Core Points - The company achieved a revenue of 702 million yuan in 2024, representing a year-on-year growth of 62.22% [1][2] - The net profit attributable to shareholders was -173 million yuan, and the net profit after deducting non-recurring gains and losses was -182 million yuan [1][2] - The net cash flow from operating activities was -97 million yuan, compared to 15 million yuan in the same period last year [1][2] Financial Performance - Revenue for 2024 was 702 million yuan, up from 433 million yuan in 2023, marking a 62.22% increase [2] - The net profit attributable to shareholders in 2023 was -143 million yuan, and in 2022 it was 3 million yuan [1][2] - The net profit after deducting non-recurring gains and losses was -157 million yuan in 2023 and -40 million yuan in 2022 [1][2] - The company plans not to distribute profits for 2024, with no cash dividends or stock bonuses [2] Capital Raising Activities - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on September 28, 2020, with an initial public offering (IPO) raising 571 million yuan [3] - The net amount raised after deducting issuance costs was 494 million yuan, which was 50.65 million yuan less than originally planned [3] - The company issued convertible bonds in 2022, raising a total of 410 million yuan [4][5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has formed a product matrix in PC MCU and is consolidating its advantages in the HarmonyOS ecosystem through AIoT integration [3][8] - The company's revenue for 2024 is projected to be RMB 702 million, representing a year-on-year growth of 62.2% [7][8] - The net profit attributable to the parent company for 2024 is expected to be a loss of RMB 173 million, but this loss has narrowed by RMB 92 million compared to the previous year when excluding share-based payment impacts [8] Summary by Sections Stock Performance - The company's stock has shown an absolute increase of 20.8% year-to-date and 21.7% over the past 12 months [2] Financial Projections - Revenue projections for the upcoming years are as follows: - 2025: RMB 980 million (39.5% growth) - 2026: RMB 1,302 million (32.9% growth) - 2027: RMB 1,656 million (27.2% growth) [7][9] - The estimated EPS for 2025 is -0.73 RMB, with a gradual improvement expected by 2027 to 0.66 RMB [5][9] Business Performance - The MCU chip business revenue for 2024 is projected at RMB 326 million, a year-on-year increase of 68% [8] - The analog signal chain chip business is expected to see a revenue increase of 137% year-on-year, reaching RMB 181 million [8] - The AIoT chip business is projected to grow by 18% year-on-year, with revenue of RMB 182 million [8] Strategic Developments - The company is transitioning its MCU and ADC products towards high-end markets, with significant R&D investments [5][8] - The company has established a health big data cloud platform through its subsidiary, enhancing its position in the HarmonyOS ecosystem [8]

Core Viewpoint - Chipsea Technology reported a significant increase in revenue for 2024, reaching 702 million yuan, a year-on-year growth of 62.22%, but simultaneously faced an expanded net loss of 173 million yuan, worsening by 20.51% compared to the previous year, indicating a situation of increasing revenue without profit [1] Group 1: Financial Performance - In 2024, Chipsea Technology's revenue reached 702 million yuan, surpassing the pre-market impact level of 669 million yuan in 2021 [4] - The company's net profit margin has been under pressure, with a drastic decline in 2022 and a further drop in 2023, leading to a significant loss in 2024 despite revenue recovery [1][3] - The overall gross margin for 2024 was 34.16%, still significantly lower than the peak of 52.18% in 2021, reflecting ongoing challenges in profitability [4] Group 2: Revenue and Product Contribution - The revenue contributions from Chipsea Technology's main products in 2024 were 46.45% from MCU chips, 25.92% from health measurement AIOT chips, and 25.81% from analog signal chain chips [2] - In 2024, the revenue for MCU chips grew by 67.63%, health measurement AIOT chips by 18.37%, and analog signal chain chips by 137.11%, indicating a recovery in demand across product lines [4] Group 3: R&D Investment - The company has significantly increased its R&D investment, with a 45.89% year-on-year growth in 2024, leading to a high R&D expense ratio of over 40% [5][6] - The increase in R&D spending is attributed to stock-based compensation expenses, with a core growth of 8.01% when excluding these effects [6] - Chipsea Technology has eight ongoing projects with a total expected investment of 780 million yuan, indicating a strong commitment to innovation despite current financial pressures [6] Group 4: Inventory and Cash Flow - The company faced a negative cash flow from operating activities of -96.81 million yuan in 2024, a decline of 751.39% year-on-year, primarily due to increased inventory procurement [7] - Total inventory reached 288 million yuan, a 51.29% increase from the previous year, marking the highest level since 2013 [7] - The company’s strategy to stock up in anticipation of a market rebound in the semiconductor industry may be prudent, but it also poses risks if market conditions change unexpectedly [7]

交易信息汇总: 当日主力资金净流出473.17万元，占总成交额6.56%。 公司公告汇总: 截至2025年3月31日，"芯海转债"累计共有人民币25000元已转换为公司股票，累计 转股数量为446股，占转股前公司已发行股份总额的0.0003%。 公司公告汇总 芯海科技（深圳）股份有限公司发布可转债转股结果暨股份变动公告。截至2025年3月31日，"芯海转 债"累计共有人民币25000元已转换为公司股票，累计转股数量为446股，占转股前公司已发行股份总额 142381046股的0.0003%。未转股可转债金额为409975000元，占发行总量的99.9939%。2025年第一季度 无转股情况发生。 芯海科技向不特定对象发行41000万元可转换公司债券，每张面值100元，期限六年，自2022年7月21日 至2028年7月20日。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，转股价格分别于2022年10月27日、2023年1月17日和2023年12月14日调整为55.71元/ 股、55.68元/股和55.67元/股。 截至2025年3月31日，公司股本总 ...

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 3 月 31 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%。 未转股可转债情况：截至 2025 年 3 月 31 日，"芯海转债"尚未转股的可 转债金额 409,975,000 元，占"芯海转债"发行总量的 99.9939%。 本季度转股情况：自 2025 年 1 月 1 日至 2025 年 3 月 31 日期间，"芯海 转债"共有人民币 0 元已转换为公司股票，转股数量为 0 股，占"芯海转债"转股 前公司已发行股份总额 142,381,046 股的 0.00%。 一、可 ...

上 市 公 司 2025 年 03 月 30 日 芯海科技 (688595) ——MCU、AIOT 需求修复，营收同比高增 62% 报告原因：有业绩公布需要点评 买入（上调） | 市场数据： 2025 年 03 月 28 日 | | | --- | --- | | 收盘价（元） | 37.69 | | 一年内最高/最低（元） | 49.50/21.79 | | 市净率 | 7.4 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 5,368 | | 上证指数/深证成指 3,351.31/10,607.33 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 4.82 | | 资产负债率% | 55.36 | | 总股本/流通 A 股（百万） | 142/142 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： (8621)23297818× yanghy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 投 ...

Profit Distribution and Financial Performance - The company plans not to distribute profits for the fiscal year 2024, with no cash dividends or stock bonuses, and will carry forward the remaining undistributed profits to the next year[5]. - The company's profit distribution plan for 2024 has been approved by the board and will be submitted for shareholder approval[5]. - The company has not proposed a cash profit distribution plan for the reporting period despite positive profits, requiring detailed disclosure of reasons and future plans[181]. - The company's profit distribution policy emphasizes a stable return to shareholders, with cash dividends prioritized over other forms of distribution[175]. - Cash dividends must be at least 10% of the distributable profit if the net profit is positive and undistributed profits are positive at year-end[175]. - The board of directors can propose mid-term profit distributions based on the company's profitability and funding needs, with specific cash dividend ratios depending on the company's development stage[176]. - The company reported a net profit attributable to shareholders of RMB -172,873,624.69 for the most recent accounting year[182]. - The company reported a net loss attributable to shareholders for 2024 was ¥172.87 million, compared to a loss of ¥143.45 million in 2023[21]. - The company’s revenue for 2024 reached ¥702.31 million, representing a 62.22% increase compared to ¥432.95 million in 2023[21]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[4]. - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[3]. - The audit committee confirmed that the 2024 first quarter report is accurate and complete, with no fraud or significant misstatements[167]. - The internal control audit report received a standard unqualified opinion, indicating effective internal controls[193]. - The company received a warning letter from the Shenzhen Securities Regulatory Bureau on November 27, 2023, regarding compliance issues[161]. Research and Development - The company has detailed various risks it may face in the "Management Discussion and Analysis" section of the report[3]. - The R&D expenditure as a percentage of revenue was 41.22% in 2024, down from 45.83% in 2023[22]. - The total R&D expenditure for the year increased by 45.89% compared to the previous year, amounting to approximately ¥289.47 million[82]. - The company applied for 133 new invention patents and received approval for 61 during the reporting period[38]. - The company has a total of 1,784 intellectual property applications, with 983 approvals as of the end of the reporting period[80]. - The company has launched several products, including a high-precision 24-bit Sigma-Delta ADC, which is at the forefront of domestic and international standards[89]. - The company is focusing on high-precision ADC and reliable MCU products to capture market opportunities in domestic substitution, particularly in high-end applications like consumer electronics and automotive electronics[143]. Market and Product Development - The company is exploring potential mergers and acquisitions to enhance its market position and product offerings[21]. - The company is focusing on high-end markets such as automotive electronics and industrial control, with a strategic shift from traditional consumer electronics[34]. - The company has launched multiple new products targeting the computer, industrial, and automotive markets, further solidifying its industry position[57]. - The company achieved a revenue of 702.31 million yuan in 2024, representing a year-on-year growth of 62.22%[23]. - The company is actively managing its inventory levels in response to the growth in revenue, indicating a strategic approach to market demand[23]. Corporate Governance - The company has no special arrangements for corporate governance[8]. - The company emphasizes the importance of corporate governance, adhering to relevant laws and regulations to ensure effective operation and decision-making[146]. - The company held 2 shareholder meetings in 2024, ensuring compliance with legal and regulatory requirements[148]. - The company held its annual general meeting on April 19, 2024, where all 12 proposed resolutions were approved without any rejections[151]. - The company has maintained a consistent approach to governance with independent directors overseeing key committees[154]. Financial Position and Cash Flow - The net cash flow from operating activities for 2024 was -¥96.81 million, a significant decline of 751.39% from ¥14.86 million in 2023[21]. - The total assets increased by 16.74% to ¥1.70 billion at the end of 2024, up from ¥1.45 billion at the end of 2023[21]. - The company's net assets attributable to shareholders decreased by 17.49% to ¥755.40 million at the end of 2024, down from ¥915.49 million at the end of 2023[21]. - The company experienced a significant increase in cash flow from financing activities, totaling ¥224,239,904.05, compared to a negative cash flow of -¥108,937,858.38 in the previous year[106]. - The net cash flow from investing activities was a negative 85.80 million RMB, a decline of 1291.75% compared to the previous year[121]. Talent and Human Resources - The company has a total of 355 R&D personnel, accounting for 70.30% of the total workforce, with an average salary of ¥47.60 thousand[87]. - The company plans to implement a restricted stock incentive plan for 2024, aimed at long-term motivation for core talent[170]. - The company has conducted five phases of equity incentive plans since December 2020 to enhance employee engagement and retention[194]. - The company’s training plan aims to enhance employee capabilities through a structured development system and internal training programs[174]. - The company has a diverse executive team with experience in various sectors, including semiconductor research and development, which supports innovation[154]. Strategic Initiatives and Future Outlook - The company plans to continue focusing on R&D and market expansion strategies to improve future performance[21]. - The company aims to achieve revenue and net profit growth for the fiscal year 2025 compared to the previous year[143]. - The company plans to increase investment in AI technology, leveraging its ADC and MCU dual-platform advantages to focus on communication, robotics, industrial precision measurement, and automotive sectors[142]. - The company is committed to strengthening its talent development system to ensure a robust talent pipeline for sustainable growth[144]. - The company is establishing strategic partnerships with foundries and packaging factories to improve production efficiency and quality management[143].

| 证券代码：688595 | 证券简称：芯海科技 | 公告编号：2025-015 | | --- | --- | --- | | 债券代码：118015 | 债券简称：芯海转债 | | （一） 股东大会类型和届次 2024 年年度股东大会 召开日期时间：2025 年 4 月 22 日 15 点 00 分 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 4 月 22 日 股东大会召开日期：2025年4月22日 本次股东大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 芯海科技（深圳）股份有限公司 关于召开 2024 年年度股东大会的通知 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 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的 投票，应按照《上海证券交易所科创板上市公司自律监管指引第 1 号 — 规范 运作》等有关规定执行。 （七） 涉及公开征集股东投票权 本次股东大会不涉及公开征集投票权。 二、 会议审议事项 ...

| | | 芯海科技（深圳）股份有限公司 第四届监事会第二次会议决议公告 本公司监事会及全体监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"公司"）第四届监事会第二次 会议于 2025 年 3 月 27 日下午 17:00 以现场表决的方式召开，本次会议通知已于 2025 年 3 月 17 日通过通讯方式通知全体监事。本次会议由监事会主席王金锁先 生召集并主持，会议应到监事 3 名，实到监事 3 名。会议的召集和召开程序符合 《中华人民共和国公司法》（以下简称"《公司法》"）等法律、法规、部门规章以 及《芯海科技（深圳）股份有限公司章程》（以下简称"《公司章程》"）的有关规 定，作出的决议合法、有效。 会议以投票表决方式审议通过了以下议案： 一、审议通过《关于公司 2024 年度监事会工作报告的议案》 监事会认为：2024 年度，公司监事会按照《公司法》《公司章程》和《监事 会议事规则》等有关规定，认真履行职责，对公司重大决策和决议的形成、表决 程序进行了监督和审查，对公司依法运作进行了检查。特别是对 ...

| | | 芯海科技（深圳）股份有限公司 第四届董事会第三次会议决议公告 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"公司"或"芯海科技"）第四届董 事会第三次会议于 2025 年 3 月 27 日下午 15:30 以现场及通讯表决的方式召开。 本次会议通知已于 2025 年 3 月 17 日通过通讯方式通知全体董事。本次会议由董 事长卢国建先生召集并主持，会议应到董事 9 名，实到董事 9 名，会议的召集和 召开程序符合《中华人民共和国公司法》（以下简称"《公司法》"）等法律、 法规、部门规章以及《芯海科技（深圳）股份有限公司章程》（以下简称"《公 司章程》"）的有关规定，作出的决议合法、有效。 会议以投票表决方式审议通过了以下议案： 一、审议通过《关于公司 2024 年度董事会工作报告的议案》 报告期内，公司董事会严格按照《公司法》《中华人民共和国证券法》《上 海证券交易所科创板股票上市规则》等法律法规及《公司章程》《董事会议事规 则》等公司制度的规定，从切实维护公司利益和广 ...