江苏捷捷微电子股份有限公司 2025 年半年度报告全文 江苏捷捷微电子股份有限公司 2025 年半年度报告 2025-044 【2025 年 8 月】 1 江苏捷捷微电子股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人黄善兵、主管会计工作负责人朱瑛及会计机构负责人(会计主 管人员)张志红声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 本公司提请投资者认真阅读本半年度报告全文，并特别关注本报告第三节 "管理层讨论与分析"之第十小节"公司面临的风险和应对措施"中描述了 公司在经营中可能存在的风险及应对措施。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公司 对任何投资者及相关人士的承诺，投资者及相关人士均 ...

Group 1 - The company, JieJie Microelectronics (300623), reported that as of August 8, 2025, the total number of shareholders is 98,496 (excluding margin accounts) [1]

Core Insights - The company, JieJie Microelectronics, reported that as of August 8, 2025, the total number of shareholders reached 98,496 (excluding margin accounts) [2] Company Summary - JieJie Microelectronics has a significant shareholder base, indicating potential investor interest and engagement [2] - The data reflects the company's growth trajectory and market presence as it approaches the specified date [2]

Group 1 - The core viewpoint of the news highlights the financial performance and stock activity of Jiangsu Jiejie Microelectronics Co., Ltd. as of August 5, 2025, with a closing price of 30.06 yuan, reflecting a slight increase of 0.13% [1] - The company reported a total operating revenue of 700 million yuan for Q1 2025, representing a year-on-year growth of 34.72%, and a net profit attributable to shareholders of 112 million yuan, up 21.55% year-on-year [1] - The company's non-recurring net profit reached 110 million yuan, showing a significant increase of 121.17% year-on-year, with a current ratio of 1.605 and a quick ratio of 1.168 [1] Group 2 - The company has a registered capital of 736.35 million yuan and a paid-in capital of 487.45 million yuan, indicating a solid financial foundation [1] - Jiangsu Jiejie Microelectronics has made investments in 11 enterprises and participated in 57 bidding projects, showcasing its active engagement in the market [2] - The company holds 95 trademark registrations and 136 patents, along with 22 administrative licenses, reflecting its commitment to innovation and compliance [2]

Core Insights - The company, JieJie Microelectronics (300623), reported that as of July 31, 2025, the total number of shareholders is 94,520 [1] Company Summary - JieJie Microelectronics has engaged with investors through an interactive platform, providing transparency regarding its shareholder base [1] - The company is actively monitoring its shareholder count, indicating a focus on investor relations and engagement [1]

通过天眼查大数据分析，江苏捷捷微电子股份有限公司共对外投资了11家企业，参与招投标项目57次， 知识产权方面有商标信息95条，专利信息136条，此外企业还拥有行政许可22个。 来源：金融界 金融界消息 截至2025年7月30日收盘，捷捷微电（300623）报收于30.52元，上涨0.33%，换手率 2.89%，成交量20.98万手，成交金额6.43亿元。 资金流向方面，今日主力资金净流入2150.66万元，占比成交额3.34%。其中，超大单净流入1813.74万 元、占成交额2.82%，大单净流入336.92万元、占成交额0.52%，中单净流出流出1359.24万元、占成交 额2.11%，小单净流出791.43万元、占成交额1.23%。 捷捷微电最新一期业绩显示，截至2025一季报，公司营业总收入7.00亿元、同比增长34.72%，归属净利 润1.12亿元，同比增长21.55%，扣非净利润1.10亿元，同比增长121.17%，流动比率1.605、速动比率 1.168、资产负债率26.19%。 天眼查商业履历信息显示，江苏捷捷微电子股份有限公司，成立于1995年，位于南通市，是一家以从事 计算机、通信和其他电子 ...

Investment Rating - The report rates the industry as "Outperform" compared to the market [1] Core Insights - The integrated circuit manufacturing sector leads the electronic industry, with a weekly increase of 7.55% [2] - The launch of the Yajiang Hydropower Project is expected to accelerate the development of High Voltage Direct Current (HVDC) technology, with a total investment of approximately 1.2 trillion yuan [5][6] - The global HVDC market is projected to grow from $10.94 billion in 2024 to $11.70 billion in 2025, reflecting a year-on-year increase of 6.9% [7][24] - The domestic market for thyristors is expected to grow significantly, from 1.582 billion yuan in 2020 to 3.096 billion yuan in 2024, with a compound annual growth rate of approximately 18.3% [26] Summary by Sections 1. HVDC Overview - The Yajiang Hydropower Station will alleviate the imbalance in water and electricity supply in the region, with the southwestern area holding 70% of China's water energy resources [9][11] - HVDC technology has evolved through three generations, with the second generation (LCC) being the most mature and widely used for ultra-high voltage direct current (UHVDC) applications [17][20] 2. Market Demand for Thyristors - The demand for thyristors in the HVDC market is continuously increasing, driven by the expansion of high-voltage direct current projects [22][26] - The domestic market for thyristors is dominated by companies such as JieJie Microelectronics and Times Electric, which hold significant market shares [27][34] 3. Investment Opportunities - The report suggests focusing on investment opportunities in the thyristor market, particularly with companies like JieJie Microelectronics and Times Electric, which are closely linked to the HVDC industry [8][34] - JieJie Microelectronics has achieved full control over the thyristor supply chain and has recently patented technology to enhance thyristor performance [34] - Times Electric has introduced a new series of high-voltage thyristors, filling a domestic gap and contributing to the localization of ultra-high voltage projects [37]

Core Viewpoint - The power semiconductor industry is undergoing a significant adjustment phase due to global economic fluctuations, geopolitical conflicts, and accelerated technological iterations, leading to a complex landscape of opportunities and challenges for companies [1]. Group 1: Revenue and Profit Analysis - In 2024, most companies in the power semiconductor industry experienced revenue growth, but net profit showed significant divergence [2]. - Notable revenue figures include: - Silan Micro: 11.22 billion yuan, up 20.14% - Jiejie Microelectronics: 2.845 billion yuan, up 35.05% - New Clean Energy: 1.828 billion yuan, up 23.83% - Yangjie Technology: 6.033 billion yuan, up 11.53% - Huazhong Micro: 10.119 billion yuan, up 2.20% - Stada Semiconductor: 3.391 billion yuan, down 7.44% - Dongwei Semiconductor: 1.003 billion yuan, up 3.12% - Hongwei Technology: 1.331 billion yuan, down 11.52% [3]. - In terms of net profit: - Jiejie Microelectronics saw a dramatic increase of 115.87% - New Clean Energy and Yangjie Technology also reported growth - Silan Micro turned a profit of 220 million yuan - Huazhong Micro, Stada Semiconductor, Dongwei Semiconductor, and Hongwei Technology experienced varying degrees of decline [4]. Group 2: Market Dynamics and Competitive Landscape - The global power semiconductor market is projected to reach $46.8 billion in 2024, reflecting an 8% year-on-year decline, indicating limited growth in market demand [6]. - Companies are facing pressures from both supply-demand adjustments and intensified price competition, with Huazhong Micro noting significant impacts on profit metrics due to increased R&D investments and competitive pricing [7]. - Macro uncertainties and price competition are directly affecting company performance, with Hongwei Technology and Stada Semiconductor reporting declines in both revenue and net profit [8]. Group 3: Strategic Responses and Future Outlook - Some companies are achieving growth through "dislocated competition" by expanding into new application areas and optimizing product structures, such as Jiejie Microelectronics and New Clean Energy [9]. - The industry is characterized by a "dislocated growth" phenomenon, where some companies leverage technological advancements to capture high-end markets, while others struggle with price competition due to product homogeneity [10]. - To achieve coordinated growth in revenue and net profit, companies should focus on three strategies: 1. Increase R&D investments to innovate and create high-value products 2. Expand market boundaries by exploring both traditional and emerging markets 3. Strengthen internal cost control and optimize supply chain management to enhance overall profitability [12].

Core Viewpoint - The power discrete device market is experiencing structural adjustments driven by semiconductor technology advancements and the new energy revolution, with significant growth expected in 2024 and beyond [1][11][13]. Industry Overview - Power discrete devices are independent semiconductor components used for energy conversion and control, capable of handling high voltage and current, and are widely applied in power management, motor drives, and new energy systems [2][4]. - The market is categorized into diodes, transistors, thyristors, and wide bandgap devices, with materials divided into silicon-based and third-generation semiconductors (SiC/GaN) [2][4]. Market Dynamics - The global power discrete device market is projected to grow at a compound annual growth rate (CAGR) of approximately 12%, reaching a market size of 48 billion yuan in 2024, driven by strong demand from the new energy vehicle sector [1][13]. - In 2023, despite a slowdown due to a decline in consumer electronics, high-end devices like automotive-grade IGBTs and SiC MOSFETs maintained over 20% growth [11][13]. Competitive Landscape - The Chinese power discrete device industry features a "pyramid" competition structure, with leading companies like Anshi Semiconductor and BYD Semiconductor at the top, followed by companies like Silan Micro and Huazhong Micro [17][19]. - The domestic market has achieved over 60% replacement rate in mid-to-low-end segments, but high-end sectors still face technological barriers [17][22]. Development Trends - The industry is witnessing three core trends: accelerated penetration of third-generation semiconductor technologies (SiC/GaN), deepening domestic replacement processes, and diversification of application markets [21][22]. - The market for SiC MOSFETs is expected to grow over 30% in 2024, with significant advancements in manufacturing yields and technology [21][22]. - The demand for power discrete devices is increasingly driven by new energy vehicles, photovoltaic energy storage, and industrial control, with expectations of over 10 million new energy vehicles sold by 2025 [21][23].

Market Overview - The Shanghai Composite Index closed at 3546.50 points, above the annual line, with a gain of 1.05% [1] - The total trading volume of A-shares reached 10310.63 billion yuan [1] Stocks Breaking Annual Line - A total of 55 A-shares have broken above the annual line today, with notable stocks including XWANDA, Fuxing Co., and Guolian Minsheng, showing divergence rates of 5.64%, 3.70%, and 3.15% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Wangfujing, Tonghe Pharmaceutical, and Sanxia Water Conservancy [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - XWANDA (9.13% increase, 5.12% turnover rate, latest price 21.16 yuan, divergence rate 5.64%) [1] - Fuxing Co. (4.31% increase, 5.52% turnover rate, latest price 2.42 yuan, divergence rate 3.70%) [1] - Guolian Minsheng (6.66% increase, 3.68% turnover rate, latest price 11.21 yuan, divergence rate 3.15%) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuoer Si (3.05% increase, 3.72% turnover rate, latest price 18.56 yuan, divergence rate 2.82%) [1] - ST Huaming (4.83% increase, 10.28% turnover rate, latest price 10.21 yuan, divergence rate 2.73%) [1] - Green Beauty (3.01% increase, 2.26% turnover rate, latest price 6.50 yuan, divergence rate 2.32%) [1]