Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - The company achieved a revenue of 1.47 billion yuan in the first half of 2025, representing a year-on-year growth of 17.6%. The second quarter of 2025 saw revenue reach 785 million yuan, marking a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54% [1]. - The company has completed the acquisition of Zhuhai Shengsheng Microelectronics, enhancing its embedded processor capabilities and allowing for better integration of MCU chip design and development technologies [3]. - The company is expanding its product line with new offerings in high-end consumer electronics and automotive electronics, including piezoelectric drive chips and high-speed CAN/CAN FD transceivers [2]. Financial Summary - The company reported a net profit attributable to shareholders of 123 million yuan for the first half of 2025, a decrease of 40.21% year-on-year. The gross margin decreased by 4.3 percentage points to 36.97% [1]. - The revenue forecast for the company is as follows: 1.78 billion yuan in 2023, 2.57 billion yuan in 2024, and 3.34 billion yuan in 2025, with respective growth rates of 36.9%, 44.2%, and 30.2% [4]. - The projected net profit attributable to shareholders is 313 million yuan for 2025, with a corresponding PE ratio of 66x based on the stock price as of August 27, 2025 [3][4].

Core Viewpoint - The company reported its 1H2025 performance, showing revenue growth but a significant decline in net profit, attributed to increased R&D expenses and competitive market pressures [1][2]. Financial Performance - In 1H2025, the company achieved revenue of 1.47 billion yuan, a year-on-year increase of 17.60% [1] - The net profit attributable to shareholders was 123 million yuan, a year-on-year decrease of 40.21% [1] - The non-recurring net profit was 97 million yuan, down 52.70% year-on-year [1] - In 2Q2025, revenue reached 785 million yuan, up 21.08% year-on-year and 14.54% quarter-on-quarter [1] Business Expansion and Product Development - The company is expanding its product matrix across consumer electronics, automotive, and industrial sectors [2] - New products include high-end consumer electronics such as micro-pump liquid cooling piezoelectric drive chips and automotive electronics like automotive-grade high-speed CAN/CANFD transceivers [2] - In the industrial sector, the company launched new GaN integrated PFC products for applications in display power supplies and power tools [2] R&D Investment - R&D expenses for 1H2025 reached 282 million yuan, an increase of 54.62% year-on-year [2] - The R&D expense ratio increased by 4.60 percentage points to 19.21%, indicating a strong commitment to long-term development [2] - As of 1H2025, the number of R&D personnel rose to 756, accounting for 68.35% of the total workforce [2] Future Revenue Projections - The company projects revenues of 3.28 billion yuan, 4.15 billion yuan, and 5.01 billion yuan for 2025, 2026, and 2027 respectively [2] - Expected net profits for the same years are 362 million yuan, 546 million yuan, and 708 million yuan, with corresponding PE ratios of 57.6, 38.2, and 29.5 [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.47 billion yuan in 1H2025, representing a year-on-year increase of 17.60%, while the net profit attributable to shareholders decreased by 40.21% to 123 million yuan [7] - The company continues to expand its product matrix across various sectors, including consumer electronics, automotive, and industrial applications, with significant new product launches [7] - High R&D investment remains a focus, with R&D expenses reaching 282 million yuan in 1H2025, a year-on-year increase of 54.62%, indicating a commitment to building technological barriers [7] Financial Performance Summary - Revenue projections for the company are as follows: 3.28 billion yuan in 2025, 4.15 billion yuan in 2026, and 5.01 billion yuan in 2027, with corresponding net profits of 362 million yuan, 546 million yuan, and 708 million yuan respectively [6][7] - The company’s revenue growth rates are projected at 27.7% for 2025, 26.6% for 2026, and 20.6% for 2027 [6] - The company’s earnings per share (EPS) are expected to be 0.85 yuan in 2025, 1.28 yuan in 2026, and 1.66 yuan in 2027 [6] Market Performance - The company has shown a market performance of 94% over the last 12 months, outperforming the Shanghai Composite Index and the semiconductor sector [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a steady revenue growth of 17.60% year-on-year, with total revenue reaching 1.47 billion yuan in the first half of 2025 [1] - The company has expanded its R&D team significantly, with R&D expenses increasing by 54.62% year-on-year, and the number of R&D personnel rising to 756, accounting for 68.35% of total employees [4] - The company is diversifying its product offerings, launching new products in high-end consumer electronics and automotive electronics, which are expected to enhance its market position [2][3] Financial Performance - In Q2 2025, the company reported revenue of 785 million yuan, a year-on-year increase of 21.08% and a quarter-on-quarter increase of 14.54% [2] - The net profit attributable to the parent company for Q2 2025 was 59 million yuan, reflecting a year-on-year decrease of 43.42% and a quarter-on-quarter decrease of 6.81% [2] - The company expects to achieve revenues of 3.34 billion, 4.30 billion, and 5.49 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 30%, 28.9%, and 27.7% [5][6] Product Development and Strategic Initiatives - The company has adjusted its fundraising project to focus on building a chip testing industrial park, which will enhance its testing capabilities for consumer, automotive, and industrial chips [3] - New core technologies developed include piezoelectric micro-pump drive technology and GaN drive control technology, among others, which are expected to strengthen the company's competitive edge [4] Market Position and Valuation - The current stock price corresponds to a price-to-earnings (P/E) ratio of 64.1 for 2025, 46.5 for 2026, and 32.0 for 2027 [5][6] - The company’s total market capitalization is approximately 20.83 billion yuan [7]

Core Insights - Shanghai Nanchip Semiconductor Technology Co., Ltd. (Nanchip Technology) reported a revenue of 1.47 billion yuan for the first half of 2025, representing a year-on-year growth of 17.60% [1] - The net profit attributable to shareholders was 123 million yuan, while the net profit after deducting non-recurring gains and losses was 97.42 million yuan [1] - The company focuses on the research, design, and sales of analog and embedded chips, particularly in the power and battery management sectors, providing high-performance and cost-effective solutions [1] Financial Performance - Nanchip Technology's revenue for the first half of 2025 was 1.47 billion yuan, with a year-on-year increase of 17.60% [1] - The net profit attributable to shareholders reached 123 million yuan, and the net profit after deducting non-recurring gains was 97.42 million yuan [1] R&D Investment - The company increased its R&D personnel to 756, a growth of 33.33% compared to the end of 2024, with R&D staff accounting for 68.35% of the total workforce [1] - R&D investment for the first half of 2025 was 282 million yuan, marking a 54.62% increase year-on-year [1] - Nanchip Technology obtained 50 new authorized patents during the reporting period, bringing the total to 165 patents [1] Product Development - The product structure of Nanchip Technology has become increasingly diverse due to enhanced R&D investment [2] - In the consumer electronics sector, the company covers the entire charging chain from AC-DC power supply to charging management and lithium battery management [2] - In the automotive electronics sector, the company has developed on-board power management chips and intelligent driving chips [2]

Group 1 - The company aims to conduct foreign exchange derivative business, including forward foreign exchange settlement and sales, to mitigate the impact of exchange rate fluctuations on its operating performance [1][2] - The total amount for the foreign exchange derivative transactions planned for 2025 is not to exceed the equivalent of 500 million RMB or other equivalent foreign currencies [2][3] - The funding for these transactions will primarily come from the company's own funds and will not involve the use of raised funds [2][3] Group 2 - The effective period for the foreign exchange derivative business is twelve months from the approval date by the board of directors, with the ability to roll over the transaction limits within this period [3] - The company has established a comprehensive internal control system and risk response measures to effectively manage the risks associated with foreign exchange derivative transactions [4][5] - The company will account for and disclose the foreign exchange derivative business in accordance with relevant accounting standards [4] Group 3 - The company has received approval from its board of directors for the foreign exchange derivative business, which does not involve related party transactions and does not require shareholder approval [4] - The sponsor institution has no objections to the company's plan to conduct foreign exchange derivative transactions, affirming that it aligns with legal regulations and the company's operational needs [5]

Core Viewpoint - Shanghai Southchip Semiconductor Technology Co., Ltd. reported a revenue of approximately 1.47 billion yuan for the first half of 2025, reflecting a year-on-year growth of 17.60%, while net profit decreased by 40.21% to approximately 122.66 million yuan, indicating challenges in profitability despite revenue growth [3][15]. Company Overview and Financial Metrics - The company specializes in the research, design, and sales of analog and embedded chips, primarily focusing on power and battery management solutions [12][14]. - As of June 30, 2025, the total assets of the company reached approximately 4.90 billion yuan, an increase of 5.66% compared to the end of the previous year, while the net assets attributable to shareholders were approximately 4.00 billion yuan, up by 1.81% [3][15]. - The company’s comprehensive gross margin for the first half of 2025 was 36.97%, a decrease of 4.32 percentage points from the previous year [15]. Industry Context - The semiconductor industry is experiencing significant growth driven by demand in artificial intelligence, data centers, 5G, automotive electronics, and consumer electronics, with the global semiconductor market expected to reach approximately 718.9 billion USD in 2025, reflecting a year-on-year growth [5][6]. - The analog chip market is projected to exceed 100 billion USD in 2025, with a stable growth trajectory supported by advancements in technology and increasing applications in various sectors [6][7]. - In China, the integrated circuit production reached 239.5 billion units in the first half of 2025, marking an 8.7% year-on-year increase, indicating a robust domestic market for semiconductors [5][6]. Research and Development - The company has increased its R&D investment to approximately 282.45 million yuan in the first half of 2025, a growth of 33.33% in R&D personnel, which now constitutes 68.35% of the total workforce [15]. - The focus of R&D includes advanced technologies such as GaN drive control, multi-phase control technology, and RISC-V core processors, aimed at enhancing product offerings and market competitiveness [15][14].

Core Viewpoint - Shanghai South Chip Semiconductor Technology Co., Ltd. reported a significant increase in total assets and operating revenue for the first half of 2025, but experienced a substantial decline in net profit and total profit compared to the previous year [1]. Financial Summary - Total assets at the end of the reporting period reached approximately 4.90 billion RMB, an increase of 5.66% compared to the end of the previous year [1]. - Operating revenue for the reporting period was approximately 1.47 billion RMB, reflecting a growth of 17.60% year-on-year [1]. - Total profit amounted to approximately 120.29 million RMB, a decrease of 41.41% compared to the same period last year [1]. - Net profit attributable to shareholders was approximately 97.42 million RMB, down 52.70% from the previous year [1]. Shareholder Information - The total number of shareholders as of the reporting period was 14,873 [2]. - The largest shareholder, Mr. Ruan Chenjie, holds 17.10% of the shares, amounting to 72,780,573 shares [2]. - Other significant shareholders include Shanghai Integrated Circuit Industry Investment Fund Co., Ltd. and Anke Innovation Technology Co., Ltd., holding 4.44% and 3.26% of shares respectively [2].

格隆汇8月27日丨南芯科技(688484.SH)发布中报，2025上半年实现营业总收入14.7亿元，同比增长 17.6%；归属母公司股东净利润1.23亿元，同比下降40.21%；基本每股收益为0.29元。 ...

中信建投证券股份有限公司 关于上海南芯半导体科技股份有限公司 开展远期结售汇等外汇衍生产品业务的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为上海南芯半导体科技股份有限公司（以下简称"南芯科技"或"公司"）首 次公开发行股票并在科创板上市的保荐机构，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》和《上海证券交易所科创板上市 公司自律监管指引第 1 号——规范运作》等相关规定，对南芯科技开展远期结售 汇等外汇衍生产品业务进行了核查，发表意见如下： 一、交易情况概述 （一）开展相关业务的目的 公司在经营业务活动开展过程中存在境外销售和境外采购，结算币种主要采 用美元，人民币汇率波动将直接影响产品的价格竞争力，从而对经营业绩造成影 响。为适应外汇市场变化，充分利用远期结售汇的套期保值功能及期权类产品外 汇成本锁定功能，实现以规避风险为目的的资产保值，降低汇率波动对公司的影 响，公司及纳入合并报表范围内的子公司（以下简称"子公司"）拟开展远期结 售汇等外汇衍生产品业务。 （二）交易方式 公司及子公司拟开展的外汇产品业务包括（但不限于）外币远期结售汇、外 ...