证券代码：301536 证券简称：星宸科技 公告编号：2025-049 星宸科技股份有限公司 关于召开 2025 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 星宸科技股份有限公司（以下简称"公司"）于2025年9月4日召开第二届董 事会第十次会议，审议通过《关于提请召开2025年第一次临时股东会的议案》， 定于2025年9月22日（星期一）下午15:00召开2025年第一次临时股东会，本次 会议采取现场表决与网络投票相结合的方式召开，现将本次股东会的有关事项 公告如下： 一、召开会议的基本情况 1、股东会届次：2025年第一次临时股东会 2、会议召集人：公司董事会 3、会议召开的合法、合规性：董事会召集召开本次股东会会议符合《中华 人民共和国公司法》《中华人民共和国证券法》《深圳证券交易所创业板股票 上市规则》等有关法律、法规、规范性文件和《公司章程》等有关规定。 4、会议时间： （1）现场会议时间：2025年9月22日（星期一）下午15:00开始 （2）网络投票时间：2025年9月22日 其中，通过深圳证券交易所交易系统进行网络 ...

证券代码：301536 证券简称：星宸科技 公告编号：2025-041 星宸科技股份有限公司 第二届监事会第九次会议决议公告 2、审议通过《关于续聘安永华明会计师事务所（特殊普通合伙）为公司 2025 年度审计机构的议案》 经审议，监事会认为：安永华明会计师事务所（特殊普通合伙）具备从事上 市公司审计业务的丰富经验和执业素质，承办公司审计业务以来，恪尽职守，遵 循独立、客观、公正的执业准则，为公司提供了高质量的审计服务，所出具的审 计报告能公正、真实地反映公司的财务状况和经营成果。监事会同意续聘安永华 明会计师事务所（特殊普通合伙）为公司 2025 年度审计机构，聘期一年。 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 2025 年 9 月 4 日，星宸科技股份有限公司（以下简称"公司"）第二届监事 会第九次会议在公司会议室以现场会议及通讯会议相结合的方式召开，会议通知 于 2025 年 9 月 1 日以电话或邮件的形式发出。本次会议由监事会主席孙凯先生 主持，会议应出席监事 3 人，实际出席监事 3 人，本次会议的召开符合相关法律 ...

证券代码：301536 证券简称：星宸科技 公告编号：2025-040 星宸科技股份有限公司 第二届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 2025 年 9 月 4 日，星宸科技股份有限公司（以下简称"公司"）第二届董事 会第十次会议在公司会议室以现场会议及通讯会议相结合的方式召开，会议通知 于 2025 年 9 月 1 日以电话或邮件的形式发出。会议应出席董事 7 人，实际出席 董事 7 人，会议由董事长林永育先生主持，部分监事及高级管理人员列席会议。 本次会议的召开符合相关法律法规和《公司章程》规定。 二、董事会会议审议情况 1、审议通过《关于选举暨提名第二届董事会独立董事候选人的议案》 表决结果：7 票同意，0 票反对，0 票弃权。 3、审议通过《关于董事会战略委员会更名的议案》 经审议，董事会同意提名赵瑞昆先生为公司第二届董事会独立董事候选人， 任期自公司股东会审议通过之日起至第二届董事会任期届满为止。董事会提名委 员会对独立董事进行了资格审查，认为其符合《上市公司独立董事管理办法》等 法律法规 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the market benchmark by 5% to 15% over the next six months [4][11]. Core Insights - The company achieved a record high quarterly revenue of 1.403 billion yuan in the first half of 2025, representing an 18.63% year-on-year increase, while the net profit attributable to shareholders decreased by 7.47% to 120 million yuan [1]. - The growth engines for the company include its smart vehicle and smart IoT businesses, with significant advancements in the pre-installed market and strong performance in the smart robotics sector [2]. - The company is focusing on high-intensity R&D and strategic acquisitions to build long-term competitive advantages, particularly in the fields of 3D perception, mobile imaging, and advanced ADAS [3]. Financial Summary - The company forecasts revenues of 2.354 billion yuan for 2024, increasing to 4.265 billion yuan by 2027, with a compound annual growth rate of approximately 19.63% [3][9]. - The net profit attributable to shareholders is projected to grow from 256 million yuan in 2024 to 459 million yuan in 2027, reflecting a net profit growth rate of 30.33% [3][9]. - The earnings per share (EPS) is expected to rise from 0.62 yuan in 2024 to 1.09 yuan in 2027, indicating a positive trend in profitability [3][9].

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately 1.4 billion RMB, a year-on-year increase of about 18.6% [2] - In Q2 2025, revenue reached approximately 740 million RMB, representing a year-on-year growth of about 12.4% and a quarter-on-quarter increase of about 10.9% [2] - The three main business segments all experienced growth, with smart vehicle and smart IoT segments growing faster than the company average [2][3] Group 2: Business Segment Growth - Smart vehicle revenue was approximately 150 million RMB, with a year-on-year growth of about 45.4% [3] - Smart IoT revenue reached approximately 330 million RMB, growing by about 31.8% year-on-year [3] - Smart security revenue was approximately 910 million RMB, with a year-on-year increase of about 12% [3] Group 3: Profitability and Investment - The net profit attributable to shareholders was 120 million RMB, a year-on-year decrease of about 7.5% [5] - R&D investment for the first half of 2025 was approximately 320 million RMB, a year-on-year increase of about 9.6%, with an R&D investment rate of about 22.6% [5] - Marketing investment was approximately 14.53 million RMB, a year-on-year increase of about 43% [5] Group 4: Strategic Acquisitions - The company plans to acquire 53.3087% of Bluetooth chip company Furuikuan for approximately 210 million RMB, enhancing its AI SoC chip design capabilities [7][8] - The acquisition aims to create synergy between existing technologies and Bluetooth capabilities, improving the company's competitive edge in integrated SoC solutions [8] Group 5: Future Growth Strategies - The company is focusing on new growth curves in smart robotics, automotive lidar, and smart wearables, aiming to maintain a leading position in these markets [9][11] - Plans include developing next-generation SoCs for smart wearables that significantly reduce size and power consumption while enhancing image processing capabilities [9] - The company is also exploring edge computing and co-processor developments to align with national AI initiatives [10] Group 6: Market Position and Supply Chain Strategy - The company maintains a leading position in the security market, with a growing market share driven by strong online sales channels [4] - Supply chain strategies include optimizing costs through bulk procurement and maintaining multiple supplier relationships to mitigate price competition impacts [10] Group 7: H-Share Listing Plans - The company is preparing for an H-share listing to support its growth and strategic initiatives, aiming to enhance funding for R&D and potential acquisitions [11][12] - The listing is seen as a timely opportunity to accelerate internal growth and drive external expansion [11]

Core Viewpoint - Xingchen Technology (301536) reported a significant increase in revenue for the first half of 2025, achieving approximately 1.4 billion yuan, a year-on-year growth of about 18.6% [1] - The company announced a cash acquisition of 53.3087% of Shanghai Furui Kun Microelectronics for approximately 210 million yuan, marking a strategic move in the AI SoC chip design sector [1] Financial Performance - In Q2 2025, Xingchen Technology achieved revenue of approximately 740 million yuan, reflecting a year-on-year growth of about 12.4% and a quarter-on-quarter growth of about 10.9%, setting a historical record for both half-year and single-quarter revenue [1] - Furui Kun reported revenue of approximately 58.75 million yuan for the first half of 2025, with a performance commitment to achieve a cumulative net profit of no less than 100 million yuan from 2026 to 2028 [1][2] Acquisition Details - The acquisition involves 15 counterparties, with the total equity investment value of Furui Kun estimated at approximately 410 million yuan, leading to a negotiated transaction price of about 210 million yuan [1] - Furui Kun, established in 2014, specializes in Bluetooth chip design and has been recognized as a national-level "specialized and innovative" enterprise [2] Strategic Implications - The acquisition is expected to enhance Xingchen Technology's capabilities in connectivity, audio, and low power consumption, complementing its existing five core IPs [3] - The collaboration aims to create an integrated competitive advantage in the AI SoC chip market, focusing on edge computing and AI model deployment in various terminal devices [3][4] - The strategic move is seen as a transition from a chip supplier to a provider of intelligent IoT solutions, balancing performance, power consumption, and cost [4]

Core Insights - The company, Xingchen Technology, reported a total revenue of 1.403 billion yuan for the first half of 2025, representing an 18.63% year-on-year increase, while the net profit attributable to shareholders decreased by 7.47% to 120 million yuan [1] - The second quarter revenue was 738 million yuan, up 12.42% year-on-year, but the net profit for the same period fell by 12.62% to approximately 68.75 million yuan [1] - The company's accounts receivable accounted for 72.16% of the net profit, indicating a significant reliance on receivables [1] Financial Performance - Revenue increased from 1.183 billion yuan in 2024 to 1.403 billion yuan in 2025, an increase of 18.63% [1] - Net profit decreased from 130 million yuan in 2024 to 120 million yuan in 2025, a decline of 7.47% [1] - Gross margin fell to 33.19%, down 8.65% year-on-year, while net margin decreased to 8.55%, down 22.00% [1] - Total expenses (selling, administrative, and financial) amounted to 73.18 million yuan, representing 5.22% of revenue, an increase of 10.48% [1] - Earnings per share dropped from 0.32 yuan to 0.28 yuan, a decrease of 12.5% [1] Cash Flow and Investment - The net cash flow from investment activities increased by 112.34%, attributed to a rise in redeemed financial products [3] - The net increase in cash and cash equivalents rose by 105.83%, driven by increased revenue [3] - The company’s return on invested capital (ROIC) was 9.2%, indicating average capital returns, with a historical median ROIC of 43.12% since its listing [3][4] Business Model and Debt - The company relies heavily on research and development for its performance, necessitating a thorough examination of the underlying drivers [4] - The debt situation is noteworthy, with interest-bearing asset-liability ratio reaching 20.64% [4]

Project Investment - Guoxuan High-Tech plans to invest no more than 4 billion yuan to build a new lithium-ion battery manufacturing base with an annual capacity of 20GWh [1] - Jingneng Thermal Power intends to invest 40.88 million yuan in the Tongzhou Liuxiao Village project [1] Contract Bidding - Hongsheng Huayuan is expected to win a bid for a national grid project worth approximately 780 million yuan [1] - Dalian Electric Porcelain's subsidiary is expected to win a bid for a national grid project totaling about 95.7 million yuan [1] Equity Acquisition - Xingchen Technology plans to acquire a 53.3087% stake in Fubingkun for 214 million yuan [1] - Zhongxin International intends to purchase a minority stake in Zhongxin North, with stock suspension starting September 1 [1] Share Buyback - Kaiying Network plans to repurchase company shares for 100 million to 200 million yuan [2] - City Investment Holdings intends to repurchase shares for 5 million to 10 million yuan [2] Performance - Changjiang Electric Power reported a net profit of 13.056 billion yuan for the first half of the year, a year-on-year increase of 14.86% [2] - Hongwei Group's net profit for the first half of the year was 2.028 billion yuan, reflecting a year-on-year growth of 48.34% [2] Shareholding Changes - Guizhou Moutai's controlling shareholder plans to increase its stake by 3 billion to 3.3 billion yuan [2] - Huasheng Tiancheng's director Wang Weihang intends to reduce his holdings by no more than 10.929 million shares [2] Other - Electric Alloy plans to issue convertible bonds to raise no more than 545 million yuan for high-performance copper and copper alloy production projects [2] - Yunzhu Technology intends to raise no more than 876 million yuan through a private placement [2]

Core Viewpoint - The report highlights the financial performance and strategic positioning of Xingchen Technology Co., Ltd. in the AI SoC chip industry, emphasizing growth in revenue and the company's focus on innovation and market expansion [1][6][7]. Financial Performance - The company reported a revenue of approximately 1.40 billion yuan for the first half of 2025, representing an 18.63% increase compared to the same period in 2024 [6]. - The net profit attributable to shareholders decreased by 15.95% to approximately 95.63 million yuan [6]. - The basic earnings per share fell by 12.50% to 0.28 yuan [6]. Business Segments - The main business lines include: - **Smart Security**: Contributed about 65.66% to total revenue, with a revenue of approximately 909 million yuan, growing by 12% [8][12]. - **Smart IoT**: Accounted for approximately 23.44% of revenue, with a significant growth of 31.79% to about 325 million yuan, driven by the rise of smart robotics [8][12]. - **Smart Automotive**: Made up about 10.9% of revenue, achieving a 45.43% increase to approximately 151 million yuan, benefiting from the growing demand for automotive-grade chips [9][12]. Industry Positioning - The company is positioned in the "new generation information technology industry," focusing on AI SoC chip design, which is a key area of national strategic development [7]. - The industry is experiencing significant technological evolution, with trends such as AI-ISP technology and low-power design becoming critical for product competitiveness [7]. Research and Development - The company invested approximately 316.86 million yuan in R&D, accounting for 22.58% of its revenue, focusing on low-power automotive chips and high-performance laser radar SoC chips [17]. - The R&D team consists of 615 members, with a high proportion holding master's degrees or above [17]. Competitive Advantages - The company possesses a robust portfolio of core IP resources, including image signal processing and AI processors, which are continuously optimized for various applications [13]. - A diversified product ecosystem is established, covering smart security, smart IoT, and smart automotive sectors, positioning the company as one of the most comprehensive product line providers in the domestic market [13]. Market Outlook - The rapid development of AI, 5G, and IoT is expected to drive significant demand for edge AI SoC chips, providing ample growth opportunities for the company [12][18].

度 本报告期末 上年度末 本报告期末比上年 | 2025 | | 星宸科技股份有限公司 | | 年半年度报告摘要 | | | | --- | --- | --- | --- | --- | --- | --- | | 证券代码：301536 证券简称：星宸科技 | | | | 公告编号：2025-036 | | | | 星宸科技股份有限公司 2025 年半年度报告摘要 | | | | | | | | | | | | 星宸科技股份有限公司 | 2025 | 年半年度报告 | | 摘要 | | | | | | | | 一、重要提示 | | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | | | | 资者应当到证监 | | | | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | | 非标准审计意见提示 | | | | | | | | □适用 | ?不适用 | | | | | | | 董事会审议的报告期利润分配预案或公积金转 ...