| 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].

公司公告汇总 江苏宏微科技股份有限公司发布了关于"宏微转债"2025年付息的公告。公司于2023年7月25日发行了 430.00万张可转换公司债券，每张面值100.00元，募集资金总额43,000.00万元，债券期限六年，并于 2023年8月14日起在上海证券交易所挂牌交易，债券代码118040，简称"宏微转债"。转股价格自2024年1 月31日起为40.00元/股，后因2023年度权益分派调整为28.52元/股。 根据《募集说明书》约定，"宏微转债"采用每年付息一次的方式，到期归还未偿还的本金并支付最后一 年利息。本次付息为第二年付息，计息期间为2024年7月25日至2025年7月24日，票面利率为0.70%，每 张面值100.00元的可转债派发利息为0.70元人民币（含税）。付息债权登记日为2025年7月24日，除息日 和兑息日均为2025年7月25日。付息对象为截至2025年7月24日上海证券交易所收市后登记在册的全 体"宏微转债"持有人。公司将委托中国证券登记结算有限责任公司上海分公司进行债券兑付、兑息。个 人投资者需缴纳20%的利息所得税，实际派发利息为0.56元人民币（税后）。非居民企业暂免征收企 ...

证券代码：688711 证券简称：宏微科技 公告编号：2025-044 （一）基本情况 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： ● 可转债付息债权登记日：2025 年 7 月 24 日 ● 可转债除息日：2025 年 7 月 25 日 ● 可转债兑息日：2025 年 7 月 25 日 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 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 ...

A股半导体板块盘中走强，宏微科技涨超16%，寒武纪、翔捷科技、东微半导均涨超7%，芯原股份、芯 海科技等多股涨超4%。 订阅A股市场资讯 +订阅 ...

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-043 | | --- | --- | --- | | 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 关于收到二审判决结果的公告 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： ●案件所处的诉讼阶段：二审终审判决； ●上市公司所处的当事人地位：一审原告，二审被上诉人 ●涉案的金额：约 2,100 万元人民币 ●二审判决结果：1、驳回常州能量方舟新材料有限公司（以下简称"能量方 舟"）的上诉，维持原判。2、二审案件受理费 146,800 元，由上诉人能量方舟负 担。 ●是否会对上市公司损益产生负面影响：公司已对相关股权投资计提减值准 备，本次判决结果不会对公司损益产生负面影响。 近日，江苏宏微科技股份有限公司（以下简称"公司"）收到了江苏省常州 市中级人民法院签发的《民事判决书》<（2025）苏 04 民终 2535 号>（以下简 称"民事判决书"）。现将有关情况公告如下： 庭审理后，被告提出管辖权 ...

Group 1 - The company has approved a plan to repurchase its shares using its own funds and a special loan for share repurchase, with a total amount between RMB 25 million and RMB 50 million [2] - The repurchase price will not exceed RMB 30.12 per share, and the repurchase period is set for up to 12 months from the board's approval date [2] - As of June 2025, the company has repurchased a total of 1,197,939 shares, representing 0.5627% of the total share capital, with a total expenditure of approximately RMB 19.996 million [3] Group 2 - As of June 30, 2025, a total of RMB 22,000 has been converted into company shares from the convertible bonds, amounting to 710 shares, which is 0.00047% of the total shares before conversion [9] - The total amount of unconverted convertible bonds stands at RMB 429,978,000, which is 99.99488% of the total issuance [9] - The current conversion price for the convertible bonds is RMB 28.52 per share [13]

| 证券代码：688711 | 证券简称：宏微科技 | 公告编号：2025-041 | | --- | --- | --- | | 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 关于第二期以集中竞价方式回购公司股份的进展公告 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况，现将公司回购股份的进展情况公告如下： 2025 年 6 月，公司通过集中竞价交易方式累计回购股份 0 股。 截至 2025 年 6 月月底，公司已累计回购股份 1,197,939 股，占公司总股本 212,884,185 股的比例为 0.5627%，购买的最高价为 19.00 元/股、最低价为 13.00 元/股，已支付的总金额为 19,996,064.74 元（不含交易佣金等费用）。 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/12/ ...