Core Viewpoint - The A-share market has seen a strong performance in silicon carbide concept stocks, indicating growing investor interest and potential market momentum [1] Group 1: Stock Performance - Tianyue Advanced reached a daily limit increase of 20% [1] - Jing Sheng Machinery surged over 11% [1] - Luxiao Technology and Tiantong Co. both hit a daily limit increase of 10% [1] - Tianfu Energy increased by over 8% [1] - Haixi Communications, Yintang Zhikong, Sanan Optoelectronics, and Dongni Electronics all rose by over 6% [1] - Yinhai Microelectronics saw an increase of nearly 6% [1]

Core Insights - Galaxy Microelectronics (688689.SH) reported a revenue of 477 million yuan for the first half of 2025, marking a year-on-year increase of 14.54% [1] - The net profit attributable to shareholders decreased to 27.22 million yuan, a decline of 21.87% year-on-year, while the net profit excluding non-recurring gains and losses fell by 19.91% to 17.69 million yuan [1] Revenue and Profit Analysis - The company maintained a growth trajectory in revenue, achieving 477 million yuan in the first half of 2025, which is a 14.54% increase compared to the previous year [1] - However, the net profit attributable to shareholders saw a significant decline of 21.87%, primarily due to increased competition and strategic adjustments leading to higher costs [1] Cost and Investment Factors - The profit decline is attributed to two main factors: intense external market competition affecting product pricing and profit margins, and internal strategic adjustments resulting in increased costs [1] - The company has made new investments in the optoelectronic devices and IGBT module sectors, including equipment purchases and personnel increases, which have led to a significant rise in fixed costs [1] Cash Flow and Operational Impact - The new projects are still in the capacity ramp-up phase and have not yet achieved economies of scale, which has directly impacted profit margins due to high cost allocation [1] - Additionally, the expansion in sales scale has resulted in increased employee compensation and higher cash payments for goods, leading to a 34.43% year-on-year decline in net cash flow from operating activities [1] Shareholder Activity - The Changzhou Yinjian Investment Management Center (Limited Partnership) conducted a reduction in holdings from March to June, cumulatively reducing 4.41 million shares, amounting to approximately 108 million yuan [1] - The company's chairman, Yang Senmao, serves as the executive partner of Yinjian Investment [1]

Summary of Key Points Core Viewpoint - On September 3, 2023, Galaxy Microelectronics experienced two block trades totaling 347,900 shares, with a transaction value of 8.4483 million yuan, reflecting a discount of 7.89% compared to the closing price of the day [2]. Trading Activity - The total transaction volume for the two block trades was 347,900 shares, with a total transaction amount of 8.4483 million yuan, and the transaction price was 24.28 yuan per share [2]. - Over the past three months, Galaxy Microelectronics has recorded four block trades, with a cumulative transaction value of 14.5715 million yuan [2]. Stock Performance - The closing price of Galaxy Microelectronics on the day of the block trades was 26.36 yuan, showing a slight decline of 0.11% [2]. - The stock had a turnover rate of 2.04%, with a total trading volume of 69.6227 million yuan for the day, and a net outflow of main funds amounting to 5.2234 million yuan [2]. - Over the past five days, the stock has decreased by 1.27%, with a total net outflow of funds amounting to 5.0960 million yuan [2]. Margin Financing - The latest margin financing balance for Galaxy Microelectronics is 91.2528 million yuan, which has increased by 9.1212 million yuan over the past five days, representing an increase of 11.11% [2].

Core Viewpoint - The announcement details a reduction in shareholding by major shareholders of Galaxy Microelectronics, indicating a decrease in their combined ownership from 66.56% to 65.55% without triggering mandatory tender offer obligations [1][2]. Group 1: Shareholder Information - Major shareholders include Changzhou Yinjing Investment Management Center and Changzhou Yinguang Investment Management Center, along with their concerted actions [1]. - The shareholding structure shows that the largest shareholder, Changzhou Yinjing Investment, held 647.226 million shares (5.02%) before the reduction and 574.655 million shares (4.46%) after [2]. - Changzhou Yinguang Investment held 410.083 million shares (3.18%) before the reduction and 353.347 million shares (2.74%) after [2]. Group 2: Shareholding Changes - The total number of shares held by the concerted actions remains unchanged for Changzhou Galaxy Xingyuan Investment and ACTION STAR INTERNATIONAL LIMITED, holding 4,074.774 million shares (31.61%) and 3,447.300 million shares (26.74%) respectively [2]. - The overall reduction in shareholding does not affect the control of the company or its governance structure [2][3]. Group 3: Compliance and Regulations - The reduction in shareholding complies with the Shanghai Stock Exchange's regulations and does not violate any existing commitments or plans [3]. - The announcement confirms that the reduction is part of a planned divestment by the shareholders, which has not yet been fully executed [2].

格隆汇9月3日丨银河微电(688689.SH)公布，公司于2025年9月3日收到股东常州银江投资管理中心(有限 合伙)(以下简称"银江投资")、常州银冠投资管理中心(有限合伙)(以下简称"银冠投资")发来的《股份减 持情况告知函》，上述股东于2025年3月26日至2025年9月3日期间，通过集中竞价及大宗交易的方式， 合计减持公司无限售流通股129.31万股，其与一致行动人合计持有公司股份比例由66.56%减少至 65.55%，权益变动触及1%刻度。 ...

格隆汇9月3日丨银河微电(688689.SH)公布，公司于2025年9月3日收到股东常州银江投资管理中心(有限 合伙)(以下简称"银江投资")、常州银冠投资管理中心(有限合伙)(以下简称"银冠投资")发来的《股份减 持情况告知函》，上述股东于2025年3月26日至2025年9月3日期间，通过集中竞价及大宗交易的方式， 合计减持公司无限售流通股129.31万股，其与一致行动人合计持有公司股份比例由66.56%减少至 65.55%，权益变动触及1%刻度。 ...

| 证券代码：688689 | 证券简称：银河微电 | 公告编号：2025-042 | | --- | --- | --- | | 转债代码：118011 | 转债简称：银微转债 | | 常州银河世纪微电子股份有限公司 关于持股 5%以上股东及其一致行动人权益变动触及 1%刻度的提示性公告 股东常州银江投资管理中心（有限合伙）、常州银冠投资管理中心（有限合伙）及 其一致行动人常州银河星源投资有限公司、ACTION STAR INTERNATIONAL LIMITED 保证 向本公司提供的信息真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | 比例减少 | | --- | --- | --- | | 权益变动前合计比例 | 66.56% | | | 权益变动后合计比例 | 65.55% | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否 | | 是否触发强制要约收购义务 | 是□ | 否 | 一、信息披露义务人及其一致行动人的基本信息 1、身份类别 | 常州银冠 ...

9月3日，银河微电大宗交易成交34.79万股，成交额844.83万元，占当日总成交额的10.82%，成交价24.28元，较市场收盘价26.36元折价7.89%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) | | 成交量( *) | 买入营业部 | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-03 | 银河微电 | 688686 | 24.28 | 425.26 | 17.51 | 中信证券(山东) | 中信建投证券股份 | | | | | | | | | 有限责任公司日照 | 有限公司常州分公 | | | | | | | | | 泰安路证券营业部 | la | | | 2025-09-03 | 银河微电 | 688689 | 24.28 | 419.57 | 17.28 | 中信证券(山东) | 中信建投证券股份 | | | | | | | | | 有限责任公司日照 | 有限公司常州分公 | | | | | | | | | 泰安路证券营业部 | 司 | | ...

《大股东及其一致行动人及董监高减持股份计划公告》（公告编号：2025-029）， 其中，自减持计划公告披露之日起的 15 个交易日后的 3 个月内，董事孟浪拟采 用集中竞价方式减持 2,250 股，占公司总股本的 0.002%。若在上述减持期间， 公司有送红股、转增股本、增发新股等股份变动股本除权除息事项，对应的减持 股份数量将进行相应的调整，并在相关公告中予以说明。 转债代码：118011 转债简称：银微转债 常州银河世纪微电子股份有限公司 本公司董事会、全体董事及相关股东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： ? 董监高持有的基本情况 本次减持计划实施前，董事孟浪持有公司 9,000 股，占总股本 0.007%。以 上股份来源于公司 2021 年限制性股票激励计划归属。 ? 减持计划的实施结果情况 证券代码：688689 证券简称：银河微电 公告编号：2025-041 年 9 月 1 日，董事孟浪通过竞价交易合计减持公司股份 2,250 股，减持股份数量 占公司总股本的比例达到 0.002%，本次减持计划实施完毕。 ...

| 证券代码：688689 | 证券简称：银河微电 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118011 | 转债简称：银微转债 | | 常州银河世纪微电子股份有限公司 董监高减持股份结果公告 本公司董事会、全体董事及相关股东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： 董监高持有的基本情况 本次减持计划实施前，董事孟浪持有公司 9,000 股，占总股本 0.007%。以 上股份来源于公司 2021 年限制性股票激励计划归属。 减持计划的实施结果情况 2025 年 6 月 25 日，公司在上海证券交易所网站（www.sse.com.cn）披露了 《大股东及其一致行动人及董监高减持股份计划公告》（公告编号：2025-029）， 其中，自减持计划公告披露之日起的 15 个交易日后的 3 个月内，董事孟浪拟采 用集中竞价方式减持 2,250 股，占公司总股本的 0.002%。若在上述减持期间， 公司有送红股、转增股本、增发新股等股份变动股本除权除息事项，对应的减持 股份数量将进行相 ...