证券研究报告：电子 | 公司点评报告 股票投资评级 芯朋微(688508) 工业市场营收同比大幅提升 l 事件 公司发布 2025 年半年报，上半年公司实现营业收入 6.36 亿元， 同比增长 40.32%；归母净利润 0.90 亿元，同比增长 106.02%。 l 投资要点 工业、AI 计算等新兴领域持续突破，营收、利润双增长。公司全 面覆盖智能家电、电力能源、智能终端、工业控制和 AI 计算等五大 重点市场应用领域的功率半导体需求，持续取得创新突破，不断扩大 在上述战略应用市场 TOP 客户信任和市占率，上半年公司实现营业收 入 6.36 亿元，yoy +40.32%，其中工业市场营收同比增长 57%；归母 净利润 0.90 亿元，yoy +106.02%，综合毛利率 37.33%，同比增长 0.85pct；单季度来看 Q2 实现营收 3.35 亿元，yoy +33.88%，qoq +11.01%，归母净利润 0.49 亿元，yoy +145.64%，qoq +20.32%，综 合毛利率 37.91%，同比增长 1.64pct，环比微增。 重视研发投入，多款新品推出并进入量产。上半年公司研发费用 投入 1 ...

证券研究报告 | 2025年08月18日 投资建议：产品种类和下游应用拓展顺利，维持"优于大市"评级 由于新产品线和新市场开拓顺利，及毛利率回升，我们上调公司 2025-2027 年归母净利润至 1.68/2.08/2.41 亿元（前值 1.47/1.96/2.29 亿元），对应 2025 年 8 月 15 日股价的 PE 分别为 49/40/34x。公司产品 种类和下游应用拓展顺利，维持"优于大市"评级。 芯朋微（688508.SH） 优于大市 二季度收入创季度新高，非 ACDC 产品线和工业市场进入收获期 2Q25 收入创季度新高，毛利率同环比提高。公司 2025 上半年实现收入 6.36 亿元(YoY +40.32%)，归母净利润 0.90 亿元(YoY +106.02%)，扣非归母净利 润 0.68 亿元(YoY +50.56%)，毛利率提高 0.9pct 至 37.33%，研发费用增长 19.9%至 1.25 亿元，研发费率下降 3.4pct 至 19.69%。其中 2Q25 营收 3.35 亿元(YoY +34%，QoQ +11%)，续创季度新高，归母净利润 4942 万元(YoY +146%， ...

证券研究报告 芯朋微 (688508 CH) 1H25 业绩稳健增长，工业拉动显著 2025 年 8 月 18 日│中国内地 半导体 功率系统整体解决方案见效，非 ACDC 产品及工业收入增长显著 公司"功率系统整体解决方案"的相关多元化战略得到有效落地，DC-DC、 Driver、Discrete、Power Module 等新品持续推出，1H25 非 AC-DC 品类 营业收入同比大幅提升 73%。工业市场随着"高耐压高可靠 AC-DC"在大 多数工业客户取得大面积突破和量产；公司跟进推出适用于服务器和通信设 备的 12/20 相相数字控制器及 70A DrMOS 套片、48V 电源芯片系列、超 大电流 EFUSE 芯片等进入试产和量产,1H25 工业市场营业收入同比大幅 提升 57%。公司从 Fabless（无生产线设计）模式正逐步转向 Fablite（轻 资产）模式，目前公司超过 60%晶圆采用 COT 或半定制合作工艺。 展望下半年：拓展家电份额，关注工业及车规等新品推动增长 目前公司已开发近 1,800 个型号的产品，在高低压集成半导体领域处于行 业领先地位，展望下半年，1）公司依托高低压集成核心 ...

Mergers and Acquisitions - ST Jinggu plans to sell 51% stake in Huayin Wood Industry, which is expected to constitute a major asset restructuring. The sale will be settled in cash and will not change the controlling shareholder or actual controller of the company. The revenue from Huayin Wood Industry is projected to account for 87.02% of the company's total revenue in 2024, leading to a significant decline in the company's main business scale and potentially triggering delisting risk warning indicators [1] - Zhengye Technology intends to sell 92.07% stake in its subsidiary Zhengye Jiukun through public listing, with a minimum transfer price of 100,000 yuan. The transaction aims to optimize resource allocation, improve asset operation efficiency, and focus on core business [2] - Yunnan Baiyao plans to acquire 100% stake in An Guo Shi Ju Yao Tang Pharmaceutical Co., Ltd. for 660 million yuan. The target company specializes in the production and sales of traditional Chinese medicine pieces and has a stable profitability [3] Performance Disclosure - Chipeng Microelectronics reported a 106% year-on-year increase in net profit attributable to shareholders, reaching 90.49 million yuan, with a revenue of 636 million yuan, up 40.32% [4] - Tongxing Technology achieved a net profit growth of 166% year-on-year, amounting to 52.48 million yuan, with a revenue of 405 million yuan, reflecting a 33.49% increase [5] - Dongfang Caifu reported a 37.27% year-on-year increase in net profit attributable to shareholders, totaling 5.567 billion yuan, with total revenue of 6.856 billion yuan, up 38.65% [6] Shareholding Changes - A shareholder, Zhongyi Weiye, plans to reduce its stake in Aosaikang by up to 2%, equivalent to 18.56 million shares, within three months after the announcement. The reduction is due to the shareholder's operational development needs [7] - The controlling shareholder's concerted actor, Yiyang Investment, intends to reduce its stake in Jizhi Technology by up to 1.05%, or 273,640 shares, within three months after the announcement, driven by funding needs [8] - Feng Ying, a director and deputy general manager of SIRUI, plans to reduce his stake by up to 0.4%, or 54,000 shares, within three months after the announcement, due to personal funding needs [9] Risk Matters - A customer of Awai New Materials, TPI Composites, Inc., has filed for bankruptcy protection, which may impact the company's performance. The company has accounts receivable of approximately 32.37 million yuan due by November 30, 2025, and is assessing the situation to protect its interests [10] - A major shareholder of Huitian New Materials, Zhang Feng, has been sentenced to seven years and nine months in prison for manipulating the securities market. This judgment is final and does not affect the company's operations or profits [11]

Group 1 - The core viewpoint of the news is that Chipown Microelectronics (芯朋微) reported significant growth in revenue and net profit for the first half of 2025, driven by new product launches and market expansion [1] - The company achieved operating revenue of 636 million yuan, representing a year-on-year increase of 40.32% [1] - The net profit attributable to shareholders reached 90.49 million yuan, with a year-on-year growth of 106.02% [1] Group 2 - The growth in performance is attributed to the diversification strategy of the "Power System Total Solution," with non-AC-DC product lines seeing a substantial revenue increase of 73% year-on-year [1] - The industrial market revenue also saw a significant rise of 57% year-on-year, driven by the successful launch of high-voltage, high-reliability AC-DC products [1] - The company has a diverse product portfolio, including nearly 1,800 effective product models across various applications such as smart appliances, AI computing, and industrial motors [2] Group 3 - Research and development expenses for the first half of the year amounted to 125.24 million yuan, accounting for 19.69% of the company's operating revenue [3] - The company has made key breakthroughs in several new technology areas, with new products aimed at emerging fields like renewable energy, robotics, and AI computing expected to drive significant growth in the next two years [3] - The company is transitioning its new product strategy from "Chipown AC-DC Inside" to providing a comprehensive "Power System Total Solution," enhancing the efficiency of new product promotion [3]

证券日报网讯 8月15日晚间，芯朋微发布公告称，本次变更后回购股份用途：用于实施股权激励或员工 持股计划。 （文章来源：证券日报） ...

Mergers and Acquisitions - ST Jinggu plans to sell 51% stake in Huayin Wood Industry, which is expected to constitute a major asset restructuring. The sale will be settled in cash and is not expected to change the controlling shareholder or actual controller. The revenue from Huayin Wood is projected to account for 87.02% of the company's total revenue in 2024, leading to a significant decline in the company's main business scale, potentially triggering delisting risk warning indicators [1] - Zhengye Technology intends to sell 92.07% stake in its subsidiary Zhengye Jiukun through public listing, with a minimum transfer price of 100,000 yuan. Post-transaction, Zhengye Jiukun and its subsidiaries will no longer be included in the company's consolidated financial statements. The transaction aims to optimize resource allocation and improve asset operation efficiency [2] - Yunnan Baiyao plans to acquire 100% stake in An Guo Shi Ju Yao Tang for 660 million yuan. Ju Yao Tang specializes in the production and sales of traditional Chinese medicine pieces and has a stable profitability [3] Performance Disclosure - Chipeng Microelectronics reported a 106% year-on-year increase in net profit attributable to shareholders, reaching 90.49 million yuan, with a revenue of 636 million yuan, up 40.32% year-on-year [4] - Tongxing Technology achieved a net profit growth of 166% year-on-year, amounting to 52.48 million yuan, with a revenue of 405 million yuan, reflecting a 33.49% increase [5] - Dongfang Caifu reported a 37.27% year-on-year increase in net profit attributable to shareholders, totaling 5.567 billion yuan, with total revenue of 6.856 billion yuan, up 38.65% [6] Shareholding Changes - A shareholder, Zhongyi Weiye, plans to reduce its stake in Aosaikang by up to 2%, equivalent to 18.56 million shares, within three months after the announcement. The reduction is due to the shareholder's operational needs [7] - The controlling shareholder's concerted actor, Yiyang Investment, intends to reduce its stake in Jizhi Technology by up to 1.05%, or 273,640 shares, within three months after the announcement, driven by funding needs [8] - Feng Ying, a director and vice president of SIRUI, plans to reduce his stake by up to 0.4%, or 54,000 shares, within three months after the announcement, due to personal funding needs [9] Risk Matters - A client of Aowei New Materials, TPI Composites, has filed for bankruptcy protection, which may impact the company's performance. The company has accounts receivable of approximately 3.237 million yuan due by November 30, 2025, and is assessing the situation to protect its interests [10] - A controlling shareholder's concerted actor, Zhang Feng, has been sentenced to seven years and nine months in prison for manipulating the securities market. This judgment is final and does not affect the company's operations or profits [11]

智通财经APP讯，芯朋微(688508.SH)披露2025年半年度报告，报告期公司实现营收6.36亿元，同比增长 40.32%;归属于上市公司股东的净利润9049万元，同比增长106.02%;扣非净利润6844万元，同比增长 50.56%;基本每股收益0.71元。 ...

Group 1 - The National authorities are formulating policies to support the development of the marine industry, encouraging participation from state-owned enterprises and private capital [1] - The Shanghai virtual power plant has achieved a record demand response load exceeding 1 million kilowatts for the first time [5] - Several photovoltaic companies have been notified to participate in a discussion meeting organized by relevant departments [3] Group 2 - The Shanghai Stock Exchange is monitoring stocks with significant abnormal fluctuations, including companies like Shangwei New Materials and Dongxin Co., taking regulatory measures [2] - The company Shangwei New Materials announced that its customer TPI Composites, Inc. has filed for bankruptcy protection, which may impact its performance [7] - Shengyi Technology plans to invest approximately 1.9 billion yuan in a smart manufacturing project for high-layer circuit boards [8] Group 3 - Shengyi Electronics reported a revenue of 3.769 billion yuan for the first half of 2025, a year-on-year increase of 91%, with a net profit of 531 million yuan, up 452% [10] - Chip applications from Jingchen Co. are being utilized in robotic arm products by Yushu Technology [9] - The company Sensing Bio has received medical device registration for its nucleic acid testing kits for specific viruses [14] Group 4 - The IPO application of Suzhou Lianxun Instrument Co., Ltd. has been accepted by the Shanghai Stock Exchange, aiming to raise 1.954 billion yuan [15] - Beijing Weiguang Qihang Technology Co., Ltd. has completed an angel round financing of several million yuan for its carbon fiber composite rocket development [16]

证券代码：688508 证券简称：芯朋微 公告编号：2025-039 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 无锡芯朋微电子股份有限公司（以下简称"公司"或"芯朋微"）于 2025 年 8 月 15 日召开了第五届董事会第十九次会议和第五届董事会审计委员会第八 次会议，审议通过了《关于使用暂时闲置募集资金进行现金管理的议案》，同意 公司（含子公司）在保证不影响公司（含子公司）募集资金投资计划正常进行的 前提下，公司（含子公司）拟使用单日最高余额不超过 59,000 万元（包含本数） 的非公开发行股票暂时闲置募集资金，购买安全性高、流动性好、单项产品期限 最长不超过 12 个月的保本型理财产品或存款类产品。 以上资金额度自董事会审议通过之日起一年内有效，可以滚动使用。董事 会授权公司管理层在有效期和额度范围内行使决策权，具体事项由公司财务部负 责组织实施。 一、募集资金基本情况 序号 项目名称 元） 资金金额（万元） 金金额（万元） 经中国证券监督管理委员会（以下简称"中国证监会"） 《关于同意无 ...