国泰海通证券股份有限公司 关于无锡芯朋微电子股份有限公司 2025 年半年度持续督导跟踪报告 2 项 目 工作内容 1、建立健全并有效执行持续督导工作制度， 针对公司的具体情况确定持续督导的内容和 重点，督导公司履行有关上市公司规范运作、 信守承诺和信息披露等义务，审阅信息披露文 件及向中国证监会、证券交易所或其他机构提 交的其他文件，并按保荐办法要求承担相关持 续督导工作。 保荐机构已建立健全并有效执行持续督导工 作制度，针对公司的具体情况确定持续督导的 内容和重点，督导公司履行有关上市公司规范 运作、信守承诺和信息披露等义务，审阅信息 披露文件及向中国证监会、证券交易所或其他 机构提交的其他文件，并按保荐办法要求承担 相关持续督导工作。 2、根据上市规则规定，与公司就持续督导期 间的权利义务签订持续督导协议。 保荐机构已与上市公司签署了保荐协议，协议 明确了双方在持续督导期间的权利和义务。 3、协助和督促上市公司建立相应的内部制度、 决策程序及内控机制，以符合法律法规和上市 规则的要求，并确保上市公司及其控股股东、 实际控制人、董事、监事和高级管理人员、核 心技术人员知晓其在上市规则下的各项义务。 保荐机 ...

Core Viewpoint - The company has made significant breakthroughs and mass production in high-voltage, high-reliability AC-DC products, particularly for industrial clients, including server customers [1] Group 1 - The company has developed power chips that are being applied in computing servers [1] - The company’s products include a 12/20-phase digital controller, a 70A DrMOS chip, and a series of high-integration power chips with 48V input, which are in trial and mass production [1] - Some of the power and driver chips developed by the company are utilized in cooling systems [1]

Core Viewpoint - The company has achieved significant breakthroughs and mass production of its high-voltage, high-reliability AC-DC products among industrial clients, including server customers [1] Group 1: Product Development - The company has launched a series of products including a 12/20-phase digital controller, 70ADrMOS chip set, and a high-integration power chip series for 48V input, which are now in trial and mass production [1] - The company has developed high-current EFUSE chips that are also entering trial and mass production [1] Group 2: Application Areas - Some of the company's power and driver chips are being applied in cooling systems [1]

金融界消息 截至2025年8月25日收盘，芯朋微（688508）报收于65.81元，下跌0.95%，换手率8.73%， 成交量11.46万手，成交金额7.60亿元。 通过天眼查大数据分析，无锡芯朋微电子股份有限公司共对外投资了12家企业，参与招投标项目5次， 知识产权方面有商标信息48条，专利信息81条，此外企业还拥有行政许可13个。 资金流向方面，今日主力资金净流出1824.52万元，占比成交额2.4%。其中，超大单净流入882.93万 元、占成交额1.16%，大单净流出2707.45万元、占成交额3.56%，中单净流出流入2576.95万元、占成交 额3.39%，小单净流出752.43万元、占成交额0.99%。 来源：金融界 芯朋微最新一期业绩显示，截至2025中报，公司营业总收入6.36亿元、同比增长40.32%，归属净利润 9049.35万元，同比增长106.02%，扣非净利润6844.16万元，同比增长50.56%，流动比率4.690、速动比 率4.026、资产负债率18.15%。 天眼查商业履历信息显示，无锡芯朋微电子股份有限公司，成立于2005年，位于无锡市，是一家以从事 计算机、通信和其他电子 ...

Core Insights - The article discusses the recent portfolio adjustments made by Dong Chengfei, Vice General Manager of Shanghai Ruijun Asset Management Co., highlighting his investment strategies in the semiconductor and consumer sectors [1][9]. Group 1: Investment Activities - Dong Chengfei initiated a position in Yangjie Technology, investing approximately 133 million yuan, marking a focus on the semiconductor sector [1][4]. - He also entered a new position in Rabbit Baby, acquiring 606,800 shares, which reflects a strategic move towards consumer building materials [1][3]. - Dong reduced his holdings in Chipone Technology and Dinglong Co., indicating a shift from aggressive to defensive strategies [6][7]. Group 2: Company Performance - Yangjie Technology reported a revenue of 3.455 billion yuan and a net profit of 601 million yuan for the first half of the year, with significant year-on-year growth of 20.58% and 41.55% respectively [4]. - Rabbit Baby's revenue for the first half was 3.634 billion yuan, down 7.01% year-on-year, but net profit increased by 9.71% to 268 million yuan, supported by its high dividend payout [3][4]. - Chipone Technology's revenue reached 636 million yuan, a 40.32% increase, with net profit growing by 106.02% to approximately 90 million yuan [7][8]. Group 3: Market Trends - The stock prices of the four companies held by Dong have shown positive performance, with Yangjie Technology and Chipone Technology increasing by 45.96% and 52.86% respectively since the first quarter [2][9]. - Rabbit Baby's stock price rose by 1.47% in the second quarter, while Yangjie Technology's stock price increased by 33.6% during the same period [5][9].

Core Insights - The company reported a significant revenue increase of 40.32% year-on-year, reaching 636 million yuan in H1 2025, with a net profit of 90 million yuan, reflecting a growth of 106.02% [1] - The company is expanding its market share among top customers in key sectors such as smart home appliances, power energy, smart terminals, industrial control, and AI computing [1][3] - The company aims to become a world-class power semiconductor design firm, achieving breakthroughs in new technologies and markets [3] Financial Performance - In H1 2025, the company achieved a substantial revenue increase of 57% in the industrial market, driven by the successful implementation of its diversified strategy in power system solutions [1] - The company reported a sales expense of 8 million yuan, with a sales expense ratio of 1.26%, down by 1.17 percentage points year-on-year [2] - Management expenses were 21 million yuan, with a management expense ratio of 3.30%, decreasing by 0.23 percentage points year-on-year [2] - R&D expenses totaled 125 million yuan, with a R&D expense ratio of 19.65%, down by 3.30 percentage points year-on-year [2] Product Development and Market Strategy - The company has developed nearly 1,800 product models, covering most technology types in power chips, and is a leader in high and low voltage integrated semiconductor technology [3] - The company has transitioned from providing high voltage power management chips to offering comprehensive power system solutions, enhancing customer value and loyalty [3] - New products targeting emerging fields such as renewable energy, robotics, and AI computing are expected to drive significant growth in the next two years [3] Profit Forecast - The company is projected to achieve revenues of 1.231 billion, 1.456 billion, and 1.698 billion yuan from 2025 to 2027, with corresponding net profits of 169 million, 223 million, and 268 million yuan [4] - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 49.14, 37.26, and 30.95, respectively [4]

Core Viewpoint - The company achieved record high revenue in Q2 2025, with significant growth in non-ACDC product lines and the industrial market entering a harvest phase [4] Financial Performance - In the first half of 2025, the company reported revenue of 636 million yuan (YoY +40.32%) and a net profit attributable to shareholders of 90 million yuan (YoY +106.02%). The net profit excluding non-recurring items was 68 million yuan (YoY +50.56%). The gross margin increased by 0.9 percentage points to 37.33%. In Q2 2025, revenue reached 335 million yuan (YoY +34%, QoQ +11%), setting a new quarterly record, with a net profit of 49.42 million yuan (YoY +146%, QoQ +20%) and a gross margin of 37.91% (YoY +1.6 percentage points, QoQ +1.2 percentage points) [5] Product Development - The company has developed nearly 1,800 product models across six product lines, including ACDC power products, DCDC power products, Digital PMIC power products, driver products, power device products, and power module products. The revenue from non-ACDC categories grew by 73% year-on-year in the first half of the year [6][7] Industrial Market Growth - Revenue from the industrial market increased by 57% year-on-year in the first half of 2025. The company has established a comprehensive power solution from primary to tertiary power sources, achieving significant breakthroughs and mass production in high-reliability AC-DC products for industrial clients [8]

Group 1: Investment Activities - Dong Chengfei's private fund, Ruijun Asset, has newly invested in two companies: Yangjie Technology and Tubao, while reducing holdings in Chipon Micro [1][2][3] - Yangjie Technology was added to the top ten circulating shareholders list with a purchase of 2.5533 million shares, valued at approximately 133 million yuan, representing 0.47% of circulating shares [2] - Tubao was also newly acquired, with 6.068 million shares held, valued at around 59 million yuan, making it the ninth largest circulating shareholder [3] Group 2: Company Performance - Yangjie Technology reported a revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [2] - Tubao's revenue for the first half was 3.634 billion yuan, a decrease of 7.01%, while its net profit rose by 9.71% to 268 million yuan [3][4] - Chipon Micro achieved a revenue of 636 million yuan, a year-on-year increase of 40.32%, and a net profit of 90 million yuan, up 106.02% [4] Group 3: Market Performance - Yangjie Technology's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [2] - Tubao's stock price has decreased by about 8.8% year-to-date [4] - Chipon Micro's stock price has risen approximately 47% year-to-date [4]

Core Viewpoint - Dong Chengfei, the chief research officer of Ruijun Asset, has made new investments in Yangjie Technology and Tubao, while reducing holdings in Chipon Micro [1][2]. Group 1: Investment Activities - Dong Chengfei's Ruijun Youfu No.1 private fund has newly invested in Yangjie Technology, acquiring 2.5533 million shares with a market value of 133 million yuan, accounting for 0.47% of the circulating shares [3][5]. - The fund also purchased 6.068 million shares of Tubao, with a market value of 59 million yuan, making it the ninth largest circulating shareholder [7][9]. - Holdings in Chipon Micro were reduced by 420,000 shares, bringing the total to 2.4158 million shares, with a market value of 135 million yuan [10]. Group 2: Company Performance - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [5]. - Tubao achieved a revenue of 3.634 billion yuan, a decline of 7.01%, but net profit rose by 9.71% to 268 million yuan [9]. - Chipon Micro's revenue for the first half of the year was 636 million yuan, reflecting a growth of 40.32%, with a net profit of 90 million yuan, up 106.02% [11]. Group 3: Market Trends - Yangjie Technology's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April [5]. - Tubao's stock has decreased by about 8.8% since the beginning of the year [9]. - Chipon Micro's stock price has risen by around 47% year-to-date [11].

Summary of Key Points Core Viewpoint - Dong Chengfei, Chief Research Officer of Ruijun Asset, has made new investments in Yangjie Technology and Tubao, while reducing holdings in Chipeng Microelectronics as of August 20, 2025 [1]. Group 1: Yangjie Technology - Dong Chengfei's Ruijun Youfu No. 1 private equity fund has newly entered the top ten circulating shareholders of Yangjie Technology, acquiring 2.5533 million shares with a reference market value of 133 million yuan, accounting for 0.47% of circulating shares [3][4]. - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, representing a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% [5]. - The company's stock price has risen approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [6]. Group 2: Tubao - Ruijun Youfu No. 1 private equity fund has also newly invested in Tubao, holding 6.068 million shares with a reference market value of 59 million yuan, making it the ninth largest circulating shareholder [8][9]. - Tubao reported a total revenue of 3.634 billion yuan in the first half of the year, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders was 268 million yuan, an increase of 9.71% [10]. - The stock price of Tubao has decreased by approximately 8.8% year-to-date [11]. Group 3: Chipeng Microelectronics - Ruijun Youfu No. 1 and No. 3 funds have reduced their holdings in Chipeng Microelectronics by 420,000 shares, bringing the total holdings down to 2.4158 million shares, with a reference market value of 135 million yuan [13]. - Chipeng Microelectronics achieved a revenue of 636 million yuan in the first half of the year, a year-on-year increase of 40.32%, and a net profit attributable to shareholders of 90 million yuan, up 106.02% [14].