GUOXIN MICRO(SZ:002049) 是说芯语·2025-08-04 23:31Core Viewpoint - Recently, Unisoc received a warning letter from the Hebei Securities Regulatory Bureau due to regulatory violations related to shareholder meeting operations and information disclosure [1][3]. Group 1: Regulatory Violations - The warning letter cited two main violations: 1. Non-compliance in the operation of the shareholder meeting, where some directors and supervisors did not attend as required, and some independent directors failed to submit performance reports, violating the rules set forth by the CSRC [3]. 2. Improper information disclosure, including errors in the names of related parties in the 2022 annual report, failure to follow review procedures for using raised funds, and inaccurate aging disclosures in the 2023 annual report, violating the CSRC's information disclosure management regulations [3]. Group 2: Financial Performance - Unisoc's financial performance has raised concerns, with Q1 2025 revenue at 1.026 billion yuan, a decrease of 10.05% year-on-year, and net profit attributable to shareholders down 61.11% to 119 million yuan [4]. - For the full year 2024, revenue was 5.511 billion yuan, a decline of 27.26%, and net profit attributable to shareholders fell by 53.43% to 1.179 billion yuan [4]. - The continuous decline in performance over two years indicates significant challenges in market competition, with the company attributing the downturn to external factors such as adjustments in the smart security chip business and insufficient demand in the special integrated circuit market [4]. Group 3: R&D Investment - Unisoc has positioned R&D innovation as a core competitive advantage, with R&D expenditure accounting for 23.33% of revenue in 2024; however, this investment has not translated into revenue growth, raising questions about the efficiency of R&D and innovation capabilities [5].