截至2025年11月20日 11:04，上证科创板半导体材料设备主题指数下跌1.60%。成分股方面涨跌互现， 天岳先进领涨7.35%，有研硅上涨1.44%，和林微纳上涨1.36%；神工股份领跌4.89%，艾森股份下跌 3.98%，中微公司下跌3.89%。科创半导体ETF（588170）下跌1.69%，最新报价1.39元。 流动性方面，科创半导体ETF（588170）盘中换手7.5%，成交2.46亿元。拉长时间看，截至11月19日， 科创半导体ETF（588170）近1月日均成交4.55亿元，领先同类。 规模方面，科创半导体ETF（588170）近3月规模增长28.85亿元，实现显著增长。 招商证券指出，进入2025年三季度以来存储行业全面进入加速上行周期，不同于此前供给侧减产或退出 带来的价格短暂上行，本轮存储行业上行周期主要系AI时代下存储需求爆发推动，同时供给侧产能开 出有限，因此行业供需缺口持续扩大，价格加速上涨。在此背景下，海外存储原厂盈利能力持续提升， 国内部分存储模组公司快速扭亏为盈，2025年下半年利润预计将加速释放，利基存储芯片和存储产业链 配套公司亦将持续受益于存储涨价浪潮。 相关ETF：公 ...

Core Viewpoint - Shanghai Aiwei Electronics Technology Co., Ltd. plans to raise up to 1.901 billion yuan through the issuance of convertible bonds to enhance its R&D capabilities and expand its presence in emerging markets such as AI and automotive electronics [1][2]. Fundraising Projects Focused on Technology Upgrade and Capacity Expansion - Of the total funds raised, 1.224 billion yuan will be allocated to the "Global R&D Center Construction Project," with the remaining funds directed towards three major chip R&D and industrialization projects. The R&D center will be located in Xinzhuang, Minhang District, Shanghai, covering approximately 32,700 square meters [2]. - The project aims to address issues related to dispersed facilities and insufficient R&D equipment, with an expected increase in R&D personnel in Shanghai to 657 by the end of 2028, providing an average lab area of 11.21 square meters per person [2]. Three Major Chip Projects Targeting High-Growth Sectors - The End-Side AI and Supporting Chip Project aims to develop MCU+NPU, DSP+NPU chips, with a post-tax internal rate of return (IRR) of 19.63%. The Automotive Chip Project focuses on audio amplifiers and power management products, targeting smart cockpit needs, with an IRR of 18.51% [3]. - The Motion Control Chip Project targets products such as haptic drives and camera motor drives, with an IRR of 19.76%. The company emphasizes that these projects will upgrade existing products in terms of process nodes and application areas, with some products competing against international manufacturers like TI and ST [3]. Financing Scale and Financial Status Alignment - As of September 2025, the company's debt-to-asset ratio is 20.45%, with cash and trading financial assets totaling approximately 2.665 billion yuan. The non-capital expenditure ratio of the raised funds is 29.75%, meeting regulatory requirements [4]. - The three major chip projects are expected to have an internal rate of return between 18.51% and 19.76%, with an investment payback period of around six years. The company adopts conservative assumptions for pricing and sales volume, indicating a high overall feasibility [4]. Steady Business Growth and Increased R&D Investment - From 2022 to 2024, the company's revenue is projected to grow from 2.09 billion yuan to 2.933 billion yuan, with a compound annual growth rate of 18.48%. The net profit attributable to the parent company is expected to turn from a loss of 53 million yuan to a profit of 255 million yuan, with a gross margin recovery to 30.43% [5]. - The company states that the issuance of convertible bonds does not involve financial investments, and all fundraising projects are aligned with its core business. Previous fundraising projects have been completed as planned, with no significant adverse impact on the current fundraising [5].

Core Viewpoint - Aiwai Electronics announced the election of Mr. Zhang Zhengfeng as the employee representative director of the company's fourth board of directors during the employee representative assembly held on November 17, 2025 [1] Group 1 - The employee representative assembly was held on November 17, 2025 [1] - Mr. Zhang Zhengfeng was elected as the employee representative director [1]

证券代码：688798 证券简称：艾为电子 公告编号：2025-057 特此公告。 上海艾为电子技术股份有限公司董事会 2025 年 11 月 18 日 附件：职工代表董事简历 上海艾为电子技术股份有限公司 关于选举第四届董事会职工代表董事的公告 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。 上海艾为电子技术股份有限公司（以下简称"公司"）于 2025 年 11 月 17 日召开了 2025 年第二次临时股东大会，审议通过了《关于取消监事会及修订< 公司章程>的议案》《关于修订及制定公司部分治理制度的议案》。根据修订后的 《上海艾为电子技术股份有限公司章程》（以下简称"《公司章程》"），公司董事 会设职工代表董事 1 名，由公司职工通过职工代表大会或者其他形式民主选举产 生。 公司于 2025 年 11 月 17 日召开了职工代表大会，经过民主讨论、表决，选 举张正锋先生（简历详见附件）为公司第四届董事会职工代表董事，任期自本次 职工代表大会审议通过之日起至公司第四届董事会任期届满之日止。张正锋先生 符合《中华人民共和国 ...

证券代码：688798 证券简称：艾为电子 公告编号：2025-056 上海艾为电子技术股份有限公司 2025年第二次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 125 | | --- | --- | | 普通股股东人数 | 125 | | 2、出席会议的股东所持有的表决权数量 | 173,296,745 | | 普通股股东所持有表决权数量 | 173,296,745 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 74.3352 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 74.3352 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次会议由董事会召集，会议采取现场投票和网络投票相结合的表决方式。 ...

上海市锦天城律师事务所 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 楼 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 关于上海艾为电子技术股份有限公司 2025 年第二次临时股东大会 的 法律意见书 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于上海艾为电子技术股份有限公司 2025 年第二次 临时股东大会的法律意见书 致：上海艾为电子技术股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海艾为电子技术股份 有限公司（以下简称"公司"）委托，就公司召开 2025 年第二次临时股东大会 （以下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以 下简称《公司法》）、《上市公司股东会规则》等法律、法规、规章和其他规范 性文件以及《上海艾为电子技术股份有限公司章程》（以下简称《公司章程》） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意 见书出具日以前已经发生或者 ...

Core Insights - The company has successfully achieved mass production of its self-developed ultra-low power high-voltage 180Vpp piezoelectric micro-pump liquid cooling drive product [1] - This product is applicable in various fields including AR/VR headsets, smartphones, and PCs [1] - The technology utilizes high voltage 180Vpp and mid-low frequency vibrations (10-5000Hz) to drive cooling media within microchannels, resulting in low power consumption, compact size, high back pressure flow, and silent cooling [1]

Core Viewpoint - Aiwai Electronics (688798.SH) has provided detailed disclosures regarding its sales model, distributor cooperation, and inventory management in response to an inquiry about its convertible bond issuance, highlighting concerns over gross margin differences and distributor stability [1][3]. Sales Model - The company primarily relies on a distribution channel, with distributor revenue accounting for over 80% of total revenue from 2022 to September 2025, while direct sales represent less than 20% [1]. - The distribution model allows for broader coverage of end customers and product variety, whereas direct sales focus on leading domestic and international consumer electronics clients [1]. Gross Margin - Gross margins for direct sales are slightly higher than those for the distribution model due to the higher performance, reliability, and customization demands from top-tier consumer electronics companies [3]. - The gross margin structure is similar to that of peers in the analog chip industry, such as Shengbang and SIRUI [3]. Distributor Stability - The company reported that major distributors have remained relatively stable, with core distributors contributing over 49% of total distributor revenue during the reporting period [3]. - The distributors are well-known professional distributors in the industry and are not related to the company [3]. - The company plans to maintain distributor stability through channel management, credit control, and collaborative efforts to develop end customers [3]. Inventory Management - Changes in distributor inventory levels are closely tied to industry cycles, with a general trend of destocking observed in 2023 [3]. - As demand is expected to recover in 2024 and 2025, there is an anticipated reasonable replenishment of distributor inventory [3]. - The company believes that inventory fluctuations align with the trend of business scale expansion and does not see any abnormal accumulation risks [3]. Operational Strategy - Aiwai Electronics emphasizes the need for refined operations in the use of funds from the convertible bonds, channel management, and inventory control to enhance its anti-cyclical capabilities [4]. - The inquiry response has clarified market concerns regarding gross margin differences in sales models and distributor stability, but ongoing observation of industry conditions and order fulfillment is necessary for assessing operational performance [4].

Core Viewpoint - The company disclosed key operational details regarding its sales model, distributor cooperation, and inventory management in response to regulatory inquiries about its convertible bond issuance, highlighting the differences in gross margins across sales models and the stability of its distributor relationships [1][2]. Sales Model - The company primarily relies on a distribution model, with distributor revenue accounting for over 80% from 2022 to September 2025, while direct sales contribute less than 20% [1]. - Gross margins differ between sales models, with direct sales having slightly higher margins due to higher pricing from leading consumer electronics companies, while the distribution model offers a wider range of products and a broader customer base, aligning more closely with the overall gross margin of the company [1]. Distributor Cooperation - The company maintained stable relationships with its main distributors during the reporting period, with revenue from major distributors consistently accounting for over 49% of total distributor revenue from 2022 to September 2025 [2]. - The main distributors are well-known professional distributors in the industry, with no related party transactions or other interest arrangements with the company [2]. Inventory Management - Inventory reduction aligns closely with industry cycles, with an overall upward trend in sales volume to major distributors as the business scales, matching revenue changes [2]. - In 2023, the industry is in a destocking phase, leading to a decrease in end-of-period inventory levels for major distributors; a reasonable rebound in inventory levels is expected in 2024 and the first nine months of 2025, with low ratios of end-of-period inventory to procurement and no issues of unsold or excess inventory [2].

Core Viewpoint - Shanghai Aiwei Electronics Technology Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds to unspecified objects, indicating the initiation of the review process [1][2]. Group 1 - The company’s board guarantees that the announcement contains no false records, misleading statements, or significant omissions, and assumes legal responsibility for its authenticity, accuracy, and completeness [1]. - The inquiry letter from the Shanghai Stock Exchange includes first-round inquiry questions regarding the company's application for issuing convertible bonds [1][2]. - The company, in response to the inquiry letter, has conducted thorough research and addressed the questions raised, with the detailed response disclosed on the Shanghai Stock Exchange's website [2]. Group 2 - The issuance of convertible bonds is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission, with uncertainties regarding the approval process and timeline [2]. - The company commits to timely information disclosure based on the progress of the matter, urging investors to pay attention to investment risks [2].