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]

Core Viewpoint - The semiconductor stocks in the A-share market have shown strong performance, with several companies experiencing significant price increases and notable year-to-date gains [1][2]. Group 1: Stock Performance - Chengdu Huami (688709) reached a 20% increase, with a total market capitalization of 37.8 billion and a year-to-date gain of 92.45% [2]. - Source Technology (688498) saw a rise of 16.48%, with a market cap of 35.2 billion and a year-to-date increase of 205.89% [2]. - Dongxin Co. (688110) increased by 13.54%, with a market value of 59.3 billion and a year-to-date gain of 438.07% [2]. - Zhichun Technology (603690) rose by 9.99%, with a market cap of 11.8 billion and a year-to-date increase of 22.55% [2]. - Changguang Huaxin (688048) experienced an 8.18% increase, with a market cap of 14.5 billion and a year-to-date gain of 111.62% [2]. - Other notable performers include Minxin Co. (688286) with a 6.46% increase, Tianyue Advanced (688234) with a 6% rise, and Tongfu Microelectronics (002156) with a 5.92% increase [1][2]. Group 2: Market Capitalization and Year-to-Date Gains - The total market capitalization of the top semiconductor stocks reflects strong investor interest, with Chengdu Huami leading at 37.8 billion and Source Technology at 35.2 billion [2]. - Year-to-date performance highlights significant growth, particularly for Dongxin Co. with a staggering 438.07% increase, indicating robust market dynamics in the semiconductor sector [2].

Group 1 - The semiconductor stocks in the A-share market have shown strong performance, with several companies hitting their daily price limits or experiencing significant gains [1] - Notable performers include Chengdu Huami, which reached a 20% increase, and Yuanjie Technology, which rose over 16% [1][2] - Other companies such as Dongxin Co., Zhichun Technology, and Jietek also experienced substantial gains, contributing to a positive trend in the semiconductor sector [1][2] Group 2 - Chengdu Huami has a total market capitalization of 37.8 billion, with a year-to-date increase of 92.45% [2] - Yuanjie Technology's market cap stands at 35.2 billion, with an impressive year-to-date increase of 205.89% [2] - Dongxin Co. has a market value of 59.3 billion and a remarkable year-to-date increase of 438.07% [2]

Group 1 - Chip stocks experienced a rebound on September 3, with Chengdu Huamei hitting a 20% limit up [1] - Dongxin Co. saw an increase of over 10% [1] - Other companies such as Minxin Co., Tianyue Advanced, Yutai Micro, Tongfu Microelectronics, and Shengke Communication also experienced gains [1]