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 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 17.123 billion yuan, a year-on-year increase of 119.35%, and a net profit of 158 million yuan, a year-on-year increase of 0.95% [1] - The strong performance is attributed to increased market demand, rising storage prices in Q2, and adjustments in the company's product structure [1] - The company's "product + distribution" strategy is expected to continue to drive growth, particularly in the cloud computing storage sector [2] Financial Summary - The company’s revenue projections for 2025-2027 have been adjusted to 35 billion, 40.68 billion, and 46.218 billion yuan, reflecting year-on-year growth rates of 44.2%, 16.2%, and 13.6% respectively [3] - The forecast for net profit for the same period is 431 million, 730 million, and 1.071 billion yuan, with year-on-year growth rates of 63.2%, 69.3%, and 46.9% respectively [3] - The earnings per share (EPS) are projected to be 0.93, 1.57, and 2.31 yuan for 2025, 2026, and 2027 respectively [3] - As of August 28, 2025, the stock price was 41.49 yuan, corresponding to price-to-earnings (PE) ratios of 36X, 21X, and 15X for the years 2025, 2026, and 2027 [3] Business Development - The company is collaborating with major players like Hynix and DaPo Micro to develop enterprise-level SSD and RDIMM products, which are progressing well [2] - A joint venture with Wuxi Lingjing Cloud Information Technology Co., Ltd. is expected to enhance the company's product sales channels and overall competitiveness [2]

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 ...

Core Viewpoint - The financial performance of Shannon Chip Creation (300475) for the first half of 2025 shows significant growth in revenue but a slight increase in net profit, indicating a mixed financial outlook with concerns over cash flow and receivables [1][2]. Financial Performance Summary - Total revenue reached 17.123 billion yuan, a year-on-year increase of 119.35% [1] - Net profit attributable to shareholders was 158 million yuan, up 0.95% year-on-year [1] - Gross margin decreased to 2.65%, down 55.33% year-on-year [1] - Net margin fell to 0.88%, a decrease of 53.82% year-on-year [1] - Total receivables accounted for 872.23% of net profit, indicating a high level of receivables relative to profit [1][9] Revenue and Cost Analysis - Revenue growth of 119.35% attributed to increased market demand, higher product prices, and changes in product structure [2] - Operating costs increased by 127.01%, driven by similar factors affecting revenue [2] - Tax expenses rose by 79.46%, influenced by previous year’s deferred tax adjustments [2] Balance Sheet Insights - Accounts receivable increased by 14.42% to 2.303 billion yuan [1][3] - Inventory decreased by 32.99%, indicating sales outpaced purchases [3] - Short-term borrowings rose by 65.11%, reflecting increased bank loans [3] - Contract liabilities surged by 1640.27%, due to increased pre-sales [3] Cash Flow Analysis - Net cash flow from operating activities increased by 52.71%, as sales exceeded purchases [8] - Net cash flow from investing activities decreased by 158.28%, due to fewer stock disposals [8] - Net cash flow from financing activities fell by 45.55%, impacted by increased loan repayments [8] Investment Sentiment - Analysts project 2025 earnings at 624 million yuan, with an average earnings per share of 1.34 yuan [4] - The company is held by prominent fund managers, with significant recent increases in holdings [5][7]

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 ...

（记者 胡玲） 每经AI快讯，香农芯创（SZ 300475，收盘价：43.51元）8月27日发布公告称，公司第五届第十二次董 事会会议于2025年8月25日以现场结合通讯方式召开。会议审议了《关于召开2025年第一次临时股东大 会的议案》等文件。 2024年1至12月份，香农芯创的营业收入构成为：电子元器件分销占比97.15%，电气机械和器材制造业 占比1.45%，电子元器件制造业务占比1.2%，通用设备制造业占比0.19%。 每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 ...

Core Viewpoint - The company has approved a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.35 yuan per 10 shares, based on a total share capital of 463,773,767 shares, reflecting a commitment to shareholder returns while maintaining financial stability [3][12][30]. Company Overview - The company is named Shannon Semiconductor Technology Co., Ltd., with a stock code of 300475 [1]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5]. Financial Data and Profit Distribution - The net profit attributable to shareholders for the first half of 2025 is reported at 157,832,328.06 yuan, with a total distributable profit of 714,162,539.04 yuan after accounting for previous distributions and retained earnings [12][30]. - The profit distribution plan includes a cash dividend of 0.35 yuan per 10 shares, with no stock dividends or capital reserve transfers [12][30]. Board and Supervisory Meetings - The fifth board of directors and the supervisory board held meetings on August 25, 2025, where the half-year report and profit distribution plan were unanimously approved [10][23]. - The meetings were conducted in compliance with legal and regulatory requirements [9][22]. Shareholder Meeting - A temporary shareholder meeting is scheduled for September 12, 2025, to review and approve the profit distribution plan [37][40]. - The meeting will be conducted both in-person and via online voting, ensuring accessibility for all shareholders [39][40]. Guarantee and Related Transactions - The company has provided guarantees totaling 77.12 billion yuan, which is 262.56% of its audited net assets for 2024, primarily for its wholly-owned subsidiaries [59][60]. - The company has also engaged in related party transactions, including guarantees provided by related parties totaling 230 billion yuan [61][62].