| A 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2025-015 | | --- | --- | --- | | 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 关于第九届监事会第十八次会议决议公告 本公司监事会及全体监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、准确性和完整性承担法律责任。 上海复旦微电子集团股份有限公司(以下简称"公司") 第九届监事会第十 八次会议于 2025 年 4 月 14 日发出会议通知，于 2025 年 4 月 28 日以现场加通讯 形式召开。目前监事会共有 3 名监事，实到监事 3 名，会议由监事会主席张艳丰 女士主持。会议的召集召开符合《公司法》和《公司章程》的有关规定，合法有 效。 会议审议并通过了如下事项： 一、审议通过了《关于 2025 年第一季度报告议案》 监事会认为：公司 2025 年第一季度报告的编制和审议程序符合法律、法规 和《公司章程》的各项规定；内容与格式符合中国证监会和上海证券交易所的各 项规定，所包含的信息真实地反映出公司报告期内的经营情况和财务状况等 ...

| A 股证券代码：688385 | 证券简称：复旦微电 | 公告编号：2025-014 | | --- | --- | --- | | 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 关于第九届董事会第二十二次会议决议公告 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、准确性和完整性承担法律责任。 上海复旦微电子集团股份有限公司(以下简称"公司"、"复旦微电")第九 届董事会第二十二次会议于 2025 年 4 月 28 日以现场加通讯表决的形式召开，会 议通知于 2025 年 4 月 14 日以电子邮件方式发出。目前董事会共有 12 名董事， 实到董事 12 名，会议由董事长蒋国兴主持。会议的召集召开符合《公司法》和 《公司章程》的有关规定，合法有效。 会议审议并通过了如下事项： 经出席会议的董事审慎考虑及讨论，议决更改为处理 2024 年度股东周年大 会关系之 H 股「暂停办理股份过户登记」期间，自 2025 年 5 月 30 日起至 2025 年 6 月 5 日止(包括首尾两天)暂停办理 H 股股份过户登记 ...

Financial Performance - In Q1 2025, the company reported revenue of approximately CNY 88.79 million, a decrease of 0.54% compared to the same period last year[3]. - Net profit attributable to shareholders was approximately CNY 13.62 million, down 15.55% year-on-year, while the net profit excluding non-recurring gains and losses was approximately CNY 13.30 million, a decrease of 14.21%[4]. - The company achieved a 67.28% increase in net profit compared to Q4 2024, despite the year-on-year decline[4]. - Total operating revenue for Q1 2025 was ¥887,947,169.25, a slight decrease of 0.9% compared to ¥892,743,914.70 in Q1 2024[19]. - Net profit for Q1 2025 was ¥128,718,576.65, a decrease of 18.7% from ¥158,345,185.16 in Q1 2024[20]. - The company reported a total comprehensive income of ¥128,544,124.29 for Q1 2025, down from ¥158,376,563.30 in Q1 2024[21]. Cash Flow and Liquidity - The company's cash flow from operating activities was negative at CNY -2.66 million, compared to a positive CNY 1.06 million in the same period last year[3]. - The net cash flow from operating activities was -$26,589,691.20, a decrease from $10,580,615.27 in the previous period, indicating a decline in operational performance[24]. - Cash outflow for operating activities totaled $829,724,854.56, up from $765,413,481.69, reflecting higher operational costs[24]. - The ending balance of cash and cash equivalents was $940,707,884.85, a decrease from $740,560,120.10, indicating a decline in liquidity[25]. Investment and R&D - R&D investment totaled CNY 26.71 million, a decrease of 7.31% from the previous year, representing 30.09% of revenue, down 2.19 percentage points[4]. - Research and development expenses for Q1 2025 were ¥247,894,406.78, slightly up from ¥245,299,852.18 in Q1 2024[20]. - Total cash inflow from investment activities was $301,380,681.28, compared to $161,100,016.13 in the prior period, showing an increase in investment returns[24]. - The net cash flow from investment activities was -$60,013,848.02, an improvement from -$236,550,874.02 previously, reflecting better investment management[24]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 921.82 million, an increase of 1.96% from the end of the previous year[4]. - Current assets totaled CNY 6,663,577,154.75, compared to CNY 6,480,978,592.52 at the end of 2024, reflecting a growth of approximately 2.82%[15]. - Total liabilities as of the latest reporting period were ¥2,539,354,652.04, up from ¥2,496,991,876.30[17]. - Total current liabilities were CNY 2,262,885,521.83, slightly up from CNY 2,224,391,190.13, marking an increase of approximately 1.73%[16]. Shareholder Information - The company had 23,460 A-share shareholders and 12 H-share shareholders as of the report date[12]. - The top ten shareholders held a combined 84.88% of the total shares, with the largest shareholder owning 34.60%[12]. Other Financial Metrics - The gross profit margin for the product lines increased from 56.65% to 58.14% year-on-year, with a gross profit amounting to CNY 10.49 million higher than the previous year[5]. - The revenue from the non-volatile memory segment decreased by 18.82% to approximately CNY 23.70 million, impacting overall revenue performance[5]. - The company experienced an increase in credit impairment losses by CNY 40.23 million due to changes in accounts receivable and inventory aging[5]. - Earnings per share for Q1 2025 was ¥0.17, compared to ¥0.20 in Q1 2024[21]. - Deferred income was reported at ¥19,554,004.32, compared to ¥20,516,501.67 in the previous period[17].

答案在今天已经变得明晰。 4 月 24 日的 "支付宝碰一下" 生态大会上，官方公布了项目的最新数据："碰一下" 用户超过了一个 亿，覆盖了 400 多个城市，增长速度比当时的现象级产品 "余额宝" 还快。 再建一个新入口。 在大公司里创新的最大困难是，在没有实际成果之前，很难让所有人达成一致。 这是 85 后工程师，"支付宝碰一下" 项目的负责人李佳佳在立项之初遇到的问题。做它的好处显而易 见，比如能大幅简化支付步骤，能帮助商家更好地吸引消费者，但反对的理由也很合理，扫码支付已 经非常普及，改变用户习惯太难了。甚至有同事拿银联十几年未能成功推广 NFC 支付，质问支付宝 凭什么能做到。 一切反对的声音背后都指向同一个问题：移动互联网时代发展至今，扫码、刷脸等服务交互方式如此 多元、且已经足够方便，当下还有必要、有可能创造一个新的入口吗？ "碰一下" 也不再局限于支付，点餐、门禁、景区闸机，更多的功能被开发，更多的场景和生态加入进 来。 生态大会当天，李佳佳站在舞台中央说完最后一段话时一度哽咽。他说，在过去三百多天时间里，我 们见证了 "它" 从一个实验室一路走过来，今天，"碰一下" 已经成为一个新的入口。 ...

Investment Rating - The report suggests a positive outlook for the electronic sector, driven by AI industry growth and domestic substitution logic, recommending a focus on AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Core Insights - The electronic sector is experiencing a moderate recovery in demand, with notable performance in AI cloud and edge chip-related companies for 2024 and Q1 2025. Google's Q1 capital expenditure increased by 43.4% year-on-year, indicating strong investment in AI and cloud computing [5][6]. - Companies like Cambricon and Haiguang Information reported significant revenue growth, with Cambricon achieving a revenue of 1.174 billion yuan in 2024, up 65.56% year-on-year, and a staggering 4230.22% increase in Q1 2025 [5][6]. - The report highlights the importance of sustained high capital expenditure by leading cloud providers like Google, which is crucial for maintaining competitive advantages in AI and cloud services [5][6]. Summary by Sections Industry News - The report notes that the semiconductor industry is facing challenges, with companies like STMicroelectronics reporting a 27.3% decline in revenue due to lower demand in automotive and industrial sectors [11]. - Alphabet's Q1 revenue exceeded expectations, driven by strong search advertising performance and increased AI investments [11]. Company Performance - Haiguang Information reported a Q1 revenue of 2.4 billion yuan, a 50.76% increase year-on-year, with a net profit of 506 million yuan, up 75.33% [20]. - Cambricon's Q1 revenue reached 1.111 billion yuan, marking a 4230.22% increase year-on-year, with a net profit of 355 million yuan [5][20]. - The report also highlights the performance of other companies such as Hengxuan Technology and Zhaoyi Innovation, which reported significant revenue and profit growth in 2024 and Q1 2025 [18][19]. Market Trends - The report indicates that the electronic sector outperformed the broader market, with the Shenwan Electronics Index rising by 0.83% compared to a 0.38% increase in the CSI 300 Index [21][23]. - The semiconductor sub-sector showed varied performance, with consumer electronics and electronic components experiencing positive growth, while semiconductor stocks faced declines [23][24]. Investment Recommendations - The report recommends focusing on AIOT companies such as Lexin Technology and Hengxuan Technology, as well as AI-driven chip manufacturers like Cambricon and Haiguang Information [5][6]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like North Huachuang and Zhongwei Technology as potential investment opportunities [6].

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core View of the Report - In 2025, it is highly unlikely that there will be a large - scale breach of face value or bottom value in the convertible bond market. Instead, it is expected to be a targeted adjustment of key high - risk individual bonds with a controllable scope and limited degree. Concerns about a large - scale price decline can be alleviated, but it may not be the right time to trade high - risk low - priced individual bonds recently, and the trading pace can be slowed down [1][28]. 3. Summary According to the Table of Contents 3.1 Will There Be a Large - Scale Breach of Convertible Bond Face Value in 2025? - In 2021, the credit shock in the pure - bond market was transmitted to the convertible bond market. However, in 2025, the credit environment in the bond market is stable, and the convertible bond market has a strong learning effect. So, it is unlikely that a pure - bond credit crisis will lead to an increase in the convertible bond breach - of - face - value rate [5][9]. - In 2018 and 2024, the common factor was the bear market in the equity market, which led to a rapid decline in the convertible bond conversion expectations. In 2025, the convertible bond parity structure and medium - to - long - term profitability remain healthy, and policies are in place to support the capital market, so there is no risk of large - scale convertible bond breaches caused by the equity market [5][13]. - In 2018 and 2024, the capital of "fixed - income +" funds also exerted significant pressure on the convertible bond market. But since Q3 2024, the share and scale of "fixed - income +" funds with a high proportion of convertible bonds have increased significantly, indicating a healthy capital situation [5][16]. - The recent slight increase in the breach - of - bottom - value rate is mainly due to the continuous rise in the bond floor. The convertible bond price risk is controllable as the average convertible bond price remains at a relatively high level [5][24]. 3.2 Market Review: Convertible Bonds Rose Weekly, and Valuations Increased 3.2.1 Weekly Market Performance - Last week, most major stock indices rose, and the convertible bond market also increased. There are 478 issued but unexpired convertible bonds with a balance of 69.9752 billion yuan. The Weice Convertible Bond has not been listed for trading yet, and there are no convertible bonds scheduled for issuance [33]. - In the Shenwan primary industry index, most sectors in the equity market rose last week. The automobile, basic chemicals, machinery, public utilities, and power equipment sectors led the gains, while the agriculture, forestry, animal husbandry, and fishery, banking, social services, real estate, and food and beverage sectors led the losses. In the convertible bond market, the basic chemicals, media, building materials, automobile, and non - ferrous metals sectors led the gains, with only the environmental protection sector declining [36]. - Among popular concepts, most concepts rose last week. The PEEK materials, contribution to rising points, pet economy, automobile parts selection, Yushu robot, optical communication, optical chip, chemical raw material selection, integrated die - casting, and fluorine chemical concepts led the gains, while the beverage manufacturing selection, cement manufacturing selection, air transportation selection, ice and snow tourism, stem cells, semiconductor selection, TOPCON battery, ASIC chip, GPU, and anti - tariff concepts led the losses [36]. 3.2.2 Valuation Performance - The weighted average closing price of convertible bonds was 117.36 yuan, a 0.89% increase from the previous Friday. The closing price of equity - biased convertible bonds was 153.50 yuan, a 1.51% increase; that of bond - biased convertible bonds was 109.56 yuan, a 0.36% increase; and that of balanced convertible bonds was 120.29 yuan, a 0.54% increase. The proportion of convertible bonds in the 100 - 110 (inclusive) price range decreased significantly. The median price was 119.34 yuan, a 1.42% increase from the previous Friday [40]. - The fitted conversion premium rate of 100 - yuan par value convertible bonds in the market was 23.54%, a 1.20 - percentage - point increase from the previous Friday. In terms of rating and scale, the conversion premium rates of high - rated and large - scale convertible bonds increased. The conversion premium rate of AAA - rated convertible bonds increased by 1.33 percentage points, and that of convertible bonds with a scale of over 5 billion yuan increased by 1.7 percentage points. In terms of the parity range, the conversion premium rate of the 80 - 90 (inclusive) yuan parity range increased by 2.37 percentage points significantly [40]. 3.3 Terms and Supply: Feikai and Huaxiang Convertible Bonds Announced Redemption, and the Approval of Convertible Bonds by the CSRC Is Acceptable 3.3.1 Terms - As of April 25, Feikai and Huaxiang Convertible Bonds announced redemption; Limin Convertible Bond announced no early redemption; and no convertible bonds announced that they were expected to meet the redemption conditions. - As of April 25, the boards of Jieneng, Fengyu, and Wanshun Zhuan 2 proposed downward adjustments. Linggang (reached the condition) and Haiyou Convertible Bond (did not reach the condition) announced downward - adjustment results. Twenty - seven convertible bonds announced no downward adjustment, and 20 convertible bonds announced that they were expected to trigger downward adjustments [2][61]. 3.3.2 Primary Market - Qingyuan, Anji, and Dinglong Convertible Bonds were newly listed last week, with a total scale of 2.241 billion yuan. No convertible bonds were issued last week [3][63]. - The approval of convertible bonds by the CSRC is acceptable, and the scale of convertible bonds to be issued is approximately 18.5 billion yuan. Last week, 2 companies added board proposals, 3 companies passed the general meeting of shareholders, 1 company passed the review by the Issuance Examination Committee, and no new approvals were obtained from the CSRC, an increase of 2, 3, 1, and 0 respectively compared with the same period last year. As of April 25, 6 listed companies obtained convertible bond issuance approvals, with a proposed issuance scale of 12.966 billion yuan. Seven listed companies passed the Issuance Examination Committee, with a total scale of 4.305 billion yuan. Last week, Huawei Technology and Kaibeiyi added board proposals, with a total scale of 1.315 billion yuan [3][64][71].

Investment Rating - The report suggests a positive outlook for the electronic sector, driven by AI industry growth and domestic substitution logic, recommending a focus on AIOT, AI-driven, equipment materials, and consumer electronics sectors [4][5]. Core Insights - The electronic sector is experiencing a moderate recovery in demand, with notable performance in AI cloud and edge chip-related companies for 2024 and Q1 2025. Google reported a 43.4% year-on-year increase in capital expenditure for Q1 2025, indicating strong investment in AI and cloud computing [4][5]. - Companies like Cambricon and Haiguang Information have shown impressive revenue growth, with Cambricon achieving a revenue of 1.174 billion yuan in 2024, up 65.56% year-on-year, and a staggering 4230.22% increase in Q1 2025 [4][5]. - The report highlights the importance of AI-driven sectors and domestic substitution in the semiconductor industry, with specific companies recommended for investment based on their performance and market position [4][5]. Summary by Sections Industry News - The report notes that the semiconductor industry is facing challenges, with companies like STMicroelectronics reporting a 27.3% decline in revenue for Q1 2025 due to lower-than-expected demand in automotive and industrial sectors [10]. - Alphabet's Q1 2025 revenue exceeded expectations at $76.5 billion, driven by strong search advertising performance and significant investments in AI [10]. Company Performance - Cambricon's Q1 2025 revenue reached 1.111 billion yuan, a 4230.22% increase year-on-year, with a net profit of 355 million yuan, marking a significant turnaround [4][19]. - Haiguang Information reported a revenue of 2.4 billion yuan in Q1 2025, up 50.76% year-on-year, with a net profit of 506 million yuan, reflecting strong growth in its CPU and DCU products [4][19]. - Hengxuan Technology achieved a revenue of 9.95 billion yuan in Q1 2025, a 52.25% increase year-on-year, with a remarkable net profit growth of 590.22% [4][19]. Market Trends - The report indicates that the electronic sector outperformed the broader market, with the Shenyin Wanguo electronic index rising 0.83% compared to a 0.38% increase in the CSI 300 index [20][22]. - The semiconductor sub-sector showed a decline of 0.81%, while consumer electronics saw a rise of 3.86%, indicating a mixed performance across different segments [22][24]. Investment Recommendations - The report recommends focusing on AIOT companies such as Lexin Technology and Hengxuan Technology, as well as AI innovation-driven firms like Cambricon and Haiguang Information [5][4]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like North Huachuang and Zhongwei Technology as potential investment opportunities [5][4].

Group 1 - The core concept of Alipay's "Tap to Pay" has expanded to over 400 cities and more than 5,000 brands, with user numbers exceeding 100 million since its launch 321 days ago [1] - "Tap to Pay" has developed a complete ecosystem, integrating various services such as payment, dining, hotel check-in, ticket verification, and access control, with over 300 specific application scenarios [1][2] - The terminal for "Tap to Pay" features advanced technology, including a 6.5-inch HD display, miniaturized scanning head, and NFC capabilities, showcasing its versatility and user-friendly design [1] Group 2 - A complete ecosystem involving software development, hardware manufacturing, and collaboration with companies like Fudan Microelectronics and LaCaiLa has been established to support "Tap to Pay" [2] - Fudan Microelectronics is developing a dedicated chip for "Tap to Pay," which is expected to be mass-produced in the second half of the year, enhancing the speed and success rate of interactions [2] - The chip is designed to operate in extreme temperatures and has already secured significant orders from Alipay, indicating strong market demand [2] Group 3 - Companies like Qinnin Technology are demonstrating practical applications of "Tap to Pay," such as opening community gates and managing public facilities, which enhance community management efficiency [3] - The integration of "Tap to Pay" with cloud data allows for seamless access and rapid response times, moving away from traditional physical keys and complex app operations [3] - Initial implementations of "Tap to Pay" in smart communities are taking place in major cities like Beijing, Guangzhou, and Shenzhen, indicating a strategic focus on urban areas [3]

Group 1 - The core viewpoint of the article highlights the strong performance of the Huashang Fengli Enhanced Open A fund, which has generated good returns for investors, with a year-to-date return of 9.09% as of April 25, 2025, ranking first among its peers [1][4] - The fund has an annualized return of 9.75% since its inception in September 2016, significantly outperforming its benchmark, the China Bond Index, by over 70 percentage points [2][4] - As of the end of Q1 2025, the fund's asset allocation consisted of 73.79% in fixed income investments, primarily in convertible bonds, and 16.62% in equity investments [6][7] Group 2 - The fund manager, Li Qian, has been managing the Huashang Fengli Enhanced Open A since December 2019 and focuses on actively managing the fund to achieve stable returns [5] - The fund's investment strategy emphasizes a mix of medium to short-duration bonds with a focus on AAA-rated credit to control credit risk while also participating in interest rate bonds and equity assets to enhance returns [8]

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core View of the Report As of the end of April, the equity market has mostly recovered. The impact of tariff issues on asset prices has become relatively dull, and domestic pro - growth policies have provided effective support, leading to an overall optimistic market expectation. This optimism is reflected in convertible bond valuations, with the market - wide par premium rate approaching the March central level. Small - cap convertible bonds remain strong, but as the earnings disclosure period and rating adjustment window approach, debt - biased convertible bonds perform weakly. In terms of allocation, it is recommended to use high - dividend and downward - revised convertible bonds as the base, focus on recent cases of proposed downward revisions, and look for potential targets with a strong willingness to promote conversion. Asymmetrical trading, double - low momentum, and clause - based gaming strategies are also recommended [2][26]. 3. Summary by Relevant Catalogs 3.1 Convertible Bond Valuation - This week, the equity and convertible bond markets were volatile, and convertible bond valuations continued to rise, with lower - rated valuations rising slightly more. The market - wide convertible bond par premium rate was 29%, up 1.19% for the week, and the latest quantile was at the 76.80% percentile since 2017. The increase in high - and low - rated valuations was similar, with the low - rated up 0.71% [3]. - This week, convertible bonds fluctuated slightly following the underlying stocks, and the premium rate indicators were generally stable. As of the latest, the conversion premium rate index, pure bond premium rate index, and yield to maturity were 52.71%, 22.79%, and - 1.62% respectively, changing by - 1.35%, + 1.08%, and - 0.25% from last week. Their current quantiles are at the 85.00, 22.50, and 32.50 percentiles since 2017 [6]. 3.2 Clause Tracking 3.2.1 Redemption - This week, Huaxiang and Feikai convertible bonds issued early redemption announcements. Currently, there are 4 convertible bonds that have issued early redemption announcements and are still trading. No convertible bonds issued maturity redemption announcements this week. Among the still - trading convertible bonds, the potential maturity or conversion balance of early - redemption and maturity convertible bonds is 1.6 billion yuan [12]. - Limin convertible bond announced that it would not redeem the convertible bonds in advance. As of the latest, 58 convertible bonds are within the non - redemption period [16]. 3.2.2 Downward Revision - This week, Weier, Linggang, and Haiyou convertible bonds announced downward revisions, and Zhongzhuang Zhuan 2, Jieneng, Fengyu, and Wanshun Zhuan 2 proposed downward revisions. As of the latest, 167 convertible bonds are in the non - downward - revision interval, 4 have triggered the condition and the stock price is still below the downward - revision trigger price but no announcement has been made, 95 are accumulating downward - revision days, and 5 have issued downward - revision board proposals but have not gone to the general meeting of shareholders [17]. 3.2.3 Put No convertible bonds issued put announcements this week. As of the latest, 18 convertible bonds are accumulating put - trigger days, among which 2 are in the downward - revision process, 1 has proposed a downward revision, and 15 are in the non - downward - revision interval [22]. 3.3 Primary Issuance - There were no announcements of convertible bond issuances this week. According to the latest announcements, no convertible bonds are scheduled to be listed next week. As of the latest, there are 6 convertible bonds in the approved - registration process with a to - be - issued scale of 13 billion yuan, and 7 in the listing - committee - approved process with a to - be - issued scale of 4.3 billion yuan [24].