Group 1: Unisoc (紫光国微) - Unisoc's subsidiary Shenzhen Guowei Electronics is expected to see significant revenue and net profit growth in the first half of 2025, with a 40%-50% share of simulation chips and a growth rate of approximately 18%-20% [1] - The company has optimistic orders for special integrated circuit business and is experiencing growth in switch chip orders, with core control chips and supporting products also seeing increased orders [1] - The company is focusing on high-end AI and visual perception chips for target recognition and tracking, with a need to align products with downstream demand [1] Group 2: Shanjin International (山金国际) - Shanjin International's gold production in the first half of 2023 was lower than the same period last year, but the company is implementing measures to increase production in the second half [2] - The company has a stable dividend policy, with the main gold-producing mines contributing 95.87% to net profit in 2024 [2] - The Osino project is expected to start production in the first half of 2027, with an average annual gold output of 5 tons [2] Group 3: Feiling Kesi (菲菱科思) - Feiling Kesi is focusing on its core business while actively expanding new products and clients, with the top five clients accounting for 96.77% of revenue [3] - The company has seen a 67% year-on-year increase in data center switch sales and is accelerating its server-related business layout [3] - R&D investment is 71.89 million yuan, representing 9.96% of revenue, with multiple product iterations completed [3] Group 4: Tianci Materials (天赐材料) - Tianci Materials anticipates a gradual recovery in the prices of electrolyte and lithium hexafluorophosphate, influenced by fluctuations in lithium carbonate prices and increasing downstream demand [4] - The company is in the early stages of solid-state battery material development, with plans to complete pilot production lines next year [4] - The company is enhancing its waste battery recycling channels to secure raw materials for lithium carbonate [4]

Group 1: Ziguang Guowei - Ziguang Guowei's subsidiary, Shenzhen Guowei Electronics, is expected to see significant revenue and net profit growth in the first half of 2025, with a projected increase of 18%-20% in the analog chip segment, which accounts for 40%-50% of total revenue [1] - The company is optimistic about orders in the special integrated circuit business and has seen growth in switch chip orders, with core control chips and supporting products also experiencing increased demand [1] - The company is focusing on high-end AI and visual perception chips for target recognition and tracking, with a strong order pipeline expected in Q1 2025 [1] Group 2: Feiling Kesi - Feiling Kesi is concentrating on its core business while actively expanding into new products and clients, with major clients including Xinhua San, S Client, and Ruijie Networks, which together account for 96.77% of total revenue [2] - The company has seen a 67% year-on-year increase in data center switch sales and is accelerating its server-related business development [2] - R&D investment reached 71.89 million yuan, representing 9.96% of total revenue, with successful product iterations and upgrades [2]

Core Viewpoint - The stock price of Unisoc Microelectronics has shown a slight decline, while the company continues to demonstrate growth in revenue and profit, alongside significant investments in research and development [1] Financial Performance - As of August 20, 2025, Unisoc Microelectronics reported a stock price of 81.86 yuan, down by 0.34 yuan or 0.41% from the previous trading day [1] - The company achieved a revenue of 3.047 billion yuan in the first half of 2025, representing a year-on-year growth of 6.07% [1] - The net profit attributable to shareholders for the same period was 692 million yuan [1] Research and Development - Unisoc Microelectronics invested 687 million yuan in research and development during the reporting period, marking a year-on-year increase of 1.41% [1] - The company secured 26 invention patents and 6 utility model patents [1] Market Position and Applications - Unisoc Microelectronics is a leading comprehensive integrated circuit listed company in China, with its products widely used in mobile communications, finance, government, automotive, industrial, and IoT sectors [1] - The company has made breakthroughs in the commercial aerospace sector, launching multiple series of aerospace products and achieving bulk applications with core users [1] Capital Flow - On August 20, 2025, the net outflow of main funds from Unisoc Microelectronics was 64.7 million yuan, accounting for 0.09% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 239.8 million yuan, representing 0.34% of the circulating market value [1]

Summary of the Conference Call for Unisoc Microelectronics (紫光国微) Company Overview - **Company**: Unisoc Microelectronics (紫光国微) - **Date**: First half of 2025 Key Financial Metrics - Total assets increased by 2.17% year-on-year to 17.696 billion CNY [2] - Net assets attributable to shareholders grew by 3.9% to 12.878 billion CNY [2] - Revenue for Q2 increased by 97% quarter-on-quarter and 17% year-on-year [2] - Non-GAAP net profit for Q2 surged by 451% quarter-on-quarter and 39% year-on-year [2] - Operating cash flow net amount rose by 420% quarter-on-quarter [2] Core Business Highlights Special Integrated Circuits - Maintained leadership in the special integrated circuit sector with successful mass delivery of FPGA and system-level chips [2] - New generation switch chip launched and development planning completed [2] - Focus on high-performance products and optimization of R&D structure [5] Smart Security Chips - Deepened penetration in the telecom SIM card market with eSIM products introduced to major smartphone manufacturers [2][6] - Automotive security chip solutions have been mass-produced with several major Taiwanese OEMs [6] Quartz Frequency Devices - Benefited from improvements in the consumer electronics market and emerging market developments [2] - Focused on domestic substitution opportunities and enhanced R&D for miniaturization, high frequency, and high precision products [7] Market and Product Development - eSIM market growth is hindered by domestic policy restrictions, but potential exists if policies are relaxed [3][11] - The company is enhancing product competitiveness and optimizing supply chain management to maintain gross margins [3][10] - Significant progress in R&D with 26 invention patents and 6 utility model patents obtained in the first half of 2025 [4] Value Management and Investor Relations - Actively engaged in market value management, enhancing information disclosure, and deepening investor relations [8] - Distributed cash dividends of 177 million CNY and repurchased 3.0899 million shares for a total transaction amount of 199 million CNY [9] Future Outlook - The company anticipates continued growth in special business sectors, with a strong order situation expected to persist into Q3 [20][22] - Focus on expanding product lines and maintaining a stable gross margin around 71% for the year [27] - Plans to enhance market presence in security chips, automotive chips, and special electromechanical fields [43] Additional Insights - The company is preparing for the future market by ensuring sufficient inventory and resource allocation for new products [28][29] - The competitive landscape for eSIM chips includes traditional manufacturers, with Unisoc aiming for a significant market share [34][35] - Challenges in the automotive chip market include high competition and the need for long validation cycles for new products [41] This summary encapsulates the key points from the conference call, highlighting the financial performance, business developments, market strategies, and future outlook for Unisoc Microelectronics.

渤海证券股份有限公司 关于紫光国芯微电子股份有限公司的 专项现场检查报告 渤海证券股份有限公司（以下简称"渤海证券"或"保荐机构"）作为紫光 国芯微电子股份有限公司（以下简称"公司"或"紫光国微"）向不特定对象发 行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳 证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第 13 号—— 保荐业务》《上市公司募集资金监管规则》等相关法律、法规和规范性文件的规 定，对公司以募集资金置换自有资金垫付的募投项目支出未履行审议程序及信息 披露义务收到河北证监局警示函进行了专项现场检查，现将本次专项现场检查的 具体情况汇报如下： 一、现场检查的基本情况 2021 年 6 月，公司发行可转债募集资金净额 14.88 亿元，用于新型高端安 全系列芯片研发及产业化项目 6 亿元、车载控制器芯片研发及产业化项目 4.5 亿元、补充流动资金 4.38 亿元。经公司于 2022 年 12 月 27 日召开的第七届董事 会第二十九次会议和第七届监事会第二十次会议、2023 年 1 月 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's special integrated circuit business continues to show strong growth, with revenue reaching 1.469 billion yuan, a year-on-year increase of 18.09%, accounting for 48.21% of total revenue, becoming the core growth engine [8] - The smart security chip business faces intensified market competition, resulting in a revenue decline of 5.85% to 1.395 billion yuan [8] - The quartz crystal frequency device business benefits from the demand release in 5G and IoT, with revenue increasing by 35.78% to 151 million yuan [8] - The overall gross margin is approximately 55.56%, with the special integrated circuit gross margin at 71.12%, while the smart security chip gross margin slightly decreased to 44.16% [8] - The company is enhancing its core competitiveness through technological upgrades and product structure adjustments in strategic areas [8] Financial Summary - For the first half of 2025, the company achieved total revenue of 3.047 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 690 million yuan, a year-on-year decrease of 6.18% [1][8] - The earnings forecast for 2025-2026 has been adjusted, with net profits expected to be 1.675 billion yuan and 1.926 billion yuan respectively, down from previous estimates [8] - The projected net profit for 2027 is 2.613 billion yuan, with corresponding P/E ratios of 42, 36, and 27 times for 2025, 2026, and 2027 respectively [8] - The company maintains a strong position in the domestic special integrated circuit market, justifying the "Buy" rating despite the downward adjustment in profit expectations [8]

Core Insights - The global semiconductor industry is expected to experience a new growth wave in 2025 driven by surging AI computing demand, the rapid penetration of smart vehicles, and the rise of commercial aerospace [1] Financial Performance - In the first half of the year, the company reported revenue of 3.047 billion yuan, a year-on-year increase of 6.07% - The net profit attributable to shareholders was 692 million yuan, a year-on-year decrease of 6.18% - The net profit excluding non-recurring items was 653 million yuan, a year-on-year increase of 4.39% [1] Industry Position and R&D Investment - The company is a major player in the domestic integrated circuit market, focusing on special integrated circuits and smart security chips, while also expanding into quartz crystal frequency devices [2] - R&D investment reached 687 million yuan in the first half of the year, a year-on-year increase of 1.41% - The company obtained 26 invention patents and 6 utility model patents during the reporting period [2] Product Development and Market Expansion - The company has over 800 shelf products in the special integrated circuit business, covering various fields including AI+ visual perception, processors, and storage [3] - The analog chip segment accounts for approximately 40% to 50% of the special integrated circuit business, with a growth rate of about 18% to 20% [3] - The company has made significant breakthroughs in the emerging commercial aerospace market, launching a series of products for space applications [3] Smart Security Chip Business - The company maintains a strong position in the global SIM card chip market, with multiple eSIM solutions commercialized in various countries [4] - The automotive electronics segment has become a highlight, with millions of automotive security chips shipped to major Tier 1 suppliers and OEMs [4] - The launch of the new generation automotive security chip T97-415E supports domestic automotive brands in expanding overseas [4] Future Outlook - The company is well-positioned to benefit from the ongoing growth in the global semiconductor market and the rapid development of the domestic digital economy [4] - The comprehensive layout in special integrated circuits, smart security chips, and quartz crystal frequency devices, along with active expansion into emerging fields like commercial aerospace and automotive electronics, will provide sustained momentum for future growth [4]

格隆汇8月20日丨紫光国微(002049.SZ)于近期投资者关系活动表示，公司FPGA芯片产品上半年出货量 和市场占有率维持在一个高位；新一代FPGA及RF-SOC芯片等产品市场拓展比较顺利，备货比较充 足，可以满足2025年的市场需求。公司也在统筹各方面资源，筹划新一代FPGA及RF-SOC芯片等产品 的未来市场推广工作，以实现可持续高质量发展。 ...

格隆汇8月20日丨紫光国微(002049.SZ)于近期投资者关系活动表示，目前高端AI＋视觉感知芯片主要应 用于特种集成电路领域的目标识别和跟踪；该产品比较偏前期，需要结合下游需求进行落地。 ...

Group 1 - The core viewpoint of the article indicates that Unisoc (002049.SZ) is currently in the early stages of its automotive MCU chip sales, focusing primarily on providing samples and facilitating product testing and market introduction rather than large-scale production and sales [1] Group 2 - The company has not yet fully initiated mass production sales of its automotive MCU chips, suggesting a cautious approach to market entry [1]