通过天眼查大数据分析，上海艾为电子技术股份有限公司共对外投资了13家企业，参与招投标项目7 次，知识产权方面有商标信息171条，专利信息1187条，此外企业还拥有行政许可10个。 艾为电子最新一期业绩显示，截至2025一季报，公司营业总收入6.40亿元、同比减少17.50%，归属净利 润6407.27万元，同比增长78.86%，扣非净利润4522.23万元，同比增长89.84%，流动比率3.131、速动比 率2.564、资产负债率24.01%。 天眼查商业履历信息显示，上海艾为电子技术股份有限公司，成立于2008年，位于上海市，是一家以从 事软件和信息技术服务业为主的企业。企业注册资本23266.9339万人民币，实缴资本1881.2万人民币。 公司法定代表人为孙洪军。 金融界消息 截至2025年8月8日收盘，艾为电子（688798）报收于72.6元，下跌1.4%，换手率1.31%，成 交量1.77万手，成交金额1.29亿元。 资金流向方面，今日主力资金净流出1418.08万元，占比成交额10.97%。其中，超大单净流出930.99万 元、占成交额7.2%，大单净流出487.09万元、占成交额3.77%，中单 ...

Core Viewpoint - Aiwai Electronics plans to issue convertible bonds to raise up to 1.901 billion yuan for global R&D, contrasting sharply with its current strong financial position [1] Financial Status - As of the end of Q1 2025, the company has a cash balance of 1.072 billion yuan and a relatively small debt load, with short-term borrowings of 370 million yuan and long-term borrowings of 139 million yuan [1] - The net cash position is approximately 2 billion yuan, exceeding the planned 1.9 billion yuan from the convertible bond issuance [1] Cash Flow and Profitability - The net cash flow from operating activities decreased by 48.31% year-on-year in Q1 2025, despite a significant net profit increase of 78.86% [1] - Since its IPO in August 2021, Aiwai Electronics has raised 3.2 billion yuan but has generated limited net profit in the nearly four years since [1] Project Execution and Risks - The company announced adjustments and delays to some fundraising project sub-items on the same day it released the convertible bond proposal [1] - The planned projects for the raised funds focus on AI, automotive electronics, and industrial control, but face various risks, particularly the global R&D center project with a total investment of 1.485 billion yuan [1]

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%。 ...