证券日报网讯凯尔达9月26日在互动平台回答投资者提问时表示，公司控股子公司凯维力正在积极推进 石英谐振式六维力传感器、MEMS压阻式六维力传感器的研发工作，因为涉及MEMS技术在力/力矩传 感器上的运用，在产品性能、稳定性、可靠性等方面还需要做好充分的准备和完善。 ...

成立日期：2012年07月30日 法定代表人：林明 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 安徽芯动联科微系统股份有限公司（以下简称"公司"）于2025年8月15日召开第二届董事会第十二次会 议、2025年9月5日召开2025年第二次临时股东大会，审议通过了《关于变更公司注册资本、取消监事 会、修订〈公司章程〉并办理工商登记的议案》，同意公司变更公司注册资本、取消监事会、修订《公 司章程》并办理工商变更登记等事宜。具体内容详见公司于2025年8月19日在指定信息披露媒体及上海 证券交易所网站（www.sse.com.cn）披露的《关于变更公司注册资本、取消监事会、修订〈公司章程〉 并办理工商登记、修订及制定公司部分治理制度的公告》（公告编号：2025-038）。 近日，公司已完成了上述工商变更登记以及变更后《公司章程》的备案手续， 并取得蚌埠市市场监督 管理局换发新的《营业执照》，变更后的《营业执照》登记的相关信息如下： 名称：安徽芯动联科微系统股份有限公司 统一社会信 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 来源 ： 内容 编译自 allaboutcircuits 。 SiTime 今天宣布，将利用其 Titan 平台进军价值 40 亿美元的谐振器市场。 SiTime今天宣布推出全新 MEMS 谐振器系列，旨在取代蓝牙微控制器、可穿戴设备和物联网应用中 的石英解决方案。此前，该公司的 MEMS 技术仅集成在振荡器和时钟 IC 中。全新系列产品名为 Titan 平 台 ， 是 SiTime 进 军 独 立 谐 振 器 领 域 的 又 一 力 作 ， 其 器 件 频 率 范 围 为 32 MHz 至 76.8 MHz。 Titan最受市场关注的特点是其尺寸。Titan 采用 0.46 x 0.46 毫米芯片级封装，其 PCB 尺寸比 1210 石英晶体器件小七倍，比 1008 石英晶体器件小四倍。 这种程度的微型化对于可穿戴设备等空间受限的电子产品具有显著的意义。Titan 无需采用分立的石 英封装，因此设计人员可以缩小电路板尺寸，或将释放的空间重新用于其他功能。正如 Sevalia 所解 释的那样："由于 Titan 比石英器件小得多，它释放了 PCB 上的空间，让工 ...

Core Viewpoint - The company has successfully achieved mass production and delivery of its MEMS micro-mirror products, particularly in the industrial sector, and is expanding its automotive display chip business with mainstream screen manufacturers both domestically and internationally [2] Group 1: MEMS Micro-Mirror Products - The MEMS micro-mirror products have entered mass production as of June this year, following sample deliveries to multiple clients across various sectors including industrial, lidar manufacturers, automotive, and medical [2] - The company has received bulk orders from industrial clients for its MEMS micro-mirror products, which were initially sampled to clients in March [2] - The company offers four different specifications of two-axis electromagnetic driven MEMS micro-mirror products: 1mm, 1.6mm (in development), 4mm, and 8mm [2] Group 2: Automotive Display Chip Business - The automotive display chip products have achieved mass production and delivery with several mainstream screen manufacturers both in China and overseas [2] - The 1mm MEMS micro-mirror is utilized in various automotive applications such as HUD (Head-Up Display), DGP (Dynamic Welcome Light), DIP (In-Car Projection), DBSW (Safety Warning), HD, and ADB (Adaptive Driving Beam) [2]

Core Viewpoint - Anhui Xindong Link Micro System Co., Ltd. has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising a total of RMB 147.63 million with a net amount of RMB 135.44 million after deducting issuance costs [1] Group 1: IPO Details - The company issued 55.21 million shares at a price of RMB 26.74 per share, with a par value of RMB 1.00 per share [1] - The IPO was approved by the China Securities Regulatory Commission (CSRC) under document number "Zheng Jian Xu Ke [2023] 1012" [1] - The shares were listed on the Shanghai Stock Exchange on June 30, 2023 [1] Group 2: Continuous Supervision - The sponsor, CITIC Securities, has established and effectively executed a continuous supervision work plan in accordance with CSRC regulations [2] - During the supervision period, the company did not encounter any violations or breaches of commitments [2][4] - The sponsor conducted regular communication, site visits, and due diligence to monitor the company's operations [2][3] Group 3: Financial Performance - For the first half of 2025, the company reported operating revenue of RMB 253.13 million, an increase of 84.34% compared to the same period in 2024 [9] - The net profit attributable to shareholders reached RMB 147.52 million, reflecting a growth of 210.65% year-on-year [9] - The company's total assets as of June 30, 2025, were RMB 2.46 billion, a 3.28% increase from the end of 2024 [9] Group 4: Core Competitiveness - The company possesses core technologies in MEMS inertial sensor chip design, MEMS process development, and packaging/testing standards, with proprietary intellectual property rights [10] - The company has established a stable cooperative relationship with multiple wafer manufacturers and packaging vendors, enhancing its production capabilities [11] - As of June 30, 2025, the company had 98 R&D personnel, accounting for 44.95% of its total workforce, with a significant portion holding master's or doctoral degrees [11] Group 5: Use of Raised Funds - The company raised a total of RMB 147.63 million from the IPO, with a net amount of RMB 135.44 million after deducting issuance costs [12] - As of June 30, 2025, the balance of the raised funds was RMB 928.91 million, with specific allocations for project investments and working capital [12][13] - The use of raised funds complies with relevant regulations and has been disclosed appropriately [13]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [4][8]. Core Views - The company has shown rapid revenue growth in Q2, with a year-on-year increase of 28% to reach 293 million yuan, while the net profit attributable to the parent company decreased by 3% to 21.76 million yuan [7][8]. - The company is positioned as a high-quality candidate for domestic substitution in automotive-grade pressure sensors and is expanding its growth potential in torque sensors [8]. Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 554 million yuan, a 34% increase year-on-year, and a net profit of 42.13 million yuan, up 20% year-on-year [7]. - The revenue from pressure sensors reached 292 million yuan in H1 2025, a 62% increase year-on-year, contributing 53% to total revenue [6]. - The revenue from thermistors and temperature sensors was 251 million yuan, a 13% increase year-on-year, accounting for 45% of total revenue [6]. Market Analysis - Domestic market revenue in H1 2025 was 468 million yuan, a 38% increase year-on-year, with a gross margin of 24.74% [7]. - The overseas market generated revenue of 85.53 million yuan, an 18% increase year-on-year, with a gross margin of 44.51% [7]. Operational Efficiency - The company's inventory turnover days and accounts receivable turnover days improved to 131 days and 125 days, respectively, compared to the previous year [7]. - R&D expenses totaled 38.11 million yuan in H1 2025, a 45% increase year-on-year, representing 6.88% of total revenue [7]. Strategic Initiatives - The company is actively developing upstream core materials and technology research, focusing on MEMS technology and IC design capabilities [7]. - It has established a dedicated R&D team for robotic force sensors and is expanding its market presence with major clients in the automotive and home appliance sectors [8].

Core Viewpoint - The company reported a slight revenue increase in H1 2025, with a net loss significantly reduced compared to the previous year, indicating improved financial health despite ongoing challenges in the MEMS industry [3][4]. Financial Performance - Revenue for H1 2025 was 570,095,783.13 yuan, a year-on-year increase of 3.4% from 551,351,055.19 yuan [4]. - The net loss attributable to shareholders was 650,333.36 yuan, a reduction of 98.48% compared to the previous year's loss of 42,667,857.30 yuan [4]. - The net loss after excluding non-recurring items was 19,465,657.87 yuan, down 59.95% from 48,606,837.18 yuan in the same period last year [4]. - Operating cash flow for the period was 165,802,553.59 yuan, an increase of 17.25% from 141,413,022.35 yuan [4]. - Total assets reached 7,562,513,104.03 yuan, up 7.86% from the previous year [4]. - Net assets attributable to shareholders were 5,094,558,036.49 yuan, reflecting a growth of 3.47% [4]. Business Operations - The company has a significant portion of its revenue derived from overseas operations, with the percentages for 2022-2025 being 74.64%, 50.04%, 59.28%, and 76.25% respectively [5]. - Following the sale of control over Swedish Silex, its revenue will no longer be included in the company's consolidated financials, which may lead to a substantial decrease in MEMS business revenue [5]. Industry Competition - The MEMS sector is highly competitive, with rivals including Bosch, HP, STMicroelectronics, Texas Instruments, and various domestic firms [5]. - The industry is characterized by high technology, intellectual, and capital intensity, with key factors affecting competitiveness being technological development, process innovation, and new material applications [5]. Project Developments - The company is expanding its MEMS foundry capacity based on market demand, but faces challenges in technology transfer from Swedish Silex due to regulatory issues [6]. - The MEMS advanced packaging and testing project is a new business extension, but the company cannot guarantee that existing customers will utilize its packaging services, leading to potential delays in establishing stable supply relationships [7]. - The MEMS high-frequency communication device manufacturing project has successfully reached a usable state as of June 30, 2024, with all research and development goals achieved [7].

Core Viewpoint - The company, Yingtang Zhikong, is transitioning from an electronic component distributor to a semiconductor IDM enterprise, driven by a dual strategy of "distribution + chips," achieving steady growth across all business segments amid the semiconductor industry's recovery and accelerated domestic substitution [1]. Group 1: Financial Performance - In the first half of 2025, the company reported revenue of 2.639 billion yuan, a year-on-year increase of 3.52%, demonstrating strong operational resilience [1]. - The net profit attributable to the parent company, excluding non-recurring items, was 30.2267 million yuan, a year-on-year decrease of 14.46% due to increased R&D investment [1]. - The second quarter revenue reached 1.375 billion yuan, reflecting a year-on-year growth of 6.40% [1]. Group 2: R&D Investment - The company significantly increased its R&D investment to 56.3705 million yuan in the first half of 2025, a substantial year-on-year growth of 61.83%, focusing on self-developed products like MEMS mirrors and automotive display chips [1]. - The company anticipates positive adjustments in sales revenue composition and overall gross margin as self-developed chips gradually enter mass production [1]. Group 3: MEMS Mirror Business - The MEMS mirror products have made substantial progress, with a product matrix including 1mm, 4mm, and 8mm specifications, applied in various fields such as automotive LIDAR and industrial detection [2]. - The global MEMS market is projected to grow from $13.6 billion in 2021 to $22.3 billion by 2027, with a compound annual growth rate (CAGR) of 9.00% [2]. Group 4: Laser Radar Market - The laser radar market is expected to experience explosive growth, with over 3 million units of automotive laser radar projected to be installed by 2025, representing a year-on-year increase of 154% [3]. - The company's second-generation MEMS mirror utilizes electromagnetic drive technology, enabling dual-dimensional scanning while reducing size and cost [3]. Group 5: Display Driver Chip Market - The company has achieved mass production of automotive display driver ICs (DDIC) and touch display driver ICs (TDDI), breaking the market monopoly of Taiwanese and Korean manufacturers [4]. - The global automotive display market is expected to reach $10.1 billion by 2025, providing significant growth opportunities for the company [5]. Group 6: Future Outlook - The company aims to enhance the proportion of high-margin business revenue as MEMS mirrors and automotive chips continue to progress towards mass production [6]. - The company is also developing display driver chips for consumer electronics, with OLED DDIC products entering the wafer stage, indicating potential expansion into wearable devices and XR products [6].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9][13] Core Views - The company achieved significant growth in H1 2025, with revenue reaching 253 million yuan, a year-on-year increase of 84.34%, and a net profit attributable to shareholders of 154 million yuan, up 173.37% year-on-year [4][8] - The company's gross margin improved to 86.54%, an increase of 5.36 percentage points, and the net profit margin rose to 60.96%, a substantial increase of 19.85 percentage points [8] - The growth is attributed to several factors, including leading product performance, successful customer onboarding for mass production, and an increase in trial and sample requests from potential clients [8][9] Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 355 million yuan (previously 304 million yuan), 512 million yuan (previously 419 million yuan), and 731 million yuan (previously 569 million yuan) respectively [9] - The company’s earnings per share (EPS) are projected to be 0.89 yuan in 2025, 1.28 yuan in 2026, and 1.82 yuan in 2027 [11] - The price-to-earnings (P/E) ratios are expected to be 89.9X for 2025, 62.3X for 2026, and 43.7X for 2027, indicating a strong growth potential [9][11] Research and Development - The company emphasizes technology research and development, with R&D expenses amounting to 58.1 million yuan in H1 2025, representing 22.95% of revenue [8] - Ongoing projects include enhancements to existing products and the development of new types of sensors, such as pressure sensors and high-performance MEMS IMUs for automotive applications [8][9] Market Position and Future Outlook - The company’s MEMS inertial sensors are noted for their superior performance, with the main product, the gyroscope, showing rapid growth [9] - The company has a robust order backlog and significant growth potential, supported by its competitive product offerings and market demand [9]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 92.29 CNY [7][5]. Core Insights - The company demonstrated high growth in the first half of 2025, achieving revenue of 253 million CNY (up 84.34% year-on-year) and a net profit of 154 million CNY (up 173.37 year-on-year), with a net profit margin of 60.96% [1][2]. - The company is expanding its customer base and order scale, with significant orders expected to be fulfilled in the second half of 2025 [2][3]. - The product matrix is becoming more comprehensive, with new products expected to be launched, including a cost-effective six-axis IMU chip for the civilian market in 2026 [3][4]. - The company has granted stock incentives to employees, reflecting confidence in future growth, with performance targets set for revenue and net profit growth over the next three years [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 165 million CNY (up 43.83% year-on-year) and a net profit of 110 million CNY (up 89.40% year-on-year) [2]. - The company has adjusted its revenue and net profit forecasts for 2025, 2026, and 2027 upwards by 7%, 11%, and 14% respectively, anticipating revenues of 720 million CNY, 1.05 billion CNY, and 1.43 billion CNY [5][11]. Product Development - The company is focusing on high-performance MEMS inertial devices, which are being adopted across various high-end industrial applications, including commercial aerospace and intelligent driving [1][3]. - The product offerings are expanding to include FM resonant accelerometers and pressure sensors, with batch shipments already underway [3]. Stock Incentives - The company plans to grant 3.2 million restricted shares, representing 0.8% of total equity, to 129 employees, with performance targets set for significant revenue and profit growth over the next three years [4]. Valuation - The target price has been adjusted to 92.29 CNY, reflecting a 20% premium over comparable companies' valuations, based on a projected PE ratio of 90X for 2025 [5][11].