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]

Investment Rating - The report maintains a positive outlook on the military industry, suggesting it may enter a new upward cycle from 2025 to 2027 [6][5]. Core Insights - In Q1 2025, active funds have shifted to a low allocation in the military sector, marking a potential bottom signal for the industry [1][18]. - The scale of military-themed funds has decreased significantly, dropping nearly 50% from its historical peak [1][22]. - Active funds have increased their holdings across almost all sub-sectors, particularly in new materials and information technology [1][3]. Summary by Sections Fund Allocation Analysis - Active funds have reduced their allocation to the military sector for ten consecutive quarters, with a current low allocation of -0.21 percentage points [2][14]. - The total market value of military-themed funds has decreased by 8.30% to 32 billion yuan, down 47% from the historical high of 60.8 billion yuan [22][24]. - The top ten stocks held by military-themed funds account for an average of 56.53% of the fund's net asset value, indicating a decrease in concentration [22][25]. Industry Dominance and Fund Preferences - State-owned enterprises dominate the military sector, accounting for 70% of the market value, reflecting a focus on these entities by institutional investors [3][30]. - The allocation by industry chain shows that upstream companies hold the highest proportion at 49%, followed by assembly at 28% [3][31]. - Active funds have shown a preference for leading blue-chip stocks, with significant increases in holdings for companies like 中航光电 (AVIC) and 菲利华 (Feilihua) [4][34]. Changes in Fund Holdings - The number of funds holding top military stocks has increased, with 中航光电 (AVIC) and 菲利华 (Feilihua) seeing the most significant growth in fund count [34][35]. - The concentration of holdings among the top fifteen stocks has decreased to 68.95%, down 5.69 percentage points [25][26]. - The report highlights a shift back to blue-chip stocks after a period of focusing on new domains [4][5].

| 证券代码：002049 | 证券简称：紫光国微 公告编号：2025-041 | | --- | --- | | 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 关于以集中竞价交易方式回购公司股份的进展公告 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、误导性陈述或者重大遗漏。 紫光国芯微电子股份有限公司董事会 2025 年 5 月 6 日 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9号 ——回购股份》等有关规定，回购期间，公司应当在每个月的前三个交易日内披露 截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 一、回购公司股份的进展情况 截至2025年4月30日，公司暂未通过回购专用证券账户回购公司股份。 二、其他说明 公司后续将根据市场情况在回购期限内实施回购方案，并按照相关法律、法规、 规章和规范性文件的规定及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 紫光国芯微电子股份有限公司（以下简称"公司"）于2025年4月21日召开第八 届董事会第二十二次会议，审议通过《关于以集中竞价交易方式回购公 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 5.511 billion yuan, down 27.26% year-on-year, and net profit at 1.179 billion yuan, down 53.43% year-on-year [1]. - The special integrated circuit segment remains the primary profit source, contributing 91.97% to the net profit, with expectations for high growth in the next 2-3 years as the industry recovers [4]. - The company is focusing on high R&D investment, amounting to 1.286 billion yuan in 2024, which is 23.34% of revenue, to expand its special chip categories [4]. Financial Performance Summary - In 2024, the company achieved a revenue of 5.511 billion yuan, a decrease of 27.26% year-on-year, and a net profit of 1.179 billion yuan, a decrease of 53.43% year-on-year [1][7]. - The special integrated circuit revenue was 2.577 billion yuan, down 42.57% year-on-year, with a net profit of 1.085 billion yuan, down 52.21% year-on-year [2]. - The smart security chip segment saw revenue growth of 3.69% year-on-year, reaching 2.487 billion yuan, with a net profit increase of 11.38% to 293 million yuan [3]. Future Projections - The company forecasts net profits of 1.682 billion yuan, 2.175 billion yuan, and 2.594 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 33X, 25X, and 21X [5][7]. - The report anticipates a recovery in the special integrated circuit industry, leading to significant growth in the company's performance over the next few years [4].