国泰海通证券股份有限公司 关于广州安凯微电子股份有限公司 2025 年持续督导半年度跟踪报告 | 保荐人名称：国泰海通证券股份有限公司 | 被保荐公司简称：安凯微 | | --- | --- | | 保荐代表人姓名：周成材、吴熠昊 | 被保荐公司代码：688620 | 重大事项提示 报告期内，公司实现营业收入 23,430.71 万元，较去年同期减少 728.60 万元， 同比下降 3.02%；实现归属于上市公司股东的净利润-4,925.07 万元，同比减少 4,339.36 万元；实现归属于上市公司股东的扣除非经常性损益的净利润-4,932.77 万元，同比减少 3,873.12 万元。主要系：1、半导体行业部分市场竞争加剧的影 响，部分产品价格承压，导致综合毛利率有所下降；2、为了保持芯片产品的综 合市场竞争力，公司持续增加研发投入，增强物联网摄像机芯片的智能化水平及 相关技术的核心竞争力，加强其他芯片产品的研发布局，加强基于公司芯片产品 的解决方案的研发，研发投入同比有所增加，导致公司归属于母公司所有者的净 利润同比下降。2025 年上半年，公司主营业务、核心竞争力、其他主要财务指 标未发生重大不利变化 ...

Core Viewpoint - Ankai Micro's stock experienced significant trading activity on August 22, with a total of 9 block trades amounting to 1.7564 million shares and a total transaction value of 21.2695 million yuan, indicating strong institutional interest despite a discount relative to the closing price [2] Trading Activity Summary - The average transaction price for the block trades was 12.11 yuan, reflecting a discount of 15.37% compared to the closing price of 14.31 yuan on the same day [2] - Institutional specialized seats participated in 4 of the trades, with a total transaction value of 10.7198 million yuan, indicating a net buying position of the same amount [2] - Over the past three months, Ankai Micro has recorded a total of 22 block trades, with a cumulative transaction value of 88.407 million yuan [2] Stock Performance Summary - On August 22, Ankai Micro's stock closed at 14.31 yuan, marking a 4.00% increase, with a trading volume of 3.34 billion yuan and a turnover rate of 10.07% [2] - The net inflow of main funds for the day was 21.1095 million yuan, and the stock has seen a cumulative increase of 7.35% over the past five days, with a total net inflow of 7.4934 million yuan [2] Margin Trading Summary - The latest margin financing balance for Ankai Micro is 184 million yuan, which has decreased by 20.4668 million yuan over the past five days, representing a decline of 10.02% [2]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月22日，安凯微收涨4.00%，收盘价为14.31元，发生9笔大宗交易，合计成交量175.64万股，成交金额 2126.95万元。 第1笔成交价格为12.11元，成交17.00万股，成交金额205.87万元，溢价率为-15.37%，买方营业部为国 泰海通证券股份有限公司总部，卖方营业部为粤开证券股份有限公司黄埔分公司。 第5笔成交价格为12.11元，成交25.00万股，成交金额302.75万元，溢价率为-15.37%，买方营业部为机 构专用，卖方营业部为粤开证券股份有限公司黄埔分公司。 第6笔成交价格为12.11元，成交16.52万股，成交金额200.06万元，溢价率为-15.37%，买方营业部为机 构专用，卖方营业部为粤开证券股份有限公司黄埔分公司。 第7笔成交价格为12.11元，成交17.00万股，成交金额205.87万元，溢价率为-15.37%，买方营业部为中 信建投证券股份有限公司北京望京证券营业部，卖方营业部为粤开证券股份有限公司黄埔分公司。 第8笔成交价格为12.11元，成交16.60万股，成交金额201.03万元，溢价率 ...

Core Viewpoint - Ankai Micro conducted a block trade on August 22, with a total of 1.7564 million shares traded, amounting to 21.2695 million yuan, which represented 5.99% of the total trading volume for the day. The transaction price was 12.11 yuan, reflecting a discount of 15.37% compared to the market closing price of 14.31 yuan [1]. Summary by Category Trading Details - The block trade on August 22 involved Ankai Micro (stock code: 688620) at a price of 12.11 yuan per share, with a total transaction value of 200.06 million yuan and a volume of 16.52 thousand shares from an institutional buyer [2]. - Additional transactions on the same day included various amounts and volumes, with the highest transaction value recorded at 363.3 million yuan for 30 thousand shares, all at the same price of 12.11 yuan [3].

格隆汇8月21日丨安凯微(688620.SH)在互动平台表示，公司暂没有应用涉及液冷服务器相关业务。 ...

Group 1 - The company, Ankai Micro (688620.SH), has stated that it currently does not have any business related to liquid cooling servers [1]

Core Insights - Ankai Microelectronics (安凯微) reported a focus on the integration of intelligent terminals and IoT demands, increasing R&D investment to enhance core technology capabilities and drive multiple innovative chip products into trial or mass production stages [1] - The company achieved a revenue of 234.31 million yuan in the first half of 2025, with R&D investment reaching 67.42 million yuan, accounting for 28.78% of revenue, a significant increase of 7.01% year-on-year [1] - The company is expanding its chip product matrix and application scenarios in areas such as smart home, smart security, and intelligent terminals, enhancing its industry influence [1] Group 1: Product Development - Ankai Microelectronics is enhancing camera chip features such as intelligence, high definition, and low power consumption, with three camera chips entering trial production [2] - The KM01A and KM01W chips support Always On Video mode with low power consumption and high image capture capabilities, suitable for various applications [2] - The company launched a 4K video capture solution based on the KM02X chip, supporting multiple recognition algorithms and providing a complete audio-video interaction experience [2] Group 2: Bluetooth and Audio Chips - The fifth-generation Bluetooth audio chip has been officially released, supporting dual-mode and offering low power consumption and high-quality audio [3] - The AK1037 series BLE chip is ready for trial production, targeting smart lock control boards, with ongoing customer projects [3] - The AK1080 audio SoC product operates at low power in A2DP playback mode and supports intelligent voice interaction [3] Group 3: AI Product Line and Incentives - Ankai Microelectronics is actively promoting AI capabilities with a focus on cloud-edge-end collaboration, forming an integrated solution for AI inference [4] - The company has developed lightweight AI algorithms and optimized model parameters for efficient inference execution in smart scenarios [4] - A stock incentive plan was launched, granting 4.0598 million restricted shares to 106 core employees, aimed at enhancing team cohesion and innovation drive [5] Group 4: Future Outlook - The company plans to continue expanding AI application scenarios and develop localized, scene-specific models in collaboration with intelligent chips [4] - Ankai Microelectronics aims to integrate technology and market development, focusing on the trends of AI and IoT, and expanding chip applications in various fields [5]

Core Viewpoint - Ankai Microelectronics (688620) reported a significant decline in net profit, with a decrease of 740.87% year-on-year, indicating severe financial challenges and operational difficulties in the semiconductor industry [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 234 million yuan, down 3.02% from 242 million yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was -49.25 million yuan, compared to -5.86 million yuan in the previous year, reflecting a drastic decline [1]. - Gross margin decreased to 15.28%, down 21.9% year-on-year, while net margin fell to -21.02%, a drop of 767.01% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 14.88 million yuan, representing 6.35% of revenue, an increase of 95.65% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) dropped to -0.13 yuan, a decrease of 1200.00% compared to -0.01 yuan in the previous year [1]. - Operating cash flow per share was -0.14 yuan, down 1733.05% from 0.01 yuan [1]. - The company's cash and cash equivalents decreased by 27.71% to 222 million yuan [3]. Changes in Financial Items - The decrease in prepaid expenses was 82.14%, attributed to reduced advance payments for production orders [3]. - Other current assets saw a decline of 75.26%, due to a decrease in input tax credits [3]. - The company reported a 251.77% increase in construction in progress, linked to increased procurement of photomasks [3]. Revenue and Cost Analysis - Revenue decreased by 3.02%, primarily due to intensified competition in the semiconductor market, leading to price pressures on certain products [4]. - Operating costs increased by 2.15%, driven by a 7.57% rise in chip shipment volumes [4]. - Sales expenses decreased by 14.27%, while management expenses rose by 9.09% due to increased salaries and depreciation [4]. Cash Flow and Investment - Net cash flow from operating activities decreased significantly by 1733.05%, attributed to reduced cash receipts from sales and government subsidies [8]. - Net cash flow from investing activities increased by 140.42%, due to higher cash payments for fixed assets and long-term assets [8]. - Net cash flow from financing activities decreased by 68.38%, primarily due to increased cash payments for debt repayment [9]. Strategic Developments - The company is focusing on expanding its product offerings in the semiconductor sector, particularly in low-power smart visual chips for smart glasses [13]. - Ankai Microelectronics is actively pursuing opportunities in artificial intelligence and IoT, with plans to enhance its product lines to include intelligent processing capabilities [14]. - The company has a strong emphasis on international markets, with over 50% of its revenue coming from exports in 2023 and 2024 [15].

证券之星消息，8月14日半导体板块较上一交易日上涨1.06%，龙图光罩领涨。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。半导体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688721 | 龙图光罩 | 53.72 | 12.98% | 12.93万 | | 7.12亿 | | 688256 | 寒武纪 | 949.00 | 10.35% | 15.07万 | | 140.35 Z | | 688041 | 海光信息 | 152.49 | 8.83% | 78.90万 | | 120.20亿 | | 688110 | 东芯股份 | 93.25 | 4.58% | 39.86万 | | 37.14亿 | | 688591 | 泰凌微 | 52.40 | 4.26% | 18.81万 | | 9.97亿 | | 688347 | 表可公司 | 70.50 | 3.62% | 28.94万 | | 20.3 ...

2024年，安凯微实现营业收入5.27亿元，同比减少7.94%；归属于上市公司股东的净利润-5676.82万元，同比 减少311.48%；归属于上市公司股东的扣除非经常性损益的净利润-6239.42万元，同比减少945.74%；经营活动 产生的现金流量净额-5998.89万元，同比减少428.78%。 安凯微的实际控制人为NORMAN SHENGFA HU(胡胜发)，美国国籍。 2023年6月27日，安凯微在上交所科创板上市，发行新股39,200.00万股，发行价格10.68元/股。安凯微的保荐 机构(主承销商)为海通证券股份有限公司(现名"国泰海通证券股份有限公司")，保荐代表人为周成材、吴熠 昊。 中国经济网北京8月14日讯安凯微(688620.SH)昨晚发布2025年半年度报告。2025年上半年，安凯微实现营业收 入2.34亿元，同比下降3.02%；归属于上市公司股东的净利润-4925.07万元，上年同期为-585.71万元；归属于 上市公司股东的扣除非经常性损益的净利润-4932.77万元，上年同期为-1059.65万元；经营活动产生的现金流 量净额为-5657.51万元，上年同期为346.44万元。 ...