证券代码：688711 证券简称：宏微科技 公告编号：2025-050 转债代码：118040 债券简称：宏微转债 进行现金管理的公告 江苏宏微科技股份有限公司 关于使用部分暂时闲置自有资金 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： ● 投资种类：安全性高、流动性好、具有合法经营资格的金融机构销售 的中低风险投资产品。 ● 投资金额：使用不超过人民币2.00亿元的暂时闲置自有资金进行现金 管理，在上述额度范围内，资金可以循环滚动使用。 ● 投资期限：自公司董事会审议通过之日起12个月内有效。 ● 履行的审议程序：江苏宏微科技股份有限公司（以下简称"公司"） 于2025年7月25日召开第五届董事会第十二次会议，审议通过《关于使用部分暂 时闲置自有资金进行现金管理的议案》，本事项无需提交股东大会审议。 ● 特别风险提示：尽管公司仅投资于安全性高、流动性好、具有合法经 营资格的金融机构销售的中低风险投资产品，但金融市场受宏观经济影响较大， 即使公司将根据经济形势以及金融市场的变化适时适量介入，也不排除该项投 ...

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-052 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2025年第一次临时股东大会 召开日期时间：2025 年 8 月 12 日 14 点 00 分 召开地点：江苏宏微科技股份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 8 月 12 日 至2025 年 8 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 1 股东大会召开日期：2025年8月12日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大 ...

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-046 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 第五届监事会第七次会议决议公告 本公司监事会及全体监事保证本公告内容不存在虚假记载、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。 一、监事会会议召开情况 江苏宏微科技股份有限公司（以下简称"公司"）第五届监事会第七次会议 于 2025 年 7 月 18 日以电子邮件的方式发出会议通知，并于 2025 年 7 月 25 日在 江苏宏微科技股份有限公司（新竹厂）四楼会议室以现场结合通讯的方式召开。 本次会议由监事会主席许华召集并主持，应出席监事 3 名，亲自出席监事 3 名，会议召开符合法律法规、《中华人民共和国公司法》（以下简称《公司法》） 及《江苏宏微科技股份有限公司章程》（以下简称《公司章程》）的规定。会议决 议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于取消监事会、调整董事会成员、变更注册资本、修 订<公司章程>并办理工商变更登记的议案》 1、取消 ...

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-045 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 第五届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 江苏宏微科技股份有限公司（以下简称"公司"）第五届董事会第十二次会 议（以下简称"会议"）通知于 2025 年 7 月 18 日以电子邮件方式送达公司全体 董事，于 2025 年 7 月 25 日在公司四楼会议室以现场结合通讯方式召开会议。会 议应出席董事 8 名，亲自出席董事 7 名，委托出席 1 名（董事阮新波因工作原因 委托董事王亮代为出席并表决）。会议由董事长赵善麒召集并主持，本次会议的 召集、召开符合有关法律、法规和《江苏宏微科技股份有限公司章程》（以下简 称《公司章程》）的规定，会议形成的决议合法有效。 二、董事会会议审议情况 （一）审议通过《关于取消监事会、调整董事会成员、变更注册资本、修 订< ...

Core Viewpoint - The power semiconductor industry is undergoing a significant adjustment phase due to global economic fluctuations, geopolitical conflicts, and accelerated technological iterations, leading to a complex landscape of opportunities and challenges for companies [1]. Group 1: Revenue and Profit Analysis - In 2024, most companies in the power semiconductor industry experienced revenue growth, but net profit showed significant divergence [2]. - Notable revenue figures include: - Silan Micro: 11.22 billion yuan, up 20.14% - Jiejie Microelectronics: 2.845 billion yuan, up 35.05% - New Clean Energy: 1.828 billion yuan, up 23.83% - Yangjie Technology: 6.033 billion yuan, up 11.53% - Huazhong Micro: 10.119 billion yuan, up 2.20% - Stada Semiconductor: 3.391 billion yuan, down 7.44% - Dongwei Semiconductor: 1.003 billion yuan, up 3.12% - Hongwei Technology: 1.331 billion yuan, down 11.52% [3]. - In terms of net profit: - Jiejie Microelectronics saw a dramatic increase of 115.87% - New Clean Energy and Yangjie Technology also reported growth - Silan Micro turned a profit of 220 million yuan - Huazhong Micro, Stada Semiconductor, Dongwei Semiconductor, and Hongwei Technology experienced varying degrees of decline [4]. Group 2: Market Dynamics and Competitive Landscape - The global power semiconductor market is projected to reach $46.8 billion in 2024, reflecting an 8% year-on-year decline, indicating limited growth in market demand [6]. - Companies are facing pressures from both supply-demand adjustments and intensified price competition, with Huazhong Micro noting significant impacts on profit metrics due to increased R&D investments and competitive pricing [7]. - Macro uncertainties and price competition are directly affecting company performance, with Hongwei Technology and Stada Semiconductor reporting declines in both revenue and net profit [8]. Group 3: Strategic Responses and Future Outlook - Some companies are achieving growth through "dislocated competition" by expanding into new application areas and optimizing product structures, such as Jiejie Microelectronics and New Clean Energy [9]. - The industry is characterized by a "dislocated growth" phenomenon, where some companies leverage technological advancements to capture high-end markets, while others struggle with price competition due to product homogeneity [10]. - To achieve coordinated growth in revenue and net profit, companies should focus on three strategies: 1. Increase R&D investments to innovate and create high-value products 2. Expand market boundaries by exploring both traditional and emerging markets 3. Strengthen internal cost control and optimize supply chain management to enhance overall profitability [12].

Investment Rating - The report suggests a positive outlook for the controllable nuclear fusion industry, particularly focusing on the FRC (Field-reversed Configuration) technology path, which is expected to lead to commercial viability sooner than other methods [5][10]. Core Insights - FRC technology is highlighted as a "dark horse" in the nuclear fusion sector due to its simpler structure and lower costs, making it more likely to achieve commercialization first [10][13]. - The report emphasizes the importance of semiconductor switches in the power systems of FRC devices, which are crucial for stable operation and energy recovery [5][31]. - Investment opportunities are identified in companies that are leading in technology and have established core customer relationships, particularly in the context of the rising domestic fusion industry [7][14]. Summary by Sections Short-term Opportunities - Domestic startups like Nova Fusion, Xingneng Xuanguang, and Hanhai Fusion are rapidly emerging, increasing investment demand for core components such as vacuum switches and capacitors [7]. - Key companies benefiting from this trend include Xuguang Electronics, Guoguang Electric, Wangzi New Materials, and Shengye Electric [7]. Long-term Prospects - Helion is projected to be the first company to achieve commercial fusion power sales, with plans to provide 50MW of fusion power to Microsoft by 2028 [7]. - Helion's technology combines FRC with a magnetic energy recovery system, enhancing efficiency and reducing costs [7]. - The report notes that semiconductor switches are expected to have a longer lifespan and higher reliability, making them essential for large drivers in the future [7][35]. Industry Trends - The report discusses the increasing number of startups focusing on FRC technology, indicating a growing market interest and investment [14]. - The semiconductor switch technology is identified as a key trend for large driver applications, with advantages over traditional gas switches [35][37]. Relevant Companies - Sijingt Technology (0580.HK) has secured orders for pulse power switches from TAE, a leading US fusion company, indicating its strong position in the market [39][42]. - Hongwei Technology is recognized as a leading domestic semiconductor power device company, with expectations of turning profitable by 2025 [53]. - Xuguang Electronics is noted for its strategic partnership with Hanhai Fusion, enhancing its position in the nuclear fusion sector [57].

Trading Information Summary - On July 18, 2025, Hongwei Technology (688711) closed at 20.72 yuan, down 0.67%, with a turnover rate of 6.4%, trading volume of 136,200 shares, and a transaction amount of 284 million yuan [1] - On the same day, the net inflow of main funds was 1.55 million yuan, while retail investors had a net inflow of 8.17 million yuan, and speculative funds had a net outflow of 9.72 million yuan [4] Company Announcement Summary - Jiangsu Hongwei Technology Co., Ltd. announced the issuance of "Hongwei Convertible Bonds" on July 25, 2023, with a total of 4.3 million bonds issued, each with a face value of 100 yuan, raising a total of 430 million yuan [2] - The bond has a six-year term and will be listed on the Shanghai Stock Exchange starting August 14, 2023, with a bond code of 118040 and a short name of "Hongwei Convertible Bonds" [2] - The conversion price was adjusted to 28.52 yuan per share after the 2023 annual equity distribution, effective from January 31, 2024 [2] - The second interest payment for the "Hongwei Convertible Bonds" will occur on July 25, 2025, with an interest rate of 0.70%, resulting in a payment of 0.70 yuan per bond (including tax) [3][4] - The interest payment record date is July 24, 2025, with the ex-dividend and payment date also on July 25, 2025 [3]

Core Points - Jiangsu Hongwei Technology Co., Ltd. announced the interest payment schedule for its convertible bonds, with the interest payment date set for July 25, 2025 [1][6] - The company issued 4.3 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 43 million, with a maturity period of six years [2] - The coupon rate for the bonds is 0.70% per annum, resulting in an interest payment of RMB 0.70 per bond (before tax) [5][8] Summary by Sections Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission to issue convertible bonds [2] - The bonds were listed on the Shanghai Stock Exchange starting August 14, 2023, under the name "Hongwei Convertible Bonds" with the code "118040" [2] Interest Payment Details - The interest payment period for the bonds is from July 25, 2024, to July 24, 2025, with the interest payment date on July 25, 2025 [4][6] - The interest calculation formula is defined as I = B × i, where I is the annual interest amount, B is the total face value of the bonds held, and i is the annual coupon rate [5] Tax Implications - Individual investors are subject to a 20% tax on interest income, resulting in a net interest payment of RMB 0.56 per bond after tax [7][8] - Non-resident enterprises holding the bonds are exempt from corporate income tax on interest income until December 31, 2025 [8] Contact Information - The company provides contact details for inquiries related to the bond issuance and interest payments [9]

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-044 | | --- | --- | --- | | 转债代码：118040 | 债券简称：宏微转债 | | 江苏宏微科技股份有限公司 关于"宏微转债"2025 年付息的公告 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。 重要内容提示： 江苏宏微科技股份有限公司（以下简称"公司"）于 2023 年 7 月 25 日发行 的可转换公司债券将于 2025 年 7 月 25 日开始支付自 2024 年 7 月 25 日至 2025 年 7 月 24 日期间的利息。根据《江苏宏微科技股份有限公司向不特定对象发行 可转换公司债券证券募集说明书》（以下简称《募集说明书》）有关条款的规定， 现将有关事项公告如下： 一、可转换公司债券发行上市概况 （一）基本情况 根据中国证券监督管理委员会出具的《关于同意江苏宏微科技股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可[2023]1092 号），公司 于 2023 年 7 月 25 日向不特定对象 ...

Group 1 - The A-share semiconductor sector showed strong performance during trading, with significant gains in various stocks [1] - Hongwei Technology surged over 16%, while Cambricon, Xiangjie Technology, and Dongwei Semiconductor all increased by over 7% [1] - Other companies such as Chipone Technology and Chipsea Technology also saw gains exceeding 4% [1]