公司简称：东微半导 证券代码：688261 中国国际金融股份有限公司 关于苏州东微半导体股份有限公司 《2025 年限制性股票激励计划》 激励对象授予部分预留限制性股票 之 独立财务顾问报告 二〇二五年九月 中国国际金融股份有限公司 独立财务顾问报告 一、释义 在本报告中，除非上下文文意另有所指，下列词语具有如下含义： | 东微半导、本公司、 公司、上市公司 | 指 | 苏州东微半导体股份有限公司 | | --- | --- | --- | | 本激励计划、本计划 | 指 | 苏州东微半导体股份有限公司 2025 年限制性股票激励计划 | | | | （草案） | | 第一类限制性股票 | 指 | 公司根据本激励计划规定的条件和价格，授予激励对象一 定数量的公司股票，该等股票设置一定期限的限售期，在 | | | | 达到本激励计划规定的解除限售条件后，方可解除限售流 | | | | 通 | | 第二类限制性股票 | 指 | 符合本激励计划授予条件的激励对象，在满足相应归属条 | | | | 件后分次获得并登记的本公司股票 | | 激励对象 | 指 | 按照本激励计划规定，获得限制性股票的公司董事、高级 | | ...

证券代码：688261 证券简称：东微半导 公告编号：2025-042 苏州东微半导体股份有限公司 第二届董事会第十五次会议决议公告 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 苏州东微半导体股份有限公司（以下简称"公司"）第二届董事会第十五次 会议于 2025 年 9 月 9 日在公司会议室以现场结合通讯的方式召开。经全体董事 一致同意，本次董事会会议豁免通知时限要求，会议通知于 2025 年 9 月 9 日以 电话方式通知各位董事。本次会议由董事长龚轶先生主持。会议应出席董事 8 人，实际出席董事 8 人。 特此公告。 苏州东微半导体股份有限公司董事会 2025 年 9 月 11 日 本次会议的召集、召开符合有关法律、法规及规章制度和《苏州东微半导体 股份有限公司章程》（以下简称《公司章程》）的有关规定。出席会议的全体董事 对议案进行了认真审议和表决，形成以下决议： 二、董事会会议审议情况 （一）审议通过《关于向公司 2025 年限制性股票激励计划激励对象授予部 分预留限制性股票的议案》 根 ...

Core Viewpoint - The company emphasizes its strong advantages in the mid-to-high power supply application field and plans to actively monitor advancements in frontier technologies and energy trends to adapt its product offerings accordingly [2] Group 1: Company Strategy - The company is focused on product iteration and upgrading in response to market changes and technological advancements [2] - The company aims to expand its product application areas to seize new opportunities within the industry [2] Group 2: Industry Trends - The company recognizes controlled nuclear fusion as a significant future energy direction and intends to align its strategies with this trend [2]

格隆汇9月9日丨东微半导(688261.SH)在互动平台表示，公司很早就已布局了SiC业务，以高性能电源应 用方向为切入口，积极开展研发工作。公司的SiC MOSFET、Si2C MOSFET、SiC SBD已实现规模化量 产，相关产品的性能指标和同类型竞品对比优势明显，第四代SiC MOSFET产品技术平台已完成研发。 公司SiC产品已送样多个头部客户并design win。未来随着高性能电源业务的进一步发展，有望为公司 SiC业务提供持续推动力，相关营收规模数据请关注公司披露的定期报告。 ...

Core Viewpoint - The company has strategically positioned itself in the SiC (Silicon Carbide) business, focusing on high-performance power applications and actively engaging in research and development [1] Group 1: SiC Business Development - The company has already laid out its SiC business and is conducting extensive R&D work [1] - The company's SiC MOSFET, Si2C MOSFET, and SiC SBD have achieved large-scale production, showing significant performance advantages over similar competitive products [1] - The fourth-generation SiC MOSFET product technology platform has completed its development [1] Group 2: Customer Engagement and Future Prospects - The company's SiC products have been sampled to multiple leading customers and have achieved design wins [1] - The ongoing development of the high-performance power business is expected to provide continuous momentum for the company's SiC business [1] - Relevant revenue scale data will be disclosed in the company's periodic reports [1]

Company Overview - Dongwei Semiconductor Co., Ltd. is located in Suzhou Industrial Park, Jiangsu Province, and was established on September 12, 2008. The company went public on February 10, 2022. It focuses on the research and sales of high-performance power devices, primarily serving the industrial and automotive sectors in medium to high power applications. The revenue composition is as follows: power semiconductor products account for 95.24%, wafers for 4.72%, and others for 0.04% [1]. Stock Performance - On September 9, Dongwei Semiconductor's stock fell by 5.9%, closing at 77.80 CNY per share, with a trading volume of 406 million CNY and a turnover rate of 3.96%. The total market capitalization is 9.533 billion CNY [1]. Fund Holdings - From the perspective of major fund holdings, HSBC Jintrust Fund has one fund heavily invested in Dongwei Semiconductor. The HSBC Jintrust Innovation Pioneer Fund (011077) held 86,000 shares in the second quarter, representing 4.92% of the fund's net value, making it the eighth largest holding. The estimated floating loss today is approximately 419,700 CNY [2]. Fund Manager Performance - The fund manager of HSBC Jintrust Innovation Pioneer Fund is Zhou Zongzhou, who has been in the position for 2 years and 121 days. The total asset size of the fund is 268 million CNY. During his tenure, the best fund return was 45.24%, while the worst was -0.52% [3].

Core Viewpoint - The company's Q2 2025 performance was below expectations, primarily due to ongoing price competition in the power semiconductor sector [1] Group 1: Q2 2025 Performance - The company reported revenue of 333 million yuan, with year-on-year and quarter-on-quarter growth of 35.1% and 17.7% respectively [1] - Gross margin was 18.0%, reflecting an increase of 3.2 and 4.4 percentage points year-on-year and quarter-on-quarter [1] - Net profit attributable to shareholders was 20 million yuan, with significant year-on-year and quarter-on-quarter growth [1] Group 2: Development Trends - The company is aligning with the growing demand for data center power and expanding its low-voltage small current product offerings [2] - Despite the power semiconductor industry's ongoing demand downturn, the company is leveraging its technical strengths to capture high-structural growth opportunities in data centers [2] - The company has optimized its 25V-150V low-voltage MOSFET product line, enhancing performance and supporting domestic replacement efforts for core clients [2] Group 3: R&D and External Growth - R&D investment increased by 9% year-on-year, with a 20% rise in R&D personnel [3] - The sixth-generation high-voltage super junction MOSFET is progressing well, with sales in AI power and new robotics [3] - The acquisition of electric chip technology is expected to accelerate the expansion of key product lines in servers and automotive applications [3] Group 4: Profit Forecast and Valuation - The company maintains its revenue forecast for 2025 but has reduced its net profit forecast by 50% to 100 million yuan due to ongoing industry price competition [4] - The company has introduced 2026 revenue and net profit forecasts of 1.63 billion yuan and 190 million yuan respectively [4] - The valuation has been switched to 2026, with a target price increase of 25% to 94.00 yuan, corresponding to a 60x P/E ratio for 2026 [4]

两融数据显示，该股最新融资余额为5.62亿元，近5日增加9098.44万元，增幅为19.31%。（数据宝） 9月3日东微半导大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 3.00 | 235.05 | 78.35 | -15.00 | 中信证券股份有限公 | 中信证券股份有限公 | | | | | | 司上海分公司 | 司苏州分公司 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （文章来源：证券时报网） 东微半导9月3日大宗交易平台出现一笔成交，成交量3.00万股，成交金额235.05万元，大宗交易成交价 为78.35元，相对今日收盘价折价15.00%。该笔交易的买方营业部为中信证券股份有限公司上海分公 司，卖方营业部为中信证券股份有限公司苏州分公司。 进一步统计，近3个月内该股累计发生3笔大宗交易，合计成交金额为762.48万元。 证券时报·数据宝统计显示，东微半导今日收盘价为9 ...

Market Overview - The semiconductor sector experienced a decline of 1.67% on September 3, with Youyan New Materials leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Top Gainers in Semiconductor Sector - Chengdu Huami (688709) saw a significant increase of 14.97%, closing at 56.90 with a trading volume of 380,200 shares and a transaction value of 2.077 billion [1] - Yuanjie Technology (688498) rose by 13.01%, closing at 397.80 with a transaction value of 2.786 billion [1] - Dongwei Semiconductor (688261) increased by 12.28%, closing at 92.18 [1] Top Losers in Semiconductor Sector - Youyan New Materials (600206) fell by 7.82%, closing at 21.91 with a trading volume of 850,100 shares and a transaction value of 1.940 billion [2] - Hanwujing (688256) decreased by 5.07%, closing at 1405.00 with a transaction value of 19.901 billion [2] - Tai Lingwei (688591) dropped by 5.01%, closing at 54.00 [2] Capital Flow Analysis - The semiconductor sector experienced a net outflow of 6.014 billion from institutional investors, while retail investors saw a net inflow of 5.583 billion [2][3] - Major stocks like Tongfu Microelectronics (002156) had a net outflow of 4.02 billion from institutional investors, while retail investors had a net inflow of 2.61 billion [3] Summary of Capital Flows for Selected Stocks - Yuanjie Technology (688498) had a net inflow of 2.99 billion from retail investors, but a net outflow of 2.92 billion from institutional investors [3] - Zhi Chun Technology (603690) saw a net inflow of 2.65 billion from institutional investors, while retail investors had a net outflow of 1.82 billion [3] - Chengdu Huami (688709) had a net inflow of 95.296 million from institutional investors, with retail investors experiencing a net outflow of 15.9334 million [3]

Group 1 - The energy storage sector experienced a strong rebound on September 3, with several companies reaching their daily price limits [1] - Notable performers included Tongrun Equipment and Baoxin Technology, which both hit the upper limit, while Haibo Sichuang, Yiwei Lithium Energy, Sunshine Power, and Shangneng Electric all surged over 10% [1] - Other companies such as Chunxing Precision and Shijia Technology also saw significant gains, indicating a broader positive trend in the energy storage market [1] Group 2 - Specific stock performance data showed Haibo Sichuang rising by 16.69% to 144.00, while Sunshine Power increased by 12.90% to 112.50 [2] - Yiwei Lithium Energy and Shangneng Electric also reported increases of 12.83% and 12.08%, respectively, highlighting strong investor interest [2] - Additional companies like Chunxing Precision and Tongrun Equipment saw gains of 10.10% and 10.01%, respectively, further emphasizing the sector's upward momentum [2]