Core Viewpoint - The credit rating of Unisoc Microelectronics Co., Ltd. is maintained at AA+k with a stable outlook, reflecting its leading position in the smart security chip and special integrated circuit design sectors, along with a diverse product range and application fields [11][12][13]. Financial Overview - Total assets of Unisoc Microelectronics reached 180.66 billion yuan in 2023, with total liabilities at 63.35 billion yuan and total debt at 23.98 billion yuan [6][10]. - The company reported a total revenue of 75.76 billion yuan in 2023, with a net profit of 25.35 billion yuan [10][31]. - The operating cash flow for 2023 was 17.69 billion yuan, indicating strong cash generation capabilities [10]. Industry Context - The semiconductor industry is experiencing a cyclical recovery, with the global semiconductor market expected to reach a sales figure of 1.75 trillion yuan in 2024, driven by domestic demand and policy support [12][14]. - The domestic integrated circuit design industry is projected to grow by 11.9% year-on-year in 2024, with a total sales revenue of 646 billion yuan [14][23]. Company Strategy - Unisoc plans to expand its product categories in the special integrated circuit business and enhance production efficiency and supply chain capabilities [15][16]. - The company aims to maintain its leading position in the smart security chip market while exploring new business areas, particularly in automotive electronics [15][16]. Market Position - Unisoc holds a significant market share in various segments of the smart security chip market, including SIM card chips and financial IC card chips, and is recognized as a key supplier for the second-generation ID card chips in China [23][24]. - The company has a diverse product portfolio with over 700 varieties in the special integrated circuit sector, catering to various specialized industries [16][24]. Risks and Challenges - The company faces challenges such as declining inventory turnover rates and a decrease in sales volume due to market demand fluctuations [21][22]. - The special integrated circuit business has been impacted by a downturn in demand, leading to a drop in both volume and price [21][22]. Research and Development - Unisoc has maintained a strong focus on R&D, with a research investment of 16.28 billion yuan in 2023, accounting for 21.5% of its revenue [26][27]. - The company has filed 85 invention patents and 19 utility model patents in the past year, showcasing its commitment to innovation [24][26].

紫光国芯微电子股份有限公司 公开发行可转换公司债券跟踪评级报 告（2025） 编号：信评委函字[2025]跟踪 0253 号 表 1： 紫光国芯微电子股份有限公司 公开发行可转换公司债券跟踪评级报告（2025） 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 27 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为， ...

Core Viewpoint - The cloud gaming industry continues to lead the market, with significant gains in the information security and big data sectors, as evidenced by the performance of related ETFs [1] Group 1: ETF Performance - Several ETFs related to big data have shown a half-day increase of over 1%, with specific ETFs like the Information Security ETF (159613) and the Big Data Industry ETF (516700) rising by 1.59% and 1.51% respectively [2][3] - The Information Security ETFs (159613 and 562920) have small scales, with half-day trading volumes below 10 million yuan, tracking the CSI Information Security Theme Index [3] Group 2: Index Composition - The CSI Information Security Theme Index includes listed companies involved in information security technology, products, and services, reflecting the overall performance of securities in the information security sector [4] - Major stocks in the CSI Information Security Theme Index include Inspur Information (5.78%), Unisoc (5.39%), and Hikvision (5.02%) [5] Group 3: Big Data Sector - The Big Data Industry ETF (516700), Big Data ETF (515400), and Data ETF (516000) also experienced gains exceeding 1%, with the Big Data ETF (515400) having a large scale of 2.3 billion shares and a half-day trading volume of 96.73 million yuan [6] - The CSI Big Data Industry Index selects companies involved in big data storage, analysis, operations, and applications, reflecting the overall performance of securities in the big data sector [6][7] - Key stocks in the CSI Big Data Industry Index include iFlytek (9.23%), Inspur Information (8.72%), and Unisoc (6.22%) [7]

Core Viewpoint - In 2024, Unisoc Microelectronics experienced a significant decline in revenue and net profit, primarily due to a sharp drop in its special integrated circuit (IC) business, despite maintaining high gross margins in this sector [1][5][9]. Group 1: Financial Performance - In 2024, the company achieved revenue of 5.511 billion yuan, a year-on-year decrease of 27.26%, and a net profit attributable to shareholders of 1.179 billion yuan, down 53.43% [1]. - The special IC business saw a revenue drop of 46.76%, significantly impacting overall performance [1][5]. - The smart security chip business, while facing a slight revenue decline of 7.61% in 2024, maintained strong profitability with a gross margin of 44.16% [5][9]. Group 2: Business Segments - The product structure includes smart security chips, special integrated circuits, and quartz crystal frequency devices, with smart security chips historically contributing over 40% of revenue, now reduced to 30%-40% [3]. - The special integrated circuit business, which includes over 700 product varieties, had its revenue share drop to 46.76% in 2024 after peaking at around 60% in previous years [3][5]. - The quartz crystal frequency device business has remained stable, generating revenue between 200-300 million yuan, accounting for less than 10% of total revenue [4]. Group 3: Market Dynamics and Future Outlook - The semiconductor industry faced an 8.2% decline in sales in 2023, impacting Unisoc Microelectronics' special IC sales and revenue [5]. - Despite the challenges, the company is focusing on emerging areas such as edge AI and automotive electronics for growth in 2025, while maintaining its position in traditional smart card security chips [8][9]. - As of Q1 2025, the company reported a revenue of 1.026 billion yuan, a decrease of 10.05%, but the decline in net profit was primarily due to reduced investment income from the transfer of equity [8].

Core Viewpoint - The China Securities Automotive Semiconductor Industry Index has shown a mixed performance, with a slight increase year-to-date but declines over the past month and three months, indicating volatility in the automotive semiconductor sector [1][2]. Group 1: Index Performance - The Shanghai Composite Index rose by 0.21%, while the China Securities Automotive Semiconductor Industry Index reported a value of 2879.52 points [1]. - Over the past month, the index has decreased by 1.53%, and over the last three months, it has declined by 9.90%. However, it has increased by 3.42% year-to-date [1]. Group 2: Index Composition - The index comprises no more than 50 listed companies that provide semiconductor materials, equipment, and products in the fields of automotive electrification and intelligence [1]. - The index is based on a reference date of December 30, 2016, with a base value of 1000.0 points [1]. Group 3: Top Holdings - The top ten weighted companies in the index are: - Zhaoyi Innovation (6.95%) - Weir Shares (6.51%) - Northern Huachuang (5.26%) - Sanan Optoelectronics (4.52%) - Unisoc (4.45%) - Changdian Technology (4.2%) - Zhongwei Company (4.04%) - Rockchip (3.2%) - Chipone (3.18%) - Wingtech Technology (3.06%) [1]. Group 4: Market Distribution - The index's holdings are primarily listed on the Shanghai Stock Exchange, accounting for 75.59%, while the Shenzhen Stock Exchange represents 24.41% [1]. Group 5: Industry Breakdown - The industry composition of the index includes: - Integrated Circuits: 60.20% - Semiconductor Materials and Equipment: 23.37% - Discrete Devices: 7.65% - Optical and Optoelectronic: 4.52% - Electronic Terminals and Components: 3.06% - Transportation Equipment: 1.20% [2]. Group 6: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2].

北京市中伦律师事务所 关于紫光国芯微电子股份有限公司 北京市中伦律师事务所 关于紫光国芯微电子股份有限公司 2024 年度股东会的 法律意见书 2024 年度股东会的 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 致：紫光国芯微电子股份有限公司 根据现行有效的《中华人民共和国公司法》《中华人民共和国证券法》（以 下简称"《证券法》"）、《上市公司股东会规则》及其他相关法律、行政法规、部 门规章和规范性文件以及紫光国芯微电子股份有限公司（以下简称"公司"）现行 有效的《公司 ...

| 证券代码：002049 | 证券简称：紫光国微 公告编号：2025-042 | | --- | --- | | 债券代码：127038 | 债券简称：国微转债 | 紫光国芯微电子股份有限公司 2024 年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1．本次股东会未出现否决提案的情形； 2．本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开情况 1．会议召开时间 现场会议召开时间为：2025年5月13日（星期二）下午14:30； 网络投票时间为：2025年5月13日，其中，通过深圳证券交易所交易系统进 行网络投票的具体时间为： 2025 年 5 月 13 日 9:15-9:25 ， 9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年5 月13日9:15至15:00期间的任意时间。 2．现场会议召开地点：北京市海淀区知春路7号致真大厦B座16层紫光国芯 微电子股份有限公司（以下简称"公司"）会议室 3．会议召开方式：现场投票与网络投票相结合的方式 4．会议召集 ...

Group 1: Company Performance and Market Conditions - The company's operating performance in 2024 declined due to intense market competition and cyclical fluctuations in the special integrated circuit industry, resulting in reduced demand and lower order volumes [4][8]. - The company's stock price has decreased by 70% from its peak, reflecting broader macroeconomic and market conditions [6][8]. - The special integrated circuit business's revenue accounted for 46.76% of total revenue, while the smart security chip business contributed 47.87% [10]. Group 2: Research and Development Efforts - The company has made significant investments in R&D, focusing on high-reliability chips, automotive electronics, and smart chips [5][10]. - The HBM product is currently in the R&D phase, with a longer user introduction cycle due to its application in specialized industries [9][11]. - The company aims to enhance its core competitiveness by continuously launching new products and expanding into new markets [11][12]. Group 3: Future Outlook and Strategic Plans - The company anticipates a substantial change in orders for special integrated circuits in 2025 compared to 2024, indicating potential recovery [3][11]. - The management is exploring opportunities for external growth through acquisitions, although no specific plans have been confirmed [12][14]. - The company is focusing on expanding its automotive domain control chips, which are expected to break the market monopoly of foreign high-end products [6][10]. Group 4: Investor Relations and Market Confidence - The company is committed to enhancing communication with investors and utilizing share buybacks as a tool to improve market confidence [4][6]. - There are no current plans for management to increase their shareholdings, reflecting a cautious approach to market conditions [10][12]. - The company is considering various strategies to improve its market value and protect investor interests amid ongoing challenges [8][13].

Investment Rating - The semiconductor industry is rated as "Standard Configuration" for investment [1]. Core Insights - The semiconductor industry showed signs of recovery in April 2025, with a continued upward trend in prices despite high inventory levels. Key areas of focus include AI computing power, AIOT, semiconductor equipment, and critical components [6][7]. - The demand for semiconductors is expected to continue improving, driven by growth in smartphones, tablets, wearables, AI servers, and new energy vehicles [6][7]. - The report highlights significant performance growth in domestic AI chip companies and sustained high capital expenditure from leading overseas cloud providers [6][7]. Monthly Market Review - The semiconductor sector experienced a price increase of 0.75% in April 2025, while the overall electronic sector declined by 5.07% [13][15]. - The semiconductor industry's valuation metrics indicate a PE ratio of 70.69% and a PB ratio of 46.74%, reflecting a high valuation compared to historical averages [21][24]. Supply and Demand Data - Global semiconductor sales in March 2025 increased by 18.84% year-on-year, indicating a recovery in demand [6]. - The report notes that while supply remains relatively abundant, prices are showing signs of an upward trend, with expectations for further demand recovery in May [6][7]. Downstream Demand Tracking - The report tracks significant growth in the demand for TWS headphones and AI servers, with global smartphone shipments increasing by 1.53% year-on-year in Q1 2025 [6][7]. - New energy vehicle sales in China saw a year-on-year increase of 40.09% in March 2025, contributing to semiconductor demand [6][7]. Investment Recommendations - The report suggests focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Hengxuan Technology [7]. - It also recommends monitoring AI-driven innovation sectors, including computing chips and optical devices, as well as upstream supply chain companies involved in domestic substitution [7].

Core Viewpoint - The semiconductor industry index in China has shown a positive trend over the past month, with a notable increase of 12.38% [1] Group 1: Index Performance - The Zhonghua Trading Service Semiconductor Chip Industry Index closed at 8834.95 points, down 0.58% on the day, with a trading volume of 31.44 billion [1] - Over the past three months, the index has increased by 1.16%, and year-to-date, it has risen by 5.84% [1] Group 2: Index Composition - The index tracks the overall performance of publicly listed companies in the semiconductor chip industry, covering areas such as materials, equipment, design, manufacturing, packaging, and testing [1] - The index's top ten holdings include: SMIC (9.44%), Cambricon (7.74%), Northern Huachuang (7.54%), Haiguang Information (7.16%), Weir Shares (5.9%), Lanke Technology (4.69%), Zhaoyi Innovation (4.47%), Zhongwei Company (4.37%), Changdian Technology (2.59%), and Unisoc (2.37%) [1] Group 3: Market Segmentation - The Shanghai Stock Exchange accounts for 77.30% of the index's holdings, while the Shenzhen Stock Exchange represents 22.70% [1] - In terms of industry composition, integrated circuits make up 70.34%, semiconductor materials and equipment account for 21.26%, discrete devices represent 3.97%, optoelectronics comprise 2.32%, and electronic terminals and components hold 2.10% [2] Group 4: Related Funds - Public funds tracking the Zhonghua Semiconductor Chip Index include: Guotai CES Semiconductor Chip Industry ETF Link A, Guotai CES Semiconductor Chip Industry ETF Link C, Huaan CES Semiconductor Chip Industry A, Huaan CES Semiconductor Chip Industry C, Western Lide CES Semiconductor Chip Industry Index Enhanced A, Western Lide CES Semiconductor Chip Industry Index Enhanced C, and Guotai CES Semiconductor Chip ETF [2]