Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Insights - The report highlights significant opportunities in the storage sector driven by continuous price increases, AI catalysis, and accelerated domestic production [2][3][5] - The semiconductor storage market is expected to gradually recover starting from the end of March 2025, with both DRAM and NAND entering an upward price channel [3][16] - The demand for storage is being propelled by AI applications, with expectations for substantial growth in HBM and DDR5 demand by 2025 [4][81] Summary by Sections Price Analysis - The report anticipates sustained price increases in Q3 and Q4, with DDR4 leading the market due to supply-side reforms and production cuts by major manufacturers [15][19] - DRAM and NAND prices are expected to rise significantly, with PC DDR4 contract prices projected to increase by 18-23% in Q3 [24][31] Supply Side - The Chinese semiconductor storage market is projected to grow from approximately 394.3 billion yuan in 2023 to 458 billion yuan in 2025, with DRAM holding the largest market share [59][61] - Major overseas manufacturers are reducing production, benefiting domestic companies and increasing their market share [59][63] Demand Side - The report indicates that DRAM and NAND are entering a long growth cycle, with DRAM demand capacity expected to grow by 16% in 2024 and 15% in 2025 [81][83] - The demand for enterprise-level SSDs is expected to rise significantly, with AI infrastructure driving performance and capacity upgrades [4][81] Technology Trends - The report discusses advancements in 3D NAND technology and the transition to higher efficiency DRAM processes, with expectations for 300-layer NAND production by 2025 [72][73] - The integration of AI technologies is expected to enhance the performance and capacity of storage solutions, particularly in enterprise applications [4][5] Company Dynamics - Domestic storage manufacturers are accelerating their technological advancements and production capabilities, with companies like Jiangbolong and Baiwei Storage leading the charge in high-end storage solutions [5][6][63] - The report emphasizes the importance of self-developed controllers and high-end technology in building competitive advantages for domestic firms [5][6]

TONGFU MICROELECTRONICS 诚信 客户导向 承诺 创新 2024年度 环境、社会及治理（ESG）报告 通富微电股份有限公司 通富微电子股份有限公司 江苏省南通市崇川路288号 0513-85058888（总机） https://www.tfme.com CONTENTS 01 关于本报告 ABOUT THE REPORT 01 / 02 02 董事长致辞 ADDRESS BY SENIOR EXECUTIVE 03 / 04 03 走进通富 共创未来 WALK INTO TONGFU | 治理篇 | | | | --- | --- | --- | | | 04 | 精治通富 稳健前行筑基石 PRECISION GOVERNANCE TONGFU | | | 19 / 20 | 4.1 责任治理，夯实基石 | | | 21 / 24 | 4.2 强化管治，风控先行 | 25 / 26 4.3 诚信为本，重在合规 27 / 30 4.4 信息安全，保障护航 05LATENT INTENTION TONGFU 环境篇 潜志通富 永续新绿担使命 | 33 / 34 5.1 适应气候，碳绘明天 | ...

证券代码：002156 证券简称：通富微电 公告编号：2025-030 通富微电子股份有限公司 第八届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 通富微电子股份有限公司（以下简称"公司"）第八届董事会第十一次会议， 于 2025 年 6 月 25 日以邮件等方式发出会议通知，各位董事已知悉与所议事项相 关的必要信息，公司第八届董事会第十一次会议于 2025 年 7 月 1 日以通讯表决 方式召开。公司全体 8 名董事均行使了表决权，会议实际有效表决票 8 票。会议 召开符合有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 通富微电子股份有限公司董事会 2025 年 7 月 1 日 二、 董事会会议审议情况 1、审议通过了《2024 年度环境、社会及治理（ESG）报告》 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）披露的《2024 年度 环境、社会及治理（ESG）报告》。 表决结果：8 票同意；0 票反对；0 票弃权。 三、备查文件 1．经与会董事签字并加盖董事会印 ...

Group 1 - EVE, a gamified AI companionship application, is currently in beta testing and allows users to interact with AI characters based on personal preferences such as zodiac signs and interests [3] - The AI industry in China is undergoing a critical transformation, characterized by both scale expansion and quality improvement, with global AI core industry expected to grow to $623.3 billion by 2024 according to IDC data [3] - Domestic large models are rapidly iterating and building an open-source ecosystem, with multi-modal AI becoming a core breakthrough direction [3] Group 2 - The Consumer Electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which includes 50 listed companies involved in component production and brand design in the consumer electronics sector [3] - As of June 30, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 51.02% of the index, including companies like Luxshare Precision, SMIC, and BOE Technology Group [4] - The Consumer Electronics ETF has several off-market connection options for investors [4]

Group 1 - Aike Cyber (688719.SH) shareholders Dachen Chuangtong and Dachen Chuanghong reduced their holdings by 2,298,151 shares, accounting for 1.99% of the total share capital, and did not complete the planned reduction [1] - Benchuan Intelligent (300964.SZ) controlling shareholder Dong Xiaojun reduced his holdings by 355,787 shares, accounting for 0.4582% of the total share capital, bringing his shareholding down to 21.64% [1] - Changlian Co., Ltd. (603648.SH) completed its reduction plan by selling 3,624,050 shares, which is 1% of the total share capital [1] Group 2 - Chuan Yi Technology (002866.SZ) controlling shareholder Zou Weimin and his concerted party reduced their holdings, with Zou's shareholding dropping to 48.53% [2] - Daoshi Technology (300409.SZ) controlling shareholder Rong Jihua plans to reduce his holdings by up to 15,416,611 shares, accounting for 1.97% of the total share capital [2] - Electric Alloy (300697.SZ) completed its reduction plan by selling 2,741,390 shares, which is 0.63% of the total share capital [2] Group 3 - Fujirei (688272.SH) shareholders Suzhou Kongkong, Suzhou Zhaorong, and Shanghai Zhaoren reduced their holdings by 1,215,618 shares, 1,463,490 shares, and 44,944 shares, accounting for 1.60%, 1.93%, and 0.06% of the total share capital respectively [3] - Gaoweida (300465.SZ) controlling shareholder Yingtan Yinggao Investment Consulting Co., Ltd. reduced its holdings by 4,261,700 shares, accounting for 0.96% of the total share capital, bringing its shareholding down to 22.00% [3] - Haizheng Materials (688203.SH) shareholder Sinopec Capital plans to reduce its holdings by up to 3,525,600 shares, accounting for 1.74% of the total share capital [3] Group 4 - Hangyu Micro (300053.SZ) shareholder Yan Jun reduced his holdings by 3,930,000 shares, accounting for 0.56% of the total share capital [4] - He Shi Eye Hospital (301103.SZ) shareholder Advanced Manufacturing Industry Investment Fund plans to reduce its holdings by up to 3,106,074 shares, accounting for 2% of the total share capital [4] - He Yuan Gas (002971.SZ) shareholder Baishide Chuangye completed its reduction plan by selling 854,064 shares, which is 0.415% of the total share capital [4] Group 5 - Huaren Health (301408.SZ) shareholder Saifu Investment reduced its holdings by 2,107,696 shares, accounting for 0.53% of the total share capital [5] - Jiangsu Boyun (301003.SZ) shareholder Gong Wei reduced his holdings by 1,558,900 shares, accounting for 1.57% of the total share capital [5] - Jeya Co., Ltd. (301108.SZ) shareholders Mingyuan Fund and its concerted party did not reduce their holdings, and the reduction plan period expired [5] Group 6 - Longxin General (603766.SH) directors plan to reduce their holdings by up to 350,000 shares and 100,000 shares, accounting for 0.0170% and 0.0049% of the total share capital respectively [6] - Ruchuang Micro-Nano (688002.SH) shareholder Li Weicheng plans to reduce his holdings by up to 8,000,000 shares, accounting for 1.75% of the total share capital [6] - Shilan Micro (600460.SH) shareholder Luo Huabing plans to reduce his holdings by up to 500,000 shares, accounting for 0.03005% of the total share capital [6] Group 7 - Tongfu Microelectronics (002156.SZ) shareholder National Integrated Circuit Industry Investment Fund reduced its holdings by 15,175,969 shares, accounting for 1% of the total share capital [7] - Wangzi New Materials (002735.SZ) controlling shareholder Wang Jinjun reduced his holdings by 9,717,874 shares, accounting for 2.54% of the total share capital [7] - Xingye Co., Ltd. (603928.SH) shareholder Shen Genzhen reduced his holdings by 2,620,000 shares, accounting for 1.00% of the total share capital [7] Group 8 - Yikang Co., Ltd. (301085.SZ) controlling shareholder concerted party reduced its holdings by 633,700 shares, accounting for 0.73% of the total share capital [8] Group 9 - Yiming Pharmaceutical (002826.SZ) major shareholder Zhou Zhan reduced his holdings by 3,586,777 shares, accounting for 1.88% of the total share capital [9] - Yiming Pharmaceutical (002826.SZ) director Xi Ke reduced his holdings by 283,862 shares, accounting for 0.15% of the total share capital [9] - Youyan Powder Materials (688456.SH) concerted party reduced its holdings by 1,030,000 shares, accounting for 0.99% of the total share capital [9] Group 10 - Zhongma Transmission (603767.SH) directors plan to reduce their holdings through block trading and centralized bidding [10] - Zhongqi Co., Ltd. (301215.SZ) shareholder Jiangsu Yueda Group did not reduce its holdings, and the reduction plan period expired [10]

Core Viewpoint - The announcement details a significant share reduction by a major shareholder, the National Integrated Circuit Industry Investment Fund, which will decrease its stake in Tongfu Microelectronics Co., Ltd. from 8.77% to 7.77% through a planned sell-off of 15,175,969 shares, representing 2.5% of the total shares [1][2]. Summary by Relevant Sections Shareholder Reduction Plan - The National Integrated Circuit Industry Investment Fund plans to reduce its holdings by up to 37,939,922 shares within a three-month period starting from June 11, 2025, to September 8, 2025 [1]. - The fund has already executed a reduction of 15,175,969 shares between June 11, 2025, and June 27, 2025 [2]. Shareholding Changes - Prior to the reduction, the fund held 8.77% of the company's shares, which will decrease to 7.77% post-reduction [1][2]. - The total number of shares held before the reduction was 13,315.66 million, and after the reduction, it will be 11,798.06 million [2]. Compliance and Impact - The reduction will not lead to a change in control of the company and will not affect its management structure or ongoing operations [1]. - The fund confirms that the reduction plan complies with relevant laws and regulations, including the Securities Law and the Management Measures for the Reduction of Shares by Shareholders of Listed Companies [2].

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股份变动触及 1% 整数倍的告知函》，截至 2025 年 6 月 27 日，产业基金本次减持计划已累计减持公 司股份 15,175,969 股，本次减持前持股比例为 8.77%，减持后持股比例为 7.77%， 具体减持及权益变动情况如下： 证券代码：002156 证券简称：通富微电 公告编号：2025-029 通富微电子股份有限公司 关于持股 5%以上股东股份变动比例触及 1%整数倍的公告 公司股东国家集成电路产业投资基金股份有限公司保证向本公司提供的信息 内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 通富微电子股份有限公司（以下简称"公司"）于 2025 年 5 月 19 日在指定信 息披露媒体《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）披露了《大 股东减持股份预披露公告》（公告编号：2025-027），公司股东国家集成电路产业投 资基金股份有限公司（以下简称"产业基金"）计划自披露减持计划公告日起 15 个交易日后的 3 个月内（即 2025 ...

Company Overview - Tongfu Microelectronics is an integrated circuit packaging and testing service provider, offering one-stop services for design simulation and packaging testing across various fields including AI, high-performance computing, and 5G [2]. - The company has established production bases in multiple locations, including Nantong, Suzhou, Penang, Hefei, and Xiamen, enhancing its capacity to serve clients locally [2][3]. - In 2024, the company acquired a 26% stake in Jinglong Technology, which is expected to improve investment returns and create more value for shareholders [2]. Financial Performance - Revenue figures for the years 2021 to 2024 are as follows: - 2021: ¥158.12 billion - 2022: ¥214.29 billion - 2023: ¥222.69 billion - 2024: ¥238.82 billion [3]. - Net profit for the same years: - 2021: ¥9.57 billion - 2022: ¥5.02 billion - 2023: ¥1.69 billion - 2024: ¥6.78 billion [3]. - In Q1 2025, the company achieved revenue of ¥60.92 billion, a year-on-year increase of 15.34%, and a net profit of ¥1.01 billion, up 2.94% [4]. Industry Trends - The semiconductor industry is entering an upward cycle, with global sales expected to reach $627.6 billion in 2024, a 19.1% increase from $526.8 billion in 2023 [3]. - The global integrated circuit packaging and testing market is projected to grow to $82 billion in 2024, reflecting a 7.8% year-on-year increase [3]. - Key trends for 2025 include continued AI-driven growth, a 15% increase in the Asia-Pacific IC design market, and a focus on advanced packaging technologies [3]. Business Growth Areas - In 2024, the company saw significant growth in various sectors: - 46% increase in mid-to-high-end mobile SOCs - 20% growth in mobile terminal SOC partnerships - 70% increase in RF sector collaborations - Over 200% growth in automotive products [5][8]. - The company is expanding its capabilities in advanced packaging technologies, including Chiplet and 2D+ packaging [5][6]. Future Investments - The company plans to invest ¥6 billion in 2025 for facility construction, production equipment, IT, and R&D [8]. - Specific investments include: - ¥2.5 billion for new factory construction and product development in various sectors - ¥3.5 billion for upgrading existing products to meet the demand for large multi-chip servers and AI applications [8].

Core Viewpoint - The document provides a legal opinion regarding the major asset swap, issuance of shares, and cash payment for asset acquisition by Shenzhen Zhizheng High Polymer Materials Co., Ltd, along with related transactions and supplementary legal opinions issued by Shanghai Zechang Law Firm [1][2][3]. Group 1: Transaction Overview - The legal opinion is based on the latest developments in the transaction from September 30, 2024, to December 31, 2024, and addresses inquiries from the Shanghai Stock Exchange regarding the asset swap and related transactions [1][3]. - The transaction involves the transfer of GP shares from Beijing Zhilu to Advanced Semiconductor, with the aim of facilitating the acquisition of AAMI and ensuring compliance with fund expiration requirements [4][12][17]. Group 2: Parties Involved - Beijing Zhilu is identified as a professional equity investment institution focusing on semiconductor and high-tech investments, managing over 40 private equity funds with an asset management scale exceeding 10 billion yuan [5][8]. - The document outlines the historical background and ownership structure of Beijing Zhilu, detailing its evolution and current stakeholders [6][7]. Group 3: Financial Arrangements - The total consideration for the GP share transfer is reported as 200 million yuan, with an additional service fee of 70 million yuan to be paid by Advanced Semiconductor and Leading Semiconductor for their roles in the transaction [10][11][14]. - The expected investment returns from the transaction are projected based on the anticipated market value of AAMI, estimated at 3.5 billion yuan [13][14]. Group 4: Governance and Control - Prior to the GP share transfer, Beijing Zhilu held the position of general partner and had significant control over the management of the investment entities, which will transition to Advanced Semiconductor post-transfer [18][20]. - The governance structure of the investment entities, including decision-making processes and management responsibilities, is detailed, highlighting the shift in control following the transaction [19][20].

Industry Overview - The pyroelectric infrared sensor technology in China began in the 1970s, initially used in military applications, but has expanded into civilian markets due to technological advancements and cost reductions [1][15] - The market size of China's pyroelectric infrared sensor industry has grown from 365 million yuan in 2015 to 1.599 billion yuan in 2024, with a compound annual growth rate (CAGR) of 17.84% [1][15] - The production volume of pyroelectric infrared sensors in China is projected to increase from 217 million units in 2015 to 965 million units in 2024, with a CAGR of 18.03% [14] - The demand for these sensors is expected to rise from 209 million units in 2015 to 937 million units in 2024, with a CAGR of 18.14% [14] Market Dynamics - The rapid growth in demand for LED lighting and security monitoring in China is driving the expansion of the pyroelectric infrared sensor market [1][15] - The industry is becoming increasingly competitive, with China emerging as a global manufacturing hub for these sensors due to its cost advantages and improved labor productivity [1][15] Application Areas - Pyroelectric infrared sensors are widely used in various applications, including security monitoring, smart homes, automatic driving, medical diagnostics, thermal imaging, industrial automation, and environmental monitoring [7] - In the smart home sector, these sensors play a crucial role in detecting human presence and activity, enabling automatic control of lighting and other systems [12] Key Companies - Notable companies in the industry include Senba Sensor Technology Co., Ltd., Shanghai Naisela Sensor Co., Ltd., and Zhengzhou Weisheng Electronic Technology Co., Ltd., among others [18][21][23] - Senba Sensor's revenue from pyroelectric infrared sensors is projected to reach 251 million yuan in 2024, reflecting a year-on-year growth of 5.91% [21] Industry Trends - The industry is witnessing a trend towards miniaturization, driven by advancements in MEMS technology and semiconductor processes, making sensors more suitable for compact applications [25] - There is a growing emphasis on smart features, with sensors increasingly incorporating AI algorithms and edge computing capabilities for enhanced environmental perception and data analysis [26] - The evolution from standalone components to integrated system solutions is becoming prominent, allowing for modular products that facilitate easier customer development [27] - Multi-functionality is key to enhancing the value of pyroelectric infrared sensors, with new products integrating additional sensing capabilities to meet complex application needs [28]