华泰联合证券有限责任公司关于思瑞浦微电子 科技（苏州）股份有限公司发行可转换公司债 券及支付现金购买资产并募集配套资金之募集 配套资金向特定对象发行股票实施情况 之独立财务顾问核查意见 独立财务顾问（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 签署日期：二〇二五年八月 声明与承诺 华泰联合证券有限责任公司受思瑞浦微电子科技（苏州）股份有限公司委托， 担任本次发行可转换公司债券购买资产并募集配套资金的独立财务顾问及主承 销商。 本核查意见系依照《公司法》《证券法》《重组管理办法》《26 号格式准 则》等法律、法规的有关规定，按照证券行业公认的业务标准、道德规范和诚实 信用、勤勉尽责精神，遵循客观、公正的原则，在认真审阅相关资料和充分了解 本次交易行为的基础上编制而成。 （一）本核查意见所依据的文件和材料由各相关方提供，各相关方对所提供 文件及资料的真实性、准确性和完整性负责，并保证该等消息不存在虚假记载、 误导性陈述或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 （二）本核查意见是在假设本次交易各方当事人均全面和及时履行本次交 易相关协议和声明 ...

思瑞浦微电子科技（苏州）股份有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金 之 交易实施情况的 国浩律师（上海）事务所 关于 补充法律意见书（一） 上海市静安区山西北路 99 号苏河湾中心 MT 25-28 层 邮编：200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 二零二五年八月 | 第一节 | 引言 3 | | --- | --- | | 第二节 | 正文 5 | | 一、本次交易方案概述 5 | | | 二、本次交易的批准与授权 5 | | | 三、本次交易的实施情况 5 | | | 四、本次交易实际情况与此前信息披露的差异情况 6 | | | 五、董事、监事、高级管理人员的更换情况及其他相关人员的调整情况 6 | | | 六、关联方资金占用及关联担保情况 8 | | | 七、相关协议及承诺的履 ...

思瑞浦微电子科技（苏州）股份有限公司发行 可转换公司债券及支付现金购买资产并募集配 套资金向特定对象发行股票实施情况 暨新增股份上市公告书（摘要） 独立财务顾问（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 签署日期：二〇二五年八月 上市公司声明 本部分所述词语或简称与本公告书"释义"所述词语或简称具有相同含义。 1、本公司及全体董事、监事、高级管理人员保证本公告书内容的真实、准 确、完整，并对其虚假记载、误导性陈述或者重大遗漏承担法律责任。 2、本公司负责人和主管会计工作的负责人、会计机构负责人保证本公告书 中所引用的相关数据真实、准确、完整。 3、本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此 变化所引致的投资风险，由投资者自行负责。投资者在评价本次交易时，除本公 告书内容以及与其同时披露的相关文件外，还应认真考虑本次交易的其他全部信 息披露文件。投资者若对本公告书存在任何疑问，应咨询自己的股票经纪人、律 师、专业会计师或其他专业顾问。 4、本公告书所述事项并不代表中国证监会、上交所及其他监管部门对本次 交易相关事项的实质判断。审批机关 ...

思瑞浦微电子科技（苏州）股份有限公司发行 可转换公司债券及支付现金购买资产并募集配 套资金向特定对象发行股票实施情况 暨新增股份上市公告书 独立财务顾问（主承销商） （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 签署日期：二〇二五年八月 上市公司声明 本部分所述词语或简称与本公告书"释义"所述词语或简称具有相同含义。 1、本公司及全体董事、监事、高级管理人员保证本公告书内容的真实、准 确、完整，并对其虚假记载、误导性陈述或者重大遗漏承担法律责任。 2、本公司负责人和主管会计工作的负责人、会计机构负责人保证本公告书 中所引用的相关数据真实、准确、完整。 3、本次交易完成后，本公司经营与收益的变化，由本公司自行负责；由此 变化所引致的投资风险，由投资者自行负责。投资者在评价本次交易时，除本公 告书内容以及与其同时披露的相关文件外，还应认真考虑本次交易的其他全部信 息披露文件。投资者若对本公告书存在任何疑问，应咨询自己的股票经纪人、律 师、专业会计师或其他专业顾问。 4、本公告书所述事项并不代表中国证监会、上交所及其他监管部门对本次 交易相关事项的实质判断。审批机关对于本次 ...

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金向特定对象发行股票发行结果暨股 本变动的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 发行数量和价格： 股票种类：人民币普通股（A 股） 发行股票数量：3,047,535 股 发行股票价格：125.80 元/股 预计上市时间 本次发行股份募集配套资金的新增股份已于 2025 年 8 月 5 日在中国证 券登记结算有限责任公司上海分公司办理完成登记手续。 资产过户情况 本次发行不涉及资产过户情况，发行对象均以现金认购。 如无特别说明，本公告中涉及有关单位及术语的简称与上市公司同日在上海 证券交易所网站（http://www.sse.com.cn）披露的《思瑞浦微电子科技（苏州） 股份有限公司发行可转换公司债券及支付现金购买资产并募 ...

Summary of the Conference Call for 思瑞浦 Industry Overview - The global analog IC market is approximately $80 billion, with the Chinese market accounting for nearly half of this total. However, the domestic localization rate remains low, with communication at 20%-25%, industrial at 10%-15%, and automotive at only 5%. This indicates significant potential for domestic substitution, especially in the electric vehicle sector where the value of analog ICs per vehicle is increasing [2][10] Company Performance and Financials - 思瑞浦's revenue structure for 2024 is projected to be 40%-45% from industrial, 17% from automotive, and 20%-25% from communication. In Q1 2025, automotive revenue is expected to approach 20%, with a nearly 90% year-on-year growth in automotive revenue compared to 2023 [2][6] - The company has a rich product line with over 2,800 products by the end of 2024, including more than 200 mass-produced automotive-grade products. The cumulative shipment volume has exceeded 10 billion units, indicating long-term growth potential in the analog field [2][7] - Despite a revenue decline in 2023-2024 due to decreased income from communication and industrial sectors, Q1 2025 has shown a recovery in growth. Profit margins are expected to rebound this year due to margin optimization and cost control measures [2][9] Market Dynamics - Recent price increases in analog components by competitors like TI (Texas Instruments) have sparked interest in the analog sector. TI has raised prices by up to 30% on several products, with some ADC prices doubling. This price increase is expected to create opportunities for domestic manufacturers [3][4][19] - The ongoing U.S.-China competition is anticipated to accelerate the localization process within the industry [5] Product Development and Innovation - 思瑞浦 is actively reducing reliance on major foundries by introducing other suppliers and has achieved synergies through the acquisition of 创新威. The company continues to launch new products to expand market share while controlling R&D expenses to enhance profit elasticity [4][11] - The automotive product line includes a variety of power management products, with significant contributions from the CAN transceiver and the newly launched audio sensor network (ASN), which fills a gap in the domestic audio bus market [13] Future Outlook - The communication sector, previously accounting for 60% of total revenue, has seen a decline due to lower-than-expected demand. However, the anticipated start of 6G technology research in 2025 is expected to initiate a new procurement cycle, positively impacting revenue [15][16] - The consumer electronics segment, which previously contributed minimally to revenue, has started to show growth following the acquisition of 创新威, with significant contributions expected in 2025 [17] - Profitability forecasts indicate that the signal chain department is expected to grow by 37% in 2025, with gross margins gradually recovering, particularly as price pressures from TI diminish [18] Conclusion - Overall, 思瑞浦 is positioned well within the analog IC market, with strong growth prospects driven by product innovation, market recovery, and favorable pricing dynamics. The company is recommended for continued investment as it navigates the evolving landscape of the semiconductor industry [21]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has seen significant revenue growth in the automotive electronics sector, with a 80% year-on-year increase in revenue from the automotive market, reaching 207 million yuan in 2024, accounting for 16.95% of total revenue [4]. - The wireless communication market is showing signs of recovery after a prolonged inventory destocking period, with demand expected to improve in the second half of 2024 [4]. - The acquisition of Chuangxinwei has enhanced the company's product and market layout in the consumer electronics sector, with Chuangxinwei's revenue growing by 23.01% year-on-year in 2024 [4]. - The company anticipates strong synergy between its own business and Chuangxinwei, leveraging its platform capabilities and Chuangxinwei's experience in the consumer market [4]. - Revenue forecasts for 2025-2027 are projected at 2.035 billion, 2.756 billion, and 3.631 billion yuan, with year-on-year growth rates of 67%, 35%, and 32% respectively [4]. Company Overview - The company, founded in 2012 and listed on the STAR Market in 2020, focuses on high-performance integrated circuit products, including signal chain and power management chips [13]. - As of the end of 2024, the company has over 2,800 products, including more than 200 automotive-grade chips [13][14]. - The company has a diverse application range, covering automotive electronics, communications, industrial applications, and consumer electronics [14]. Financial Analysis - The company experienced significant revenue growth in Q1 2025, achieving 422 million yuan, a 110.88% increase year-on-year, and turning a profit with a net profit of 15.56 million yuan [26]. - The company's revenue and net profit have shown volatility due to macroeconomic factors and industry cycles, with a five-year CAGR of 74% from 2017 to 2022 [26]. - In 2024, the company reported revenue of 975 million yuan from signal chain chips and 244 million yuan from power management chips, with year-on-year growth rates of 12.19% and 11.89% respectively [28]. Market Analysis - The global analog IC market is valued at over 80 billion USD, with China being a major participant [39]. - The company is positioned to benefit from the ongoing trend of domestic substitution in the semiconductor industry, particularly in the automotive and industrial sectors [50]. - The automotive chip market is expected to grow significantly, with projections indicating a market size of 180 billion USD in China by 2025 [62].

Investment Rating - The report assigns a "Buy" rating for the company, Si Rui Pu (688536), for the first time [1][9]. Core Views - The report highlights the resurgence of domestic substitution in the semiconductor industry, particularly in the signal chain sector, positioning Si Rui Pu as a leading player benefiting from this trend [6][8]. - The company is expected to achieve significant revenue growth, with projected net profits of 136 million, 301 million, and 406 million yuan for the years 2025 to 2027, respectively [2][9]. Summary by Sections Long-term Focus on Signal Chain and Power Management - Si Rui Pu has established itself as a leader in the signal chain chip industry, focusing on both signal chain and power management to drive growth [13]. - The company has a rich product portfolio that includes amplifiers, data converters, and power management solutions, catering to various applications such as automotive, communication, and industrial sectors [13][18]. Industry Recovery and Domestic Substitution - The report indicates that the analog chip industry is nearing a recovery phase, with inventory depletion almost complete, as evidenced by revenue growth from major players like Texas Instruments and ADI [6][7]. - The domestic supply rate for analog chips is currently low at 16%, suggesting substantial room for growth in domestic substitution as external trade uncertainties rise [6][7]. Si Rui Pu's Dual-Drive Strategy - The company is leveraging a dual-drive strategy of "signal chain + power management," rapidly expanding its product offerings, with over 2,800 products available for sale by the end of 2024 [8][9]. - Si Rui Pu is focusing on high-margin sectors such as industrial, automotive, and communication, where the domestic substitution rate remains low, indicating significant market potential [8][9]. Acquisition Strategy - The acquisition of Chuangxin Micro in October 2024 is expected to enhance Si Rui Pu's capabilities in power management and consumer electronics, with performance guarantees in place to ensure profit growth [6][8][9]. - This strategic acquisition is part of a broader platform strategy aimed at solidifying Si Rui Pu's position as a comprehensive leader in the analog chip market [8][9].

独立财务顾问（主承销商） 思瑞浦微电子科技（苏州）股份有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金向特定对象发行股票 发行情况报告书 （深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 二〇二五年七月 上市公司全体董事声明 本公司及全体董事承诺本发行情况报告书不存在虚假记载、误导性陈述或者 重大遗漏，并对所提供信息的真实性、准确性、完整性承担相应的法律责任。 全体董事签字： ZHIXU ZHOU FENG YING 吴建刚 王 林 章晨健 张明权 潘 飞 黄 生 朱光伟 思瑞浦微电子科技（苏州）股份有限公司 年 月 日 1 2 上市公司全体董事声明 王 林 章晨健 张明权 潘 K 本公司及全体董事承诺本发行情况报告书不存在虚假记载、误导性陈述或者 重大遗漏,并对所提供信息的真实性、准确性、完整性承担相应的法律责任。 全体董事签字: ZHIXU ZHOU FENG YING 吴建刚 生 黄 朱光伟 思瑞浦微 股份有限公司 月 20日 70V 3 4 上市公司全体董事声明 本公司及全体董事承诺本发行情况报告书不存在虚假记载、误导性陈述或者 重大遗漏,并对所提供 ...