重要内容提示： 证券代码：688396 证券简称：华润微 公告编号：2025-023 华润微电子有限公司 关于公司拟议注册地变更相关事项的公告 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。 华润微电子有限公司（以下简称"公司"）拟通过在中华人民共和国香港 特别行政区（以下简称"香港"）存续注册为股份公司并在开曼群岛撤销注册的方 式，将公司注册地由开曼群岛变更为香港（以下简称"拟议存续注册"或"拟议迁 册"）。 如拟议存续注册获得批准，公司注册地的司法管辖区自拟议存续注册生 效之日起将发生变化，但公司的业务和运营将保持不变。此外，拟议存续注册不 会对公司及公司子公司的经营产生任何重大影响。 如拟议存续注册获得批准，税务方面，公司本身的税务处理及公司境内 投资者从公司获得股息分配所得、买卖公司股份的税务处理不会因拟议存续注册 产生重大影响；境内投资者权益保护方面，公司迁册后涉及公司治理、运行规范 等相关事项将须适用境外注册地香港的相关法律法规，与公司目前注册于开曼群 岛时的相关公司治理实践存在一定差异，但其对境内投资者权益的 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its integrated operations and expected recovery in power semiconductor demand [5][8]. Core Views - The company is expected to benefit from a recovery in the power semiconductor industry, with inventory levels returning to reasonable levels and gross margins beginning to rebound [7][10]. - The company operates a fully integrated supply chain, focusing on both product solutions and manufacturing services, which positions it well for growth in various applications, particularly in automotive electronics and industrial sectors [7][15]. Summary by Sections 1. Comprehensive Power Semiconductor Layout - The company employs an IDM model, integrating chip design, mask manufacturing, wafer fabrication, and packaging testing, which enhances operational efficiency [15][17]. - The product and solution segment focuses on power semiconductors, smart sensors, and smart control, while the manufacturing and service segment provides large-scale mask manufacturing, wafer fabrication, and packaging testing [7][15]. 2. Power Semiconductor: Diverse Product Series and Application Expansion - The global power semiconductor market is expected to grow steadily, with domestic manufacturers catching up [69]. - The company is expanding its MOSFET products into automotive electronics, industrial applications, and AI servers, with IGBT products dominating over 70% in industrial and automotive sectors [7][10]. 3. Manufacturing and Services: Specialized Process Platforms - The company has established multiple wafer manufacturing lines, including 8-inch and 12-inch lines, with a focus on high-performance products [21][23]. - The packaging and testing segment covers a wide range of semiconductor testing processes, ensuring comprehensive service offerings [21][23]. 4. Profit Forecast and Valuation - The company is projected to achieve net profits of 959 million, 1.205 billion, and 1.650 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.80%, 25.63%, and 36.91% [6][8]. - The current price-to-earnings ratios are estimated at 64.88, 51.65, and 37.72 for the years 2025, 2026, and 2027, indicating a favorable valuation compared to peers [8][10].

Investment Rating - The investment rating for CR Micro (688396.SS) has been upgraded from Underweight to Equal-weight with a target price increase from Rmb28.10 to Rmb40.00 [3][5]. Core Insights - The report identifies three key investment themes in the Chinese automotive semiconductor sector: Power Discrete Devices, Advanced Driver Assistance Systems (ADAS), and Microcontrollers (MCU) [4][23]. - China's electric vehicle (EV) market is projected to grow significantly, with EV penetration expected to rise from 28% in 2024 to 42% by 2030, indicating a strong demand for automotive semiconductors [3][27]. - The report emphasizes the importance of localization in the semiconductor supply chain, noting that most global automotive chip companies are still in the early stages of implementing localization strategies in China [4][28]. Summary by Sections Investment Themes - The three key investment areas are: 1. **Power Discrete Devices**: Chinese companies have made solid progress in IGBT and SiC substrates, with opportunities in MOSFET and SiC devices [4][40]. 2. **ADAS**: The ADAS SoC market is expected to have the highest compound annual growth rate (CAGR), benefiting various suppliers including SoC vendors and peripheral chip manufacturers [4][24]. 3. **MCU**: The self-sufficiency rate for automotive MCUs is very low, at less than 5% in 2024, indicating significant growth potential for leading local companies [4][41]. Market Dynamics - China consumed 56% of the global electric vehicle production, and the report forecasts that the domestic automotive semiconductor market will continue to grow faster than global peers due to the increasing demand for EVs and government support for supply chain localization [3][27]. - The report highlights that the automotive semiconductor supply chain in Greater China currently accounts for less than 5% of the global supply, with a self-sufficiency rate of only 15% [37][38]. Company Ratings and Strategies - The report recommends specific companies for investment based on their positions in the identified themes: - **Power Semi**: Companies like Starpower (603290.SS), Yangjie Technology (300373.SZ), and SICC (688234.SS) are highlighted for their growth potential [5][23]. - **ADAS**: Companies such as Horizon Robotics (9660.HK) and Will Semiconductor (603501.SS) are noted for their strong positions in the ADAS market [5][23]. - **MCU**: GigaDevice (603986.SS) is recognized for its potential to benefit from localization trends [5][23]. Future Projections - The report anticipates that by 2027, the self-sufficiency rate for automotive chips in China will reach 28%, reflecting the ongoing efforts to enhance local production capabilities [16][53]. - The expected growth in the electric vehicle market is projected to triple by 2030, with significant implications for the semiconductor industry [33][34].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company's revenue in Q1 2025 showed a year-on-year improvement of 11.29%, with a steady increase in the proportion of automotive electronics [1]. - The product and solution segment's revenue for 2024 increased by 10.35%, with automotive electronics' share rising from 19% in 2023 to 21% [2]. - The manufacturing and service segment's revenue for 2024 decreased by 7.72%, but the company is upgrading its process platforms [3]. - The company is expected to achieve net profits of 9.63 billion, 11.84 billion, and 14.60 billion for 2025 to 2027, respectively, with a maintained "Outperform the Market" rating [4]. Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 101.2 billion (YoY +2.2%), but the net profit attributable to the parent company was 6.44 billion (YoY -42.87%) with a gross margin of 27.49% (YoY -5.03 percentage points) [1]. - For Q1 2025, the company reported a revenue of 23.55 billion (YoY +11.29%, QoQ -11.04%) and a net profit of 0.65 billion (YoY -12.5%, QoQ -62.6%) with a gross margin of 25.29% (YoY -1.18 percentage points, QoQ -2.06 percentage points) [1]. Product and Solution Segment - The product and solution segment generated a revenue of 51.53 billion in 2024 (YoY +10.35%), with automotive electronics accounting for 21% of the revenue [2]. - The company expects a 15% growth in MOSFET products and approximately 50% growth in IGBT products for 2025 [2]. Manufacturing and Service Segment - The manufacturing and service segment's revenue for 2024 was 46.88 billion (YoY -7.72%), with ongoing upgrades to process platforms [3]. - Advanced packaging business revenue grew by 44%, and the power packaging business revenue increased by 237% [3]. Research and Development - The company's R&D expenditure in 2024 was 11.67 billion, accounting for 11.53% of revenue, with key projects progressing smoothly [3]. Financial Forecast - The company is projected to achieve revenues of 11.30 billion, 12.68 billion, and 14.01 billion from 2025 to 2027, with net profits expected to rise from 963 million in 2025 to 1.46 billion in 2027 [5].

内容概况：中国半导体二极管行业正处于快速发展与转型升级的关键阶段。2024年，中国半导体二极管 行业市场规模为22.57亿美元，同比增长15.33%，主要得益于新能源汽车、5G通信、工业控制等下游应 用领域的强劲需求。技术层面，国内企业加速突破。第三代半导体材料（如碳化硅、氮化镓）的应用成 为焦点，推动二极管向高频、高效、耐高压方向发展。例如，SiC肖特基二极管已在电动汽车充电桩、 光伏逆变器等领域实现规模化应用。此外，光电集成领域取得创新，中国科学技术大学团队提出的三电 极光电二极管结构，通过场效应调控实现光通信带宽提升60%，为下一代高速光电芯片提供技术支撑。 相关上市企业：扬杰科技（300373）、苏州固锝（002079）、捷捷微电（300623）、华微电子 （600360）、华润微（688396）、士兰微（600460） 相关企业：江西铜业股份有限公司、中环半导体股份有限公司、北方华创科技集团股份有限公司、华海 诚科科技股份有限公司、华海清科股份有限公司、上海微电子装备（集团）股份有限公司、华为技术有 限公司、小米科技有限责任公司、比亚迪股份有限公司、小鹏汽车科技有限公司、有研半导体硅材料股 份公司、 ...

Core Points - The company announced a cash dividend of CNY 0.058 per share, totaling CNY 76,996,705.08, based on a total share capital of 1,327,529,398 shares [1][2] - The dividend distribution plan was approved at the annual shareholders' meeting on May 23, 2025 [1] - The cash dividend will be distributed to shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [1] Dividend Distribution Details - The cash dividend will be distributed as follows: - For individual shareholders holding shares for more than one year, the dividend is exempt from personal income tax, resulting in a net cash dividend of CNY 0.058 per share [3] - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution; tax will be calculated and withheld upon the transfer of shares [3] - For Qualified Foreign Institutional Investors (QFIIs), a 10% corporate income tax will be withheld, resulting in a net cash dividend of CNY 0.0522 per share [4] - For investors holding shares through the Shanghai-Hong Kong Stock Connect, the same 10% tax applies, leading to a net cash dividend of CNY 0.0522 per share [5] - Other corporate shareholders are responsible for their own tax declarations, with a gross cash dividend of CNY 0.058 per share [5] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Board Office at 0510-85893998 or via email at crmic_hq_ir_zy@crmicro.com [5]

证券代码：688396 证券简称：华润微 公告编号：2025-022 华润微电子有限公司 2024年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/11 | 2025/6/12 | 2025/6/12 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 23 日的2024年年度股东会审议通过。 二、 分配方案 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/11 | 2025/6/12 | 2025/6/12 | 四、 配实施办法 1. 实施办法 除自行发放的股东外，其他股东的红利委托中国结算上海分公司通过其资金 清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券交易所各会 员办理了指定交易的股东派发。已办理指定交易的投资者可于红利发放日在其指 定的证券营业部领取 ...

证券代码：688396 证券简称：华润微 公告编号：2025-021 华润微电子有限公司 关于选举董事长、董事会专门委员会委员 及聘任高级管理人员、证券事务代表的公告 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。 华润微电子有限公司（以下简称"华润微"或"公司"）于 2025 年 5 月 30 日召开了第三届董事会第一次会议，审议通过了《关于选举公司第三届董事会董 事长的议案》《关于选举公司第三届董事会各专门委员会委员及主任委员的议案》 《关于聘任公司高级管理人员的议案》《关于聘任公司证券事务代表的议案》等。 具体情况公告如下： 一、选举公司第三届董事会董事长 公司选举何小龙先生担任公司董事长，任期与公司第三届董事会任期一致。 何小龙先生个人简历详见公司于 2025 年 4 月 30 日在上海证券交易所网站 （www.sse.com.cn）披露的《华润微电子有限公司关于董事会换届选举的公告》。 二、选举公司第三届董事会专门委员会委员 （1）选举何小龙先生、肖宁先生、李悦先生为董事会战略与可持续发展委 员会委员，何小龙先生 ...

证券代码：688396 证券简称：华润微 公告编号：2025-020 华润微电子有限公司 2024年年度股东会决议公告 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： （一） 非累积投票议案 本次会议是否有被否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 218 | | --- | --- | | 普通股股东人数 | 218 | | 2、出席会议的股东所持有的表决权数量 | 999,351,651 | | 普通股股东所持有表决权数量 | 999,351,651 | | 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例（%） | 75.2790 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 75.2790 | （四） 表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 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。 本次会议的召开、召集与表决程序符合公司注册地开曼群岛的法律、《上海 （一） 股东会召开的时间：2025 ...

北京市嘉源律师事务所 关于华润微电子有限公司 2024 年年度股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 R FE UNES ES FI 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 2024年年度股东会的 法律意见书 嘉源(2025)-04-370 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《上市公司股东会规则》(以下简称"《股东会规 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)经第九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 2024年年度股东会(以下简称"本次股东会") 进行见证,并依法出具本法律意 ...