Core Viewpoint - The company is optimistic about the automotive-grade market and is committed to investing resources in the development and validation of automotive-grade products to enhance product launch speed and quantity [1] Group 1: Company Products and Applications - The company’s products, including MOSFET, IGBT, SiC, and power modules, have been widely applied in the automotive sector and have gained recognition from many well-known enterprises [1] - The company is a major domestic supplier for automotive-grade and industrial-grade applications, focusing on expanding its product offerings in core automotive areas such as main drive control, body domain control, motor control, and air conditioning compressor control [1] Group 2: Market Strategy and Future Outlook - The company plans to actively monitor domestic and international market changes while steadily advancing the research and development of its main products, including automotive-grade products, to seize market opportunities and enhance supply capabilities [1] - The company aims to increase its market share in the automotive-grade sector through continuous technological iteration and product development [1]

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 增加 2025 年度日常关联交易预计额度的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为苏州 东微半导体股份有限公司（以下简称"东微半导"或"公司"）首次公开发行股票并 在科创板上市的保荐机构，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》等相关法律法规和规范性文件的要求，对东微半导 增加 2025 年度日常关联交易预计额度的事项进行了核查，具体核查情况如下： 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 公司于 2024 年 12 月 10 日召开的第二届董事会第七次会议、第二届监事会 第七次会议、第二届董事会 2024 年第一次独立董事专门会议、第二届董事会审 计委员会第六次会议及 2024 年 12 月 26 日召开的 2024 年第一次临时股东大会分 别审议通过了《关于 2025 年度日常性关联交易预计的议案》，关联董事和关联 股东均已回避表决，出席会议的非关联董事、非关联监事及非关联股东一致表决 同意该议案。 公司于 2025 年 9 月 30 日召开第二届董事会第十六次 ...

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 部分募投项目结项并将节余募集资金永久补充流动资 金的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为苏州东 微半导体股份有限公司（以下简称"东微半导"或"公司"）首次公开发行股票并在科 创板上市的持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《上海证券交易所科创板股票上市规则》《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，对东微半导部分募 投项目结项并将节余募集资金永久补充流动资金事项进行了审慎的核查，具体核查 情况如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意苏州东微半导体股份有限公司首次公 开发行股票注册的批复》（证监许可〔2021〕4040 号），同意公司首次公开发行股票 的注册申请。并经上海证券交易所同意，公司首次向社会公众公开发行人民币普通 股（A 股）股票 16,844,092 股，本次发行价格为每股人民币 130.00 元，募集资金 总额为人民币 2,189,731,960.00 元，扣除保荐承销费 155,127,21 ...

证券代码：688261 证券简称：东微半导 公告编号：2025-046 2、公司于 2025 年 9 月 30 日召开第二届董事会第十六次会议，审议通过了 《关于增加 2025 年度日常关联交易预计额度的议案》，同意增加 2025 年度日 常关联交易额度 3,000.00 万元。出席会议的董事一致表决同意该议案，审议程 序符合《中华人民共和国公司法》《中华人民共和国证券法》等法律法规以及 《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。 苏州东微半导体股份有限公司 关于增加 2025 年度日常关联交易预计额度的公告 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。 重要内容提示： ● 是否需要提交股东会审议：否 ● 本次新增预计的关联交易为公司日常关联交易，遵循公平公允的市场原 则和交易条件，不存在损害公司利益和中小股东利益的情形，不会对关联方形 成较大依赖，不会影响公司独立性。 一、 日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、苏州东微半导体股份有限公司（以下简称"公司"）于 2024 ...

证券代码：688261 证券简称：东微半导 公告编号：2025-047 苏州东微半导体股份有限公司 关于部分募投项目结项并将节余募集资金永久补充流动资 金的公告 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。 苏州东微半导体股份有限公司（以下简称"公司"）于 2025 年 9 月 30 日召 开了第二届董事会第十六次会议和第二届董事会审计委员会第十一次会议，分别 审议通过了《关于部分募投项目结项并将节余募集资金永久补充流动资金的议 案》，同意公司募集资金投资项目（以下简称"募投项目"）"研发工程中心建设 项目"结项，并将节余募集资金永久补充流动资金。保荐机构中国国际金融股份 有限公司（以下简称"保荐机构"）对上述事项出具了明确同意的核查意见，本 议案无需提交股东会审议。 一、 募集资金基本情况 根据中国证券监督管理委员会《关于同意苏州东微半导体股份有限公司首次 公开发行股票注册的批复》（证监许可〔2021〕4040 号），同意公司首次公开发 行股票的注册申请。并经上海证券交易所同意，公司首次向社会公众公开发行人 民币普通股 ...

Group 1 - The company Dongwei Semiconductor announced the completion of the registration for the first category of restricted stock incentive plan for 2025 [1] - The registration date for the first category of restricted stock was September 18, 2025 [1] - The total number of shares registered under the first category of restricted stock is 456,327 shares [1]

证券代码：688261 证券简称：东微半导 公告编号：2025-045 苏州东微半导体股份有限公司 关于 2025 年限制性股票激励计划第一类限制性股票 1、授予日：2025 年 8 月 4 日； 授予结果公告 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。 重要内容提示： ● 第一类限制性股票登记日：2025 年 9 月 18 日 ● 第一类限制性股票登记数量：456,327 股 根据中国证券监督管理委员会《上市公司股权激励管理办法》、上海证券交 易所、中国证券登记结算有限责任公司上海分公司有关业务规则的规定，苏州东 微半导体股份有限公司（以下简称"公司"或"本公司"）已于近日完成了公司 2025 年限制性股票激励计划（以下简称"本激励计划"）第一类限制性股票的授 予登记工作，现将有关情况说明如下： 一、第一类限制性股票授予情况 （一）本激励计划第一类限制性股票授予情况 公司根据 2025 年第一次临时股东会的授权，于 2025 年 8 月 4 日召开了第二 届董事会第十三次会议，审议通过了《关于调整 2025 年限制性 ...

Group 1 - The core point of the news is the decline in the stock price of Dongwei Semiconductor, which fell by 5.19% to 79.25 CNY per share, with a trading volume of 329 million CNY and a turnover rate of 3.29%, resulting in a total market capitalization of 9.711 billion CNY [1] - Dongwei Semiconductor, established on September 12, 2008, and listed on February 10, 2022, is a technology-driven semiconductor company based in Suzhou, Jiangsu Province, focusing on the research and sales of high-performance power devices [1] - The company's main business revenue composition includes power semiconductor products at 95.24%, wafers at 4.72%, and others at 0.04% [1] Group 2 - From the perspective of fund holdings, only one fund under HSBC Jintrust has a significant position in Dongwei Semiconductor, specifically the HSBC Jintrust Innovation Pioneer Stock Fund (011077), which held 86,000 shares, accounting for 4.92% of the fund's net value, ranking as the eighth largest holding [2] - The HSBC Jintrust Innovation Pioneer Stock Fund was established on March 16, 2021, with a latest scale of 72.0885 million CNY, achieving a year-to-date return of 28.32% and a one-year return of 75.76% [2] - The fund manager, Zhou Zongzhou, has been in position for 2 years and 131 days, with the fund's total asset scale at 268 million CNY, achieving a best return of 52.04% and a worst return of 0.37% during his tenure [3]

Investment Rating - The report assigns an "Accumulate" rating to Dongwei Semiconductor (688261) [4][7]. Core Insights - The company reported a revenue of 616 million yuan in the first half of 2025, representing a year-on-year growth of 46.79%, with a net profit attributable to the parent company of 27.58 million yuan, up 62.80% year-on-year [1][2]. Revenue Breakdown - The revenue from the super junction MOSFET products reached 469 million yuan, a growth of 40.36% year-on-year. The medium and low voltage shielded gate MOSFET products generated 118 million yuan, growing by 62.14%. TGBT products achieved 20.67 million yuan, up 88.62% year-on-year. Super silicon MOSFET products contributed 1.69 million yuan, with an 18.15% increase. SiC devices (including Si2CMOSFET) generated 0.35 million yuan, a growth of 5.24% [2][3]. Market Growth Areas - The industrial communication power supply sector, including data center computing server power supplies, accounted for approximately 39% of total revenue, growing about 74% year-on-year. The automotive charger sector represented about 22% of revenue, with over 90% growth. The photovoltaic inverter sector contributed over 7% of revenue, growing approximately 98%, while the revenue from DC charging piles for new energy vehicles also accounted for about 7%, increasing by 45% [3]. Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 1.34 billion yuan, 1.73 billion yuan, and 2.16 billion yuan, respectively. The net profits attributable to the parent company are expected to be 120 million yuan, 190 million yuan, and 300 million yuan for the same years [4][6]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 0.96 yuan, 1.53 yuan, and 2.42 yuan for 2025, 2026, and 2027, respectively. The price-to-earnings (P/E) ratios are projected to be 85.16, 53.52, and 33.94 for the same years [6][11].

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The power semiconductor industry is experiencing a recovery in performance, with automotive and data center sectors showing clear growth trends [4] - The overall profit levels in the industry have reached a new high in the past eight quarters, driven by demand recovery and stabilization of prices [14] Summary by Sections Power Semiconductor Performance Review - The industry has seen revenue growth in Q2 2025, with traditional applications like industrial control and consumer electronics remaining stable. The automotive sector continues to be the main growth area, while server power demand is increasing the fastest [7] - The market share of domestic manufacturers is steadily increasing, particularly in the mid-to-low voltage power devices [14] New Energy Vehicles (NEVs) - In July 2025, the sales of NEVs reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [30] - The share of main drive power modules for NEVs with power above 200kW has increased from 9% in 2022 to 25% in the first seven months of 2025 [33] Market Trends and Projections - The penetration rate of SiC MOSFETs in NEVs reached 18% in the first seven months of 2025, with 800V models showing a penetration rate of 76% [5] - The report suggests that the industry is entering a phase of improvement, with overall profits at a new high and market share continuing to grow [6] Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, New Clean Energy, Huazhong Microelectronics, and others for their expansion in new devices, processes, and markets [6] - The transition from 6-inch to 8-inch substrates in the SiC sector is expected to benefit leading substrate companies [6]