Group 1 - Wuxi Xingqu Technology Co., Ltd. successfully completed a Series B financing round, led by semiconductor leader Chiplink Integration and market-oriented industrial capital [2] - The financing will be used for mass production of a new generation of ultra-integrated electric drive systems, research and development of silicon carbide technology, and global market expansion [2] - Xingqu Technology, established in 2021, is a high-performance electric drive company backed by Geely Holding Group and has nearly 20 years of R&D and manufacturing experience in power transmission systems and electronic components [2] Group 2 - The first phase of Xingqu Technology's factory has an annual production capacity of 300,000 electric drive systems and 250,000 motors, with an average capacity utilization rate exceeding 100% in 2024 [3] - The second phase of the project, covering 60,000 square meters, is expected to be topped out by the end of this year, with total electric drive system capacity projected to exceed 1 million units and motor capacity to exceed 2.5 million units by 2026 [3] - Since its establishment, Xingqu Technology has completed a full product line layout for pure electric and hybrid electric drives and has successfully expanded its customer base to over a dozen domestic and international clients [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%, while the net profit attributable to shareholders was a loss of 170 million yuan, reducing losses by 63.82% [1] - The company has seen significant growth in its four main business areas: automotive, industrial control, consumer electronics, and AI-related applications, contributing to a steady increase in revenue [2] - The transition to a system-level foundry model has enhanced the company's growth potential, allowing it to provide comprehensive chip system services, which has led to a substantial increase in revenue from module packaging [3] - Continuous breakthroughs in product development and market expansion, particularly in the AI sector, have positioned the company favorably for future growth [4] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 1.762 billion yuan, a year-on-year increase of 15.39%, and achieved a net profit of 12 million yuan, marking a return to profitability [1] - The company expects revenues for 2025-2027 to be 8.411 billion yuan, 10.605 billion yuan, and 13.256 billion yuan, respectively, with corresponding net profits of -446.71 million yuan, 662.39 million yuan, and 1.33282 billion yuan [8] Business Segments - Revenue from automotive, industrial control, and consumer electronics grew by 23%, 35%, and 2% respectively in the first half of 2025, with AI-related applications contributing 196 million yuan, accounting for 6% of total revenue [2] - The module packaging business saw a revenue increase of 141%, with automotive power module revenue growing over 200% [3] Market Position and Strategy - The company has successfully transitioned to a system-level foundry model, enhancing its service offerings and market recognition, particularly in automotive and AI sectors [3] - The company is actively expanding its presence in emerging markets, with significant advancements in automotive and data center technologies [4]

Core Viewpoint - Recently, Xilinx Integrated Circuit Manufacturing (Shaoxing) Co., Ltd. underwent a business change, with 15 shareholders, including Shaoxing Binhai New Area Chip Investment Fund Partnership (Limited Partnership), exiting, resulting in Xilinx Integrated holding a 100% stake [1] Group 1 - The company was established in 2021 with a registered capital of 3 billion yuan [1] - The business scope includes integrated circuit manufacturing, sales, design, and production of integrated circuit chips and products [1]

Core Viewpoint - Company has completed the transfer of 72.33% equity in the target company, achieving full ownership of 100% equity in the target company through a share issuance and cash payment transaction [1][2][3] Group 1: Transaction Overview - Company plans to issue shares and pay cash to acquire 72.33% equity in the target company from 15 transaction parties [1] - The transaction has received approval from the China Securities Regulatory Commission (CSRC) on July 18, 2025 [1] - The transfer of the target assets has been completed, with the new business license issued on August 8, 2025 [2] Group 2: Post-Transaction Matters - Company will issue shares and pay cash to transaction parties as per the agreement, and will handle the registration and listing of the new shares [2] - Independent financial advisor confirms that the transaction complies with relevant laws and regulations, and there are no substantial obstacles to the completion of subsequent matters [2][3] - Legal advisor states that all necessary approvals and authorizations have been obtained, and the transfer of the target assets has been successfully completed [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company offers a comprehensive chip system foundry service, with significant growth in module packaging business, which saw over 100% year-on-year revenue increase. The automotive power module revenue grew over 200% in the first half of 2025 due to deepening collaboration with end customers [4] - The company has established multiple production lines covering power semiconductors and signal chain foundry, continuously advancing in analog and control foundry services. The 12-inch silicon-based production line and 8-inch silicon carbide line are expected to enhance cost advantages and technological leadership, driving long-term growth in automotive, AI, high-end consumer, and industrial control sectors [5] - The company anticipates revenues of 8.04 billion, 10.01 billion, and 12.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected to be -470 million, 136 million, and 310 million yuan for the same years [7][8] Company Overview - The latest closing price is 5.18 yuan, with a total market capitalization of 36.6 billion yuan and a circulating market value of 22.9 billion yuan. The company has a total share capital of 7.069 billion shares, with a debt-to-asset ratio of 41.7% [3]

证券代码：688469 证券简称：芯联集成 公告编号：2025-046 芯联集成电路制造股份有限公司 关于发行股份及支付现金购买资产暨关联交易 之标的资产过户完成的公告 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、准确性和完整性承担法律责任。 芯联集成电路制造股份有限公司（以下简称"公司"）拟发行股份及支付现 金购买绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳市远致一号 私募股权投资基金合伙企业（有限合伙）等 15 名交易对方合计持有的芯联越州 集成电路制造（绍兴）有限公司（以下简称"标的公司"）72.33%股权（以下简 称"本次交易"）。 公司于 2025 年 7 月 18 日收到中国证券监督管理委员会出具的《关于同意芯 联集成电路制造股份有限公司发行股份购买资产注册的批复》（证监许可〔2025〕 1502 号）。批复文件的主要内容详见公司于 2025 年 7 月 19 日披露的《芯联集成 电路制造股份有限公司关于发行股份及支付现金购买资产暨关联交易事项获得 中国证券监督管理委员会同意注册批复的公告》。 公司根据中国证监会批复的要求积极推进 ...

华泰联合证券有限责任公司 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易 之标的资产过户完成情况的 独立财务顾问核查意见 独立财务顾问 签署日期：二〇二五年八月 独立财务顾问声明 本独立财务顾问特别提请广大投资者认真阅读就本次交易事项披露的相关 公告，查阅有关文件。 2 释义 本核查意见中，除非文意另有所指，下列简称具有如下含义： | 公司/上市公司/芯联集 成 | 指 | 芯联集成电路制造股份有限公司（股票代码：688469） | | --- | --- | --- | | | | 《芯联集成电路制造股份有限公司发行股份及支付现金购 | | 重组报告书 | 指 | 买资产暨关联交易报告书》 | | | | 《华泰联合证券有限责任公司关于芯联集成电路制造股份 | | 本核查意见 | 指 | 有限公司发行股份及支付现金购买资产暨关联交易之标的 | | | | 资产过户完成情况的独立财务顾问核查意见》 | | 标的公司/交易标的/芯 | | 芯联越州集成电路制造（绍兴）有限公司，原名为中芯越州 | | | 指 | | | 联越州 | | 集成电路制造（绍兴）有限公司 | | 标的资产 | ...

上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易 标的资产过户情况 之 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | 声明事项 | 2 | | --- | --- | | 正文 | 4 | | 一、本次交易方案的主要内容 4 | | | 二、本次交易的批准和授权 4 | | | 三、标的资产交割与过户情况 6 | | | 四、本次交易相关后续事项 7 | | | 五、结论 | 7 | 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易资产过户情况之 一、本所及本所经办律师依据《中华人民共和国证券法》《律师事务所从事 证券法律业务管理办法》《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 ...

Core Viewpoint - The company, ChipLink Integrated (688469.SH), has successfully applied its MEMS sensor chips in various fields, including voice interaction, posture recognition, motion capture, robotic manipulation, environmental perception, and navigation positioning [1] Group 1 - The MEMS sensor chips are utilized in AI glasses microphone chips and robotic laser radar chips, indicating significant breakthroughs in these applications [1]

Summary of Key Points Core Viewpoint - As of August 7, 115 companies have released their semi-annual reports for 2025, with 81 reporting a year-on-year increase in net profit, while 34 reported a decline. Additionally, 78 companies saw an increase in operating revenue, and 37 experienced a decrease. A total of 68 companies reported simultaneous growth in both net profit and operating revenue, while 24 companies saw declines in both metrics. Notably, 18 companies achieved a net profit growth rate exceeding 100%, with Zhimin Da leading at a staggering 2147.93% [1]. Company Performance - Zhimin Da (688636) reported earnings per share of 0.2284, with a net profit of 38.298 million and a year-on-year increase of 2147.93%. Its operating revenue reached 294.7564 million, reflecting an 84.83% increase [1]. - Shijia Guangzi (688313) achieved a net profit of 216.6475 million, marking a year-on-year increase of 1712.00%, with operating revenue of 992.6253 million, up 121.12% [1]. - Nanji Guang (300940) reported a net profit of 72.891 million, with a year-on-year increase of 982.43%, and operating revenue of 397.5085 million, up 244.67% [1]. - Tongzhou Electronics (002052) had a net profit of 203.0714 million, a year-on-year increase of 662.77%, with operating revenue of 539.7695 million, up 606.52% [1]. - Daodaquan (002852) reported a net profit of 180.9760 million, with a year-on-year increase of 563.15%, and operating revenue of 2792.4396 million, reflecting a slight increase of 1.16% [1]. Additional Company Insights - Huakang Jieneng (301235) reported a net profit of 18.6830 million, with a year-on-year increase of 273.48%, and operating revenue of 83.49115 million, up 50.73% [1]. - Chengxing Co. (600078) had a net profit of 18.5612 million, with a year-on-year increase of 211.08%, and operating revenue of 177.61177 million, up 9.85% [1]. - Kaimeite (002549) reported a net profit of 55.8461 million, with a year-on-year increase of 199.82%, and operating revenue of 31.03616 million, up 10.52% [1]. - Dong'an Power (600178) had a net profit of 3.9212 million, with a year-on-year increase of 157.75%, and operating revenue of 247.91147 million, up 25.72% [1]. Overall Market Trends - The overall trend indicates a strong performance among the majority of companies, with a significant number achieving substantial growth in both net profit and operating revenue, reflecting a positive outlook for the market [1][2].