| | | 芯海科技（深圳）股份有限公司 关于以知识产权质押方式向金融机构 申请授信的公告 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。 芯海科技（深圳）股份有限公司（以下简称"芯海科技"或"公司"）于 2025 年 12 月 19 日召开第四届董事会第十四次会议，审议通过了《关于以知识产权质 押方式向金融机构申请授信的议案》，现将相关情况公告如下： 一、交易概述 公司为拓宽融资渠道、降低融资成本，拟以公司名下有权处分的一项专利作 为质押担保，向金融机构申请 8,000 万元的融资授信额度，授信期限 1 年。以上 授信额度方案最终以金融机构实际审批结果为准，具体融资金额将根据公司资金 的实际需求来确定。 公司第四届董事会第三次会议及 2024 年年度股东大会审议通过了《关于公 司及子公司向金融机构申请综合授信暨控股股东、实际控制人提供担保的议案》， 同意公司及子公司(含全资子公司、控股子公司)向金融机构申请额度不超过 8 亿 元人民币的综合授信，公司控股股东、实际控制人卢国建拟为公司及子公司向金 融机构申请授信提供最高额 ...

Investment Rating - The report maintains a positive investment rating for the electronic industry, particularly highlighting companies like Guokewi and Xinhai Technology as key players to watch [5][6][8]. Core Insights - The Harmony ecosystem is rapidly expanding, with over 27 million devices equipped with HarmonyOS 5 and 6, and more than 1 million registered developers [2][4]. - The launch of the HUAWEI FreeBuds Pro 5, which supports the Star Flash audio technology, marks a significant step towards mainstream adoption of this technology [4]. - The Harmony ecosystem has seen a substantial increase in applications, with over 300,000 applications and a compatibility rate exceeding 95%, indicating a mature software ecosystem [2][3]. Summary by Sections Industry Overview - The Harmony ecosystem is transitioning from breakthrough to maturity, with significant hardware and software updates showcased in recent product launches like the Huawei Mate 80 series and Mate X7 [2]. - The ecosystem's growth is supported by over 9,000 applications participating in system-level innovations, enhancing usability and user experience [2][3]. Key Companies - Guokewi has achieved significant milestones in chip development, with eight open-source Harmony chip platforms now in mass production across various sectors [3]. - Xinhai Technology is contributing to the Harmony ecosystem by integrating chips, algorithms, and systems to enhance smart home devices [3]. Financial Projections - Guokewi's earnings per share (EPS) are projected to grow from 0.64 CNY in 2025 to 1.34 CNY in 2027, with a price-to-earnings (PE) ratio decreasing from 161 to 76 over the same period [5]. - Xinhai Technology's EPS is expected to rise from 0.01 CNY in 2025 to 0.73 CNY in 2027, with a significant reduction in PE from 4297 to 47 [5]. Investment Recommendations - The report suggests focusing on companies such as Guokewi, Xinhai Technology, Chuangyao Technology, and Lexin Technology due to their potential in the evolving Harmony ecosystem and audio technology [8].

Core Viewpoint - The company, Chipsea Technology, has successfully passed Intel's Platform Component List (PCL) certification for its EC chips, marking a significant achievement in meeting international industry standards and gaining recognition in the computing ecosystem [1] Group 1: Collaboration with Intel - Chipsea Technology's EC chips are the first mainland EC products to be included in Intel's PCL, indicating they meet Intel's new platform functionality and quality requirements [1] - The inclusion in Intel's PCL allows Chipsea's products to enter the traditional computing ecosystem and meet the entry requirements for computer product customers [1] - The company plans to continue close collaboration with Intel, focusing on synergistic innovation between underlying chips and complete system solutions [1]

Group 1 - The core point of the article is that Chipsea Technology has confirmed its pressure touch control products are being utilized in Alibaba's newly released Quark AI glasses [1] Group 2 - Investors inquired about the products provided by Chipsea Technology for the Quark AI glasses [1] - Chipsea Technology's response highlights its involvement in the development of innovative technology for consumer electronics [1]

Group 1 - The core viewpoint of the article highlights that Chipsea Technology (688595) is actively exploring and collaborating with relevant clients in the robotics field, focusing on key applications such as electronic skin and six-dimensional force sensors [1] Group 2 - The company is engaging in partnerships to advance its technology in the robotics sector, indicating a strategic move towards innovation and market expansion [1] - The emphasis on electronic skin and six-dimensional force sensors suggests a targeted approach to meet emerging demands in robotics applications [1]

Core Viewpoint - Chipsea Technology has successfully passed Intel's Platform Component List (PCL) certification for its EC chips, becoming the first mainland EC product to meet international industry standards and gain international recognition [1] Group 1: Certification and Standards - Chipsea's EC chips are now listed on Intel's PCL, indicating they meet Intel's new platform functionality and quality requirements, achieving international standards [1] - The certification allows Chipsea to enter the traditional computing ecosystem and meet the entry requirements of computer product customers [1] Group 2: Future Collaboration - The company plans to continue close collaboration with Intel, focusing on synergistic innovation between underlying chips and complete system solutions [1]

Core Viewpoint - Chipsea Technology (688595.SH) has no plans to participate in the Hongmeng Starlight Festival Conference [1] Company Summary - Chipsea Technology confirmed on the investor interaction platform that it will not attend the Hongmeng Starlight Festival Conference [1]

Core Viewpoint - Chipsea Technology (688595.SH) has announced that its pressure touch control products have been applied in Quark AI glasses [1] Group 1 - The company is actively engaging with investors through its interactive platform [1] - The application of pressure touch control technology in AI glasses indicates a potential expansion into the wearable technology market [1]

Core Viewpoint - Chipsea Technology's stock price has shown fluctuations, with a year-to-date increase of 6.07% and a recent 5-day increase of 7.58%, despite a 15.35% decline over the past 60 days [2] Company Overview - Chipsea Technology (Shenzhen) Co., Ltd. was established on September 27, 2003, and went public on September 28, 2020. The company is located in Shenzhen, Guangdong Province [2] - The company's main business involves the research, design, and sales of chip products, with revenue composition as follows: MCU chips 46.45%, AIoT chips 25.92%, analog signal chain chips 25.81%, and others 1.79% [2] Financial Performance - For the period from January to September 2025, Chipsea Technology achieved operating revenue of 615 million yuan, representing a year-on-year growth of 19.59%. However, the net profit attributable to the parent company was a loss of 62.98 million yuan, which is a year-on-year increase of 45.23% in losses [2] - The company has distributed a total of 49.92 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders of Chipsea Technology was 12,800, an increase of 11.16% from the previous period. The average circulating shares per person decreased by 8.99% to 11,240 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 3.27 million shares as a new shareholder. Other funds have exited the top ten list [3] Market Activity - On December 1, Chipsea Technology's stock price rose by 2.26%, reaching 34.79 yuan per share, with a trading volume of 52.88 million yuan and a turnover rate of 1.08%. The total market capitalization is 5.01 billion yuan [1] - In terms of capital flow, there was a net inflow of 1.23 million yuan from main funds, with significant buying activity from large orders [1]

Investment Rating - The report assigns a "Buy-B" investment rating to the company, with a target price of 39 yuan for 2026, based on a 5x price-to-sales (PS) ratio [4][6]. Core Insights - The company has demonstrated significant revenue growth and a reduction in losses, achieving 615 million yuan in revenue for the first three quarters of 2025, a year-on-year increase of 19.59%. The net profit loss narrowed to 63 million yuan, a substantial improvement of 52 million yuan compared to the previous year [2]. - The decision not to adjust the conversion price of the "Xinhai Convertible Bonds" reflects the board's confidence in the company's long-term value and growth prospects. This decision sends a positive signal to the market [3]. - The company is expected to leverage its dual-platform technology capabilities in analog and MCU, along with a comprehensive solution that integrates chips, algorithms, scenarios, and AI, to achieve effective growth in key strategic areas such as BMS, industrial precision measurement, PC, and automotive electronics [4]. Financial Performance Summary - Revenue projections for 2025 to 2027 are 899 million yuan, 1.124 billion yuan, and 1.303 billion yuan, respectively. The expected net profits for the same period are 7 million yuan, 53 million yuan, and 125 million yuan, indicating a positive trend towards profitability [4][10]. - The company has maintained a high level of strategic R&D investment while optimizing its operational management and cost structure, which has further enhanced its profitability [2]. Market Position and Growth Potential - The company is actively expanding into high-end sectors such as automotive electronics and industrial control, while also launching its first high-performance MCU chip with AI processing capabilities. This positions the company well for future growth and value recovery [3].