Zheng Quan Shi Bao Wang·2025-06-09 10:44Core Viewpoint - The recent board meeting announcement from Fudan Microelectronics (688385) highlights significant disagreements among board members regarding the board's restructuring and the upcoming shareholder meeting, amidst growing demand in high-growth sectors like AI and edge computing, which presents substantial application potential for FPGAs [1][2] Group 1: Board Restructuring - The board approved a restructuring plan and postponed the annual shareholder meeting to June 18, but there were notable dissenting votes from the executive director and two independent directors [1][2] - The executive director, Shi Lei, opposed the restructuring plan, citing a lack of representation for other shareholders in the new board composition [1][2] - Independent directors expressed concerns over leadership instability and suggested a more reasonable postponement to address disagreements for a smoother transition [2] Group 2: Company Background and Shareholder Structure - Fudan Microelectronics, established in August 1998, has four main product lines, including FPGA, and is recognized as a leading company in the domestic FPGA sector [2] - The new board candidates do not include key members from the founding team, raising questions about continuity and governance [2][4] - As of May 31, 2023, Fudan University and its affiliates hold a significant stake in the company, owning approximately 12.99% of the total shares [3] Group 3: Financial Performance - In 2024, the company reported revenues of 3.59 billion yuan, a year-on-year increase of 1.51%, but net profit decreased by 20.43% to 573 million yuan due to intense market competition [4] - For Q1 2025, revenues declined by 0.54% to 888 million yuan, with net profit dropping by 15.55% to 136 million yuan [4]