证券日报网讯1月22日，振华风光在互动平台回答投资者提问时表示，公司在T/R组件领域已有明确布 局，目前公司已有6款产品可应用于T/R组件，且部分产品已于2025年第三季度实现供货，处于小批量 订货阶段，主要服务于通信、雷达等领域。在射频技术方面，公司已推出射频收发系统解决方案，持续 完善技术能力。关于ADC芯片及波控芯片的产品，公司暂未涉及。在商业航天领域，部分抗辐照产品 已进入小卫星选用目录。 ...

格隆汇1月22日丨振华风光(688439.SH)在投资者互动平台表示，公司在T/R组件领域已有明确布局，目 前公司已有6款产品可应用于T/R组件，且部分产品已于2025年第三季度实现供货，处于小批量订货阶 段，主要服务于通信、雷达等领域。在射频技术方面，公司已推出射频收发系统解决方案，持续完善技 术能力。关于ADC芯片及波控芯片的产品，公司暂未涉及。在商业航天领域，部分抗辐照产品已进入 小卫星选用目录。 ...

Core Viewpoint - The company focuses on the high-reliability integrated circuit sector, with a product system that includes signal chain and power management categories, contributing significantly to its revenue [1] Group 1: Business Focus - The company's main business areas include amplifiers, converters, interface drivers, system integration packaging circuits, power management units, RISC-V architecture MCUs, radiation-resistant products, and RF microwave technologies [1] - Signal chain products are identified as the core business segment, consistently contributing the majority of revenue during the reporting period [1] Group 2: Product Development - Amplifier products maintain a leading market position due to their advantages in precision operations and high-speed data acquisition [1] - The company is increasing its research and development investments in new areas such as MCUs and RF microwave technologies to expand its product matrix in response to market demands [1]

Core Viewpoint - The company anticipates an increase in credit impairment losses in Q3 2025 compared to the previous year, primarily due to a rise in accounts receivable and the corresponding increase in bad debt provisions [1] Group 1: Financial Performance - The increase in credit impairment losses is attributed to a higher balance of accounts receivable, which necessitates greater provisions for bad debts [1] - The company's main clients are state-owned enterprises and research institutions in high-reliability sectors, with sales primarily conducted on credit and longer payment cycles [1] Group 2: Risk Management - The company plans to continuously optimize its accounts receivable management by enhancing customer credit assessments and improving collection incentive mechanisms to mitigate risks [1] - Specific financial data and operational analysis will be available in the company's periodic reports [1]

Group 1 - The core viewpoint of the article highlights that the company, Zhenhua Wind Power, is actively engaged in the production of various storage chip products and has successfully transitioned approximately 10 products to production with small batch orders received [1] - The company focuses on high-reliability integrated circuits in the satellite aerospace sector, primarily supporting commercial space with over 30 products having completed relevant testing and some validated by customers [1] - Products developed based on radiation-resistant technology, such as radiation-level R/D converters and high-power operational amplifiers, have been applied in the commercial satellite field, with some products included in the commercial satellite selection directory and achieving order conversion [1] Group 2 - The company plans to continue deepening its technological advantages in high-reliability integrated circuits, with a focus on technological innovation and product iteration, although specific business directions will depend on market dynamics and national industrial policies [1]

Core Viewpoint - The company is focusing on high-reliability integrated circuits for the satellite aerospace sector, with plans for continued innovation and product iteration based on market dynamics and national industrial policies [1] Group 1: Product Development - The company produces a range of storage chip products including NAND FLASH, EMMC, DDR, EEPROM, and NOR FLASH, with approximately 10 products having completed production transformation and received small batch orders [1] - In the commercial aerospace sector, the company has completed tests for over 30 products in the small satellite field, with some products validated by customers [1] Group 2: Market Focus - The company is primarily focused on the high-reliability integrated circuit market, particularly in commercial aerospace applications, mainly in launch vehicles [1] - Products developed with radiation-resistant technology, such as radiation-grade R/D converters and high-power operational amplifiers, have been applied in commercial satellite fields and included in commercial satellite selection directories, leading to order conversions [1] Group 3: Future Plans - The company plans to continue deepening its technological advantages in high-reliability integrated circuits and will prioritize technological innovation and product iteration [1] - The specific business direction will depend on market dynamics and national industrial policies [1]

Core Viewpoint - The company, Zhenhua Wind Power, has confirmed that it is currently not involved in the production of High Bandwidth Memory (HBM) products, focusing instead on its existing DRAM series products [2]. Group 1 - The company has stated that its current memory products include a series of DRAM, and further details can be found in publicly disclosed product materials and responses on the investor interaction platform [2]. - The company emphasizes its commitment to compliance with information disclosure regulations and will adhere to legal obligations if there are significant changes in its business layout in the future [2].

Core Viewpoint - The company clarified the difference between product delivery cycles and inventory turnover days, indicating that longer cycles are due to specific industry requirements and have implemented measures to optimize cash flow and operational efficiency [1] Group 1: Product Delivery and Inventory Management - The product delivery cycle is defined as the time from order signing to product delivery, which ranges from 3 to 6 months [1] - Inventory turnover days are longer due to the need for special integrated circuits to undergo multi-scenario validation and safety stock requirements [1] - The company acknowledges that the longer accounts receivable cycle is related to downstream customer settlement processes and industry characteristics [1] Group 2: Financial Impact and Optimization Measures - The extended collection period may increase funding costs and impact profits [1] - The company has implemented several optimization measures, including an order-driven production model to reduce raw material inventory [1] - Strengthening collection management through a phased payment mechanism aims to improve cash flow [1] - The company is enhancing operational efficiency through digital systems [1] - Relevant financial impacts have been disclosed in periodic reports [1]

Core Viewpoint - The company, Zhenhua Fengguang, clarified that it is not currently involved in the production of High Bandwidth Memory (HBM) products, despite having relevant technology patents and reserves [1] Group 1: Company Information - Zhenhua Fengguang responded to an investor inquiry regarding its capabilities in producing HBM products, stating that it does not currently manufacture such products [1] - The company’s existing memory products include a series of DRAM, with further details available in publicly disclosed product information and investor interaction platform responses [1] - The company emphasizes its commitment to compliance with information disclosure regulations and will adhere to legal obligations if there are significant changes in its business layout in the future [1]

Core Viewpoint - Shenzhen Zhenghe Xing plans to reduce its holdings in Zhenhua Wind Power (688439.SH) by up to 6 million shares, representing no more than 3% of the company's total share capital [1] Group 1 - Shenzhen Zhenghe Xing intends to sell shares due to its own funding needs [1] - The total number of shares to be reduced is capped at 6 million [1] - The reduction will not exceed 3% of the company's total share capital [1]