证券代码：688216 证券简称：气派科技 气派科技股份有限公司 募集资金使用可行性分析报告 二〇二五年八月 气派科技股份有限公司 2025 年度向特定对象发行 A 股股票募集资金使用可行性分析报告 为提升气派科技股份有限公司（以下简称"公司"、 "气派科技"或"发行 人"）的核心竞争力，增强公司盈利能力，公司拟向特定对象发行股票（以下简 称"本次发行"）募集资金。公司董事会对本次募集资金运用的可行性分析如下： （如无特别说明，本报告相关用语与《气派科技股份有限公司 2025 年度向 特定对象发行 A 股股票预案》中的释义具有相同含义） 一、本次募集资金使用计划 本次发行拟募集资金总额不超过 15,900.00 万元（含本数），扣除发行费用后 净额全部用于补充流动资金。 二、本次募集资金投资项目的基本情况及可行性分析 （一）基本情况 公司拟将本次募集资金全部用于补充流动资金，以满足未来业务快速增长的 营运资金需求，优化公司资本结构，推动公司进一步发展。 （二）募集资金投资项目的必要性分析 半导体行业呈现周期性的发展特征。2020-2021 年全球半导体行业需求激增， 行业资本开支大幅增加。2022 年全球经济 ...

Group 1 - The company Jiangsu Rongtai Industrial Co., Ltd. is planning to acquire 51% equity of Zhongshan Aoduo Electronics Technology Co., Ltd. This acquisition is expected to enhance the company's strategic development in the automotive parts sector and create significant synergies with existing operations [4][5][6] - The total purchase price for the acquisition is set at approximately 287.92 million yuan, which corresponds to an equity valuation of 56.9 million yuan for Zhongshan Aoduo as of May 31, 2025, reflecting a valuation increase of 210.04% compared to the net asset value on the consolidated financial statements [5][17][22] - The acquisition will allow the company to hold three out of five board seats at Zhongshan Aoduo, thereby gaining control over the company and integrating it into its consolidated financial statements [5][6][22] Group 2 - The transaction involves a combination of cash payments and performance-based earnouts, with specific milestones set for the target company's financial performance over the next four years [27][28] - The company has engaged professional institutions for financial due diligence and asset valuation, ensuring that the transaction price is fair and reasonable, with no adverse effects on the interests of the company and its shareholders [8][22] - The acquisition is classified as a related party transaction due to the involvement of the company's actual controller, which necessitates approval from the shareholders' meeting [7][11][22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to experience stable growth, with significant opportunities in the server and AIPC sectors, which will drive future growth [4][10] - The company has a diversified product matrix in the PC sector, leveraging its HDI technology to strengthen its competitive position [8] - The automotive electronics sector is being targeted for expansion, focusing on key components for smart vehicles, particularly in the new energy vehicle market [8] - In the data center and server fields, the company is advancing its technology and product offerings to maintain its industry position [8] Financial Summary - The company reported a revenue of 2.565 billion yuan in H1 2025, a year-on-year increase of 19.43%, while the net profit attributable to the parent company was 196 million yuan, a decrease of 11.96% [6] - For Q2 2025, the revenue was 1.401 billion yuan, reflecting a year-on-year increase of 19.65% and a quarter-on-quarter increase of 20.33% [6] - The projected revenue for 2025 is 5.631 billion yuan, with a year-on-year growth rate of 23% [4] - The projected net profit for 2025 is 475 million yuan, with a year-on-year growth rate of 34% [4] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 27.9, 18.5, and 14.6 respectively [4] - The projected P/B ratios for the same years are 2.8, 2.5, and 2.2 respectively [4] Growth Potential - The company is expected to achieve a net profit of 4.75 billion yuan in 2025, 7.17 billion yuan in 2026, and 9.09 billion yuan in 2027 [10] - The company is focusing on enhancing its production capabilities and technological advancements in its Thailand base, which is crucial for its global expansion strategy [9]

Core Viewpoint - The report highlights significant growth in revenue and profit for Shanghai Awinic Technology Co., Ltd. in the first half of 2025, driven by strategic product innovation and market expansion in the semiconductor industry, particularly in high-performance mixed-signal, power management, and signal chain products [3][14][20]. Company Overview and Financial Indicators - The company reported a total revenue decrease of 13.40% compared to the previous year, but the total profit increased by 81.22% to approximately 152.78 million yuan [3]. - The net profit attributable to shareholders rose by 71.09%, reaching approximately 156.52 million yuan, while the net profit after deducting non-recurring gains increased by 81.88% [3][14]. - The net cash flow from operating activities surged by 276.46%, indicating improved cash management and operational efficiency [3]. - The company's total assets slightly decreased by 0.91% to approximately 5.04 billion yuan, while the net assets attributable to shareholders increased by 2.97% [3]. Industry Context - The global semiconductor market is experiencing a robust upward trend, with total sales reaching 283.7 billion USD in the first five months of 2025, marking a 19.8% increase year-on-year [4][5]. - The semiconductor market is projected to grow to 700.9 billion USD in 2025, reflecting an 11.2% increase from 2024 [4]. - Key drivers of demand in China include artificial intelligence, automotive electronics, industrial control, and consumer electronics, with significant growth expected in AI servers and electric vehicles [5][6]. Product and Business Development - The company specializes in high-performance mixed-signal, power management, and signal chain integrated circuit design, with over 1,500 product models and sales exceeding 2.7 billion units in the first half of 2025 [11][12]. - The company has made significant advancements in product innovation, including the launch of new audio solutions, power management chips, and automotive electronics, which are expected to enhance its competitive edge in the market [15][16][17]. - The company has established a comprehensive audio ecosystem integrating hardware, algorithms, and services, which is widely applied across consumer electronics, industrial, and automotive sectors [14][20]. Research and Development - The company emphasizes innovation and has invested 19.20% of its revenue in R&D, amounting to approximately 26.30 million yuan in the first half of 2025, reflecting a 4.00% increase from the previous year [14][20]. - The workforce includes a high proportion of technical staff, with 75% of employees being technical personnel, ensuring a strong foundation for ongoing innovation [20]. - The company has accumulated 684 patents, including 440 invention patents, demonstrating its commitment to technological advancement and intellectual property development [20].

Core Viewpoint - Aiwai Electronics (688798) reported a decline in revenue for the first half of 2025, but a significant increase in net profit, indicating a shift in profitability despite lower sales [1] Financial Performance - The company's revenue for the first half of 2025 was 1.37 billion yuan, representing a year-on-year decrease of 13.4% [1] - The net profit attributable to shareholders was 157 million yuan, showing a year-on-year increase of 71.09% [1] Operational Highlights - The increase in net profit was attributed to the continuous launch of new products and ongoing expansion in the industrial internet and automotive sectors [1] - The company's overall gross margin improved by 8.03 percentage points compared to the same period last year, leading to an increase in gross profit [1]

Core Viewpoint - Suzhou Dingjia Precision Technology Co., Ltd. has successfully held an online roadshow for its listing on the Beijing Stock Exchange, marking a significant step into the capital market, aiming to leverage capital to strengthen its industry position [1] Company Overview - Established in 2007, the company focuses on the design, research and development, production, and sales of functional and protective products for consumer electronics, with applications in laptops, tablets, smartphones, and servers, while actively expanding into the automotive and new energy markets [3] Technological and Competitive Advantages - The company holds 208 patents as of March 31, 2025, including 20 invention patents and 188 utility model patents, and has been recognized as a "High-tech Enterprise" and a "National Specialized and Innovative Small Giant" [5] - Continuous innovation in core processes such as die-cutting multi-layer combination asynchronous processing and die-cutting sensing positioning technology has led to improved production efficiency and cost optimization [5] - R&D investment has remained stable at around 5.5% from 2022 to 2024, ensuring product competitiveness [5] Financial Performance - Revenue is projected to grow from 326 million yuan in 2022 to 404 million yuan in 2024, with a gross margin maintained above 30% [5] - The company has a stable asset-liability ratio of around 30% and sufficient cash flow, with monetary funds expected to reach 257 million yuan by the end of 2024 [9] Market Expansion and Future Growth - The company plans to use funds raised from the issuance primarily for the production of precision functional devices, packaging materials, and protective materials, with an expected annual output value exceeding 700 million yuan upon reaching full capacity [7] - The number of clients in the automotive and new energy sectors is expected to increase from 26 in 2022 to 98 in 2024, with related revenue projected to double over three years [7] - The company aims to deepen its market presence in Southeast Asia and South China through a new production base in Vietnam, which is set to commence operations in 2024 [5] Industry Outlook - The functional device industry is anticipated to experience a new wave of growth driven by innovations in consumer electronics propelled by 5G and AI technologies, alongside a global industrial chain shift towards China [11] - The company has gained recognition from leading downstream clients and plans to continue focusing on technological innovation while expanding into high-value sectors such as AR/VR and automotive electronics [11]

Core Viewpoint - Yunzhong Technology reported a significant decline in revenue and an increase in net losses for the first half of 2025, indicating challenges in the consumer electronics sector and operational adjustments needed to improve financial performance [2][6]. Financial Performance - Revenue for the first half of 2025 was 246,157,614.49 yuan, a decrease of 17.66% compared to 298,950,164.35 yuan in the same period last year [2][3]. - The net loss attributable to shareholders was 124,528,303.93 yuan, compared to a loss of 36,698,785.78 yuan in the previous year [2][3]. - The net loss after deducting non-recurring gains and losses was 99,936,540.66 yuan, up from a loss of 27,549,222.02 yuan in the prior year [2][3]. - Total assets decreased by 4.1% to 1,468,831,952.82 yuan, while net assets attributable to shareholders fell by 24.7% to 167,850,671.91 yuan [2][3]. Operational Challenges - The decline in revenue and increased losses were attributed to several factors, including a delay in the release schedule of new consumer electronics models, leading to a decrease in orders [6]. - The company ceased to consolidate the revenue from its subsidiary, Chizhou Yunshan, due to relinquishing its priority capital increase rights and actual control, which contributed to an 8.96% reduction in total revenue when adjusted for this impact [6]. - The company is adjusting its marketing strategies and optimizing customer orders based on thorough credit assessments of downstream clients [6]. Investment and Future Outlook - The company's investment in MLCC projects has resulted in high fixed costs due to significant expenditures on factory construction and equipment, leading to ongoing losses [7]. - However, there is an expectation of improved operational performance in the future as the capacity of the electronic ceramics business increases [7].

Core Insights - The company reported a revenue of 2,564,546,348.28 yuan for the first half of 2025, representing a year-on-year growth of 19.43%, while the net profit attributable to shareholders decreased by 11.96% to 195,849,763.7 yuan [2][4] - Total assets reached 8,468,050,642.4 yuan, a 5.26% increase compared to the previous year, while net assets attributable to shareholders saw a minimal increase of 0.01% [3][4] Financial Performance - Revenue for the first half of 2025 was 2,564,546,348.28 yuan, up from 2,147,370,990.70 yuan in the same period last year, marking a growth of 19.43% [4] - Net profit attributable to shareholders was 195,849,763.7 yuan, down from 222,453,160.53 yuan, reflecting a decline of 11.96% [4] - The net profit after excluding non-recurring gains and losses was 183,779,370.54 yuan, a decrease of 12.79% from 210,731,909.09 yuan [4] - The net cash flow from operating activities was 190,186,846.05 yuan, down 41.53% from 325,298,206.94 yuan [4] - Basic and diluted earnings per share were both 0.62 yuan, down 11.43% from 0.70 yuan [4] - The weighted average return on equity was 4.40%, a decrease of 0.89% from 5.29% [4] Industry Trends - The PCB industry continued to grow in the first half of 2025, driven by demand in sectors such as servers/data storage, communication infrastructure, and automotive [5] - According to Prismark, the global PCB industry is projected to reach a value of 78.563 billion USD in 2025, with a year-on-year growth of 6.8% [5] - By 2029, the global PCB industry value is expected to grow to 94.661 billion USD, with a compound annual growth rate of 5.2% from 2024 to 2029 [5] Product Development and Market Expansion - The company has a broad application range, focusing on data centers and servers, automotive electronics, and consumer electronics, while also expanding into energy, power, and industrial control medical sectors [5][6] - In the data center and server sector, the company has enhanced its market competitiveness by developing high-performance PCB products that meet the high demands for performance and reliability [5][6] - In the automotive electronics sector, the company is focusing on high-end products related to electric and intelligent vehicles, establishing long-term partnerships with international automotive brands and Tier 1 suppliers [6] - The consumer electronics sector is experiencing innovation driven by AI, with the company quickly entering the AI personal computer (AIPC) market and optimizing its product structure to meet evolving customer needs [7]

Core Viewpoint - The semiconductor industry in A-shares is experiencing a downturn due to the cyclical nature of the sector and slow recovery in consumer electronics demand, leading to widespread declines in net profits among listed companies. However, some leading firms have shown signs of recovery in the second quarter, driven by sectors like artificial intelligence, automotive electronics, and power grids. Group 1: Semiconductor Design Companies - Chip design companies are accelerating inventory reduction, with many reporting a decline in performance in the first half of the year, but some have stabilized and shown growth in the second quarter [2][3] - Rockchip, a leader in AIoT chips, expects revenue of approximately 858 million yuan, a year-on-year decrease of about 31%, but a sequential growth of around 60% in the second quarter [2] - GigaDevice, a leader in Nor Flash memory, anticipates a net profit of about 340 million yuan, down over 70% year-on-year, but with a nearly 30% increase from the first quarter [2] Group 2: Fingerprint Recognition and Wireless Chip Companies - Goodix, a leader in fingerprint recognition chips, expects revenue of about 2.02 billion yuan, a year-on-year increase of approximately 10.5%, but a net loss of about 137 million yuan [3] - Broadcom Integrated anticipates a net loss of between 64.8 million and 43.3 million yuan for the first half of 2023, with some improvement in the second quarter [3] - Zhaoxin Microelectronics, heavily reliant on the mobile market, expects a revenue decline of 25.48% year-on-year, with a net profit decrease of 50.01% to 55.06% [3] Group 3: Packaging and Testing Companies - Packaging and testing companies are showing significant sequential growth, with Tongfu Microelectronics reporting revenue of approximately 9.909 billion yuan, a year-on-year increase of 3.58%, but a net loss of 17 to 19.8 million yuan [7] - Longji Technology, a leading packaging and testing company, expects a net profit of 446 to 546 million yuan, a year-on-year decrease of 64.65% to 71.08%, but a significant increase in the second quarter [8] - Crystal Technology anticipates a net profit of 70 to 80 million yuan, a year-on-year decline of 58.11% to 63.35%, but expects to double its profit in the second quarter compared to the first [9] Group 4: Equipment Companies - Despite the overall semiconductor sector being in a downturn, equipment companies are experiencing rapid growth, with North Huachuang reporting revenue of 7.82 to 8.95 billion yuan, a year-on-year increase of 43.65% to 64.41% [10] - Zhongwei Company, a leader in etching equipment, expects revenue of approximately 2.527 billion yuan, a year-on-year increase of about 28.13%, with a net profit increase of 109.49% to 120.18% [11] - Wan Ye Enterprises is increasing its focus on integrated circuits, expecting a net profit of about 118 million yuan, a year-on-year increase of approximately 316% [12]

Group 1: PCB Industry - PCB stocks, such as Shenghong Technology and Industrial Fulian, have seen significant gains, with Shenghong Technology rising over 6% to reach a historical high and Industrial Fulian increasing by more than 4%, bringing its total market value to over 750 billion yuan [1] - CICC predicts that the overseas demand for computing power will drive both the volume and price of PCBs, with the AI PCB market expected to reach 5.6 billion USD by 2025 and 10 billion USD by 2026 [3] - Despite domestic PCB manufacturers accelerating production, the release efficiency of high-end capacity is expected to lag behind the growth rate of demand, leading to a persistent supply-demand gap [3] Group 2: Consumer Electronics - Apple is increasing investments to secure tariff exemptions in the U.S., which may lead to a valuation recovery for its supply chain as concerns over AI innovation pace and "reciprocal tariffs" diminish [3] - The consumer electronics sector is anticipated to experience a rebound, driven by the strong performance of AI-related innovations and the overall increase in computing power in North America [3] Group 3: Electronic ETFs - The electronic ETF (515260) focuses on sectors such as semiconductors, consumer electronics, and PCBs, and has shown strong technical performance, trading above all moving averages [1] - The ETF tracks the electronic 50 index and includes major holdings in AI chips, automotive electronics, 5G, and cloud computing, providing exposure to core assets in the A-share electronic sector [4]