新相微：5月8日召开业绩说明会，投资者参与

Core Viewpoint - The company, Xinxiangwei (688593), reported strong financial performance in Q1 2025, with significant growth in revenue and net profit, while also highlighting its strategic focus on technology innovation and market expansion in the display chip sector [2][7]. Financial Performance - In Q1 2025, the company achieved an operating revenue of 150.32 million yuan, representing a year-on-year increase of 49.95% [2][7]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 1.77 million yuan, up 67.86% compared to the same period last year [2][7]. - The company reported a net cash flow from operating activities of 79.06 million yuan, driven by cash received from sales of goods and services amounting to 157.74 million yuan, which is a 51.49% increase year-on-year [3]. Research and Development - R&D investment for Q1 2025 was 17.81 million yuan, accounting for 11.85% of operating revenue, reflecting a 59.83% increase from the previous year [2]. - The company is actively developing new products, including MOLED display driver chips and touch control chips for various applications, indicating a commitment to technological innovation [2]. Strategic Initiatives - The company is pursuing a "domestic substitution" strategy, focusing on strengthening its supply chain and enhancing collaboration with domestic partners to mitigate the impact of global semiconductor market changes [4]. - The acquisition of Shenzhen Aisheng Technology Co., Ltd. is expected to create synergies in product categories, technology development, and customer resources, enhancing the company's competitive position in the display chip market [5][6]. Market Position and Future Outlook - The company maintains a reasonable inventory level and has established stable strategic partnerships with key wafer foundry collaborators, ensuring efficient supply chain management [8]. - The company is also exploring opportunities in the drone sector, with new technologies being developed for aerial imaging, which could open new growth avenues [6]. - The overall development strategy focuses on multi-screen and multi-terminal collaborative development, aiming to enhance product competitiveness in the smart interconnect era [6].