Core Viewpoint - The company, Pirelli Co., has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to jointly develop medium and high voltage IGBT power devices, indicating a commitment to innovation in power electronics [1] Group 1: Company Overview - Pirelli Co. announced the signing of a strategic cooperation agreement on September 1, 2025 [1] - The collaboration focuses on the research and manufacturing of medium and high voltage IGBT power devices [1] Group 2: Industry Implications - The agreement represents a preliminary framework for cooperation, highlighting the potential for advancements in power electronics technology [1] - The implementation of the agreement remains uncertain, which may affect future developments in the industry [1]

Core Viewpoint - The company, Pirelli Co., has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to jointly develop medium and high voltage IGBT power devices, indicating a commitment to innovation in power electronics [1] Group 1 - The agreement was signed on September 1, 2025, and represents a preliminary framework for cooperation between the two parties [1] - The collaboration focuses on research and manufacturing of power devices, specifically medium and high voltage IGBT [1] - The implementation of the agreement remains uncertain, highlighting the need for investors to be aware of potential investment risks [1]

证券代码：300831 证券简称：派瑞股份 公告编号：2025-061 西安派瑞功率半导体变流技术股份有限公司 关于签订战略合作协议的公告 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。 一、协议签订概况 2025 年 9 月 1 日，派瑞股份与西电所签订了《战略合作协议》，双方拟联合开展以中 高压 IGBT 为代表的功率器件研发制造。本协议为双方开展战略合作的意向性约定，不涉 及具体金额。 特别提示： 1. 西安派瑞功率半导体变流技术股份有限公司（以下简称"派瑞股份"或"公司"） 与西安电力电子技术研究所有限公司（以下简称"西电所"）签订《战略合作协议》（以 下简称"本协议"），双方拟联合开展以中高压 IGBT 为代表的功率器件研发制造。本协 议属于双方合作意愿和基本原则的框架性、意向性的初步约定，最终能否实施尚存在不确 定性，敬请广大投资者注意投资风险。 2. 本协议不涉及具体交易金额，预计不会对公司本年度经营业绩产生重大影响，对公 司未来年度经营业绩的具体影响存在不确定性。 3. 根据《深圳证券交易所创业板股票上市规则》的有关规定，西电所为公司的关联方， ...

Core Viewpoint - The company, Pirey Co., has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to jointly develop and manufacture power devices represented by medium and high voltage IGBTs. The agreement does not involve specific transaction amounts and is not expected to have a significant impact on the company's operating performance for the current year [1]. Group 1 - The strategic cooperation agreement aims to enhance research and development capabilities in power devices [1]. - The focus of the collaboration is on medium and high voltage IGBTs, which are critical components in various electronic applications [1]. - The agreement is not expected to materially affect the company's financial results for the current fiscal year [1].

Group 1 - The stock price of Pairui Co., Ltd. closed at 15.27 yuan on August 27, 2025, down 0.71 yuan, a decrease of 4.44% from the previous trading day [1] - The trading volume on that day was 203,000 hands, with a transaction amount of 317 million yuan [1] - Pairui Co., Ltd. specializes in the research, development, production, and sales of power semiconductor devices and power electronic equipment, with strong competitiveness in the high-voltage high-power thyristor sector [1] Group 2 - For the first half of 2025, Pairui Co., Ltd. reported operating revenue of 84.52 million yuan, a year-on-year decrease of 30.1% [1] - The net profit attributable to shareholders for the same period was 30.13 million yuan, down 35.6% year-on-year [1] - The company announced a dividend plan, proposing to distribute a cash dividend of 0.084375 yuan for every 10 shares [1] Group 3 - On August 27, 2025, the net outflow of main funds was 32.9469 million yuan, with a cumulative net outflow of 42.4966 million yuan over the past five trading days [1]

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]