2025年第一次临时股东会 证券代码：688591 证券简称：泰凌微 公告编号：2025-052 泰凌微电子(上海)股份有限公司 关于召开2025年第一次临时股东会的通知 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： 一、 召开会议的基本情况 （一） 股东会类型和届次 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 11 月 28 日 13 点 30 分 召开地点：中国（上海）自由贸易试验区盛夏路 61 弄 1 号 11 层 （五） 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 11 月 28 日 至2025 年 11 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2025年11月28日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 ...

Core Insights - The stock price of Tailin Micro has declined for six consecutive days, with a total drop of 9.57% during this period, currently trading at 45.34 CNY per share [1] - Tailin Micro focuses on the research, design, and sales of wireless IoT system-level chips, with 87.62% of its revenue coming from IoT products [1] Company Overview - Tailin Microelectronics (Shanghai) Co., Ltd. was established on June 30, 2010, and went public on August 25, 2023 [1] - The company is located in the Shanghai Free Trade Zone and specializes in cutting-edge technology development in the wireless IoT chip sector [1] Fund Holdings - Wan Jia Fund has a significant holding in Tailin Micro, with its Wan Jia Technology Quantitative Stock Mixed Fund A (020975) holding 12,800 shares, accounting for 1.96% of the fund's net value [2] - The fund has experienced a floating loss of approximately 61,400 CNY during the six-day decline [2] Fund Performance - The Wan Jia Technology Quantitative Stock Mixed Fund A has a total asset size of 23.99 million CNY and has achieved a year-to-date return of 40.61% [2] - The fund's manager, Yin Hang, has been in position for over five years, with the best return during this period being 67.72% [3]

Core Insights - The latest investment direction of the "National Big Fund" has emerged, with 30 A-share listed companies having the fund as a significant shareholder [1] Group 1: Investment Holdings - The "National Big Fund" has significant holdings in companies such as Northern Huachuang, Hushi Silicon Industry, and Tuojing Technology, among others [1] - The fund's investments are primarily in the semiconductor and integrated circuit sectors, reflecting a strategic focus on these industries [1] Group 2: Company Performance - Northern Huachuang reported a Q3 revenue of 11.16 billion yuan, a year-on-year increase of 38.31%, with a net profit of 1.92 billion yuan, up 14.60% [3] - Hushi Silicon Industry achieved a Q3 revenue of 944 million yuan, a 3.79% increase, but reported a net loss of 265 million yuan [4] - Tuojing Technology saw a significant Q3 revenue increase of 124.15% to 2.27 billion yuan, with a net profit of 462 million yuan, up 225.07% [5]

Core Viewpoint - TaiLing Microelectronics has shown significant stock performance and financial growth since its IPO, indicating strong market interest and operational success [1][2]. Financial Performance - As of September 30, 2025, TaiLing Microelectronics reported a revenue of 766 million yuan, representing a year-on-year growth of 30.49% [2]. - The net profit attributable to shareholders reached 140 million yuan, with a remarkable year-on-year increase of 117.35% [2]. - The company has distributed a total of 65.87 million yuan in dividends since its A-share listing [3]. Stock Market Activity - On October 31, 2023, the stock price increased by 2.01% to 48.15 yuan per share, with a trading volume of 104 million yuan and a turnover rate of 1.30% [1]. - Year-to-date, the stock price has risen by 54.33%, although it has seen a decline of 2.85% over the last five trading days and 17.27% over the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent net buy of 19.80 million yuan on June 25 [1]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 19.07% to 21,600, while the average circulating shares per person decreased by 14.80% to 7,815 shares [2]. - Among the top ten circulating shareholders, notable changes include a decrease in holdings by Jin Ying Technology Innovation Stock A and the entry of Hong Kong Central Clearing Limited as a new shareholder [3].

Core Viewpoint - On October 30, no A-share listed companies disclosed any increase in shareholding, while seven companies announced share reductions, indicating a cautious sentiment in the market [1]. Summary by Category Share Reduction Announcements - Yongyue Technology plans to reduce its repurchased shares by no more than 1.35% of the total share capital [2]. - Chaojie Co., Ltd. intends for its controlling shareholder to reduce holdings by no more than 2.97% [2]. - Jindun Co., Ltd. has a shareholder, Qianhai Hongyi, planning to reduce holdings by no more than 1% [2]. - Saiwei Microelectronics' shareholders plan to collectively reduce holdings by no more than 1% [2]. - Zhongke Software's shareholders, Kesoft Chuangyuan and executives, plan to reduce holdings by no more than 1.3753% [2]. - Ruisheng Intelligent's shareholder, Ruihe Sheng, intends to reduce holdings by no more than 3% [2]. - Daan Gene has authorized management to sell up to 3% of the company's total share capital [2].

Core Insights - A total of 490 stocks in the Shanghai and Shenzhen markets have experienced net outflows of main funds for five consecutive days or more as of October 29 [1] - The stock with the longest continuous net outflow is Zhongju Gaoxin, with 31 days of outflows, followed by Hengshen New Materials with 21 days [1] - The largest total net outflow amount is from China Merchants Bank, with a cumulative outflow of 3.093 billion yuan over 12 days [1] Group 1: Stocks with Longest Net Outflows - Zhongju Gaoxin has seen net outflows for 31 days, with a total outflow of 559 million yuan and a cumulative decline of 6.91% [1] - Hengshen New Materials has recorded net outflows for 21 days, totaling 197 million yuan, with a decline of 9.80% [3] - China Merchants Bank has the highest net outflow amount of 3.093 billion yuan over 12 days, with a net outflow ratio of 6.98% and a cumulative increase of 1.65% [1] Group 2: Other Notable Stocks - Guotai Junan has experienced net outflows for 10 days, amounting to 1.877 billion yuan, with a net outflow ratio of 7.89% and a cumulative increase of 2.70% [1] - Shengbang Co. has seen net outflows for 12 days, totaling 1.826 billion yuan, with a net outflow ratio of 9.52% and a cumulative decline of 10.65% [1] - Huajian Group has recorded net outflows for 6 days, with a total outflow of 1.713 billion yuan and a significant decline of 40.29% [1] Group 3: Stocks with Significant Outflow Ratios - Jianan Intelligent has the highest net outflow ratio at 14.74%, with a decline of 2.98% over the past 5 days [1] - Other notable stocks with high outflow ratios include Huayi Development at 11.91% and Pianzaihuang at 11.84% [1] - The overall trend indicates a significant outflow of funds from various sectors, reflecting investor sentiment and market conditions [1]

Core Viewpoint - 泰凌微's stock price has shown significant volatility, with a year-to-date increase of 53.50% but a recent decline in the short term, indicating potential market fluctuations and investor sentiment shifts [2][3]. Company Overview - 泰凌微电子 (Shanghai) Co., Ltd. was established on June 30, 2010, and went public on August 25, 2023. The company specializes in the research, design, and sales of wireless IoT system-level chips, focusing on cutting-edge technology in the wireless IoT chip sector [2]. - The company's main revenue sources are IoT products (87.62%), audio products (12.15%), and other products (0.23%) [2]. Financial Performance - For the period from January to September 2025, 泰凌微 reported a revenue of 766 million yuan, representing a year-on-year growth of 30.49%. The net profit attributable to shareholders was 140 million yuan, showing a substantial increase of 117.35% [3]. - As of September 30, 2025, the company had a total of 21,600 shareholders, an increase of 19.07% from the previous period, while the average number of circulating shares per person decreased by 14.80% [3]. Stock Market Activity - 泰凌微's stock experienced a decline of 2.01% on October 29, 2025, with a trading volume of 165 million yuan and a turnover rate of 2.02%. The total market capitalization stood at 11.529 billion yuan [1]. - The company has appeared on the "龙虎榜" (a list of stocks with significant trading activity) twice this year, with the most recent appearance on June 25, where it recorded a net buy of 19.802 million yuan [2]. Shareholder Information - As of September 30, 2025, the top ten circulating shareholders included 金鹰科技创新股票A (001167) with a holding of 2.8383 million shares, which decreased by 383,100 shares compared to the previous period. 新进股东 香港中央结算有限公司 held 2.4413 million shares [4].

Core Viewpoint - The article highlights the significant growth and technological advancements of TaiLing Microelectronics in the low-power wireless connectivity sector, emphasizing its successful transition from technology catch-up to market leadership over the past five years. Group 1: Technological Advancements - TaiLing Microelectronics has maintained high R&D investment, achieving breakthroughs in multi-protocol integration, AI fusion, and advanced processes, which are core to its development strategy [2]. - The company launched a multi-mode low-power IoT chip with a peak current of only 1mA in 2024, significantly extending battery life for IoT devices [2]. - TaiLing Microelectronics has developed a one-stop solution for the Matter protocol, enabling smart devices to connect across multiple platforms, enhancing interoperability among major smart home ecosystems [3]. - The introduction of the TL721X series edge AI chips marks the company's entry into the AIoT era, with significant sales growth in the second quarter of 2025 [3]. Group 2: Financial Performance - In 2024, TaiLing Microelectronics achieved revenue of 844 million yuan, a year-on-year increase of 32.69%, and a net profit of 97 million yuan, up 95.71% [4]. - The first half of 2025 saw further acceleration, with revenue reaching 503 million yuan, a 37.72% increase, and net profit soaring to 101 million yuan, a 274.58% rise [4]. Group 3: Market Expansion - The company is expanding its product matrix into diverse application scenarios, including smart home, healthcare, and automotive electronics, leveraging its technological advantages [5]. - TaiLing Microelectronics has begun mass production of continuous glucose monitoring devices, positioning itself favorably in the medical IoT market [5]. - In the automotive sector, the company has developed a Bluetooth digital key solution, achieving mass production and certification from leading automotive manufacturers [5]. Group 4: Global Strategy - The company has enhanced its global presence, with increasing overseas revenue, and has successfully entered the supply chains of major international clients like Google and Sony [7]. - TaiLing Microelectronics actively participates in international standard-setting and industry ecosystem development, strengthening its brand influence [7]. Group 5: Capital Operations and Governance - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in August 2023, raising 1.499 billion yuan to support R&D and capacity expansion [8]. - TaiLing Microelectronics plans to acquire 100% of Panqi Microelectronics to enhance its low-power wireless IoT chip capabilities and strengthen its market competitiveness [10]. - The company has distributed cash dividends totaling 65.87 million yuan and repurchased shares worth 92.96 million yuan since its listing, reflecting its commitment to shareholder returns [11]. Group 6: Future Outlook - TaiLing Microelectronics aims to deepen its technological accumulation in the wireless IoT field and expand into new application scenarios, enhancing its global market competitiveness [12].

Core Insights - The company, Tailin Microelectronics, has significantly improved its operating performance, achieving a revenue of 766 million yuan and a net profit of 140 million yuan in the first three quarters of 2025, marking a year-on-year growth of 30.49% and 117.35% respectively [1][2][3] Financial Performance - In the first three quarters of 2025, Tailin Microelectronics reported a revenue of 766 million yuan, a 30.49% increase year-on-year, and a net profit of 140 million yuan, reflecting a 117.35% growth [1][2] - The net profit margin improved to 18.23% in 2025 from 10.94% in 2024, indicating a significant enhancement in product value and cost control [2] - The company generated a net cash flow from operating activities of 179 million yuan, up 89.05% year-on-year [2] Growth Trajectory - The company has shown a consistent growth trajectory, with revenue increasing from 462 million yuan in 2020 to 609 million yuan in 2022, and a notable recovery in 2023 with revenue reaching 636 million yuan [2][3] - The introduction of new products, such as low-power AI chips and Zigbee chips, has driven growth, particularly in high-margin sectors like smart headphones and medical devices [3][4] Research and Development - Tailin Microelectronics has invested heavily in R&D, with cumulative expenditures reaching 579 million yuan from 2023 to the first three quarters of 2025 [1][4] - The company holds 91 invention patents and 19 integrated circuit layout design rights, showcasing its strong technological foundation [1][4] Global Expansion - The company is preparing to issue H-shares and apply for a listing on the Hong Kong Stock Exchange, aiming to enhance its global strategy and optimize its capital structure [5] - Tailin Microelectronics has established a global customer network, supplying major companies like Xiaomi and Logitech, which enhances its competitive position in the market [4][5]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 66.96 CNY, maintaining the rating [4]. Core Insights - The company reported a revenue of 263 million CNY for Q3 2025, representing an 18.57% year-on-year growth, and a net profit of 38.61 million CNY, which is a 3.56% increase year-on-year [1]. - The company is focusing on low-power hardware development for edge AI, with R&D investment reaching 69 million CNY in Q3 2025, a 38.96% increase year-on-year [2]. - The company is a leading player in the IoT wireless communication chip sector, with a net profit margin of 18.23% in Q3 2025, up from 10.94% in the same period last year [3]. Financial Performance - The company is projected to achieve revenues of 1.165 billion CNY, 1.526 billion CNY, and 1.958 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits of 224 million CNY, 314 million CNY, and 429 million CNY for the same years [9]. - The company’s gross profit margin is expected to improve from 43.5% in 2023 to 55.8% in 2027 [11]. - The projected earnings per share (EPS) for 2025 is 0.93 CNY, with a price-to-earnings (PE) ratio of 55.3 [10]. Market Position - The company is well-positioned in the edge AI market, which is expected to grow at a compound annual growth rate (CAGR) of 58% from 2023 to 2028, potentially exceeding 1.9 trillion CNY by 2028 [2]. - The company has successfully launched multiple AI chips and is expanding its product matrix through acquisitions, enhancing its competitive edge in the IoT market [3].