一、董事会会议召开情况 华润微电子有限公司（以下简称"华润微"或"公司"）于 2025 年 3 月 7 日以 现场及通讯（包括网络）相结合的方式召开了第二届董事会第二十一次会议（以 下简称"本次会议"）。本次会议的通知于 2025 年 3 月 1 日通过邮件方式送达全体 董事。会议应出席董事 11 人，实际到会董事 11 人，会议由公司董事、总裁李虹 先生主持，公司总法律顾问李舸先生及其他相关人员列席会议。会议的召集和召 开程序符合公司注册地开曼群岛的法律及公司《经第九次修订及重列的组织章程 大纲和章程细则》《董事会议事规则》及其他有关法律、行政法规、部门规章、 规范性文件的规定，会议决议合法、有效。 二、董事会会议审议情况 证券代码：688396 证券简称：华润微 公告编号：2025-004 华润微电子有限公司 第二届董事会第二十一次会议决议公告 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。 表决结果：同意 8 票，反对 0 票，弃权 0 票。董事李虹、王小虎、吴国屹回 避表决。 （三）审议通过《2025 年商业计划书 ...

Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company, 华润微 [13]. Core Insights - The company anticipates growth driven by trends in automotive intelligence and electronics, as well as emerging fields like AI and supercomputing, particularly in products such as MOSFETs, power ICs, MEMS, and modules [17]. - The semiconductor industry is currently in a recovery phase, with the company expecting product prices to remain stable compared to 2024 [18]. - 华润微's two 12-inch production lines are progressing, with the Shenzhen line having achieved production line status by the end of 2024 and the Chongqing line reaching a planned capacity of 30,000 wafers per month [18]. - The company follows an IDM business model, allowing for rapid market response and product strategy adjustments, supported by long-term experience in R&D, manufacturing processes, and customer loyalty [18]. - The company is focusing on R&D investments to quickly iterate and launch high-performance products while also laying out plans for future technologies [18]. - 华润微 has established partnerships with leading domestic automotive manufacturers, leveraging its production capacity and product range to meet the high-performance requirements of automotive electronics [18]. - The company has completed the series production of its SiC products, which are expected to see significant growth in applications such as electric vehicles, charging stations, and energy storage systems [18]. - For 2025, the company plans to focus on routine investments in process upgrades and equipment renewal, while also looking for quality investment opportunities due to its low debt ratio [19]. Summary by Sections 1. Basic Research Information - The research was conducted on 华润微 in the semiconductor industry on February 20, 2025, with participation from institutions like 国信证券, 博时基金, and Valiant Capital [13][14]. 2. Detailed Research Institutions - The institutions involved in the research include 国信证券 (Securities Company), 博时基金 (Fund Management Company), and Valiant Capital (Others) [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [16]. 4. Main Content Information - The main content includes insights on growth drivers, product price stability, production line progress, competitive advantages, R&D focus, automotive partnerships, SiC product advancements, and capital expenditure plans [17][18][19].

证券代码：688396 证券简称：华润微 公告编号：2025-002 华润微电子有限公司 关于预计 2025 年度日常关联交易的公告 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。 （一）日常关联交易履行的审议程序 1、公司独立董事专门会议审议程序 公司召开了独立董事专门会议审议通过了《关于预计 2025 年度日常关联交 易的议案》。公司独立董事认为，公司 2025 年度预计发生的关联交易事项为公司 开展日常生产经营所需，相关交易遵循协商一致、公平交易的原则，根据市场价 格确定交易价格，不会对公司及公司财务状况、经营成果产生不利影响，符合公 司及全体股东的利益，公司主营业务不会因上述交易而对关联方形成依赖，不会 1 影响公司的独立性，因此我们同意公司预计 2025 年度日常关联交易事项，并同 意提交该议案至董事会审议。 2、公司董事会审计合规委员会审议程序 公司召开了董事会审计合规委员会审议通过了《关于预计 2025 年度日常关 联交易的议案》，并同意提交该议案至董事会审议。 重要内容提示： 是否需要提交股东会审议：是。 ...

Revenue and Profit - Total revenue for 2024 reached RMB 1,011.85 million, a 2.20% increase compared to RMB 990.06 million in the previous year[5] - Net profit attributable to shareholders of the parent company was RMB 775.83 million, a decrease of 47.55% from RMB 1,479.27 million year-on-year[5] - Basic earnings per share decreased to RMB 0.5866, down 47.65% from RMB 1.1206 in the previous year[5] Assets and Equity - Total assets at the end of the reporting period were RMB 2,912.46 million, a slight decrease of 0.31% from RMB 2,921.53 million at the beginning of the period[5] - Shareholders' equity attributable to the parent company increased by 3.53% to RMB 2,231.96 million from RMB 2,155.81 million at the beginning of the period[5] Challenges and Market Conditions - The decline in net profit and operating profit was primarily due to intensified product price competition and increased R&D investments[7] - The company continues to face challenges from industry destocking and capacity release effects, despite some recovery in downstream demand[7] Projects and Operations - Major projects, including packaging base projects and 12-inch production lines in Chongqing and Shenzhen, are currently in ramp-up and construction phases, impacting profit metrics[8] Financial Data - The financial data presented is preliminary and subject to change upon final audit in the annual report[10]

报告期内，由于产能释放和行业去库存的叠加效应，产品价格竞争较为激烈，同时公司级重大项目，如 封装基地项目，重庆、深圳的12吋生产线项目，分别处于爬坡上量阶段和建设期阶段，前期的重资产投 资所带来的折旧影响对公司利润指标造成了一定压力。 证券时报网讯，华润微(688396)2月27日晚间发布业绩快报，2024年实现营业总收入101.19亿元，同比增 长2.2%；净利润7.76亿元，同比下降47.55%；基本每股收益0.59元。 ...

Core Viewpoint - The article emphasizes the importance of the semiconductor industry in China's new industrialization, highlighting the role of the Science and Technology Innovation Board (STAR Market) in supporting the growth and innovation of this sector through capital and policy initiatives [1][2]. Group 1: Industry Support and Development - The China Securities Regulatory Commission (CSRC) aims to enhance support for key industries such as integrated circuits, industrial mother machines, and medical equipment, recognizing the semiconductor industry as a strategic and foundational sector for economic development [1]. - Since its establishment, the STAR Market has become the preferred platform for semiconductor companies to go public, with 116 semiconductor firms listed, accounting for 60% of A-share semiconductor companies [1][2]. - The STAR Market has facilitated significant capital inflow, with 116 semiconductor companies raising a total of 298.9 billion yuan through IPOs, representing over 80% of the total IPO fundraising in the A-share semiconductor sector [2]. Group 2: Capital Utilization and R&D Investment - The average capital utilization rate among the 116 semiconductor companies is 66%, indicating high efficiency in fund usage [2]. - In the first three quarters of 2024, these companies invested a total of 32.9 billion yuan in R&D, with a median R&D intensity of 17%, significantly higher than the overall A-share level of 4% [2]. - Notable advancements include the development of a new generation of CPUs by Loongson Technology and the introduction of domestically produced CMP equipment by Huahai Qingshi, showcasing the impact of increased R&D investment [2]. Group 3: Policy Innovations and Talent Attraction - The STAR Market has implemented flexible stock incentive mechanisms to attract and retain high-end talent, with 77 semiconductor companies launching 150 stock incentive plans, covering approximately 66% of the sector [3]. - The introduction of policies to support mergers and acquisitions has led to a surge in high-quality industry consolidations, with 76 disclosed equity acquisitions since the "Eight Measures" policy, totaling over 19 billion yuan [4]. Group 4: Market Mechanisms and Investment Products - The STAR Market has established a market-friendly environment for venture capital and institutional investors, including the introduction of a market-making system to enhance liquidity and price stability [6]. - The STAR Market has also launched thematic indices and ETFs focused on the semiconductor industry, catering to investor demand and facilitating participation in the sector's growth [6].

证券时报e公司讯，近日，中共广东省委办公厅、广东省人民政府办公厅印发《广东省建设现代化产业 体系2025年行动计划》。 其中提出，加快华润微、方正微、粤芯、增芯等重大项目建设和产能"爬坡"，补齐集成电路制造、先进 封测等短板，大力发展材料及装备产业，谋划建设光芯片产业创新平台，打造全国集成电路"第三极"。 ...

北京市嘉源律师事务所 关于华润微电子有限公司 2025 年第一次临时股东大会的 法律意见书 - Ph YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 ิ้ A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:华润微电子有限公司 北京市嘉源律师事务所 关于华润微电子有限公司 2025年第一次临时股东大会的 法律意见书 嘉源(2025)-04-042 北京市嘉源律师事务所(以下简称"本所")接受华润微电子有限公司(以下 简称"公司")的委托,根据《上市公司股东大会规则》(以下简称"《股东大会规 则》")等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律 法规")以及《China Resources Microelectronics Limited(华润微电子有限公司) 经第八次修订及重列的组织章程大纲和章程细则》(以下简称"《公司章程》")的 有关规定,指派本所律师对公司 2025年第一次临时股东大会(以下 ...

2025 年第一次临时股东大会决议公告 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。 证券代码：688396 证券简称：华润微 公告编号：2025-001 华润微电子有限公司 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 （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 | 380 | | --- | --- | | 普通股股东人数 | 380 | | 2、出席会议的股东所持有的表决权数量 | 965,050,616 | | 普通股股东所持有表决权数量 | 965,050,616 | | 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 | 72.9156 | | 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（%） | 72.9156 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由公司董事会召集，表决方式为现场投票与网络投票相结合的方式。 本次会 ...

Investment Rating - The report maintains a "Neutral" rating for the company, Huazhu Microelectronics [2][10][25]. Core Insights - The company is expected to see better-than-expected performance in Q4 2024, driven by demand from consumer electronics [2]. - A new 12-inch wafer fab is set to come online, which is anticipated to boost revenue growth [2]. - Despite an industry-wide oversupply in power semiconductor products, improvements in product mix may stabilize profit margins [2]. - Revenue and profit growth rates for 2024-2026 are projected at 10% and 9% respectively [2]. - The target price for the company is set at 38.00 CNY, based on a 26x forward P/E ratio, reflecting industry challenges [10][26]. Summary by Sections Financial Forecasts - Revenue for FY2024 is estimated at 10,336 million CNY, with a growth rate of 4.4% [4][14]. - For FY2025, revenue is projected at 11,382 million CNY, with a growth rate of 10.1% [4][14]. - Adjusted net profit for FY2024 is expected to be 1,433 million CNY, with a net profit margin of 14.9% [29]. Market Dynamics - The company is transitioning towards becoming a more integrated semiconductor manufacturer, with plans to double revenue from its new high-end mask production facility [7]. - The competitive landscape in the power semiconductor sector is intensifying, leading to pricing pressures [7][10]. Valuation Metrics - The report indicates that the company's valuation is at the lower end of historical ranges, with a target price that aligns with industry averages [10][26]. - The adjusted EBITDA margin is projected to be around 20.6% for FY2025 [29]. Stock Performance - The stock has underperformed the A-share semiconductor index by 26% over the past year, reflecting market concerns about pricing competition [7][10].