Core Viewpoint - The signal chain analog chip market in China is rapidly developing, with significant growth potential driven by domestic technological advancements, funding, and policy support, despite the dominance of international companies [1][6]. Industry Overview - Signal chain analog chips are crucial for processing various analog signals in the digital world, acting as a bridge between the physical and digital realms [2]. - The industry encompasses a wide range of products, including amplifiers, comparators, ADCs, DACs, and various interface products [3]. Industry Chain - The upstream of the signal chain analog chip industry includes semiconductor materials, wafer manufacturing, and semiconductor equipment, while the midstream focuses on production, and the downstream includes applications in communication, automotive electronics, industrial, consumer electronics, and medical devices [5]. Current Industry Status - The global market for signal chain analog chips has shown consistent growth from 2016 to 2022, with a contraction in 2023 due to the semiconductor industry's downturn, but is expected to recover in 2024, reaching a market size of $11 billion, a 4.8% increase year-on-year [6]. Competitive Landscape - The global market is dominated by major international players like Texas Instruments and Analog Devices, while domestic companies in China, such as SiRuPu and XinHai Technology, are emerging but still face challenges in technology and market share compared to their international counterparts [6]. Industry Development Trends - The industry is moving towards miniaturization, low power consumption, and high performance, driven by advancements in AI, electric vehicles, and industrial automation [9]. - The domestic replacement process is accelerating, particularly in high-end sectors, as the Chinese government investigates anti-dumping measures against imported analog chips [10][11]. - Demand for signal chain analog chips is expected to grow steadily due to the proliferation of consumer electronics and the increasing electronicization of vehicles, especially with the rise of autonomous driving technologies [12].

除本公告另有界定者外，本公告所用詞彙與上海天數智芯半導體股份有限公司（「本公 司」）所刊發日期為2025年12月30日的招股章程（「招股章程」）所界定者具有相同涵義。 警告：鑒於股權高度集中於少數股東，股東及潛在投資者務請注意，即使買賣少量H 股，H股價格仍可能大幅波動，故買賣H股時應格外謹慎。 上海天數智芯半導體股份有限公司 分配結果公告 | 摘要 | | | --- | --- | | 公司資料 | | | 股份代號 | 9903 | | 股份簡稱 | 天數智芯 | | 開始買賣日期 | 2026年1月8日* | | * 請參閱本公告末頁附註 | | | 價格資料 | | | 發售價 | 144.60港元 | | 發售價進行調整 | 不適用 | | 發售股份及股本 | | | 發售股份數目 | 25,431,800 | | 香港公開發售的發售股份的最終數目 | 2,543,200 | | 國際發售的發售股份的最終數目 | 22,888,600 | | 於上市後已發行股份數目 | 254,317,736 | | 所得款項 | | | 所得款項總額 （附註） | 3,677.4百萬港元 | | 減： 按發售價 ...

Group 1 - The company, Chipsea Technology, stated that it currently does not have any chips, such as ADC chips, for the brain-computer interface field [1]

Core Viewpoint - Chipsea Technology is actively expanding its domestic and international customer base in line with its strategic development direction, with updates on various business progress to be disclosed in regular reports [1] Group 1 - The company is focused on strategic development and customer expansion [1] - Regular reports will provide updates on the latest business progress [1]

Group 1 - The core viewpoint of the article is that Chipsea Technology has scheduled the disclosure of its 2025 annual report for March 31, 2026, in compliance with the Shanghai Stock Exchange regulations [1] - The company has registered and made an appointment for the annual report disclosure based on the relevant notifications from the Shanghai Stock Exchange and its actual situation [1] - The deadline for listed companies to disclose their annual reports is set by the Shanghai Stock Exchange as no later than April 30 [1]

Core Viewpoint - Chipsea Technology acknowledges that its stock price is influenced by various market factors, leading to a degree of uncertainty. The company emphasizes its commitment to ongoing production and operations to generate long-term returns for investors [1]. Group 1 - The company responded to investor inquiries on its interactive platform, indicating that stock price fluctuations are affected by market conditions [1]. - Chipsea Technology is focused on maintaining its production and operational efficiency to enhance investor value over the long term [1].

Core Viewpoint - The company acknowledges that its stock price is influenced by various market factors, leading to a degree of uncertainty [1] Group 1: Company Commitment - The company emphasizes its commitment to all investors and aims to provide competitive products [1] - The company continuously reviews changes in the competitive landscape of the industry to enhance operational quality and overall competitiveness [1] - The company strives to create positive performance outcomes [1]

| 证券代码：688595 | 证券简称：芯海科技 | 公告编号：2026-001 | | --- | --- | --- | | 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 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 12 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 12 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 10 月 1 日至 2025 年 1 ...

| | | 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].