证券代码：688515 证券简称：裕太微 公告编号：2025-022 （一） 股东会召开的时间：2025 年 5 月 20 日 （二） 股东会召开的地点：上海市浦东新区盛荣路 388 弄 18 号楼 1F 会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 73 | | --- | --- | | 普通股股东人数 | 73 | | 2、出席会议的股东所持有的表决权数量 | 28,736,011 | | 普通股股东所持有表决权数量 | 28,736,011 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 36.1931 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 36.1931 | 裕太微电子股份有限公司 2024年年度股东会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （四） 表决方式 ...

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 关于裕太微电子股份有限公司 2024 年年度股东会 之 法律意见书 锦 天 域 律师事务 所 ALLBRIGHT LAW OFFICES 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话: 021-20511000 传真: 021-20511999 邮编: 200120 上海市锦天城律师事务所 一、本次股东会的召集、召开程序 法律意见书 上海市锦天城律师事务所 关于裕太微电子股份有限公司 2024 年年度股东会之法律意见书 致:裕太微电子股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")和《上市公司股东会规则》(以下简称 "《股东会规则》")等法律、法规和其他有关规范性文件的要求,上海市锦天城 律师事务所(以下简称"本所")接受裕太微电子股份有限公司(以下简称"裕 太微"或"公司"）的委托,指派律师参加公司 2024 年年度股东会（以下简称 "本次股东会"或"本次会议"),现就公司本次股东会召开的有关事宜出具本 法律意见书。 本所同意将本法律意见书随 ...

Core Viewpoint - Yutai Micro (688515.SH) has not yet achieved profitability, with cumulative losses exceeding 420 million yuan over six years, primarily due to insufficient scale effects during business expansion and ongoing high R&D expenditures [1][2]. Financial Performance - In 2024, Yutai Micro reported revenue of 396 million yuan, a year-on-year increase of 44.86%, but the net profit attributable to shareholders was -202 million yuan, indicating an exacerbation of losses [2]. - The company has incurred losses for six consecutive years since 2019, with total losses amounting to 421 million yuan [2]. - R&D expenses have risen significantly, from 20 million yuan in 2019 to 222 million yuan in 2023, and are projected to reach 294 million yuan in 2024, accounting for 74.1% of revenue [2][4]. R&D and Product Development - Yutai Micro is currently in its third round of R&D investment, focusing on complex products such as 2.5G networking products and 5G/10G Ethernet physical layer chips, with expected mass production from 2024 to 2026 [4]. - The company has established seven product lines, including Ethernet physical layer chips and Ethernet switch chips, but still lags behind international competitors in product range and technology [6][7]. Market and Sales - The company has increased its sales expenses to 46.85 million yuan in 2024, a 36.59% increase year-on-year, due to hiring more sales personnel and recognizing stock incentive costs [4]. - Despite a recovery in revenue in 2024, the total revenue has not yet returned to the 403 million yuan level of 2022 [6]. Cash Flow and Financial Health - Yutai Micro has experienced negative cash flow for three consecutive years, with net cash flow from operating activities worsening from -68.38 million yuan to -251 million yuan [5]. - In the first quarter of 2025, the company reported revenue of 81.04 million yuan, a year-on-year increase of 11.7%, but continued to post a net loss of -60.72 million yuan [5]. Shareholder Activity - Major shareholder Li Haihua has reduced his stake in the company, selling 496,031 shares between July and October 2024 for approximately 22.94 million yuan, further reducing his holding to 5.3781% [8][9].

Core Viewpoint - The company is adjusting its internal investment structure for fundraising projects to enhance efficiency and ensure steady progress in project implementation, particularly in the semiconductor industry, which is experiencing competitive pressures and technological advancements [16][22][27]. Group 1: Shareholder Meeting Guidelines - The company has established guidelines for the 2024 annual shareholder meeting to ensure order and protect shareholder rights, including restrictions on entry for unrelated personnel [2][3]. - Shareholders must register and present identification documents to participate in the meeting, and late arrivals will not be allowed to vote [4][5]. - The meeting will follow a predetermined agenda, and shareholders have the right to speak and vote on proposals [3][4]. Group 2: Fundraising and Investment Projects - The company raised a total of RMB 1.84 billion through its initial public offering, with a net amount of RMB 1.67 billion after deducting issuance costs [16]. - As of December 31, 2024, the company has utilized RMB 765.49 million of the raised funds for various projects [17]. - The internal investment structure for key projects, including vehicle Ethernet chip development and R&D center construction, is being adjusted to improve resource allocation and project efficiency [18][22]. Group 3: Financial Performance - In 2024, the company reported a net profit attributable to shareholders of RMB -201.68 million, with retained earnings of RMB -280.55 million as of December 31, 2024 [11]. - The company’s revenue for 2024 was RMB 396.23 million, reflecting a 44.86% increase compared to the previous year, despite ongoing losses due to rising sales and R&D expenses [28][29]. - R&D expenses accounted for 74.10% of total revenue, amounting to RMB 293.61 million, indicating a strong focus on product development [29]. Group 4: Project Adjustments and Strategic Focus - The company is optimizing the investment structure of its projects to align with market demands and technological trends, particularly in the semiconductor sector [22][27]. - Adjustments include increasing investments in testing and validation for vehicle Ethernet chips to meet stringent industry standards [20][21]. - The R&D center's focus is expanding from automotive applications to include data communication and intelligent computing, reflecting a strategic shift to capture emerging market opportunities [23][25].

●●●● 裕太微电子 Motorcomm 2024年年度 股东会会议资料 公司代码: 688515 │ 公司简称: 裕太微 裕太微电子股份有限公司 目 录 | 2024 年年度股东会会议须知 | | --- | | 2024 年年度股东会会议议程 | | 2024 年年度股东会会议议案 | | 议案一 | | 关于 2024 年年度报告及其摘要的议案 . | | 议案二 | | 关于 2024 年度董事会工作报告的议案 . | | 议案三………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | 关于 2024 年度监事会工作报告的议案 | | 议案四 . | | 关于 2024 年度利润分配预案的议案 | | 议案五 | | 关于续聘 2025 年度会计师事务所的议案 | | 议案六 | | 关于 2025 年度董事薪酬方案的议案 | | 议案七………………………………………………………………………………………………………………………… 12 | | ...

Group 1: Industry Developments - The National Development and Reform Commission and other departments have released an implementation opinion aimed at strengthening the interaction between new energy vehicles (NEVs) and the power grid, with a goal to establish a preliminary technical standard system for vehicle-grid interaction by 2025 [1] - By 2025, over 60% of the charging volume in pilot cities is expected to occur during off-peak hours, with over 80% of private charging station volume also concentrated in off-peak periods [1] - By 2030, the vehicle-grid interaction technical standard system is projected to be fundamentally established, enabling large-scale application and comprehensive promotion of intelligent and orderly charging [1] Group 2: Company Overview - Yutai Micro has focused on the research, design, and sales of high-speed wired communication chips since its establishment in 2017, with a product line that includes Ethernet physical layer chips and vehicle-mounted Ethernet chips [2] - The company has achieved significant milestones in the automotive Ethernet communication field, including the launch of the world's first domestically produced vehicle-mounted 100Mbps Ethernet physical layer chip, YT8010A, in 2020 [3] - In 2023, Yutai Micro successfully mass-produced the vehicle-mounted gigabit Ethernet chip series YT8011A, which has received multiple OEM project approvals, marking a significant advancement in its product offerings [4] Group 3: Market Opportunities - The ongoing implementation of policies promoting the integration of NEVs and the power grid is expected to create broader market opportunities for Yutai Micro [4]

Core Viewpoint - The automotive industry is transitioning from distributed to domain-centralized architectures, with Ethernet becoming the backbone for in-vehicle communication, leading to a surge in demand for automotive Ethernet chips [2][3]. Group 1: Market Demand and Product Development - The market for automotive Ethernet chips is expected to explode in the next one to two years due to the increasing consensus on building domestic supply chains and enhancing product competitiveness [3]. - The latest automotive Ethernet TSN switch chips, YT9908 and YT9911, support multiple TSN protocols and include advanced security features, indicating a focus on high-performance communication solutions [3]. - Currently, the usage of Ethernet chips in vehicles is limited, with approximately 10 PHY chips and 1 to 4 switch chips per vehicle, but this is projected to increase significantly as smart vehicle technology evolves [3][4]. Group 2: Technological Evolution and R&D Investment - The evolution of automotive electronic architectures is driven by the demand for high bandwidth, low latency, and reliable communication, particularly for advanced driving assistance systems and smart cabins [4]. - The company plans to accelerate the development of next-generation automotive chips by 2025 to support higher bandwidth and multi-domain integration, with R&D expenses projected to reach 294 million yuan in 2024, accounting for 74.1% of revenue [4][5]. Group 3: International Expansion and Market Trends - The company began its international expansion in 2023, achieving overseas revenue of 73.76 million yuan in 2024, a growth of 157.84% compared to 2023, with a focus on major automotive manufacturers in Europe [5]. - The domestic market for automotive communication chips, particularly Ethernet chips, has a low localization rate of about 5%, attributed to the recent standardization of Ethernet technology and the high safety requirements for automotive applications [6][7]. Group 4: Industry Collaboration and Integration - The relationship between automotive manufacturers and chip companies is evolving from a supply-demand dynamic to deeper collaboration, particularly in the development of automotive Ethernet chips [7][8]. - The changing perceptions of domestic chip manufacturers among automotive OEMs have improved, with increased acceptance of new products over recent years [8]. - The international landscape presents opportunities for domestic chip manufacturers to enhance self-sufficiency in the supply chain, although the core focus remains on technology, product quality, and service to capture market share [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 126.50 RMB [4][8]. Core Views - The company achieved a revenue of 396.23 million RMB in 2024, representing a year-over-year increase of 44.86%, but reported a net loss attributable to shareholders of 201.68 million RMB, a decrease of 34.36% year-over-year [2][4]. - The growth in revenue is attributed to the release of new products such as the 2.5G PHY and multi-port switch chips, alongside a recovery in demand from the industrial-grade market [2][3]. - The company is expected to continue its rapid growth in 2025, driven by various consumer stimulus policies and the ongoing recovery in the industrial-grade market [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 396.23 million RMB, with a significant increase in industrial-grade revenue by 108.89% to 225 million RMB, and commercial-grade revenue up by 61.72% to 164 million RMB [2][6]. - The gross margin for Q1 2025 was 40.74%, slightly down from the previous year, primarily due to increased competition in the industrial-grade product market [2][3]. Product Development - The company is expanding its product lines, including the launch of a 24-port switch chip series and the introduction of automotive Ethernet switch chips, which are expected to contribute to revenue in 2025 [3][4]. - The 2.5G PHY chip is projected to maintain rapid growth, with the introduction of a four-port version expected to open up larger market opportunities [3][4]. Market Outlook - The report anticipates that the company's revenue will reach 562.10 million RMB in 2025, with continued growth expected in subsequent years [4][6]. - The company is positioned as a rare supplier of PHY chips in China, with a resilient demand in the industrial-grade market and potential revenue elasticity from new product launches [4][6].

国泰海通证券股份有限公司 关于裕太微电子股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"）作为 裕太微电子股份有限公司（以下简称"裕太微"或"公司"）首次公开发行股票 并在科创板板上市的保荐机构，根据《中华人民共和国公司法》《中华人民共和 国证券法》《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》（以下简称"《上市规则》"）和《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等有关法律法规的规定，对公司 2024 年度（以下简 称"本持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关 情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 （四）现场检查人员 庄庄、黄文豪 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理及内部控制、信息披露、独 立性、与关联方的资金往来、募集资金使用情况、关联交易、对外担保、重大对 外投资、公司经营状况以及承诺履行情况等方面进行了现场检查。 1 （六）现场检查手段 国泰海通证券股份有限公司 （二）保荐代表人 王鹏程、庄庄 （三 ...

关于裕太微电子股份有限公司 国泰海通证券股份有限公司 2024 年度持续督导年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：裕太微 | | --- | --- | | 保荐代表人姓名：王鹏程、庄庄 | 被保荐公司代码：688515 | 重大事项提示 公司 2024 年度实现营业总收入 39,622.65 万元，较上年同期增加 44.86%； 实现归属于上市公司股东的净利润和归属于上市公司股东的扣除非经常性损益 的净利润分别为-20,167.84 万元和-23,199.18 万元，较上年同期减少 5,157.51 万 元和 3,664.59 万元。 2024 年度，公司虽然实现营业收入大幅增长，但销售费用和研发费用受公 司业务规模扩大等因素影响亦保持大幅增长，营业收入增长带来的毛利总额提升 未能完全覆盖上述费用的增长规模，导致本期归属于上市公司股东的净利润及归 属于上市公司股东的扣除非经常性损益的净利润下降。2024 年度，公司生产经 营正常，不存在重大风险。 经中国证券监督管理委员会《关于同意裕太微电子股份有限公司首次公开发 行股票注册的批复》（证监许可〔2022〕3202 号） ...