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、 募集资金基本情况 经据中国证券监督管理委员会于2021年06月22日出具的《关于同意普冉半导 体（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕2111 号），普冉半导体（上海）股份有限公司（以下简称"公司"）获准向社会公开 发行人民币普通股905.7180万股，每股发行价格为人民币148.90元，本次发行募 集资金总额为134,861.41万元，扣除不含税发行费用人民币10,306.87万元后， 实际募集资金净额为人民币124,554.54万元，上述资金已全部到位。立信会计师 事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了审验， 并于2021年08月16日出具了《验资报告》（信会师报字[2021]第ZF10839号）。 公司截至2025年6月30日募投项目及募集资金存放与实际使用情况详见公司 于2025年8月22日在上海证券交易所网站的《普冉半导体（上海）股份有限公司 2025年半年度募集资金存放与实际使用情况的专项报告》（公告 ...

普冉半导体（上海）股份有限公司 2025 年第三次临时股东大会 证券代码：688766 证券简称：普冉股份 普冉半导体（上海）股份有限公司 2025年第三次临时股东大会会议资料 二〇二五年九月 1 二、为保证本次大会的严肃性和正常秩序，切实维护股东的合法权益，务必 请出席大会的股东或其代理人或其他出席者准时到达会场签到确认参会资格，在 会议主持人宣布现场出席会议的股东和代理人人数及所持有的表决权数量之前， 会议登记应当终止，在此之后进场的股东或股东代理人无权参与现场投票表决。 三、会议按照会议通知上所列顺序审议、表决议案。 | 2025年第三次临时股东大会会议须知 3 | | --- | | 2025年第三次临时股东大会会议议程 5 | 普冉半导体（上海）股份有限公司 2025 年第三次临时股东大会 普冉半导体（上海）股份有限公司 2025 年第三次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》以及《普冉半导体（上海）股份有限公司章程》《普冉半 导体（上海）股份有限公司股东 ...

制作：产品中心 《策略|"十五五"前瞻初探——"十五五"研究系列》 1、"十五五"规划展望。自 1953 年开始制定第一个"五年计划"以来， 我国已发布十四个"五年规划"。完善统一大市场：推进统一大市场建设 重点在于打破地方保护和市场分割，促进资源的高效配置流动，激发各类 市场主体活力与创造力。2、促进民生消费："十五五"规划可能在以下几 方面进一步对消费进行支持：1.财政支出从投资进一步转向民生；2.大力 支持消费结构升级。3、深化国有企业改革：整体来看，预计"十五五" 中，国有企业改革整体思路或依旧延续精细化区分、"一企一策"的思路， 同时要积极探索尝试有利于创新的国有企业经营机制和公司治理模式。4、 健全资本市场稳定机制："十五五"期间资本市场改革思路或转向"构建 内在稳定、韧性强的现代化资本市场生态系统"。整体来看，"十五五"期 间的资本市场稳定机制建设将是一个系统性的工程，完成从"政策驱动" 到"制度驱动"、从"单一维度"到"生态系统"的转型，推动资本市场 高质量发展,助力加快建设金融强国。 证券研究报告 | 2025 年 08 月 27 日 $$\overline{{{\prod_{\mathrm ...

公司报告 | 半年报点评 普冉股份（688766） 证券研究报告 2025H1 营收创新高，"存储+"增速显著，战略投入筑牢未来发展根基 事件：公司发布 2025 半年报。公司实现营业总收入 9.07 亿元，同比增加 1.19%，创历史新高；实现归母净利润 4073.34 万元，同比下降 70.05%；扣非净利润 2,664.94 万元，同比下降 82.40%。虽受行业周期波动及研发投入 增加影响同比有所下降，但"存储+"战略下的新产品线放量、持续的项目和客户突破及研发储备的厚积薄发，正为 公司构筑长期增长的护城河。 点评：2025H1公司实现营收新高，存储业务巩固基石，"存储+"系列持续放量。公司2025H1营收创新高主要系： 1）公司把握契机，不断开拓市场领域和客户群体，同时根据客户需求及时进行技术和产品创新，持续丰富和优化 产品品类和结构。2）在产品线布局方面，随着公司近年持续高投入的研发项目逐步落地，如大容量 NOR Flash、 M0+、M4、Driver、SPD 等逐步放量，公司快速把握新增领域增量市场机遇，提高新产品市场渗透率。 存储主业巩固优势，工业、车规等打开增量市场。作为国内 NOR Fl ...

8月25日，普冉股份跌2.19%，成交额5.01亿元。两融数据显示，当日普冉股份获融资买入额8794.13万 元，融资偿还5349.11万元，融资净买入3445.01万元。截至8月25日，普冉股份融资融券余额合计4.91亿 元。 截至6月30日，普冉股份股东户数1.34万，较上期减少7.45%；人均流通股11036股，较上期增加 51.15%。2025年1月-6月，普冉股份实现营业收入9.07亿元，同比增长1.19%；归母净利润4073.34万元， 同比减少70.05%。 分红方面，普冉股份A股上市后累计派现1.05亿元。近三年，累计派现7565.19万元。 机构持仓方面，截止2025年6月30日，普冉股份十大流通股东中，南方中证1000ETF（512100）位居第 七大流通股东，持股83.62万股，为新进股东。信澳新能源产业股票A（001410）位居第八大流通股东， 持股70.28万股，为新进股东。香港中央结算有限公司退出十大流通股东之列。 责任编辑：小浪快报 融资方面，普冉股份当日融资买入8794.13万元。当前融资余额4.90亿元，占流通市值的4.27%，融资余 额超过近一年50%分位水平，处于较高位。 ...

Core Insights - The company reported a revenue of 907 million yuan for the first half of 2025, representing a year-on-year growth of 1.19%, while the net profit attributable to shareholders decreased by 70.05% to 41 million yuan [1] - The company’s non-recurring net profit attributable to shareholders fell by 82.40% to 27 million yuan [1] Revenue Breakdown - The storage series chips generated a revenue of 673 million yuan, contributing significantly to the overall revenue [1] - The company is expanding its market presence in emerging demand areas such as action cameras and smartwatches, while also capitalizing on the transition to 1.2V low-voltage products [1] Product Development - The microcontroller product line is being enhanced with the introduction of ultra-low power M0+MCU products, which support a main frequency of 48MHz and have a low power consumption of 0.7μA in deep sleep mode [1] - The company’s Driver product line has gained market share in the open-loop and dual-function markets, benefiting from the synergy with the EEPROM product line [1] Investment Outlook - The projected net profit attributable to shareholders for 2025-2027 is estimated at 230 million, 350 million, and 430 million yuan, respectively, with corresponding EPS of 1.55, 2.37, and 2.91 yuan [1] - The price-to-earnings ratio (PE) based on the closing price on August 22, 2025, is expected to be 51.2, 33.4, and 27.5 for the respective years [1]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][23]. Core Views - The company's revenue growth is driven by market share expansion and the rapid development of its "Storage+" products. Despite a slight year-on-year revenue increase of 1.19% in H1 2025, net profit saw a significant decline of 70.05% [2][8]. - The semiconductor storage market is expected to recover, benefiting the company from increased demand for memory and MCU products, while also capitalizing on domestic opportunities [2][8]. Financial Performance Summary - In H1 2025, the company achieved a revenue of 907 million, with a net profit of 41 million. The second quarter alone saw revenues of 500 million, marking a quarter-on-quarter increase of 23.16% [2]. - The financial projections for the company indicate a total revenue growth from 1,804 million in 2024 to 3,169 million by 2027, with a compound annual growth rate (CAGR) of 18.2% [2][9]. - The net profit is projected to grow from 292 million in 2024 to 467 million by 2027, reflecting a CAGR of 19.9% [2][9]. Product Development and Market Strategy - The company's "Storage+" series chips generated revenue of 233 million in H1 2025, showing a year-on-year growth of 35.62%. This product line is expected to enhance competitiveness in the camera module sector [2][8]. - The company is focusing on expanding its EEPROM applications in industrial control and automotive sectors, with significant revenue contributions from automotive electronics [2][8]. Valuation and Price Target - The report sets a target price of 98.22 yuan for the company's stock, based on a price-to-earnings (P/E) ratio of 45 times for 2025 [2][3].

据证券之星公开数据整理，近期普冉股份（688766）发布2025年中报。截至本报告期末，公司营业总收 入9.07亿元，同比上升1.19%，归母净利润4073.34万元，同比下降70.05%。按单季度数据看，第二季度 营业总收入5.0亿元，同比上升1.89%，第二季度归母净利润2226.76万元，同比下降74.13%。本报告期 普冉股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达144.7%。 本次财报公布的各项数据指标表现一般。其中，毛利率31.03%，同比减8.06%，净利率4.49%，同比减 70.4%，销售费用、管理费用、财务费用总计6758.03万元，三费占营收比7.45%，同比增73.92%，每股 净资产15.13元，同比减23.18%，每股经营性现金流-0.28元，同比增62.78%，每股收益0.36元，同比减 60.87% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 8.96 Z | 9.07亿 | 1.19% | | 归母浄利润（元） | 1.36亿 | 4073.34万 | - ...

Company Overview - Puran Semiconductor (Shanghai) Co., Ltd. was established on January 4, 2016, and listed on August 23, 2021. The company is primarily engaged in the research, design, and sales of integrated circuit products [1][2] - The company is classified under the Shenwan industry category of Electronics - Semiconductors - Digital Chip Design, and is involved in sectors such as IoT, Apple and Samsung, automotive chips, integrated circuits, and smart wearables [1] Stock Performance - As of August 22, the stock price of Puran increased by 2.11%, reaching 78.47 CNY per share, with a total market capitalization of 11.617 billion CNY [1] - Year-to-date, the stock price has risen by 8.87%, with a 15.26% increase over the last five trading days, a 19.49% increase over the last 20 days, and a 35.07% increase over the last 60 days [1] Financial Highlights - For the first half of 2025, Puran reported a revenue of 907 million CNY, reflecting a year-on-year growth of 1.19% [2] - The company has distributed a total of 1.05 billion CNY in dividends since its A-share listing, with cumulative distributions of 75.652 million CNY over the past three years [2] Shareholder Information - As of June 30, 2025, the number of shareholders for Puran was 13,400, a decrease of 7.45% from the previous period, while the average circulating shares per person increased by 51.15% to 11,036 shares [2] - Among the top ten circulating shareholders, the Southern CSI 1000 ETF (512100) is the seventh largest shareholder, holding 836,200 shares as a new entrant [2]

Core Viewpoint - The company, Purun Co., Ltd. (688766.SH), reported a slight increase in revenue and net profit for the first half of 2025, indicating resilience amid a challenging consumer electronics market [1] Financial Performance - In the first half of 2025, the company achieved total revenue of 907 million yuan, a year-on-year increase of 1.19%, and a net profit attributable to shareholders of 41 million yuan [1] Industry Context - The consumer electronics industry is experiencing a slow recovery after a prolonged destocking period, influenced by factors such as US-China tariffs and a gradual market consolidation [2] - The industry has not yet seen the ideal recovery characterized by simultaneous increases in volume and price [2] Strategic Initiatives - The company is expanding its market share by leveraging the trend of industry consolidation and focusing on a dual strategy of "Storage" and "Storage+" [2] - The company is enhancing its product lines, including low-power NOR Flash and high-reliability EEPROM, while also developing new products that combine general microcontrollers with storage [2] Product Development - The company has achieved full capacity coverage in its NOR Flash product line, with successful mass production of various series and plans for further capacity increases by the end of the year [3] - The company is also expanding its EEPROM product line, which has seen breakthroughs in applications for server memory and other devices [4] Market Expansion - The company is actively entering emerging markets such as automotive and imaging, having achieved key breakthroughs and established a first-mover advantage [5] - The company’s products have received automotive-grade certification, allowing entry into the vehicle storage market [5] AI and Future Growth - The rise of AI-driven products is expected to create new market opportunities, with significant growth projected in AI smartphones and smart glasses [6] - The global semiconductor market is anticipated to reach $700.9 billion by 2025, with the storage market expected to grow to $189 billion [6] Overall Outlook - The semiconductor and consumer electronics industries are undergoing a critical phase of restructuring and transformation, with the company positioned to capitalize on emerging trends and market demands [7] - The company is expected to achieve significant growth and strengthen its position in the global semiconductor value chain [7]