Chipown(SH:688508) Zheng Quan Zhi Xing·2025-08-15 12:16Core Viewpoint - The report evaluates the progress of Wuxi Chipone Microelectronics Co., Ltd.'s "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, emphasizing the company's commitment to enhancing core competitiveness, improving investor returns, and strengthening governance structures [1][2][3]. Group 1: Focus on Core Business - The company has focused on the research and sales of power integrated circuits for 20 years, emphasizing self-innovation and providing high-efficiency, low-power products [1]. - In the first half of 2025, the company's R&D expenses amounted to 125.2443 million yuan, accounting for 19.69% of its operating income [1]. - New product lines have been launched, including integrated chips with digital control and various power management solutions, achieving significant technological advancements [1]. Group 2: Investor Return Mechanism - The company has implemented cash dividends and share buybacks since its listing in 2020, with a total buyback amount of 198.3409 million yuan and cash dividends of 200.3431 million yuan by June 30, 2025 [2]. - In the first half of 2025, the company distributed a cash dividend of 0.4 yuan per share, totaling 51.6207 million yuan, which represents 46.37% of the net profit attributable to shareholders for the 2024 fiscal year [2]. - The company aims to balance performance growth with shareholder returns to enhance long-term value for investors [2]. Group 3: Project Management and Innovation - The company is focused on enhancing project management for fundraising and investment projects, particularly in the development of power chips and digital power management solutions [3]. - Significant revenue growth of 57% year-on-year was reported in the industrial market for the first half of 2025, driven by successful product launches [3]. Group 4: Governance Structure - The company has revised its articles of association and governance structure to comply with the latest regulations, including the cancellation of the supervisory board and strengthening the audit committee's role [4]. - Management has participated in training programs to enhance self-regulation and ensure compliance with governance standards [4]. Group 5: Shareholder Engagement - The company emphasizes high-quality information disclosure and maintains open communication channels with investors through various platforms [5]. - Over 140 interactions with brokers, institutions, and individual investors have been conducted to enhance understanding of the company's operations and build investor confidence [5]. Group 6: Future Commitments - The company will continue to assess the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan and fulfill its responsibilities to investors while promoting stable development in the capital market [7].