Summary of SmartSens Conference Call Company Overview - **Company**: SmartSens (688213.SS) - **Industry**: CMOS Image Sensor (CIS) supplier - **Key Markets**: Automotive, smartphones, surveillance, and robotics - **Key Clients**: Huawei, BYD, Hikvision, Dahua [3][4] Key Points 1. Smartphone CIS Business - Management is optimistic about the smartphone CIS market, driven by brand clients focusing on AI imaging capabilities [1][4] - The company has seen a **40% YoY increase** in smartphone CIS revenue, reaching **Rmb1.8 billion**, which constitutes **46% of total revenues** [3] - The growth is attributed to the ramp-up of **50Mpx CIS** and a shift towards high-end smartphone models [3][4] - Rising material costs are prompting smartphone brands to improve their cost structures [4] 2. Automotive CIS Business - Strong growth in the automotive CIS sector is expected, with management anticipating continued momentum into **2026** [1][8] - SmartSens is collaborating with local EV leaders and foundries like Nexchip to enhance product launch efficiency [8] - The company is developing high-end products targeting **8Mpx CIS** for Advanced Driver Assistance Systems (ADAS) [8] 3. Overseas Expansion Plans - SmartSens plans to expand its overseas business, focusing on CIS for smartphones, automobiles, and innovative products like AI glasses [1][9] - The strategy includes starting with one to two clients to gain experience before expanding to more brands [9] - The company aims to serve top-tier automobile brands in international markets, leveraging its competitiveness in AI glasses CIS [9] 4. Industry Outlook - The overall sentiment in the CIS market is positive, with expectations for local suppliers to benefit from specification upgrades and localization trends in China [2] - Emerging applications such as AI glasses and robotics are anticipated to support revenue growth for local CIS suppliers [2] 5. Financial Performance - In the first half of **2025**, the revenue breakdown was **46%** from smartphones, **41%** from surveillance, and **13%** from automotive CIS [3] - The company’s mature supply chain management is highlighted as a competitive advantage, particularly in offering high cost-performance ratio products [7] Additional Insights - Management emphasizes the importance of co-designing next-generation products with major brand customers to meet evolving specifications [4] - The company’s R&D and manufacturing capabilities are noted for their efficiency, allowing for quick responses to client demands [4] This summary encapsulates the key insights from the SmartSens conference call, highlighting the company's strategic focus areas, market dynamics, and financial performance.

Core Viewpoint - The company, Sitwei, reported significant growth in revenue and net profit for the first three quarters of 2025, driven by its three main business segments: smartphones, smart security, and automotive electronics [2] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 6.317 billion yuan, representing a year-on-year increase of 50.14% [2] - The net profit attributable to the parent company reached 699 million yuan, marking a year-on-year growth of 155.99% [2] - In the third quarter of 2025 alone, the company reported a revenue of 2.531 billion yuan, which is a 44.56% increase compared to the same period last year [2] - The net profit for the third quarter was 303 million yuan, reflecting a year-on-year increase of 145.14% [2] Business Outlook - The company plans to continue advancing in all its business areas and remains focused on operations to deliver solid performance to investors [2]

Core Viewpoint - The company emphasizes the importance of protecting investor rights and enhancing product competitiveness while committing to good performance, corporate governance, and stable investor returns [1] Group 1 - The company is dedicated to fulfilling its responsibilities and obligations as a publicly listed entity to reward investor trust and protect their interests [1] - The management team places significant importance on shareholder interests and the long-term development of the company [1] - To strengthen communication with investors, the company’s director, deputy general manager, and core technical personnel, Mr. Ma Weijian, will actively participate in investor relations [1]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes the importance of advancements and innovations in edge AI, predicting accelerated integration into various hardware products and industrial applications by 2026 [9][10] - Key players in the edge AI sector include chip manufacturers, terminal product manufacturers, and core component manufacturers, with specific companies highlighted for investment opportunities [3][10] Summary by Sections Investment Recommendations and Targets - Focus on the upgrade and innovation breakthroughs in edge AI, with recommended stocks including: - Edge AI main control chip manufacturers: Amlogic, Aojie Technology, Hengxuan Technology, Espressif Technology, Starshine Technology, Rockchip [3][10] - Terminal product manufacturers: Lenovo Group, Xiaomi Group, Luxshare Precision, Linying Intelligent Manufacturing, BYD Electronics, Lens Technology, Ezviz, Innosilicon [3][10] - Core component manufacturers: Huanxu Electronics, Sunny Optical Technology, Orbbec, SUTENG, STMicroelectronics, OmniVision, and Pegatron [3][10]

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 124.5 CNY based on a 35x PE for 2026 [6][9]. Core Insights - The company is positioned as a leading supplier in the CIS (CMOS Image Sensor) market, focusing on the integration of "smart security, smartphones, and automotive electronics" for collaborative growth [6][8]. - The report highlights the company's successful transition from a focus on security to a diversified business model that includes smartphones and automotive applications, showcasing significant growth potential [7][8]. - The anticipated approval of L3 autonomous driving is expected to accelerate the deployment of intelligent driving technologies, further driving demand for the company's products [6][8]. Financial Summary - Projected total revenue for 2024 is 5,968 million CNY, with a year-on-year growth rate of 108.9%. By 2027, revenue is expected to reach 15,142 million CNY, with a growth rate of 23.9% [2]. - The net profit attributable to shareholders is projected to be 393 million CNY in 2024, with an astonishing growth rate of 2,662.8%. By 2027, net profit is expected to reach 1,902 million CNY, with a growth rate of 32.9% [2]. - Earnings per share (EPS) are expected to increase from 0.98 CNY in 2024 to 4.73 CNY in 2027, reflecting strong profitability growth [2]. Business Development - The company has established itself as a global leader in the security CIS market, with a significant market share and a strong customer base. It has successfully expanded into the smartphone and automotive sectors, achieving notable breakthroughs [6][14]. - The automotive electronics segment has shown remarkable growth, with a year-on-year increase of 107.97% in the first half of 2025, driven by the demand for advanced driver-assistance systems (ADAS) [6][14]. - The smartphone business has become the largest revenue contributor, with a year-on-year growth of 40.49% in the first half of 2025, reflecting the successful launch of high-end products [6][14]. Market Trends - The report identifies two key drivers for the CIS market: structural upgrades in downstream applications such as machine vision and automotive, and the opportunity for domestic manufacturers to replace international competitors due to strategic shifts by major players [7][8]. - The global CMOS sensor market is expected to grow from 19 billion USD in 2023 to 29.6 billion USD by 2029, with a compound annual growth rate (CAGR) of 7.67% [41][42]. - The smartphone segment remains the primary application for CMOS sensors, accounting for over 60% of the market, while automotive and security sectors are also experiencing rapid growth [41][42].

证券代码：688213 证券简称：思特威 公告编号：2025-050 思特威（上海）电子科技股份有限公司 2025年第二次临时股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 12 月 26 日 （二） 股东大会召开的地点：上海市闵行区田林路 889 号科技绿洲四期 8 号楼 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 394 | | --- | --- | | 普通股股东人数 | 393 | | 特别表决权股东人数 | 1 | | 2、出席会议的股东所持有的表决权数量 | 446,709,657 | | 普通股股东所持有表决权数量 | 172,854,730 | | 特别表决权股东所持有表决权数量（每份特别表决权股份的表决 | 273,854,927 | | 权数量为：5） | | | 3、出席会议的股 ...

北京市竞天公诚律师事务所上海分所 关于 思特威（上海）电子科技股份有限公司 2025 年第二次临时股东大会 之 法律意见书 上海市徐汇区淮海中路 1010 号嘉华中心 45 层 邮编：200031 45/F, K. Wah Centre, 1010 Huaihai Road (M), Xuhui District, Shanghai 200031, China 电话/Tel：(86-21) 5404 9930 传真/Fax：(86-21) 5404 9931 本所根据《中华人民共和国公司法》《中华人民共和国证券法》等现行有效 的法律、法规、规范性文件及《思特威（上海）电子科技股份有限公司章程》（下 称"《公司章程》"），按照律师行业公认的业务标准、道德规范和勤勉尽责精神， 出具本法律意见书。 为出具本法律意见书，本所律师审查了本次股东大会相关的文件、资料，并 对本次股东大会的召集、召开、表决程序、出席会议人员资格和有效表决权等相 关事项进行了必要的核查和验证。 本所仅就本次股东大会的召集和召开程序、出席会议人员资格、表决程序和 有效表决等事项发表法律意见，不对本次股东大会所审议议案的内容以及在议案 中所涉及的 ...

Core Viewpoint - The rapid development of domestic CMOS image sensors in China has led to products that are competitive with international giants, driven by increasing demands for camera performance in smartphones [1][2][3] Group 1: Product Features - The SC525XS CMOS, launched by the domestic company SmartSens, features a pixel size of 0.7μm and is primarily designed for front and wide-angle cameras in flagship smartphones [1][2] - The SC525XS CMOS boasts 50 million pixels, high dynamic range, fast focusing speed, and low power consumption, with a power usage of only 1.7mW in Always-On mode, enabling quick responses for features like facial recognition [1][2] - Built on a domestic 28nm process, the SC525XS reduces power consumption by 30% compared to previous products, supports 4K video at 120fps, and achieves a dynamic range of up to 80dB, enhancing imaging performance in low-light conditions [1][3] Group 2: Market Outlook - The SC525XS is categorized as an auxiliary CMOS, specifically targeting front and wide-angle camera applications, with mass production expected in the second quarter of 2026, potentially featuring in flagship smartphones launched in the second half of next year [2][3]

Core Viewpoint - The company has signed a strategic cooperation agreement with Zhongguancun Panlian Mobile Communication Technology Innovation Application Research Institute to collaborate on next-generation information and communication technologies such as 5G-A and 6G [1] Group 1 - The collaboration will focus on fundamental theoretical research, key technology research, joint product development, testing and evaluation, and technical consulting [1] - The partnership aims to accelerate the development of 5G-A and 6G technologies [1]

Core Viewpoint - The company has completed the registration of the first batch of shares under its 2023 restricted stock incentive plan, with a total of 383,603 shares set to be listed for trading on December 24, 2025 [4][10]. Group 1: Stock Listing and Incentive Plan - The stock listing type is for equity incentive shares, with a total of 383,603 shares to be listed [2][3]. - The shares will be available for trading starting December 24, 2025 [4][10]. - The company received the registration certificate from the China Securities Depository and Clearing Corporation on December 18, 2025, confirming the completion of the registration process for the first batch of shares under the incentive plan [4][16]. Group 2: Decision-Making Process and Approval - The company held its first board meeting on September 22, 2023, where it approved the draft of the 2023 restricted stock incentive plan and related proposals [5]. - The supervisory board also approved the relevant proposals on the same day [5]. - The company conducted a public announcement regarding the independent directors' solicitation of voting rights for the upcoming shareholder meeting on October 26, 2023 [6]. Group 3: Shareholder Meeting and Compliance - The first temporary shareholder meeting was held on November 10, 2023, where the incentive plan and related proposals were approved [6]. - A self-inspection report regarding insider trading was disclosed on November 11, 2023, confirming no violations were found [6]. Group 4: Stock Structure and Financial Impact - Following the share allocation, the total number of shares will increase from 401,841,572 to 402,225,175 [14]. - The new shares represent approximately 0.0955% of the total shares before the allocation and are not expected to significantly impact the company's financial results [17]. - The adjusted share price for the incentive plan was set at 26.73 yuan per share, down from 26.855 yuan [9].