证券代码：300327 证券简称：中颖电子 中颖电子股份有限公司投资者关系活动记录表 编号 2025-006 | 投资者来访类别 | □分析师会议 ☑特定对象调研 | | | | --- | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | | □现场参观 □其他 | | | | 参与单位名称及 | 淡然资产、燕园资管、德圣资产、中信建投、国韵投资、元藩投资、岗底斯投研、宁 | | | | 人员姓名 | 波银行、国科龙晖、 | | | | 时间 | 2025 年 12 月 12 日 | | | | 地点 | 会议室 | | | | 上市公司接待人 | 潘一德、徐洁敏 | | | | 员姓名 | 1、 公司简单介绍？ | | | | | 中颖电子成立于 1994 年，2002 起主营自主品牌的集成电路设计和销 | | | | | 售，2012 | | 年在深交所创业板上市，总部位于上海，在西安、合肥、深圳、 | | | | 香港设有分子公司。公司采用 Fabless 商业模式，主营工控级微控制芯片 | | | | （MCU）、锂电 ...

Company and Industry Summary Company Overview - The company specializes in three main business segments: gold mining and sales, photovoltaic power generation, and integrated circuit design. Gold mining is the core business, with a fully integrated operation from exploration to refining. Photovoltaic projects are primarily located in Ghana and Tanzania, while integrated circuit design focuses on detonator chips, smart mining, and photovoltaic management systems [2][3]. Gold Mining Operations - The company operates the Akroma, Apache, and FGM gold mines, with current processing capacity of 1,500 tons of ore per day. The FGM plant under construction will have a capacity of 8,000 tons per day. In 2024, underground mining is expected to yield 10,260 tons of ore with grades between 1.5 to 3 grams per ton, processing a total of 248,300 tons of raw ore [2][5]. - The Turkish gold mine, acquired from an Australian exploration company, is undergoing deep exploration, with initial shallow reserves of 22 tons. Further exploration is planned to assess deeper resources [6]. Photovoltaic Power Generation - The photovoltaic business includes energy management projects in China, a 20 MW power station in Ghana, and nearly 20 MW in Tanzania. Recently, two new 6.5 MW projects were signed in Tanzania, with one already connected to the grid. The 20+2 MW power station in Ghana has been operational for 10 years and is performing well [2][7][8]. Integrated Circuit Design - The integrated circuit design focuses on IoT chips, with products already in mass production for mining projects. The new generation industrial electronic detonator chip SC7,100 is in validation, featuring low power consumption and high performance. The company is one of the earliest private enterprises in China's integrated circuit field [4][9][10]. Financial Health and Future Growth - The company operates with no debt and positive cash flow, expecting several-fold growth in the coming year without the need for additional financing. The FGM plant is expected to begin trial production by the end of this year and reach full capacity by the end of next year [4][18][20]. - Future investments will focus on mining and power generation, with integrated circuit investments largely completed. The company plans to invest approximately 2 billion RMB in power projects, which is manageable within its current financial capabilities [19][43]. Mining Strategy and Market Conditions - The company's mining strategy involves acquiring underdeveloped mines from exploration companies, allowing for lower initial investments but requiring extensive exploration and infrastructure development. This approach results in higher gross margins but slower growth [14]. - The company adjusts its mining strategies based on gold prices, expanding mining thickness when prices are high to increase overall metal yield, even if the average grade decreases [22][23][24]. Challenges and Opportunities - The company faces challenges in Africa, including political instability and infrastructure issues, but remains optimistic about the market potential. Recent political unrest in Tanzania has raised concerns, but security measures have been implemented to protect operations [45][46]. - The company is also exploring new mining areas and plans to expand its capacity based on resource verification results, with a focus on maintaining efficient operations and cost control [32][38][47]. Production and Cost Management - The production cost at the FGM site is approximately 130-140 RMB per ton, with effective cost control measures keeping it below domestic levels. The company aims to optimize its processes to further reduce costs [26][30]. - The company produced over 300 kg of gold in the first half of the year, primarily sold to Dubai refineries, with direct costs well managed [48]. Conclusion - The company is well-positioned for growth in the gold mining and renewable energy sectors, with a solid operational foundation and strategic plans for future expansion. The focus on integrated operations and technological innovation in both mining and energy sectors will likely enhance its competitive edge in the market [2][3][4][18].

Core Viewpoint - SIRUI's revenue has shown consistent growth, achieving a record high for six consecutive quarters, with a quarter-on-quarter increase of 10.29% in Q3 2025 [2] Group 1: Financial Performance - In Q3 2025, the company reported a quarter-on-quarter revenue growth of 10.29%, marking the sixth consecutive quarter of growth [2] - The gross profit margin has improved quarter-on-quarter, indicating a positive trend in overall operational quality [2] - For the first three quarters of 2025, the gross profit margin changes were primarily due to the consolidation of Chuangxin Micro, which has shown significant progress in product and market aspects [2] Group 2: Business Integration and Profitability - Chuangxin Micro's gross profit margin has steadily improved, exceeding 40% by the end of Q3 2025, reflecting enhanced business profitability [2] - The integration of Chuangxin Micro is expected to continue yielding positive results in terms of product and market advancements [2]

Core Viewpoint - The company, Moer Technology, has experienced a significant stock price increase of 723.49% since its listing on December 5, 2025, raising concerns about potential short-term volatility and risks associated with its stock price surge [4]. Financial Performance - For the period of January to September 2025, the company reported a revenue of 785 million yuan and a net loss attributable to shareholders of 724 million yuan [4]. - The company anticipates a net loss for the full year of 2025 to be between 1.168 billion yuan and 730 million yuan [4]. - The company's stock price closed at 941.08 yuan per share on December 11, 2025, with a static price-to-sales ratio of 1,008.84 times, significantly higher than the industry average of 59.34 times [5][6]. Market Performance - The company's stock has shown substantial volatility, with recent trading days reflecting increases of 5.73%, 16.98%, and 28.04% [7]. - The stock's performance has outpaced relevant indices such as the Sci-Tech Innovation Index and the Sci-Tech 50 Index, indicating a potential market overreaction [7]. Product Development and Risks - The company is currently in the research phase for new products and architectures, with revenue generation expected to take time due to necessary steps like product certification and customer onboarding [4]. - There are uncertainties regarding the competitive positioning of new products, which may face challenges such as technological obsolescence, insufficient market demand, and difficulties in mass production [4]. Research and Development - The company maintains high R&D expenditures to ensure technological advancement, but this has resulted in ongoing losses and a lack of profitability [8]. - The company faces risks related to technological and product iteration, as it must keep pace with rapid changes in the integrated circuit design industry to maintain market competitiveness [9].

Core Points - GigaDevice Semiconductor Inc. has received approval from the China Securities Regulatory Commission for its overseas listing, allowing it to issue up to 51.7969 million shares on the Hong Kong Stock Exchange [2] - The company, established in 2005, is a leading global multi-chip design firm, specializing in Flash, niche DRAM, MCU, analog chips, and sensor chips, with a comprehensive range of systems and solutions [2] - GigaDevice is recognized as a market leader in several sectors, ranking among the top ten global integrated circuit design companies in NOR Flash, SLC NAND Flash, niche DRAM, and MCU by revenue in 2024 [2] Company Overview - GigaDevice was listed on the A-share market on August 18, 2016, and submitted its prospectus to the Hong Kong Stock Exchange on June 19, 2025, with CICC and Huatai International as joint sponsors [2] - The company has achieved full-category coverage in consumer electronics, industrial applications, communications, and automotive electronics [2] Financial Information - The face value of each H-share is set at RMB 1.00, with various fees applicable during the application process [5]

Group 1: Company Overview and Acquisition - The target company, Indichip Micro, specializes in automotive-grade mixed-signal chips, with cumulative shipments exceeding 350 million units since its establishment in 2017 [1] - The acquisition aims to enhance the company's position in the automotive chip sector, which is characterized by rapid growth and low domestic replacement rates [5] - The target company generated revenue of 584 million CNY in 2024, with automotive-grade chip revenue accounting for 551 million CNY, representing over 90% of total revenue [2] Group 2: Revenue Composition and Market Demand - The target company's revenue for the reporting period was 494.04 million CNY, 584.15 million CNY, and 385.31 million CNY, with automotive-grade chips being the primary revenue driver [2] - The increasing penetration of the target company's products in the market is expected to sustain revenue growth, driven by rising demand from electric vehicle manufacturers [2] Group 3: Client Base and Market Position - Indichip Micro's products are utilized in over a hundred vehicle models, serving major domestic brands like BYD, SAIC, and Geely, as well as international brands such as Volkswagen and Ford [3] - The company has established a competitive edge in domestic chip production, filling gaps left by foreign manufacturers in the automotive lighting control chip market [4] Group 4: Strategic Benefits of the Acquisition - The acquisition is anticipated to create synergies between the acquirer and the target, optimizing asset quality and enhancing operational resilience [5] - The target company has a strong customer base in the domestic automotive sector, which can help the acquirer expand its market presence and improve customer retention [5]

（文/罗叶馨梅）12月10日，澜起科技（688008.SH）公告称，中国证监会国际合作司已向公司出具《关于澜起科技股份有限公司境外发行上市备案通知 书》，对其境外发行上市事项予以备案确认。根据备案通知书，公司拟发行不超过130,204,100股境外上市普通股，并计划在香港联合交易所上市。本次备案 完成，意味着澜起科技赴港上市计划在监管程序上取得阶段性进展。 备案通知书明确了本次境外发行上市的多项信息报送要求。其一，自备案通知书出具之日起至本次境外发行上市结束前，如公司发生重大事项，应通过中国 证监会备案管理信息系统及时报告；其二，完成境外发行上市后，公司须在15个工作日内通过该系统报告本次发行上市的具体情况；其三，如自备案通知书 出具之日起12个月内未完成境外发行上市且拟继续推进，公司需按规定更新备案材料。 通知书同时强调，本次备案仅对澜起科技境外发行上市的备案信息予以确认，不构成对公司证券投资价值、投资者收益的实质性判断或保证，中国证监会亦 未对公司备案材料的真实性、准确性、完整性作出保证或认定。公司在后续境外发行上市过程中，仍需严格遵守境内外相关法律、法规和监管规则，履行信 息披露和合规义务，确保境外上市 ...

Core Viewpoint - The company, Zhaoyi Innovation, has received confirmation from the China Securities Regulatory Commission (CSRC) regarding its application for overseas issuance and listing of H-shares on the Hong Kong Stock Exchange, marking a significant step in its efforts to expand its capital base and enhance its market presence [1][3]. Group 1 - The company plans to issue no more than 51,796,900 shares of overseas listed ordinary shares [1]. - The issuance is a crucial prerequisite for advancing the overseas listing process [1]. - The company must report any significant events to the CSRC from the date of the notice until the completion of the overseas issuance [3]. Group 2 - The company is required to submit the issuance and listing status within 15 working days after the completion of the overseas issuance [3]. - If the overseas listing is not completed within 12 months from the date of the notice, the company must update its filing materials as per regulations [3]. - The notice confirms the filing information but does not provide any substantive judgment or guarantee regarding the investment value or returns for investors [3]. Group 3 - Zhaoyi Innovation is engaged in integrated circuit design, with business lines including memory, microcontrollers (MCUs), and sensors [4]. - Successful H-share issuance and listing on the Hong Kong Stock Exchange could broaden the company's overseas financing channels and enhance its global market visibility [4]. - The overall effectiveness of the listing will depend on multiple factors, including the issuance window, valuation levels, and market conditions [4].

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of shares for Zhaoyi Innovation Technology Group Co., Ltd. [1] - Zhaoyi Innovation plans to issue no more than 51,796,900 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] Group 2 - The company is a global leader in diversified chip design, providing a range of products including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [3] - The company operates under a fabless business model, focusing on integrated circuit design and R&D to maintain technological leadership [3] - According to a report by Frost & Sullivan, the company is a market leader in multiple fields and is the only integrated circuit design company globally ranked in the top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU based on 2024 sales [3]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Zhaoyi Innovation Technology Group Co., Ltd., allowing the company to issue no more than 51,796,900 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1] Group 2 - The company is a global leader in diversified chip design, providing a wide range of chip products including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [3] - The company operates under a fabless business model, focusing on integrated circuit design and R&D to maintain technological leadership [3] - According to a report by Frost & Sullivan, the company is a market leader in multiple fields and is the only integrated circuit design company globally ranked in the top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU based on 2024 sales [3]