Group 1 - The core point of the article is that two major shareholders of ChipMotion Technology plan to reduce their holdings in the company by a total of 2,003,578 shares, which represents 0.5% of the total share capital [1] - The reduction will occur within the next three months and will be executed through centralized bidding and block trading methods [1] - The reason for the share reduction is stated as a need for personal funds by the shareholders [1]

证券简称：芯动联科 证券代码：688582 会议资料 中国 北京 二零二五年九月五日 安徽芯动联科微系统股份有限公司 2025 年第二次临时股东大会 目录 | 股东大会会议须知 2 | | --- | | 股东大会会议议程 4 | | 议案一：《关于 2025 年中期利润分配预案的议案》 7 | | 议案二：《关于募集资金投资项目延期及变更并投入新项目的议案》 8 | | 议案三：《关于变更公司注册资本、取消监事会、修订<公司章程>并办理工商登 | | 记的议案》 17 | | 议案四：《关于修订及制定公司部分治理制度的议案》 19 | | 议案五：《关于公司<2025 年限制性股票激励计划（草案）>及其摘要的议案》21 | | 议案六：《关于公司<2025 年限制性股票激励计划实施考核管理办法>的议案》22 | | 议案七：《关于提请股东大会授权董事会办理公司 2025 年限制性股票激励计划 | | 相关事宜的议案》 23 | 第1/24页 安徽芯动联科微系统股份有限公司 2025 年第二次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人 ...

Group 1 - The stock price of Xindong Lianke is reported at 82.83 yuan, an increase of 1.88 yuan, representing a rise of 2.32% compared to the previous trading day [1] - The stock reached a maximum of 84.69 yuan and a minimum of 80.60 yuan during the trading session, with a total trading volume of 1.165 billion yuan and a turnover rate of 5.67% [1] - Xindong Lianke operates in the electronic components industry, focusing on the research and production of inertial sensors, which have potential applications in humanoid robotics [1] Group 2 - The company has indicated on its investor interaction platform that its inertial sensor products can be utilized in the humanoid robotics sector, but it has not yet established business collaborations with relevant enterprises [1] - On August 25, the net outflow of main funds for Xindong Lianke was 35.164 million yuan, with a cumulative net outflow of 1.81 billion yuan over the past five days [1]

Group 1 - The company's inertial sensor products are applicable in the humanoid robot sector [2] - Currently, the company has not established any business collaborations with humanoid robot companies [2]

Group 1: Chip Motion Technology - The company achieved revenue of 253.13 million yuan in the first half of 2025, representing a year-on-year growth of 84.34%, and net profit increased by 173.37% [1] - The company utilizes advanced MEMS technology, with products widely applied in industrial, automotive, and meteorological fields, replacing mechanical gyroscopes [1] - The demand for FM accelerometers is strong, and the company has invested in a Wuhan company to develop MEMS mirrors for optical switches, indicating significant market potential [1] Group 2: Water Sheep Co., Ltd. - The company focuses on brand asset development and aims for sustainable, long-term high-quality growth without relying on large traffic or price promotions [2] - The PA brand has achieved rapid growth through brand asset enhancement, product system improvement, and precise market communication [2] - The company plans to launch multiple new product categories over the next five years and has initiated a three-year plan to open 50 stores in key luxury business districts in China [2] Group 3: Babi Food - Babi Food reported revenue of 835 million yuan in the first half of 2025, a year-on-year increase of 9.31%, with net profit rising by 18.08% [3] - The company is expanding through optimizing single-store models, external acquisitions, and group meal business development, with 1,027 new stores opened [3] - The group meal business has exceeded expectations, with a 20% revenue contribution from external group meals, and the company maintains a stable and proactive dividend policy [3] Group 4: Weic Technology - Weic Technology's overall capacity utilization reached 90% in the first half of 2025, with expectations to approach full capacity by September [4] - The company anticipates a doubling of revenue from computing power business for the full year, with high-end testing services showing strong growth [4] - The company plans capital expenditures of 1.3 to 1.4 billion yuan for equipment this year, with stable pricing expected [4] Group 5: Changxin Fund - Changxin Fund has an asset management scale of 191.88 billion yuan, ranking 37th among 210 funds, with 919.11 billion yuan in non-monetary public funds [4] - The fund has 175 public funds under management and 34 fund managers, ranking 40th and 38th respectively [4] - The best-performing fund in the past year is the Changxin Electronic Information Quantitative Flexible Allocation Mixed A, with a net value growth of 104.17% [4]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [45]. Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average level of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 is anticipated to mark a turning point for the industry, moving away from a period of stagnation towards a comprehensive recovery. As orders normalize and are gradually released, the military industry sector may enter a phase of performance improvement and valuation enhancement, referred to as the "Davis Double-Trigger" phase. It is recommended to focus on high-quality leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology sectors, which have favorable competitive landscapes and high technological barriers [4][9]. Summary by Sections Industry Insights - The defense budget growth rate in China is around 7%, with spending as a percentage of GDP below 1.5%, indicating potential for significant growth. The military sector is expected to recover in 2025, with a return to normal order levels leading to improved performance and valuations [4][9]. Market Performance - In the past week, the CSI 300 index increased by 4.90%, while the aerospace and defense index rose by 4.19%. For the month, the CSI 300 index saw a 7.16% increase, and the aerospace and defense index increased by 8.25% [10]. Industry News - The preparations for the 80th anniversary of the victory in the War of Resistance against Japan are progressing smoothly, showcasing new military equipment, including advanced fourth-generation equipment and various unmanned systems, highlighting the military's capabilities in modern warfare [14][15]. Company Tracking - Several companies reported their semi-annual results, with varying performance metrics. For instance, *ST Lihang reported a revenue of 54.34 million yuan, down 49.72% year-on-year, while Hongyuan Electronics achieved a revenue of 1.018 billion yuan, up 22.27% year-on-year [21][22][43].

Company Overview - Anhui Xindong Lian Technology Co., Ltd. was established in 2012 and successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 30, 2023, with stock code 688582. The company specializes in MEMS technology and integrates integrated circuits with traditional high-end inertial industries, promoting the development of inertial sensors and pressure sensors towards intelligence, miniaturization, ease of use, localization, and IC integration [2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 253.13 million yuan, a year-on-year increase of 84.34%. The net profit attributable to shareholders was 154.32 million yuan, up 173.37% year-on-year. The net cash flow from operating activities was 189.50 million yuan, reflecting a growth of 110.55% [3]. - The company plans to distribute a cash dividend of 1.56 yuan per 10 shares (including tax), totaling 62.51 million yuan, which accounts for 40.51% of the net profit attributable to shareholders [3]. Research and Development - The company's R&D expenses amounted to 58.11 million yuan, representing 22.95% of operating revenue, an increase of 8.17% year-on-year. The proportion of R&D expenses to revenue decreased from 39% in the same period last year to 22.95% due to higher revenue growth [4]. Product Development - The company is focusing on two main routes for its IMU products: high-precision IMU modules for low-altitude economy and aerospace, and low-cost, highly integrated chip IMUs to compete with products from Murata and Bosch [5]. - The company is also developing solutions that combine inertial navigation and visual navigation, anticipating significant future demand for inertial devices [3]. Market Outlook - The demand for FM accelerometers is strong, with many customers now matching the company's FM accelerometers with high-performance gyroscopes [8]. - The company sees a growing market for its inertial devices and IMUs in the drone sector, as the pricing of its products aligns well with the cost requirements of various drone applications [9]. Competitive Landscape - The company competes in the MEMS gyroscope field, where its products are positioned to replace traditional mechanical gyroscopes and fiber optic gyroscopes. MEMS technology offers a balance of low cost and high integration, making it suitable for mass production [7]. - The company maintains a competitive edge with an average price of around 2,000 to 3,000 yuan per chip and a gross margin exceeding 80% [7]. Future Plans - The company aims to continue its stock incentive plans approximately every two years to maintain long-term employee motivation [12]. - The outlook for the second half of 2025 is positive, with expectations of fulfilling existing contracts and securing new orders from major clients [13].

Core Insights - The company reported strong financial performance for the first half of 2025, with revenue of 253 million yuan, a year-on-year increase of 84.34%, and a net profit attributable to shareholders of 154 million yuan, up 173.37% [1] - The company announced a stock incentive plan, proposing to grant 3.2 million restricted shares at a price of 56.89 yuan per share, reflecting management's confidence in future performance [1] - The company is expanding its investment in new fields, including a 25% stake in Wuhan Yunzhi Guanglian Technology Co., which focuses on software and information technology services [2] Financial Performance - For 2025, the company forecasts revenues of 608 million yuan, 920 million yuan, and 1.399 billion yuan for the years 2025-2027, with net profits projected at 321 million yuan, 483 million yuan, and 645 million yuan respectively [3] - The earnings per share (EPS) estimates for 2025-2027 are 0.80 yuan, 1.21 yuan, and 1.61 yuan [3] Market Position and Valuation - The company's current price-to-earnings (PE) ratios are 99, 66, and 49 for the years 2025, 2026, and 2027 respectively, maintaining a "Buy" investment rating [4]

华安证券8月21日发布研报称，给予芯动联科（688582.SH，最新价：79.4元）买入评级。评级理由主要 包括：1）公司发布2024年年报，业绩持续表现优异；2）发布限制性股票激励（草案），彰显公司经营 信心；3）下游领域布局持续开阔，参股新公司积极拥抱新领域。风险提示：1）技术研发突破不及预 期；2）下游需求不及预期；3）核心技术人员流失；4）原材料成本大幅波动影响毛利率；5）市场竞争 加剧影响毛利率的风险。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a favorable outlook for future returns [7]. Core Views - The company has demonstrated exceptional performance in its mid-year report for 2025, achieving a revenue of 253 million yuan, a year-on-year increase of 84.34%, and a net profit attributable to shareholders of 154 million yuan, up 173.37% year-on-year [5]. - The company has announced a stock incentive plan, reflecting strong confidence in its operational performance, with 3.2 million shares to be granted at a price of 56.89 yuan per share [5]. - The company is expanding its presence in downstream sectors and has made a strategic investment in a new company, which is expected to facilitate breakthroughs in new fields [6]. Summary by Sections Financial Performance - For the first half of 2025, the company reported a revenue of 253 million yuan and a net profit of 154 million yuan, with significant year-on-year growth rates of 84.34% and 173.37% respectively [5]. - The basic earnings per share (EPS) reached 0.39 yuan, reflecting a year-on-year increase of 178.57% [5]. Future Projections - The company forecasts revenues of 608 million yuan, 920 million yuan, and 1.399 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 321 million yuan, 483 million yuan, and 645 million yuan [7]. - The projected EPS for the same years is 0.80 yuan, 1.21 yuan, and 1.61 yuan [7]. Market Position and Strategy - The company is leveraging its high-performance MEMS gyroscopes to penetrate various tactical and navigation applications, aiming to replace traditional laser and fiber optic gyroscopes [6]. - The recent investment in Wuhan Yunzhi Guanglian Technology Co., Ltd. is expected to enhance the company's capabilities in software and information technology services [6].