Group 1 - The core viewpoint of the news is that Minxin Technology Co., Ltd. has seen a significant increase in its stock price, rising 5.09% on September 2, with a cumulative increase of 22.72% over four consecutive days [1] - As of the report, Minxin's stock price is 103.65 yuan per share, with a trading volume of 4.79 billion yuan and a turnover rate of 8.80%, resulting in a total market capitalization of 58.07 billion yuan [1] - The company 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, the Jiao Yin Schroder Fund has a significant position in Minxin Technology, with its multi-strategy flexible allocation mixed fund holding 72,800 shares, accounting for 1.26% of the fund's net value, making it the fifth-largest holding [2] - The fund has realized a floating profit of approximately 365,700 yuan today, and during the four-day increase, the floating profit reached 1,330,100 yuan [2] - The fund was established on June 2, 2015, with a current scale of 269 million yuan, and has achieved a year-to-date return of 9.49% [2]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The report highlights a significant increase in the company's performance, with a revenue growth of 47.8% year-on-year and a net profit growth of 171.7% to 0.25 billion RMB for the first half of 2025. The gross margin improved by 10.2 percentage points to 31.6% [3][7] - The company is making comprehensive advancements in AI sensor technology and has initiated R&D projects in three major sensor areas for humanoid robots, which are expected to drive future revenue growth [3][7] - Due to the substantial increase in gross margin and rapid growth in performance, the profit forecast for the company has been raised, with expected net profits of 0.68 billion RMB, 1.64 billion RMB, and 2.38 billion RMB for 2025-2027 [4] Financial Summary - The company reported a total revenue of 3.0 billion RMB for the first half of 2025, with a net profit of 0.25 billion RMB. The net profit margin increased to 8.4%, reflecting a year-on-year increase of 25.9% [7] - The revenue from the pressure product line reached 1.3 billion RMB, a year-on-year increase of 67.1%, while the inertial sensor revenue grew by 98.8% to 0.2 billion RMB [7] - The company has a total market capitalization of approximately 4.75 billion RMB, with an average trading volume of 109.69 million RMB over the past three months [2] Valuation Metrics - The expected earnings per share (EPS) for the company are projected to be 1.21 RMB, 2.92 RMB, and 4.25 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 70.1, 29.0, and 20.0 [4][6] - The company's main revenue is expected to grow from 373 million RMB in 2023 to 1.365 billion RMB in 2027, with a compound annual growth rate (CAGR) of 30.1% [6][8]

Core Insights - The company reported significant growth in its financial performance for the first half of 2025, with revenue reaching 304 million yuan, a year-on-year increase of 47.82%, and net profit attributable to shareholders at 25 million yuan, up 171.65% [1] - The company successfully transitioned from a single product model to a diversified product growth strategy, enhancing its revenue and profitability [2][3] Financial Performance - In Q2 2025, the company achieved revenue of 169 million yuan, representing a year-on-year growth of 43.89% and a quarter-on-quarter increase of 25.19% [1] - The gross profit margin improved to 31.64%, an increase of 10.21 percentage points year-on-year, marking the highest level in nearly four years [1] Product Development and Market Position - The pressure product line became the main revenue driver, generating 133 million yuan in sales, a year-on-year increase of 67.05%, while the inertial sensor product line saw sales of 20 million yuan, up 98.82% [1][2] - The company has established a competitive edge in the market through collaborations and technological advancements, particularly in waterproof pressure gauges and micro-differential pressure products [2] Research and Innovation - The company invested 38.63 million yuan in R&D during the first half of 2025, focusing on innovations such as high signal-to-noise ratio, low-power digital microphones and sensors for AI applications [3] - New product developments include bone conduction acoustic sensors for AI glasses and six-dimensional force sensors based on MEMS technology, aimed at automotive and robotics applications [3] Investment Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 42 million, 99 million, and 180 million yuan respectively, with corresponding price-to-earnings ratios of 125, 54, and 29 times [3] - The ongoing enhancement of the pressure and inertial product lines is anticipated to sustain future growth [3]

Meeting Overview - The fourth meeting of the Supervisory Board of Suzhou Minxin Microelectronics Technology Co., Ltd. was held on August 28, 2025, in accordance with legal and regulatory requirements [1]. Financial Report Approval - The Supervisory Board approved the 2025 semi-annual report, confirming that its preparation and review complied with relevant laws and regulations, and accurately reflected the company's financial status and operational results for the first half of 2025 [2][3]. Fund Management - The management and actual use of raised funds for the first half of 2025 were found to be in compliance with regulatory guidelines, ensuring that funds were stored in dedicated accounts and used for specified purposes without any violations [2][3]. Auditor Appointment - The Supervisory Board agreed to appoint Zhihong Accounting Firm as the financial and internal control auditor for the year 2025, with the decision pending approval at the upcoming shareholders' meeting [3]. Asset Impairment Provision - The decision to recognize asset impairment provisions for the first half of 2025 was deemed appropriate and compliant with accounting standards, ensuring accurate financial reporting without harming the interests of shareholders [4].

Meeting Information - The second extraordinary general meeting of shareholders will be held on September 25, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The on-site meeting will take place at the company's conference room located in Suzhou, Jiangsu Province [1] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online voting system, with specific time slots for trading platform voting [1][3] - The voting period for online voting is from 9:15 AM to 3:00 PM on the day of the meeting [1][3] - Shareholders must complete identity verification to vote on the internet [3] Agenda Items - The meeting will review a proposal to cancel the supervisory board, change the company's registered capital, and amend the company's articles of association [2] - The proposal has already been approved by the company's fourth board of directors and the supervisory board [2] Attendance Requirements - Shareholders registered with the China Securities Depository and Clearing Corporation Limited by the close of trading on September 18, 2025, are eligible to attend [4] - Shareholders can appoint proxies to attend the meeting, and the proxy does not need to be a shareholder [4] Registration Details - On-site registration will occur on September 24, 2025, with specific time slots for registration [5] - Required documents for registration include identification and proof of shareholding [5] Additional Information - The meeting is expected to last half a day, and attendees are responsible for their own travel and accommodation expenses [6] - Attendees should arrive at least 30 minutes early for check-in [6]

苏州敏芯微电子技术股份有限公司 章程 目 录 第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和 行为，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》"）和《上市公司章程指引》（以下 简称"《章程指引》"）、《上海证券交易所科创板股票上市规则》（以下简称 "《上市规则》"）及其他有关法律、法规、规范性文件的规定，制订本章程。 第二条 苏州敏芯微电子技术股份有限公司（以下简称"公司"或"本公 司"）系依照《公司法》和其他有关规定成立的股份有限公司。 公司系在原苏州敏芯微电子技术有限公司基础上整体变更设立的股份有限 公司；在江苏省市场监督管理局注册登记，现持有统一社会信用代码为 第三条 公司于 2020 年 7 月 6 日经中国证券监督管理委员会 （以下简称"中 国证监会"）注册，首次向社会公众发行人民币普通股 13,300,000 股，于 2020 年 8 月 10 日在上海证券交易所科创板上市。 第四条 公司注册名称：苏州敏芯微电子技术股份有限公司 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二 ...

Core Points - The document outlines the external investment management system of Suzhou Minxin Microelectronics Technology Co., Ltd, aiming to enhance investment management, standardize investment behavior, and maximize the time value of funds [1][2][9] Group 1: Investment Principles and Decision-Making - The company's external investments must comply with national industrial policies, laws, and regulations, as well as align with the company's development strategy [2] - The decision-making bodies for investments include the shareholders' meeting, board of directors, and general manager's office, with specific thresholds for investment decisions requiring shareholder approval [6][8] - Investments exceeding certain thresholds, such as 50% of the latest audited total assets or 50% of annual audited net profit exceeding 500 million, must be submitted for shareholder review [7][8] Group 2: Investment Implementation and Management - The securities affairs and finance departments are responsible for evaluating the feasibility, risks, and returns of major investment projects, and must report any anomalies to the board [13][14] - The finance department manages the financial aspects of external investments, including funding and compliance with legal procedures [15][16] - Internal audits are conducted regularly to assess the financial status of investment projects, with reports submitted to the board [17] Group 3: Investment Transfer and Reporting - The company can recover or write off investments under specific circumstances, such as project completion or bankruptcy of the invested entity [28] - Investment transfers are permitted if projects diverge from the company's operational direction or show continuous losses [29] - The company must adhere to legal and regulatory requirements for information disclosure regarding external investments [31][32]

Core Points - The company establishes a financial assistance management system to regulate its financial assistance behavior and mitigate financial risks [1] - The system outlines the types of financial assistance that can be provided, including loans, expense coverage, and asset usage rights [1][2] - The company emphasizes the protection of shareholders' rights and the principles of equality, voluntariness, and fairness in providing financial assistance [2] Section Summaries General Principles - The financial assistance refers to monetary or asset-based support provided to external entities, including loans and asset usage rights [1] - The company must comply with relevant regulations and ensure prudent financial assistance practices [1][2] Approval Authority and Procedures - Financial assistance transactions require approval from a majority of the board of directors and must be disclosed promptly [2][3] - Specific conditions necessitate further approval from the shareholders' meeting, such as when the assistance exceeds 10% of the company's audited net assets [2][3] Information Disclosure - The company must disclose financial assistance matters in accordance with regulatory requirements [5] - Timely disclosure is required if the recipient fails to repay or faces financial difficulties [5] Responsibilities and Division of Labor - The finance and securities departments are responsible for risk assessments of potential recipients before providing assistance [6] - The board secretary is tasked with ensuring compliance with information disclosure obligations [6] Penalties - Violations of the financial assistance regulations may lead to economic liability for responsible personnel, and severe cases may be referred to judicial authorities [6] Supplementary Provisions - The financial assistance management system must align with existing laws and regulations, and the board is responsible for its revision and interpretation [8]

Core Viewpoint - The document outlines the management measures for related party transactions of Suzhou Minxin Microelectronics Technology Co., Ltd, ensuring that such transactions are legal, fair, and reasonable, while protecting the rights of investors, especially minority shareholders [1][2]. Group 1: General Principles - The company aims to regulate related party transactions to ensure legality, fairness, and reasonableness, while maintaining the independence of the company [1][2]. - Related party transactions must not conceal relationships or evade disclosure obligations [1][2]. Group 2: Definition of Related Parties and Transactions - Related parties include individuals or entities that directly or indirectly control the company, hold more than 5% of shares, or have close familial relationships with significant shareholders [2][3]. - Related transactions encompass various activities such as asset purchases, investments, and guarantees, which may lead to resource or obligation transfers [3][4]. Group 3: Daily Management and Reporting - The company's securities department is responsible for maintaining a list of related parties and reporting any changes to the board [5][6]. - The finance department monitors transaction amounts and ensures compliance with disclosure obligations [6][7]. Group 4: Pricing Principles for Related Transactions - Related transactions must be documented with clear pricing policies, ensuring fairness based on market prices or reasonable costs [7][8]. - If pricing cannot be determined by standard methods, the company must disclose the pricing principles and justify their fairness [7][8]. Group 5: Review Procedures and Disclosure - Transactions exceeding certain thresholds require approval from independent directors and must be disclosed promptly [8][9]. - Transactions involving guarantees must also follow strict approval processes and provide necessary disclosures [9][10]. Group 6: Exemptions and Special Provisions - Certain transactions, such as cash subscriptions for public offerings, may be exempt from standard review and disclosure processes [10][11]. - Daily related transactions can be estimated annually, with adjustments made for amounts exceeding initial estimates [12][13]. Group 7: Financial Interactions with Related Parties - The company must adhere to strict procedures when engaging in financial transactions with controlling shareholders and their affiliates [14][15]. - Direct or indirect funding to controlling shareholders or related parties is prohibited under specific conditions [15][16]. Group 8: Final Provisions - The management measures will take effect upon approval by the shareholders' meeting and will be interpreted by the board of directors [17].

Core Points - The company has established a fundraising management system to enhance the efficiency of fundraising and ensure compliance with relevant laws and regulations [1][2][3] - The funds raised must be used specifically for designated purposes, primarily in the field of technological innovation, to enhance the company's competitiveness and innovation capabilities [2][6] - The board of directors is responsible for monitoring the management and usage of the raised funds to prevent investment risks and ensure the safety of the funds [3][4] Fundraising Management - The company must store the raised funds in a dedicated account approved by the board, and these funds cannot be used for other purposes [3][7] - A tripartite supervision agreement must be signed with the underwriter or independent financial advisor and the commercial bank where the funds are stored within one month of the funds being received [3][8] - The company must disclose any changes in the feasibility or expected returns of fundraising projects promptly [5][9] Fund Usage - The raised funds should primarily be used for the main business and technological innovation, and the company is prohibited from using these funds for financial investments or providing them to related parties [6][10] - If the company plans to replace self-raised funds with raised funds, this must be done within six months after the funds are deposited into the dedicated account [7][11] - The company can manage temporarily idle funds through cash management, ensuring that it does not affect the normal progress of investment plans [8][12] Changes in Fund Usage - Any changes in the use of raised funds must be approved by the board and disclosed to shareholders, especially if it involves new projects or significant changes in existing projects [12][13] - The company must conduct a feasibility analysis for new investment projects to ensure they enhance competitiveness and innovation capabilities [12][20] Oversight and Reporting - The company must provide accurate and complete disclosures regarding the actual use of raised funds and any significant deviations from the investment plan [23][24] - The underwriter or independent financial advisor is responsible for ongoing supervision and must conduct regular checks on the management and usage of the funds [14][15]