Financial Data and Key Metrics Changes - First quarter revenue decreased by 3.4% sequentially in NT dollars and 5.1% in U.S. dollars, impacted by smartphone seasonality but partially offset by growth in AI-related demand [5][6]. - Gross margin decreased by 0.2 percentage points sequentially to 58.8%, primarily due to the earthquake impact and the start of overseas dilution [6][15]. - Operating margin decreased by 0.5 percentage points sequentially to 48.5% [6]. - First quarter EPS was TWD 13.94 and ROE was 32.7% [6]. - Cash and marketable securities at the end of the first quarter totaled TWD 2.7 trillion or US$81 billion [9]. Business Line Data and Key Metrics Changes - Revenue contribution by technology: 3-nanometer process technology contributed 22% of wafer revenue, while 5-nanometer and 7-nanometer accounted for 36% and 15%, respectively [7]. - Revenue contribution by platform: HPC increased by 7% quarter-over-quarter to account for 59% of first quarter revenue, while smartphone decreased by 22% to 28% [8]. Market Data and Key Metrics Changes - The company expects second quarter revenue to be between US$28.4 billion and US$29.2 billion, representing a 13% sequential increase and a 38% year-over-year increase at the midpoint [13]. - The full-year 2025 revenue is expected to increase by close to mid-20s percent in U.S. dollar terms, supported by robust AI-related demand and a mild recovery in other end market segments [25]. Company Strategy and Development Direction - The company plans to invest an additional US$100 billion in advanced semiconductor manufacturing in the U.S., bringing total investment to US$165 billion [31][36]. - The capital budget for 2025 is expected to be between US$38 billion and US$42 billion, with 70% allocated for advanced process technologies [18]. - The company aims for a long-term gross margin of 53% and higher, despite expected margin dilution from overseas fabs [16][17]. Management's Comments on Operating Environment and Future Outlook - Management noted that the January 21 earthquake impacted production but recovery efforts were successful [21]. - The company continues to observe robust AI-related demand and expects revenue from AI accelerators to double in 2025 [26]. - Management remains cautious about potential tariff impacts but has not seen changes in customer behavior so far [24][77]. Other Important Information - The company is working on balancing supply and demand for CoWoS capacity, with expectations of continued strong demand [50][145]. - The construction of new fabs in Arizona and Japan is ongoing, with plans to ramp up production based on customer demand [35][37]. Q&A Session Summary Question: AI demand and CoWoS capacity - Management acknowledged that while there have been rumors about CoWoS demand adjustments, the demand remains strong and is expected to exceed supply in 2026 [46][54]. Question: U.S. investment and tariff implications - Management clarified that the expansion in Arizona is driven by customer demand, particularly from U.S. companies, and they are in discussions with the U.S. government for necessary permits [61][62]. Question: Geopolitical risks and production planning - Management stated that they are mindful of potential impacts from recent tariff announcements but have not seen changes in customer behavior [76][77]. Question: Semiconductor tariffs and involvement in negotiations - Management confirmed that they do not get involved in tariff negotiations between governments [90]. Question: Revenue outlook and customer behavior - Management indicated that the strong second quarter guidance is driven by demand for 3-nanometer and 5-nanometer technologies, with no observed changes in customer behavior due to tariffs [99][101]. Question: Shareholder returns and buyback policy - Management reiterated their commitment to a sustainable and steadily increasing dividend policy rather than adopting a share buyback framework [152].

中金研究 3月CPI同比有所回升，CPI环比强于季节性，PPI同比和环比跌幅均进一步走阔。CPI分项来看，天气好转带来的供应充足压制食品价格，以旧换新政策 对不同消费品价格的影响呈现分化，家用器具分项环比大幅上升，交通工具和通信工具分项则持续下跌。PPI分项来看，新质生产力行业的供需格局有 所改善，带动价格回暖，但关税政策叠加OPEC+增产拖累原油价格，黑色金属和建材生产恢复快于需求同样压制价格。往前看，近期特朗普的关税政 策或拖累全球增长，也会对中国需求带来不利影响。同时我们也看到政策对于价格越来越重视，出台的《关于完善价格治理机制的意见》[1]，其中提 到"健全促进可持续发展的公用事业价格机制"和"规范市场价格行为"，对应的或是将在未来进一步推动公用事业价格改革和治理"内卷式竞争"。我们提 示政策发力对于推动物价回升至关重要，今年更应关注核心通胀而非总体通胀。 1. CPI同比降幅收窄，环比强于季节性 CPI同比由2月的-0.7%收窄至-0.1%，高于我们预期的-0.2%， 其中翘尾因素拖累0.2个百分点，新涨价因素提振0.1个百分点。食品、非食品消费品、服务 同比分别由2月的-3.3%、-0.9%和-0 ...

核心观点 高强PE 量升价跌，2024 年业绩承压 2024 年公司充分发挥自身在工艺技术、产能布局和供应链管理等方面的优势，纤维、无纬布产销量均 创历史新高。整体实现营收6.49 亿元，同比+1.41%，受价格下滑影响，盈利有所下滑。分产品来看， 高强PE 实现营收3.55 亿元，同比+8.32%，毛利率为30.24%，同比-7.3pct，复合材料营收为2.83 亿元， 同比+0.01%，毛利率为46.73%，同比+7.2pct。纤维、复合材料销量分别为5722、991 吨，同比分别 +41.60%、+63.19%。 性能优异，应用广泛，看好人形机器人中的应用超高分子量聚乙烯纤维，又称高强高模聚乙烯纤维，是 目前世界上比强度和比模量最高的纤维，与芳纶、碳纤维并称为"世界三大高性能纤维"，其断裂伸长率 高于碳纤维和芳纶，柔韧性好，在高应变率和低温下力学性能仍然良好，抗冲击能力优于碳纤维、芳纶 等，是一种非常理想的防弹、防刺安全防护材料，除军事装备领域外，还被广泛应用于海洋产业、安全 防护、体育器材等领域。 全球供需方面，2022-2025 年，全球超高分子量聚乙烯纤维市场年复合增长率约为 7.4%，2025- ...

股票代码：688323 股票简称：瑞华泰 转债代码：118018 转债简称：瑞科转债 深圳瑞华泰薄膜科技股份有限公司 会议资料 二〇二五年四月 深圳瑞华泰薄膜科技股份有限公司 2024 年年度股东大会会议资料 | 深圳瑞华泰薄膜科技股份有限公司 | | --- | | 2024 ………………………… 6 议案一：关于公司 年度董事会工作报告的议案 | | 议案二：关于公司 2024 年度监事会工作报告的议案 ……………………….…...7 | | 议案三：关于公司 2024 年年度报告及其摘要的议案………………………… 8 | | 议案四：关于公司 2024 年度财务决算报告的议案…………………………… 9 | | 议案五：关于公司 2024 年度利润分配方案的议案……………………………... 10 | | 2025 年度财务预算报告的议案…………………………...… 11 议案六：关于公司 | | 议案七：关于公司申请 2025 年度金融机构授信额度及担保额度预计的议案... 12 | | 议案八：关于第三届董事会非独立董事薪酬方案的议案………………………..14 | | 议案九：关于第三届董事会独立董事薪 ...

Core Viewpoint - The company experienced a significant decline in net profit for 2024, with a year-on-year decrease of 48.37%, despite a slight increase in revenue. Financial Performance - In 2024, the company achieved revenue of 6.763 billion yuan, a year-on-year increase of 1.13% [1] - The net profit attributable to shareholders was 291 million yuan, down 48.37% year-on-year [1] - The non-recurring net profit attributable to shareholders was 170 million yuan, a decrease of 65.49% year-on-year [1] - The company received government subsidies amounting to 131 million yuan, which contributed to other income [1] - In Q4 2024, the company reported revenue of 1.749 billion yuan, a year-on-year increase of 6.82% and a quarter-on-quarter increase of 5.85% [1] - The Q4 net profit attributable to shareholders was 94 million yuan, up 35.62% year-on-year and 21.96% quarter-on-quarter [1] - The total cash dividend planned is 164 million yuan, which accounts for 93.00% of the 2024 net profit attributable to shareholders [1] Profitability and R&D - The company's gross margin for 2024 was 11.13%, a decrease of 4.94 percentage points year-on-year [2] - The net profit margin was 4.35%, down 4.13 percentage points year-on-year [2] - The gross margin for the neodymium-iron-boron magnetic steel segment was 11.08%, a decline of 4.26 percentage points compared to 2023 [2] - The average price of praseodymium and neodymium metals in 2024 was 485,000 yuan per ton, down 24.97% year-on-year [2] - The processing fees for neodymium-iron-boron magnetic steel decreased from 135,300 yuan per ton in 2022 to 85,500 yuan per ton in 2024 [2] - The R&D expense ratio for 2024 was 4.74%, an increase of 3.09 percentage points year-on-year [2] - The company's asset-liability ratio at the end of 2024 was 42.12%, an increase of 1.63 percentage points from the end of 2023 [2] Production Capacity and Output - In 2024, the company produced 29,300 tons of neodymium-iron-boron magnetic steel blanks, an increase of 39.48% [3] - The finished product output was 21,600 tons, up 42.40% year-on-year [3] - The finished product sales reached 20,900 tons, a year-on-year increase of 37.88% [3] - The actual production capacity for magnetic material blanks reached 32,000 tons, with a utilization rate exceeding 90% [3] - By the end of 2024, the company had a production capacity of 38,000 tons per year for magnetic material blanks [3] - The company plans to establish a production line for 40,000 tons of high-performance rare earth permanent magnet materials and humanoid robot magnetic components by 2025 [3]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自phoronix，谢谢。 完整的 PCI Express 7.0 规范仍有望于今年晚些时候发布，而今天发布的是该规范的 0.9 版，这是计划中的最终草 案。PCI-SIG 今天分享了 PCI Express 7.0 v0.9 规范现已可供成员审查。预计 PCIe 7.0 不会有进一步的功能变化， 该规范有望于 2025 年晚些时候发布。 | Revision | Max Data Rate | Encoding | Signaling | | --- | --- | --- | --- | | PCle 7.0 (2025) | 128.0 GT/s | 1b/1b (Flit Mode*) | PAM4 | | PCle 6.0 (2022) | 64.0 GT/s | 1b/1b (Flit Mode*) | PAMA | | PCle 5.0 (2019) | 32.0 GT/s | 128b/130b | NRZ | | PCle 4.0 (2017) | 16.0 GT/s | 128b/130b | NRZ | | PCle 3.0 (20 ...

随着智能化技术的飞速发展，植入和介入医疗器械的研发迎来了前所未有的机遇和挑战。智能化、精准 化、个性化治疗已成为行业发展趋势， 智能化设备、精确成像技术、可吸收材料等新兴技术的应用，不仅 推动了医疗器械技术的创新，也在重塑整个行业的格局。 如何利用新兴技术提升植介入设备的研发效率、优化临床效果，以及推进高性能材料的应用？ 思宇MedTech联合Informa Market旗下Medtec China团队，策划 2025医疗器械研发创新论坛 ， 面向 研发负责 人、技术决策者，还是产品经理、希望转化成果的医生等 专家，探讨如何通过智能化技术驱动植介入医疗 器械研发创新，探寻未来医疗器械的变革之路。 论坛将围绕以下主题展开深入讨论： 欢迎希望分享和交流的人士报名~ 2025医疗器械研发创新论坛 2025 Medical Device R&D Innovation Forum ——智能化时代的植介入研发 14:00-14:10 开幕致辞 14:10-14:40 主题演讲：智能化时代的植入介入医疗器械 分享嘉宾： 赵清，思宇 MedTech，主编 R&D in Implant and Interventional D ...

据深交所网站公告显示，深交所上市审核委员会将于2025年3月14日召开2025年第5次上市审核委员会审议会 议，审议汉桑（南京）科技股份有限公司（下称"汉桑科技"）的首发事项。公开资料显示，汉桑科技成立于 2003年，是全球领先的高端音频产品和音频技术解决方案供应商之一。 聚焦高性能音频行业，构建全链路生态地位突出 汉桑科技的主要产品包括高性能音频产品、创新音频和AIoT智能产品、其他产品。其中高性能音频产品指各类 家庭高保真音响产品、家庭影院产品、适合家用和商用的定制安装高性能音频产品和系统等；创新音频和AIoT 智能产品主要指智能儿童音箱、电竞音响系统、音频物联网模组等；其他产品则是各类功放模块，音频配件、 模具等。 得益于完备的制造业产业链，突出的技术能力和成本优势，我国已成为全球音频设备的主要制造国。但除少数 有领先优势的头部企业外，其他企业数量多、规模小，技术能力不强，从而导致中低端领域竞争激烈，盈利能 力普遍不强。 而由于始终锁定海外高端音频产品市场，汉桑科技盈利能始终保持在较高水平。招股书显示，2021年至2024年6 月，汉桑科技综合毛利率分别为27.96%、28.49%、29.87%和32. ...

随着智能化技术的飞速发展，植入和介入医疗器械的研发迎来了前所未有的机遇和挑战。智能化、精准 化、个性化治疗已成为行业发展趋势， 智能化设备、精确成像技术、可吸收材料等新兴技术的应用，不仅 推动了医疗器械技术的创新，也在重塑整个行业的格局。 如何利用新兴技术提升植介入设备的研发效率、优化临床效果，以及推进高性能材料的应用？ 思宇MedTech联合Informa Market旗下Medtec China团队，策划 2025医疗器械研发创新论坛 ， 面向 研发负责 人、技术决策者，还是产品经理、希望转化成果的医生等 专家，探讨如何通过智能化技术驱动植介入医疗 器械研发创新，探寻未来医疗器械的变革之路。 论坛将围绕以下主题展开深入讨论： 欢迎希望分享和交流的人士报名~ 2025医疗器械研发创新论坛 会议规模： 80-120人 会议议程（暂定） 14:00-14:10 开幕致辞 14:10-14:40 主题演讲：智能化时代的植入介入医疗器械 分享嘉宾： 赵清，思宇 MedTech，主编 2025 Medical Device R&D Innovation Forum ——智能化时代的植介入研发 R&D in Impla ...

36氪未来产业 . 聚焦产业创新与投资前沿，挖掘产业与城市发展新叙事。36氪旗下官方账号。 中间相沥青基碳纤维最大的挑战性在于其关键原料—— 高可纺性中间相沥青的制备。 文 ｜ 张冰冰 编辑 ｜ 阿至 封面来源 ｜ 企业供图 36氪获悉，中欣新碳（厦门）材料科技有限公司（以下简称"中欣新碳"）宣布完成A轮融资，本轮投资方为厦门高新科创天使创 业投资有限公司，此轮融资将主要用于扩大产能、技术研发、市场推广及连续长丝产线建设等方面，并进一步拓展其产品在军 用、民品两大领域的应用。 " 中欣新碳" 成立于 2022 年，是一家专注于高性能碳材料研发与生产的创新型企业。主要产品包括中间相沥青、中间相沥青基碳 纤维、碳碳复合材料等。实现了高模量、高导热、高可纺性的中间相沥青50吨/年规模化稳定制备，以及中间相沥青基碳纤维和碳 碳复合材料的小规模制备。 以下文章来源于36氪未来产业 ，作者张冰冰，阿至 拉伸强度、弹性模量、导热率是衡量碳纤维材料的重要指标，中间相沥青基碳纤维的优异性能使其在航空航天、尖端装备、轨道 交通等高端技术领域与主流PAN基碳纤维产品形成互补。 中间相沥青被誉为高性能碳材料之母，应用前景广泛，但同时 ...