Core Viewpoint - The company, JieJie Microelectronics (300623.SZ), is focusing on the automotive electronics sector as a key area for future development, with nearly 200 types of automotive-grade MOSFET products available for selection [1] Group 1: Product Development - The company has mass-produced over 100 types of automotive-grade MOSFETs, with the JMSHO40SAGQ model standing out due to its proprietary JSFET chip, full copper frame, and wire bonding packaging technology [1] - The JMSHO40SAGQ model meets the stringent standards of the automotive industry, achieving recognition for its long-term reliability, packaging size, power, and performance [1] Group 2: Market Application - The automotive-grade MOSFETs are widely used in steering, fuel, lubrication, and cooling systems by major domestic tier-1 automotive component suppliers [1] - Key customers in the automotive sector include companies such as Roswell, Honeywell, Dongfeng Technology, E-Tek, Koshida, BYD, Sanhua, Huayu, and Nidec [1]

Core Viewpoint - The company, JieJie Microelectronics (300623.SZ), has recently confirmed its capability in mass production of power semiconductor chips using its 6-inch production line, which has a minimum line width of 0.35um [1] Production Capacity - The 6-inch production line currently has a capacity of 6 million wafers per month and has maintained a shipment level of over 5 million wafers for three consecutive months, indicating it is operating at full capacity [1]

Core Viewpoint - The company is focusing on the automotive electronics sector as a key area for future development, with nearly 200 types of automotive-grade MOSFET products available for selection [1] Group 1: Product Development - The company has mass-produced over 100 types of automotive-grade MOSFETs, with the JMSHO40SAGQ model standing out due to its proprietary JSFET chip, full copper frame, and jumper packaging technology [1] - The JMSHO40SAGQ model meets the stringent standards of the automotive industry and has been recognized for its long-term reliability, packaging size, power, and performance [1] Group 2: Market Application - The automotive-grade MOSFET products are widely used in steering, fuel, lubrication, and cooling systems by major domestic tier-1 automotive component suppliers [1] - Key customers in the automotive sector include companies such as Roswell, Honeywell, Dongfeng Technology, Etek, Kossida, BYD, Sanhua, Huayu, and Nidec [1]

Company Overview - Jiangsu Jiejie Microelectronics Co., Ltd. specializes in the research, design, production, and sales of power semiconductor chips and devices, primarily operating under an IDM (Integrated Device Manufacturer) model [2][3]. Financial Performance - For the first half of 2025, the company achieved a revenue of CNY 1,600.48 million, representing a year-on-year growth of 26.77% [4]. - Operating profit reached CNY 280.23 million, an increase of 8.76% compared to the previous year [4]. - Net profit amounted to CNY 247.02 million, reflecting a year-on-year increase of 8.51% [4]. - The net profit attributable to shareholders was CNY 246.84 million, up 15.35% from the same period last year [4]. - The net profit after deducting non-recurring gains and losses was CNY 245.51 million, a significant increase of 46.57% year-on-year [4]. Revenue Breakdown by Product - **Thyristors (chips + devices)**: Revenue of CNY 283 million, gross margin of 44.84%, accounting for 17.94% of total revenue [5]. - **Protection devices (chips + devices)**: Revenue of CNY 541 million, gross margin of 30.87%, representing 34.31% of total revenue [5]. - **MOSFETs (chips + devices)**: Revenue of CNY 753 million, gross margin of 33.57%, making up 47.75% of total revenue [5]. Market Segmentation - The company's downstream customer distribution is as follows: - Industrial: 43.55% - Consumer: 36.25% - Automotive: 15.79% - Communication: 1.82% - Others: 2.59% [8]. Production Capacity - The 6-inch wafer production line has a capacity of 6W wafers/month, currently operating at full capacity with consistent shipments above 5W for three consecutive months [10]. - The 8-inch line is producing approximately 11W wafers/month, with a yield rate of around 95% during the trial production phase [11]. Strategic Developments - The newly established Chengdu subsidiary focuses on high-end isolation chips, with expected sales of around CNY 5 million in 2025 [12]. - The automotive sector is a key growth area, with nearly 200 models of automotive-grade MOSFETs available, and over 100 models already in mass production [13]. Major automotive clients include companies like Honeywell and BYD [13]. Cash Flow Management - The company emphasizes effective cash flow management through: - Strengthening accounts receivable control - Optimizing procurement processes to reduce inventory costs - Maintaining close cooperation with banks for credit facilities [8].

Group 1: Market Trends - The global health supplement market is projected to reach $132.4 billion in 2023, with China's market size at 224 billion yuan, driven by aging population and new consumption trends [5][6] - The demand for health supplements is experiencing rigid growth due to aging, while new consumption trends are expanding market channels, with online sales accounting for 58% of the market [6][7] - The pet supplement market is emerging as a new growth point, with a market size of 1.6 billion yuan, indicating significant development potential [8] Group 2: Alcohol Industry Insights - The white liquor market is expected to face challenges during the Mid-Autumn Festival, with total sales potentially declining by 10% to 20% and total revenue possibly dropping over 30% [9] - Inventory turnover days in the white liquor industry have increased by 15 to 20 days year-on-year, indicating pressure on companies due to rising inventory levels [10] - Different liquor companies are adopting varied strategies, with some launching new products to cater to diverse consumer needs, reflecting a competitive market landscape [11] Group 3: Banking Sector Developments - The M1 growth rate reached 5.6% in July 2025, indicating increased liquidity among residents, while the proportion of time deposits is declining due to falling housing prices [13] - Government policies are optimizing credit structures and promoting economic growth to avoid recession, impacting the financial market [14] - A-share market returns are surpassing fixed income products, leading to a shift of funds towards the stock market, influenced by a weaker dollar [15][16] Group 4: Company Performance Highlights - Xian Da Co. reported a revenue of 1.423 billion yuan for the first half of 2025, a year-on-year increase of 11.82%, with net profit reaching 136 million yuan, up 2,561.58% [20] - Jie Jie Microelectronics achieved a revenue of 1.601 billion yuan, a 26.77% increase, with net profit of 247 million yuan, up 15.35% [21] - Fuyao Glass reported a revenue of 21.447 billion yuan, a 16.94% increase, with net profit growing by 37.33% to 4.805 billion yuan [23]

Core Viewpoint - The company, Jiangsu Jiejie Microelectronics, reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, indicating robust operational resilience and growth momentum [1][2]. Financial Performance - The company achieved a revenue of 1.6 billion yuan, representing a year-on-year increase of 26.77% [1]. - Net profit attributable to shareholders reached 247 million yuan, up 15.35% year-on-year [1]. - The net profit after deducting non-recurring gains and losses surged by 46.57%, showcasing strong operational performance [1]. - The net cash flow from operating activities was 453 million yuan, a substantial increase of 55.03% year-on-year, reflecting excellent cash collection capability [2]. Business Segments - The company's three main business segments all experienced steady growth: - Power semiconductor chip revenue was 492 million yuan, a year-on-year increase of 23.28% [2]. - Power semiconductor device revenue reached 1.074 billion yuan, growing by 27.88% year-on-year [2]. - Revenue from power device testing and packaging was 116 million yuan, showing a significant increase of 55.91% [2]. R&D and Innovation - The company has maintained a strong focus on technology-driven growth, with a total of 309 authorized patents, including 105 invention patents [3]. - In the first half of 2025, the company added 28 new authorized patents across key technology areas such as MOSFET, IGBT, and packaging processes [3]. - R&D investment amounted to 104 million yuan, targeting advanced technologies like SGT MOS, SJ MOS, and silicon carbide devices [3]. Quality Management and Market Position - The company has enhanced its quality management system, achieving multiple certifications such as IATF16949 and ISO9001, ensuring compliance with international standards [4]. - The customer base has been optimized, establishing deep collaborations with well-known companies like Haier and ZTE, and gradually entering high-end markets such as automotive electronics and aerospace [4]. - The company has implemented a "Quality Return Dual Improvement" action plan to enhance investor confidence and market perception [4]. Future Growth Prospects - The company plans to continue focusing on its core business of power semiconductors and accelerate capacity release [4]. - There will be an increased emphasis on R&D investment to promote the industrial application of third-generation semiconductor technologies like silicon carbide and gallium nitride [4]. - With the ongoing demand surge in sectors like new energy and automotive electronics, the company is well-positioned to benefit from the domestic substitution trend and enter a new growth cycle [4].

Financial Performance - The company reported a total revenue of 1.6 billion yuan for the first half of 2025, representing a year-on-year increase of 26.77% [1] - The net profit attributable to shareholders reached 247 million yuan, up 15.35% year-on-year [1] - In Q2 2025, the total revenue was 901 million yuan, with a year-on-year growth of 21.21%, and the net profit was 135 million yuan, increasing by 10.69% year-on-year [1] - The gross margin was 35.39%, down 4.56% year-on-year, while the net margin was 15.43%, a decrease of 14.41% year-on-year [1] Cash Flow and Receivables - The company's accounts receivable increased significantly, with a year-on-year growth of 40.46%, reaching 722 million yuan [1][3] - The net cash flow from operating activities saw a substantial increase of 55.03%, attributed to higher sales collections [3] - The cash and cash equivalents net increase was down by 526.20%, due to reduced cash inflow from maturing structured deposits [3] Cost and Expenses - Total sales, management, and financial expenses amounted to 151 million yuan, accounting for 9.46% of revenue, a decrease of 7.93% year-on-year [1] - The operating cost increased by 30.17%, in line with the growth in sales [3] Investment and Financing - The company’s interest-bearing debt decreased by 43.75% to 1.148 billion yuan [1] - The net cash flow from financing activities increased by 196.52%, primarily due to an increase in short-term borrowings [3] Shareholder Metrics - The earnings per share (EPS) was 0.30 yuan, reflecting a year-on-year increase of 3.45% [1] - The net asset value per share rose to 6.97 yuan, up 41.31% year-on-year [1] - The company’s return on invested capital (ROIC) was 7.35%, indicating average capital returns [4] Fund Holdings - The largest fund holding in the company is the Zhongjia Kofeng Value Selection Mixed Fund, which holds 0.05 million shares and has recently entered the top ten holdings [5]

Summary of Conference Call for JieJie Microelectronics Company Overview - JieJie Microelectronics reported a revenue of 1.6 billion yuan and a total profit of 270 million yuan for the first half of the year, showing year-on-year growth. The non-recurring net profit increased by 46%, primarily due to the disposal of an old factory asset [2][3]. Revenue Breakdown - Revenue by product segments: - MOS products: 753 million yuan (47%) - Thyristors: 283 million yuan (17%) - Protection devices: 541 million yuan (34%) [4]. Capacity and Utilization - The company's production capacity is nearly at full utilization, with the 8-inch line producing approximately 110,000 wafers monthly, and an output of about 100,000 wafers [13]. - The depreciation expense for the production line is estimated to be around 800 million yuan for 2025 [14]. Market Conditions and Pricing - The overall market is in a slow recovery phase with intense competition. The company adjusted the prices of some MOS products downwards by 4% to 15% in April and May, leading to a decrease in gross margin [6][3]. - The gross margins for different products are as follows: - Thyristors: 44.8% - Protection devices: 30% - MOS: 33% [6]. Downstream Application Areas - The distribution of downstream application areas is as follows: - Industrial: 43.55% - Consumer: 36.25% - Automotive: 15.79% - Communication: 1.82% [7]. Future Outlook and Goals - The company has adjusted its revenue target for the second half of the year to 2 billion yuan, with growth expected mainly from industrial (light storage, servers), consumer, and automotive electronics sectors [5][17]. - The company plans to launch approximately 200 automotive-grade MOSFET products this year [21]. R&D and Innovation - The company collaborates with research institutions to develop third-generation semiconductors, although high costs have delayed mass production. The R&D expense ratio for the second quarter was 5%, with an expectation of at least 6% for the year [5][24]. - There is a significant potential for domestic power semiconductor localization, with 70% of the market still open for domestic substitutes [22]. Inventory and Cash Flow - The company maintains a good inventory level, primarily stocking MOS products to meet varying demands [25]. - The strong operating cash flow is attributed to the gradual increase in capacity, especially in the 8-inch line [8]. Strategic Investments - The company is focusing on project investments and mergers to expand its product structure in response to market changes and to seize opportunities during industry consolidation [28]. Conclusion - JieJie Microelectronics is navigating a competitive landscape with strategic pricing adjustments, a focus on automotive applications, and ongoing R&D efforts to enhance its market position and product offerings. The company aims to leverage its strengths in the semiconductor market while addressing challenges posed by market dynamics.

Group 1 - The company, JieJie Microelectronics (300623.SZ), currently has a secondary supplier relationship with Huawei [1] - The company has certain MOSFET products that can be applied in the photovoltaic inverter sector [1] - Some protective devices are used in Huawei's mobile phone fast charging through indirect cooperation [1]

格隆汇8月20日丨捷捷微电(300623.SZ)于投资者互动平台表示，公司暂无产品配套在液冷服务器领域！ ...