中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"）作 为思特威（上海）电子科技股份有限公司（以下简称"思特威"或"公司"）首次 公开发行股票并在科创板上市及持续督导的保荐机构，根据《证券发行上市保 荐业务管理办法》《上海证券交易所科创板股票上市规则》和《上海证券交易所 科创板上市公司自律监管指引第 1 号——规范运作》等有关规定，对思特威控 股股东、实际控制人一致行动协议到期解除暨权益变动的事项进行了审慎核查， 发表核查意见如下： 在一致行动安排的《协议书》有效期内，徐辰先生、莫要武先生对于须由 股东大会审议的事项，均充分遵守了有关一致行动的约定和承诺，未发生违反 一致行动安排的《协议书》的情形。 （二）一致行动安排的《协议书》到期解除的情况 徐辰先生、莫要武先生于2018年7月31日签署的关于一致行动安排的《协议 书》，有效期限至公司在证券交易所上市后36个月（即2025年5月20日）。一致 1 行动安排的《协议书》有效期限届满后，徐辰先生、莫要武先生的一致行动关 系自动解除。 二、本次权益变动前后持有公司股份情况 公司通过上海证券交易所交易系统以集中竞价交易方式回购公司股份 536,872 ...

中信建投证券股份有限公司 关于思特威（上海）电子科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：中信建投证券 | 上市公司名称：思特威（上海）电子科技股份有限公司 | | --- | --- | | 股份有限公司 | | | 保荐代表人姓名：李重阳 | 联系方式：021-68801584 | | | 联系地址：上海市浦东新区浦东南路 528 号上海证券大厦北塔 | | | 室 2203 | | 保荐代表人姓名：董军峰 | 联系方式：021-68801585 | | | 联系地址：上海市浦东新区浦东南路 528 号上海证券大厦北塔 | | | 室 2203 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2022〕636 号文"批准，思特威（上海）电子科技股份有限公司（简称"公司"或"思特威"） 向社会公众公开发行人民币普通股（A 股）股票 40,010,000 股。本次发行新股的 发行价为 31.51 元/股，募集资金总额为 126,071.51 万元，扣除发行费用 8,649.69 万元后，实际募集资金净额为 117,421.82 万元。本次公开发行股票于 2022 年 5 ...

证券代码：688213 证券简称：思特威 公告编号：2025-019 思特威（上海）电子科技股份有限公司 关于控股股东、实际控制人一致行动协议到期解除暨 权益变动的提示性公告 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。 （一）一致行动安排的《协议书》的签署及履行情况 根据徐辰先生、莫要武先生于 2018 年 7 月 31 日签署的关于一致行动安排的 《协议书》，双方同意在公司股东大会上应进行协商力求就相关事项达成一致意 见，如相应股东决定权行使前双方不能达成合意，则莫要武应以徐辰意见为准， 与徐辰意见保持一致，在此情况下徐辰意见即为双方一致意见，双方应依据上述 1 一致意见采取行动和做出决定，因此，莫要武为徐辰的一致行动人。《协议书》 有效期限至公司在证券交易所上市后 36 个月（即 2025 年 5 月 20 日）。 在一致行动安排的《协议书》有效期内，徐辰先生、莫要武先生对于须由股 东大会审议的事项，均充分遵守了有关一致行动的约定和承诺，未发生违反一致 行动安排的《协议书》的情形。 重要内容提示： 本次权益变动系因 ...

证券代码：688213 证券简称：思特威 公告编号：2025-017 思特威（上海）电子科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 召开日期时间：2025 年 5 月 30 日 10 点 00 分 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 30 日 不涉及 （八） 涉及特别表决权股份享有的表决权数量与每一普通股份的表决权数量相 同的情形 根据《公司章程》的规定，持有 A 类股份及 B 类股份的股东对提交股东大 会表决的议案进行表决时，持有 A 类股份的股东每股可投 5 票，持有 B 类股份 的股东每股可投 1 票。但公司股东大会对下列事项行使表决权时，每一 A 类股 份享有的表决权数量应当与每一 B 类股份的表决权数量相同，均可投 1 票： （一）对公司章程作出修改； 至2025 年 5 月 30 日 股东大会召开日期：20 ...

证券代码：688213 证券简称：思特威 公告编号：2025-016 思特威（上海）电子科技股份有限公司 第二届董事会第七次会议决议公告 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。 一、董事会会议召开情况 思特威（上海）电子科技股份有限公司（以下简称"公司"）第二届董事会 第七次会议于 2025 年 5 月 9 日在公司会议室以现场结合通讯表决方式召开。会 议通知已于 2025 年 4 月 27 日以通讯方式发出。本次会议由董事长徐辰先生召集 并主持，会议应出席董事 9 名，实际出席董事 9 名。本次会议的召集和召开符合 《中华人民共和国公司法》（以下简称"《公司法》"）等相关法律、行政法规、部 门规章、规范性文件和《思特威（上海）电子科技股份有限公司章程》（以下简 称"公司章程"）的有关规定，本次会议合法有效。 二、董事会会议审议情况 （一）审议通过了《关于申请注册发行短期融资券及中期票据的议案》 为有效拓宽公司融资渠道，降低融资成本，根据《公司法》《银行间债券市 场非金融企业债务融资工具管理办法》等法律、法规的规定 ...

Core Viewpoint - The company plans to issue up to 1.5 billion yuan in short-term financing bonds and up to 800 million yuan in medium-term notes to broaden financing channels and reduce costs, addressing the funding needs for rapid development [1] Financing Plan - The issuance will be registered with the China Interbank Market Dealers Association and is subject to approval by the shareholders' meeting [1] - The issuance plan includes details on the issuer, issuance date, scale, term, interest rate, and use of funds [1] Purpose of Funds - The funds raised will be used for operational activities, including repaying existing debts and supplementing working capital [1] - The interest rate for the issuance will be determined based on market conditions [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][19]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 5.968 billion yuan, a year-on-year increase of 108.87%. The net profit attributable to shareholders was 393 million yuan, up 2662.76% year-on-year [1][2]. - The company is a leader in the smart security CIS market, holding a 48.2% market share in 2023. It has launched several high-end product series to meet the demands of the smart security industry [3]. - The smartphone and automotive electronics sectors are experiencing rapid growth, with the company deepening collaborations with clients and increasing the shipment of high-resolution products [3][10]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue is projected at 5.968 billion yuan, with a growth rate of 108.9%. The net profit is expected to reach 393 million yuan, reflecting a growth rate of 2662.8% [1][2]. - For Q1 2025, revenue is 1.75 billion yuan, a year-on-year increase of 108.94%, and net profit is 191 million yuan, up 1264.97% year-on-year [1]. - **Margins**: - The overall gross margin for 2024 is 21.09%, an increase of 1.13 percentage points year-on-year. The net profit margin is 6.58%, up 6.08 percentage points [2]. - **Earnings Per Share (EPS)**: - EPS is projected to be 0.98 yuan in 2024, increasing to 2.05 yuan in 2025 and 4.05 yuan by 2027 [1][10]. Market Position and Growth Drivers - The company is positioned as a top player in the smart security CIS market and is expanding its presence in the smartphone and automotive electronics sectors. The demand for high-resolution products is expected to drive future growth [3][9]. - The smartphone CIS market is projected to grow significantly, with the company benefiting from the trend towards high-end smartphones and AI integration [9][10]. Future Projections - The company anticipates continued growth in net profit, with projections of 822 million yuan in 2025, 1.209 billion yuan in 2026, and 1.626 billion yuan in 2027 [1][10]. - The expected P/E ratios for the coming years are 48.4 in 2025, 32.9 in 2026, and 24.5 in 2027, indicating a favorable valuation trend as earnings grow [1][10].

Core Viewpoint - The AI Fund, Invesco Great Wall Quality Investment Mixed A, reported a profit of 20.4353 million yuan for Q1 2025, with a weighted average profit per fund share of 0.1458 yuan, and a net value growth rate of 4.81% during the reporting period [3][15]. Fund Performance - As of April 24, the fund's unit net value was 2.982 yuan, with a fund size of 438 million yuan [3][15]. - The fund's performance over different time frames includes a three-month net value growth rate of -2.55%, a six-month rate of -1.91%, a one-year rate of 12.53%, and a three-year rate of -3.40% [4]. - The fund's Sharpe ratio over the past three years is 0.1834, ranking 194 out of 488 comparable funds [9]. - The maximum drawdown over the past three years is 36.63%, with the largest single-quarter drawdown occurring in Q1 2024 at 23.54% [11]. Investment Strategy - The fund manager emphasizes a focus on three main investment directions for the next 5-10 years: 1. **Technology Growth**: Investing in companies capable of breakthroughs in high-end manufacturing, supported by policy initiatives [3]. 2. **High-end Manufacturing**: Identifying investment opportunities in sectors that can achieve self-sufficiency and import substitution [3]. 3. **Pharmaceuticals**: Targeting companies that will benefit from aging populations and innovation upgrades, with strong long-term performance potential [3]. Portfolio Composition - As of Q1 2025, the fund's top ten holdings include Ningde Times, Ninebot, Zijin Mining, Midea Group, Luxshare Precision, New Industry, SiTewi, Anji Technology, BYD, and Sankeshu [18]. Fund Positioning - The fund's average stock position over the past three years is 85.44%, slightly above the comparable average of 85.26% [14].

Group 1 - The core point of the news is the performance and structure of the Schroder China Power Equity C fund, which has seen a slight decline in its net value and cumulative returns since its inception [1][3] - As of April 29, 2024, the fund's net value is 1.11 yuan, with a decrease of 0.12% on that day and a total decline of 1.17% over the last four trading days [1] - The fund was established in April 2024 with a total size of 0.31 billion yuan and has achieved a cumulative return of 10.87% since its inception [1] Group 2 - The fund's holder structure indicates that institutional investors hold 0.02 billion shares, accounting for 4.99% of the total shares, while individual investors hold 0.29 billion shares, making up 95.01% of the total [1] - The current fund manager, An Yun, has a strong background in finance and has held various significant positions in the industry, including roles at Shenwan Hongyuan Securities and Changxin Fund Management [2] - As of March 31, 2025, the top ten holdings of the fund account for a total of 44.55%, with notable investments in Tencent Holdings (5.25%), BYD (5.14%), and CATL (4.48%) among others [2]

Core Viewpoint - The company experienced a significant increase in the shipment volume of mobile and automotive CIS products in Q1 2025, leading to a revenue growth of 108.94% year-on-year, with net profit reaching a historical high of 191 million yuan [1][2][3] - The ongoing stimulus policies and the rise of intelligent driving are expected to sustain demand, while the acceleration of domestic substitution due to uncertainties in US-China trade relations will further benefit the company [1][3] Financial Performance - In Q1 2025, the company reported revenue of 1.75 billion yuan, a year-on-year increase of 108.94% and a slight quarter-on-quarter decrease of 0.62% [2] - The net profit attributable to the parent company was 191 million yuan, marking a year-on-year increase of 1264.97% and a quarter-on-quarter growth of 60.21% [2] - The gross profit margin improved to 22.79%, up 1.53 percentage points year-on-year and 3.78 percentage points quarter-on-quarter [2] Product and Market Dynamics - The increase in the shipment of 50MP products, particularly in high-end flagship smartphones and automotive cameras, significantly contributed to revenue growth [3][4] - The company is positioned to benefit from the growing demand for automotive CIS products as intelligent driving technology advances, with the market for automotive CIS expected to grow from 2.3 billion USD in 2023 to 3.155 billion USD by 2029, at a CAGR of 5.4% [5][6] Industry Outlook - The global CIS market is projected to grow from 21.8 billion USD in 2023 to 28.6 billion USD by 2029, with smartphones being the largest application area [4] - The company is expected to maintain a strong market position in the smartphone CIS sector, with a projected revenue of 3.291 billion yuan in 2024, representing a year-on-year growth of 269.05% [4] Growth Projections - Revenue forecasts for the company from 2025 to 2027 are 8.176 billion yuan, 10.302 billion yuan, and 12.672 billion yuan, with year-on-year growth rates of 37%, 26%, and 23% respectively [7] - Net profit projections for the same period are 816 million yuan, 1.178 billion yuan, and 1.511 billion yuan, with growth rates of 107.71%, 44.39%, and 28.27% respectively [7]