Company Overview - Shannon Semiconductor is located in Nanshan District, Shenzhen, and was established on September 16, 1998. The company went public on June 10, 2015, and primarily engages in the distribution of electronic components [1]. - The company operates within the "Electronics - Other Electronics II - Other Electronics III" sector and is involved in various concept sectors including overseas expansion, storage, integrated circuits, semiconductors, and margin financing [1]. Financial Performance - For the first half of 2025, Shannon Semiconductor reported a revenue of 17.123 billion yuan, representing a year-on-year growth of 119.35%. The net profit attributable to shareholders was 158 million yuan, showing a slight increase of 0.95% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 290 million yuan in dividends, with 167 million yuan distributed over the past three years [2]. Stock Performance - As of September 4, the stock price of Shannon Semiconductor was 43.17 yuan per share, with a market capitalization of 20.021 billion yuan. The stock has increased by 51.84% year-to-date, with a 4.05% rise over the last five trading days, 20.25% over the last 20 days, and 27.61% over the last 60 days [1]. - The trading volume on September 4 was 168 million yuan, with a turnover rate of 0.87%. The net outflow of main funds was 2.0106 million yuan, while large orders accounted for 21.52% of buying and 20.89% of selling [1]. Shareholder Structure - As of June 30, the number of shareholders for Shannon Semiconductor was 34,000, a decrease of 27.69% from the previous period. The average number of circulating shares per person increased by 39.55% to 13,066 shares [2]. - Among the top ten circulating shareholders, E Fund Quality Momentum Three-Year Holding Mixed A (014562) was the eighth largest shareholder, holding 9.9666 million shares as a new investor [2].

Core Viewpoint - The announcement details the provision of guarantees by the company for its wholly-owned subsidiaries and the acceptance of guarantees from related parties, highlighting significant financial commitments and the company's overall financial health [1][2][3]. Group 1: Guarantee Provision - As of the announcement date, the maximum guarantee amount is set at RMB 10 million, with the total cumulative guarantee (including counter-guarantees) amounting to RMB 77.14 billion, which represents 262.63% of the company's audited net assets for 2024 [2][8]. - The company has provided guarantees totaling RMB 7.14 billion for its wholly-owned subsidiary, Shenzhen Xinlianxin Storage Technology Co., Ltd. [2][8]. - The company approved a total guarantee limit of up to RMB 82.4 billion for several subsidiaries, including RMB 70.85 billion for United Chuangtai Technology Co., Ltd. and RMB 8.65 billion for Xinlianxin [3][4]. Group 2: Related Party Guarantees - The company accepted guarantees from related parties, allowing for a maximum of RMB 23 billion in credit enhancement measures, which include guarantees and counter-guarantees [6]. - The company and a related party agreed to provide a joint liability guarantee of up to RMB 10 million for Xinlianxin's loan application to Shanghai Pudong Development Bank [6][7]. Group 3: Guarantee Adjustments - Following the annual shareholders' meeting, the company adjusted the guarantee amounts for its subsidiaries, increasing the guarantee for United Chuangtai to RMB 72.25 billion and reducing the amounts for Chuangtai Electronics and Xinlianxin to RMB 9 million and RMB 7.35 billion, respectively [4]. Group 4: Cumulative Guarantees from Related Parties - Since the beginning of the year, a related party has provided guarantees totaling RMB 83.75 billion, with a cumulative total of RMB 103.13 billion for the company [9]. - The company has not provided any guarantees for the related party or its affiliates during the current year or in previous years [9].

证券代码：300475 证券简称：香农芯创 公告编号：2025-066 香农芯创科技股份有限公司 关于为全资子公司提供担保及接受关联方提供担保 暨关联交易的进展公告 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。 特别提示： 1、截至本公告日，以本次本金最高担保额人民币 1000 万元计算，公司累计 担保（含反担保）合同金额为人民币 77.14 亿元（美元合同汇率按照 2025 年 9 月 1 日中国外汇交易中心受权公布人民币汇率中间价 1 美元对 7.1072 元人民币 计算，不含子公司提供的担保。对同一债务提供的复合担保只计算一次。下同）， 占公司 2024 年度经审计净资产的比例为 262.63%。 一、审议情况概述 （一）担保审议情况概述 香农芯创科技股份有限公司（以下简称"公司"）分别于 2025 年 4 月 3 日、 4 月 29 日召开第五届董事会第十次会议、2024 年年度股东大会，审议通过了《关 于申请授信并为全资子公司提供担保额度的议案》，同意为联合创泰科技有限公 司（以下简称"联合创泰"）、宁国聚隆减速器有限公司、联合创泰(深圳)电子有 ...

华安证券股份有限公司 关于香农芯创科技股份有限公司 2025 年半年度跟踪报告 | 保荐机构名称：华安证券股份有限公司 | 被保荐公司简称：香农芯创 | | --- | --- | | 保荐代表人姓名：田之禾 | 联系电话：0551-65161771 | | 保荐代表人姓名：王晨 | 联系电话：0551-65161771 | 二、保荐人发现公司存在的问题及采取的措施 | 事 项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | 1.信息披露 | 无 | 不适用 | | 2.公司内部制度的建立和执行 | 无 | 不适用 | | 3."三会"运作 | 无 | 不适用 | | 4.控股股东及实际控制人变动 | 无 | 不适用 | | 5.募集资金存放及使用 | 无 | 不适用 | | --- | --- | --- | | 6.关联交易 | 无 | 不适用 | | 7.对外担保 | 无 | 不适用 | | 8.购买、出售资产 | 无 | 不适用 | | 9.其他业务类别重要事项（包括对外投资、 风险投资、委托理财、财务资助、套期保值 | 无 | 不适用 | | 等） | | | | 1 ...

[Table_Date] 2025 年 08 月 29 日 [Table_Title] 业绩环比高增长，模组产品持续发力 证券研究报告|公司点评报告 [Table_Title2] 香农芯创(300475) [Table_Summary] 事件概述 公司发布 2025 半年报，上半年营收 171.23 亿元，同比 +119.35%；归母净利润 1.58 亿元，同比 0.95%； ► 业绩超出预期，Q2 营收净利环比高增长 受益于市场需求提升与二季度存储价格的上涨及公司产品结构 调整，25H1 公司实现营收 171.23 亿元（YoY+119.35%），实现 归母净利润 1.58 亿元（YoY+0.95%），实现扣非归母净利润 1.56 亿元（YoY-28.76%）受益于二季度存储价格走强，25Q2 毛利率 3.22%（环比提升 1.24pct），净利率 1.48%（环比提升 1.31pct）。 ► 公司"产品+分销"有望持续突破 1）分销业务方面，产品广泛应用于云计算存储（数据中心服务 器）等领域，且利基型 DRAM 受供给端停产影响，价格持续高 位，存储价格的上涨将带动公司盈利能力进一步提高。2）产品 业务方 ...

8月28日，香农芯创跌0.98%，成交额13.05亿元。两融数据显示，当日香农芯创获融资买入额1.67亿 元，融资偿还1.82亿元，融资净买入-1485.45万元。截至8月28日，香农芯创融资融券余额合计9.93亿 元。 融资方面，香农芯创当日融资买入1.67亿元。当前融资余额9.88亿元，占流通市值的5.14%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，香农芯创8月28日融券偿还1.16万股，融券卖出2100.00股，按当日收盘价计算，卖出金额 8.71万元；融券余量11.08万股，融券余额459.71万元，超过近一年90%分位水平，处于高位。 分红方面，香农芯创A股上市后累计派现2.90亿元。近三年，累计派现1.67亿元。 机构持仓方面，截止2025年6月30日，香农芯创十大流通股东中，易方达品质动能三年持有混合A （014562）位居第八大流通股东，持股996.66万股，为新进股东。 责任编辑：小浪快报 资料显示，香农芯创科技股份有限公司位于深圳市南山区海德三道166号航天科技广场B座22楼，成立 日期1998年9月16日，上市日期2015年6月10日，公司主营业务涉及电子元器件分销。主 ...

营业成本变动幅度为127.01%,原因:本报告期与上年同期对比，市场需求提升、产品采购价格同比上 涨及公司产品结构变化综合影响。 所得税费用变动幅度为79.46%,原因:上年同期公司及子公司持有的股权公允价值减少以及处置部分股 票综合导致形成的应纳税暂时性差异减少，从而影响上年同期递延所得税费用减少；本期递延所得税费 用影响较小。 据证券之星公开数据整理，近期香农芯创(300475)发布2025年中报。截至本报告期末，公司营业总收入 171.23亿元，同比上升119.35%，归母净利润1.58亿元，同比上升0.95%。按单季度数据看，第二季度营 业总收入92.17亿元，同比上升67.48%，第二季度归母净利润1.41亿元，同比下降0.8%。本报告期香农 芯创公司应收账款体量较大，当期应收账款占最新年报归母净利润比达872.23%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率2.65%，同比减55.33%，净利率0.88%，同比减 53.82%，销售费用、管理费用、财务费用总计2.3亿元，三费占营收比1.35%，同比减44.81%，每股净资 产6.89元，同比增14.28%，每股经营性现金流-1.07元， ...

财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为23.48%、近3年经营性现金流均 值/流动负债仅为-0.12%)建议关注公司债务状况(有息资产负债率已达27.37%、近3年经营性现金流均值 为负)建议关注财务费用状况(近3年经营活动产生的现金流净额均值为负)建议关注公司应收账款状况(应 收账款/利润已达872.23%) 本次财报公布的各项数据指标表现尚佳。其中，毛利率2.65%，同比减55.33%，净利率0.88%，同比减 53.82%，销售费用、管理费用、财务费用总计2.3亿元，三费占营收比1.35%，同比减44.81%，每股净资 产6.89元，同比增14.28%，每股经营性现金流-1.07元，同比增53.35%，每股收益0.34元 | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 78.06亿 | 171.23亿 | 119.35% | | 归母净利润(元) | 1.56亿 | 1.58亿 | 0.95% | | 扣非净利润(元) | 2.19亿 | 1.56亿 | -28.76% | | 货 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [4][22]. Core Insights - The company reported significant improvement in profitability for Q2 2025, with a revenue of 92.17 billion yuan, representing a year-over-year increase of 67.48% and a quarter-over-quarter increase of 16.59%. The net profit for the same quarter was 1.41 billion yuan, showing a year-over-year decrease of 0.8% but a substantial quarter-over-quarter increase of 743.49% [1][7]. - The report highlights that the company is benefiting from rising storage prices and a favorable product mix, which has led to improved gross and net profit margins in Q2 2025 [7]. - The company is well-positioned to capitalize on the expected continued rise in storage prices in Q3 2025, with projections indicating a potential increase of 10% to 20% in DRAM prices due to supply constraints and seasonal demand [7]. Financial Summary - For the first half of 2025, the company achieved a total revenue of 171.23 billion yuan, a year-over-year increase of 119.35%. The net profit attributable to shareholders was 1.58 billion yuan, reflecting a year-over-year increase of 0.95% [1][7]. - The financial forecast for the company shows a projected revenue growth from 24.27 billion yuan in 2024 to 47.04 billion yuan by 2027, with corresponding net profits expected to rise from 264 million yuan to 1.05 billion yuan over the same period [3][8]. - The report provides a target price of 61.24 yuan per share, based on a 35x price-to-earnings ratio for 2026, indicating significant upside potential from the current price of 43.51 yuan [4][7].

2025年8月27日，香农芯创(300475.SZ)发布2025年中报。 公司营业总收入为171.23亿元，在已披露的同业公司中排名第2，较去年同报告期营业总收入增加93.17亿元，实现2年连续上涨，同比较去年同期上涨 119.35%。归母净利润为1.58亿元，在已披露的同业公司中排名第6，较去年同报告期归母净利润增加149.16万元，同比较去年同期上涨0.95%。经营活动现 金净流入为-4.98亿元，较去年同报告期经营活动现金净流入增加5.55亿元。 公司摊薄每股收益为0.34元，在已披露的同业公司中排名第6。 公司最新总资产周转率为2.07次，在已披露的同业公司中排名第1，较去年同期总资产周转率增加0.65次，实现2年连续上涨，同比较去年同期上涨45.77%。 最新存货周转率为6.99次，在已披露的同业公司中排名第1，较去年同期存货周转率增加2.22次，实现2年连续上涨，同比较去年同期上涨46.54%。 公司股东户数为3.40万户，前十大股东持股数量为1.96亿股，占总股本比例为42.29%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | | 深 ...