Core Viewpoint - The company has made technological advancements in hardware related to digital currencies and stablecoins, with existing chip products capable of meeting core demands in these application scenarios [1] Group 1: Technological Development - The company has established a technical layout for hardware related to digital currencies and stablecoins [1] - Current chip products possess the technical capabilities to cover the core needs of these applications [1] Group 2: Market Performance - The company has achieved certain market results in the digital RMB wallet sector, although this application scenario has not yet been widely adopted [1] - Existing customer collaborations have led to the development of actual payment application cases based on the company's chip products, validating the feasibility of the company's technical solutions [1] Group 3: Future Outlook - Future development is contingent upon policy guidance, market demand, and user habits [1] - The company is prepared in terms of technology and product offerings, but the promotion of specific applications will depend on market development and collaboration among industry players [1]

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。 ...

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，在宇航业务方面，公司推出了耐辐 照的产品。目前该业务发展良好，是公司业绩的新增量之一。 ...

Core Viewpoint - The company, Unisoc, has indicated a positive outlook for its special integrated circuit business, particularly in the analog chip segment, which constitutes approximately 40% to 50% of its operations, with a growth rate of about 18% to 20% [1] Summary by Category Business Performance - The analog chip segment accounts for around 40% to 50% of the company's special integrated circuit business [1] - The growth rate for this segment is projected to be between 18% and 20% [1] Future Outlook - For 2025, the company holds an optimistic view regarding overall orders in the special integrated circuit business [1] - However, it is currently challenging to predict the order situation for 2026 and 2027 [1] Strategic Initiatives - The company plans to continue diversifying its product offerings to capture more market share in downstream markets [1] - There is a focus on consolidating and enhancing market share [1]

Core Viewpoint - The company, Unisoc (紫光国微), has indicated that its switch chips are currently not involved in AI data center applications, although it is monitoring this market direction [1]. Company Summary - Unisoc's switch chips do not currently cater to AI data center applications [1]. - The company is paying attention to the developments in the AI data center market [1].

Core Insights - In the first half of 2025, the company achieved a revenue of 3.047 billion yuan, representing a year-on-year growth of 6.07%, with a net profit attributable to shareholders of 692 million yuan and a non-recurring net profit of 653 million yuan, up 4.39% from the previous year [1] Group 1: Business Performance - The special integrated circuit business generated a revenue of 1.469 billion yuan, growing by 18.09%, becoming the main driver of the company's performance [1] - The intelligent security chip business achieved a revenue of 1.395 billion yuan, marking significant breakthroughs in product technology and market expansion [3] - The quartz crystal frequency device segment contributed 151 million yuan in revenue, showing a rapid growth of 35.78% [4] Group 2: Technological Advancements - The company accelerated technical iterations and significantly enhanced its autonomous controllability, optimizing R&D structures and shortening development cycles for key products [1] - High-performance products such as FPGA and system-level chips maintained a leading position in the industry, with new generation high-performance products achieving large-scale delivery [1] - The company successfully developed several high-frequency and temperature-compensated differential crystal oscillators, with multiple automotive-grade products passing AEC-Q200/100 certification [4] Group 3: Market Expansion - The company is actively penetrating emerging markets, focusing on network communication and automotive electronics, while also exploring opportunities in aerospace information and artificial intelligence [4] - The company has established a solid position in the global SIM card chip market, with eSIM products being adopted by major smartphone manufacturers [3] - The automotive safety chip solutions have been successfully implemented in multiple Tier 1 suppliers and OEMs, with annual shipments reaching millions [3] Group 4: R&D Investment and Talent - The company invested 655 million yuan in R&D in the first half of 2025, resulting in the addition of 26 invention patents and 6 utility model patents [5] - Over 50% of the company's workforce is composed of R&D personnel, with more than 50% holding master's degrees or higher, forming a highly qualified and professional innovation team [5] - The company employs a scientific management system and multi-level incentive mechanisms to attract top talent, ensuring long-term competitive advantages in technology and business expansion [5]

2025年1至6月份，紫光国微的营业收入构成为：集成电路占比93.98%，电子元件制造业占比4.96%，其 他业务占比1.06%。 （文章来源：每日经济新闻） 紫光国微（SZ 002049，收盘价：81.86元）发布公告称，2025年8月19日下午15:00-16:00，紫光国微接 受民生加银基金管理有限公司等投资者调研，公司董事、总裁李天池，副总裁岳超，财务总监杨秋平， 副总裁翟应斌，董事会秘书罗永君参与接待，并回答了投资者提出的问题。 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.047 billion yuan, a year-on-year increase of 6.07% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 653 million yuan, up 4.39% year-on-year [1] - As of June 30, 2025, total assets reached 17.696 billion yuan, an increase of 2.17% from the end of the previous year [1] - The net assets attributable to shareholders were 12.878 billion yuan, reflecting a growth of 3.90% from the end of the previous year [1] - In Q2 2025, operating revenue grew by 97% quarter-on-quarter and 17% year-on-year [2] Group 2: Research and Development - The company maintained a strong R&D investment, obtaining 26 invention patents and 6 utility model patents [2] - In the special integrated circuit sector, the company is a leader in the industry, with a wide range of products that are widely applied [2] - The company has developed high-end quartz crystal frequency devices using Q-MEMS lithography technology, achieving significant production capacity [2] Group 3: Business Highlights - The special integrated circuit business focused on future market demands, optimizing R&D structures to enhance efficiency and reduce development cycles [3] - The smart security chip business made breakthroughs in product technology and market expansion, particularly in automotive electronics [4] - The quartz crystal frequency device business showed steady growth, driven by demand in consumer electronics and emerging markets [6] Group 4: Market Position and Strategy - The company holds a leading position in the global SIM card chip market, with a market share of 60% or higher [13] - The eSIM product has been introduced to several major smartphone manufacturers, with mass shipments underway [5] - The automotive safety chip solutions have been successfully implemented with major Tier 1 suppliers, with annual shipments in the millions [5] Group 5: Shareholder Engagement and Value Management - The company implemented a cash dividend distribution totaling 177 million yuan for the 2024 fiscal year [6] - A share repurchase plan was approved, with 3,089,916 shares repurchased for a total amount of 199 million yuan [7] - The company actively enhanced information disclosure and investor relations management, responding to 181 inquiries on the Shenzhen Stock Exchange's interactive platform [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][9]. Core Views - The company reported H1 2025 revenue of 3.047 billion yuan, a year-on-year increase of 6.07%, and a net profit attributable to shareholders of 692 million yuan, a decrease of 6.18% year-on-year. However, Q2 2025 performance exceeded market expectations with revenue of 2.021 billion yuan, up 16.68% year-on-year, and a net profit of 573 million yuan, up 32.92% year-on-year [6][9]. - The company is experiencing a recovery in demand for specialty products and steady growth in traditional consumer markets, with expectations for accelerated revenue growth in 2025 due to new product launches and market expansions [9]. - The company has maintained high levels of inventory and accounts payable, indicating strong downstream demand and supporting future business growth [9]. Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 7.134 billion yuan, with a year-on-year growth rate of 29.4%. The net profit attributable to shareholders is expected to be 1.685 billion yuan, representing a year-on-year increase of 42.9% [8][11]. - The gross margin for H1 2025 was 55.56%, a decrease of 2.39 percentage points year-on-year, while the net margin was 22.71%, down 3.17 percentage points year-on-year [9]. - The company is expected to see a significant increase in profitability as it continues to expand into new markets and improve its product mix, with projected net profits of 1.685 billion yuan in 2025, 2.347 billion yuan in 2026, and 3.258 billion yuan in 2027 [9][11].