（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 截至发稿，富瀚微市值为101亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 每经AI快讯，富瀚微（SZ 300613，收盘价：43.65元）11月25日晚间发布公告称，公司第五届第六次董 事会会议于2025年11月24日以现场及通讯表决方式召开。会议审议了《关于召开2025年第二次临时股东 会的议案》等文件。 2024年1至12月份，富瀚微的营业收入构成为：集成电路设计占比100.0%。 ...

华泰联合证券有限责任公司 核查意见 关于上海富瀚微电子股份有限公司 募集资金投资项目结项 并将节余募集资金永久补充流动资金的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为上海富瀚微电子股份有限公司（以下简称"富瀚微"、"公司"）向不特定对 象发行可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《深圳证 券交易所创业板股票上市规则》及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等法律法规的规定，对富瀚微募集资金投资项目（以下简称"募 投项目"）结项并将节余募集资金永久补充流动资金的事项进行了核查，具体核 查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2021]2259 号文《关于同意上海富瀚微 电子股份有限公司向不特定对象发行可转换公司债券注册的批复》核准，公司向 不特定对象发行 581.19 万张可转换公司债券，每张面值为 100 元人民币，共计 募集资金总额为人民币 581,190,000.00 元，扣除承销及保荐费、律师费、审计及 验资费、资信 ...

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：123122 | 债券简称：富瀚转债 | | 上海富瀚微电子股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 上海富瀚微电子股份有限公司（以下简称"公司"）于 2025 年 11 月 24 日召开 了第五届董事会第六次会议，审议通过了《关于募投项目结项并将节余募集资金永 久补充流动资金的议案》，同意公司"高性能人工智能边缘计算系列芯片项目"结 项，并将节余募集资金永久补充流动资金，用于公司日常生产经营。根据《上市公 司募集资金监管规则》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》及《公司章程》等有 关规定，该事项尚需提交公司股东会审议。现将相关事项公告如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意上海富瀚 微电子股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 [2021]2259 号 ...

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-089 | | --- | --- | --- | | 债券代码：123122 | 债券简称：富瀚转债 | | （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 11 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2025 年 12 月 11 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 上海富瀚微电子股份有限公司 关于召开 2025 年第二次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板上市公司规范运作》 等法律、行政法规、部门规章、规范性文件及《公司章程》的有关规定 ...

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-087 | | --- | --- | --- | | 债券代码：123122 | 债券简称：富瀚转债 | | 具体内容详见同日披露于巨潮资讯网（www.cninfo.com.cn）的《关于募投项 目结项并将节余募集资金永久补充流动资金的公告》。 上海富瀚微电子股份有限公司 第五届董事会第六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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 上海富瀚微电子股份有限公司（以下简称"公司"）第五届董事会第六次会议 通知已于 2025 年 11 月 17 日以书面、电子邮件、电话等形式向全体董事发出。 本次董事会于 2025 年 11 月 24 日以现场及通讯表决方式召开，由董事长杨小奇 先生主持，会议应出席董事 9 名，实际出席董事 9 名，公司高级管理人员列席了 本次会议。会议的召集、召开、表决程序符合《中华人民共和国公司法》等法律、 法规及《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于募投项目结项并将节余募集资金永久补充流动资金的议 ...

（文章来源：证券日报） 证券日报网讯富瀚微11月24日在互动平台回答投资者提问时表示，截至2025年11月20日，公司股东人数 为37690户。 ...

Core Viewpoint - The semiconductor sector in Hong Kong has been active this year, with companies like Huahong Semiconductor and SMIC showing strong stock performance. Additionally, Fuhanwei, a leader in intelligent visual processing chips, is pursuing a secondary listing in Hong Kong after eight years in the A-share market [2]. Company Overview - Fuhanwei is a fabless chip design company focusing on visual processing chips for security cameras, recorders, and smart home devices in the video, IoT, and automotive sectors [3]. - The company holds a 21.3% revenue share in the global intelligent visual processing chip market, ranking first, and also leads the vehicle ISP chip market by shipment volume [3]. Financial Performance - Fuhanwei's revenue has been declining, with 2024 revenue projected at 1.79 billion RMB, down from 1.82 billion RMB in 2023. The net profit is expected to drop significantly to 232 million RMB [6]. - In the first half of 2025, revenue fell by 14.1% year-on-year, and net profit plummeted by 97.8% to 1.826 million RMB, nearing a loss [6]. - The company has experienced a continuous decline in sales volume and average selling prices for its main products since 2022, severely impacting profitability [4][5]. Research and Development - Fuhanwei has been increasing its R&D investment, which reached 171 million RMB in the first half of 2025, accounting for 24.8% of revenue. The R&D team comprises 438 employees, representing 81% of the total workforce [3]. Market Challenges - The company faces challenges due to weak downstream demand in the intelligent video sector and intense price competition, leading to reduced output efficiency despite high R&D spending [3]. - Fuhanwei's reliance on a few major clients poses a significant risk, with 84.4% of revenue in the first half of 2025 coming from the top five clients, including 55% from the largest client [8][9]. Dividend Policy - Despite declining profitability, Fuhanwei has maintained its dividend payments, distributing a total of 134 million RMB from 2022 to the first half of 2025 [11][12]. Shareholder Activity - Shareholders have been actively reducing their stakes, with significant sell-offs by major shareholders in 2025, raising concerns about the company's financial health and future performance [12][13].

Core Viewpoint - Fuhangwei, a leader in the global smart vision chip market, is facing challenges with declining revenue, profits, and cash flow, raising concerns about its upcoming IPO in Hong Kong [3][4][6]. Group 1: Industry Position - Fuhangwei holds the largest market share in the global smart vision chip market, with a strong technological barrier and a product line covering smart video, IoT, and automotive sectors [3][6]. - The company ranked first in revenue in 2024 and leads in shipments of edge smart vision processing chips and automotive-grade ISP chips [6]. Group 2: Financial Performance - The company's revenue, profit, gross margin, and operating cash flow have been declining for three consecutive years, with net profit margin dropping to a low of 0.8% this year [4][7]. - From 2022 to 2024, Fuhangwei's revenue decreased from 2.111 billion to 1.79 billion, and net profit fell from 398 million to 258 million [13]. - In the first three quarters of 2025, revenue was 1.141 billion, down 12.42% year-on-year, and net profit dropped 55.82% to 82.03 million, with net profit margin falling to 4.23% [13]. Group 3: Customer Dependency - Fuhangwei's revenue heavily relies on a few major clients, with over 50% of sales coming from its top five customers, and the largest customer accounting for 55% of total sales in 2025 [19][21]. - The company's largest client, Hikvision, significantly influences its revenue, and any fluctuations in their purchasing can directly impact Fuhangwei's performance [21][22]. Group 4: Shareholder Actions - Prior to the IPO, significant shareholders have been reducing their stakes, including the controlling shareholder's associates, which raises concerns about the company's future outlook [8][15][16]. - The continuous reduction in shareholding by major stakeholders adds negative sentiment to the IPO process [16][17]. Group 5: Pricing and Market Challenges - Fuhangwei's core products have seen substantial price reductions, with the average selling price of smart video products dropping from 15.4 RMB to 11.1 RMB, and smart IoT products from 15.5 RMB to 8.6 RMB, a decline of 44.52% [24][26]. - The company's gross margin has decreased to 36.03% in Q3 2025, down from 37.86% the previous year, indicating pressure on profitability [27]. Group 6: Future Outlook - Fuhangwei aims to achieve a revenue target of 5 billion within the next 3-5 years, focusing on expanding R&D, product lines, and market presence, while integrating AI capabilities into all products [10][38]. - Despite having a strong technological foundation, the company faces significant challenges in proving that its new directions can improve profitability in the short term [39].

证券之星消息，11月17日，富瀚微（300613）融资买入941.29万元，融资偿还738.2万元，融资净买入 203.09万元，融资余额4.69亿元。 融资融券余额4.7亿元，较昨日上涨0.49%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-17 | 4.70亿 | 230.05万 | 0.49% | | 2025-11-14 | 4.68亿 | -103.95万 | -0.22% | | 2025-11-13 | 4.69亿 | -109.23万 | -0.23% | | 2025-11-12 | 4.70亿 | -446.58万 | -0.94% | | 2025-11-11 | 4.74亿 | -136.70万 | -0.29% | | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-11-17 | 203.09万 | 4.69亿 | 4.72% | | 2025-11-14 | -104.41万 | 4.67亿 ...

Core Insights - The demand for intelligent visual processing chips is increasing due to the ongoing development of global smart city projects, advancements in consumer electronics, and the rise of autonomous driving technology [1][9][10] - The global market size for intelligent visual processing chips reached $1.051 billion in 2023, with a projected decline to $1.033 billion in 2024 due to macroeconomic factors, but long-term growth is expected as downstream markets expand [1][10] - The industry has high entry barriers due to the complexity and specialization of technology required for chip development, which includes various algorithms and the need for skilled professionals [4][6] Industry Overview - Intelligent visual processing chips are specialized integrated circuits designed for image and video data processing, characterized by high computing power, low power consumption, and real-time response capabilities [2][4] - The market is segmented into terminal-side and edge-side chips, with terminal-side chips handling image acquisition and processing [2] Market Demand Structure - The security monitoring sector is the largest demand market for intelligent visual processing chips, accounting for over 30%, followed by the consumer electronics market at approximately 29.8% [8][9] Competitive Landscape - The global market for intelligent visual processing chips is highly concentrated, with the top three companies holding a market share of 56.3% in 2024, led by Shanghai Fuhang Microelectronics with a 21.3% share [10] - Key players include Fuhang Micro, Xingchen Technology, and others, with Fuhang Micro focusing on high-performance video processing solutions and Xingchen Technology specializing in AI SoC chips for various applications [10][11] Industry Policies - The development of the semiconductor and integrated circuit industry is a strategic focus for many countries, with various supportive policies enacted to foster growth in the intelligent visual processing chip sector [6] Future Trends - Future developments in intelligent visual processing chips will focus on optimizing deep learning algorithms and low-power solutions to meet the demands of mobile devices and edge computing [13] - Companies are expected to shift from product sales to integrated solutions, providing comprehensive services and fostering ecosystem development through open platforms [13]