Group 1 - The core viewpoint of the article highlights that automotive companies such as FAW, Dongfeng, GAC, and BYD have announced measures to ensure payment cycles do not exceed 60 days, which is beneficial for improving the cash flow of the company [1] Group 2 - The initiative by these automotive companies is expected to enhance liquidity and financial stability within the industry, potentially leading to better operational efficiency [1] - This move reflects a broader trend in the automotive sector aimed at optimizing supply chain management and financial practices [1]

Group 1 - The core viewpoint of the article is that the reduction in payment cycles by major automotive companies such as BYD, FAW, Dongfeng, and GAC to no more than 60 days will improve the cash flow of Guoxin Technology [1] - The company plans to enhance cash flow budget management and implement a thorough management approach that integrates financial planning with business planning, ensuring a closed-loop control of budget preparation, execution monitoring, and variance analysis [1] - By 2025, the company expects to achieve significant results in expanding its automotive electronic chip market, particularly in the areas of vehicle networking security chips, airbag chips, and body and gateway chips, with a noticeable acceleration in shipments [1]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The automotive electronics sector is experiencing rapid growth, with significant progress in market expansion. The company has developed 12 product lines in automotive electronic chips, leading to a notable increase in chip shipments, with a projected revenue growth of 71.38% year-on-year for its automotive electronic chip business in 2024 [2] - The company has initiated the design and development of its first high-performance automotive MCU chip based on the RISC-V architecture, aimed at applications in intelligent driving and smart chassis. This chip is expected to achieve industry-leading performance and may replace existing foreign chips in the market [3] - The company is advancing its quantum-safe chip, AHC001, which has successfully passed internal testing. This chip is designed to withstand quantum computing attacks and can be integrated into various high-security applications [4] - The custom chip service business is steadily growing, with a projected revenue of 396 million yuan in 2024, reflecting a year-on-year increase of 39.15%. The company is leveraging its existing customer base to meet the demand for AI chip customization [5] Financial Projections - The company is expected to achieve revenues of 780 million yuan, 1.15 billion yuan, and 1.70 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at -104.38 million yuan, 5.72 million yuan, and 57.71 million yuan for the same years [8][10] - The revenue growth rates are forecasted to be 36.05%, 47.26%, and 48.06% for the years 2025, 2026, and 2027 respectively [10][13] - The company's net profit margin is expected to improve significantly, with a projected net profit margin of 3.4% by 2027 [13]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The automotive electronics sector is experiencing rapid growth, with significant progress in market expansion. The company has developed 12 product lines in automotive electronic chips, leading to a notable increase in chip shipments, with a projected revenue growth of 71.38% year-on-year for its automotive electronic chip business in 2024 [2] - The company has initiated the design and development of its first high-performance automotive MCU chip based on the RISC-V architecture, which is expected to achieve industry-leading performance in various applications [3] - The AHC001 chip, designed for quantum-safe applications, has successfully passed internal testing and is expected to enhance security against quantum computing threats [4] - The custom chip service business is steadily growing, with a projected revenue increase of 39.15% year-on-year in 2024, driven by strong demand from major clients in the AI chip sector [5] Financial Projections - The company is expected to achieve revenues of 7.8 billion, 11.5 billion, and 17.0 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at -1.0 billion, 0.1 billion, and 0.6 billion yuan for the same years [8] - Revenue growth rates are forecasted at 27.78% for 2024, 36.05% for 2025, 47.26% for 2026, and 48.06% for 2027 [10] - The company anticipates a significant turnaround in net profit, moving from -180.59 million yuan in 2024 to 57.71 million yuan in 2027, reflecting a growth rate of 908.84% [10]

Core Viewpoint - The MCU market is experiencing intense competition and price wars, leading to a significant decline in prices and profit margins for domestic manufacturers, with a shift from "import MCU to domestic replacement" to "domestic replacement of domestic" becoming prevalent [3][4][5]. Group 1: Changes in MCU Market - The MCU market has seen a drastic price drop, with 8-bit MCUs now available for just a few cents, and 32-bit MCUs also entering aggressive price competition [3][4]. - Domestic manufacturers initially adopted a "price for volume" strategy, but now end customers are pushing prices down further due to their own cost-cutting pressures [4][5]. - The market is characterized by oversupply, with many companies competing fiercely, leading to a situation where even minimal profits are considered a relief [4][11]. Group 2: Market Demand and Recovery - Despite a slight decrease in inventory levels, the overall demand for MCUs has not shown significant signs of recovery, with many companies still facing declining revenues [14][15]. - The first quarter of 2025 saw many domestic MCU companies report negative growth, indicating that the market is still far from a full recovery [11][13]. - Analysts suggest that the recovery of the MCU market may be delayed until the second half of the year, depending on broader economic conditions [15][16]. Group 3: Competitive Landscape - The competition is not only based on price but also on service and payment terms, with companies extending payment periods to attract customers [8][11]. - New entrants in the MCU market are rapidly increasing competition, with some companies achieving significant technological advancements and cost reductions [5][10]. - Major domestic players like Zhaoyi Innovation are launching new products aimed at redefining the entry-level MCU market, emphasizing high cost-performance ratios [10][11]. Group 4: Financial Performance of Companies - A report indicated that 18 out of 19 domestic MCU companies experienced revenue growth, but many still faced net losses, highlighting a divide in performance within the industry [11][12]. - Companies like Guoxin Technology and Unisoc reported significant revenue declines, with some experiencing over 50% drops in revenue [11][12]. - The overall profitability of many MCU companies is under pressure, with several reporting return on equity (ROE) below the industry average [11][12].

Core Viewpoint - Guoxin Technology has established a strategic cooperation framework with international automotive parts supplier Aptiv to promote the localization of automotive core chips and reduce dependence on foreign chips [2] Group 1: Company Development and Strategy - Guoxin Technology focuses on "self-controllable" and "domestic substitution" in its development, aiming to cover 95% of the market dominated by international manufacturers with its automotive electronic chip products [2] - The company has developed a complete product line of 12 automotive-grade chip products, including domain control chips, advanced driver assistance processing chips, and dedicated DSP chips for active noise cancellation, targeting high-end applications in power systems and safety airbags [2] - The vision and development strategy of Guoxin Technology is to develop domestically scarce products with high technical barriers and achieve performance levels comparable to international chip giants [2] Group 2: Competitive Positioning - Guoxin Technology is directly competing with international chip giants and advancing domestic substitution, having integrated key safety airbag chips into a single solution [3] - The demand for chips in vehicles has increased from 600-800 in traditional fuel vehicles to over 1000 in modern vehicles, making the self-controllable capability of domestic chips a key competitive factor [3] Group 3: Product Development and Market Expansion - In 2024, Guoxin Technology's cumulative shipments of automotive electronic chips are expected to exceed 10 million units, with ongoing development of products supporting 48V power systems [5] - The company is actively developing high-end autonomous chips and modules in fields such as information security and artificial intelligence, aiming to integrate AI technology with existing products [5] - Guoxin Technology has successfully tested a high-performance cloud security chip based on the RISC-V architecture, achieving industry-leading performance metrics [5][6] Group 4: Future Prospects - The company plans to expand its cloud security and quantum security chip designs, including the development of quantum-resistant cryptographic chips [6] - Guoxin Technology has launched two AIMCU chips based on the RISC-V CPU architecture, promoting applications in smart home and industrial automation sectors [6]

北京金诚同达（上海）律师事务所 关于 苏州国芯科技股份有限公司 法律意见书 上海市浦东新区世纪大道88号金茂大厦18层 电话：86-21-3886 2288 传真：86-21-3886 2288*1018 金诚同达律师事务所 法律意见书 北京金诚同达（上海）律师事务所 关于苏州国芯科技股份有限公司 法律意见书 金沪法意2025第 127 号 致：苏州国芯科技股份有限公司 北京金诚同达（上海）律师事务所（以下简称"本所"）接受苏州国芯科技 股份有限公司（以下简称"国芯科技"或"公司"）的聘请，指派本所律师出席 公司 2024 年年度股东会（以下简称"本次股东会"或"会议"），并对会议的相 关事项出具法律意见书。 本所律师根据《中华人民共和国公司法》 （以下简称"《公司法》"）、 《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》、《律师事务所证 券法律业务执业规则（试行）》等有关法律、法规和规范性文件的要求以及《苏 州国芯科技股份有限公司章程》（以下简称"《公司章程》"）的规定，对本次 股东会的召集、召开程序，出席 ...

《股东会规则》 权的二分之一以上通过； 应回避表决的关联股东名称：关联股东郑茳、肖佐楠、匡启和及其一致行动 人苏州国芯联创投资管理有限公司、宁波矽丰投资管理合伙企业（有限合伙）、 宁波梅山保税港区矽芯投资管理合伙企业（有限合伙）、宁波矽晟投资管理合伙 企业（有限合伙）、宁波梅山保税港区旭盛科创投资管理合伙企业（有限合伙）； 关联股东国家集成电路产业投资基金股份有限公司回避表决。 三、 律师见证情况 律师：魏伟强、马靖仪 本所律师认为，本次股东会的召集、召开程序符合《公司法》 | 证券代码：688262 公告编号：2025-050 证券简称：国芯科技 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 苏州国芯科技股份有限公司 | | | | | | | | 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 | | | ...

北京金诚同达（上海）律师事务所 关于 苏州国芯科技股份有限公司 2024 年年度股东会的 法律意见书 上海市浦东新区世纪大道88号金茂大厦18层 电话：86-21-3886 2288 传真：86-21-3886 2288*1018 金诚同达律师事务所 法律意见书 北京金诚同达（上海）律师事务所 关于苏州国芯科技股份有限公司 2024 年年度股东会的 法律意见书 金沪法意[2025]第 127 号 致：苏州国芯科技股份有限公司 北京金诚同达（上海）律师事务所（以下简称"本所"）接受苏州国芯科技 股份有限公司（以下简称"国芯科技"或"公司"）的聘请，指派本所律师出席 公司 2024 年年度股东会（以下简称"本次股东会"或"会议"），并对会议的相 关事项出具法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》、《律师事务所证 券法律业务执业规则（试行）》等有关法律、法规和规范性文件的要求以及《苏 州国芯科技股份有限公司章程》（以下简称"《公司章 ...

证券代码：688262 证券简称：国芯科技 公告编号：2025-050 苏州国芯科技股份有限公司 2024年年度股东会决议公告 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 （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 | 200 | | --- | --- | | 普通股股东人数 | 200 | | 2、出席会议的股东所持有的表决权数量 | 127,413,418 | | 普通股股东所持有表决权数量 | 127,413,418 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 38.70 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 38.70 | 注：截至本次股东会股权登记日，公司回购专用证券账户中股份数为 6,761,090 股，不享有 股东会表决权。 （四） 表决方式是否符合《公司法》及公司章程的 ...