Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a Q1 2025 revenue of 640 million yuan, a year-on-year decrease of 17.5% but a quarter-on-quarter increase of 12.9%. The net profit attributable to shareholders was 64 million yuan, showing a year-on-year increase of 78.87% but a quarter-on-quarter decrease of 16.76%. The non-recurring net profit was 45 million yuan, with a year-on-year growth of 89.84% and a quarter-on-quarter growth of 121.56%. The gross margin continued to improve due to ongoing product iterations and cost optimizations [4][5] - The company has adjusted its profit forecasts for 2025 and 2026 downwards, while introducing a new forecast for 2027. Expected revenues for 2025, 2026, and 2027 are 3.4 billion, 3.8 billion, and 4.1 billion yuan respectively. The net profits for the same years are projected to be 380 million, 560 million, and 680 million yuan respectively. The corresponding PE ratios for 2025, 2026, and 2027 are 45, 31, and 25 times [4][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 640 million yuan, a decrease of 17.5% year-on-year but an increase of 12.9% quarter-on-quarter. The net profit attributable to shareholders was 64 million yuan, up 78.87% year-on-year but down 16.76% quarter-on-quarter. The non-recurring net profit was 45 million yuan, reflecting a year-on-year increase of 89.84% and a quarter-on-quarter increase of 121.56% [4] - The gross margin is on an upward trend, benefiting from product iterations and cost optimizations [4] Product Development - The company has three main product lines making progress: 1. In the mixed-signal domain, it has developed a catalog of audio amplifier products for various industries including consumer electronics, industrial interconnect, and automotive [5] 2. In power management, several new products have been launched, including Type-C port signal protection chips and low-resistance OVP series [5] 3. In the signal chain, the company has introduced high-performance new products in operational amplifiers, comparators, and logic categories [5] Market Position and Future Outlook - The company is deepening its process platform with over 30 types of processes and has established a vehicle-grade testing center to support new product development in the automotive sector. By the end of 2024, the company had released over 1,400 products, with an annual shipment volume exceeding 6 billion units [6]

Core Viewpoints - In 2024, the company's product shipment volume and operating revenue both reached historical highs, driven by continuous market share growth in new products and new market areas, leading to an increase in overall gross margin. The company is also advancing management reforms and digital construction in R&D, enhancing both R&D and management efficiency, further solidifying profitability [1][3] - The company is proactively expanding into the industrial and automotive sectors, continuously broadening its customer base and industry depth and breadth. Several products in the high-performance mixed-signal, power management, and signal chain business lines have successfully penetrated industrial and automotive clients, indicating promising future growth [1][3] Financial Performance - In 2024, the company achieved operating revenue of 2.93 billion yuan, a year-on-year increase of 15.9%; net profit attributable to shareholders was 250 million yuan, a year-on-year increase of 399.7%; gross margin was 30.43%, an increase of 5.58 percentage points year-on-year [2] - In Q1 2025, the company reported operating revenue of 640 million yuan, a year-on-year decrease of 17.5% but a quarter-on-quarter increase of 12.9%; net profit attributable to shareholders was 64 million yuan, a year-on-year increase of 78.9%; gross margin was 35.06%, an increase of 7.82 percentage points year-on-year and 1.53 percentage points quarter-on-quarter [2] Business Lines Performance - The company’s three main business lines—high-performance mixed-signal, power management, and signal chain—achieved record revenue in 2024, with gross margins improving year-on-year. The company has enriched its product matrix and continuously launched new products, with over 1,400 main product models by the end of 2024 [4] - High-performance mixed-signal business achieved revenue of 1.39 billion yuan in 2024, a year-on-year increase of 10.9%, accounting for 47.5% of total revenue, with a gross margin of 30.28%, up 2.52 percentage points year-on-year [4] - Power management chips generated revenue of 1.05 billion yuan in 2024, a year-on-year increase of 15.2%, accounting for 35.7% of total revenue, with a gross margin of 36.83%, up 8.93 percentage points year-on-year [5] - Signal chain chips achieved revenue of 490 million yuan in 2024, a year-on-year increase of 40.9%, accounting for 16.8% of total revenue, with a gross margin of 16.92%, up 12.76 percentage points year-on-year [6][7] Technological Advancements - The company is accelerating the construction of its process platform to strengthen product competitiveness. In the wafer manufacturing segment, breakthroughs in COT processes have been achieved, enhancing the core process competitiveness of mixed-signal products. The company is also exploring advanced packaging technologies to improve product performance and quality while optimizing costs [8]

Core Insights - Aiwai Electronics (688798) plans to officially launch its automotive testing center "Ink Bottle" in 2026, with a construction area of 110,000 square meters, contributing to the rapid development of its automotive product line and enhancing the security of the domestic automotive chip supply chain [1] Group 1: Company Overview - Aiwai Electronics was established in June 2008, focusing on high-performance analog-digital mixed signal, power management, and signal chain IC design, recognized as a leading domestic player in mixed-signal technology and a national technology center [1] - The company has made significant strategic investments in building automotive-grade product platforms, establishing a comprehensive quality management system, and enhancing supply chain collaborations to strengthen its core competitiveness in automotive-grade products [1] Group 2: Certifications and Standards - In 2023, Aiwai Electronics successfully obtained the IATF16949:2016 automotive quality management system certification from TUV NORD, marking its compliance with stringent automotive quality requirements and gaining access to the automotive market [2] - The company also received the ISO 26262:2018 automotive functional safety ASIL D certification, indicating that it has established a product development and management process that meets the highest safety standards in the automotive sector [2] - Aiwai achieved CMMI DEV2.0 ML3 assessment certification in 2023, becoming one of the few domestic integrated circuit design companies to do so, which will enhance its product development and delivery processes [3] Group 3: Testing Center Development - Since 2019, Aiwai has invested heavily in building its automotive testing platform, with the first phase of the automotive testing center covering 6,000 square meters, including reliability testing and failure analysis centers [4] - The automotive testing center received ESD20.20 certification in 2022 and is capable of conducting a full range of reliability certifications for automotive products, including electrical stress aging tests and environmental stress tests [4] - Aiwai's testing center has been recognized by the China National Accreditation Service for Conformity Assessment (CNAS), achieving international standard levels in multiple professional dimensions, allowing it to offer third-party reliability testing services [4][5]

Group 1: Company Overview - Aiwai Electronics, established in June 2008, specializes in high-performance mixed-signal, power management, and signal chain IC design, recognized as a leading domestic player in mixed-signal technology [2][4] - The company has received multiple accolades, including the Shanghai Quality Gold Award and the Ministry of Industry and Information Technology's Single Champion Award [2] Group 2: Product Offerings - Aiwai Electronics showcased over 50 products across four main themes at the 2025 Shanghai Auto Show, focusing on in-car audio systems, ambient lighting, smart surfaces, and general components [1][2] - The in-car audio system products cover output power ranging from 2W to 4*80W and are already in mass production for various models from manufacturers like GAC and Li Auto [2] - In ambient lighting, the company has developed both static and dynamic RGB lighting solutions, including the Awinic AudioSync algorithm for synchronized lighting effects, which are implemented in models from Avita and SAIC General [2][3] - The smart surface products utilize Aiwai's proprietary algorithms to enhance user experience in integrated cockpit designs, with mass production already underway for several electric vehicle brands [3] Group 3: Quality and Testing Standards - Aiwai Electronics has made significant strategic investments in building a vehicle-grade product platform, establishing a comprehensive quality management system and international-level reliability testing centers [4][5] - The company has achieved several international certifications, including IATF16949:2016 and ISO26262:2018, positioning itself as one of the few domestic IC design firms to meet these stringent automotive quality standards [4] - The vehicle-grade testing center, covering 6,000 square meters, has been operational since 2019 and has received ESD20.20 certification, ensuring comprehensive ESD protection and quality assurance for its products [5] Group 4: Future Developments - Aiwai Electronics is set to complete its new vehicle-grade testing center, "Ink Bottle" Park, by December 2024, which will be the largest vehicle-grade testing platform in the country, covering 110,000 square meters [5] - The new facility is expected to enhance the company's electronic vehicle-grade product line and contribute significantly to the security of the domestic vehicle-grade chip supply chain [5]

证券代码：688798 证券简称：艾为电子 公告编号：2025-018 上海艾为电子技术股份有限公司 关于变更持续督导保荐代表人的公告 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。 2025 年 4 月 26 日 附件：刘煜麟先生简历 刘煜麟，男，保荐代表人，现任中信证券投资银行管理委员会信息传媒行业 组总监。曾负责或参与艾为电子、中国移动、锐捷网络、道通科技、海能实业、 丝路视觉等 IPO 项目，以及圣邦股份、赣锋锂业、新国都、清溢光电等再融资 及重组项目。在保荐业务执业过程中严格遵守《证券发行上市保荐业务管理办法》 等相关规定，执业记录良好。 间所做的工作表示衷心的感谢！ 特此公告。 上海艾为电子技术股份有限公司董事会 上海艾为电子技术股份有限公司（以下简称"公司"）近日收到中信证券 股份有限公司（以下简称"中信证券"）出具的《关于更换持续督导保荐代表人 的函》，中信证券作为公司首次公开发行股票并在科创板上市（下称"IPO"） 的保荐机构，原指派的保荐代表人为王彬先生、彭捷女士，法定持续督导期至 2024 年 12 ...

前十大流通股东累计持有： 6437.9万股，累计占流通股比： 47.59%，较上期变化： -487.39万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 郭辉 | 2211.00 | 16.34 | -57.00 | | 程剑涛 | 785.68 | 5.81 | 不变 | | 上海艾准企业管理中心(有限合伙) | 702.92 | 5.20 | -41.87 | | 娄声波 | 680.27 | 5.03 | -31.88 | | 张忠 | 651.76 | 4.82 | 不变 | | 杜黎明 | 460.22 | 3.40 | 不变 | | 汇丰晋信动态策略混合A | 282.77 | 2.09 | -29.31 | | 汇丰晋信低碳先锋股票A | 273.56 | 2.02 | -11.94 | | 嘉实上证科创板芯片ETF | 200.58 | 1.48 | 新进 | | 汇丰晋信核心成长混合A | 189.14 | 1.40 | 新进 | | | 较上个报告期退出前十大股东有 | | | | 香港中央结算 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥639,924,003.36, a decrease of 17.50% compared to the same period last year[2] - Net profit attributable to shareholders increased by 78.86% to ¥64,072,668.09, while the net profit after deducting non-recurring gains and losses rose by 89.84% to ¥45,222,336.11[2][5] - The basic and diluted earnings per share were both ¥0.28, reflecting an increase of 86.67% year-on-year[3] - Total revenue for Q1 2025 was CNY 639.92 million, a decrease of 17.4% compared to CNY 775.69 million in Q1 2024[13] - Net profit for Q1 2025 increased to CNY 64.07 million, compared to CNY 35.82 million in Q1 2024, representing an increase of 78.5%[14] - Owner's equity attributable to shareholders reached CNY 3.99 billion in Q1 2025, up from CNY 3.92 billion in Q1 2024, an increase of 1.9%[13] - The company reported a total comprehensive income of CNY 64.55 million for Q1 2025, compared to CNY 38.43 million in Q1 2024, an increase of 67.9%[14] Cost and Expenses - Total operating costs for Q1 2025 were CNY 598.29 million, down 20.3% from CNY 750.82 million in Q1 2024[13] - Research and development expenses totaled ¥122,910,178.66, accounting for 19.21% of operating revenue, an increase of 3.00 percentage points compared to the previous year[3] - Research and development expenses for Q1 2025 were CNY 122.91 million, slightly down from CNY 125.73 million in Q1 2024[14] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 48.31% to ¥51,522,791.73, primarily due to an increase in accounts receivable[5] - Cash flow from operating activities for Q1 2025 was CNY 51.52 million, a decrease of 48.2% from CNY 99.68 million in Q1 2024[15] - The total cash and cash equivalents at the end of the period reached 1,058,693,374.71, up from 620,283,739.94[16] - Cash inflow from financing activities increased to 200,200,000.00, compared to 50,000,000.00 in the prior period[16] - Net cash flow from financing activities was positive at 44,119,349.32, a significant recovery from -111,809,841.33 previously[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,259,722,785.75, a 3.37% increase from the end of the previous year[3] - Accounts receivable rose significantly to RMB 111,135,405.92, up from RMB 73,668,902.34, indicating an increase of approximately 50.8%[10] - Total liabilities increased to CNY 1.26 billion in Q1 2025 from CNY 1.17 billion in Q1 2024, reflecting a growth of 8.5%[12] - Total current liabilities increased to RMB 1,016,052,748.83 from RMB 1,007,299,864.86, showing a slight rise of about 0.7%[11] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 10,827[6] - The company has not reported any changes in the top 10 shareholders or their participation in margin financing and securities lending activities[9] Operational Insights - The company continues to expand its product matrix in high-performance mixed-signal, power management, and signal chain products, targeting consumer electronics, industrial interconnect, and automotive sectors[5] - There are no significant reminders or additional important information regarding the company's operational status during the reporting period[9]

| | | | 公司名称 | 上海艾为电子技术股份有限公司 | | --- | --- | | 证券代码 | 688798.SH | | 总股本 | 股 232,668,339 | | 注册地址 | 上海市闵行区秀文路 908 弄 2 号 1201 室 | | 办公地址 | 上海市闵行区秀文路 号 座 层 908 B 15 | | 法定代表人 | 孙洪军 | | 经营范围 | 集成电路、电子通信专业领域内的技术开发、技术转让、技术咨询、技术服 务，电子产品、通信器材的销售，从事货物进出口及技术进出口业务，集成 | | | 电路设计，自有房屋租赁。【依法须经批准的项目，经相关部门批准后方可 | | | 开展经营活动】 | 一、发行人基本情况 二、本次发行情况概述 根据中国证券监督管理委员会于 2021 年 6 月 4 日出具的《关于同意上海艾 为电子技术股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕1953 号），公司首次向社会公开发行人民币普通股（A）股 4,180 万股，每股发行价 格为 76.58 元，募集资金总额为人民币 3,201,044,000 元；扣除发行费用后实际募 集资金净额为 ...

中信证券股份有限公司 关于上海艾为电子技术股份有限公司 2024 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对上海艾为电子技术股份有限公司（以下简称"艾为电子"、"公 司"或"上市公司"）进行持续督导工作的保荐人，对 2024 年度（以下简称"本 持续督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报 告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 彭捷、王彬 （三）现场检查人员 彭捷、刘煜麟 （四）现场检查时间 2025 年 4 月 1 日、4 月 18 日 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 情况、公司的独立性以及与控股股东、实际控制人及其他关联方资金往来情况、 募集资金使用情况、关联交易、对外担保、重大对外投资情况、经营状况等方面 进行了现场检查，具体检查内容详见本报告"二、本次现场检查主要事项及意见"。 1 （六）现场检查手段 本次现场检查的手段主 ...

4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； 中信证券股份有限公司 关于上海艾为电子技术股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为上海艾 为电子技术股份有限公司（以下简称"艾为电子"、"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理 办法》、《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持 续督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 4 月 1 日、4 月 18 日对公司进行了现场检查。 （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2024 年度 ...