证券代码： 002049 证券简称：紫光国微 紫光国芯微电子股份有限公司 投资者关系活动记录表 编号：20250509 | | □特定对象调研 □ 分析师会议 | | --- | --- | | 投资者关系活动 | □ 媒体采访  业绩说明会 | | 类别 | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 线上参与公司 2024 年度业绩说明会的全体投资者 | | 人员姓名 | | | 时间 | 2025 年 5 月 9 日 (周五) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | | 董事兼总裁：李天池 | | 上市公司接待人 | 独立董事：谢永涛 | | 员姓名 | 财务总监：杨秋平 | | | 董事会秘书：罗永君 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1.高研发，没带来技术突破，二级市场跌跌不休，特种集成 | | | 板块如果不能有效回暖，未来还有期 ...

Core Viewpoint - The report outlines the continuous supervision and compliance of Shanghai Gaolun Electronics Co., Ltd. by the sponsor institution, emphasizing the company's adherence to regulations and the effectiveness of its internal controls and governance structures [1][2][3]. Continuous Supervision Work - The sponsor institution has established a comprehensive and effective continuous supervision system, including a work plan tailored to specific supervisory tasks [1]. - A continuous supervision agreement has been signed with Gaolun Electronics, detailing the rights and obligations of both parties during the supervision period [1]. - The sponsor institution conducts regular communication, site inspections, and due diligence to monitor the business situation of Gaolun Electronics [2]. Compliance and Governance - The sponsor institution ensures that Gaolun Electronics and its management comply with laws, regulations, and commitments made [2]. - The company has been urged to establish and effectively implement internal control systems, including financial management and auditing processes [2]. - The sponsor institution has reviewed the company's information disclosure documents and confirmed their accuracy and completeness [3][5]. Financial Performance - In 2024, Gaolun Electronics reported a revenue of approximately 419 million yuan, a 27.42% increase from 2023 [16]. - The net profit attributable to shareholders was approximately -96 million yuan, indicating a loss compared to the previous year [16]. - The company's cash flow from operating activities was negative, reflecting a significant decline from the previous year [16]. Research and Development - The company invested approximately 28.87 million yuan in R&D in 2024, with R&D expenses accounting for 68.90% of revenue, a decrease of 3.15 percentage points from the previous year [17]. - Continuous R&D investment is crucial for maintaining competitive advantages in the EDA industry, with a focus on core technologies and product innovation [17]. Market Position and Competition - The EDA market is characterized by a high concentration of major players, with Gaolun Electronics facing significant competition from established firms [6][10]. - The company aims to enhance its market position through strategic acquisitions and investments, although it faces challenges in identifying suitable targets [11][12]. Risks and Challenges - The company faces various risks, including increased R&D costs, potential technology obsolescence, and challenges in achieving market recognition for new products [6][7][8]. - The limited scale of the EDA market and the company's relatively small size may hinder its growth and competitive capabilities [10]. Corporate Governance - The company has no controlling shareholder, and its equity is relatively dispersed among shareholders, with no reported pledges or freezes of shares [20].

Core Viewpoint - The company, Siwei (Shanghai) Electronic Technology Co., Ltd., successfully completed a public offering of 40,010,000 shares at a price of 31.51 RMB per share, raising a total of approximately 1.26 billion RMB, with a net amount of about 1.17 billion RMB after deducting issuance costs [1][2]. Continuous Supervision Work - The sponsor, CITIC Securities, has established and effectively implemented a continuous supervision work system and plan [1]. - A supervision agreement was signed between the sponsor and the company, clarifying rights and obligations during the supervision period [1]. - The sponsor conducted regular communication, site inspections, and due diligence to understand the company's operational status [1]. - During the supervision period, the company did not violate any regulations or commitments [2][4]. Financial Performance - The company's operating income for 2024 reached approximately 5.97 billion RMB, representing a year-on-year increase of 108.87% [17]. - The net profit attributable to shareholders was approximately 391.42 million RMB, showing significant growth compared to the previous year [19]. - The total assets of the company increased by 27.41% year-on-year, reaching approximately 7.83 billion RMB [17]. - The basic earnings per share for 2024 was 0.98 RMB, a substantial increase from 0.04 RMB in 2023 [17][20]. Research and Development - The company invested approximately 44.74 million RMB in R&D in 2024, a year-on-year increase of 56.35% [24]. - R&D expenditure accounted for 7.50% of operating income, a decrease of 2.51 percentage points compared to the previous year [24]. - The company has established a strong R&D team, with 44.92% of its total workforce engaged in R&D activities [21]. Market Position and Competitive Advantage - The company has maintained a high market share in the security and machine vision sectors, with significant sales growth in smart mobile phones and automotive electronics [19][23]. - The company has developed a robust customer resource system, collaborating with well-known brands such as Hikvision, DJI, and Xiaomi [21][23]. - The company has a solid intellectual property system, holding a total of 464 authorized patents, including 96 overseas patents [21]. Industry Risks - The integrated circuit design industry is characterized by rapid technological changes, requiring continuous innovation and adaptation to market demands [7][8]. - The company faces operational risks due to its reliance on third-party foundries for chip production, which may affect profitability and supply stability [9][10]. - The company is exposed to macroeconomic fluctuations that could impact demand in downstream application areas [12][14].

"没想到，真是没想到！"项目落地四川省达州市一年多，四川星空钠电电池有限公司（简称星空钠 电）董事长李用成操着地道的东北方言感叹道。让他连声感叹"没想到"的，是项目横跨大半个中国落地 的速度。 2024年3月底，在2024中国产业转移发展对接活动（四川）上，李用成带着钠离子电池生产链项目 与达州东部经开区正式签约。今年1月，项目一期已进入试运行；预计5月底，测试产品将从钠离子电池 组装生产线下线。 作为全国具有重要影响力的产业转移示范平台，去年的产业转移发展对接活动现场签约项目达157 个、总投资超2300亿元。5月8日至10日，2025中国产业转移发展对接活动（四川）在成都举办。 时隔一年多举办的活动将为四川带来什么？紧抓产业转移机遇，四川探索出什么路径？ 接得准，充分发挥优势 去年以来，四川、宁夏、内蒙古、黑龙江、云南、甘肃、湖南……一系列"国字号"产业转移发展对 接活动在各地举办。 密集举办的背后，是产业转移的迫切需要。 党的二十届三中全会强调，完善产业在国内梯度有序转移的协作机制，推动转出地和承接地利益共 享。今年《政府工作报告》提出，深化东、中、西、东北地区产业协作，推动产业有序梯度转移，为进 一步 ...

Core Viewpoint - The article discusses the implications of the U.S. "tariff war" and the record-high defense budget proposal of $1 trillion for the fiscal year 2026, which is a 12% increase from 2025, highlighting potential investment opportunities in the military and defense sectors amid rising geopolitical tensions [1][4]. Group 1: Military Technology Trends - The focus on military automation and intelligence is emphasized, with the U.S. defense budget prioritizing AI military capabilities. The emergence of unmanned and intelligent equipment is transforming combat systems, indicating a shift towards autonomous decision-making in military operations [5]. - The acceleration of next-generation weaponry development is anticipated, particularly in strategic weapons, as global military competition intensifies. The ongoing geopolitical conflicts are expected to increase the urgency for countries to enhance their strategic weapon reserves [6]. - The deep-sea military presence is becoming crucial, with nations expanding their underwater monitoring networks to secure maritime resources and trade routes amid rising international competition [7]. Group 2: Material and Technology Development - The tariff increases are driving advancements in 3D printing and recycled materials in the military sector, as companies seek to reduce costs through innovative material manufacturing processes [7]. - The push for self-sufficiency in high-end military electronics and integrated circuits is accelerating, with the domestic semiconductor industry expected to benefit from the ongoing tariff situation, leading to increased market opportunities [8]. - The commercial space sector is rapidly developing integrated aerospace and satellite internet applications, with significant competition from global players like SpaceX, indicating a growing market for satellite technology [8]. Group 3: Economic and Industrial Impacts - The tariff situation is prompting a shift towards domestic production of large aircraft, with the C919 gaining attention due to increased costs associated with U.S. aircraft imports. This shift is expected to enhance the competitiveness of domestically produced aircraft in international markets [9]. - The low-altitude economy is emerging as a new growth engine for local economies, with various regions in China developing low-altitude economic platforms to stimulate industrial transformation [10]. - The robotics industry is becoming a key driver of domestic demand growth, supported by government policies and market needs, with AI-driven automation projected to contribute significantly to GDP growth [11]. - The military trade sector is expected to grow as China's production capabilities improve, with a shift from focusing solely on domestic needs to exploring international markets due to changing global demand dynamics [12].

Core Viewpoint - The Chinese government is introducing a comprehensive financial policy package aimed at stabilizing the market and expectations, including a new relending tool for service consumption and elderly care [1][3]. Group 1: Service Consumption and Elderly Care Relending - The People's Bank of China has established a relending tool for service consumption and elderly care with a total quota of 500 billion yuan, aimed at encouraging commercial banks to increase credit support for these sectors [1][3]. - This new policy tool expands and upgrades the previous inclusive elderly care relending policy, which had a quota of 40 billion yuan and was initially piloted before being rolled out nationwide [3]. Group 2: Impact of New Policy Tool - Experts believe this initiative will invigorate the service consumption and elderly care markets, enhancing domestic service consumption potential and supporting the development of the elderly care industry [3]. - The policy is expected to stimulate both the supply and demand sides of service consumption, ultimately releasing residents' consumption potential over a longer term [3]. Group 3: Insurance Company Investment Regulation - The Financial Regulatory Administration has announced a 10% reduction in the risk factor for insurance companies' solvency regulations regarding stock investments, encouraging them to increase their market participation [4][6]. - The previous adjustment in September 2023 saw the risk factor for investments in the CSI 300 index drop from 0.35 to 0.3, and for stocks listed on the Sci-Tech Innovation Board from 0.45 to 0.4 [6]. Group 4: Bond Market "Technology Board" - The bond market "Technology Board" will focus on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology, aligning with national technology strategies [9]. - The design of the "Technology Board" includes targeted arrangements for the issuance process to meet the needs of issuers, aiming to enhance market investment enthusiasm [11]. - Financial institutions and asset management companies are encouraged to actively participate in investments related to technology innovation bonds, with plans to create indices linked to these bonds to broaden the investor base [11].

Core Viewpoint - The People's Bank of China is preparing to launch a "Technology Board" in the bond market, which aims to enhance financing for technology innovation and support the national technology strategy [1][5]. Group 1: Market Overview - China's bond market has a total scale of 183 trillion yuan, ranking second in the world, characterized by large fundraising capacity, low costs, and long durations, making it suitable for providing efficient and low-cost funding for technology innovation [3]. - The introduction of the "Technology Board" is expected to create a comprehensive support system that links equity and debt financing, effectively matching the financing needs of technology innovation enterprises at various stages [5]. Group 2: Investment Encouragement - Financial institutions, asset management institutions, social security funds, corporate annuities, insurance funds, and pension funds are encouraged to actively participate in investments, with a focus on creating products linked to technology innovation bond indices [7]. - The initiative aims to broaden the investor base and increase market investment enthusiasm [7]. Group 3: Focus Areas - The "Technology Board" will focus on financing support for key technology industries, including artificial intelligence, big data and cloud computing, integrated circuits, industrial mother machines, quantum technology, and biotechnology [9]. Group 4: Risk Mitigation Tools - The People's Bank of China, in collaboration with the China Securities Regulatory Commission, is creating risk-sharing tools for technology innovation bonds, which will provide low-cost re-lending funds to purchase these bonds [11]. - These risk-sharing tools, along with local governments and market-based credit enhancement institutions, will implement diverse credit enhancement measures to share the default loss risks of bond investors, effectively reducing the financing costs for equity investment institutions [11].

新华财经北京5月7日电（记者翟卓刘玉龙） 为更好支持股权投资机构在"科技板"发行长期限的债券融 资，中国人民银行行长潘功胜5月7日在国新办新闻发布会上宣布，人民银行会同证监会创设了科技创新 债券风险分担工具。 同日，中国人民银行、证监会联合发布关于支持发行科技创新债券有关事宜的公告（下称"公告"），从 丰富科技创新债券产品体系和完善配套支持机制两方面提出13项具体举措，支持科技创新债券发行。随 后，沪深北交易所也发布了关于进一步支持发行科技创新债券服务新质生产力的通知（下称"通知"）， 对公告所提举措补充了实施细则。 有业内人士表示，公告及通知提出的各项支持政策是债券市场"科技板"的重要配套制度安排，既有利于 进一步拓宽科技型企业和股权投资机构的融资渠道，也有利于进一步激发市场活力和信心，从而带动更 多社会资本进入科技创新领域。 创新推出债市"科技板" 科技创新债券计划发行规模已超三千亿元 其实早在十四届全国人大三次会议经济主题记者会上，潘功胜就曾提到，创新推出债券市场"科技板"。 据潘功胜7日最新介绍，前期人民银行会同有关部门积极准备推出债市"科技板"，支持金融机构、科技 型企业、股权投资机构发行科技创新债 ...

Core Viewpoint - The introduction of the "Technology Board" in the bond market aims to enhance financing support for technology innovation, allowing various market participants to issue technology innovation bonds and creating risk-sharing tools to mitigate financing risks [1][2]. Group 1: Policy and Market Response - The People's Bank of China and the China Securities Regulatory Commission jointly announced support for financial institutions, technology enterprises, and equity investment institutions to issue technology innovation bonds, with nearly 100 market entities planning to issue over 300 billion yuan in bonds [1][2]. - The "Technology Board" is designed to better match the financing needs of technology innovation, addressing the gap between financial supply and demand in this sector [2]. Group 2: Financing Mechanisms and Structures - The "Technology Board" allows issuers to choose flexible issuance methods and innovate terms related to rights structures, payment, and interest, simplifying disclosure rules and establishing rating methods suitable for technology innovation [2][3]. - The board encourages participation from various financial institutions and asset management entities, aiming to enhance the trading activity of technology innovation bonds [3]. Group 3: Support for Key Industries - The "Technology Board" focuses on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology, promoting the issuance of bonds by mature and growth-stage private technology enterprises [4][5]. - The policy allows equity investment institutions to issue technology innovation bonds, addressing the "short debt, long investment" dilemma in the equity investment sector [4]. Group 4: Risk Mitigation and Credit Enhancement - The introduction of risk-sharing tools and collaboration with local governments and market-based credit enhancement agencies aims to diversify credit enhancement measures and share part of the default risk of bonds [6][7]. - The risk-sharing tool, supported by the central bank, provides low-cost refinancing to purchase technology innovation bonds, effectively lowering the financing costs for equity investment institutions [6]. Group 5: Future Developments - Future expansions may include broader government guarantees, a national credit rating system for technology innovation, and the introduction of credit insurance products to enhance the bond market's pricing ability for intangible assets [7].

Core Viewpoint - The People's Bank of China (PBOC) is preparing to launch a "Technology Board" in the bond market to support the issuance of technology innovation bonds by financial institutions, technology companies, and private equity firms, with nearly 100 market institutions planning to issue over 300 billion yuan in such bonds [1][2]. Group 1: Policy and Mechanisms - The PBOC and the China Securities Regulatory Commission (CSRC) have created a risk-sharing tool for technology innovation bonds, allowing for low-cost refinancing and diverse credit enhancement measures to lower financing costs for private equity firms [2][3]. - The announcement includes 13 specific measures to support the issuance of technology innovation bonds, focusing on enriching the product system and improving support mechanisms [2][3]. - The issuance process for technology innovation bonds will be optimized, allowing for flexible terms and simplified disclosure rules to enhance financing efficiency [3][4]. Group 2: Market Response and Participation - Major financial institutions and exchanges have responded positively, with the Shanghai and Shenzhen stock exchanges implementing measures to support the issuance of technology innovation bonds [4][5]. - The interbank market has announced a full waiver of transaction fees for technology innovation bonds from 2025 to 2027, encouraging participation [4][5]. Group 3: Investment Opportunities and Market Dynamics - The introduction of the "Technology Board" is expected to alleviate funding challenges for private equity firms and stimulate long-term investments in hard technology sectors, potentially attracting more social capital into the technology innovation field [10][11]. - The policy aims to enhance market confidence and encourage private enterprises to strengthen independent innovation, particularly in sectors like artificial intelligence and biotechnology [10][11]. - The development of a comprehensive support system involving bonds, loans, equity, and insurance is anticipated to provide extensive funding support for technology enterprises [7][10]. Group 4: Credit Rating and Risk Assessment - The establishment of a tailored credit rating system for technology innovation bonds is crucial, focusing on the unique characteristics of technology companies and private equity firms [8][12]. - Rating agencies are encouraged to enhance their methodologies and incorporate forward-looking indicators to better assess the creditworthiness of technology innovation entities [8][12].