯片能够以单颗芯片为TWS耳机充电仓提供高 集成度的电源解决方案,支持MCU软件深度定制,可降低客户的设计复杂度和物料成本。英集芯专门为 TWS耳机充电仓设计的电源管理芯片不仅支持电源管理功能,还集成了双向通讯功能和内部通讯隔离功 能。 4、目前，公司基于在移动电源（即充电宝）、快充电源适配器（即充电器、充电头）等应用领域的优 势地位，成为了消费电子市场主要 ...

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 markets. 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: power management (65.15%), mixed-signal SoC (22.02%), battery management (12.33%), and others (0.49%) [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 operating 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, which have been adopted by domestic and international automotive manufacturers and are in mass production [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 19.75 yuan, with the current stock price fluctuating between resistance at 21.88 yuan and support at 19.47 yuan, suggesting potential for range trading [6] - The stock has seen a net outflow of 21.72 million yuan today, with a total net outflow of 73.05 million yuan over the past three days, indicating a lack of strong buying interest from major funds [5]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Yingjixin Technology Co., Ltd. on September 18, 2023, indicating a stable market presence with significant financing activities [1] - On September 18, 2023, Yingjixin's stock price decreased by 0.05%, with a trading volume of 303 million yuan. The financing buy-in amount was 43.6964 million yuan, while the financing repayment was 43.0807 million yuan, resulting in a net financing buy of 615,600 yuan [1] - As of September 18, 2023, the total margin balance for Yingjixin was 193 million yuan, accounting for 3.09% of its market capitalization, which is above the 60th percentile level over the past year, indicating a high level of financing [1] Group 2 - Yingjixin's main business revenue composition includes 65.15% from power management, 22.02% from mixed-signal SoC, and 12.33% from battery management, with minor contributions from other segments [1] - As of June 30, 2025, Yingjixin reported a total revenue of 702 million yuan, representing a year-on-year growth of 13.42%, and a net profit attributable to shareholders of 51.9214 million yuan, reflecting a growth of 32.96% [2] - The number of shareholders for Yingjixin decreased by 5.80% to 13,700 as of June 30, 2025, while the average circulating shares per person increased by 6.19% to 21,800 shares [2]

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 ...