证券代码：688286 证券简称：敏芯股份 苏州敏芯微电子技术股份有限公司 2025 年第二次临时股东大会 会议资料 二〇二五年九月 - 1 - 2025 年第二次临时股东大会会议资料 | 2025 | 年第二次临时股东大会会议须知 3 | | --- | --- | | 2025 | 年第二次临时股东大会会议议程 5 | | 2025 | 年第二次临时股东大会会议议案 7 | | | 议案一：《关于变更会计师事务所的议案》 7 | | | 议案二：《关于补选公司第四届董事会非独立董事的议案》 8 | | | 记的议案》 10 | | | 议案四：《关于制定、修订公司部分治理制度的议案》 13 | 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东会规则》以及《苏州敏芯微电子技术股份有限公司章程》《苏州敏芯 微电子技术股份有限公司股东大会议事规则》等相关规定，苏州敏芯微电子技术 股份有限公司（以下简称"公司"）特制定本次股东大会会 ...

传感器厂商敏芯股份(688286)，2025年上半年业绩实现扭亏为盈，压力产品线营收反超传感器，并布局 人形机器人传感器领域。在日前召开的半年度业绩说明会上，公司高管介绍，惯性产品出货量开始逐渐 提升，下游市场还是以消费类为主，竞争较为激烈。 半年报显示，敏芯股份今年上半年归母净利润大幅扭亏，实现2519万元，产品综合毛利率31.64%，同 比增加10.21个百分点，其中，第二季度中，公司盈利环比增速在模拟芯片板块中居前。据介绍，业绩 增长主要得益于MEMS声学传感器在消费电子与汽车电子领域的广泛应用，以及MEMS压力传感器在电 子烟、医疗设备和工业控制市场的持续拓展。 据介绍，公司已经开始在人形机器人传感器领域进行布局，启动了六维力传感器、机器人用IMU以及手 套型压力及温度传感器的研发立项，并积极跟相关厂商进行技术交流和产品应用的推动。 在近期机构调研中，投资者关注高信噪比纯数字麦克风在客户端的进展。 公司高管介绍，随着最新版本AI大模型的推出，目前的很多下游客户会有产品迭代的需求，比如新型 语音助手、AI手机、AI眼镜等，这些新的应用需求将带来更高信噪比的产品指标需求，公司作为业内 领先的声学传感器企业 ...

Investment Rating - The report upgrades the investment rating of the company from "Hold" to "Buy" [12][19]. Core Views - The company has significantly improved its profitability in the first half of 2025, with revenue reaching 304 million yuan, a year-on-year increase of 47.82%, and a net profit of 25 million yuan, up 171.65% year-on-year [3][12]. - The company is establishing itself as a MEMS platform enterprise, with strong growth in pressure and inertial products, while also expanding into new application areas such as AI glasses and humanoid robots [12][11]. Summary by Sections Financial Performance - In 2025H1, the company achieved a gross margin of 31.64%, an increase of 10.21 percentage points year-on-year. The second quarter saw revenue of 169 million yuan, a year-on-year increase of 43.89% and a quarter-on-quarter growth of 25.24% [3][12]. - The company forecasts revenues of 722 million, 982 million, and 1.32 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 57 million, 97 million, and 153 million yuan for the same years [12][13]. Product Lines - The MEMS pressure product line generated revenue of 133 million yuan, a year-on-year increase of 67.05%, accounting for 43.83% of total revenue. The company is expanding its market share through collaborations with well-known brands and is entering new product selections with multiple brands [4][12]. - The inertial sensor product line saw sales revenue of 19.76 million yuan, a significant increase of 98.82% year-on-year, indicating strong growth potential [5][12]. Market Opportunities - The company is positioned as the exclusive microphone supplier for the AI+AR glasses, Rokid Glasses, which has gained significant attention in the market. This partnership is expected to provide new growth opportunities as the demand for AI/AR glasses increases [6][10]. - The company is actively developing sensors for humanoid robots, including six-dimensional force/torque sensors and pressure/temperature sensors, which are crucial for advanced robotic applications [11][12].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9][5]. Core Views - The company achieved a historical high in performance, turning losses into profits with a revenue of 304 million yuan, a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 25.19 million yuan, a year-on-year increase of 171.65% [1][5]. - The product matrix is rapidly improving, transitioning from a single product company to a platform-based MEMS manufacturer, with significant growth potential and industry influence expected as the full range of physical sensors is completed [2][3]. Financial Performance - The pressure sensor segment generated sales revenue of 133.25 million yuan, up 67.05% year-on-year, becoming the core revenue source [2]. - The inertial sensor segment saw sales revenue of 19.76 million yuan, a year-on-year increase of 98.82%, laying the foundation for a complete inertial product matrix [2]. - The overall gross margin for the first half of the year was 31.64%, an increase of 10.21 percentage points year-on-year, with the second quarter gross margin reaching 36.16%, up 15.21 percentage points year-on-year [2]. Product Development - The MEMS product matrix has achieved a leap from point to surface, with three major product lines driving growth: acoustic sensors, pressure sensors, and inertial sensors [3]. - The company is expanding its product applications from smartwatches to smartphones in the pressure sensor area, enhancing gross margins through product upgrades [3][4]. - The company is focusing on high signal-to-noise ratio, low-power digital microphones for AI voice interaction, and is making advancements in next-generation products such as bone conduction acoustic sensors and six-dimensional force sensors [4]. Research and Development - R&D expenses reached 38.63 million yuan in the first half of 2025, with R&D personnel accounting for 33.52% of the workforce, indicating a strong commitment to innovation [4]. - The company has accumulated nearly 500 authorized patents and has over 700 patents pending, enhancing its capability for product iteration and new product development [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 653 million yuan, 818 million yuan, and 1.03 billion yuan respectively, with net profits expected to be 46.44 million yuan, 84.16 million yuan, and 133.43 million yuan [5][7].

点击 关注我们 报告发布日期：2025年9月9日 报告名称:《 敏芯股份（688286.SH）2Q25营收利润同比大幅增长，产品结构优化带动毛利率提升 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 张大为 S0980524100002/ 詹浏洋 S0980524060001 / 李书颖 S0980122080309/ 连欣然S0980525080004 完整报告请扫描下方二维码 核心观点 2Q25公司营收同比增长43.9%，毛利率同环比提升 公司发布2025年半年度报告，2025年上半年公司实现营收3.04亿元（YoY +47.82%），实现归母净利润0.25亿 元，同比扭亏为盈，毛利率为31.64%（YoY +10.21pct）。公司在新产品领域的研发投入及市场推广取得成 效，压力产品线和惯性传感器产品收入同比大幅增长，带动公司上半年营收创历史同期新高。2Q25公司营收 1.69亿元（YoY+43.9%，QoQ+25.2%），归母净利润0.22亿元（YoY+207.9%，QoQ+684.3%），毛利率36.2% （YoY+15 ...

Group 1 - The core viewpoint of the news is that Minxin Microelectronics has seen a significant increase in its stock price, with a rise of 5.29% to 100.99 CNY per share, and a total market capitalization of 5.658 billion CNY [1] - Minxin Microelectronics, established on September 25, 2007, specializes in the research and sales of MEMS sensor products, with its main revenue sources being MEMS pressure sensors (43.83%), MEMS acoustic sensors (37.09%), packaging technology solutions (12.43%), MEMS inertial sensors (6.50%), and others (0.15%) [1] Group 2 - From the perspective of fund holdings, Hongde Fund has a significant position in Minxin Microelectronics, with its Hongde Digital Economy Mixed Fund A holding 2,700 shares, accounting for 1.09% of the fund's net value, making it the fifth-largest holding [2] - The Hongde Digital Economy Mixed Fund A, established on September 6, 2023, has a latest scale of 16.4246 million CNY and has achieved a year-to-date return of 30.03%, ranking 2,602 out of 8,174 in its category [2] - The fund managers, Su Changjing and Zhang Tianyang, have varying tenures and performance records, with Su having a tenure of 9 years and 139 days and a best return of 100.3% during his tenure, while Zhang has a tenure of 3 years and 229 days with a best return of 38.19% [2]

国泰海通证券股份有限公司 关于苏州敏芯微电子技术股份有限公司 2025 年半年度持续督导跟踪报告 经中国证券监督管理委员会《关于同意苏州敏芯微电子技术股份有限公司向 特定对象发行股票注册的批复》（证监许可〔2023〕2504 号）同意注册，苏州敏 芯微电子技术股份有限公司（以下简称"敏芯股份"、"公司"或"上市公司"） 向特定对象发行人民币普通股 2,294,962 股，每股面值为人民币 1 元，发行价格 为人民币 54.99 元/股，募集资金总额为人民币 126,199,960.38 元，扣除发行费用 后，实际募集资金净额为人民币 123,068,435.61 元。本次发行证券已于 2023 年 12 月 1 日完成新增股份登记。国泰海通证券股份有限公司（以下简称"国泰海 通"或"保荐机构"）担任其持续督导保荐机构，持续督导期至 2025 年 12 月 31 日。 根据《证券发行上市保荐业务管理办法》和《上海证券交易所科创板股票上 市规则》等相关规定，国泰海通作为公司向特定对象发行股票项目的保荐机构， 通过日常沟通、定期或不定期回访、尽职调查等方式，对公司进行持续督导，现 就公司 2025 年 1-6 月（ ...

Group 1: Semiconductor Equipment Manufacturers - Companies in the semiconductor equipment sector reported smooth progress in product research and market introduction, indicating a positive outlook for future developments [1] - MicroNano's ALD (Atomic Layer Deposition) equipment has achieved industrial application in high-k materials and metal compound films, with increasing production scale [1] - New Yichang has successfully validated multiple wire bonding and testing packaging equipment, receiving market recognition and bulk orders [1] Group 2: Semiconductor Testing Equipment - YaoMai Technology is advancing in semiconductor testing equipment across three levels: silicon photonic wafer testing, IC carrier board testing, and MEMS sensor testing [2] - The silicon photonic testing equipment has been continuously delivered to overseas wafer fabs, while IC carrier board testing is in the prototype system testing phase [2] - MEMS sensor testing equipment has gained recognition from leading domestic clients, with incremental orders being secured [2] Group 3: Semiconductor Materials Manufacturers - Domestic semiconductor manufacturers are rapidly enhancing competitiveness, breaking the original global industry pattern, with expansion becoming a key focus for semiconductor materials companies [3] - ShenGong Co. plans to steadily expand production capacity for silicon components, which will drive growth in large-diameter silicon materials [3] - The company anticipates that internal demand for silicon components will actively drive growth, rather than relying solely on overseas recovery [3] Group 4: Production Expansion Plans - TianCheng Technology is expanding production capacity to meet increasing orders, planning to increase the capacity of its Jinshan plant from 30,000 tons to 40,000 tons annually [4] - A new plant in Zhuhai with an annual capacity of 30,000 tons is set to begin construction soon, targeting the South China PCB market [4] - A fully-owned subsidiary in Thailand is expected to complete a 30,000-ton plant by 2026, enhancing supply capabilities in Southeast Asia [4] Group 5: Revenue Growth Expectations - Longtu Photoresist's new products from its Zhuhai plant are expected to gradually ramp up production in the second half of the year, leading to significant year-on-year revenue growth [5] - The company aims to leverage capacity release in Zhuhai as a turning point for performance recovery through high-end process breakthroughs and customer structure upgrades [5] - Fangbang Co., as an electronic materials platform enterprise, anticipates positive performance growth with the gradual ramp-up of new products such as peelable copper and flexible copper-clad laminates [5]

Core Insights - The company reported a significant revenue growth of 43.9% year-on-year in Q2 2025, with a notable improvement in gross margin [1] - The company achieved a revenue of 304 million yuan in the first half of 2025, representing a year-on-year increase of 47.82%, and turned a profit with a net profit of 25 million yuan [1][2] - The company’s product lines, particularly pressure sensors and inertial sensors, have seen substantial revenue increases, contributing to record-high revenues for the first half of the year [1][2] Revenue and Profitability - In Q2 2025, the company generated revenue of 169 million yuan, reflecting a year-on-year increase of 43.9% and a quarter-on-quarter increase of 25.2% [1] - The net profit for Q2 2025 was 22 million yuan, showing a remarkable year-on-year growth of 207.9% and a quarter-on-quarter growth of 684.3% [1] - The gross margin for Q2 2025 reached 36.2%, an increase of 15.2 percentage points year-on-year and 10.2 percentage points quarter-on-quarter [1][2] Product Line Performance - The company’s pressure sensor revenue in the first half of 2025 was 133 million yuan, up 67.05% year-on-year, while inertial sensor revenue was 20 million yuan, up 98.82% year-on-year [2] - High-margin products are increasingly contributing to the company’s profitability, with the MEMS pressure sensors becoming the largest revenue contributor, surpassing acoustic products [2] - The company is actively engaging with international downstream brand clients to enhance product value and market share [2] R&D and Market Opportunities - The demand for consumer electronics driven by AI applications is increasing, presenting opportunities for the company’s MEMS acoustic sensors [3] - The company is developing high signal-to-noise ratio, low-power digital microphones and has begun small-scale shipments of certain models [3] - Ongoing R&D efforts include next-generation products such as bone conduction acoustic sensors for AI glasses and six-dimensional force sensors based on MEMS chips [3] Investment Outlook - The company’s revenue growth is expected to continue, with projected revenue increases of 42.8%, 30.5%, and 27.1% for 2025-2027, reaching 722 million, 943 million, and 1.198 billion yuan respectively [3] - Net profit forecasts for the same period are expected to grow by 243.0%, 93.7%, and 65.5%, reaching 50 million, 98 million, and 162 million yuan respectively [3] - Corresponding PE ratios for 2025-2027 are projected to be 109.3, 56.4, and 34.1 times [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - In Q2 2025, the company achieved a significant revenue growth of 43.9% year-on-year, with a notable improvement in gross margin due to product structure optimization [1][2] - The company reported a revenue of 304 million yuan in the first half of 2025, representing a year-on-year increase of 47.82%, and a net profit of 25 million yuan, marking a turnaround from losses [1] - The revenue from pressure sensors and inertial sensors saw substantial growth, with pressure sensor revenue increasing by 67.05% and inertial sensor revenue by 98.82% in the first half of 2025 [2] - The company is actively developing new products in response to the growing demand for AI-related consumer electronics, including high-SNR digital microphones and bone conduction acoustic sensors [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 169 million yuan, a year-on-year increase of 43.9% and a quarter-on-quarter increase of 25.2% [1] - The gross margin for Q2 2025 reached 36.2%, an increase of 15.2 percentage points year-on-year and 10.2 percentage points quarter-on-quarter [1] - The company expects revenue growth rates of 42.8%, 30.5%, and 27.1% for 2025, 2026, and 2027, respectively, with projected revenues of 722 million yuan, 943 million yuan, and 1.198 billion yuan [4] Product Development - The company has seen a rapid increase in the revenue share of inertial sensors, which accounted for approximately 6.5% of total revenue in the first half of 2025 [2] - The company is focusing on high-margin products, with MEMS pressure sensors becoming the largest revenue contributor, surpassing acoustic products [2] - New product developments include sensors for AI applications, with successful small-batch shipments of digital microphones already underway [3] Profitability Forecast - The net profit is projected to grow significantly, with expected increases of 243.0%, 93.7%, and 65.5% for 2025, 2026, and 2027, respectively, reaching 50 million yuan, 98 million yuan, and 162 million yuan [4] - The company’s PE ratios for 2025, 2026, and 2027 are forecasted to be 109.3, 56.4, and 34.1, respectively [4]