Core Viewpoint - Fuhuan Micro (富瀚微) has submitted its listing application to the Hong Kong Stock Exchange, focusing on smart vision technology and plans to raise funds for R&D and market expansion [1][2]. Group 1: Company Overview - Fuhuan Micro, established in 2004 in Shanghai, specializes in the design of visual processing ICs for security cameras, recorders, and other visual devices in the video, IoT, and transportation sectors [2]. - The company has three main IC product lines: smart video, smart IoT, and smart transportation [2]. - Fuhuan Micro has a strong technical foundation in image signal processing, video encoding and decoding, NPU, and custom chip design, enabling the creation of powerful and optimized AI SoCs [2]. Group 2: Financial Performance - The company reported revenues of 2.111 billion yuan, 1.822 billion yuan, 1.790 billion yuan, and 687 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [1]. - Net profits for the same periods were 378 million yuan, 252 million yuan, 232 million yuan, and 1.826 million yuan [1]. - R&D expenses for 2022, 2023, 2024, and the first half of 2025 were 301 million yuan, 335 million yuan, 350 million yuan, and 170 million yuan, respectively [2]. Group 3: Market Strategy and Challenges - Fuhuan Micro's revenue concentration is high, with sales from the top five customers accounting for 91.7%, 91.1%, 88.4%, and 84.4% of total sales in 2022, 2023, 2024, and the first half of 2025, respectively [3]. - The company anticipates intensified competition in the semiconductor industry due to new entrants and ongoing innovations from existing players [3]. - The company plans to focus on AIoT strategy development over the next five years, integrating AI capabilities into all SoC and ISP products [4].

Core Viewpoint - The company is actively working on the issuance and listing of H-shares, with specific progress to be announced in future updates [1] Group 1 - The company responded to investor inquiries on November 7 regarding its efforts in H-share issuance [1]

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-086 | | --- | --- | --- | | 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 关于公司2022年股票期权激励计划预留授予第三个行权期 采用自主行权模式的提示性公告 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。 特别提示： 1、可行权的股票期权数量为 1,590 份，占公司现有总股本的 0.001%，行权 价格为 64.80 元/份； 2、本次行权将采用自主行权模式。根据业务办理的时间情况，实际可行权 期限为 2025 年 11 月 10 日至 2026 年 10 月 26 日。 上海富瀚微电子股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召 开第五届董事会第五次会议审议通过了《关于股票期权激励计划符合行权条件的 议案》，具体内容详见公司在巨潮资讯网披露的《关于股票期权激励计划符合行 权条件的公告》（公告编号：2025-082）。 截至本公告披露日，本次自主行权事项已获深圳证券交易所审核通过，且公 司已在 ...

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-085 | | --- | --- | --- | | 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 关于公司2021年股票期权激励计划预留授予第四个行权期 2、股票期权代码：036472 3、行权价格及数量： 采用自主行权模式的提示性公告 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。 特别提示： 1、可行权的股票期权数量为 159,506 份，占公司现有总股本的 0.07%，行 权价格为 88.47 元/份； 2、本次行权将采用自主行权模式。根据业务办理的时间情况，实际可行权 期限为 2025 年 11 月 10 日至 2026 年 10 月 13 日。 上海富瀚微电子股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日召 开第五届董事会第五次会议审议通过了《关于股票期权激励计划符合行权条件的 议案》，具体内容详见公司在巨潮资讯网披露的《关于股票期权激励计划符合行 权条件的公告》（公告编号：2025-082）。 截至本公告披露日， ...

Core Insights - Shanghai Fuhangwei Electronics is set to complete its "A+H" dual listing on the Hong Kong Stock Exchange, positioning itself as a leader in the global smart vision processing chip market, with a projected first-place revenue ranking in 2024 [1][3] - Despite its market leadership, the company's financial data reveals a concerning trend of declining revenue and sharply reduced net profits, with a nearly 98% drop in net profit in the first half of 2025 compared to the previous year [1][5] - The company operates under a "fabless" model, focusing on integrated circuit design and sales while outsourcing manufacturing, which allows for concentrated resources on technological innovation [1][2] Business Overview - Fuhangwei's product architecture covers the complete visual processing chain, from image signal acquisition to video storage and management, providing a robust full-stack solution [2] - The company's core product lines include smart video, contributing 67.3% of total revenue in 2024, smart IoT, and smart mobility, with products used in various applications such as security cameras and automotive systems [2] Market Opportunities - The AI wave presents significant transformation opportunities for the visual chip industry, with the global AI SoC market expected to grow from $43.8 billion in 2025 to $109 billion by 2029, at a CAGR of 25.6% [3] - Fuhangwei's "AI for All" strategy aims to leverage technological innovation to provide high-performance, cost-effective AI visual ICs, with plans to expand its R&D team and AI product offerings [3] Financial Challenges - The company's financial performance has shown a downward trend, with total revenue declining from 2.11 billion RMB in 2022 to 1.79 billion RMB in 2024, and a further 14.1% decrease in the first half of 2025 [4] - Net profit has also significantly decreased from 378 million RMB in 2022 to 23.2 million RMB in 2024, with a drastic drop to 1.8 million RMB in the first half of 2025, attributed to reduced procurement from its largest customer and intense price competition [5] Customer and Supply Chain Risks - Fuhangwei's business model is highly exposed to customer concentration risks, with the top five customers contributing 88.4% of revenue in 2024, and the largest customer accounting for 66.7% of total sales [6] - The supply chain is similarly concentrated, with the top five suppliers representing 80.6% of total procurement, making the company vulnerable to disruptions from key suppliers [6] Conclusion - Fuhangwei's strong market position and technological capabilities are its core strengths, but it faces significant challenges including declining profitability, customer concentration, and escalating market competition [7] - The upcoming IPO is seen as a critical opportunity for the company to secure funding for strategic transformation, balancing the potential of AI-driven market growth against its internal operational challenges [7]

Core Viewpoint - Shanghai Fuhang Microelectronics is set to complete its "A+H" dual listing on the Hong Kong Stock Exchange, despite revealing alarming financial data in its prospectus, indicating a significant decline in revenue and net profit [1][4][5] Group 1: Market Position and Product Lines - Fuhang Microelectronics ranks first in global smart vision processing chip revenue and leads in shipments of edge smart vision processing chips and automotive-grade ISP chips [1] - The company operates under a "fabless" model, focusing on IC design and sales while outsourcing manufacturing, which allows for concentrated resources on technological innovation [1][2] - Its product architecture covers the entire visual processing chain, with three core product lines: smart video, smart IoT, and smart mobility, contributing 67.3% of total revenue in 2024 [2][3] Group 2: Financial Performance and Challenges - The company's total revenue declined from 2.11 billion RMB in 2022 to 1.79 billion RMB in 2024, with a further 14.1% drop in the first half of 2025 [4][5] - Net profit plummeted from 378 million RMB in 2022 to 23.2 million RMB in 2024, and further down to 1.8 million RMB in the first half of 2025, a decline of over 97% [5] - The average selling price (ASP) of products has significantly decreased, with the ASP for smart video dropping from 15.4 RMB in 2022 to 11.1 RMB in the first half of 2025, and for smart IoT from 15.5 RMB to 8.6 RMB [5] Group 3: Customer and Supply Chain Risks - The company faces structural vulnerabilities due to high customer concentration, with the top five customers contributing 88.4% of revenue in 2024, and the largest customer accounting for 66.7% [5][6] - The supply chain is also highly concentrated, with the top five suppliers making up 80.6% of total procurement, exposing the company to risks from potential disruptions [6] Group 4: Strategic Outlook - Fuhang Microelectronics aims to leverage the AI wave with its "AI for All" strategy, focusing on high-performance, cost-effective AI visual ICs to capitalize on market opportunities [3][7] - The upcoming IPO is seen as a critical opportunity for the company to secure funding for strategic transformation and to address its profitability challenges [7]

Core Insights - Shanghai Fuhuan Microelectronics is set to complete its "A+H" dual listing on the Hong Kong Stock Exchange, positioning itself as a leader in the Chinese visual IC industry [1] - Despite its leading position in the global smart visual processing chip market, the company's financial data reveals a concerning trend of declining revenue and sharply reduced net profit, with a nearly 98% drop in net profit in the first half of 2025 [1][5] - The company has a robust market position and a clear strategy to leverage AI for growth, but faces significant challenges related to profitability and customer concentration [3][7] Company Overview - Fuhuan Microelectronics has over 20 years of experience in the industry, utilizing a "fabless" business model that focuses on IC design and sales while outsourcing manufacturing and testing [1] - The company's product architecture covers a complete visual processing chain, including smart video, smart IoT, and smart mobility, with smart video contributing 67.3% of total revenue in 2024 [2] Market Opportunities - The global AI SoC market is projected to grow from $43.8 billion in 2025 to $109 billion by 2029, with a compound annual growth rate of 25.6% [3] - Fuhuan Microelectronics aims to capitalize on this opportunity through its "AI for All" strategy, focusing on high-performance, cost-effective AI visual ICs [3] Financial Performance - The company's total revenue declined from 2.11 billion RMB in 2022 to 1.79 billion RMB in 2024, with a further 14.1% decrease in the first half of 2025 [4] - Net profit fell from 378 million RMB in 2022 to 232 million RMB in 2024, with a drastic drop to 1.8 million RMB in the first half of 2025, attributed to reduced procurement from its largest customer and intense price competition [5] Risks and Challenges - The company faces structural vulnerabilities due to high customer concentration, with the top five customers accounting for 88.4% of revenue in 2024, and the largest customer contributing 66.7% [6] - The supply chain is also highly concentrated, with the top five suppliers representing 80.6% of total procurement, exposing the company to risks from potential disruptions [6] Strategic Outlook - Fuhuan Microelectronics is at a critical juncture, with the potential for significant market opportunities in AI and IoT, but must address its profitability challenges and customer dependency to ensure sustainable growth [7]

Group 1 - The company Fuhang Micro announced that on October 30, 2025, it will accept investor research from institutions such as Chuangjin Hexin Fund, with participation from the company's Vice General Manager and Board Secretary Wan Jianjun, and Investor Relations Director Wu Siwen [1] - The announcement highlights the company's engagement with investors and its commitment to transparency in addressing investor inquiries [1] Group 2 - The news also touches on a broader economic issue, indicating that a government shutdown in the U.S. could impact food security for 42 million people, emphasizing the potential socio-economic implications of government actions [1]

Financial Performance - The company achieved a quarterly revenue of 4.52 billion CNY in Q3, a year-on-year decrease of 9.8% but a quarter-on-quarter increase of 22.2% [2] - The net profit attributable to shareholders decreased by 26.7% year-on-year but increased by 604% quarter-on-quarter, primarily driven by the smart IoT and automotive sectors [2] Supply Chain and Cost Management - Storage costs can account for 30% to 40% of product costs depending on whether KGD is included, with the company planning to raise prices due to rising storage costs [3] - The wafer prices are stable with slight decreases, while packaging and testing prices are expected to remain stable with potential localized increases if upstream capacity tightens [4] Gross Margin Insights - The gross margin improved in Q3 due to low supply chain inventory replenishment, increased new product shipments, and a nearly 20% revenue growth in the automotive sector, which has a higher gross margin [5] - Different business segments have varying gross margins: automotive at approximately 40%, professional video at about 37%, and smart IoT at around 22% [5] Market Trends and Customer Demand - Downstream professional video clients have begun to replenish inventory, indicating a strong demand similar to the tight supply conditions seen in 2021 [2] - The automotive sector is less affected by storage price increases, while the AIoT sector faces more pressure due to lower profit margins [7] Product Development and Future Outlook - The company plans to launch new products in the AIoT sector, including applications for transportation, home, and retail environments, which are expected to drive sales growth [8] - The company aims to achieve a revenue scale of 5 billion CNY within 3-5 years, focusing on smart video, smart IoT, and automotive sectors [18] International Expansion Strategy - Current overseas revenue primarily comes from Hong Kong, with future strategies to stabilize in Southeast Asia, expand to Europe, and eventually enter the Americas [16] Industry Position and Market Share - The company holds a leading position in the smart visual processing chip market with an estimated revenue of 220 million USD in 2024 and a market share of approximately 21.3% [14]

| 证券代码：300613 | 证券简称：富瀚微 | 公告编号：2025-084 | | --- | --- | --- | | 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 关于部分股票期权注销完成的公告 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。 特别提示： 1、本次注销部分股票期权合计 241,994 份，占公司总股本 0.1%。 2、截至本公告日，公司已在中国证券登记结算有限责任公司深圳分公司办 理完成上述股票期权的注销手续。 上海富瀚微电子股份有限公司（以下简称"富瀚微"或"公司"）于 2025 年 10 月 30 日第五届董事会第五次会议审议通过了《关于注销部分股票期权的议 案》，鉴于： 综上，本次合计注销已获授但尚未行权的股票期权 241,994 份，本次注销部 分股票期权事项已取得股东大会的授权，无须提交股东会审议。注销具体情况如 下表所示： | | 年股票期权 2021 | 年股票期权 2022 | 年股票期权 2022 | | --- | --- | --- | --- | | | 预留授予（份） ...