Core Insights - The power semiconductor industry in China has developed a complete ecosystem with leading companies specializing in various segments, including IGBT modules, diodes, and traditional devices, contributing to the import substitution process in key areas like automotive electronics and renewable energy [1][8]. Company Overview - New Energy and Stada Semiconductor focus on IGBT modules, leading in the renewable energy sector [1]. - Jiejie Microelectronics and Suzhou Good focus on diodes and thyristors, serving home appliances and industrial automation markets [1]. - Huazhong Microelectronics and Silan Microelectronics are IDM leaders covering the entire industry chain [1]. - Wentai Technology has expanded into automotive-grade products through the acquisition of Anshi Semiconductor [1]. - Yangjie Technology leads in discrete devices, while Dongwei Semiconductor and Hongwei Technology focus on high-end MOSFET and IGBT research [1]. - Pairui Technology specializes in high-voltage devices, and Zhenhua Technology and Huami Electronics have advantages in military and industrial sectors [1]. - Galaxy Microelectronics, Xindao Technology, and Kaiweite focus on miniaturized devices in niche markets [1]. Performance Comparison - In Q1 2025, most power semiconductor companies reported gross margins between 10% and 45%, indicating good profitability [5]. - Wentai Technology led in revenue with 13.1 billion yuan, although its year-on-year growth rate declined [5]. - Pairui Technology achieved the highest gross margin at 58.4%, showcasing its cost control and efficiency [5]. Revenue and Gross Margin Data - New Energy reported Q1 2025 revenue of 450 million yuan with a gross margin of 36.6% [6]. - Jiejie Microelectronics had revenue of 700 million yuan and a gross margin of 39.9% [6]. - Huazhong Microelectronics reported 2.35 billion yuan in revenue with a gross margin of 25.3% [6]. - Wentai Technology's revenue was 13.1 billion yuan with a gross margin of 14.0% [6]. - Silan Microelectronics had revenue of 3 billion yuan and a gross margin of 21.3% [6]. - Stada Semiconductor reported 920 million yuan in revenue with a gross margin of 30.4% [6]. - Suzhou Good achieved 900 million yuan in revenue with a gross margin of 10.8% [6]. - Yangjie Technology reported 1.58 billion yuan in revenue with a gross margin of 34.6% [6]. - Galaxy Microelectronics had revenue of 220 million yuan and a gross margin of 24.0% [6]. - Pairui Technology's revenue was 30 million yuan with a gross margin of 58.4% [6]. - Hongwei Technology reported 300 million yuan in revenue with a gross margin of 16.4% [6]. - Dongwei Semiconductor achieved 280 million yuan in revenue with a gross margin of 13.6% [7]. - Taiji Technology reported 70 million yuan in revenue with a gross margin of 29.0% [7]. - Zhenhua Technology had revenue of 910 million yuan and a gross margin of 42.5% [7]. - Huami Electronics reported 640 million yuan in revenue with a gross margin of 28.0% [7]. Regional Distribution - Domestic sales dominate, with most companies having over 70% of their sales in China, except Wentai Technology, which has a balanced global presence [8]. - The East and South China regions are core areas for companies like Stada Semiconductor, Silan Microelectronics, and New Energy, while North and Central China focus on industrial and power applications [8]. - Companies like Zhenhua Technology and Huami Electronics leverage local bases to expand into surrounding areas [8]. Future Business Plans - The industry aims to build competitive barriers through capacity expansion, automotive certification, and domestic substitution [16]. - Leading companies are accelerating the expansion of automotive-grade IGBT modules and focusing on the photovoltaic storage market [16]. - Companies are also enhancing their technology capabilities, with a focus on 12-inch wafer production and third-generation semiconductor layouts [16].

Core Viewpoint - The company, Xi'an Pairui Power Semiconductor Technology Co., Ltd., is adjusting its fundraising project by changing part of the construction content, project location, and extending the implementation period due to market conditions and operational considerations [2][9]. Fundraising Project Adjustment Overview - The company raised a total of RMB 318.4 million by issuing 80 million shares at RMB 3.98 per share, with a net amount of RMB 269.31 million after deducting issuance costs [1]. - The adjustments were approved in meetings held on January 17, 2024, and February 2, 2024, and will be submitted for shareholder approval [2][8]. Original and Adjusted Project Details - The original project was focused on the industrialization of high-power semiconductor devices, with a total planned investment of RMB 57 million, using RMB 26.93 million from the raised funds [4][6]. - The adjusted project will now focus on 5-inch and 6-inch thyristors, IGCT, FRD, and other power semiconductor modules, with a revised total investment of RMB 53.53 million, maintaining the use of RMB 26.93 million from the raised funds [7][4]. Reasons for Adjustment - The company identified intense competition in the SiC market, dominated by international firms, leading to the decision to cancel SiC-related R&D and production plans due to high investment costs and limited market entry channels [6][3]. - The adjustments are deemed necessary to align with market conditions and the company's strategic development, aiming to reduce investment risks and protect shareholder interests [9][8]. Review and Approval Process - The adjustments have been reviewed and approved by the company's board and supervisory committee, and are pending approval from the shareholders [9][8]. - The sponsor institution, China International Capital Corporation, has confirmed that the adjustments comply with relevant regulations and do not harm shareholder interests [9].

Group 1 - The board of directors of Xi'an Pairui Power Semiconductor Conversion Technology Co., Ltd. held its tenth meeting and approved several key resolutions [1][2][3] - The company approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's financial status and operational results without any misleading statements [1][2] - The board also approved a special report on the management of raised funds, affirming that the management of the funds complies with relevant regulations [2][3] Group 2 - The board agreed to the provision for asset impairment, stating that it aligns with accounting standards and reflects the company's financial condition as of June 30, 2025 [3][4] - A mid-year dividend proposal was approved, with a cash dividend of RMB 0.084375 per share, totaling RMB 2.7 million [4][5] - The company plans to apply for a comprehensive credit facility of up to RMB 320 million to support its operational and business development needs [5][6] Group 3 - The board approved the establishment of a disciplinary inspection and audit department to enhance corporate governance and internal supervision [11][12] - The decision to liquidate a subsidiary was made to optimize resource allocation and reduce management costs, which is not expected to significantly impact the overall business [12][13] - The board also approved adjustments to the fundraising project, canceling certain construction content based on market conditions and company strategy [13][14]

Meeting Information - The company will hold its first extraordinary general meeting of shareholders for 2025 on September 12, 2025, at 15:00 [1] - The meeting will include both on-site and online voting options for shareholders [2] Voting Procedures - Shareholders can choose either on-site voting or online voting, but not both [2] - Online voting will be available through the Shenzhen Stock Exchange trading system and internet voting system on the same day [2][6] Agenda Items - The meeting will discuss several proposals, including amendments to the company's articles of association and the cancellation of the supervisory board [4][10] - Other proposals include revisions to various management rules and the appointment of the financial and internal control audit institution for 2025 [11] Registration Details - Shareholders must register to attend the meeting, with specific requirements for both legal and natural persons [5][6] - Registration can also be done via mail or fax for shareholders unable to attend in person [6] Additional Information - The company will provide a detailed voting process for online participation [7] - All costs related to attending the meeting, such as transportation and accommodation, will be borne by the participants [6]

Group 1 - The core point of the article is that Pairui Co., Ltd. (SZ 300831) held its board meeting on August 25, 2025, to review the 2025 semi-annual report and its summary [1] - For the first half of 2025, the company's revenue composition shows that the power electronics industry accounts for 99.87%, while other businesses account for only 0.13% [1] - As of the report, Pairui Co., Ltd. has a market capitalization of 5.1 billion yuan [1] Group 2 - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

证券代码：300831 证券简称：派瑞股份 公告编号：2025-055 西安派瑞功率半导体变流技术股份有限公司 关于修订《西安派瑞功率半导体变流技术股份有限公司章程》暨取消监事会 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。 西安派瑞功率半导体变流技术股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开第三届董事会第十次会议，审议通过了《关于修订<西安派瑞功率半导体变流技术股 份有限公司章程>暨取消监事会的议案》，该议案尚需提交公司股东会审议。现将有关事项 公告如下： 一、修订《公司章程》的原因 根据《中华人民共和国公司法》、中国证券监督管理委员会《上市公司章程指引》、 深圳证券交易所《深圳证券交易所创业板股票上市规则（2025 年修订）》《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（2025 年修订）》等相关法 律法规、规范性文件的规定，同时结合公司实际情况，对《西安派瑞功率半导体变流技术 股份有限公司章程》（以下简称"《公司章程》"）部分内容进行修订。 根据中国证券监督管理委员会发布的《关于新<公司 ...

证券代码：300831 证券简称：派瑞股份 公告编号：2025-052 根据《企业会计准则》《上市公司自律监管指引第2号——创业板上市公司规范运 作》 及西安派瑞功率半导体变流技术股份有限公司（以下简称"公司"）会计政策等相 关规定，公司本着谨慎性原则，对合并报表范围内截至2025年6月30日的各类资产进行 了全面清查和减值测试后，计提各项减值准备共计1,067.68万元，减值准备计提明细表 如下： 注：上表中"负值"表示该项目本报告期增加的计提净额，"正值"表示该项目本 报告期减少的计提净额。 二、主要资产减值准备计提情况说明 1、信用减值准备的确认标准及计提方法 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。 西安派瑞功率半导体变流技术股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开了第三届董事会第十次会议及第三届监事会第九次会议，会议审议通过了《关 于 2025 年半年度计提资产减值准备的议案》。 一、本次计提资产减值准备情况概述 西安派瑞功率半导体变流技术股份有限公司 关于 2025 年半年度计提资产减值准备的公告 | 信用期限 ...

关于公司向银行申请综合授信额度的公告 证券代码：300831 证券简称：派瑞股份 公告编号：2025-054 西安派瑞功率半导体变流技术股份有限公司 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。 西安派瑞功率半导体变流技术股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开的第三届董事会第十次会议和第三届监事会第九次会议，审议通过了《关于公司向 银行申请综合授信额度的议案》。同意公司向银行申请总额不超过人民币 3.2 亿元（含） 的综合授信额度。现将具体情况公告如下： 一、本次向银行申请综合授信额度的情况 为了满足公司生产经营的资金需求，提高公司资金流动性水平，保证各项业务的正常 有序开展。同时发挥多家银行业务优势，降低资金成本，我公司拟向银行申请使用综合授 信额度总计 3.2 亿元人民币。授信期限最终以银行实际审批为准，授信期限内授信额度可 循环使用。公司拟向银行申请综合授信额度具体情况如下： | 序号 | 授信银行 | 拟申请授信额度（亿元） | | --- | --- | --- | | 1 | 中国光大银行股份有限公司西安分行 | ...

证券代码：300831 证券简称：派瑞股份 公告编号：2025-051 西安派瑞功率半导体变流技术股份有限公司 董事会关于公司 2025 年半年度募集资金存放与使用情况的专项报告 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。 根据中国证监会发布的《上市公司募集资金监管规则》和深圳证券交易所发布的《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》等有关规定， 西安派瑞功率半导体变流技术股份有限公司（以下简称"公司"或"本公司"）董事会 编制了截至 2025 年 6 月 30 日募集资金年度存放与使用情况的专项报告，具体内容如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准西安派瑞功率 半导体变流技术股份有限公司首次公开发行股票的批复》（证监许可[2020]146 号）核 准，西安派瑞功率半导体变流技术股份有限公司（以下简称"公司"）于 2020 年 4 月 22 日向社会公开发行人民币普通股（A 股）股票 8,000 万股，发行价格为人民币 3.98 元/股 ...

证券代码：300831 证券简称：派瑞股份 公告编号：2025-057 西安派瑞功率半导体变流技术股份有限公司 拟续聘会计师事务所的公告 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： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企业、上市 公司选聘会计师事务所管理办法》(财会[2023]4 号)的规定。 西安派瑞功率半导体变流技术股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日召开了第三届董事会第十次会议及第三届监事会第九次会议，审议通过了《关于聘请 2025 年度财务和内控审计机构的议案》，同意继续聘请信永中和会计师事务所（特殊普通合伙） （以下简称"信永中和"）作为公司 2025 年度财务和内控审计机构。本议案尚需提交公司 2025 年第一次临时股东会审议。现将有关事项说明如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1. 基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日组织形式：特殊普通合伙企业 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 ...