证券代码：688798 证券简称：艾为电子 公告编号：2025-038 上海艾为电子技术股份有限公司 关于归还暂时补充流动资金的闲置募集资金的公告 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。 上海艾为电子技术股份有限公司（以下简称"公司"）于 2024 年 8 月 16 日 分别召开了第四届董事会第五次会议和第四届监事会第四次会议，审议通过了 《关于公司继续使用部分闲置募集资金暂时补充流动资金的议案》，同意公司使 用不超过人民币 60,000 万元（含本数）的闲置募集资金暂时补充流动资金，仅 用于公司的业务拓展、日常经营等与主营业务相关的生产经营，使用期限自公司 董事会审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 8 月 20 日 在上海证券交易所网站(www.sse.com.cn)披露的《上海艾为电子技术股份有限公 司关于继续使用部分闲置募集资金暂时补充流动资金的公告》（公告编号： 2024-038）。 根据上述决议，公司在规定期限内实际使用了 60,000 万元闲置募集资金暂 时补充流动资金， ...

证券代码：688798 证券简称：艾为电子 上海艾为电子技术股份有限公司 2025 年第一次临时股东大会会议资料 上海艾为电子技术股份有限公司 Shanghai Awinic Technology Co., Ltd. 二〇二五年八月 上海艾为电子技术股份有限公司 2025 年第一次临时股东大会会议 资料 议案四：关于公司向不特定对象发行可转换公司债券方案论证分析报告的议案 ........ 20 议案五：关于公司向不特定对象发行可转换公司债券募集资金使用可行性分析报告的议案 议案六：关于公司截至 2025 年 6 月 30 日止前次募集资金使用情况报告的议案 ........ 22 议案七：关于公司向不特定对象发行可转换公司债券摊薄即期回报、采取填补措施及相关主 议案十一：关于提请股东大会授权董事会及其授权人士全权办理本次向不特定对象发行可转 上海艾为电子技术股份有限公司 2025 年第一次临时股东大会会议资料 上海艾为电子技术股份有限公司 为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》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下 ...

上海艾为电子技术股份有限公司 2025 年第一次临时股东大会会议资料 证券代码：688798 证券简称：艾为电子 上海艾为电子技术股份有限公司 Shanghai Awinic Technology Co., Ltd. 2025 年第一次临时股东大会会议资料 二〇二五年八月 1 上海艾为电子技术股份有限公司 2025 年第一次临时股东大会会议资料 目录 | 上海艾为电子技术股份有限公司 2025 年第一次临时股东大会会议须知 3 | | --- | | 上海艾为电子技术股份有限公司 2025 年第一次临时股东大会会议议程 5 | | 议案一：关于公司符合向不特定对象发行可转换公司债券条件的议案 8 | | 议案二：关于公司向不特定对象发行可转换公司债券方案的议案 9 | | 议案三：关于公司向不特定对象发行可转换公司债券预案的议案 19 | | 议案四：关于公司向不特定对象发行可转换公司债券方案论证分析报告的议案 20 | | 议案五：关于公司向不特定对象发行可转换公司债券募集资金使用可行性分析报告的议案 | | 21 | | 议案六：关于公司截至 2025 年 6 月 30 日止前次募集资金使用情况报告的议案 ...

Core Viewpoint - The article emphasizes the critical role of thermal management in the performance and reliability of electronic devices, driven by increasing power density due to advancements in technologies like 5G, AI, and IoT. Effective heat dissipation solutions are essential to prevent device failures and ensure optimal operation [7][10][15]. Group 1: Thermal Density and Management - The rise in power density of electronic components necessitates advanced thermal management solutions, as temperature increases can significantly reduce system reliability [7][10]. - The failure rate of electronic components increases exponentially with temperature, with a 50% reduction in reliability for every 10°C increase [7][8]. - The thermal flow density has surged from under 10W/cm² to nearly 100W/cm², driven by both increased power and reduced chip sizes [11][15]. Group 2: Passive Cooling Solutions - Passive cooling methods, which do not use active components, include materials like metal heat sinks, graphite films, and heat pipes, relying on thermal interface materials (TIMs) to transfer heat away from components [23][26]. - Metal heat sinks are effective for low-power devices but face limitations in high-power applications due to their thermal transfer rates [28][31]. - Graphite films have been widely adopted in consumer electronics for their high thermal conductivity in the X-Y plane, although their Z-axis conductivity is limited [32][33]. Group 3: Active Cooling Solutions - Active cooling methods, such as forced air cooling and liquid cooling, are becoming necessary as device power levels increase beyond the capabilities of passive systems [68][69]. - Liquid cooling systems can achieve heat dissipation rates of 10-1000W/cm², significantly outperforming air cooling methods [73][74]. - Data centers are increasingly adopting liquid cooling solutions to manage the rising power density of servers, with some configurations exceeding 30kW per cabinet [80][81]. Group 4: Market Opportunities and Beneficiaries - Companies involved in the development of advanced thermal management solutions, such as VC (vapor chamber) technology and liquid cooling systems, are positioned to benefit from the growing demand for efficient heat dissipation in high-performance electronics [49][54]. - Key players in the market include companies like Feirongda, Suzhou Tianmai, and others that are innovating in thermal management technologies [5][6].

Core Viewpoint - Aiwai Electronics (688798.SH) has announced a significant financing plan to raise up to 1.901 billion yuan through convertible bonds, primarily aimed at building a global R&D center and advancing research and industrialization in cutting-edge fields such as edge AI, automotive chips, and motion control chips [1][2]. Group 1: Financing and Investment Plans - The company plans to allocate 1.224 billion yuan, which is 64.39% of the total fundraising, to the global R&D center construction project [1][2]. - The R&D center will focus on specialized facilities such as reliability laboratories, haptic feedback laboratories, and optical anti-shake laboratories, covering three core product lines: high-performance mixed-signal chips, power management chips, and signal chain chips [2]. - The remaining funds will be directed towards projects for edge AI and supporting chip R&D (241 million yuan), automotive chip R&D (227 million yuan), and motion control chip R&D (209 million yuan) [2]. Group 2: R&D Investment and Personnel - Aiwai Electronics has committed a total of 2.234 billion yuan to R&D from 2020 to 2024, with a projected R&D personnel ratio of 64% and technical personnel ratio of 74% by the end of 2024 [1][3][6]. - The company has achieved significant technological advancements, including becoming the first domestic company to mass-produce optical image stabilization (OIS) technology [6]. - As of the end of 2024, Aiwai Electronics holds 412 invention patents, 232 utility model patents, and 5 design patents, along with 125 software copyrights and 595 integrated circuit layout registrations [6]. Group 3: Financial Performance - The company reported revenues of 2.327 billion yuan in 2021, 2.09 billion yuan in 2022, and 2.531 billion yuan in 2023, with a net profit of 288 million yuan, -53.38 million yuan, and 510.1 million yuan respectively [4]. - In 2024, Aiwai Electronics achieved a record revenue of 2.933 billion yuan, a year-on-year increase of 15.88%, and a net profit of 255 million yuan, a substantial increase of 400% [5]. - The gross margin for 2024 reached 30.43%, up by 5.58 percentage points compared to the previous year [5].

Investment Rating - The report maintains an "Outperform" rating for the heat management industry, driven by the slowdown of Moore's Law and the rise of edge AI applications [1]. Core Insights - The heat management industry is undergoing significant upgrades due to the deceleration of Moore's Law and the explosive growth in cloud computing power demands, leading to increased pressure on thermal management solutions for edge AI applications [1][2]. - Passive cooling methods are nearing their physical limits, prompting a shift towards active cooling technologies in mobile devices [3][4]. Summary by Sections 1. Moore's Law Slowdown and Edge AI Iteration - The growth rate of transistor density has significantly slowed, with the compound annual growth rate (CAGR) dropping to single digits for processes below 5nm, indicating the gradual failure of Moore's Law [19][20]. - As performance demands increase, the power consumption per unit area of chips is rising, necessitating enhanced thermal management solutions [24][25]. - The limitations of passive cooling methods are becoming evident, as the area of vapor chambers (VC) is increasing while material iterations are slowing down [43][44]. 2. Transition to Active Cooling Technologies - The industry is expected to enter an active cooling era, with technologies like micro-pump liquid cooling and micro fans becoming more prevalent [3][4]. - By 2030, it is projected that the penetration rate of active cooling in smartphones will reach 30%, with a market size of approximately 20 billion yuan [3][4][75]. 3. Investment Highlights and Beneficiary Segments - Active cooling technologies are anticipated to unlock the full potential of edge AI applications, with significant benefits for companies involved in the thermal management supply chain [4][4]. - Key players in the thermal management module sector include Feirongda, Suzhou Tianmai, and Zhongshi Technology, while chip-related companies include Aiwei Electronics and Nanchip Technology [4][4].

Core Viewpoint - The financing activities of Aiwei Electronics indicate a modest interest from investors, with a slight net buying position over recent trading days [1] Financing Summary - On July 29, Aiwei Electronics had a financing buy amount of 0.29 billion, ranking 708th in the market, with a financing repayment amount of 0.28 billion, resulting in a net buy of 29.66 thousand [1] - Over the last three trading days (July 25-29), the financing buy amounts were 0.21 billion, 0.24 billion, and 0.29 billion respectively, showing a gradual increase [1] Securities Lending Summary - On the same day, the company had a securities lending sell of 0.02 thousand shares and a net buy of 0.04 thousand shares, indicating a slight interest in short selling [1]

此外，公司可根据经营状况适时实施股票分红，并确保利润分配方案兼顾股东短期利益与长期发展。利 润分配决策需经董事会、审计委员会及股东大会审议，并充分听取中小股东意见。该规划自股东大会审 议通过后生效，后续调整需履行相应程序。(编辑胡群) 经济观察网上海艾为电子技术股份有限公司董事会7月27日发布未来三年(2025年—2027年)股东分红回 报规划。根据规划，公司将优先采用现金分红方式，在满足可分配利润为正、现金流充裕等条件下，每 年现金分红比例不低于可分配利润的10%。同时，公司将结合发展阶段、资金需求等因素，差异化设定 现金分红比例，成熟期企业现金分红占比最高可达80%。 ...

Core Viewpoint - Aiwai Electronics is actively expanding its operations through a convertible bond issuance to raise up to 1.901 billion yuan for various R&D projects, despite facing challenges in cash flow and project timelines [1][2]. Group 1: Stock Performance - As of July 29, 2025, Aiwai Electronics' stock price closed at 73.00 yuan, an increase of 2.81 yuan, representing a 4.00% rise [1]. - The trading volume for the day was 40,148 hands, with a total transaction amount of 290 million yuan [1]. Group 2: Business Overview - Aiwai Electronics specializes in high-performance mixed-signal, power management, and signal chain integrated circuit design, with applications in smartphones, IoT, and industrial control [1]. - The company reported a revenue of 640 million yuan in Q1 2025, marking a year-on-year increase of approximately 150% [2]. - The net profit attributable to shareholders was 64.07 million yuan, with a non-recurring net profit of 45.22 million yuan [2]. Group 3: Fundraising and Project Development - The company plans to issue convertible bonds to raise funds for a global R&D center and various chip development projects, allocating 1.224 billion yuan for the global R&D center, 241 million yuan for edge AI projects, 226 million yuan for automotive chip projects, and 209 million yuan for motion control chip projects [1]. - Some fundraising project timelines have been adjusted, with the "Development and Technology Reserve Fund Project" now expected to be operational by August 2026, delayed from the original August 2025 target due to changes in market conditions, industry technology development, and corporate strategy [1]. Group 4: Cash Flow Concerns - The net cash flow from operating activities decreased by 48.31% compared to the same period last year [2].

Group 1 - The core viewpoint of the news is that Aiwai Electronics (688798) has shown a significant increase in net profit despite a decline in total revenue for the first quarter of 2025 [1] - As of July 29, 2025, Aiwai Electronics' stock closed at 73.0 yuan, up 4.0%, with a trading volume of 40,100 lots and a transaction amount of 290 million yuan [1] - The company experienced a net inflow of main funds amounting to 40.43 million yuan, accounting for 13.94% of the transaction amount, indicating strong investor interest [1] Group 2 - For the first quarter of 2025, Aiwai Electronics reported total revenue of 640 million yuan, a year-on-year decrease of 17.50%, while net profit attributable to shareholders was 64.07 million yuan, a year-on-year increase of 78.86% [1] - The company's current ratio is 3.131, quick ratio is 2.564, and debt-to-asset ratio is 24.01%, indicating a strong liquidity position [1] - Aiwai Electronics has invested in 13 companies and participated in 7 bidding projects, showcasing its active engagement in the market [2]