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].

Core Viewpoint - In Q2 2025, the company achieved a revenue growth of 43.9% year-on-year, with an improvement in gross margin both year-on-year and quarter-on-quarter [3][4]. Financial Performance - For the first half of 2025, the company reported a revenue of 304 million yuan, representing a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 25 million yuan, marking a turnaround from losses. The gross margin stood at 31.64%, up by 10.21 percentage points year-on-year [4]. - In Q2 2025, the company generated a revenue of 169 million yuan, reflecting a year-on-year increase of 43.9% and a quarter-on-quarter increase of 25.2%. The net profit attributable to shareholders was 22 million yuan, showing a year-on-year growth of 207.9% and a quarter-on-quarter growth of 684.3%. The gross margin for this quarter was 36.2%, an increase of 15.2 percentage points year-on-year and 10.2 percentage points quarter-on-quarter [4]. Product Line Performance - The company experienced significant growth in multiple product lines, with pressure sensor revenue reaching 133 million yuan, a year-on-year increase of 67.05%, and inertial sensor revenue at 20 million yuan, a year-on-year increase of 98.82%. The increase in high-margin products has significantly improved the company's profitability, with Q2 2025 gross margin reaching a four-year high of 36.2% [5]. - In the first half of 2025, MEMS pressure sensors, MEMS acoustic sensors, and MEMS inertial sensors accounted for approximately 44%, 37%, and 6.5% of the company's main business revenue, respectively. The pressure sensor business has surpassed the acoustic product line to become the largest revenue contributor [5]. New Product Development - The demand for new consumer electronics driven by AI applications is increasing, with the MEMS acoustic sensor positioned as a key input for AI voice interaction technology. The company has begun developing high signal-to-noise ratio, low-power digital microphones, with some models already in small-scale production. Additionally, the company is focusing on R&D for next-generation products, including bone conduction acoustic sensors for AI glasses and six-dimensional force sensors based on MEMS chips [6].

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]

敏芯股份9月3日大宗交易平台出现一笔成交，成交量18.00万股，成交金额1828.08万元，大宗交易成交 价为101.56元，相对今日收盘价折价3.00%。该笔交易的买方营业部为机构专用，卖方营业部为华泰证 券股份有限公司苏州总官堂路证券营业部。 证券时报·数据宝统计显示，敏芯股份今日收盘价为104.70元，上涨2.20%，日换手率为10.63%，成交额 为6.25亿元，全天主力资金净流入837.15万元，近5日该股累计上涨28.31%，近5日资金合计净流出 2022.97万元。 两融数据显示，该股最新融资余额为2.24亿元，近5日增加5260.71万元，增幅为30.66%。（数据宝） 9月3日敏芯股份大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 18.00 | 1828.08 | 101.56 | -3.00 | 机构专 | 华泰证券股份有限公司苏州总官 | | | | | | 用 | 堂路证券营 ...

Group 1 - On September 3, Minxin Co., Ltd. executed a block trade of 180,000 shares, with a transaction value of 18.28 million yuan, accounting for 2.84% of the total transaction volume for the day [1] - The transaction price was 101.56 yuan, which represents a discount of 3% compared to the market closing price of 104.7 yuan [1]

Group 1 - Chengdu Huamei, Yuanjie Technology, and Dongxin Co., Ltd. saw stock increases of over 10% [1] - Jiehuate, Tianyue Advanced, Minxin Co., Ltd., and Huafeng Measurement Control experienced stock rises of over 5% [1]