杰华特微电子股份有限公司 2025 年第三季度报告 杰华特微电子股份有限公司 2025 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 证券代码：688141 证券简称：杰华特 杰华特微电子股份有限公司 2025 年第三季度报告 | 加权平均净资产收益率 | -8.23 | 减少 0.87 | -24.35 | 减少 3.7 | 个百 | | --- | --- | --- | --- | --- | --- | | （%） | | 个百分点 | | | 分点 | | 研发投入合计 | 258,254,864.72 | 52.19 | 679,152,915.28 | | 38.54 | | 研 ...

杰华特微电子股份有限公司 关于变更公司注册资本并修订《公司章程》的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 杰华特微电子股份有限公司（以下简称"公司"）于2025年10月30日召开 了第二届董事会第十九次会议，审议通过了《关于变更公司注册资本并修订< 公司章程>的议案》，该议案尚需提交股东会审议。现将有关情况公告如下： 因公司完成2024年限制性股票激励计划首次授予部分第一个归属期归属， 公司本次新增的股份数量为3,441,609股，已于2025年10月9日在中国证券登记 结算有限责任公司上海分公司完成登记。本次新增股份数量后，公司已发行股 份数量变更为450,321,609股，公司的注册资本变更为人民币450,321,609元。 公司结合前述限制性股票归属登记情况，对《公司章程》中的相关条款修 改如下： | | | 修订前 | | | | | | | | | | | 修订后 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

证券代码：688141 证券简称：杰华特 公告编号：2025-065 杰华特微电子股份有限公司 关于为控股子公司申请综合授信额度 并提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 担保对象及基本情况 | | | 被担保人名称 | 厦门杰柏特半导体有限公司 | | | --- | --- | --- | --- | --- | | 担 保 | 对 | 本次担保金额 实际为其提供的担保余额 | 3,000.00 万元 万元 0 | | | 象一 | | 是否在前期预计额度内 | □是 □否 | 不适用：本次新增 | | | | | 担保对象 | | | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | | 担 保 | 对 | 被担保人名称 | | 南京天易合芯电子有限公司 | | | | 本次担保金额 | 12,000.00 | 万元 | | 象二 | | 实际为其提供的担保余额 | 11,000.00 | 万元 | | | | 是否在前期预计额度内 | □是 否 | □不 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [10]. Core Views - The electronic upstream inflation is rising, driven by AI demand, leading to a resonance of storage cycles and growth. The Shanghai Composite Index rose by 2.88%, while the electronic sector increased by 8.49% in the past week, with components up by 12.84% and optical electronics up by 4.04% [1]. - The storage prices have been continuously increasing, with a clear upward trend in the storage cycle. The price of 512Gb/1Tb Flash Wafer has risen over 25% since September, and the price of 1TB PCIe 4.0 SSD has increased by over 20% during the same period [2]. - The demand for AI continues to drive high growth in the industry, with significant capital expenditures expected from major cloud service providers, projected to exceed $420 billion in 2025, and potentially reaching $520 billion in 2026 [5]. Summary by Sections Market Performance - The electronic industry overall rose by 8.49% in the past week, with significant gains in sub-sectors such as components and optical electronics [11]. Company Performance - TI's revenue for Q3 2025 was $4.742 billion, a year-on-year increase of 14.2%, and is expected to be between $4.22 billion and $4.58 billion for Q4 2025 [3]. - Several PCB manufacturers reported strong performance, with Dingtai Gaoke's revenue for Q3 2025 reaching 553 million yuan, a year-on-year increase of 33% [4]. Investment Recommendations - The report suggests focusing on domestic storage manufacturers such as Jiangbolong, Demingli, and Zhaoyi Innovation, which are expected to benefit from rising prices and demand [2]. - It also recommends companies with high-end capacity and advantageous customer structures, including Huidian Co., Shengyi Technology, and Pengding Holdings [4].

Group 1 - The core point of the news is that Jiewate's stock price has experienced fluctuations, with a year-to-date increase of 73.90% but a recent decline of 1.10% over the last five trading days [1] - As of October 22, Jiewate's stock price was reported at 53.23 CNY per share, with a total market capitalization of 23.971 billion CNY [1] - The company has seen significant trading activity, with a net outflow of 2.3476 million CNY in principal funds and notable buying and selling volumes [1] Group 2 - Jiewate Microelectronics Co., Ltd. specializes in the research and sales of analog integrated circuits, with a primary revenue source from power management chips, accounting for 93.09% of total revenue [2] - The company reported a revenue of 1.187 billion CNY for the first half of 2025, reflecting a year-on-year growth of 58.20%, while the net profit attributable to shareholders was -295 million CNY, a 12.44% increase [2] - As of June 30, 2025, the number of shareholders decreased by 9.16%, with an average of 23,997 circulating shares per shareholder, an increase of 10.08% [2] Group 3 - As of June 30, 2025, the top circulating shareholders include new entrants such as Galaxy Innovation Mixed A and Harvest Shanghai Stock Science and Technology Innovation Board Chip ETF, holding 11 million shares and 6.3677 million shares respectively [3] - Notable changes in holdings include an increase of 1.5423 million shares for Guotou Ruijin New Energy Mixed A and a decrease of 0.603 million shares for Qianhai Kaiyuan New Economy Mixed A [3] - Several funds have exited the top ten circulating shareholders list, indicating shifts in institutional investment [3]

Core Viewpoint - Jiewate Microelectronics Co., Ltd. has shown significant stock performance with a year-to-date increase of 79.29% and a recent trading volume indicating active market interest [1][2]. Company Overview - Jiewate was established on March 18, 2013, and listed on December 23, 2022, focusing on the research and sales of analog integrated circuits [2]. - The company's main revenue source is power management chips, accounting for 93.09% of total revenue, with DC-DC chips making up 56.79% [2]. Financial Performance - For the first half of 2025, Jiewate reported revenue of 1.187 billion yuan, a year-on-year increase of 58.20%, while the net profit attributable to shareholders was -295 million yuan, reflecting a 12.44% increase [2]. Stock Market Activity - As of October 21, Jiewate's stock price was 54.88 yuan per share, with a market capitalization of 24.714 billion yuan [1]. - The stock has experienced a trading volume of 1.49 billion yuan, with a turnover rate of 1.03% [1]. - The stock has appeared on the "龙虎榜" (a list of stocks with significant trading activity) twice this year, with the latest instance on August 15, where it saw a net buy of 195 million yuan [1]. Shareholder Composition - As of June 30, 2025, Jiewate had 11,000 shareholders, a decrease of 9.16% from the previous period [2]. - Notable shareholders include Galaxy Innovation Mixed A and Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF, both of which are new entrants among the top ten shareholders [3].

Group 1 - The core point of the article highlights the recent performance of Jiewate Microelectronics, which saw a stock price increase of 5.15% to 55.57 CNY per share, with a trading volume of 185 million CNY and a turnover rate of 1.27%, resulting in a total market capitalization of 25.024 billion CNY [1] - Jiewate Microelectronics, established on March 18, 2013, and listed on December 23, 2022, specializes in the research and sales of analog integrated circuits, providing high-efficiency, high-performance, and high-reliability solutions [1] - The company's main revenue sources include power management chips (93.09% of total revenue), with specific contributions from DC-DC chips (56.79%), AC-DC chips (20.48%), linear power chips (14.40%), signal chain chips (4.37%), and battery management chips (1.43%) [1] Group 2 - Among Jiewate's top ten circulating shareholders, a fund under the management of the Fortune Fund, specifically the Fortune Emerging Industries Stock A/B (001048), increased its holdings by 653,300 shares, totaling 4.7236 million shares, which represents 1.79% of the circulating shares [2] - The Fortune Emerging Industries Stock A/B fund has achieved a year-to-date return of 53.21%, ranking 230 out of 4,218 in its category, and a one-year return of 79.17%, ranking 54 out of 3,865 [2]

Core Viewpoint - The total margin balance of the Sci-Tech Innovation Board decreased to 248.04 billion yuan on October 17, reflecting a reduction of 3.37 billion yuan from the previous trading day [1] Group 1: Margin Balance - The financing balance amounted to 247.19 billion yuan, down by 3.33 billion yuan compared to the previous trading day [1] - The margin trading balance was recorded at 0.85 billion yuan, which is a decrease of 0.046 billion yuan from the previous trading day [1] Group 2: Stock Performance - On October 17, 255 stocks on the Sci-Tech Innovation Board experienced net financing inflows, with 10 stocks having net inflows exceeding 20 million yuan [1] - Tengjing Technology topped the list with a net financing inflow of 127 million yuan, followed by stocks such as Jiewate, Daotong Technology, Baijishenzhou, Dekeli, and Aobizhongguang [1]

Core Viewpoint - The "A+H" dual listing model is becoming an efficient pathway for Chinese companies to access international capital markets and accelerate their globalization efforts [1][21]. Group 1: A+H Dual Listing Trend - The trend of "A+H" dual listings is gaining momentum as companies pursue internationalization strategies and benefit from improved policy mechanisms [1][21]. - Several A-share companies, particularly in the LED lighting industry, are choosing to list in Hong Kong to leverage the dual financing platform [1][21]. Group 2: Company Specifics - Dongshan Precision - Dongshan Precision announced plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to enhance its international brand recognition and competitiveness [4]. - The funds raised will be used for project production, new capacity construction, technological upgrades, and potential mergers and acquisitions [4]. - For the first half of 2025, Dongshan Precision reported revenue of approximately 16.955 billion yuan, a year-on-year increase of 1.96%, and a net profit of about 788 million yuan, up 35.21% [5]. Group 3: Company Specifics - Tailin Microelectronics - Tailin Microelectronics is in discussions with intermediaries regarding its H-share listing, with details yet to be finalized [8]. - The company expects to achieve revenue of approximately 766 million yuan for the first three quarters of 2025, a year-on-year increase of about 30%, and a net profit of around 140 million yuan, up approximately 118% [10]. Group 4: Company Specifics - Jiewa Technology - Jiewa Technology, which has faced losses despite revenue growth, reported revenue of approximately 1.679 billion yuan for 2024, a year-on-year increase of 29.46%, but a net loss of about 603 million yuan [16]. - For the first half of 2025, the company achieved revenue of approximately 1.187 billion yuan, a year-on-year increase of 58.20%, with a net loss of about 295 million yuan [16]. Group 5: Company Specifics - Hehui Optoelectronics - Hehui Optoelectronics is actively pursuing an H-share listing to enhance its international financing capabilities and expand its overseas business [20]. - The company reported revenue of approximately 2.670 billion yuan for the first half of 2025, a year-on-year increase of about 11.51%, but a net loss of approximately 840 million yuan [20]. Group 6: Industry Context - The recent surge in A-share companies listing in Hong Kong is influenced by new IPO regulations that relax listing conditions, such as lowering public shareholding ratios and expediting review processes [21]. - The drive for globalization among Chinese companies is a key factor behind the "A+H" listing trend, as they seek to navigate challenges like supply chain restructuring and domestic market saturation [21][23].

Core Insights - The 2025 Bay Area Semiconductor Industry Ecological Expo concluded on October 17, 2023, with industry professionals expressing optimism about the semiconductor market's growth driven by strong investments in AI computing hardware [1][3] - The global semiconductor market is projected to reach $781.5 billion in 2025, reflecting a year-on-year growth of 16.3% compared to $683.3 billion in 2024, primarily fueled by data center server demand [3][4] - The packaging market is expected to grow at a compound annual growth rate exceeding that of the overall semiconductor industry from 2024 to 2029, with advanced packaging technologies being a key growth driver [4] Market Trends - The semiconductor market is experiencing a bifurcation, with AI-related products showing significant growth while non-AI products are recovering slowly [7] - The demand for AI computing power is expected to surpass training needs by 2026, accounting for over 70% of total computing power demand [7][8] - The global smartphone shipment volume declined by 0.01% year-on-year in Q2 2025, marking the first drop in six quarters, although there remains resilient consumer demand in the Chinese market [4] Technological Developments - The semiconductor industry is transitioning into a "post-Moore's Law" era, with companies exploring advanced processes, packaging solutions, and new technologies like optical quantum chips to enhance performance [8][9] - The introduction of integrated storage-computing architectures aims to address performance degradation issues and improve efficiency in AI computing chips [9][10] - The power supply architecture in data centers is evolving from 48V to 800V high-voltage direct current (HVDC) systems to meet the increasing power demands of high-performance chips [10]