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]

Core Viewpoint - The credit rating agency maintains the credit rating of Chipsea Technology (Shenzhen) Co., Ltd. and its convertible bond at A+ with a stable outlook, reflecting the company's competitive position and growth potential despite facing industry challenges [1][5][8]. Company Overview - Chipsea Technology primarily engages in the design, research, and sales of analog signal chain chips, MCU chips, and AIoT chips, operating under a Fabless model [10][11]. - As of March 2025, the company reported total assets of 1.601 billion yuan and equity of 744 million yuan, with a debt-to-asset ratio of 53.53% [10][11]. Financial Performance - The company experienced a year-on-year increase in revenue and gross profit from its main chip business, benefiting from a recovery in downstream demand [7][10]. - In 2024, the company reported a total profit of -0.26 billion yuan, continuing to face negative profit margins due to increased share-based payment expenses and inventory write-downs [10][11]. Competitive Advantages - The company has enhanced its product technology and expanded sales scale, maintaining a competitive edge in high-precision ADC and reliable MCU design fields [7][8]. - In 2024, Chipsea Technology increased its R&D efforts in automotive MCU chips, computer peripherals, AIoT chips, and industrial-grade high-precision ADC chips, resulting in 61 new invention patents [7][8]. Industry Analysis - The integrated circuit design industry is experiencing growth driven by increasing demand in traditional and emerging sectors such as automotive electronics and 5G [15][16]. - The global integrated circuit sales are projected to recover in 2024, with a significant increase expected in 2025 due to advancements in AI, IoT, and electric vehicles [15][16]. Debt and Funding - The company issued the "Chipsea Convertible Bond" in July 2022, with a total amount of 410 million yuan, primarily used for R&D and working capital [11][12]. - As of March 31, 2025, the company had converted 2.5 million yuan of the convertible bond into shares, with a remaining convertible bond amount of 409.975 million yuan [11][12].

信用等级通知书 东方金诚债跟踪评字【2025】0017 号 芯海科技（深圳）股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及"芯 海转债"的信用状况进行了跟踪评级，经信用评级委员会评定，此 次跟踪评级维持贵公司主体信用等级为 A+，评级展望为稳定，同 时维持"芯海转债"信用等级为 A+。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年五月二十二日 东方金诚债跟踪评字【2025】0017 号 信用评级报告声明 为正确理解和使用东方金诚国际信用评估有限公司（以下简称"东方金诚"）出具的 信用评级报告（以下简称"本报告"），本公司声明如下： 1.本次评级为委托评级，东方金诚与受评对象不存在任何影响本次评级行为独立、客 观、公正的关联关系，本次项目评级人员与评级对象之间亦不存在任何影响本次评级 行为独立、客观、公正的关联关系。 2.本次评级中，东方金诚及其评级人员遵照相关法律、法规及监管部门相关要求，充 分履行了勤勉尽责和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的 原则。 5.本报告仅为受评对象信用状况的第三方参考意见，并非是对某种决策的结论或建议。 东方金诚不对发行人使用/ ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has weakened as of May 19, 2025, with mixed performance among constituent stocks [1] - Zhongyou Technology (688648) led the gains with an increase of 7.19%, while Tianzhun Technology (688003) experienced the largest decline at 4.66% [1] - The Sci-Tech Innovation Board Artificial Intelligence ETF (588930) fell by 1.57%, with the latest price at 1.13 yuan, but has seen a cumulative increase of 3.52% over the past month as of May 16, 2025 [1] Group 2 - The liquidity of the Sci-Tech Innovation Board Artificial Intelligence ETF was 2.6% during intraday trading, with a transaction volume of 20.98 million yuan [1] - The average daily transaction volume of the Sci-Tech Innovation Board Artificial Intelligence ETF over the past year was 82.25 million yuan [1] - The latest share count for the Sci-Tech Innovation Board Artificial Intelligence ETF reached 713 million, marking a new high since its inception [1] Group 3 - Minsheng Securities indicates that AI Agents are key to the software revolution, addressing the application limitations of generative AI models and advancing AI technology towards practical and intelligent applications [2] - AI Agents consist of a model, tools, and an orchestration layer, enabling autonomous goal achievement [2] - The commercialization path for AI Agents emphasizes different payment models for C-end (consumer) and B-end (business) applications, focusing on generality and extensibility for C-end, and task completion and accuracy for B-end [2] Group 4 - The future outlook suggests that the task length of AI Agents may double approximately every seven months, leading to a closed-loop development cycle where Agents can develop other Agents [2]

Group 1 - The three major indices opened lower on May 16, with the ChiNext and Shenzhen indices turning positive during the day, while the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index rebounded [1] - The AI ETF (588930) closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, which selects 30 large-cap stocks that provide resources, technology, and application support for AI [1] - Alibaba's CEO stated that the "user-first, AI-driven" strategy has yielded results, with core business growth accelerating and significant investments in AI infrastructure and technology to maintain global competitiveness [1] Group 2 - Tencent's Q1 2025 earnings forecast indicated solid growth in high-quality revenue, with AI capabilities contributing significantly to advertising and gaming businesses [2] - Long-term prospects for domestic AI development require substantial investment and time to catch up with advanced domestic processes, according to a report from Industrial Securities [2]

Financial Performance - The company achieved total revenue of CNY 158.38 million in Q1 2025, representing a year-on-year increase of 4.66%[3] - The net loss attributable to shareholders was CNY 24.04 million, a reduction in loss of CNY 1.14 million compared to the same period last year[3] - The gross profit margin for the quarter was 37.19%, an increase of 3% year-on-year due to product mix and cost optimization[3] - Total revenue for Q1 2025 was CNY 158,383,617.52, an increase of 4.4% compared to CNY 151,325,096.99 in Q1 2024[19] - Net loss for Q1 2025 was CNY 23,553,389.32, an improvement from a net loss of CNY 35,280,460.95 in Q1 2024[20] - Operating profit for Q1 2025 was CNY -25,969,320.81, compared to CNY -35,514,619.30 in Q1 2024, indicating a reduction in losses[20] - Basic and diluted earnings per share for Q1 2025 were both CNY -0.17, an improvement from CNY -0.25 in Q1 2024[21] Research and Development - Research and development expenses totaled CNY 60.76 million, accounting for 38.36% of total revenue, a decrease of 2.52 percentage points from the previous year[4] - Research and development expenses for Q1 2025 were CNY 60,759,234.29, slightly down from CNY 61,871,670.91 in Q1 2024[20] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -CNY 40.97 million, slightly improved from -CNY 42.28 million in the previous year[3] - Cash generated from operating activities in Q1 2025 was CNY 172,471,260.51, an increase from CNY 145,317,419.99 in Q1 2024[23] - Total cash inflow from operating activities amounted to $179.90 million, compared to $155.99 million previously, indicating a growth of approximately 15.3%[24] - Cash outflow from operating activities totaled $220.87 million, up from $198.27 million, reflecting an increase of about 11.4%[24] - Cash flow from investing activities was -$33.88 million, showing a decrease from -$42.42 million in the prior period[24] - Total cash and cash equivalents at the end of the period were $487.62 million, an increase from $421.33 million previously[25] Assets and Liabilities - The company's total assets at the end of the quarter were CNY 1.60 billion, down 5.55% from the end of the previous year[4] - Total liabilities decreased to CNY 857,109,569.35 in Q1 2025 from CNY 938,406,969.87 in Q1 2024, a reduction of approximately 8.6%[16] - Total assets decreased to CNY 1,601,183,501.66 in Q1 2025 from CNY 1,695,250,450.25 in Q1 2024, reflecting a decline of about 5.5%[16] - The company's total equity decreased to CNY 744,073,932.31 in Q1 2025 from CNY 756,843,480.38 in Q1 2024, a decrease of approximately 1.7%[16] Shareholder Information - The top shareholder, Lu Guojian, holds 27.98% of the shares, while the second-largest shareholder holds 14.26%[10] - The company has no significant changes in shareholder structure or participation in margin trading activities[11] Government Support - The company received government subsidies amounting to CNY 399,782.68, which positively impacted the financial results[5] Inventory and Receivables - Accounts receivable decreased to ¥128,448,330.29 from ¥136,000,569.11, a decline of about 5.4%[14] - Inventory increased to ¥317,012,547.26 from ¥287,655,471.44, reflecting a growth of approximately 10.2%[14] - Total current assets amounted to ¥1,106,084,699.31, down from ¥1,205,257,242.84, indicating a decrease of around 8.2%[14] Other Information - The company has not reported any new product launches or technological advancements during the quarter[12] - There are no significant mergers or acquisitions reported in the current financial period[12] - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[25]

芯海科技公告，2025年第一季度营收为1.58亿元，同比增长4.66%；净亏损2403.76万元，去年同期净亏 损3542.84万元。 ...

证券代码：688595 证券简称：芯海科技 公告编号：2025-021 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 2024年年度股东大会决议公告 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： ● 本次会议是否有被否决议案：无 一、会议召开和出席情况 （一）股东大会召开的时间：2025年4月22日 （二）股东大会召开的地点：深圳市南山区粤海街道科苑南路3156号深圳湾创新科技中心T1栋3楼 （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及其持有表决权数量的情 况： ■ （四）表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长卢国建先生主持，会议采用现场投票和网络投票相结合的表决 方式。本次股东大会的召集和召开程序、出席会议人员的资格和召集人资格、会议的表决程序和表决结 果均符合《中华人民共和国公司法》及《芯海科技（深圳）股份有限公司章程》的规定。 （五）公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人 ...

| | | 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 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 22 日 （二） 股东大会召开的地点：深圳市南山区粤海街道科苑南路 3156 号深圳湾创 新科技中心 T1 栋 3 楼 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 2、 公司在任监事3人，出席3人； 3、 董事会秘书张娟苓出席了本次会议；财务总监谭兰兰、副总经理郭争永、副 总经理杨丽宁和浙江天册（深圳）律师事务所执业律师刘雪莹、刘珂豪列席了本 次会议。 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：《关于公司 2024 年度董事会工作报告的议案》 | 1、出席会议的股东和代理人人数 | 57 | | --- | --- | | 普通股股东人数 | 57 | | 2、出席会议的 ...

浙江天册（深圳）律师事务所 关于 芯海科技（深圳）股份有限公司 2024 年年度股东大会的 法律意见书 中国广东省深圳市南山区科发路 222 号康泰创新广场 34 层 518057 电话：0755-83739000 传真：0755-26906383 http://www.tclawfirm.com 本所律师根据《股东大会规则》的要求，按照律师行业公认的业务标准、道 德规范和勤勉尽责的精神，对本次股东大会所涉及的有关事项和相关文件进行了 必要的核查和验证，同时听取了公司就有关事实的陈述和说明。现出具法律意见 如下： 一、本次股东大会召集、召开的程序 （一）经本所律师核查，公司本次股东大会由董事会提议并召集，召开本次 股东大会的通知已于 2025 年 3 月 29 日在指定媒体及上海证券交易所网站上公告。 法律意见书 浙江天册（深圳）律师事务所 关于芯海科技（深圳）股份有限公司 2024 年年度股东大会的 法律意见书 致：芯海科技（深圳）股份有限公司 浙江天册（深圳）律师事务所（以下简称本所）接受芯海科技（深圳）股份 有限公司（以下简称公司）的委托，指派本所律师参加公司 2024 年年度股东大会 （以下简称本次股 ...