| 投资者关系活动 | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 类别 | □媒体采访 | □业绩说明会 | | | □新闻发布会 | □路演活动 | | | □现场参观 （请文字说明其他活动内容） | □其他 | | 活动参与人员 | 兴业证券经济与金融研究院：李怡然、汤璐阳； | | | | 前海开源基金管理有限公司：田维； | | | | 广发基金管理有限公司：曾灿； | | | | 上海宁泉资产管理有限公司：吴文涵； | | | | 北京合创友量私募基金管理有限公司：王泓平； | | | | 深圳中盈蓝景基金管理有限公司：杨国豪； | | | | 上海煜德投资管理中心（有限合伙）：赵溱； | | | | 财通证券资产管理有限公司：毛鼎； | | | | 华泰资产管理有限公司：曹青宇。 | | | 时间 | 2025 年 11 月 19 日 | | | 地点 | 昆明市呈贡新区马金铺电力装备园公司生产基地 | | | 上市公司接待人 | 副总经理、董事会秘书：金洪国； | | | 员姓名 | 证券事务代表：张鑫昌。 一、目前下游市场对磷化铟产品的需求情况如何？ ...

Core Viewpoint - Yunnan Ge Industry Co., Ltd. is actively engaging with various financial institutions to discuss its production operations, product layout, capacity planning, and downstream market trends, indicating a proactive approach to investor relations and transparency [1][2]. Group 1: Company Overview - The company hosted a specific investor survey on November 13, 2025, at its production base in Kunming, attended by representatives from multiple securities firms and investment funds [2]. - Key personnel from the company included Vice General Manager and Board Secretary Jin Hongguo, and Securities Affairs Representative Zhang Xinchang, who provided insights into the company's operations [2]. Group 2: Product and Business Layout - Yunnan Ge Industry's product range includes material-grade germanium products such as germanium ingots and germanium dioxide, as well as deep-processing products like solar-grade germanium wafers and infrared germanium single crystals [2]. - The company is also involved in the compound semiconductor materials business through its subsidiary, Yunnan Xinyao Semiconductor Materials Co., Ltd., which sources raw materials like arsenic, gallium, phosphorus, and indium externally [3]. Group 3: Downstream Market and Capacity Planning - The demand for germanium is driven by its applications in infrared optics, fiber optics, and photovoltaics, with infrared optics being the largest segment [4]. - The company plans to increase its solar-grade germanium wafer production capacity from 300,000 pieces per year (4-inch) and 200,000 pieces per year (6-inch) to 1.25 million pieces per year by the end of 2025, with a total capacity of 2.5 million pieces per year upon project completion [4]. Group 4: Capital Expenditure and Future Strategy - In 2025, the company's capital expenditure will focus on three major projects: advanced germanium materials, solar-grade germanium wafers for space solar cells, and high-quality gallium arsenide wafers [5]. - The company aims to enhance its competitive edge by increasing the sales and proportion of deep-processing products while actively expanding its resource reserves through acquisitions and exploration [5].

Core Viewpoint - Yunnan Zhenye plans to establish Hubei Xinyao Semiconductor Materials Technology Co., Ltd. with a total investment of 500 million yuan, focusing on the construction of a high-quality gallium arsenide wafer production line and related facilities [1][3]. Group 1: Project Overview - The project involves relocating the existing gallium arsenide wafer production line to a new facility in Huanggang, Hubei Province, with a planned annual production capacity of 700,000 six-inch high-quality gallium arsenide wafers and 30,000 sets of semiconductor-grade quartz tubes [1][3]. - The total investment for the project is 272 million yuan, with a construction period of 18 months [1][3]. Group 2: Financial Contributions - Yunnan Zhenye will contribute 32.406 million yuan in the form of machinery and equipment, corresponding to 378 existing machines from the gallium arsenide production line [1]. - Additionally, Yunnan Zhenye will invest 12.594 million yuan in cash, while Liu Guangzheng will contribute 5 million yuan in cash, resulting in respective shareholdings of 90% and 10% in Hubei Xinyao [1]. Group 3: Market Context and Strategic Rationale - The relocation is driven by the current underutilization of production capacity, with Yunnan Zhenye aiming to increase gallium arsenide wafer production from 87,500 pieces in 2024 to 200,000 pieces in 2025 [3]. - The project aligns with the growing demand for gallium arsenide, a key material in the semiconductor industry, particularly for RF devices and optoelectronic devices [3]. - Hubei Province is focusing on developing its optoelectronic information industry, which has reached a scale of 756.6 billion yuan in 2024, indicating a favorable environment for Yunnan Zhenye's investment [4].

Core Viewpoint - Yunnan Zheye provided insights on the significance of substrates (chips) in semiconductor manufacturing, particularly highlighting the advantages of indium phosphide (InP) wafers in various high-tech applications [1] Group 1: Company Insights - Yunnan Zheye responded to investor inquiries regarding the definition and importance of substrates in the semiconductor industry [1] - The company emphasized that substrates are essential for growing epitaxial layers and must possess specific electrical, optical, and mechanical properties [1] Group 2: Industry Applications - Indium phosphide wafers are recognized for their high saturation electron drift velocity, strong radiation resistance, good thermal conductivity, high photoelectric conversion efficiency, and wide bandgap [1] - These properties make InP wafers widely applicable in fields such as optical communication, optoelectronic devices, high-frequency millimeter-wave devices, optoelectronic integrated circuits, integrated lasers, and photodetectors [1]

Core Viewpoint - Yunnan Ge Industry reported significant growth in revenue and net profit for the first half of 2025, indicating strong performance driven by increased sales of various germanium products and improved pricing [1][4][8]. Financial Performance - Total revenue reached 529 million yuan, a year-on-year increase of 52.1% [1]. - Net profit attributable to shareholders was approximately 22.15 million yuan, up 339.6% year-on-year [1]. - Gross margin improved to 23.98%, reflecting a 63.25% increase compared to the previous year [1]. - Net profit margin rose to 4.59%, a significant increase of 276.78% year-on-year [1]. Revenue and Cost Analysis - Revenue growth was primarily driven by increased sales of germanium products, with a notable rise in prices due to higher raw material costs [4]. - Operating costs increased by 35.53%, largely due to rising unit costs of key products [5]. - Sales expenses surged by 77.82% as the company intensified market expansion efforts [5]. Balance Sheet Changes - Accounts receivable increased by 49.58%, attributed to higher sales of various germanium products [2]. - Short-term borrowings rose by 78.66%, indicating increased bank loans [2]. - Contract liabilities grew by 58.93%, reflecting an increase in prepayments received [2]. Cash Flow and Investment - Operating cash flow per share was -0.2 yuan, a decrease of 58.73% year-on-year, indicating cash outflows due to increased raw material purchases [1][8]. - Investment cash flow showed a significant decline of 188.96%, primarily due to higher cash payments for fixed asset acquisitions [8]. R&D and Future Outlook - R&D expenses increased by 86.41%, reflecting ongoing projects in semiconductor materials and germanium products [6][7]. - The company’s reliance on R&D for performance improvement suggests a focus on innovation and product development [10]. Debt and Liquidity - The company maintains a healthy cash position, but the cash flow situation raises concerns, with a cash asset to current liabilities ratio of only 60.03% [9][11]. - The debt situation is also a point of concern, with a significant portion of liabilities related to interest-bearing debts [11]. Market Position - The company’s performance is cyclical, with historical data indicating periods of weak returns on invested capital (ROIC) [8]. - The primary reliance on R&D-driven growth necessitates careful monitoring of underlying market conditions and product demand [10]. Fund Holdings - The largest fund holding Yunnan Ge Industry is the Guotou Ruijin Economic Driven Mixed A Fund, which has increased its position recently [11].

Core Viewpoint - The company is focusing on increasing the production capacity of 8-inch substrates rather than mass-producing 12-inch substrates due to the current state of technology and market conditions [1] Group 1: Production Capacity and Technology - The company has achieved self-controlled technology for 6-12 inch conductive silicon carbide crystal growth [1] - The expansion of 8-inch conductive silicon carbide substrates is primarily aimed at high-power applications in electric vehicles, high-voltage charging, energy storage, and rail transportation [1] - The company has stabilized mass production of 8-inch optical-grade crystals and is accelerating the industrialization verification of 12-inch optical-grade substrates [1] Group 2: Market and Ecosystem - The upstream and downstream ecosystem for 12-inch silicon carbide is still in the early verification stage and does not yet support large-scale industrialization [1] - The company will advance the production of 12-inch substrates based on the maturity of the supply chain and customer demand [1] Group 3: Future Investments and Strategic Focus - The company plans to continue increasing investment in the research and development of compound semiconductor materials to maintain a technological lead [1] - The focus is on providing reliable and leading key material support for strategic emerging industries such as electric vehicles, photovoltaics, 5G communication, and AR glasses [1]