Company Overview - Yongxi Electronics Co., Ltd. was established in November 2017 and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in November 2022, with stock code 688362 [2] - The company specializes in integrated circuit packaging and testing solutions, focusing on mid-to-high-end packaging and advanced packaging technologies [2] - The first phase of the factory covers an area of approximately 126 acres with a total investment of about 4.5 billion yuan, producing various mid-to-high-end advanced packaging products [2] - The second phase will cover 500 acres with a total investment of 11.1 billion yuan, focusing on advanced wafer-level packaging technologies [2] Financial Performance - For the first half of 2025, Yongxi Electronics achieved operating revenue of 2.0103 billion yuan, a year-on-year increase of 23.37% [2] - The net profit attributable to shareholders was 30.3191 million yuan, representing a year-on-year increase of 150.45% [2] - The non-recurring net profit was -43.2 million yuan, showing a year-on-year decline of 177.14% [2] Shareholder Structure - As of June 2025, the concentration of shares is relatively high, with the top ten shareholders holding a combined 52.69% of shares [2] - The top ten circulating shareholders account for 35.19% of shares [2] - The number of shareholders is approximately 16,750, with an average circulating shareholding of 16,700 shares and an average holding amount of 497,300 yuan [2] Convertible Bond Details - On August 29, the Yongxi convertible bond fell by 2.0% to 172.068 yuan per bond, with a trading volume of 123 million yuan and a conversion premium of 33.01% [1] - The bond has a credit rating of "A+" and a maturity of 6 years, with a coupon rate starting at 0.20% in the first year and increasing to 2.50% in the sixth year [1] - The conversion price is set at 28.39 yuan, with the conversion period starting on January 2, 2026 [1]

Summary of the Conference Call for Yongxi Electronics Company Overview - **Company**: Yongxi Electronics - **Industry**: Integrated Circuit (IC) Industry Key Financial Metrics - **Revenue**: - Total revenue for the first half of the year reached 2.01 billion RMB, a year-on-year increase of 23% [2][3] - Q2 revenue was 1.065 billion RMB, marking a historical high for a single quarter [2][4] - **Gross Margin**: - Overall gross margin for the first half was 15.6%, with Q2 gross margin at 16.87%, a quarter-on-quarter increase of 2.68 percentage points [2][6] - **Net Profit**: - Net profit attributable to shareholders was approximately 30 million RMB, with a significant decline in Q2 due to seasonal government subsidies [2][7] - **R&D Investment**: - R&D expenses increased by 51%, accounting for over 7% of revenue, indicating a strategic focus on future growth [2][7] Revenue Growth Drivers - **Customer Base**: - Growth driven by overseas major clients and the expansion of domestic SoC customers [3][4] - Overseas revenue accounted for nearly 25% of total revenue, with a year-on-year growth exceeding 130% [2][9] - **Product Lines**: - Rapid revenue growth in QFN, flip-chip, and wafer-level packaging product lines, which are key areas for future capacity investment [2][8] - SIP products accounted for approximately 40% of revenue, QIF for 38%, flip-chip for 15%, and wafer-level packaging for about 4% [2][9] Cost Management and Efficiency - **Cost Control**: - Management expense ratio decreased to 6.64% and financial expense ratio to 5.15% [2][6] - **Capacity Utilization**: - Overall capacity utilization is above 90%, with most product lines operating at near full capacity [2][22] Future Outlook - **Growth Projections**: - Anticipated revenue growth in Q3 and the second half of the year due to multiple product lines operating at full capacity [4][11] - **Gross Margin Expectations**: - Expected stable gross margin between 25% and 30% in the coming years, driven by product structure improvement and price recovery [2][12] - **Expansion Plans**: - Phase II project investment of approximately 110 billion RMB, with 70 billion RMB already invested, focusing on traditional QA products, wafer-level packaging, and advanced packaging [2][20][21] Market Trends and Strategic Initiatives - **AI and Advanced Packaging**: - Significant opportunities in AI applications, with ongoing development in 2.5D packaging technology [2][10][14] - **Client Expansion**: - Plans to further expand the client base, particularly targeting larger clients with revenue potential exceeding 50 million RMB [2][17] - **Geographical Focus**: - Increased focus on overseas markets, particularly in Taiwan and North America, to meet local demand and mitigate geopolitical risks [2][13][30] Conclusion Yongxi Electronics is positioned for growth with a strong revenue trajectory, effective cost management, and strategic investments in R&D and capacity expansion. The company is leveraging opportunities in the AI sector and expanding its international client base, which is expected to drive future profitability and market share.

| 证券代码：688362 | 证券简称：甬矽电子 | 公告编号：2025-070 | | --- | --- | --- | | 转债代码：118057 | 转债简称：甬矽转债 | | 甬矽电子（宁波）股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本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： 会议召开时间：2025 年 9 月 5 日（星期五）11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 29 日（星期五）至 9 月 4 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zhengquanbu@forehope-elec.com 进行提问。公司将在说明会上对投资者普遍关注 的问题进行回答。 甬矽电子（宁波）股份有限公司（以下简称"公司"）已于 202 ...

2025年8月26日，甬矽电子(688362.SH)发布2025年中报。 公司营业总收入为20.10亿元，较去年同报告期营业总收入增加3.81亿元，实现2年连续上涨，同比较去 年同期上涨23.37%。归母净利润为3031.91万元，较去年同报告期归母净利润增加1821.32万元，实现2 年连续上涨，同比较去年同期上涨150.45%。经营活动现金净流入为6.88亿元，较去年同报告期经营活 动现金净流入增加1.43亿元，实现2年连续上涨，同比较去年同期上涨26.29%。 公司最新资产负债率为72.05%。 公司最新毛利率为15.61%，较上季度毛利率增加1.42个百分点。最新ROE为1.21%，较去年同期ROE增 加0.71个百分点。 | 序号 | 股东名称 | 持股比例 | | --- | --- | --- | | T | 浙江甬顺芯电子有限公司 | 18.12% | | 2 | 浙江朗迪集团股份有限公司 | 7.57% | | 3 | 中意宁波生态园控股集团有限公司 | 4.98% | | 4 | 显整(上海)投资管理有限公司-海宁齐鑫炜邦股权投资合伙企业(有限合伙) | 4.58% | | 5 | 王顺波 ...

Summary of Key Points Core Viewpoint - Yongxi Electronics experienced significant trading activity on August 25, with a total of 360,000 shares traded through block transactions, amounting to 13.95 million yuan, reflecting a discount of 5% compared to the closing price of the day [2]. Trading Activity - On August 25, two block trades were recorded for Yongxi Electronics, with a total trading volume of 360,000 shares and a total transaction value of 13.95 million yuan [2]. - The transaction price was set at 38.75 yuan per share, which is 5% lower than the closing price of 40.79 yuan [2]. - Institutional specialized seats participated in both trades, resulting in a net purchase of 13.95 million yuan [2]. Recent Performance - Over the past three months, Yongxi Electronics has seen a total of 19 block trades, with a cumulative transaction value of 141 million yuan [2]. - The stock closed at 40.79 yuan, marking a 1.98% increase, with a turnover rate of 8.65% and a total trading volume of 968 million yuan for the day [2]. - The stock has experienced a cumulative increase of 13.09% over the past five days, with a total net inflow of 66.91 million yuan during the same period [2]. Margin Financing - The latest margin financing balance for Yongxi Electronics stands at 473 million yuan, having increased by 81.43 million yuan over the past five days, representing a growth rate of 20.77% [2].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 49.24 CNY per share [5][10]. Core Insights - The company reported a revenue of 2.01 billion CNY for H1 2025, representing a year-on-year increase of 23.37%, and a net profit of 30 million CNY, up 150.45% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 1.07 billion CNY, a year-on-year increase of 17.93%, but the net profit decreased by 87.98% to 6 million CNY [1]. - The growth was driven by the expansion of overseas major clients and the rapid growth of existing core clients, with 13 clients generating sales exceeding 50 million CNY, including 4 clients exceeding 100 million CNY [2]. - The company's gross margin for H1 2025 was 15.61%, with Q2 2025 gross margin at 16.87%, an increase of 2.68 percentage points quarter-on-quarter [2]. - R&D investment reached 142 million CNY, accounting for 7.07% of revenue, reflecting a year-on-year increase of 51.28% [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.58 billion CNY, 5.75 billion CNY, and 6.84 billion CNY respectively, with net profits of 190 million CNY, 359 million CNY, and 486 million CNY [4][12]. - The company is expected to maintain a positive growth trajectory with a projected net profit margin increasing from 4.1% in 2025 to 7.1% in 2027 [12]. Market Performance - The company's stock price on August 25, 2025, was 40.79 CNY, with a market capitalization of approximately 16.71 billion CNY [5]. - The stock has shown significant relative and absolute returns over the past 12 months, with relative returns of 108% and absolute returns of 142.4% [7]. Valuation Methodology - The company is valued using a price-to-sales (PS) ratio of 4.4 times for 2025, leading to the target price of 49.24 CNY per share [10]. - The valuation reflects the company's advantages in the mid-to-high-end advanced packaging and testing business sectors [10].

平安证券股份有限公司 关于甬矽电子（宁波）股份有限公司 使用部分暂时闲置募集资金进行现金管理的核查意见 平安证券股份有限公司（以下简称平安证券或保荐人）作为甬矽电子（宁 波）股份有限公司（以下简称甬矽电子或公司）本次向不特定对象发行可转换 公司债券（以下简称本次发行）的保荐人，根据《证券发行上市保荐业务管理 办法》《上市公司募集资金监管规则》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号——规范运作》等有关 规定，对甬矽电子使用部分闲置募集资金进行现金管理的相关事项进行了审慎 尽职调查，并发表本核查意见，具体情况如下： 一、募集资金基本情况 根据《甬矽电子（宁波）股份有限公司向不特定对象发行可转换公司债券 募集说明书》及实际募集资金净额情况，本次发行募集资金扣除发行费用后， 将用于投入以下项目： 单位：万元 序 拟投入募集资金金 拟投入募集资金金 项目名称 项目总投资 注 号 额（调整前） 额（调整后） 多维异构先进封装技术研 发及产业化项目 补充流动资金及偿还银行 借款 合计 172,899.28 116,500.00 115,129.88 注：关于本次拟投入募集 ...

Core Views - The company, Yongxi Electronics (Ningbo) Co., Ltd., focuses on integrated circuit packaging and testing, providing solutions for integrated circuit design companies and generating revenue through packaging and testing service fees [5][6][12] - The company has achieved significant growth in revenue and net profit during the reporting period, driven by increased demand from overseas clients and existing core customers [9][10] Company Overview - Yongxi Electronics was established in November 2017 and has since concentrated on advanced packaging in the integrated circuit testing and packaging sector [8][12] - The company operates in the "Computer, Communication and Other Electronic Equipment Manufacturing" industry, specifically in integrated circuit packaging and testing [6][7] Financial Performance - For the first half of 2025, the company reported revenue of approximately 2.01 billion RMB, a year-on-year increase of 23.37% [4][9] - The net profit attributable to shareholders reached approximately 30.32 million RMB, reflecting a 150.45% increase compared to the same period last year [4][9] - The gross profit margin for the first half of 2025 was 15.61%, with a quarterly gross profit margin of 16.87% in Q2, an increase of 2.68 percentage points [9][10] Industry Context - The global advanced packaging market is projected to grow significantly, with an expected revenue of 56.9 billion USD in 2025, representing a year-on-year growth of 9.6% [8][9] - The advanced packaging sector is becoming a key growth driver in the semiconductor industry, particularly as demand for high-performance computing and AI applications increases [8][9] Research and Development - The company invested 14.22 million RMB in R&D, accounting for 7.07% of its revenue, which is a 51.28% increase year-on-year [10][12] - The company has filed numerous patents and is actively developing advanced packaging technologies, including Fan-out and 2.5D packaging processes [10][12] Competitive Advantages - The company has established strong relationships with major integrated circuit design firms, enhancing its market position and customer satisfaction [12][13] - The company’s focus on high-density advanced packaging technologies has led to a favorable reputation in emerging application areas such as AIoT and automotive electronics [12][13]

证券代码：688362 证券简称：甬矽电子 公告编号：2025-067 转债代码：118057 转债简称：甬矽转债 甬矽电子（宁波）股份有限公司 本公司董事会及全体董事保证本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： ? 基本情况 投资金额 40,000 万元 安全性高、流动性好的保本型投资产品（包括但不限于结构性存款、 投资种类 大额存单、定期存款等），产品期限不超过 12 个月。 资金来源 募集资金 ? 履行的审议程序 甬矽电子（宁波）股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开了第三届董事会第十八次会议、第三届监事会第十五次会议，审议通过了 《关于使用部分暂时闲置募集资金进行现金管理的议案》，保荐人平安证券股份 有限公司（以下简称"保荐人"）对本事项出具了明确无异议的核查意见。本事 项在董事会审批权限范围内，无需提交股东大会审议。 ? 特别风险提示 尽管公司选择安全性高、流动性好的保本型投资产品，但金融市场会受宏观 经济的影响，公司将根据经济形势以及金融市场的变化适时适量地介入，但不排 除该项投资受 ...

Group 1 - The core viewpoint of the announcement is the approval of the 2025 semi-annual report and the use of idle raised funds for cash management by the company's supervisory board [1][2][3] Group 2 - The supervisory board meeting was held on August 25, 2025, with all three supervisors present, and the meeting complied with legal and regulatory requirements [1] - The supervisory board unanimously approved the 2025 semi-annual report, confirming that it accurately reflects the company's financial status and operational results [1][2] - The board also approved the use of up to RMB 400 million of temporarily idle raised funds for cash management, ensuring that this decision does not affect the company's normal operations or fundraising plans [2][3]