Core Points - The company has issued convertible bonds named "芯海转债" with a total amount of RMB 410 million, which started trading on August 18, 2022 [2][3] - As of June 30, 2025, a total of RMB 25,000 has been converted into company shares, resulting in 446 shares, which is 0.0003% of the total shares before conversion [1][4] - The remaining unconverted bonds amount to RMB 409,975,000, representing 99.9939% of the total issuance [1][4] Convertible Bond Details - The convertible bonds can be converted into shares from January 30, 2023, to July 20, 2028, with an initial conversion price of RMB 56.00 per share [3][4] - The conversion price has been adjusted from RMB 55.71 to RMB 55.68 and then to RMB 55.67 due to equity incentive registrations [3][4] Share Capital Changes - The total number of shares before the conversion was 142,381,046, and after the conversion, it increased to 142,425,592 [5]

Core Viewpoint - The company, Chipsea Technology, has confirmed that its Battery Management System (BMS) products and Power Delivery (PD) products can be utilized in power banks, enhancing safety and charging efficiency [1] Group 1: Product Features - The BMS products are designed to protect battery safety and optimize charge and discharge performance by monitoring voltage, current, and temperature in real-time [1] - The BMS prevents risks such as overcharging, over-discharging, short circuits, and overheating, thereby extending battery life and ensuring safe usage [1] - The PD products enable fast and safe charging by intelligently recognizing different devices' charging protocols and automatically matching the optimal charging power [1] Group 2: Application - The BMS and PD products are applicable for devices such as smartphones and tablets, providing efficient fast charging support [1]

| | | 芯海科技（深圳）股份有限公司 可转债转股结果暨股份变动公告 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： 累计转股情况：芯海科技（深圳）股份有限公司（以下简称"芯海科技" 或"公司"）向不特定对象发行可转换公司债券"芯海转债"自 2023 年 1 月 30 日开 始转股，截至 2025 年 6 月 30 日，"芯海转债"累计共有人民币 25,000 元已转换 为公司股票，累计转股数量为 446 股，占"芯海转债"转股前公司已发行股份总额 142,381,046 股的 0.0003%。 根据有关规定和《芯海科技（深圳）股份有限公司向不特定对象发行可转换 公司债券募集说明书》（以下简称"募集说明书"）的约定，公司向不特定对象发 行可转换公司债券"芯海转债"自 2023 年 1 月 27 日起可转换为公司股份，转股期 间为 2023 年 1 月 30 日至 2028 年 7 月 20 日。初始转股价格为 56.00 元/股；因股 权激励归属登记使公司总股本由 139,846,434 股增加至 142 ...

Group 1 - The core point of the article is the issuance of convertible bonds by Chipsea Technologies (Shenzhen) Co., Ltd., which aims to raise funds for various projects and enhance its financial position [1][2][3] - The total amount of funds raised from the issuance of 4.1 million convertible bonds is RMB 410 million, with a net amount of RMB 401.96 million after deducting issuance costs [3][12] - The bonds have a maturity period of six years, with an annual interest rate that increases progressively from 0.40% in the first year to 3.00% in the sixth year [3][4] Group 2 - The initial conversion price for the bonds is set at RMB 56.00 per share, with the current conversion price at RMB 55.67 per share [5][6] - The company has a credit rating of A+ for the bonds, indicating a stable outlook, as per the evaluations by credit rating agencies [11][14] - The funds raised will be allocated to various projects, including the development of automotive MCU chips, with a total investment of RMB 50.22 million planned [11][13] Group 3 - The company reported a net profit attributable to shareholders of RMB -172.87 million for the year 2024, indicating a narrowing loss compared to the previous year [12] - The operating revenue for 2024 reached RMB 702.31 million, representing a 62.22% increase compared to the previous year [12] - The company's total assets as of the end of 2024 were RMB 1.69 billion, with a debt-to-asset ratio of 55.36% [14]

（武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二五年六月 证券代码：688595 证券简称：芯海科技 债券代码：118015 债券简称：芯海转债 芯海科技（深圳）股份有限公司 向不特定对象发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《芯 海科技（深圳）股份有限公司向不特定对象发行可转换公司债券受托管理协议》 （以下简称"《受托管理协议》"）、《芯海科技（深圳）股份有限公司向不特定对 象发行可转换公司债券募集说明书》（以下简称"《募集说明书》"）、《芯海科技 （深圳）股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中 介机构出具的专业意见以及发行人出具的相关说明和提供的相关资料等，由本 次债券受托管理人天风证券股份有限公司（以下简称"天风证券"）编制。天风 证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不 就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责 任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [6]. Core Insights - The company, Chipsea Technology (688595.SH), is transitioning from traditional consumer electronics to high-end sectors such as automotive electronics, computing and communication, mobile phones, BMS, and industrial control since 2019. The core products are high-performance SOCs [2]. - The company has seen a recovery in downstream demand, with product shipments gradually increasing. Revenue for 2024 is projected at 702 million yuan, a year-on-year increase of 62.22%, and Q1 2025 revenue is expected to be 158 million yuan, up 4.66% year-on-year [2]. - The company has launched multiple new products in the analog signal chain, with 2024 revenue from these products expected to reach 181 million yuan, a 137.11% increase year-on-year, driven by significant sales growth in BMS products [3]. - MCU chip revenue is projected to reach 326 million yuan in 2024, reflecting a 67.63% year-on-year growth, with notable increases in EC and HUB product shipments [4]. Summary by Sections Revenue and Growth - The company anticipates a revenue of 951 million yuan in 2025, with a growth rate of 35.36%, and 1.226 billion yuan in 2026, with a growth rate of 28.92% [5]. - The net profit forecast for 2025 is -13 million yuan, with a subsequent recovery to 23 million yuan in 2026 and 36 million yuan in 2027 [5]. Product Performance - The BMS series products have achieved cumulative shipments exceeding 100 million units, with the first automotive-grade BMS AFE chip set to be released soon [3]. - The company has established a broad product layout centered around EC, covering PD, HapticPad, USB 3.0 HUB, and BMS, with significant growth in shipments for these products [4]. Financial Metrics - The projected gross margin for 2024 is 34.2%, with an expected improvement to 39.3% by 2027 [12]. - The company’s total assets are projected to be 1.695 billion yuan in 2024, with total liabilities of 938 million yuan, resulting in a debt-to-asset ratio of 55% [11].

Core Viewpoint - Chipsea Technology (Shenzhen) Co., Ltd. has been awarded the 25th China Patent Excellence Award for a patent focusing on high-precision, high-speed small signal measurement, which significantly enhances weak signal detection accuracy and addresses current interference issues [1][2]. Group 1 - The awarded patent utilizes dynamic detection compensation technology to effectively solve current interference problems in sensor measurements, marking a significant advancement in small signal detection technology for the Internet of Things era [1][2]. - The technology has been successfully applied in several self-developed signal conditioning core chips, including high-precision analog SoC, Force Touch SoC/AFE, high-precision ADC, and health measurement SoC/AFE [2]. - Future applications of this technology may extend to industrial automation and electric vehicle charging systems, promoting intelligent development in related industries [2]. Group 2 - The recognition from the award enhances the company's intellectual property advantages and strengthens its technological innovation capabilities and market competitiveness [2]. - The company emphasizes continuous innovation and increased R&D investment to build a strong intellectual property moat for technological advancements [2]. - The award is not expected to have a significant impact on the company's financial performance [3].

本次获奖专利成果解决了模拟前端信号在实现高精度与低功耗协同测量方面 的关键技术难点。其应用潜力覆盖各类移动设备和物联网终端，为万物互联与智 能化提供了重要的技术基础。目前，该技术已成功应用于公司自主研发的多款信 号调理核心芯片，包括高精度模拟 Soc、Force Touch SoC/AFE、高精度 ADC 以及 健康测量 Soc/AFE 等产品。未来应用可进一步拓展至工业自动化（如工业压力传 1 | 证券代码：688595 | 证券简称：芯海科技 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：118015 | 债券简称：芯海转债 | | 芯海科技（深圳）股份有限公司 关于自愿披露获得第二十五届中国专利优秀奖的公告 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。 近日，国家知识产权局发布《国家知识产权局关于第二十五届中国专利奖授 奖的决定》（国知发运字〔2025〕20 号），芯海科技（深圳）股份有限公司（以 下简称"公司"）的一项专利荣获第二十五届中国专利优秀奖，具体情况如下： | ...

Group 1 - The core viewpoint of the news is that Chonghai Technology has shown significant growth in its gross margin and is making strides in various technology sectors, including automotive electronics and robotics [1] - Chonghai Technology's gross margin is expected to increase by approximately 3 percentage points year-on-year in Q1 2025, primarily due to product structure optimization [1] - The company has successfully entered Lenovo's VL list with its EC series products, indicating validated reliability, compatibility, and long-term supply assurance, which accelerates its entry into the global supply chain [1] - In the automotive electronics sector, Chonghai Technology has developed its first high-performance automotive MCU and multiple automotive chips covering smart cockpit and vehicle fast charging scenarios [1] - In the humanoid robotics field, the company provides high-precision DC, MCU, and tactile feedback chips to support key applications [1] - Several of Chonghai Technology's chips, such as high-precision DC chips and EC series chips, have achieved domestic substitution [1] - The pressure touch control chip has been sold in OPPO Find X8 and vivo X200 Ultra series [1] - The company is laying out its AI strategy across cloud, edge, and application terminals, offering a full-stack solution of "chip + algorithm + data" [1] Group 2 - Shanghai Chongyang Investment Management Co., Ltd. is a limited liability company established in 2009, based on the foundation of Shanghai Chongyang Investment Co., Ltd., which was founded in 2001 [2] - Chongyang Investment focuses on managing financial wealth for clients using various standardized financial tools, aiming for sustainable asset growth [2] - The company emphasizes research-driven investment and the importance of a rigorous and scientific investment process [2]

Core Viewpoint - The 2025 Taipei International Computer Show (COMPUTEX) focuses on "AI Next," showcasing nearly 1,400 tech companies discussing the new ecosystem of the computing industry, with Chipsea Technology (688595.SH) highlighting its innovations in peripheral chips for PCs [1] Group 1: Company Innovations and Product Development - Chipsea Technology launched its first domestic 32-bit high-performance EC chip CSC2E101 in 2022, breaking the long-standing monopoly of foreign manufacturers and achieving Intel PCL certification [2] - The company's EC products now feature high performance, security, and computing power, integrating various functionalities such as secure boot and environmental sensing, thus redefining industry standards [2] - Chipsea's EC chip E2010 boasts a core performance 20 times that of similar international products while maintaining a sleep power consumption of only 30%, showcasing superior energy efficiency [2] Group 2: Market Strategy and Ecosystem Integration - The entry into the PC market is a strategic decision based on insights into future market prospects and aligns with the company's technological capabilities [4] - Chipsea has established a comprehensive ecosystem by integrating sensing, control, power, and connectivity technologies, enhancing its alignment with the growing demand for precise sensing and control in the PC peripheral market [4] - The company has successfully integrated into Intel's global supply chain and collaborated with the HarmonyOS ecosystem, leading to significant project opportunities and product shipments [5] Group 3: Research and Development Investment - In 2024, Chipsea's R&D investment reached 240 million yuan, accounting for 34.15% of its revenue, reflecting an 8.01% year-on-year increase, with a strong patent portfolio including 856 invention patents [5] - The company has developed a robust supply chain with R&D subsidiaries across multiple cities in China, ensuring reliable production capacity and quick response to market demands [5] Group 4: Future Growth and Market Position - Chipsea's PC business is rapidly developing, with a product ecosystem covering various PC peripherals and a focus on AI PCs, which are expected to dominate the market by 2027 [6] - The company is transitioning from "domestic substitution" to "competitive substitution," aiming to capture market share and achieve its goal of becoming a world-class supplier of computing peripheral chips [6] - Analysts predict that Chipsea's net profit will reach 18 million yuan in 2025 and 123 million yuan in 2026, indicating a promising growth trajectory [6]