Core Viewpoint - The company has successfully developed 10 microwave MMIC products, including power amplifiers, low-noise amplifiers, and digitally controlled phase shifters, which are applicable in communication and radar scenarios [1] Group 1: Product Development - The company has completed performance verification for its microwave MMIC products [1] - Microwave components such as S-band and Ku-band TR components are currently in the research and development phase [1] - The company is actively developing new products in clock management circuits and buffers, demonstrating relevant technical capabilities [1] Group 2: Commercialization and Production - The company will strictly follow R&D progress, market demand, and industry certification requirements for large-scale production and commercialization [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Views - The company's revenue for the first half of 2025 was 465 million yuan, a year-on-year decrease of 23.90%, with net profit attributable to shareholders dropping 73.03% to 62.37 million yuan [1][6]. - The decline in performance is attributed to a decrease in product prices and an increase in accounts receivable, leading to higher credit impairment losses [6]. - The company is focusing on research and development, with R&D expenses rising by 7.98% to 76.98 million yuan in the first half of 2025, and has launched over 60 new products during the reporting period [6][7]. - Revenue forecasts for 2025-2027 are projected at 1.181 billion, 1.536 billion, and 1.922 billion yuan respectively, with net profits expected to be 329 million, 420 million, and 489 million yuan [6][7]. Financial Data Summary - Total revenue for 2023 is projected at 1.297 billion yuan, with a decrease to 1.063 billion yuan in 2024, followed by a recovery to 1.181 billion yuan in 2025 [2][9]. - The company's gross margin for the first half of 2025 was 56.53%, down 10.92 percentage points year-on-year, while the net margin was 12.40%, down 25.22 percentage points [6]. - The company’s total assets are expected to grow from 5.360 billion yuan in 2023 to 7.968 billion yuan by 2027 [8].

Core Viewpoint - Zhuhai Fengguang (688439.SH) is positioned as a key supplier of high-reliability analog integrated circuit products in China, focusing on signal chain and power management products [1] Group 1: Company Overview - The company has developed multiple products that meet total ionizing dose radiation resistance requirements [1] - Products have undergone radiation resistance and aerospace-related experimental validation [1] - The company’s products are included in customer selection catalogs, indicating their applicability in the deep space economy sector [1]

格隆汇9月11日丨振华风光(688439.SH)在投资者互动平台表示，公司主要产品包括信号链及电源管理器 等系列产品。公司在商业卫星领域已有30余款产品完成相关试验，部分产品已通过客户验证，可满足卫 星领域应用环境，包括卫星互联网应用场景。具体产品涉及信号链中的放大器及电源类产品，相关技术 已覆盖商业航天领域需求。 ...

Group 1 - The company stated that there is no business relationship with its brother unit, Zhenhua New Materials, and only minor business interactions exist with Zhenhua Wind Power, primarily in material procurement, processing services, and utility supply [1][3] - The company emphasized that there is no competitive relationship with Zhenhua New Materials, which has solid-state battery material technology [1][3] - The company acknowledged the inquiry regarding potential collaboration in the solid-state battery sector, given its control over a new energy technology company with 3GW battery cell capacity [3]

Group 1 - The company has no current business dealings with its brother unit, Zhenhua New Materials (688707), which specializes in solid-state battery materials [1] - There is a minor business relationship with Zhenhua Wind Power (688439) involving material procurement, processing services, and utility supply, but it does not constitute a competitive relationship [1] - The company emphasizes its position as a central enterprise aiming to become a benchmark in the new energy sector [1]

（文章来源：证券日报） 证券日报网讯 9月8日晚间，振华风光发布公告称，公司2025年第一次临时股东大会于2025年9月8日召 开，审议通过了《关于取消监事会及修订的议案》等多项议案。 ...

北京市中伦律师事务所 关于贵州振华风光半导体股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：贵州振华风光半导体股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受贵州振华风光半导体股份 有限公司（以下简称"公司"）委托，指派律师见证公司 2025 年第一次临时股 东大会（以下简称"本次股东大会"）。本所律师根据《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》"）、《律师 事务所从事证券法律业务管理办法》等相关法律、法规、规章、规范性文件及《贵 州振华风光半导体股份有限公司章程》（以下简称"《公司章程》"）的规定， 对本次股东大会的相关事项进行见证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、 完整，所发表的结论性意见合法、准确，不存 ...

证券代码：688439 证券简称：振华风光 公告编号：2025-032 贵州振华风光半导体股份有限公司 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。 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 表决情况： （一） 股东大会召开的时间：2025 年 9 月 8 日 （二） 股东大会召开的地点：贵州省贵阳市高新区高纳路 819 号贵州振华风光 半导体股份有限公司 101 办公大楼 5 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 | 128 | | --- | --- | | 普通股股东人数 | 128 | | 2、出席会议的股东所持有的表决权数量 | 124,404,541 | | 普通股股东所持有表决权数量 | 124,404,541 | | 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 | 62.2022 | | 例（%） | | | 普通股股东所持 ...

中信证券股份有限公司 关于贵州振华风光半导体股份有限公司 2025 半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为贵州振 华风光半导体股份有限公司（以下简称"振华风光"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理 办法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持 续督导职责，并出具本持续督导半年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 8 月 21 日对公司进行了募集资金半年度现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度； （3）查阅公司与 ...