Investment Rating - The investment rating for the company is "Add" and is maintained [1] Core Views - The company has shown steady revenue growth and has turned losses into profits. In 2024, the demand in the MCU sector continues to rise, but due to intensified competition and declining product prices, the overall market revenue is expected to decrease. The global MCU market sales are projected to be $22.4 billion, a year-on-year decline of $5.6 billion. Despite these challenges, the company has improved its product competitiveness through new product development and effective supply chain management, resulting in a nearly 50% year-on-year increase in shipment volume and a 27.76% increase in revenue to 912 million yuan. The gross margin has significantly improved to 29.86%, with a net profit of 137 million yuan [4][5] Company Overview - The latest closing price of the company's stock is 25.92 yuan. The total share capital is 400 million shares, with a circulating share capital of 148 million shares. The total market value is 10.4 billion yuan, and the circulating market value is 3.8 billion yuan. The 52-week high and low prices are 34.64 yuan and 15.22 yuan, respectively. The asset-liability ratio stands at 9.5%, and the price-to-earnings ratio is 76.24 [3] Financial Forecast and Key Indicators - The company is expected to achieve revenues of 1.24 billion yuan, 1.56 billion yuan, and 1.96 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 180 million yuan, 240 million yuan, and 330 million yuan for the same years. The report maintains an "Add" rating [6][8]

Core Viewpoint - The company announced the cancellation of part of the 2023 restricted stock incentive plan due to the departure of certain incentive targets and unmet performance goals, resulting in a total of 1,310,000 shares being voided [6][7][8]. Summary by Sections 1. Procedures of the Equity Incentive Plan - The company held a board meeting on April 24, 2023, to approve the draft of the 2023 restricted stock incentive plan and related matters [1]. - The supervisory board verified the related matters and issued relevant opinions during a meeting on April 26, 2023 [2]. - The company publicly announced the list of incentive targets on May 10, 2023, with no objections received during the public notice period [3]. - The annual general meeting on May 18, 2023, approved the relevant proposals, and a self-inspection report regarding insider trading was disclosed on May 19, 2023 [4]. - Subsequent meetings in June 2023 and June 2024 approved adjustments and the granting of restricted stocks to incentive targets [5]. 2. Specifics of the Canceled Restricted Stocks - The cancellation was due to the departure of 7 incentive targets, resulting in 105,074 shares being voided [6]. - Additionally, 1,204,926 shares were voided because the company's 2024 performance did not meet the established targets, leading to a total cancellation of 1,310,000 shares [7][8]. - Following this cancellation, the number of incentive targets decreased from 124 to 117, and the total number of restricted stocks in the plan reduced from 3,318,210 to 2,008,210 shares [8]. 3. Impact of the Canceled Stocks - The cancellation of the restricted stocks is not expected to have a significant impact on the company's financial status or operational results, nor will it affect the stability of the management team or the ongoing implementation of the equity incentive plan [9]. 4. Special Opinions - The supervisory board confirmed that the cancellation complies with relevant laws and regulations, and does not harm shareholder interests [10]. - Legal opinions indicated that the necessary approvals and procedures for the cancellation were followed, aligning with regulatory requirements [10].

证券代码：688380 证券简称：中微半导 公告编号：2025- 016 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。 中微半导体（深圳）股份有限公司（以下简称"公司"）于2025年5月28日 召开第二届董事会第二十三次会议及第二届监事会第二十次会议，审议通过了 《关于作废处理2023年限制性股票激励计划部分限制性股票的议案》，现将相 关情况公告如下： 1、2023 年 4 月 24 日，公司召开了第二届董事会第三次会议，会议审议 通过了《关于公司〈2023 年限制性股票激励计划（草案）〉及其摘要的议 案》《关于公司〈2023 年限制性股票激励计划实施考核管理办法〉的议案》 《关于提请股东大会授权董事会办理公司 2023 年限制性股票激励计划相关事 宜的议案》，公司独立董事就本激励计划相关议案发表了独立意见。 同日，公司召开第二届监事会第二次会议，会议审议通过上述相关议 案，并对本激励计划的相关事项进行核实且出具了相关核查意见。 2、2023 年 4 月 26 日，公司于上海证券交易所网站（www.sse.com.cn） ...

北京盈科(成都)律师事务所 关于中微半导体(深圳)股份有限公司 2024年年度股东大会的 [2025] 盈成 象,字第475号 法律意见书 北京盈科(成都)律师事务所 JING YINGKE LAW FIRM CHENGDU OFFICE 四川省成都市高新区交子大道 177 号中海国际中心 B 座 20-22 层 二〇二五年五月 法律意见书 > 盈科律师事务所 北京盈科(成都)律师事务所 关于中微半导体(深圳)股份有限公司 2024年年度股东大会的法律意见书 致:中微半导体(深圳)股份有限公司 北京盈科(成都)律师事务所(以下简称"本所")是具有中华人民共和国法 律执业资格的律师事务所。本所接受中微半导体(深圳)股份有限公司(以下简 称"公司"）的委托,就公司召开 2024年年度股东大会(以下简称"本次股东大会") 的有关事宜,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》")、《上市公司股东会规则》(以 下简称"《股东会规则》")等法律、法规、规章及其他规范性文件(以下简称"中 国法律法规",仅为本法律意见书之目的,不包括香港特别行政区、澳门特别行 ...

证券代码：688380 证券简称：中微半导 公告编号：2025-015 中微半导体（深圳）股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 28 日 （二） 股东大会召开的地点：深圳市前海深港合作区南山街道桂湾三路 91 号前 海金融中心 T1 栋 21 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 170 | | --- | --- | | 普通股股东人数 | 170 | | 2、出席会议的股东所持有的表决权数量 | 286,039,826 | | 普通股股东所持有表决权数量 | 286,039,826 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 71.71 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 ...

北京盈科(成都) 神师事务所 法律意见书 (成都)律师事务所 LAW FIRM CHENGDU ( 法律意见书 000 盘成 23 第45号 北京盈科(成都) 律师事务所 关于 中微半导体 (深圳) 股份有限公司 关于作废处理 2023 年限制性股票激励计划 部分限制性股票 的 x 下大道1774年国际B Le 北京盈科(成都) 神师事务所 法律意见书 北京盈科(成都)律师事务所 关于中微半导体(深圳) 股份有限公司 关于作废处理 2023 年限制性股票激励计划部分限制性股票 的法律意见书 致:中微半导体(深圳)股份有限公司 根据《中华人民共和国证券法》(以下简称"《证券法》")、《中华人民共和国公司 法》(以下简称"《公司法》")、《上市公司股权激励管理办法》《科创板上市公司自律 监管指南第 4 号-股权激励信息披露》等法律、行政法规和规范性文件以及《中微半导体 (深圳) 股份有限公司章程》(以下简称"《公司章程》")的规定,北京盈科(成都)律师事 务所(以下简称"本所")接受中微半导体(深圳)股份有限公司(以下简称"公司")的委托, 指派本所律师(或称"本所经办律师")就公司本次激励计划涉及的关于作废处理 ...

Summary of Key Points Core Viewpoint - The announcement details the shareholding and reduction plans of key executives at Zhongwei Semiconductor (Shenzhen) Co., Ltd, highlighting the implementation results of their share reduction plans and the current status of their holdings. Group 1: Shareholding Information - Director Luo Yong holds 15,534,039 shares, accounting for 3.88% of the total share capital of Zhongwei Semiconductor [1] - Shareholder and supervisor Jiang Zhiyong holds 16,200,000 shares, representing 4.05% of the total share capital [1] Group 2: Reduction Plan Implementation - Luo Yong planned to reduce his holdings by up to 3,883,509 shares (not exceeding 0.97% of total shares) from February 28, 2025, to May 27, 2025 [1] - Jiang Zhiyong planned to reduce his holdings by up to 4,050,000 shares (not exceeding 1.01% of total shares) during the same period [1] Group 3: Actual Reduction Results - As of the announcement date, Luo Yong reduced his holdings by 131,636 shares, which is 0.0329% of the total shares [2] - Jiang Zhiyong reduced his holdings by 500,000 shares during the same period [2] - The total amount from Luo Yong's reduction was approximately 4,646,237.92 yuan, while Jiang Zhiyong's reduction totaled 13,500,000 yuan [3]

证券代码：688380 证券简称：中微半导 公告编号：2025-014 本次减持计划实施前，董事罗勇持有中微半导体（深圳）股份有限公司（以 下简称"中微半导"或"公司"）股份 15,534,039 股，占公司总股本的 3.88%； 股东、监事蒋智勇持有公司股份 16,200,000 股，占公司总股本的 4.05%。上述 股份均来源于公司首次公开发行前持有的股份，已于 2023 年 8 月 7 日解除限售 并上市流通。 中微半导体（深圳）股份有限公司 部分董监高减持计划时间届满暨减持结果公告 本公司董事会、全体董事及相关股东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： 董监高持有的基本情况 减持计划的实施结果情况 2025 年 2 月 6 日，公司在上海证券交易所网站（www.sse.com.cn）披露 了《部分董监高减持股份计划公告》（公告编号：2025-002）。董事罗勇、监事蒋 智勇计划于 2025 年 2 月 28 日至 2025 年 5 月 27 日期间通过集中竞价、大 宗交易方式减持其持有的公司股份。其中，罗勇计划 ...

Investment Rating - The report upgrades the investment rating to "Buy" [4][10] Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 912 million yuan, representing a year-on-year increase of 27.76% [2][10] - The company has successfully turned around its net profit to 137 million yuan in 2024, compared to a loss of 22 million yuan in 2023 [2][10] - The company is focusing on expanding its product offerings in automotive and industrial control sectors, which are anticipated to drive future revenue growth [9][10] Financial Performance Summary - Revenue is projected to grow from 714 million yuan in 2023 to 1,922 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.2% [1][11] - The net profit is expected to increase significantly from -22 million yuan in 2023 to 271 million yuan in 2027, indicating a strong recovery and growth trajectory [1][11] - The gross margin for 2024 is forecasted at 29.86%, up by 12.41 percentage points year-on-year, reflecting improved profitability [2][11] Product and Market Development - The company has a robust product portfolio with over 900 products available, including MCU, power devices, and various integrated circuits [3][8] - In 2024, the company is expected to ship over 2.4 billion units, a year-on-year increase of approximately 30%, with significant growth in both 8-bit and 32-bit MCU segments [8][9] - The automotive electronics market is driving demand for MCU products, with the company planning to increase its output of automotive-grade chips significantly [9][10]

Group 1 - Nvidia's CEO Jensen Huang announced that the company will not release any more Hopper series chips due to U.S. government restrictions on the export of the Hopper H20 chip to China, indicating a reassessment of the strategy in the Chinese market [1] - OpenAI launched Codex, a cloud-based AI programming agent capable of handling multiple development tasks simultaneously, which assists developers in coding, understanding code structure, and fixing bugs [1] - Ant Group's CTO He Zhengyu stated that the lack of data is the source of "hallucinations" in large models, emphasizing that the boundaries of data determine the capabilities of these models, and that the cost of data acquisition is increasing as cheap internet data is running out [4] Group 2 - The DeepSeek V3/R1 model architecture was analyzed in a recent paper, highlighting innovations such as multi-head latent attention for memory efficiency, expert mixture architecture for optimizing computation and communication, and FP8 mixed precision training to maximize hardware potential [2] - The establishment of China's first clinical and translational ward for brain-computer interface technology at Beijing Tiantan Hospital aims to provide innovative treatments for patients with neurological diseases [6] - China has built the world's largest and most advanced information and communication network, with 5G applications integrated into 86 of 97 national economic categories, promoting deep integration of the real economy and digital economy [8]