一、新产品的基本情况 公司研发的 HWD9361 型射频收发芯片是一款两收两发、最大带宽 56MHz 的零中频射频捷变收发器，是公司在零中频射频收发器方向的首款产品。该芯片 具备万跳功能，是公司在射频收发芯片领域的重大突破。 证券代码：688709 证券简称：成都华微 公告编号：2025-036 成都华微电子科技股份有限公司 关于自愿披露发布两收两发射频捷变 收发芯片的公告 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。 成都华微电子科技股份有限公司（以下简称"公司"）研发的两收两发零中 频射频捷变收发芯片于近日成功发布。现将相关事项公告如下： 二、对公司的影响 具备万跳功能的 HWD9361 型两收两发射频捷变收发芯片的成功发布，拓展 了公司高速信号链产品谱系，拓宽了市场空间。未来，公司将继续开展技术攻关， 以满足客户需求为宗旨，推动国内高速信号链芯片领域的发展。 三、风险提示 本次公司推出的 HWD9361 型两收两发射频捷变收发芯片尚处于市场导入 初期，暂未实现规模化销售，存在市场需求不确定、客户验证失败等风险。公司 ...

Core Viewpoint - Chengdu Huami (688709) has successfully launched its first zero-IF RF transceiver chip, marking a significant breakthrough in the RF transceiver field [1] Group 1: Product Development - The newly released chip is a two-receive, two-transmit RF transceiver with a maximum bandwidth of 56MHz [1] - The chip features a "ten-thousand jump" function, enhancing its capabilities in the RF transceiver market [1] Group 2: Market Position - The HWD9361 model is currently in the initial stage of market introduction and has not yet achieved large-scale sales [1] - There are uncertainties regarding market demand and potential risks related to customer validation failures [1]

Core Viewpoint - Chengdu Huami (688709.SH) has successfully launched its HWD9361 RF transceiver chip, marking a significant breakthrough in the field of RF transceiver technology [1] Product Development - The HWD9361 chip is a two-receive, two-transmit RF transceiver with a maximum bandwidth of 56MHz, representing the company's first product in the zero-IF RF transceiver category [1] - The chip features a "ten-thousand jump" capability, enhancing its performance and versatility in various applications [1] Applications and Benefits - The HWD9361 chip is designed for a wide range of applications, including communication base stations, software-defined radio, point-to-point communication systems, microwave communication, and radar systems [1] - It aims to improve base station signal coverage and communication capacity, simplify hardware design for software-defined radios, and ensure stable transmission and high-quality restoration of point-to-point communication signals [1] - The chip's high integration, wide frequency range, and performance characteristics contribute to enhanced system performance and reliability [1] Market Expansion - The successful launch of the HWD9361 chip expands the company's high-speed signal chain product portfolio and broadens its market opportunities [1] - The company plans to continue its technological advancements to meet customer demands and promote the development of high-speed signal chain chips in the domestic market [1]

Core Viewpoint - Chengdu Huamei Electronics Technology Co., Ltd. has successfully launched the HWD9361 RF transceiver chip, marking a significant breakthrough in the field of RF transceiver technology [1] Product Development - The HWD9361 chip is a two-receive, two-transmit RF transceiver with a maximum bandwidth of 56MHz, representing the company's first product in the zero intermediate frequency RF transceiver category [1] - The chip features a "ten thousand jump" function, enhancing its capabilities and expanding the company's product offerings in high-speed signal chain technology [1] Market Expansion - The successful release of the HWD9361 chip broadens the company's high-speed signal chain product portfolio and increases market opportunities [1] - The company aims to continue technological advancements to meet customer demands and promote the development of domestic high-speed signal chain chips [1]

Core Viewpoint - Chengdu Huawi experienced a slight increase in stock price and notable trading activity, indicating a high level of investor interest and potential volatility in the market [1][2]. Financing Summary - On September 29, Chengdu Huawi had a financing buy-in amount of 33.87 million yuan, with a net financing outflow of -13.74 million yuan, resulting in a total financing balance of 492 million yuan, which represents 4.85% of its market capitalization [1]. - The financing balance is above the 90th percentile of the past year, indicating a high level of leverage [1]. - The company also had a securities lending activity with 1,697 shares repaid and 1,100 shares sold, with a total selling amount of 51,200 yuan, and a lending balance of 67,220 yuan, which is above the 80th percentile of the past year [1]. Business Performance - As of June 30, the number of shareholders for Chengdu Huawi was 13,100, a decrease of 2.53% from the previous period, while the average circulating shares per person increased by 2.60% to 16,617 shares [2]. - For the first half of 2025, the company reported a revenue of 355 million yuan, reflecting a year-on-year growth of 26.93%, while the net profit attributable to shareholders decreased by 51.26% to 35.72 million yuan [2]. Dividend and Institutional Holdings - Chengdu Huawi has distributed a total of 84.06 million yuan in dividends since its A-share listing [3]. - As of June 30, 2025, among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed A Fund increased its holdings by 932,900 shares to 5.92 million shares, while the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF increased its holdings by 2.74 million shares to 4.53 million shares [3].

Company Overview - Chengdu Huamei Electronics Technology Co., Ltd. is listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board with the stock code 688709.SH [6] - The company operates in the computer, communication, and other electronic equipment manufacturing industry [6] Disclosure and Compliance - The company was required to enhance the specificity and relevance of risk factor disclosures and provide objective evidence for claims regarding technological leadership and market position [2] - The company has not been penalized for regulatory issues or public scrutiny [7] IPO Performance - The average time from application to listing for A-share companies in 2024 is 629.45 days, while Chengdu Huamei's listing cycle was 684 days, which is above the average [3] - The underwriting and sponsorship fees amounted to 69.5738 million yuan, with a commission rate of 4.64%, lower than the industry average of 7.71% [4] - On the first day of trading, the stock price increased by 25.49% compared to the issue price [5] - After three months of trading, the stock price rose by 34.74% from the issue price [8] Financial Metrics - The company's issuance price-to-earnings (P/E) ratio was 37.04, significantly higher than the industry average of 30.14, representing 122.89% of the average [9] - The expected fundraising amount was 1.584 billion yuan, but the actual amount raised was 1.5 billion yuan, indicating a decrease of 5.31% [10] Post-Listing Performance - In 2024, the company's revenue decreased by 34.79% year-on-year, while net profit attributable to shareholders fell by 60.73%, and non-recurring net profit dropped by 68.33% [11] - The abandonment rate for the IPO was 0.18% [12] Overall Evaluation - Chengdu Huamei's IPO project received a total score of 80, classified as B-level, with negative factors including the need for improved disclosure quality, a lengthy listing cycle, reduced fundraising, and declining revenue and profit in the first accounting year [12]

Group 1 - The core product "Tianxing 2" represents a significant upgrade in mobility, control precision, and natural interaction, showcasing advanced capabilities in complex terrain adaptation, humanoid motion control, and natural dialogue interaction [1][2][3] - The launch event included a strategic cooperation signing ceremony with leading companies in the industry, establishing a collaborative ecosystem for AI robot smart inspection scene incubation [1][2] - The partnership between Jushen Technology and Chengdu Huami focuses on deep technical collaboration in areas such as high-performance SoC, AI accelerators, and sensor fusion, aiming to innovate in intelligent robot systems and domestic hardware platforms [1][2] Group 2 - The collaboration will enhance Chengdu Huami's chip-level support in the robot "small brain" system, injecting higher performance and domestically developed "Chinese chips" into embodied robots [2] - The rapid iteration from Tianxing 1 to Tianxing 2 and the upcoming emotional companion robot "Ai Qiu" highlight the acceleration of robot R&D and industrialization in Sichuan [2] - The partnership exemplifies a new path of "soft and hard integration, industry chain collaboration," with Sichuan expected to form a full-chain competitive advantage from core components to application scenarios [2]

Core Viewpoint - Chengdu Huamei experienced a stock price increase of 4.88% on September 24, with a trading volume of 654 million yuan, indicating strong market interest and activity [1]. Financing Summary - On September 24, Chengdu Huamei had a financing buy-in amount of 76.64 million yuan, with a net financing outflow of 17.03 million yuan, resulting in a total financing and securities balance of 510 million yuan [1]. - The current financing balance of 509 million yuan accounts for 4.82% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, 3,941 shares were repaid, while 1,295 shares were sold, with a selling amount of 62,900 yuan, and the securities lending balance was 954,500 yuan, also above the 90th percentile level over the past year [1]. Business Performance - As of June 30, Chengdu Huamei reported a total of 13,100 shareholders, a decrease of 2.53% from the previous period, with an average of 16,617 circulating shares per shareholder, an increase of 2.60% [2]. - For the first half of 2025, the company achieved operating revenue of 355 million yuan, representing a year-on-year growth of 26.93%, while the net profit attributable to shareholders decreased by 51.26% to 35.72 million yuan [2]. Dividend and Institutional Holdings - Chengdu Huamei has cumulatively distributed dividends of 84.06 million yuan since its A-share listing [3]. - As of June 30, 2025, among the top ten circulating shareholders, Huaxia Industry Prosperity Mixed Fund increased its holdings by 932,900 shares to 5.92 million shares, while the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF increased its holdings by 2.74 million shares to 4.53 million shares [3].

Core Viewpoint - Chengdu Huami (688709.SH) focuses on the research and development of special integrated circuits, with products widely used in specialized fields such as electronics, communications, control, and measurement [1] Group 1: Product Focus - The company specializes in two main areas: special digital and analog integrated circuits [1] - Products are designed to meet the technical requirements of electromagnetic catapult systems in signal acquisition, data processing, and synchronous control [1] Group 2: Confidentiality and Market Strategy - Specific applications of the products are classified as state secrets or commercial secrets, limiting the company's ability to disclose further details [1] - The company will closely monitor trends in cutting-edge technology and follow market and customer demands to explore potential application scenarios and develop forward-looking strategies [1]

Core Viewpoint - Chengdu Huami (688709.SH) focuses on the research and development of special integrated circuits, with products widely used in specialized fields such as electronics, communications, control, and measurement [1] Group 1: Product Focus - The company specializes in two main areas: special digital and analog integrated circuits [1] - Products are designed to meet the technical requirements of electromagnetic catapult systems in signal acquisition, data processing, and synchronous control [1] Group 2: Confidentiality and Market Strategy - Specific applications of the products are classified as state secrets or commercial secrets, limiting the company's ability to disclose further details [1] - The company will closely monitor trends in cutting-edge technology and follow market and customer demands to explore potential application scenarios and develop forward-looking strategies [1]