Core Viewpoint - The stock option incentive plan by Unisoc aims to bind the interests of core talents with the company's long-term development, enhancing team stability and innovation, while focusing on sustainable strategic goals [1] Summary by Sections Incentive Plan Details - The total number of stock options to be granted is 16.8 million, with 15.6 million options (92.87%) for initial grants and 1.2 million options (7.13%) reserved for future talent [1][4] - The plan covers 466 individuals, including directors, senior management, and key personnel [1] - The exercise period for the options is set for a maximum of 60 months, with a staggered unlocking schedule to promote long-term focus [1] Performance Metrics - The performance assessment is anchored on the net profit growth rate attributable to shareholders, with targets set to increase annually [2] - Starting from a base of 926 million yuan in 2024, the growth targets for 2025 to 2028 are set at no less than 10%, 60%, 100%, and 150%, respectively [2] - By 2028, the net profit must reach 2.315 billion yuan, implying a compound annual growth rate of over 20% [2] Financial Implications - The fair value of the initial grant of 15.6 million options is approximately 298 million yuan, with total amortization expenses estimated at 375.7 million yuan over five years [3] - The expenses will impact net profit in the short term but are expected to enhance operational efficiency and motivation among core personnel in the long run [3] Market Perspective - The incentive plan reflects a balance of market-oriented and stringent design, linking net profit growth directly to shareholder interests [5] - Achieving the ambitious 150% profit growth target over four years poses significant challenges, necessitating close monitoring of industry conditions and the company's strategic execution [5]

Group 1 - The company, Unisoc, is actively expanding its business in automotive electronics and high-security chip sectors, establishing a leading position in the domestic automotive chip market [1] - The automotive safety chip solutions have become more comprehensive, with mass production achieved in collaboration with several leading Tier 1 suppliers and OEMs, resulting in an annual shipment volume of millions of units [1] - The first generation of the automotive domain control chip, THA6, has been mass-produced, while the second generation is compatible with over ten mainstream toolchains and basic software, being integrated into multiple OEMs and Tier 1 suppliers [1]

Core Insights - Unisplendour Corporation (002049) reported that as of September 19, 2025, the total number of shareholders for its consolidated ordinary accounts and margin trading credit accounts is 183,396 [1] Company Summary - The company is actively engaging with investors through interactive platforms, indicating a focus on transparency and communication [1] - The reported shareholder count reflects the company's outreach and potential growth in investor interest [1]

Core Viewpoint - The company announced a stock incentive plan aimed at motivating its core management and technical personnel, covering 466 individuals and granting a total of 16.8 million stock options, which represents approximately 1.98% of the company's total share capital [1] Group 1: Stock Incentive Plan Details - The plan includes an initial grant of 15.6 million stock options, accounting for 92.87% of the total options, with 1.2 million options reserved, representing 7.13% [1] - The exercise price for the initially granted stock options is set at 66.61 yuan per option [1] Group 2: Impact on Company Performance - The incentive plan covers over 15% of the company's total workforce, indicating a large-scale engagement of core personnel across various business lines, which is expected to enhance team motivation and performance [2] - The performance metrics for unlocking the stock options are based on net profit and net profit excluding non-recurring gains, with targets set for 2025-2028 showing a required growth of 10% to 150% compared to 2024 [2] - The projected compound annual growth rate (CAGR) for net profit and net profit excluding non-recurring gains from 2024 to 2028 is estimated at 25.7%, reflecting the company's confidence in future performance [2] Group 3: Financial Projections and Ratings - The estimated share-based payment expenses for the initial grant are projected to be 0.45, 0.63, 1.01, 0.51, and 0.16 billion yuan for the years 2025 to 2029, respectively [3] - The company is expected to enter a high growth phase due to rising demand in specialized integrated circuits and eSIM sectors, with limited impact from the share-based payment expenses on overall performance [3] - The profit forecasts for 2025-2027 have been revised upward to 1.701, 2.447, and 3.458 billion yuan, respectively, with the current price-to-earnings ratios projected at 42, 29, and 21 times [3]

Core Viewpoint - The company is actively developing high-security chip businesses in the automotive electronics sector, establishing a leading position in the domestic automotive chip market [1] Group 1: Business Development - The company has accumulated several key technologies in the domestic automotive chip field, demonstrating a certain competitive advantage [1] - The automotive safety chip solution portfolio has been enhanced, with mass production achieved in collaboration with several leading Tier 1 suppliers and OEMs, resulting in annual shipments of millions of units [1] Group 2: Product Launch and Adaptation - The first generation of the automotive domain control chip THA6 has been mass-produced, while the second generation is compatible with over ten mainstream domestic and international toolchains and basic software [1] - The second generation of products has been introduced to multiple OEMs and Tier 1 suppliers [1]

上 市 公 司 2025 年 09 月 26 日 紫光国微 (002049) —— 股权激励保障长期增长，把握公司成长新起点 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 09 月 25 日 | | --- | --- | | 收盘价（元） | 84.00 | | 一年内最高/最低（元） | 86.77/48.36 | | 市净率 | 5.6 | | 股息率%（分红/股价） | 0.25 | | 流通 A 股市值（百万元） | 71,352 | | 上证指数/深证成指 | 3,853.30/13,445.90 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 14.95 | | 资产负债率% | 27.23 | | 总股本/流通 A 股（百万） | 850/849 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 09-25 10-25 11-25 12-25 01-25 02-25 03-25 04-25 05-25 06-25 ...

Market Overview - The market experienced fluctuations with the ChiNext Index dropping over 1% and a total trading volume of 1.37 trillion yuan, a decrease of 173.3 billion yuan from the previous trading day [1] - Over 2,500 stocks declined, while the wind power sector showed strength with multiple stocks hitting the daily limit [1][3] - The Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index by 0.79%, and the ChiNext Index by 1.17% [1] Wind Power Sector - The wind power sector continued its strong performance, with stocks like Weili Transmission and Jixin Technology hitting the daily limit [1][3] - The National Energy Administration reported that as of August, the cumulative installed capacity for wind power reached 580 million kilowatts, a year-on-year increase of 22.1% [3] - Analysts expect domestic wind power installation demand to remain resilient, highlighting investment opportunities in key component suppliers and submarine cable companies [3] Semiconductor Industry - The semiconductor supply chain showed signs of recovery, with stocks like Saiwei Microelectronics hitting the daily limit and reaching historical highs [1][3] - Despite some activity, most semiconductor stocks still experienced slight declines overall [11] Automotive Sector - The automotive sector was active, with stocks like Shuguang and Sailyus hitting the daily limit [1][4] - Sailyus announced plans to issue up to 331 million overseas listed shares, which has been approved by the China Securities Regulatory Commission [4][22] - Some electric vehicle manufacturers are gradually improving profitability, with companies like Leap Motor and Xiaopeng Motors expected to reach breakeven by 2025 [7] Nonferrous Metals Sector - The nonferrous metals sector remained active, with stocks like Jingyi and Shengtun Mining showing significant gains [3][31] - The China Nonferrous Metals Industry Association expressed strong opposition to "involution" competition in the copper smelting industry [4][31] - The Grasberg mine in Indonesia, which accounts for about 3% of global copper supply, announced a force majeure due to a landslide, impacting global supply [4][31] Military Industry - The military sector rebounded, with stocks like Hangyu Technology and Hangya Technology showing notable gains [7][25] - Analysts predict a new upward cycle for the defense industry from 2025 to 2027, with 2025 marking a significant turning point [25]

Market Overview - A-shares experienced fluctuations in the morning session, with the ChiNext index dropping over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.37 trillion, a decrease of 173.3 billion compared to the previous trading day [1] - More than 2,500 stocks in the market declined [1] Sector Performance - Wind power concept stocks showed strong performance, with Jixin Technology achieving two consecutive trading limits and Weili Transmission hitting the daily limit [3] - The semiconductor industry chain saw partial recovery, with Saiwei Microelectronics touching the daily limit and reaching a historical high, while Unisoc also hit the daily limit [3] - The automotive sector was active, with Shuguang Co. and Sairisi both reaching the daily limit [3] - In contrast, gaming stocks collectively retreated, with Jibite hitting the limit down [3] - Sectors with notable gains included wind power equipment, military equipment, and pesticides, while gaming and computing hardware sectors faced significant declines [3] - By the end of the trading session, the Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index dropped by 0.79%, and the ChiNext Index decreased by 1.17% [3]

Core Viewpoint - The trading volume of Unisoc Microelectronics reached 5.444 billion yuan, marking a new high since March 6, 2025, with the latest stock price increasing by 7.70% and a turnover rate of 7.06% [2] Summary by Category - **Trading Performance** - The stock's trading volume hit 5.444 billion yuan, the highest since March 6, 2025 [2] - The stock price rose by 7.70% [2] - The turnover rate was recorded at 7.06% [2] - The previous trading day's total volume was 3.648 billion yuan [2]

Core Points - Unisoc Microelectronics Co., Ltd. revised its articles of association in September 2025 to enhance corporate governance and protect the rights of shareholders, employees, and creditors [1][2] - The revised articles detail the company's business objectives, scope, share management, and the roles of shareholders, the board of directors, and senior management [1][2] - The company aims to create returns for shareholders and a positive environment for employees through improved governance, focusing on quality, market, and efficiency [1][2] Share Management - The total number of shares is 849,608,288, all of which are ordinary shares with a par value of 1 yuan per share [1] - The articles specify rules for share issuance, reduction, repurchase, and transfer, limiting financial assistance for acquiring shares to specific conditions approved by the shareholders' meeting or board of directors [1] Shareholders and Shareholders' Meeting - The articles outline the rights and obligations of shareholders, the behavior of controlling shareholders and actual controllers, and the procedures for convening, proposing, notifying, and voting at shareholders' meetings [2] - The shareholders' meeting has significant powers, including electing directors and reviewing profit distribution plans, with specific standards for reviewing major matters like external guarantees [2] Board of Directors - The board consists of nine directors responsible for convening shareholders' meetings, executing resolutions, and determining business plans [2] - The articles define the qualifications, responsibilities, and resignation procedures for directors, as well as the roles of specialized committees such as the audit committee, nomination committee, and compensation committee [2] Senior Management and Governance - The articles regulate the appointment, responsibilities, and obligations of senior management, emphasizing the role of the party organization in corporate governance [2] - Comprehensive regulations are established for financial accounting, profit distribution policies, internal audits, and other corporate actions such as mergers, capital increases, and dissolutions [2]