中颖电子股份有限公司 关于参加 2025 年上海辖区上市公司集体接待日 暨中报业绩说明会活动的公告 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。 中颖电子股份有限公司（以下简称"公司"）《2025 年半年度报告》及其摘 要已于 2025 年 8 月 23 日刊登在中国证监会指定的创业板信息披露网站巨潮资讯 网（http://www.cninfo.com.cn）。为进一步加强与投资者的互动交流，公司将 参加由中国证券监督管理委员会上海监管局指导、上海上市公司协会及深圳市全 景网络有限公司联合举办的"2025 年上海辖区上市公司集体接待日暨中报业绩 说明会活动"，现将有关事项公告如下: 本次活动将采用网络远程的方式举行，投资者可登录 "全景路演"网站 (http://rs.p5w.net)；或关注微信公众号(名称:全景财经)；或下载全景路演 APP，参与本次互动交流。 活动时间为 2025 年 9 月 19 日(周五)15:00-17:00。届时公司高管将在线就 公司 2025 半年度业绩、公司治理、发展战略、经营状况等投资者关心的问题， 与投资者进行沟通与交流 ...

Core Viewpoint - The Chinese Ministry of Commerce has initiated anti-dumping investigations against imported analog chips from the United States, responding to domestic industry applications and aligning with WTO rules. The investigations focus on general interface and gate driver chips, revealing a significant increase in import volume and a drastic decrease in import prices, which have negatively impacted domestic sales prices and operations [1][2][4]. Group 1: Market Overview - The global semiconductor market reached $346 billion in the first half of 2025, marking an 18.9% year-on-year growth, with analog chips growing by 4% [4]. - In the A-share market, the semiconductor industry reported revenues of 321.2 billion yuan and a net profit of nearly 24.5 billion yuan, reflecting a year-on-year growth of approximately 30% [4]. - The demand for analog chips, particularly in mobile fast charging and power management, is significantly increasing, with domestic products rapidly capturing market share [4]. Group 2: Company Performance - Companies like Xilin Micro and Chipone reported substantial revenue growth, with Xilin Micro achieving a 36.83% increase and a 131.25% rise in net profit [6]. - Chipone's revenue grew by 40.32%, with net profit increasing by 106.02%, driven by new product categories and market expansion [7]. - Jiewa Tech reported a 58.2% revenue increase, primarily from power and signal chain chips, with a total revenue of 11.87 billion yuan [7]. Group 3: Profitability and Margins - The analog chip industry's gross margin improved, with the median gross margin rising from 34.72% in Q1 to 35.05% in Q2 of 2025 [11]. - Leading companies like Saimo Micro and Shengbang Co. maintain gross margins above 50%, showcasing their competitive advantage in the market [11]. - Companies such as Naxin Micro and Aiwai Electronics reported significant improvements in gross margins due to high-value product offerings and operational efficiencies [12][13]. Group 4: Inventory Management - The inventory turnover days for most analog chip companies decreased significantly in 2025 compared to 2024, indicating improved inventory management efficiency [16]. - Companies like Jiewa Tech and Xilin Micro saw their inventory turnover days reduced by over 100 days, reflecting enhanced operational performance [16]. Group 5: Mergers and Acquisitions - The anti-dumping investigations have prompted domestic analog chip companies to pursue mergers and acquisitions to enhance their technological capabilities and market presence [17][19]. - Recent acquisitions include Biyimei's purchase of Shanghai Xingan Semiconductor for approximately 295 million yuan and Jingfeng Mingyuan's acquisition of Yichong Technology for 3.283 billion yuan [18][19]. - These strategic moves aim to consolidate resources, fill technological gaps, and improve competitiveness against international giants [19].

Group 1 - The company, Zhongying Electronics, reported that as of September 10, the number of its shareholders is approximately 46,000 [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to competitive pricing pressures and increased costs associated with new depreciation expenses and reduced VAT deductions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 652 million yuan, a year-on-year decrease of 0.20%, and a net profit of 41 million yuan, down 42.20% year-on-year [1]. - Q2 2025 saw revenue of 333 million yuan, a year-on-year decline of 0.44% but a quarter-on-quarter increase of 4.42% [1]. - The overall gross margin for H1 2025 was 32.51%, down 1.93 percentage points year-on-year, while the net profit margin was 3.12%, down 4.93 percentage points year-on-year [2]. Cost and Expense Management - The company experienced increased expenses, with sales, management, R&D, and financial expense ratios at 1.20%, 4.37%, 24.09%, and -0.43% respectively, showing various year-on-year changes [2]. - The company aims to maintain market share while reducing inventory levels, expecting inventory to reach appropriate levels by year-end [2]. Market Position and Product Development - The company is focused on the smart home chip market, particularly in high-end applications for home appliances and battery management chips, where it holds a leading position among domestic competitors [2][4]. - New product developments include AMOLED display driver chips and a new generation of variable frequency air conditioning control chips, expected to enter small-scale production by the end of 2025 [2][4]. Industry Outlook - The global semiconductor market is projected to grow, with a forecast of $728 billion in 2025, reflecting a year-on-year increase of 15.4% [3]. - The company plans to focus on both organic growth through R&D and potential mergers or collaborations to enhance its competitive position [3]. Future Projections - The company anticipates improvements in performance as new products are launched and inventory levels are corrected, with projected net profits of 105 million yuan, 133 million yuan, and 206 million yuan for 2025-2027 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [3][9]. Core Views - The company is experiencing pressure on profits in the first half of 2025, primarily due to competitive pricing and increased costs, but it is focusing on maintaining market share and reducing inventory levels [2][9]. - The semiconductor market is projected to grow, with the company positioned to benefit from this trend through its focus on high-end chip design and strategic partnerships [8][9]. - The company has a strong market presence in the home appliance MCU sector and is expanding its product offerings in lithium battery management chips and AMOLED display driver chips [2][9]. Financial Summary - Revenue for 2023 is projected at 1,300 million yuan, with a year-over-year decline of 18.8%. Revenue is expected to grow gradually to 1,885 million yuan by 2027 [1]. - The net profit attributable to the parent company is forecasted to decrease from 186 million yuan in 2023 to 105 million yuan in 2025, before recovering to 206 million yuan in 2027 [1]. - The company's overall gross margin for the first half of 2025 is reported at 32.51%, a decrease of 1.93 percentage points year-over-year [2]. Market Position and Strategy - The company is a leader in the domestic home appliance MCU market, with a focus on high-end applications and a competitive edge in lithium battery management chips [2][9]. - The recent change in control is expected to enhance synergies and operational efficiency, allowing the company to focus on core chip design and development [8][9]. - The company plans to continue investing in R&D to improve product competitiveness and explore acquisition opportunities to expand its market presence [8][9].

Group 1 - The core viewpoint is that the semiconductor industry has entered a downward cycle since the second half of 2022, leading to increased competition within the industry [1] - The overall situation of the industry has gradually improved since the beginning of this year [1] - The company aims to focus on maintaining market share and reducing inventory by 2025, while also enhancing research and development efficiency [1] Group 2 - The company's funding is primarily reserved for future development needs [1]

Group 1 - The company, Zhongying Electronics, reported that as of August 31, 2025, the number of shareholders is approximately 49,000 [2]

Group 1 - The core point of the article indicates that Zhongying Electronics has experienced a decline in the number of shareholders, with a total of 49,000 shareholders as of August 31, which is a decrease of 3,000 from the previous period, representing a 5.77% decline [2] - The latest stock price of Zhongying Electronics is 27.17 yuan, reflecting a decrease of 0.11%, and the stock has cumulatively dropped by 1.66% since the concentration of shares began, with 4 days of increase and 5 days of decrease during this period [2] - The margin trading data shows that as of September 1, the total margin balance for the stock is 443 million yuan, with a financing balance of 442 million yuan, indicating a reduction of 3.0055 million yuan in the financing balance since the concentration of shares began, which is a decline of 6.36% [2] Group 2 - The semi-annual report released by the company shows that for the first half of the year, the total operating revenue was 652 million yuan, a year-on-year decrease of 0.20%, and the net profit was 41.0626 million yuan, down 42.20% year-on-year, with basic earnings per share of 0.1203 yuan and a weighted average return on equity of 2.31% [2]

Group 1 - The core viewpoint of the article is that Zhongying Electronics has confirmed the applicability of its lithium battery management chips for various mobile terminal devices, including AI glasses [2] Group 2 - Zhongying Electronics responded to investor inquiries on September 1, indicating the versatility of its lithium battery management chips [2] - The company's technology is positioned to cater to the growing demand for advanced mobile devices [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][5][12]. Core Views - The company has shown stable revenue in Q2, with a control change that enhances resource integration capabilities [1][6][9]. - The company is a leader in the domestic lithium battery management chip market and is expected to benefit from the integration of state-owned capital [10][11]. - The company is actively expanding its MCU product offerings and has successfully introduced AMOLED display driver chips to brand clients [11][12]. Financial Performance - In H1 2025, the company reported revenue of 652 million yuan, a year-on-year decrease of 0.2%, and a net profit attributable to shareholders of 41 million yuan, down 42% year-on-year [7]. - In Q2 2025, revenue was 333 million yuan, a year-on-year decrease of 0.4% but an increase of 4% quarter-on-quarter; net profit attributable to shareholders was 26 million yuan, down 36% year-on-year but up 64% quarter-on-quarter [7][8]. - The company's gross margin for H1 2025 was 32.5%, down 2 percentage points year-on-year, while the net profit margin was 3.1%, down 5 percentage points year-on-year [7]. Inventory and Cost Management - The company aims to reduce inventory levels while maintaining market share, with expected inventory levels approaching appropriate levels by the end of 2025 [8][9]. - The increase in costs is attributed to depreciation expenses from the new Hefei Zhongying Technology Plaza and a reduction in procurement scale leading to decreased VAT input deductions [7][8]. Strategic Developments - The completion of control change to Zhinen Gongdian, which holds 14.2% of the company's shares and controls a total of 23.4% of the company, is expected to enhance resource integration capabilities [9][10]. - The strategic background of Zhinen Gongdian includes significant investments in the semiconductor industry, which may provide new growth momentum for the company [10][11]. Future Outlook - The company is projected to have a net profit of 84 million yuan in 2025, with adjustments made due to market competition affecting product pricing [12]. - The company is expected to maintain a leading position in the domestic MCU market, with increasing penetration in international markets [11][12].