Group 1 - The ETF has become an important tool for industrial capital to allocate equity assets, with a growing ecosystem of index investment forming [1][3] - Recent announcements indicate that industrial capital is increasingly using ETFs, with multiple cash flow theme ETFs being heavily purchased [1][3] - Investors can optimize their portfolios by exchanging shares for ETF units, avoiding transaction costs and enhancing asset allocation efficiency [1][2] Group 2 - Specific examples include Weir Shares and Fudan Microelectronics, which announced plans to exchange shares for ETF units to optimize asset allocation [2] - The "Action Plan for Promoting High-Quality Development of Index Investment in Capital Markets" aims to expand ETF subscription targets and normalize subscription activities [3] - The characteristics of ETFs, such as high liquidity and low fees, make them attractive for institutional investors seeking diversified asset allocation [3] Group 3 - Industrial capital is showing a preference for stable style ETFs, with a notable interest in newly launched cash flow theme ETFs [3][5] - Companies like Shanxi Changtai Energy Group and Sichuan Longmang Group are among the largest holders of cash flow theme ETFs, indicating strong institutional interest [4] - Some industrial capital is also targeting growth sector ETFs to achieve higher returns, reflecting a dual strategy of stable and growth-oriented investments [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown a positive operational trend, with expectations for high reliability and volume growth in the future [1][3] - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year increase of 1.53%, while the net profit decreased by 20.42% to 573 million yuan [3] - The first quarter of 2025 saw a revenue of 888 million yuan, a slight year-on-year decline of 0.54%, with a net profit of 136 million yuan, down 15.55% year-on-year [3] - The company is focusing on high-reliability products, with significant growth in the smart meter chip segment, which achieved a revenue increase of 44.90% year-on-year [3] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 3.54 billion yuan - 2024: 3.59 billion yuan - 2025: 4.15 billion yuan (16% growth) - 2026: 5.01 billion yuan (21% growth) - 2027: 6.02 billion yuan (20% growth) [2][3] - Net profit forecasts are: - 2023: 719 million yuan - 2024: 573 million yuan - 2025: 806 million yuan (41% growth) - 2026: 1.11 billion yuan (37% growth) - 2027: 1.34 billion yuan (21% growth) [2][3] - The company's gross margin for 2024 is projected at 55.95%, down 5.26 percentage points year-on-year [3] Business Segment Performance - The revenue breakdown by business segment for 2024 includes: - Security and identification chips: 791 million yuan (down 8.31% year-on-year) - Non-volatile memory: 1.14 billion yuan (up 5.94% year-on-year) - Smart meter chips: 397 million yuan (up 44.90% year-on-year) - FPGA and other chips: 1.13 billion yuan (down 0.51% year-on-year) [3] - The company is the first domestic supplier to obtain WPC certification for security chips, indicating a strong position in the market [3] Future Outlook - The company is expected to benefit from the growing demand for FPGA in data centers and cloud computing, positioning itself for rapid growth in the coming years [3] - The investment recommendation suggests a downward revision of net profit estimates for 2025, 2026, and 2027 to 806 million yuan, 1.11 billion yuan, and 1.34 billion yuan respectively, with corresponding P/E ratios of 46, 33, and 28 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company has shown a positive operational trend, with expectations for high reliability and volume growth in the future [1][3] - The company reported a revenue of 3.59 billion yuan in 2024, a year-on-year increase of 1.53%, while the net profit decreased by 20.42% to 573 million yuan [3] - The first quarter of 2025 saw a revenue of 888 million yuan, a slight year-on-year decrease of 0.54%, with a net profit of 136 million yuan, down 15.55% year-on-year [3] - The company is focusing on high-reliability products, with significant growth in the smart meter chip segment, which saw a 44.90% year-on-year increase in revenue [3] Financial Performance Summary - Revenue projections for the company are as follows: 4.15 billion yuan in 2025, 5.01 billion yuan in 2026, and 6.02 billion yuan in 2027, with growth rates of 16%, 21%, and 20% respectively [2][3] - Net profit forecasts are adjusted to 806 million yuan for 2025, 1.11 billion yuan for 2026, and 1.34 billion yuan for 2027, reflecting growth rates of 41%, 37%, and 21% respectively [3] - The company's gross margin for 2024 is projected at 55.95%, with an increase in R&D expenses to 10.31 billion yuan, representing 28.7% of revenue [3] Business Segment Performance - The revenue breakdown for 2024 includes: - Security and identification chips: 791 million yuan (down 8.31% year-on-year) - Non-volatile memory: 1.14 billion yuan (up 5.94% year-on-year) - Smart meter chips: 397 million yuan (up 44.90% year-on-year) - FPGA and other chips: 1.13 billion yuan (down 0.51% year-on-year) [3] - The company is the first domestic supplier to obtain WPC certification for security chips, indicating a strong position in the market [3] Investment Recommendations - The investment recommendation suggests maintaining a "Buy" rating based on anticipated growth in downstream demand and adjusted profit forecasts for 2025, 2026, and 2027 [3][7]

Core Viewpoint - Fudan Microelectronics Group showcased its innovative products for smart vehicles at the 21st Shanghai International Automobile Industry Exhibition, highlighting its technological advancements and market ambitions in automotive-grade MCUs, NFC, SE encryption chips, and memory products [1][2]. Group 1: Product Highlights - The FM33 series MCU chips are widely used in critical areas such as central control screens and lighting control, demonstrating excellent adaptability and reliability in the context of increasing smart cockpit and lighting trends [3]. - The FM17661A NFC chip has shipped over 2 million units, primarily for digital car key applications, with potential applications extending beyond this initial use [3][4]. - Fudan Micro's automotive-grade memory products, including EEPROM, NOR Flash, and NAND Flash, have achieved mass production with major automakers like Changan, Geely, BYD, and SAIC, covering key systems such as front-end control and battery management [6]. Group 2: Industry Positioning and Strategy - Fudan Micro has nearly 100 chips certified by AEC-Q100, leading among domestic manufacturers, with rigorous internal testing processes ensuring product reliability under extreme conditions [6]. - The company has established a complete FAE (Field Application Engineer) team in major cities to provide localized and flexible support, ensuring rapid response times for customer needs [6]. - Fudan Micro has built a highly autonomous and controllable supply chain, with all automotive-grade chip packaging completed domestically and partnerships with local manufacturers for wafer production, aiming for comprehensive domestic production in the future [7]. Group 3: Future Outlook - The company aims to enhance its existing product lines while expanding into new areas such as micro-sensors and Bluetooth chips, providing one-stop chip solutions for customers [7]. - Fudan Micro's commitment to technical accumulation, rapid local support, and continuous exploration of innovative applications positions it well to assist domestic automakers in their smart transformation [8].

证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为7.46%，资本回报率一般。去年的净 利率为15.59%，算上全部成本后，公司产品或服务的附加值高。融资分红：公司上市4年以来，累计融 资总额7.48亿元，累计分红总额2.45亿元，分红融资比为0.33。商业模式：公司业绩主要依靠研发驱 动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为57.76%、近3年经营性现金流均 值/流动负债仅为6.03%)建议关注公司应收账款状况(应收账款/利润已达289.95%) 分析师工具显示：证券研究员普遍预期2025年业绩在7.98亿元，每股收益均值在0.97元。 据证券之星公开数据整理，近期复旦微电(688385)发布2025年一季报。截至本报告期末，公司营业总收 入8.88亿元，同比下降0.54%，归母净利润1.36亿元，同比下降15.55%。按单季度数据看，第一季度营 业总收入8.88亿元，同比下降0.54%，第一季度归母净利润1.36亿元，同比下降15.55%。本报告期复旦 微电应收账款上升，应收账款同比增幅达39.69%。 本次财报公布的各项数据 ...

证券研究报告|公司点评报告 复旦微电发布 2025 年一季报，25Q1 实现营业收入 8.88 亿元 （同比-0.54%），实现归属于上市公司股东的净利润 1.36 亿元 （同比-15.55%），实现归属于上市公司股东的扣除非经常性损 益的净利润 1.33 亿元（同比-14.21%，环比+67.28%）。综合毛 利率为 58.14%。整体来看，公司 FPGA 及智能电表业务保持增 长，但受非挥发存储器业务下滑及减值损失增加影响，整体业 绩同比承压，但扣非净利润环比显著改善。 ► 毛利率同比提升，研发投入保持高位 期间费用：25Q1 公司期间费用率为 39.86%，同比+0.67pct。 其中，销售、管理、研发、财务费率分别为 6.76%、4.27%、 27.92%、0.85% ，同比 基本 持平、+0.25pct、+0.44pct、- 0.18pct。公司研发投入占营收比例为 30.09%，虽比例同比略 有下降（-2.19pct），但仍维持较高水平，持续高强度的研发投 入有助于保持公司在产品和技术上的先发优势与创新能力。 [Table_Date] 2025 年 04 月 29 日 [Table_Title] ...

Financial Performance - For Q1 2025, the company reported operating revenue of approximately RMB 888 million, a decrease of about 0.54% compared to the same period last year[8]. - Net profit attributable to shareholders was approximately RMB 136 million, down 15.55% year-on-year, while net profit excluding non-recurring gains and losses was approximately RMB 133 million, a decrease of 14.21%[8]. - Total revenue for Q1 2025 was RMB 887.95 million, a slight decrease of 0.09% compared to RMB 892.74 million in Q1 2024[23]. - Operating profit for Q1 2025 was RMB 131.12 million, down 25% from RMB 174.99 million in Q1 2024[23]. - Net profit attributable to shareholders for Q1 2025 was RMB 136.18 million, a decrease of 15.5% from RMB 161.25 million in Q1 2024[23]. - The company's basic and diluted earnings per share were both RMB 0.17, a decrease of 15.00% from the previous year[7]. - The basic earnings per share for Q1 2025 was RMB 0.17, down from RMB 0.20 in Q1 2024[24]. Research and Development - The company's R&D investment totaled RMB 267 million, accounting for 30.09% of operating revenue, down 2.19 percentage points from the previous year[7]. - Research and development expenses increased to RMB 247.89 million in Q1 2025, compared to RMB 245.30 million in Q1 2024, reflecting a focus on innovation[23]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 921.82 million, an increase of 1.96% from the end of the previous year[7]. - Total assets increased to RMB 9.22 billion in Q1 2025 from RMB 9.04 billion in Q1 2024, indicating growth in the company's asset base[21]. - Total liabilities rose to RMB 2.54 billion in Q1 2025, up from RMB 2.50 billion in Q1 2024, reflecting increased borrowing[21]. Cash Flow - Cash flow from operating activities was negative at RMB -26.59 million, compared to a positive RMB 10.58 million in the same period last year[7]. - Cash flow from operating activities showed a net outflow of RMB 26.59 million in Q1 2025, contrasting with a net inflow of RMB 10.58 million in Q1 2024[26]. - The company's cash received from sales in Q1 2025 was RMB 788.16 million, an increase from RMB 751.06 million in Q1 2024[26]. - Cash inflow from investment activities totaled approximately $301.38 million, a significant increase from $161.10 million in the previous period, reflecting a growth of about 87%[27]. - Net cash outflow from investment activities was approximately -$60.01 million, improving from -$236.55 million year-over-year[27]. - Cash inflow from financing activities was $307 million, down from $445.72 million, indicating a decrease of about 31%[27]. - Net cash outflow from financing activities was -$34.19 million, compared to -$24.29 million in the previous period, showing a worsening of approximately 41%[27]. - The ending cash and cash equivalents balance was $940.71 million, an increase from $740.56 million year-over-year[27]. - Cash and cash equivalents decreased by $122.59 million during the period, compared to a decrease of $252.36 million in the previous period[27]. - Cash received from loans was $307 million, while cash paid for debt repayment was $327.1 million, indicating a net cash outflow in financing activities[27]. - The impact of exchange rate changes on cash and cash equivalents was a negative $1.80 million, slightly better than the previous year's impact of -$2.10 million[27]. Shareholder Information - The top shareholder, Hong Kong Central Clearing Limited, holds 284,225,830 shares, representing 34.60% of total shares[14]. - Shanghai Fudan Fuxin Technology Holdings Limited is the second-largest shareholder with 109,620,000 shares, accounting for 13.35%[14]. - The company has 23,460 A-share shareholders and 12 H-share shareholders as of the report date[15]. - Shanghai Zhengben Enterprise Management Consulting Partnership holds 35,682,011 shares, which are under judicial freeze[18]. - The company has a total of 6,000,000 shares held by CITIC Securities, representing 0.73% of total shares[14]. - The report indicates that there are no known relationships or concerted actions among the top shareholders, except for Shanghai Zhengben and Shanghai Nianjin[15]. Inventory and Receivables - Revenue from non-volatile memory decreased by approximately 18.82% year-on-year, impacting overall revenue[8]. - The company experienced an increase in credit impairment losses due to changes in accounts receivable and inventory aging, resulting in an increase of RMB 40.23 million in impairment losses compared to the previous year[9]. - Inventory as of March 31, 2025, stands at RMB 3,240,496,314.59, compared to RMB 3,134,456,903.75 in December 2024, indicating a growth of approximately 3.38%[20]. - Accounts receivable increased to RMB 1,660,266,121.79 from RMB 1,493,805,646.24, showing a growth of approximately 11.16%[20]. Other Financial Information - The gross profit margin for the product lines increased from 56.65% to 58.14% compared to the same period last year[8]. - The weighted average return on net assets decreased to 2.28%, down 0.71 percentage points year-on-year[7]. - The company reported a decrease in other comprehensive income, with a net amount of RMB -174.45 thousand in Q1 2025 compared to RMB 31.38 thousand in Q1 2024[24]. - The company plans to implement new accounting standards starting in 2025, which may affect the financial statements[27].

A股今日低开后震荡走强，人工智能产业链方面，应用端机器人、智能车产业链表现较好。人工智能 AIETF（515070）持仓股复旦微电大涨超3%，拓维信息、均胜电子、光环新网等个股纷纷上涨。人工 智能AIETF（515070）盘中成交额突破3600万元。 消息方面，国家数据局目前表示，加强数据基础设施建设和应用，推动跨主体、跨行业、跨领域数据协 同复用融合新路径，不断丰富数据开发利用和开放共享的工具箱方法论，更好地助力"人工智能+"行 动，扎实推动数字中国建设走深走实。 中泰证券认为，在总量政策基调进一步明确后，市场博弈重心将逐步从内部政策期待转向中美谈判进 展，尤其是围绕关税调整的宏观变量演绎。由于短期内国内不会主动加大刺激力度，未来一段时间内， 中美关税博弈将成为主导市场风格切换的重要催化因素。受此影响，AI产业链，以及海外供应链占比 高的出口链板块，短期内有望相对占优。 人工智能AIETF（515070）跟踪CS人工智能主题指数（930713），成分股选取为人工智能提供技术、 基础资源以及应用端个股，聚集人工智能产业链上中游，俗称"机器人"大脑"缔造者"，万物互联"地 基"。前十大权重股包括寒武纪-U、海康 ...

上海复旦微电子集团股份有限公司 2024 年度股东周年大会 会议资料 1 / 28 上海复旦微电子集团股份有限公司 股东大会会议资料 目 录 | 会议须知 3 | | | | --- | --- | --- | | 会议议程 5 | | | | 议案一、关于 | 2024 | 年度董事会工作报告的议案 7 | | 议案二、关于 | 2024 | 年度监事会工作报告的议案 15 | | 议案三、关于 | 2024 | 年度财务决算报告的议案 18 | | 议案四、关于 | 2024 | 年年度报告及摘要的议案 22 | | 议案五、关于 | 2024 | 年度利润分配预案的议案 23 | | 议案六、关于续聘公司 | 2025 | 年度境内外审计机构及内部控制审计机构的议案24 | | 议案七、关于 | 2025 | 年度董事、监事薪酬方案的议案 25 | | 议案八、关于投保董事、监事及高级管理人员责任保险的议案 26 | | | | 议案九、建议一般性授权以增发新股份 27 | | | 2 / 28 上海复旦微电子集团股份有限公司 股东大会会议资料 会议须知 为了维护全体股东的合法权益、保障股东依法行使股东 ...

| 股证券代码：688385 | A | 证券简称：复旦微电 | 公告编号：2025-016 | | --- | --- | --- | --- | | 港股证券代码：01385 | | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 关于召开2024年度股东周年大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年度股东周年大会 召开日期时间：2025 年 6 月 5 日 10 点 00 分 召开地点：上海国泰路 127 号复旦国家大学科技园 4 号楼会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 5 日 至2025 年 6 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东大会召开日期：2025年6月5日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集 ...