智通财经获悉，赛晶科技(00580)早盘涨超7%，截至发稿，涨3.59%，报2.02港元，成交额284.46万港 元。 中泰国际此前指出，"十五五"期间的特高压项目以柔性输电技术为主，赛晶为国产输配电元器件龙头供 应商，在手订单充足，相关收入稳步增长；输配电元器件国产化率提升有利于支撑毛利率；同时受益于 国产功率半导体渗透提升，自研IGBT芯片业务收入爆发式增长。 本文源自：智通财经网 消息面上，赛晶科技公布，公司旗下子公司与南京南瑞子公司签订协议。根据该协议，南京南瑞子公司 将采购总金额为人民币1.43亿元的电力电子器件，公司将于2026年上半年分批交货。该电力电子器件将 应用于海上风电项目。 ...

12月19日，北交所将审议国家级专精特新 "小巨人"企业赛英电子的上市申请。作为深耕功率半导体关 键部件领域的标杆企业，赛英电子聚焦陶瓷管壳与封装散热基板两大核心产品，深度绑定中车时代、英 飞凌、日立能源等全球龙头客户，以技术创新破解行业痛点，为特高压输变电、新能源、智算中心等战 略性新兴产业提供核心支撑，若成功过会赛英电子将成为北交所首家功率半导体相关上市公司。 强劲的市场竞争力直接转化为亮眼的经营业绩。招股书显示，2022—2024年间，公司营收从2.19亿元增 至4.57亿元，复合增长率高达44.50%；归母净利润从4392万元增至7390万元，累计增长68.4%，增长韧 性凸显。进入2025年，增长势头持续强劲，上半年已实现营收2.89亿元、净利润4387万元，为全年业绩 增长奠定坚实基础。 在核心产品市场占有率方面，赛英电子已确立领先地位。其中陶瓷管壳类产品表现尤为突出，全球及国 内市场占有率分别达到约30.0%和32.6%，在行业内占据重要份额。随着陶瓷晶闸管和压接式IGBT产品 的行业需求持续增长，叠加下游国产企业的快速崛起，公司该类产品的市场份额与销量有望进一步提 升。封装散热基板类产品则处于 ...

Core Viewpoint - The company intends to acquire up to 100% of the shares of Longteng Semiconductor Co., Ltd., with a proposed transaction value between HKD 4.5 billion and HKD 9 billion, aiming to expand its business in the power semiconductor market [1][2]. Group 1 - The company signed a non-binding memorandum of understanding with Xu Xichang, the largest shareholder and chairman of Longteng Semiconductor, to facilitate the acquisition [1]. - Longteng Semiconductor is a leading provider of power semiconductor devices and system solutions, recognized as a key player in China's semiconductor and integrated circuit industry [1][2]. - The proposed acquisition is seen as a strategic move to enhance the company's market share in the power semiconductor sector, which is crucial given that China accounts for nearly half of the global power semiconductor consumption market [2]. Group 2 - Longteng Semiconductor specializes in the research, design, and sales of power semiconductor products, primarily focusing on power MOSFETs [2]. - The product range of Longteng includes super junction MOSFETs, planar MOSFETs, shielded gate trench MOSFETs, and trench MOSFETs, widely used in various applications such as LED lighting, power adapters, and battery management systems [2].

Group 1 - The stock of Sai Jing Technology (00580) increased by over 8%, reaching a price of 2.05 HKD with a trading volume of 25.81 million HKD [1] - The compact fusion energy experimental device BEST in Hefei, Anhui, achieved a significant breakthrough with the successful development and delivery of the Dewar base, marking a new phase in the project's main engineering construction [1] - Minsheng Securities suggests paying attention to IGBT switches and highlights Sai Jing Technology's unique technological advantages in the pulsed power field, having provided customized solutions for over 80 global projects, including several internationally renowned fusion research projects [1] Group 2 - Zhongtai International notes that during the 14th Five-Year Plan period, the ultra-high voltage projects focus on flexible transmission technology, with Sai Jing being a leading supplier of domestic power distribution components, benefiting from a sufficient order backlog and steady revenue growth [2] - The increase in the localization rate of power distribution components supports the gross margin, while the self-developed IGBT chip business experiences explosive revenue growth [2] - On September 8, the Swiss subsidiary Astrol Electronic AG announced a collaboration with an innovative company in the fusion field, which will utilize Astrol's power switch solutions to control current in advanced fusion systems [2]

Core Insights - The global semiconductor industry has a market size of approximately 4 trillion RMB, with power discrete devices accounting for about 5% and a compound annual growth rate of around 5% [1] - China holds nearly half of the global power semiconductor market, projected to reach a market size of 75.5 billion USD by 2025, with China contributing 29.1 billion USD, representing 38.6% of the market [1] - Jiangsu province is a key hub for China's power semiconductor industry, housing several top companies in the sector [1] Industry Overview - Power semiconductors are essential components for energy conversion and control, used in various applications from high-speed trains to consumer electronics [2] - The market for power semiconductors is driven by both traditional demand, such as consumer electronics replacements, and emerging applications like wearable devices and robotics [2] - The domestic localization rate for power semiconductors in China has increased to 15%-20%, with IGBT and SiC devices at about 35% and MOSFETs at around 15% [2] Competitive Landscape - Chinese listed companies in the power semiconductor sector are increasingly dominating global niche markets, supported by advancements in key downstream industries like new energy vehicles and 5G [3] - The competition is intensifying as domestic companies aim to fully localize high-end power semiconductors within 3 to 5 years [3] - Yangjie Technology has initiated international expansion, achieving domestic sales revenue of 4.527 billion RMB and foreign sales of 1.364 billion RMB in 2024 [3] International Expansion - Yangjie Technology operates under two brands, YG for the Asia-Pacific market and MCC for Europe and the Americas, with MCC generating over 210 million USD in sales by 2024 [3][5] - The company has established a localized R&D and manufacturing network globally, including five R&D centers and 15 wafer and packaging factories [5] - The shift towards Chinese brand suppliers in the global market presents opportunities for Chinese power semiconductor companies to increase their market share [5] Technological Advancements - The third-generation semiconductor technology is aiding Chinese companies in expanding their international market presence, exemplified by InnoSilicon's collaboration with NVIDIA [5]

Industry Overview - The global semiconductor industry has a market size of approximately 4 trillion RMB, with power discrete devices accounting for about 5% and a compound annual growth rate of around 5% [1] - China holds nearly half of the global power semiconductor market, with a projected market size of 75.5 billion USD by 2025, where the Chinese market is expected to reach 29.1 billion USD, capturing 38.6% of the market share [1] Regional Insights - Jiangsu province is a significant hub for China's power semiconductor industry, hosting major companies such as Yangjie Technology, Huazhu Microelectronics, and Suzhou Goodix [1] - The domestic power semiconductor industry has seen improvements in quality, performance, and technology standards, accelerating the "going out" strategy alongside domestic production [1] Market Dynamics - The market for power semiconductors is driven by both traditional demand from consumer electronics and emerging applications such as wearable devices and robotics, with significant growth expected from sectors like new energy vehicles and servers [2] - As of 2024, China's overall power semiconductor localization rate has increased to 15%-20%, with IGBT and SiC devices at approximately 35% and MOSFETs at about 15% [2] Competitive Landscape - Chinese power semiconductor companies are increasingly dominating global niche markets, supported by advancements in key downstream sectors like new energy vehicles and 5G [3] - Yangjie Technology has reported domestic sales revenue of 4.527 billion RMB with a gross margin of 28.33% and international sales revenue of 1.364 billion RMB with a gross margin of 45.43% [3] International Expansion - Yangjie Technology has initiated international expansion with brands YG and MCC, targeting the Asia-Pacific and European markets respectively, with MCC's sales exceeding 210 million USD by 2024 [3][5] - The company has established localized R&D, manufacturing, and sales networks globally, including five R&D centers and 15 wafer and packaging factories [5] Strategic Acquisitions - Yangjie Technology's acquisition of the MCC brand in 2015 for 20 million USD has positioned it favorably in the market, enhancing its brand recognition in both consumer and industrial applications [4] - Other companies like Wentai Technology have also pursued acquisitions to expand their global footprint, indicating a trend of consolidation in the industry [5] Technological Advancements - The third-generation semiconductor technology is aiding Chinese companies in expanding their international market presence, exemplified by InnoSilicon's collaboration with NVIDIA [5]

Core Insights - The rapid development of China's new energy vehicle market presents significant growth opportunities for the power semiconductor industry, driven by increased demand for efficient and reliable power devices in key modules such as electric drive systems and battery management systems [1][2] Group 1: Company Strategy - The company reported a revenue of 1.248 billion yuan in the automotive electronics and new energy sectors for the first half of 2025, marking a 37% year-on-year increase [1] - The company has certified 102 automotive-grade products, with 74 included in the Ministry of Industry and Information Technology's recommended automotive chip directory, leading the industry in quantity [1] - The company is actively embedding itself in the new energy vehicle supply chain through collaborations with major players like BYD and Geely, and by establishing joint laboratories [1][3] Group 2: Future Directions - The company aims to enhance its modular and systematic capabilities around "energy efficiency solutions," transitioning from a "single device supplier" to a "system-level solution provider" [2] - Future innovations will focus on cutting-edge technologies, including the research and development of new materials like gallium oxide, to strengthen long-term competitiveness [3] - The company emphasizes the importance of ecological collaboration within the industry, working with universities and leading automotive companies to advance key technologies [3]

Core Viewpoint - Jiangsu Hongwei Technology Co., Ltd. has developed a "Quality Improvement and Efficiency Enhancement Return Action Plan" for 2025 to enhance operational quality, strengthen management capabilities, and protect investor rights [2]. Group 1: Business Focus and Core Competitiveness - The company focuses on IGBT and FRD power semiconductor chips, with self-developed chips used in its products, emphasizing the importance of domestic production in the current international climate [2]. - The company reported a net profit attributable to shareholders of 2,978,037.94 yuan, an increase of 18.45% year-on-year [3]. Group 2: Research and Development Innovation - The company has 220 R&D personnel, a 4.76% increase year-on-year, with 20.91% holding master's or doctoral degrees [3]. - R&D investment for the first half of 2025 reached 58.5661 million yuan, accounting for 8.61% of revenue, with a year-on-year increase [3]. - Significant advancements in third-generation semiconductor technologies include successful development of SiC MOSFET and SBD chips, as well as GaN chips, marking a substantial leap in technology [4]. Group 3: Fund Management and Project Development - The company plans to adjust the timeline for its convertible bond fundraising project to June 30, 2027, ensuring the safety and effective use of raised funds [5]. Group 4: Corporate Governance and ESG - The company has improved its internal governance structure and published its first ESG report, receiving a Wind A rating, indicating strong ESG management foundations [5]. Group 5: Talent Strategy and Stock Incentives - The company launched a stock incentive plan for 121 individuals, granting 2.9507 million shares, aimed at retaining and motivating key personnel [6]. Group 6: Investor Communication and Information Disclosure - The company has actively engaged in investor relations, disclosing two regular reports and 40 temporary announcements in the first half of 2025, ensuring clarity and accuracy in communication [7]. Group 7: Shareholder Returns - The company has distributed a total of 42.4917 million yuan in cash dividends since its listing in 2021, maintaining a consistent and stable profit distribution policy [8].

Core Viewpoint - Suzhou Convert Semiconductor Co., Ltd. reported a significant increase in revenue for the first half of 2025, with operating income reaching approximately 111 million RMB, a 92.66% increase compared to the same period in 2024. However, the company also reported a net loss of approximately 33 million RMB, which is a decline from the previous year's loss [3][11]. Company Overview and Financial Indicators - The company specializes in the design, research and development, and sales of power semiconductors, focusing on high-performance and high-reliability products [5][6]. - Key financial data for the first half of 2025 includes: - Operating income: 111,030,036.59 RMB, up 92.66% from 57,630,652.33 RMB in the same period last year - Total profit: -35,234,280.94 RMB, compared to -31,795,815.11 RMB in the previous year - Net profit attributable to shareholders: -33,223,904.29 RMB, down from -28,076,548.41 RMB [3][4]. Industry Context - The power semiconductor industry is critical within the semiconductor supply chain, emphasizing the integration of chip design and manufacturing processes. The industry is experiencing strong demand driven by sectors such as new energy vehicles, AI computing power, and data centers [5][11]. - The national "dual carbon" strategy is pushing for higher energy conversion efficiency, which is increasing demand for high-performance power semiconductor products in applications like photovoltaic inverters and electric vehicle charging facilities [5][11]. Business Model and Operations - The company operates under a Fabless model, outsourcing wafer manufacturing and testing while focusing on chip design and product sales. This model allows for flexibility and rapid response to market changes [6][7]. - The company has established a comprehensive procurement process for wafers and packaging services, ensuring quality and compliance with design specifications [7][8]. Research and Development - R&D investment for the first half of 2025 was approximately 35.26 million RMB, a 41.13% increase year-on-year, reflecting the company's commitment to innovation and product development [11][12]. - The company has developed a range of products, including high-voltage planar MOSFETs and SiC power devices, with ongoing efforts to enhance product performance and reliability [10][17]. Market Expansion and Strategy - The company is strategically focusing on high-value sectors such as high-reliability power supplies and electric motor drives, leveraging its dual product lines of power devices and power ICs to provide comprehensive solutions [11][12]. - The company has successfully penetrated markets for BLDC motor drives and industrial power supplies, with products gaining acceptance among major clients [11][12]. Talent and Organizational Development - As of June 30, 2025, the company had 89 R&D personnel, accounting for 40.27% of total employees, with a focus on enhancing technical capabilities and fostering a culture of innovation [12][13]. - The company has completed a board restructuring and is enhancing its internal control systems to improve governance and operational efficiency [13][14].

Summary of Conference Call for JieJie Microelectronics Company Overview - JieJie Microelectronics reported a revenue of 1.6 billion yuan and a total profit of 270 million yuan for the first half of the year, showing year-on-year growth. The non-recurring net profit increased by 46%, primarily due to the disposal of an old factory asset [2][3]. Revenue Breakdown - Revenue by product segments: - MOS products: 753 million yuan (47%) - Thyristors: 283 million yuan (17%) - Protection devices: 541 million yuan (34%) [4]. Capacity and Utilization - The company's production capacity is nearly at full utilization, with the 8-inch line producing approximately 110,000 wafers monthly, and an output of about 100,000 wafers [13]. - The depreciation expense for the production line is estimated to be around 800 million yuan for 2025 [14]. Market Conditions and Pricing - The overall market is in a slow recovery phase with intense competition. The company adjusted the prices of some MOS products downwards by 4% to 15% in April and May, leading to a decrease in gross margin [6][3]. - The gross margins for different products are as follows: - Thyristors: 44.8% - Protection devices: 30% - MOS: 33% [6]. Downstream Application Areas - The distribution of downstream application areas is as follows: - Industrial: 43.55% - Consumer: 36.25% - Automotive: 15.79% - Communication: 1.82% [7]. Future Outlook and Goals - The company has adjusted its revenue target for the second half of the year to 2 billion yuan, with growth expected mainly from industrial (light storage, servers), consumer, and automotive electronics sectors [5][17]. - The company plans to launch approximately 200 automotive-grade MOSFET products this year [21]. R&D and Innovation - The company collaborates with research institutions to develop third-generation semiconductors, although high costs have delayed mass production. The R&D expense ratio for the second quarter was 5%, with an expectation of at least 6% for the year [5][24]. - There is a significant potential for domestic power semiconductor localization, with 70% of the market still open for domestic substitutes [22]. Inventory and Cash Flow - The company maintains a good inventory level, primarily stocking MOS products to meet varying demands [25]. - The strong operating cash flow is attributed to the gradual increase in capacity, especially in the 8-inch line [8]. Strategic Investments - The company is focusing on project investments and mergers to expand its product structure in response to market changes and to seize opportunities during industry consolidation [28]. Conclusion - JieJie Microelectronics is navigating a competitive landscape with strategic pricing adjustments, a focus on automotive applications, and ongoing R&D efforts to enhance its market position and product offerings. The company aims to leverage its strengths in the semiconductor market while addressing challenges posed by market dynamics.