证券代码：688249 证券简称：晶合集成 公告编号：2025-054 （一） 股东会类型和届次 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 合肥晶合集成电路股份有限公司 关于召开2025年第一次临时股东会的通知 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 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 16 日 14 点 00 分 召开地点：安徽省合肥市新站区合肥综合保税区内西淝河路 88 号公司会议 室 （五） 网络投票的系统、起止日期和投票时间。 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 9 月 16 日 至2025 年 9 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网 投票平台的投票时间为股东会召 ...

Group 1 - The company plans to appoint RSM Hong Kong as the auditing firm for its H-share issuance and listing on the Hong Kong Stock Exchange, pending approval from the shareholders' meeting [1][2] - RSM Hong Kong was established on May 14, 2008, and is registered as a public interest entity auditor under the Hong Kong Accounting and Financial Reporting Ordinance, providing diverse services to clients [1][2] - The audit fees will be determined based on the company's business scale, work requirements, industry complexity, and the number of audit personnel involved, with management authorized to negotiate the final fees [2] Group 2 - The audit committee has reviewed and approved the appointment of RSM Hong Kong, confirming its professional capability and independence for the H-share issuance and listing [2] - The board of directors voted 9 in favor to appoint RSM Hong Kong as the auditing firm and to submit the proposal for shareholder approval [2] - The appointment of the auditing firm will take effect upon approval at the company's first extraordinary shareholders' meeting in 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The company achieved a revenue of 5.198 billion RMB in 1H25, representing a year-over-year increase of 18.21%, and a net profit of 332 million RMB, up 77.61% year-over-year [1][4] - The revenue growth in 2Q25 was driven by steady capacity expansion and high utilization rates, with a revenue of 2.631 billion RMB, reflecting a year-over-year increase of 21.24% and a quarter-over-quarter increase of 2.46% [1][2] - The company is optimistic about the expansion of its N3 plant capacity and the growth of CIS and PMIC products, which will enhance its product structure [1][3] Summary by Sections Financial Performance - In 1H25, the company reported a net profit of 332 million RMB, with a non-recurring net profit of 204 million RMB, showing increases of 77.61% and 115.30% year-over-year, respectively [1][4] - The gross margin in 2Q25 was 24.32%, with a year-over-year increase of 0.46 percentage points [1][2] Product Development - The company has diversified its product offerings, achieving mass production across various platforms including DDIC, CIS, PMIC, MCU, and Logic [2] - The revenue contribution from different process nodes includes 10.38% from 55nm, 43.14% from 90nm, 26.74% from 110nm, and 19.67% from 150nm [2] Future Outlook - The company expects the OLED DDIC business to be a key growth driver, with a projected CAGR of 4.5% for OLED DDIC shipments from 2024 to 2030 [2] - The CIS market is anticipated to grow at a CAGR of 6% from 2023 to 2029, with the company’s 55nm CIS platform already in mass production [2] - The PMIC platform has become a significant revenue growth line, with its revenue contribution increasing from 9% in 2024 to 12% in 1H25 [2] Valuation - The target price is set at 32.22 RMB, based on a 3.0x PB valuation, reflecting an increase from the previous target of 27.10 RMB [3][4] - The estimated net profits for 2025, 2026, and 2027 are projected to be 870 million RMB, 1.12 billion RMB, and 1.31 billion RMB, respectively [3][8]

合肥晶合集成电路股份有限公司 关于持股 5%以上股东协议转让股份过户完成的公告 本公司董事会、全体董事及相关股东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、准确性和完整性承担法律责任。 证券代码：688249 证券简称：晶合集成 公告编号：2025-057 重要内容提示： 合肥晶合集成电路股份有限公司（以下简称"公司"或"晶合集成"）持 股 5%以上的股东力晶创新投资控股股份有限公司（以下简称"力晶创投"）于 2025 年 7 月 29 日与华勤技术股份有限公司（以下简称"华勤技术"）签署了《股 份转让协议》，力晶创投拟将其持有的公司 120,368,109 股股份（占公司总股本的 6.00%）以 19.88 元/股的价格转让给华勤技术。 公司于近日收到力晶创投的通知，力晶创投与华勤技术已取得中国证券 登记结算有限责任公司出具的《证券过户登记确认书》，过户日期为 2025 年 8 月 27 日，过户数量为 120,368,109 股，股份性质为无限售流通股。 华勤技术承诺通过本次协议转让取得的晶合集成股份，以长期投资为目 的，自交割日起 36 个月内不对外转让（不包括转让给 ...

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy, accelerate overseas business development, and improve its competitive edge and brand image [2] Financial Performance - In 2023 and 2024, the company achieved revenues of 7.244 billion and 9.249 billion yuan, respectively, with a year-on-year growth of 27.69% in 2024 [3] - Net profits for the same years were approximately 119 million and 482 million yuan, reflecting a significant year-on-year growth of 304.65% in 2024 [3] - For the first half of the year, the company reported operating revenue of 519.85 million yuan, an increase of 18.21% year-on-year, and a net profit of 231.99 million yuan, up 19.07% year-on-year [4] Business Segmentation - The main business revenue for the first half of the year was 512.98 million yuan, with revenue contributions from process nodes as follows: 55nm (10.38%), 90nm (43.14%), 110nm (26.74%), and 150nm (19.67%) [4] - From an application product perspective, the revenue contributions were: DDIC (60.61%), CIS (20.51%), PMIC (12.07%), MCU (2.14%), and Logic (4.09%) [4] Research and Development - The company invested 694.82 million yuan in R&D in the first half of the year, a 13.13% increase year-on-year, accounting for 13.37% of total revenue [5] - The company has made significant progress in R&D, achieving mass production of new products such as 40nm high-voltage OLED display driver chips and 28nm logic chips [5] Shareholder Changes - In July, the company announced that Huakin Technology would acquire approximately 120 million shares, representing 6% of the total share capital, at a price of 19.88 yuan per share, totaling around 2.4 billion yuan [5][6] - Following the transaction, Huakin Technology will become the fourth largest shareholder, committing to hold the shares for at least 36 months [6][7] Strategic Intent - Huakin Technology expressed confidence in the company's future and aims to deepen resource integration and explore collaboration opportunities in various projects to enhance overall competitiveness [7] - The partnership is expected to facilitate the company's products entering the supply chain of high-performance computing and smart terminal sectors [7]

Group 1: Northern Huachuang - Northern Huachuang achieved operating revenue of 16.142 billion yuan in the first half of 2025, a year-on-year increase of 29.51% [2][3] - The net profit attributable to shareholders was 3.208 billion yuan, reflecting a year-on-year growth of 14.97% [2][3] - The company focuses on the research, production, sales, and technical services of semiconductor basic products, including electronic process equipment and electronic components [4] Group 2: Deep Kangjia - Deep Kangjia reported operating revenue of 5.248 billion yuan in the first half of 2025, a decrease of 3.05% year-on-year [5][6] - The company incurred a net loss of 383 million yuan attributable to shareholders [5][6] - The consumer electronics business faced intensified competition and product mismatch with national subsidy policies, leading to losses [7] Group 3: Crystal Integration - Crystal Integration achieved operating revenue of 5.198 billion yuan in the first half of 2025, an increase of 18.21% year-on-year [8][10] - The net profit attributable to shareholders was 332 million yuan, marking a significant increase of 77.61% [8][10] - The company specializes in 12-inch wafer foundry services and has made progress in various technology platforms [11] Group 4: Weida Optoelectronics - Weida Optoelectronics reported operating revenue of 101 million yuan in the first half of 2025, a decrease of 7.25% year-on-year [12][13] - The net profit attributable to shareholders was 9.48 million yuan, down 39.78% [12][13] - The company is focused on the development and sales of polarizers and optical films for liquid crystal displays [14] Group 5: Landai Technology - Landai Technology achieved operating revenue of 1.751 billion yuan in the first half of 2025, a year-on-year increase of 8.32% [15][16] - The net profit attributable to shareholders was 109 million yuan, reflecting a growth of 61.56% [15][16] - The company is engaged in power transmission and touch display businesses, with a focus on automotive electronics and IoT devices [17]

Core Insights - Company reported a total revenue of 5.198 billion yuan, marking an increase of 800 million yuan compared to the same period last year, representing a year-on-year growth of 18.21% [1] - Net profit attributable to shareholders reached 332 million yuan, an increase of 145 million yuan year-on-year, reflecting a significant growth of 77.61% [1] - Operating cash flow increased by 410 million yuan to 1.705 billion yuan, showing a year-on-year growth of 31.65% [1] Financial Performance - Latest gross margin stands at 25.76%, up by 1.34 percentage points from the previous year [2] - Return on equity (ROE) is at 1.58%, an increase of 0.69 percentage points year-on-year [2] - Diluted earnings per share rose to 0.17 yuan, an increase of 0.07 yuan compared to the same period last year, reflecting a growth of 70.00% [2] - Total asset turnover ratio improved to 0.10 times, up by 12.17% year-on-year [2] - Inventory turnover ratio increased to 2.45 times, up by 6.16% compared to the previous year [2] Leverage and Solvency - The latest debt-to-asset ratio is 48.95%, a decrease of 6.16 percentage points from the previous year [3]

Core Viewpoint - The wafer foundry industry is a crucial segment of the semiconductor sector, characterized by its capital and technology intensity, and is experiencing significant growth driven by AI and automotive electronics demand [1][11]. Group 1: What is Wafer Foundry? - Wafer foundry refers to the specialized manufacturing of semiconductor wafers, accepting orders from integrated circuit (IC) design companies without engaging in design itself [1][14]. - The wafer foundry industry consists of an upstream segment involving semiconductor materials and equipment, a midstream segment for wafer processing services, and a downstream segment for packaging and testing [1][18]. - Manufacturing processes are categorized into advanced logic processes and specialty processes, with advanced processes defined as those below 14nm and mature processes as those at 28nm and above [1][27]. Group 2: Advantages and Challenges of Wafer Foundry - The wafer foundry industry shows a clear trend towards domestic production, with increasing market demand and government support for the semiconductor industry [2][37]. - Challenges include geopolitical instability, significant first-mover advantages held by leading companies, reliance on key materials, and yield issues [2][42]. Group 3: Current Market Status - The semiconductor industry is currently in a favorable economic cycle, with global wafer production capacity expected to grow from 31.5 million wafers per month in 2024 to 33.7 million in 2025, representing growth rates of 6% and 7% respectively [3][47]. - Global semiconductor sales are projected to exceed $1 trillion by 2030, with a compound annual growth rate (CAGR) of 9% from 2025 to 2030 [4][50]. - The competitive landscape is characterized by a "one strong, many strong" structure, with TSMC holding a 60% market share, while China is expected to dominate mature processes by 2027 [4][54]. Group 4: Major Companies in Mainland China - Major players in China's wafer foundry sector include SMIC, Hua Hong Semiconductor, and Jinghe Integrated [5][60]. - SMIC is recognized as a leading integrated circuit wafer foundry in China, achieving significant revenue growth and technological advancements in logic and specialty processes [6][62]. - Hua Hong Semiconductor is noted for its comprehensive specialty process platform and has consistently expanded its revenue, ranking fifth globally among pure wafer foundry companies [7][64]. - Jinghe Integrated has achieved the top market share in the liquid crystal panel driver chip foundry sector and has shown substantial revenue growth [8][67]. Group 5: Technology Development Trends - The global wafer foundry capacity is expanding, with advanced processes like 3nm and 2nm becoming increasingly competitive, driven by the rise of AI and high-performance computing (HPC) demands [10][29]. - The investment required for advanced processes has significantly increased, with estimates suggesting that 2nm technology may require close to $28 billion in investment [30][30]. - The concept of "Wafer Foundry 2.0" has emerged, encompassing not only wafer manufacturing but also packaging, testing, and other integrated services [32][32].

Group 1 - Cambricon expects to achieve an annual revenue of 5 billion to 7 billion yuan in 2025 [3] - Guolian Minsheng plans to establish a 1.22 billion yuan fund in collaboration with Guolian Life, focusing on new productivity and smart technology investments [4] - Chipone is planning to acquire equity in Chipwise Semiconductor Technology and will suspend trading for up to 10 trading days [5] - Dongxin shares will suspend trading for up to 3 trading days due to abnormal stock trading fluctuations [6] - Zhonghuan Hailu is planning a change in company control, leading to a suspension of trading for up to 2 trading days [7] - Jinghe Integrated plans to issue H-shares and list on the Hong Kong Stock Exchange, pending shareholder and regulatory approvals [9] Group 2 - SMIC reported a 35.6% year-on-year increase in net profit for the first half of the year, with revenue of 4.456 billion USD, up 22% [10] - Northern Huachuang achieved a net profit of 3.208 billion yuan in the first half of the year, a 14.97% increase, with revenue of 16.142 billion yuan, up 29.51% [11] - Gree Electric reported a net profit of 14.412 billion yuan, a 1.95% increase, with revenue of 97.325 billion yuan, down 2.46% [12] - Wancheng Group's net profit surged by 50,358% to 472 million yuan, with revenue of 22.583 billion yuan, up 106.89% [13] - ZTE Corporation's net profit decreased by 11.77% to 5.058 billion yuan, with revenue of 71.553 billion yuan, up 14.51% [14] - Longxin Bochuang's net profit increased by 1,121.21% to 168 million yuan, with revenue of 1.2 billion yuan, up 59.54% [15] - SF Holding reported a net profit of 5.738 billion yuan, a 19.37% increase, with revenue of 146.858 billion yuan, up 9.26% [16] - CITIC Securities achieved a net profit of 13.719 billion yuan, a 29.80% increase, with revenue of 33.039 billion yuan, up 20.44% [18] - Liou Co. turned a profit with a net profit of 478 million yuan, compared to a loss in the previous year, with revenue of 9.635 billion yuan, down 9.62% [19] - Guolian Minsheng's net profit skyrocketed by 1,185.19% to 1.127 billion yuan, with revenue of 4.011 billion yuan, up 269.40% [20] - Zhongke Shuguang's net profit increased by 29.39% to 729 million yuan, with revenue of 5.85 billion yuan, up 2.41% [21] - Lingzhi Software's net profit surged by 1,002% to 112 million yuan, with revenue of 516 million yuan, down 3.04% [22] - Huasheng Tiancheng turned a profit with a net profit of 140 million yuan, compared to a loss in the previous year, with revenue of 2.262 billion yuan, up 5.11% [23] - China Galaxy reported a net profit of 6.488 billion yuan, a 47.86% increase, with revenue of 13.747 billion yuan, up 37.71% [24] - Huahong's net profit decreased by 71.95% to 74.315 million yuan, with revenue of 8.018 billion yuan, up 19.09% [25] - XGIMI's net profit increased by 2,062% to 88.662 million yuan, with revenue of 1.626 billion yuan, up 1.63% [26] - Zhongjin Gold reported a net profit of 2.695 billion yuan, a 54.64% increase, with revenue of 35.067 billion yuan, up 22.90% [27] - Zhongwei Company achieved a net profit increase of 37% to 706 million yuan, with revenue of 4.961 billion yuan, up 43.88% [28] Group 3 - Aojie Technology's shareholder Alibaba Network plans to reduce its stake by up to 3% [32] - Hengsheng Energy's actual controller plans to reduce its stake by up to 2% [33] - Jinghua New Materials' controlling shareholder plans to reduce its stake by up to 3.01% [34] - Chunzong Technology's multiple shareholders plan to reduce their stake by up to 2% [35]

格隆汇8月28日丨晶合集成(688249.SH)发布中报，2025上半年实现营业总收入51.98亿元，同比增长 18.21%；归属母公司股东净利润3.32亿元，同比增长77.61%；基本每股收益为0.17元。 ...