Company Overview - Tongfu Microelectronics is an integrated circuit packaging and testing service provider, offering one-stop services from design simulation to packaging testing for global clients [2][3] - The company covers various fields including AI, high-performance computing, big data storage, 5G, IoT, automotive electronics, and industrial control [2][3] - Major shareholder is Nantong Huada Microelectronics Group, with stable equity structure [2] Financial Performance - Revenue for 2022, 2023, 2024, and the first half of 2025: CNY 21.429 billion, CNY 22.269 billion, CNY 23.882 billion, and CNY 13.038 billion respectively [3] - Net profit for the same periods: CNY 0.502 billion, CNY 0.169 billion, CNY 0.678 billion, and CNY 0.412 billion [3] - 2024 revenue growth of 7.24% and net profit growth of 299.90% [6] - 2025 H1 revenue growth of 17.67% and net profit growth of 27.72% [6] Industry Situation - Global semiconductor market reached USD 346 billion in H1 2025, a year-on-year growth of 18.9% [4] - Forecast for 2025 global semiconductor market size is USD 728 billion, up 15.4% from 2024 [4] - Expected market size for 2026 is USD 800 billion, with a further growth of 9.9% [4] Key Trends in Semiconductor Market - AI-driven growth continues; Asia-Pacific IC design market expected to grow by 15% in 2025 [5] - TSMC maintains dominance in wafer foundry; strong demand for advanced processes [5] - 2025 is a critical year for 2nm wafer manufacturing technology [5] Business Performance in Specific Fields - In H1 2025, the company increased market share in mobile, home appliance, and automotive sectors [9] - Focus on AI and high-performance products, with successful integration of Suzhou and Penang factories [9] Technology Development - Significant progress in large-size FCBGA development, with mass production initiated [11] - Breakthroughs in optical-electrical hybrid packaging technology [11] - Over 1,700 patent applications, with nearly 70% being invention patents [8] Future Outlook - Continued growth expected in AI and new energy vehicle sectors in H2 2025 [10] - Chinese IC packaging and testing industry is anticipated to transition from "catching up" to "keeping pace" and potentially "leading" [10]

Summary of the Conference Call on China's Semiconductor Supply Chain Industry Overview - In 2Q25, China semiconductor chipmakers (fabless, IDM, foundry, OSAT) reported a revenue growth of 16-21% YoY, indicating a mild recovery in net profit margins (NPM) with fabless/IDM companies' average NPM increasing from 12% in 1Q25 to 13% in 2Q25. Foundry and OSAT suppliers' average NPM improved slightly from 4% to 5% [1][8] - Semiconductor equipment companies experienced a slowdown in sales growth from 42% YoY in 1Q25 to 28% in 2Q25, although their average NPM improved from 16% to 19% [1] - Silicon wafer suppliers, such as NSIG and Lion Electronics, continued to report losses in 2Q25 with NPM at -18% and -5%, respectively [1] Inventory Management - Notable inventory reduction was observed among Chinese semiconductor fabless companies in 2Q25, with inventory turnover periods for MCU, analog, and power discrete segments decreasing by 16-48 days QoQ [2] - Overall inventory levels in the China market remain higher than pre-2022 levels but are healthier compared to 2023-24, where days of inventory (DoI) were between 200-300 days [2] Demand and Supply Dynamics - The integrated circuit (IC) billing volume in China was reported at 12.6 billion units in July, reflecting a 10% YoY increase. This demand growth rebounded from a -1% contraction in June [3] - China's IC import volume grew by 12% YoY, while domestic manufacturing volume increased by 25% YoY. The netting off of a 17% export growth suggests a supply volume increase of 15% YoY on a 3-month moving average basis [3] - The trend of inventory digestion among Chinese chipmakers observed in 2Q25 may be moderating as supply growth has outpaced demand for two consecutive months since June [3] Pricing Trends - The global average unit price for NOR flash was reported at US$0.39 in July, down 6% MoM and 28% YoY, indicating continued price softness [4] - However, major Taiwan and China NOR flash suppliers reported normalized inventory levels, which may support price stabilization [4] - Specialty DRAM contract prices have seen significant increases in 3Q25, with DDR4 prices rising approximately 70% in July and 10% in August, while 4Gb DDR3 prices increased by 20% in July and 50% in August [4] Financial Performance Overview - In 2Q25, the fabless and IDM sectors saw over 20% YoY sales growth, while foundry, OSAT, and silicon wafer sectors grew in the mid to high teens [8] - Despite improvements in net profit margins across sectors, silicon wafer companies like NSIG and Lion Electronics continued to post net losses [8] Future Outlook - Consensus forecasts predict 15%-26% YoY sales growth for the semiconductor industry in 2026, with expectations for further improvement in net profit margins [9] - Specific companies such as SMIC and JCET are projected to see significant sales growth, with SMIC's sales expected to reach US$78.3 billion by 2026, reflecting a 16% YoY increase [9] Additional Insights - The semiconductor supply chain is experiencing a dynamic shift in supply and demand, with potential implications for inventory management and pricing strategies moving forward [3][4] - The recovery in profitability and sales growth across various segments indicates a positive trend for the semiconductor industry in China, despite ongoing challenges in specific areas such as silicon wafer production [1][8]

Group 1 - The A-share market saw a collective rise on September 11, with the Shanghai Composite Index increasing by 0.22%, driven by gains in sectors such as electronic components, communication equipment, and computer hardware, while the restaurant, tourism, and pharmaceutical sectors experienced declines [1] - The Chip ETF (159995) rose by 1.57%, with notable increases in constituent stocks such as Haiguang Information (+7.86%), Zhaoyi Innovation (+3.95%), and Cambrian-U (+2.91%) [1] - According to Everbright Securities, the demand for AI computing power and intelligent driving is driving growth in the global semiconductor industry, with expectations for further growth in the first half of 2025 following a recovery in 2024 [1] Group 2 - The Chip ETF (159995) tracks the National Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing, such as SMIC, Cambrian, and Changdian Technology [1]

Core Viewpoint - Tongfu Microelectronics (002156.SZ) experienced a decline of 5.1%, trading at 31.29 yuan, with a current market capitalization of 47.5 billion yuan. The company announced that it received a notice from the National Integrated Circuit Industry Investment Fund regarding the completion of its share reduction plan, which has resulted in a decrease in the fund's shareholding from 8.77% to 6.67% [1][1][1] Summary by Category Company Actions - The company has been informed that the share reduction plan by the National Integrated Circuit Industry Investment Fund has been completed, with a total of 31.8862 million shares reduced, accounting for 2.1% of the company's total share capital [1][1][1] Market Performance - Following the announcement, Tongfu Microelectronics' stock price fell by 5.1%, with a trading volume of 3.2 billion yuan [1][1][1]

Core Viewpoint - Tongfu Microelectronics (002156.SZ) experienced a decline of 5.1%, trading at 31.29 yuan, with a current market capitalization of 47.5 billion yuan. The company announced that it received a notice from the National Integrated Circuit Industry Investment Fund regarding the completion of its share reduction plan, which has resulted in a decrease in the fund's shareholding from 8.77% to 6.67% [1] Summary by Sections - **Stock Performance** - Tongfu Microelectronics' stock fell by 5.1% to 31.29 yuan, with a trading volume of 3.2 billion yuan and a market cap of 47.5 billion yuan [1] - **Share Reduction Announcement** - The company disclosed that the National Integrated Circuit Industry Investment Fund has completed its share reduction plan, having reduced its holdings by 31.8862 million shares, which represents 2.1% of the company's total share capital [1] - The fund's shareholding percentage decreased from 8.77% to 6.67% as of September 8, 2025 [1]

Core Viewpoint - The announcement from Tongfu Microelectronics indicates that the National Integrated Circuit Industry Investment Fund has completed its share reduction plan, decreasing its stake in the company from 8.77% to 6.67% by selling 31.8862 million shares, which represents 2.1% of the total share capital [1] Summary by Relevant Sections - **Share Reduction Details** - The National Integrated Circuit Industry Investment Fund has reduced its holdings by a total of 31.8862 million shares [1] - This reduction accounts for 2.1% of Tongfu Microelectronics' current total share capital [1] - The fund's ownership percentage has decreased from 8.77% to 6.67% as a result of this reduction [1] - **Timeline of the Reduction Plan** - The share reduction plan was set to conclude on September 8, 2025, and has now reached its deadline [1]

Core Points - The company, Tongfu Microelectronics (002156.SZ), announced the completion of a share reduction plan by the National Integrated Circuit Industry Investment Fund, which has reduced its holdings in the company [1] - As of September 8, 2025, the fund has cumulatively reduced its shareholding by 31.8862 million shares, representing 2.1% of the company's total share capital [1] - The fund's ownership percentage has decreased from 8.77% to 6.67% following this reduction [1]

证券代码：002156 证券简称：通富微电 公告编号：2025-042 通富微电子股份有限公司 关于持股 5%以上股东减持计划时间届满暨减持结果公告 2025 年 8 月 6 日，公司收到产业基金出具的《关于通富微电子股份有限公 司股份变动触及 1%整数倍的告知函》，产业基金在 2025 年 7 月 18 日至 2025 年 8 月 6 日期间，通过大宗交易方式合计减持公司股份 13,142,400 股，减持前持 股比例为 7.77%，减持后持股比例为 6.91%，具体详见公司于 2025 年 8 月 8 日在 巨潮资讯网（http://www.cninfo.com.cn）披露的《关于持股 5%以上股东股份 变动比例触及 1%整数倍的公告》（公告编号：2025-035）。 现公司收到产业基金出具的《关于通富微电子股份有限公司减持计划时间届 满暨减持结果告知函》，截至 2025 年 9 月 8 日，本次减持计划时间区间已届满， 产业基金本次减持计划已累计减持公司股份 31,886,169 股，占公司当前总股本 的 2.1%，持股比例从 8.77%下降至 6.67%。具体减持及权益变动情况如下： 一、 减持计划的 ...

Summary of Key Points Core Viewpoint - The shareholder, National Integrated Circuit Industry Investment Fund Co., Ltd., has completed its share reduction plan, resulting in a significant decrease in its stake in Tongfu Microelectronics Co., Ltd. [1] Group 1: Share Reduction Details - The shareholder reduced its holdings by 15.176 million shares from June 11, 2025, to June 27, 2025, at a price range of 23.24 to 25.23 CNY per share [1] - An additional reduction of 16.7102 million shares occurred from July 18, 2025, to August 20, 2025, at a price range of 23.45 to 25.92 CNY per share [1] - The total shares reduced amounted to 31.8862 million, representing 2.1% of the company's total share capital, decreasing the holding percentage from 8.77% to 6.67% [1]

Core Viewpoint - The company is actively developing advanced packaging technologies and expanding its production capacity to seize market opportunities and enhance its competitive edge in the semiconductor industry [2]. Group 1: Company Strategy - The company is focusing on high value-added products and market hotspots, aligning with industry technology trends [2]. - It is investing in the development of advanced packaging technologies such as fan-out, wafer-level, and flip-chip packaging [2]. - The company is also strategically positioning itself in cutting-edge packaging technologies like Chiplet and 2D+ to create a differentiated competitive advantage [2].