港股证券代码：01385 证券简称：上海复旦 上海复旦微电子集团股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 司"） 召开了第十届董事会第三次会议、第九届监事会第二十一次会议，审议 通过了《关于 2025 年半年度公司计提资产减值准备的议案》。具体情况如下： 一、计提资产减值准备情况概述 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映公司 截至 2025 年 6 月 30 日的财务状况及 2025 年 1-6 月的经营成果，本着谨慎性原 则，公司对截至 2025 年 6 月 30 日母公司及子公司的资产进行了减值测试， A 股证券代码：688385 证券简称：复旦微电 公告编号：2025-041 三、本次计提资产减值准备对公司的影响 上半年计提各项资产减值损失共计约为 17,179.26 万元,将导致 2025 年半 年度合并报表税前利润减少约为 17,179.26 万元，并相应减少报告期末所有者 权益，对公司报告期的经营现金流没有影响。 四、专 ...

Core Viewpoint - Fudan Microelectronics (688385.SH) reported a revenue of approximately 1.839 billion yuan, representing a year-on-year increase of 2.49%, but net profit attributable to shareholders decreased by 44.38% to about 194 million yuan [1] Financial Performance - The company achieved an operating revenue of approximately 1.839 billion yuan, which is a 2.49% increase compared to the same period last year [1] - The comprehensive gross profit margin was 56.80%, an increase of 0.31 percentage points year-on-year [1] - Net profit attributable to shareholders was approximately 194 million yuan, a decrease of 44.38% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 182 million yuan, a decrease of 40.96% year-on-year [1] Market and Product Performance - The company faces intense market competition across its product lines and is actively expanding into new products and markets to consolidate or increase market share [1] - All product lines in the integrated circuit design sector, except for volatile storage, achieved growth, leading to an increase in operating revenue [1] Challenges - The decline in net profit is attributed to a reduction in confirmed value-added tax deductions and government subsidies, as well as an increase in inventory impairment provisions due to decreased demand for certain products and longer inventory aging [1]

Core Insights - Fudan Microelectronics reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, while net profit attributable to shareholders decreased by 44.38% to 194 million yuan [1] - The decline in net profit is attributed to intense market competition, reduced government subsidies, and increased inventory write-downs due to declining demand for certain products [1] - The company has a diverse product line including security and identification chips, non-volatile memory, smart meter chips, and FPGA, with growth in most segments except for non-volatile memory [1][2] Business Performance - The security and identification chip product line generated approximately 393 million yuan in sales, with some sub-products performing well due to market demand, although overall revenue faced pressure from competition [3] - The non-volatile memory product line achieved sales of about 440 million yuan, while the smart meter chip line generated approximately 248 million yuan in revenue [3] - The FPGA and other products line, which includes FPGA, PSoC, and FPAI, reported sales of around 681 million yuan, positioning the company as a leading FPGA supplier in China [2] Strategic Adjustments - The company is actively adjusting its inventory structure to alleviate financial pressure and ensure supply chain security, having previously engaged in strategic stocking [2] - Fudan Microelectronics plans to explore growth opportunities in the second half of 2025 by enhancing collaboration across the supply chain and adapting product strategies to market changes [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 73.79 CNY [4][2] Core Views - The company's performance is under short-term pressure due to price reductions, but it is effectively expanding its market and product categories, indicating a positive long-term outlook [1][7] - In H1 2025, the company achieved revenue of 465 million CNY, a decrease of 23.90% year-on-year, and a net profit attributable to the parent company of 62 million CNY, down 73.03% [1] - The company is focusing on new product development and market expansion, with significant breakthroughs in new product R&D and orders [7] Financial Summary - Revenue projections for 2025 are adjusted to 1,198 million CNY, with an estimated EPS of 1.57 CNY [2] - The company expects revenue growth of 12.7% in 2025, followed by 26.0% in 2026 and 23.6% in 2027 [10] - The gross margin is projected to decline to 60.9% in 2025, with a recovery to 63.5% in 2026 and 64.4% in 2027 [10] - The net profit margin is expected to be 26.2% in 2025, improving to 30.1% in 2026 and 33.3% in 2027 [10] - The company is positioned as a leading supplier of high-reliability amplifiers in the military integrated circuit sector, benefiting from industry growth [7]

中信建投证券股份有限公司 关于上海复旦微电子集团股份有限公司 使用剩余超募资金和节余募集资金永久补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为上海 复旦微电子集团股份有限公司（以下简称"复旦微电"或"公司"）首次公开发行股 票并在科创板上市的保荐机构，根据《上市公司募集资金监管规则》及其修订说 明等相关规定和要求，对复旦微电本次使用剩余超募资金和节余募集资金永久补 充流动资金事项进行了审慎核查，核查情况如下： 一、本次募集资金基本情况 根据中国证券监督管理委员会于 2021 年 6 月 1 日出具的《关于同意上海复 旦微电子集团股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕 1874 号），同意公司首次公开发行股票的注册申请。公司本次向社会公开发行人 民币普通股 12,000.00 万股，每股发行价格为人民币 6.23 元，募集资金总额为人 民币 74,760.00 万元；扣除发行费用后实际募集资金净额为人民币 68,028.28 万 元。天健会计师事务所（特殊普通合伙）于 2021 年 7 月 30 日对本次发行的资 金到位情况进行了审验，并出具了 ...

| 股证券代码：688385 | A | 证券简称：复旦微电 | 公告编号：2025-041 | | --- | --- | --- | --- | | 港股证券代码：01385 | | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 关于 2025 年半年度计提资产减值准备的公告 一、计提资产减值准备情况概述 单位：人民币 万元 | | 项目 | 2025 年上半年计提金额 | | --- | --- | --- | | 信用减值损失 | | 2,127.61 | | 资产减值损失 | 存货跌价损失 | 14,295.16 | | | 无形资产减值损失 | 756.49 | | | 小计 | 15,051.65 | | | 合计 | 17,179.26 | 二、计提资产减值准备的说明 （一）信用减值损失 公司以预期信用损失为基础，参考历史信用损失经验，结合当前状况以及 对未来经济状况的预测，计算应收账款等预期信用损失。经测试，本次应收票 据及应收账款需计提信用减值损失金额共计约为 2,127.61 万元。 （二）存货跌价损失 根据《企业会计准则》及相关会计政策的规定，为客观、公允地反映公司 截至 ...

Core Points - The board of directors of Shanghai Fudan Microelectronics Group Co., Ltd. held its third meeting of the tenth session on August 27, 2025, to review and approve several key proposals related to the company's financial and operational strategies [1][2]. Group 1: Financial Reports and Proposals - The board approved the 2025 semi-annual report, confirming that the report's preparation and review processes comply with relevant laws and regulations, accurately reflecting the company's actual situation [1]. - The board approved the proposal to use surplus funds from the initial public offering amounting to RMB 8.2828 million and remaining raised funds of RMB 11.1377 million for permanent working capital replenishment [2]. - The board approved the use of idle self-owned funds for wealth management, with a limit of up to RMB 500 million for purchasing safe, liquid, and guaranteed financial products from August 29, 2025, to August 28, 2026 [2][3]. - The board approved the proposal for asset impairment provision for the first half of 2025, ensuring compliance with accounting standards and accurately reflecting the asset status as of June 30, 2025 [3]. - The board approved the special report on the storage and actual use of raised funds for the first half of 2025 [3]. - The board approved the semi-annual evaluation report of the "Quality Improvement and Efficiency Enhancement Return" action plan for 2025 [3]. Group 2: Dividend and Shareholder Matters - The board discussed and decided not to declare an interim dividend for the first half of 2025 [3].

Core Viewpoint - The supervisory board of Shanghai Fudan Microelectronics Group Co., Ltd. has approved several key resolutions during its meeting, including the review of the 2025 semi-annual report, the use of surplus funds from the initial public offering, and the management of idle funds for investment purposes [1][2][3] Group 1: Semi-Annual Report - The supervisory board confirmed that the 2025 semi-annual report and its summary were prepared and reviewed in accordance with legal and regulatory requirements, accurately reflecting the company's operational and financial status during the reporting period [1] - The board ensured that no violations of confidentiality occurred during the preparation and review of the semi-annual report [1] Group 2: Use of Surplus Funds - The board approved the permanent use of surplus funds and remaining over-raised funds from the initial public offering for working capital, following the completion of the investment projects [2] - The board agreed to close the dedicated account established for the raised funds and complete the necessary procedures [2] Group 3: Idle Funds Management - The board supported the use of idle self-owned funds for financial management, aiming to enhance the efficiency of fund utilization and generate investment returns without harming the interests of the company and minority shareholders [2] - The decision aligns with relevant legal and regulatory requirements [2] Group 4: Asset Impairment Provision - The board approved the provision for asset impairment for the first half of 2025, confirming that the process was legal and based on sufficient evidence, in accordance with accounting standards and company policies [2][3] Group 5: Special Report on Fund Usage - The board reviewed and approved the special report on the storage and actual usage of raised funds for the first half of 2025 [3]

Core Viewpoint - The report highlights the financial performance and operational status of Shanghai Fudan Microelectronics Group Co., Ltd. for the first half of 2025, indicating a slight increase in revenue but a significant decline in net profit due to various market pressures and operational challenges [1][3]. Financial Performance - The company achieved a revenue of approximately 1.84 billion RMB, representing a 2.49% increase compared to the same period last year [3]. - Total profit for the period was 172.53 million RMB, a decrease of 49.86% year-on-year [3]. - Net profit attributable to shareholders was approximately 193.61 million RMB, down 44.38% from the previous year [3]. - The net cash flow from operating activities increased by 45.94% to approximately 185.53 million RMB [3]. - As of June 30, 2025, total assets reached approximately 9.30 billion RMB, a 2.90% increase from the beginning of the year [3]. Business Overview - The company operates in the semiconductor industry, focusing on the design, development, and testing of integrated circuits [5]. - The semiconductor market is projected to grow significantly, with an expected increase of 11.2%, reaching an estimated value of 697 billion USD globally [5]. - In the first half of 2025, China's semiconductor production reached 239.47 billion units, reflecting an 8.7% year-on-year growth [5]. Product Lines - The company has a diverse product portfolio, including security and identification chips, non-volatile memory, smart meter chips, and FPGA [6]. - The security and identification chip product line generated approximately 393 million RMB in sales during the first half of 2025 [6]. - The non-volatile memory product line achieved sales of about 440 million RMB, benefiting from a recovery in demand in the consumer electronics market [7]. - The smart meter chip product line recorded sales of approximately 248 million RMB, maintaining a competitive edge despite a decrease in national grid meter bidding volume [9]. - The FPGA product line, a key area for the company, generated approximately 681 million RMB in sales, leveraging advanced technology and applications in various sectors [10]. Market Challenges - The company faces intense competition in the market, particularly in the storage products and security chip segments, leading to pricing pressures and inventory challenges [5][6]. - The company is actively adjusting its inventory structure to mitigate financial pressure while seeking new growth opportunities [5]. Research and Development - The company invested approximately 533 million RMB in R&D, accounting for 28.99% of its revenue, indicating a strong commitment to innovation [12]. - The company has established a multi-layered R&D system to enhance its competitive edge in the semiconductor industry [12]. - Continuous improvements in technology and product offerings are being pursued, particularly in the areas of security and identification chips, non-volatile memory, and smart meter technology [13][14].

注 1：香港中央结算（代理人）有限公司持有的乃代表多个客户所持有之 H 股股份。个别股东（持 H 股数 11,000 股）因在途手续未实际办理，故与公司股权管理机构掌握之 2025 年 6 月 30 日名册 中的香港中央结算（代理人）有限公司持股 284,236,830 存在 11,000 股差异。因香港联交所有关 规则并不要求港股客户申报所持有股份是否有质押、冻结、融资融券类业务情况，因此无法统计 或提供质押、冻结、融资融券类业务的股份数量。 注 2：上海政本企业管理咨询合伙企业（有限合伙）所持有的全部质押股份，也处于多轮司法冻 结/司法标记中。 详情可查阅各期的股东冻结/轮候冻结公告。 □适用 √不适用 □适用 √不适用 □适用 √不适用 □适用 √不适用 □适用 √不适用 | 上海复旦微电子集团股份有限公司2025 | | 年半年度报告摘要 | | --- | --- | --- | | 公司代码：688385 | | 公司简称：复旦微电 | | 港股代码：01385 | | 证券简称：上海复旦 | | 上海复旦微电子集团股份有限公司 | | | | 上海复旦微电子集团股份有限公司2025 | | 年半 ...