Core Viewpoint - ChipLink Integrated (688469.SH) reported a revenue of 3.495 billion yuan for the first half of the year, representing a year-on-year growth of 21.38%, but incurred a net loss of 170 million yuan [1] Financial Performance - The company achieved a net profit attributable to the parent company that reduced its losses by 63.82% year-on-year for the first half of 2025, with a second-quarter net profit of 12 million yuan, marking the first time it turned positive in a single quarter [1] - Gross margin stood at 3.54%, an increase of 7.79 percentage points year-on-year [1] - Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached 1.101 billion yuan, with an EBITDA margin of 31.51% [1]

Core Viewpoint - ChipLink Integrated (688469) reported a significant increase in revenue for the first half of 2025, achieving 3.495 billion yuan, which represents a year-on-year growth of 21.38%. However, the company recorded a net loss attributable to shareholders of 170 million yuan, an improvement from a loss of 471 million yuan in the same period last year [1]. Group 1 - The company expanded its market presence and actively explored new application areas, which effectively drove sales growth [1]. - The implementation of supply chain management and lean production practices contributed to cost reduction and efficiency improvements, leading to a notable enhancement in overall profitability [1].

芯联集成公告，2025年上半年营业收入34.95亿元，同比增长21.38%。归属于上市公司股东的净亏损1.7 亿元，同比减亏63.82%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [4] Core Viewpoints - The demand for AI computing facilities is expected to drive the growth of SiC/GaN power devices, opening up new growth opportunities in the industry [2][24] - The report emphasizes that the application potential of SiC/GaN in AI computing facility power supply systems has not been fully explored, and future demand is likely to continue increasing [7][24] Summary by Sections Investment Recommendations and Targets - AI server and data center demand is anticipated to create growth opportunities for SiC/GaN power devices. Key companies to watch include: - GaN industry leader Innoscience - Major power device manufacturers such as Wingtech Technology, China Resources Microelectronics, New Clean Energy, Star Semiconductor, and Tianyue Advanced - Wafer foundry company Chipone Integrated Circuits focusing on SiC power devices - Passive component companies like Farah Electronics and Jianghai Co., Ltd. - Companies in the third-generation semiconductor equipment market like Zhongwei Company [2][29] Industry Dynamics - The report highlights that AI computing facilities will increase the demand for SiC/GaN devices, particularly in high-voltage direct current (HVDC) and power module applications [7][8] - The transition from traditional power supply architectures to higher voltage systems (800V DC) is expected to enhance power transmission efficiency, thus driving the adoption of SiC/GaN devices [10][14] - The report notes that the penetration rate of SiC in global power semiconductors is projected to reach 4.9% by 2024, while GaN's penetration is at 0.5% in 2023, indicating room for growth [21][22] Company Insights - Innoscience is recognized as the global leader in the GaN industry, with a revenue of 830 million yuan in 2024, reflecting a year-on-year growth of 39.8% [30][34] - Wingtech Technology is focusing on semiconductor business growth, with a revenue of 58.4 billion yuan in 2024, and is strategically transforming to enhance its position in the power semiconductor industry [40][44] - China Resources Microelectronics is experiencing steady revenue growth, achieving 10.12 billion yuan in 2024, with a focus on enhancing its SiC/GaN product capabilities [50][51]

Core Viewpoint - The financing activities of ChipLink Integrated Circuit have shown a mixed trend, with a slight net sell-off on August 1, 2023, indicating potential investor caution [1] Financing Activities - On August 1, ChipLink Integrated Circuit recorded a financing buy amount of 0.24 billion, ranking 664th in the market [1] - The financing repayment amount on the same day was 0.25 billion, resulting in a net sell of 1.1028 million [1] - Over the last three trading days, the financing buy amounts were 0.39 billion, 0.36 billion, and 0.24 billion respectively [1] Securities Lending - On August 1, the company had no shares sold short, with a net buy of 0.0004 million shares [1]

Group 1 - The company, ChipLink Integrated, announced that it will hold a semi-annual performance briefing on August 7, 2025, from 15:00 to 16:30 via Value Online [1]

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：688469 证券简称：芯联集成 公告编号：2025-043 芯联集成电路制造股份有限公司 关于召开2025年半年度业绩说明会的公告 会议召开时间：2025 年 08 月 07 日（星期四）15:00-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 度报告摘要》。为便于广大投资者更加全面深入地了解公司经营业绩、发展战略 等情况，公司定于 2025 年 08 月 07 日（星期四）15:00-16:30 在"价值在线" （www.ir-online.cn）召开芯联集成电路制造股份有限公司 2025 年半年度业绩 说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 二、说明会召开的时间、地点和方式 会议召开时间：2025 年 08 月 07 日（星期四）15:00-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 重要内容提示： 会 议 问 题 征 集 ： 投 ...

Core Viewpoint - The article highlights the strategic positioning and technological advancements of ChipLink Integrated, a key player in the semiconductor manufacturing sector, particularly in power semiconductors and sensors, as it navigates the evolving landscape of the industry and the AI revolution [2][3][5]. Group 1: Company Strategy and Market Position - ChipLink Integrated, under the leadership of Chairman Zhao Qi, has focused on power semiconductors and sensors, which were initially seen as unconventional choices in the industry [3][5]. - The company has rapidly ascended to become a leader in automotive-grade chips, capitalizing on the explosive growth of the new energy vehicle market [5]. - Zhao Qi emphasizes the importance of maintaining technological leadership and the necessity of continuous innovation to survive in the competitive semiconductor landscape [8][18]. Group 2: Technological Advancements - The company adopts a strategy of releasing new technologies in a staggered manner, ensuring that two generations of technology are always in development while one is in production, thus maintaining a competitive edge [8][10]. - ChipLink Integrated has recognized the critical role of AI in driving hardware requirements, particularly in efficient power management and the increasing demand for intelligent sensing capabilities [11][12]. - The implementation of AI tools has significantly improved the efficiency of chip design and process development, leading to a 30% increase in experimental efficiency [12][13]. Group 3: Financial Performance and Future Outlook - The company has faced initial losses due to heavy investments in equipment and technology, but it anticipates a turnaround in profitability, with projections for a positive gross margin in 2024 [17]. - In the first quarter of 2025, ChipLink Integrated reported a revenue of 1.734 billion, a year-on-year increase of 28.14%, with significant growth in its wafer foundry and module packaging segments [17]. - The company aims to become the largest and most advanced research and manufacturing base in China's power and analog semiconductor sector, with a long-term goal of joining the global first tier in the industry [18][19].

Core Viewpoint - The approval of the acquisition of 72.33% of Chip Union Yuezhou by Chip Union Integrated marks a significant milestone in the semiconductor industry, being the largest chip acquisition case on the Sci-Tech Innovation Board, with a transaction value of approximately 5.9 billion yuan [1][3]. Group 1: Acquisition Details - Chip Union Integrated announced the acquisition plan on June 2024, intending to pay approximately 5.9 billion yuan, with 90% of the payment in shares and 10% in cash [5]. - The acquisition will make Chip Union Yuezhou a wholly-owned subsidiary of Chip Union Integrated, enhancing its capabilities in power semiconductors and MEMS [5][7]. - Chip Union Yuezhou specializes in power semiconductor wafer foundry services, particularly in silicon carbide (SiC) technology, and is recognized for its advanced production capabilities [6][7]. Group 2: Financial Performance - Both companies are currently operating at a loss, with Chip Union Integrated reporting a total loss of 4.008 billion yuan over the past three years, while Chip Union Yuezhou has incurred losses of approximately 2.6 billion yuan [1][8]. - Chip Union Yuezhou's revenue has shown significant growth, increasing from 137 million yuan in 2022 to an estimated 1.798 billion yuan in 2024, with a projected further increase in 2024 [8][9]. - Chip Union Integrated's revenue has also been on the rise, with a forecasted revenue of 6.509 billion yuan in 2024, reflecting a year-on-year growth of 22.25% [9][10]. Group 3: Research and Development - Chip Union Integrated has invested approximately 4.21 billion yuan in R&D from 2022 to 2024, while Chip Union Yuezhou has invested around 1.241 billion yuan in the same period [9][10]. - The companies are focusing on high R&D expenditures and advanced production techniques to improve their market position and profitability in the future [8][10]. - Chip Union Integrated aims to achieve profitability by 2026, driven by its strategic focus on the new energy and AI sectors [10][11].

Core Viewpoint - The acquisition of 72.33% of ChipLink Yuzhou Integrated Circuit Manufacturing Co., Ltd. by ChipLink Integrated (688469.SH) for 5.897 billion yuan is the first merger approved by the CSRC under the new "K8 Measures," emphasizing a shift towards prioritizing "hard technology" and long-term strategic development over short-term profitability [1][7][8]. Group 1: Acquisition Details - The transaction involves ChipLink Integrated purchasing the stake in ChipLink Yuzhou through a combination of issuing shares and cash payments, with the total transaction price set at 5.897 billion yuan [2][3]. - ChipLink Yuzhou is recognized as a leading domestic producer of automotive-grade SiC MOSFET power devices, with over 90% of its products used in the main drive inverters of electric vehicles [2][3]. - The acquisition will allow ChipLink Integrated to fully control ChipLink Yuzhou, enabling integrated management of their combined production capacities of 100,000 pieces per month and 70,000 pieces per month, respectively [3]. Group 2: Financial Performance - ChipLink Integrated's net profits from 2019 to 2024 show a trend of losses, with figures of -772 million yuan, -1.366 billion yuan, -1.236 billion yuan, -1.088 billion yuan, -1.958 billion yuan, and a projected profit of 962 million yuan in 2024 [3]. - ChipLink Yuzhou has also reported continuous losses over the past three years, with losses of 700 million yuan, 1.1 billion yuan, and 868 million yuan for 2022, 2023, and 2024 (as of October 31) respectively [3]. Group 3: Regulatory Context - The rapid approval of this merger by the CSRC reflects a new regulatory direction that supports the acquisition of unprofitable "hard technology" companies, indicating a more flexible approach to the standards of "sustainable operational capability" [7][8]. - The merger is seen as a significant signal for the integration of the semiconductor industry, aligning with national strategies for semiconductor self-sufficiency and carbon neutrality [9]. Group 4: Strategic Implications - The acquisition is expected to enhance the competitive edge of ChipLink Integrated in the automotive chip foundry sector by focusing on high-tech products and business development [3]. - Analysts suggest that this merger could lead to more strategic mergers and acquisitions in the high-tech sector, particularly in areas like third-generation semiconductors and advanced packaging, driven by technological integration and market demand [8][9].