Core Viewpoint - Geke Micro (688728) reported a revenue of 3.636 billion yuan for the first half of 2025, marking a year-on-year growth of 30.33%, while the net profit attributable to shareholders was 29.76 million yuan, with a non-recurring net profit of -14.95 million yuan due to ongoing R&D investments and foreign exchange losses [1] Financial Performance - The company achieved an EBITDA of 699 million yuan in the first half of the year [1] - In Q2 2025, Geke Micro's revenue reached 2.112 billion yuan, representing a quarter-on-quarter growth of 38.56%, with a net profit of 81.49 million yuan, turning from loss to profit [1] - The net cash flow from operating activities was 814 million yuan, up 858% year-on-year, driven by increased sales and reduced cash expenditures due to a higher proportion of products produced in its own wafer fab [1] Business Segments - In the first half of the year, Geke Micro sold 524 million mobile CMOS image sensors, generating revenue of 2.212 billion yuan, a year-on-year increase of 41.47% [2] - Non-mobile CMOS image sensors sold 140 million units, with revenue of 715 million yuan, reflecting a year-on-year growth of 11.38% [2] - Display driver chips sold 249 million units, achieving revenue of 706 million yuan, a year-on-year increase of 20.96% [2] Production Capacity and Strategy - The semiconductor factory operated at near full capacity, transitioning production from 800 million and 1.3 billion pixel products to 3.2 billion and 5 billion pixel products, enhancing product value and profitability [2] - The factory is capable of customized production to meet unique demands from flagship smartphones, automotive, and PC sectors, strengthening the company's competitive edge [2] - Geke Micro is focused on CIS and DDIC packaging and manufacturing, with ongoing IATF16949 automotive certification efforts to enhance integrated competitiveness [2]

Core Insights - The company, Geke Micro (688728.SH), reported significant growth in revenue and profitability for the first half of 2025, driven by the recovery in the consumer electronics industry and expansion into high-end markets [1] - The company achieved a revenue of 3.636 billion yuan, a year-on-year increase of 30.33%, with an EBITDA of 699 million yuan [1] - In Q2 2025, the company recorded a revenue of 2.112 billion yuan, a quarter-on-quarter increase of 38.56%, marking a new high since its listing [1] Revenue Breakdown - The company's main business includes the research, design, manufacturing, packaging, and sales of CMOS image sensors and display driver chips, with all segments showing steady growth [2] - Sales of mobile CMOS image sensors reached 524 million units, generating revenue of 2.212 billion yuan, a year-on-year increase of 41.47%, accounting for 60.88% of total revenue [2] - Non-mobile CMOS image sensors sold 140 million units, with revenue of 715 million yuan, a year-on-year increase of 11.38%, making up 19.69% of total revenue [2] - Display driver chips sold 249 million units, generating revenue of 706 million yuan, a year-on-year increase of 20.96%, accounting for 19.43% of total revenue [2] Product Innovation - The company is focusing on high-pixel products in the mobile image sensor sector, with revenue from products of 13 million pixels and above exceeding 1 billion yuan, representing about 46% of mobile CIS business [3] - The company launched several new products based on the GalaxyCell®2.0 platform, including a 1.0μm high-frame-rate HDR 13 million pixel CIS product, which supports 4K60FPS video output [4] - In the non-mobile CIS sector, the company introduced a new generation 2.35μm 2 million pixel image sensor, which significantly improves noise levels and low-light sensitivity [5] Market Expansion - The company is actively expanding into the automotive electronics market, with its first 3.0μm 130 thousand pixel product undergoing customer testing for various applications [6] - In the AI glasses market, the company successfully achieved mass production of a 5 million pixel CIS for AI glasses projects, indicating its commitment to emerging markets [6] Display Driver Chip Growth - The display driver chip business is developing steadily, with the company successfully delivering its first AMOLED display driver chip product, GC3A71, to a smartwatch customer [7] - The OLED display driver chip market is projected to grow at a compound annual growth rate of approximately 9.1% from 2024 to 2030, with smartphones and wearable devices being key growth drivers [7] Production Capacity and Strategy - The company has successfully transitioned to a Fab-Lite model, with its self-owned factory operating at full capacity and shifting production towards high-value products [8] - The company aims to enhance its integrated competitive advantage and deepen its supply chain layout, focusing on chip design and manufacturing resource integration [8]

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.03%, driven by gains in sectors such as telecommunications, computers, and electronics, while beauty care and coal sectors experienced declines [1] - The chip technology stocks showed strong performance, with the Chip ETF (159995.SZ) rising by 1.65%, and notable increases in individual stocks such as Cambrian (up 6.55%), Rockchip (up 5.70%), and Geke Micro (up 4.74%) [1] Group 2 - The State Council issued an opinion on the implementation of the "Artificial Intelligence +" initiative, emphasizing the need to strengthen intelligent computing power coordination and support innovation in AI chips and software ecosystems [3] - The report from Dongfang Securities highlighted breakthroughs in domestic AI large models and continuous performance improvements in domestic AI chips and switching chips, indicating a positive outlook for AI computing power and applications in China [3] - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across various segments such as materials, equipment, design, manufacturing, packaging, and testing [3]

资料显示，芯片ETF（159995）跟踪国证芯片指数，30只成分股集合A股芯片产业中材料、设备、设计、制造、封装和测试等龙头企业，其中包括中芯国 际、寒武纪、长电科技、北方华创等。其场外联接基金为，A类：008887；C类：008888。 每日经济新闻 8月27日上午，A股三大指数走势分化，上证指数盘中下跌0.06%，通信、计算机、医药生物等板块涨幅靠前，美容护理、煤炭跌幅居前。芯片科技股走强， 截至9点32，芯片ETF（159995.SZ）上涨0.44%，其成分股格科微上涨3.82%，瑞芯微上涨2.90%，晶晨股份上涨1.66%，寒武纪上涨1.58%，豪威集团上涨 1.12%。 消息方面，国务院印发《关于深入实施"人工智能+"行动的意见》。意见提出，强化智能算力统筹，支持人工智能芯片攻坚创新与使能软件生态培育，加快 超大规模智算集群技术突破和工程落地。优化国家智算资源布局，完善全国一体化算力网，充分发挥"东数西算"国家枢纽作用，加大数、算、电、网等资源 协同。加强智能算力互联互通和供需匹配，创新智能算力基础设施运营模式，鼓励发展标准化、可扩展的算力云服务，推动智能算力供给普惠易用、经济高 效、绿色安全。 东 ...

Core Viewpoint - The company GeKowei (688728.SH) has demonstrated significant growth in revenue and profitability in the first half of 2025, driven by the recovery in the consumer electronics industry and its continuous expansion into high-end markets [1] Financial Performance - In the first half of 2025, GeKowei achieved revenue of 3.636 billion yuan, a year-on-year increase of 30.33%, with EBITDA reaching 699 million yuan [1] - The second quarter of 2025 saw a record revenue of 2.112 billion yuan, a quarter-on-quarter increase of 38.56%, marking the highest quarterly revenue since the company's listing [1] - The net cash flow from operating activities reached 814 million yuan, a year-on-year increase of 858.11% [1] Business Segments - The main business of GeKowei includes the research, design, manufacturing, packaging, and sales of CMOS image sensors and display driver chips, with all segments showing steady growth in the first half of 2025 [2] - Sales of mobile CMOS image sensors reached 524 million units, generating revenue of 2.212 billion yuan, a year-on-year increase of 41.47%, accounting for 60.88% of total revenue [2] - Non-mobile CMOS image sensors sold 140 million units, with revenue of 715 million yuan, a year-on-year increase of 11.38%, making up 19.69% of total revenue [2] - Display driver chips sold 249 million units, generating revenue of 706 million yuan, a year-on-year increase of 20.96%, accounting for 19.43% of total revenue [2] Product Innovation - In the mobile CIS sector, GeKowei has enhanced its high-pixel product offerings, with revenue from products of 13 million pixels and above exceeding 1 billion yuan, representing about 46% of mobile CIS revenue [3] - The company launched several new products based on the GalaxyCell® 2.0 platform, including a 1.0μm high frame rate HDR 13 million pixel CIS product designed for high-quality video output [4] - The second-generation 0.7μm 50 million pixel image sensor was introduced, improving performance in low-light conditions and enhancing autofocus capabilities [5] Non-Mobile CIS Developments - GeKowei has upgraded its product matrix in the non-mobile CIS sector, launching a new generation 2.35μm 2 million pixel image sensor that significantly reduces power consumption by 30% compared to previous models [6] - The company is actively expanding into emerging markets, including a 1.116μm 5 million pixel image sensor designed for AIPC applications, which operates at a low power of 2mW [6] Automotive and AI Applications - In the automotive electronics sector, GeKowei is developing front-mounted chips for vehicles, with its first 3.0μm 130 thousand pixel product undergoing customer testing [7] - The company has successfully achieved mass production of a 5 million pixel CIS for AI glasses, aiming to penetrate further into niche markets such as mirrorless cameras and telescopes [7] Display Driver Chip Growth - GeKowei's display driver chip business is expanding, with a focus on AMOLED products, including the successful delivery of its first AMOLED display driver chip for smartwatches [9] - The OLED display driver chip market is projected to grow at a compound annual growth rate of approximately 9.1% from 2024 to 2030, driven by smartphones and wearable devices [9] Manufacturing and Future Outlook - GeKowei has successfully transitioned to a Fab-Lite model, with its self-owned factory operating at full capacity and shifting production towards high-value products [10] - The company aims to enhance its integrated competitive advantage and deepen its supply chain layout, focusing on chip design and manufacturing resource integration [10]

Group 1 - The company plans to register and issue medium-term notes not exceeding RMB 1.5 billion (including RMB 1.5 billion) to optimize its financing structure and enhance liquidity management [4][6][17] - The issuance will be subject to the company's actual funding needs and market conditions, with the final amount determined by the registration notice from the China Interbank Market Dealers Association [6][9] - The funds raised will be used for operational activities, including debt repayment and working capital supplementation [11] Group 2 - The company reported an asset impairment provision totaling RMB 74.3999 million for the first half of 2025, reflecting certain impairment signs in its financial assets, inventory, and long-term assets [21][25] - The credit impairment loss recognized for accounts receivable and other receivables amounted to RMB 1.9608 million, while inventory write-downs totaled RMB 72.439 million [22][24] - This impairment provision will impact the company's profit for the first half of 2025, with a total effect of RMB 74.3999 million on the consolidated profit before tax [25][26] Group 3 - The company's second board meeting approved the issuance of medium-term notes and the half-year report, confirming the accuracy and completeness of the financial statements [30][34] - The company will hold a second extraordinary general meeting on September 11, 2025, to discuss the approved proposals [43][44] - The board meeting and the upcoming general meeting are in compliance with relevant laws and regulations, ensuring proper governance [29][30]

Core Viewpoint - The company, GalaxyCore Inc., plans to register and issue medium-term notes not exceeding RMB 1.5 billion to optimize its financing structure and support its development [1][2]. Group 1: Issuance Details - The proposed issuance scale is up to RMB 1.5 billion, with the final amount subject to the registration notice from the China Interbank Market Dealers Association [1][3]. - The issuance will occur based on the company's actual funding needs within the validity period of the registration quota [2]. - The target investors are institutional investors in the China interbank bond market, excluding those prohibited by national laws and regulations [2]. Group 2: Fund Utilization - The raised funds will be used for the company's operational activities and those of its subsidiaries, including but not limited to repaying existing debts and supplementing working capital [2][3]. Group 3: Authorization and Governance - The board of directors proposes to seek authorization from the shareholders' meeting to handle all matters related to the issuance, including determining the specific issuance plan and selecting relevant intermediaries [2][4]. - The authorization will remain valid until all related matters are completed following the shareholders' meeting approval [4]. Group 4: Impact on the Company - The registration and issuance of medium-term notes are expected to enhance the company's development, broaden financing channels, and improve liquidity management capabilities to meet operational funding needs [4].

Core Viewpoint - GalaxyCore Inc. reported a significant increase in revenue for the first half of 2025, with total revenue reaching approximately 3.64 billion RMB, a 30.33% increase compared to the same period last year. However, net profit attributable to shareholders decreased by 61.59% to approximately 29.76 million RMB, primarily due to increased R&D expenses and foreign exchange losses [3][6][7]. Financial Performance - Total revenue for the first half of 2025 was 3,636,341,105 RMB, up from 2,790,066,732 RMB in the same period last year [3]. - Total profit decreased to 15,424,942 RMB, down 76.71% from 66,230,344 RMB year-on-year [3]. - Net profit attributable to shareholders was 29,761,918 RMB, a decline of 61.59% compared to 77,489,495 RMB in the previous year [3]. - The net cash flow from operating activities surged to 813,516,440 RMB, a significant increase of 858.11% from 84,908,664 RMB [3]. - Total assets increased by 4.99% to 23,537,560,426 RMB, while net assets attributable to shareholders slightly decreased by 0.06% to 7,770,192,599 RMB [3]. Industry Overview - The company operates in the semiconductor and integrated circuit design sector, focusing on CMOS image sensors and display driver chips, which are critical components in consumer electronics [5][6]. - The global CMOS image sensor market is projected to grow significantly, with expected shipments reaching 9.86 billion units and a market size of 25.29 billion USD by 2026, driven by applications in smartphones, automotive electronics, and AR/VR technologies [5][6]. - The semiconductor industry is recognized as a strategic and foundational sector in China's economy, supported by government policies aimed at fostering innovation and growth [6][7]. Product Development - The company has made advancements in its GalaxyCell 2.0 technology, enhancing the performance of its CMOS image sensors, particularly in low-light conditions [8][9]. - New product offerings include a 50-megapixel image sensor designed for AI PC applications, which features low power consumption and high performance, catering to the growing demand for smart devices [11]. - The company is actively expanding its product range in non-mobile applications, including automotive electronics and AI glasses, to diversify its market presence [12][13]. Competitive Advantage - GalaxyCore Inc. has established itself as a leading player in the CMOS image sensor and display driver chip markets, leveraging its strong R&D capabilities and innovative manufacturing processes [6][7][14]. - The transition to a Fab-lite operational model has enhanced the company's competitiveness by integrating design, manufacturing, and testing processes, allowing for greater efficiency and responsiveness to market demands [17].

格科微有限公司2025 年半年度报告摘要 公司代码：688728 公司简称：格科微 公司为一家根据《开曼群岛公司法》设立的公司，公司治理模式与适用中国法律、法规及规范性 文件的一般A股上市公司的公司治理模式存在一定差异。 第一节 重要提示 规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 公司已在本报告中详细描述了可能存在的相关风险，敬请查阅本报告第三节"管理层讨论与分析" 中关于公司可能面临的各种风险及应对措施部分内容。 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 √适用 □不适用 公司治理特殊安排情况： √本公司为红筹企业 格科微有限公司 格科微有限公司2025 年半年度报告摘要 第二节 公司基本情况 公司股票简况 公司股票简况 | | 股票种类 | 股票上市交易所 | | 股票简称 | | 股票代码 变更前股票简称 | | --- | --- | --- | --- | --- | --- | --- | | A股 | | 上海证券交易所科 | 格科微 | | 688728 | 不适用 | | | | 创板 | | | | | 公司存托凭证简况 □适用 ...

证券代码：688728 证券简称：格科微 公告编号：2025-027 格科微有限公司 第二届董事会第十四次会议决议公告 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 格科微有限公司（以下简称"公司"）第二届董事会第十四次会议（以下简 称"本次会议"）于 2025 年 8 月 26 日以书面表决的方式召开，会议通知于 2025 年 8 月 15 日以邮件方式送达至公司全体董事。本次会议由公司董事长赵立新召 集和主持；会议应出席董事 7 人，实到董事 7 人。本次会议的召集、召开和表决 程序符合有关法律、法规及《公司章程》的有关规定。 二、 董事会会议审议情况 经与会董事审议，形成如下决议： (一)审议通过了《关于公司 2025 年半年度报告及摘要的议案》 具体内容详见公司刊登在上海证券交易所网站（www.sse.com.cn）的《格科 微有限公司 2025 年度"提质增效重回报"行动方案的半年度评估报告》。 (三)审议通过了《关于申请注册发行中期票据的议案》 为进一步促进公司发展，优化融资结构，根据 ...