申万宏源证券承销保荐有限责任公司 关于炬芯科技股份有限公司差异化分红事项的核查意见 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐人"）作为炬芯科技股份有限公司（以下简称"炬芯科技"、"公司"）首次公开 发行并在科创板上市的持续督导保荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》等有关规定，对炬芯科技 2025 年半年 度利润分配所涉及的差异化分红相关事项进行了核查，具体情况如下： 一、本次差异化分红的原因 2023 年 8 月 22 日，公司第二届董事会第四次会议审议通过了《关于以集中 竞价交易方式回购公司股份方案的议案》，同意公司使用超募资金通过集中竞价 交易方式回购公司已发行的部分人民币普通股（A 股）股票。回购的股份将全部 用于员工持股计划及/或股权激励，回购价格不超过 43.00 元/股（含），回购资金 总额不低于人民币 2,650 万元（含），不超过人民币 5,300 万元（含）；回购期限 为自董事会审议通过最终股份回购方案之日起 12 个月内。因公司实施了 2023 年度利润分配及资本公积转增股本，根据《回购报告书》的约定，本次以集中竞 ...

证券代码：688049 证券简称：炬芯科技 公告编号：2025-068 炬芯科技股份有限公司 2025年半年度权益分派实施公告 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： 是否涉及差异化分红送转：是 每股分配比例 中的股份，不享有股东会表决权、利润分配、公积金转增股本、认购新股和可转 换公司债券等权利，不得质押和出借。 每股现金红利0.10元（含税） 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/10/22 | 2025/10/23 | 2025/10/23 | 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 9 月 17 日的2025年第二次临时股东大会审议 通过。 2. 分派对象： 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东(炬 芯科技股份有限公司回购专用证券账户除外)。 1. 发放年度： ...

Core Viewpoint - The company, Juchip Technology, is experiencing rapid growth in its business performance, driven by advancements in AI technology and a focus on product innovation and development [1][3]. Financial Performance - For the first three quarters of 2025, Juchip Technology expects to achieve a revenue of 721 million yuan, representing a year-on-year increase of 54.50% [2][4]. - The net profit attributable to the parent company is projected to be 151 million yuan, reflecting a year-on-year growth of 112.94% [2][4]. - The net profit after deducting non-recurring gains and losses is anticipated to be 146 million yuan, showing a significant increase of 204% compared to the previous year [2][4]. - The company's net profit margin is expected to reach 20.94%, up from 15.20% in the same period last year, an increase of 5.75 percentage points [2]. Research and Development - Juchip Technology has increased its R&D investment to approximately 194 million yuan, a year-on-year growth of 21.55%, resulting in an R&D expense ratio of about 27% for the first three quarters [5][6]. - The company is focusing on the AI transformation of edge products and accelerating the iteration of new products to enhance operational results [4][6]. Market Performance - Since the end of September 2024, Juchip Technology's stock price has entered an "upward channel," increasing by over 270% in approximately one year [8]. - The company has successfully launched several projects with leading brands, with products in the low-latency private wireless audio sector already entering mass production [6][8]. Dividend and Share Buyback - Juchip Technology plans to distribute a cash dividend of 1 yuan per 10 shares, amounting to approximately 17.43 million yuan, which represents 19.07% of the net profit attributable to shareholders for the first half of 2025 [6][7]. - Historically, the company has distributed dividends three times since its listing, totaling 82 million yuan [7].

Core Viewpoint - Yuchip Technology (688049.SH) demonstrates significant growth in operating performance, driven by AI technology and increased R&D investment, with a projected revenue of 721 million yuan and a net profit of 151 million yuan for the first three quarters of 2025, reflecting year-on-year increases of 54.50% and 112.94% respectively [1][2][3] Financial Performance - The company expects to achieve an operating revenue of 721 million yuan for the first three quarters of 2025, an increase of 254 million yuan compared to the same period last year, representing a growth of 54.50% [2] - The projected net profit attributable to the parent company is 151 million yuan, an increase of 80.09 million yuan year-on-year, which translates to a growth of 112.94% [2] - The net profit after deducting non-recurring gains and losses is expected to be 146 million yuan, showing a remarkable increase of 204% year-on-year [2] - The net profit margin for the first three quarters of 2025 is projected to be 20.94%, up 5.75 percentage points from 15.20% in the same period of 2024 [2] R&D Investment - Yuchip Technology has increased its R&D investment to approximately 194 million yuan for the first three quarters of 2025, marking a year-on-year growth of 21.55% [4][5] - The R&D expense ratio for the first three quarters is approximately 27% [5] Market Performance - Since the end of September 2024, Yuchip Technology's stock price has entered an "upward channel," increasing by over 270% in about a year [1][8] Product Development - The company is focusing on AI transformation of edge products, with successful advancements in the development of the ATW609X chip for smart Bluetooth wearables [6] - Yuchip Technology is promoting its first-generation in-memory computing technology for edge AI audio chips, with multiple projects from leading brands successfully initiated and set to enter mass production soon [6] - The second-generation in-memory computing technology IP development is progressing as planned, aiming to significantly enhance chip performance and energy efficiency [6] Dividend and Share Buyback - Yuchip Technology plans to distribute a cash dividend of 1 yuan per 10 shares, totaling approximately 17.43 million yuan, which accounts for 19.07% of the net profit attributable to shareholders for the first half of 2025 [6][7] - The company has historically distributed dividends three times since its listing, totaling 82 million yuan, and has conducted share buybacks amounting to approximately 23.14 million yuan [7]

Macro Strategy - The report identifies three main policy directions for economic stabilization: early use of debt quota, introduction of 500 billion yuan in policy financial tools, and monetary easing [1][7][8] - It predicts that the economic growth rate for the third quarter will be between 4.7% and 4.9%, with an annual target of around 5.0% achievable if the fourth quarter growth exceeds 4.5% [7][8] - The report suggests that the new round of growth stabilization policies will be moderate, focusing on support rather than strong stimulus [8][9] Public REITs Market - The development of public REITs in China has gone through several stages: exploration (2005-2019), initial formation (2020-2021), innovation (2021-2024), and steady expansion (from July 2024 to present) [1][10] - As of September 2025, there are 75 public REITs with a total issuance of 194.33 billion yuan, indicating a growing market [10] - The report highlights that city investment platforms have played a crucial role in the public REITs market, helping to optimize capital structures and reduce debt through asset securitization [1][10] Company-Specific Insights Smoore International (06969.HK) - The company reported a revenue of 10.21 billion yuan for the first three quarters of 2025, a year-on-year increase of 21.8%, with a net profit of 1.13 billion yuan [2][12] - The third quarter saw a revenue increase of 27.2% year-on-year, driven by the successful iteration of new products and local marketing efforts [12] - The company maintains a "buy" rating with projected net profits of 1.33 billion, 2.22 billion, and 2.89 billion yuan for 2025-2027 [2][12] New China Life Insurance (601336) - The company expects a significant increase in net profit for the third quarter, with estimates ranging from 30 billion to 34.1 billion yuan, reflecting a year-on-year growth of 45% to 65% [3][13] - The increase is primarily attributed to improved investment returns and a favorable stock market environment [13] - The report raises the profit forecast for 2025-2027 to 38.7 billion, 40.2 billion, and 41.8 billion yuan, maintaining a "buy" rating [3][13] Chipone Technology (688049) - The company anticipates a revenue increase of 54.5% year-on-year for the first three quarters of 2025, with a net profit growth of 112.94% [4][16] - The focus on AI chip development has led to significant market penetration and revenue growth in various audio products [16] - The report maintains a "buy" rating, adjusting revenue forecasts slightly for 2025-2027 [4][16] Zhongchong Co., Ltd. (002891) - The company reported a 21.1% year-on-year revenue increase for the first three quarters of 2025, with a net profit of 330 million yuan [5][18] - The growth is driven by strong performance in self-owned brands and a stable customer base in overseas markets [18] - The report maintains a "buy" rating with profit forecasts of 450 million, 550 million, and 650 million yuan for 2025-2027 [5][18] Zhenyu Technology (300953) - The company expects a net profit of 600 million to 620 million yuan for the third quarter, reflecting a year-on-year increase of 364% to 413% [6][19] - The report highlights the successful expansion into robotics and the development of new products [19] - The profit forecast for 2025-2027 is raised to 600 million, 900 million, and 1.3 billion yuan, maintaining a "buy" rating [6][19]

Core Insights - 22 stocks received buy ratings from institutions today, with Zhongchong Co., Ltd. being the most favored, receiving 6 buy ratings [2] - 6 stocks were newly covered by institutions, indicating growing interest in these companies [2] - The average increase for stocks with buy ratings was 0.15%, outperforming the Shanghai Composite Index [2] Stock Performance - Zhongchong Co., Ltd. has the highest projected upside of 48.97%, with a target price of 79.52 CNY compared to its latest closing price of 53.38 CNY [2] - Other stocks with significant upside include Bailong Chuangyuan and Kechuan Technology, with projected upsides of 47.01% and 44.68% respectively [2] - Stocks that saw the largest gains today included Xinhua Insurance (5.34%), Honglu Steel Structure (5.15%), and Guangxin Technology (3.57%) [2] Earnings Reports - Three stocks have reported Q3 earnings, with Yabo Xuan achieving a net profit of 48.72 million CNY, a year-on-year increase of 36.59% [3] - Zhongchong Co., Ltd. reported a net profit of 333.31 million CNY, up 18.21% year-on-year [3] - The highest projected net profit growth for Q3 is from Chuchuan New Materials, expected to increase by 2150.09% [3] Industry Focus - The electronics sector is the most favored, with companies like Juxin Technology and Kechuan Technology receiving buy ratings [3] - Basic chemicals and power equipment sectors also attracted attention, with 3 and 2 stocks respectively receiving buy ratings [3]

Core Insights - The company, Juchip Technology, forecasts a significant increase in revenue and net profit for the first three quarters of 2025, driven by advancements in AI technology and a focus on product innovation [2] Financial Performance - Expected revenue for the period from January 1 to September 30, 2025, is 721 million yuan, representing a year-on-year growth of 54.5% [2] - Net profit attributable to the parent company is projected to be 151 million yuan, a year-on-year increase of 112.94% [2] - The net profit after deducting non-recurring gains and losses is expected to be 146 million yuan, reflecting a growth of 204% year-on-year [2] - The company's net profit margin is anticipated to be 20.94%, an increase of 5.75 percentage points compared to the same period in 2024 [2] Technology and Product Breakthroughs - The promotion of edge AI audio chips based on the first-generation in-memory computing technology is progressing smoothly, with multiple projects from leading brands successfully initiated and some products entering mass production [3] - The product matrix continues to expand, with edge AI processors successfully applied in high-end audio products, leading to a significant increase in market penetration and sales revenue [3] - Research and development expenses totaled approximately 194 million yuan, marking a year-on-year increase of 21.55% [3] Market and Customer Expansion - Collaboration with leading brand customers is deepening, resulting in increased product value and cooperation depth, with record-high quarterly sales and net profit achieved [4] - The company is optimizing its product structure and sales system, leading to a steady improvement in overall gross profit levels [4] - Revenue growth significantly outpaces expense growth, effectively enhancing overall profit levels through economies of scale [4]

Group 1 - The stock price of Juchip Technology reached a historical high, increasing by 15.44% to 67.74 yuan, with a trading volume of 7.1713 million shares and a transaction amount of 475 million yuan, resulting in a turnover rate of 4.09% [2] - The latest total market capitalization of Juchip Technology in A-shares is 11.866 billion yuan, with the same amount for the circulating market capitalization [2] - The electronic industry, to which Juchip Technology belongs, has an overall increase of 1.23%, with 390 stocks rising and 90 stocks declining, including notable declines from Wentai Technology and Boliang Optoelectronics [2] Group 2 - The latest margin trading data shows that as of October 13, the margin balance for Juchip Technology is 517 million yuan, with a recent increase of 67.068 million yuan, representing a 14.89% growth [2] - The company reported a revenue of 449 million yuan for the first half of the year, reflecting a year-on-year growth of 60.12%, and a net profit of 91.3754 million yuan, which is a 123.19% increase year-on-year, with basic earnings per share of 0.5300 yuan [2] - On October 14, the company released a performance forecast for the first three quarters, expecting a net profit of 151 million yuan, which indicates a year-on-year growth of 112.94% [3]

Core Viewpoint - The stock price of Feirongda has experienced significant fluctuations, with a current decline of 5.13% despite a strong earnings forecast for the first three quarters, indicating potential market volatility and investor sentiment shifts [2] Financial Performance - Feirongda expects a net profit of 275 million to 300 million yuan for the first three quarters, representing a year-on-year growth of 110.80% to 129.96% [2] - The stock has seen a net inflow of 207 million yuan in the past five days, with a notable net inflow of 57.68 million yuan on the previous trading day [2] Market Activity - As of October 13, the margin trading balance for Feirongda is 729 million yuan, with a financing balance of 728 million yuan, reflecting an increase of 39.22 million yuan over the past five days, or a growth rate of 5.69% [2] - Among companies that released earnings forecasts today, stocks such as Chuanjiang New Materials, Yuegui Shares, and Juxin Technology have shown strong performance, with increases of 10.01%, 9.99%, and 6.94% respectively [2] Analyst Ratings - In the past month, one institution has rated Feirongda as a buy, with the highest target price set at 45.39 yuan by Guosen Securities on October 11 [2]

Core Viewpoint - Bojun Technology's stock price experienced a significant increase of 13.77% as of 9:34 AM today, following the release of its latest earnings forecast, which indicates a projected net profit of 552 million to 662 million yuan for the first three quarters, representing a year-on-year growth of 50% to 80% [2] Group 1: Stock Performance - As of the latest update, Bojun Technology's stock traded 6.0146 million shares with a transaction value of 198 million yuan, resulting in a turnover rate of 2.12% [2] - Other companies that also reported strong stock performance today include Juxin Technology, Chuanjiang New Materials, and Yuegui Co., with respective stock price increases of 14.40%, 10.01%, and 9.99% [2] Group 2: Financial Data - The latest earnings forecast from Bojun Technology estimates a net profit of 552 million to 662 million yuan for the first three quarters, reflecting a year-on-year increase of 50% to 80% [2] - The stock has seen a net outflow of 5-day principal funds totaling 5.7364 million yuan, with a net outflow of 1.13264 million yuan on the previous trading day [2] - As of October 13, the margin trading balance for Bojun Technology stood at 260 million yuan, with a financing balance of 260 million yuan, and a decrease of 1.2457 million yuan in the financing balance over the past five days, representing a decline of 0.48% [2]