Core Points - The company, JoulWatt Technology Co., Ltd., was established as a joint-stock company based on the audited net asset value of JoulWatt Microelectronics (Hangzhou) Co., Ltd. and registered in Zhejiang Province [2][3] - The company was approved by the China Securities Regulatory Commission for its initial public offering (IPO) of 58.08 million shares on October 8, 2022, and listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 23, 2022 [3][4] - The registered capital of the company is RMB 446.88 million [3][4] - The company's business scope includes integrated circuit design, manufacturing, sales, and various technology services [4][5] Company Structure - The company is governed by its articles of association, which serve as a legally binding document for the organization and behavior of the company, shareholders, and management [3][10] - The company has a total of 42 founding shareholders, with significant contributions from various investment firms and individuals [7][8] - The shares are issued in the form of stocks, with each share having a face value of RMB 1 [6][19] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in shareholder meetings, as well as obligations to not harm the company's interests [19][20] - The company prohibits providing financial assistance to individuals or entities purchasing its shares [15][19] - Shareholders holding more than 5% of shares must report any pledges of their shares to the company [22][23] Governance and Meetings - The company holds annual and extraordinary shareholder meetings, with specific procedures for convening and conducting these meetings [25][30] - The board of directors is responsible for managing the company, while shareholders have the right to supervise and propose suggestions [19][20] - Legal opinions are required for certain decisions made during shareholder meetings, ensuring compliance with laws and regulations [26][27]

Group 1 - The event aimed to address key bottlenecks in technology transfer and promote the transformation and industrialization of scientific achievements, contributing to the development of new productive forces [1] - The partnership between the Pukou Economic Development Zone and Nanjing University of Information Science and Technology has led to the establishment of the "Pukou Economic Development Zone Innovation Port," attracting six colleges in fields such as integrated circuits and artificial intelligence within a year [1] - The event showcased the achievements of the collaboration between the university and the local government, marking the beginning of a new chapter in cooperation between academia and industry [1] Group 2 - The Nanjing University of Information Science and Technology's Technology Transfer Center Pukou Economic Development Zone Branch and the Jiangsu Provincial Key Laboratory of Meteorological Detection and Information Processing were inaugurated during the event [2] - Groundbreaking ceremonies were held for the Micro-Nano Photonic Integrated Sensing Laboratory and the Integrated Circuit Packaging Laboratory within the Innovation Port [2] - Several agreements were signed between companies such as Nanjing Keluoe Environmental Technology Co., Ltd. and Shengxi Microelectronics (Nanjing) Co., Ltd. with the university for projects related to AI algorithms and electromagnetic heating systems, as well as patent licensing and platform co-construction [2]

集成电路技术中心（有限合伙）、南通圣乐企业管理合伙企业（有限合伙）、上海 芯乐集成电路技术中心（有限合伙）、南通圣喜企业管理合伙企业（有限合伙）； 议案 8，关联股东：鞠建宏、郑慧、上海芯溪集成电路技术中心（有限合伙）、 南通圣乐企业管理合伙企业（有限合伙）、上海芯乐集成电路技术中心（有限合 伙）、南通圣喜企业管理合伙企业（有限合伙）；议案 12，关联股东：鞠建宏、 郑慧、上海芯溪集成电路技术中心（有限合伙）、南通圣乐企业管理合伙企业（有 限合伙）、上海芯乐集成电路技术中心（有限合伙）、南通圣喜企业管理合伙企业 （有限合伙）；议案 15，关联股东：鞠建宏、郑慧、上海芯溪集成电路技术中心 （有限合伙）、南通圣乐企业管理合伙企业（有限合伙）、上海芯乐集成电路技术 中心（有限合伙）、南通圣喜企业管理合伙企业（有限合伙）。 三、 律师见证情况 律师：舒伟佳、强婧仪 综上所述，本所律师认为，公司本次会议的召集、召开程序符合法律、行政 法规、规章、规范性文件、《股东会规则》及《公司章程》的规定，本次会议的 召集人和出席会议人员的资格以及本次会议的表决程序和表决结果均合法有效。 特此公告。 | 证券代码：688381 证券 ...

消息方面，截至5月9日，科创板110余家集成电路行业公司均已完成一季报披露，合计实现营收721.82亿元，同比增长24%；实现归母净利润44.79亿元，同 比增长73%。随着自主可控持续推进，以及下游AI、物联网、消费和泛工业需求逐步恢复，行业收入、利润大幅增长，延续去年第四季度的增势，芯片设 计、半导体设备、晶圆制造等领域表现亮眼。其中，芯片产品环节业绩增长显著，服务器、CPU等通用芯片、光芯片公司呈高速增长态势。2025年第一季 度，70余家芯片产品公司合计实现营收309.69亿元，同比增长24%，超7成公司营收增长；实现归母净利润20.56亿元，同比增长126%，超半数公司净利润增 长。 截至2025年5月9日 14:07，上证科创板综合指数(000680)下跌1.55%。成分股方面涨跌互现，航天南湖领涨20.00%，霍莱沃上涨8.29%，海创药业上涨 6.20%；华虹公司领跌8.85%，精进电动下跌8.20%，亚信安全下跌7.63%。科创综指ETF华夏(589000)午盘后逐步回调中，下跌1.56%，最新报价0.95元。 流动性方面，科创综指ETF华夏盘中换手7.15%，成交2.23亿元。拉长时间看， ...

计算机行业 2024 年&2025Q1 业绩综述：费用持续优化， 需求缓慢复苏 20250505 摘要 • 2024 年软件行业营收虽同比增长 3.70%，但 2025 年 Q1 下滑 11%，需 求侧显著恶化，公共软件领域承压，需关注国产替代的结构性机会。 • 2024 年信创板块营收同比下降 1.669%，但 2025 年 Q1 出现季节性正增 长，预计 Q2 增速将上行，中美竞争加速软件自主生态构建，后续发展可 期。 • 2024 年政务 IT 同比下滑 18.3%，2025 年 Q1 大幅下滑 20.95%，受政 府财政压力影响。预计 2025 年降幅将放缓，需寻找结构性机会。 • 2024 年医药 IT 迎来空间反转，预计 2025 年营收趋势性复苏，利润端显 著改善，受益于优化措施的编译技术。 • 2024 年教育 IT 营收同比增长 4.08%，但利润下滑 69.93%，预计 2025 年营收下滑 17.16%，但利润将改善 39.08%。 • 2024 年集成电路行业营收同比下降 5.3%，2025 年 Q1 降幅收窄至 0.43%，资本市场回暖支撑客户 IP 支出，国产替代加速。 • IT ...

Financial Performance - The company reported a basic earnings per share of -2.53 yuan for 2024, a decrease of 29.08% compared to -1.96 yuan in 2023 [1] - The net profit for 2024 was -2.02 billion yuan, representing a 34.67% increase in losses from -1.5 billion yuan in 2023 [1] - Operating revenue increased by 44.53% to 3.96 billion yuan in 2024, up from 2.74 billion yuan in 2023 [1] - The return on equity was -11.79% in 2024, worsening from -9.29% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 16.86 million shares, accounting for 34.29% of the circulating shares, a decrease of 1.93 million shares from the previous period [2] - Major shareholders include Hubble Technology Venture Capital Co., Ltd. with 5.57 million shares (11.34%), and Li Haihua with 4.37 million shares (8.89%), who saw a reduction of 0.97 million shares [3] Dividend Policy - The company has announced no distribution or capital increase for the current period [4]

Core Insights - The continuous evolution of integrated circuit processes and innovative specialty processes enhances the competitive advantages of integrated circuit design service companies through their process analysis capabilities, full-process design capabilities, and project tape-out experience [1] - The diverse downstream demand has spurred the development of SoC (System on Chip) technology, which integrates various functional modules into a single chip to improve performance and reduce development cycles [1] - The rapid advancement of emerging technologies such as artificial intelligence and the Internet of Things (IoT) is driving innovations in advanced packaging and Chiplet technologies, which are crucial for the future of the integrated circuit industry [1][2][3] Industry Development and Trends - The integrated circuit industry is experiencing significant growth due to the rise of new applications in artificial intelligence, IoT, edge computing, automotive electronics, and medical electronics, creating new opportunities for development [5] - The advanced packaging market is projected to grow from $46.8 billion in 2023 to $78.6 billion by 2028, highlighting its importance in enhancing chip performance without changing transistor sizes [2] - Chiplet technology enhances design flexibility and reduces costs by allowing the integration of pre-manufactured chips, which can improve yield and overall design flexibility [3] - RISC-V architecture is gaining traction due to its flexibility, low cost, and low power consumption, positioning it as a potential third major architecture ecosystem alongside ARM and x86 [4] Emerging Applications - In artificial intelligence, the demand for computational power is surging, particularly for training and inference tasks, leading to increased interest in customized AI chips [6][7] - The IoT sector is expected to see over 23% growth in global connections by 2024, surpassing 25 billion, driven by advancements in wireless communication technologies [9][10] - The automotive industry is witnessing a rise in chip demand, with electric vehicles requiring significantly more chips than traditional vehicles, indicating a shift towards more integrated electronic architectures [11][12] - The medical electronics market is expanding, with a focus on low-power, high-performance chips for both professional medical devices and home health management tools [13]

Core Viewpoint - Guizhou Zhenhua Semiconductor Co., Ltd. has released its 2024 annual report summary, highlighting its focus on high-reliability integrated circuit design, packaging, testing, and sales, with a profit distribution plan proposed for shareholders [4][6][14]. Company Overview - The company specializes in high-reliability integrated circuit design, packaging, testing, and sales, with over 300 products including amplifiers, dedicated converters, interface drivers, and power management devices [6][24]. - The company has achieved significant advancements in technology, particularly in the development of high-performance products that meet stringent reliability requirements [6][15]. Business Performance - The company plans to distribute a cash dividend of 1.63 yuan per 10 shares, totaling approximately 32.6 million yuan, which represents 10.11% of the net profit attributable to shareholders for 2024 [4][6]. - The company has successfully developed a series of high-reliability products, including low-noise amplifiers and high-speed operational amplifiers, which are applicable in emerging fields such as commercial drones and optical networks [7][15]. Industry Position - The high-reliability integrated circuit industry is experiencing growth, with a market size expected to exceed 100 billion yuan by 2025, driven by national strategic needs and technological advancements [20][24]. - The industry is characterized by high technical barriers, requiring long-term stable operation under extreme conditions, and the company is positioned as a key player in this sector [21][24]. Future Development - The company aims to deepen its focus on RISC-V architecture and expand its product offerings into AIoT edge computing [14][24]. - Continuous investment in research and development is planned to enhance product technology and meet the evolving demands of high-reliability applications [27][24].

公司以市场和技术需求为牵引，持续围绕放大器、电源管理、专用转换器、接口驱动和抗辐照等方向开 展新产品的自主研制，快速将科研成果转化为生产力，在市场竞争中抢占先机，有效提升了公司产品的 市场占有率。全年成功推出100余项转产新品，"新产品、新客户、新领域"带来的销售收入超过1亿元， 新品收入占比显著提高。 报告期内，在持续夯实与既有用户合作关系的同时，公司锚定电子、船舶等高潜力领域，组建专项业务 拓展团队，借助多元渠道，开展新客户开发工作。尤其在商业航天、低轨卫星和无人机等新兴领域，公 司研发和销售均取得显著突破，推出近20款抗辐照新品，其中约10款新品形成订货，近10款产品进入小 卫星选用目录。全年新增60余家优质客户，用户总量达到720家，构建起更为广泛、稳固的客户网络。 此外，公司通过研发中心建设项目实施，完成高性能计算集群、高加速寿命试验箱、集成电路精密抛光 系统等设备仪器合同签订，固定资产投资超过1亿元。所有设备已投入使用，科研生产保障能力不断增 强。 4月25日晚间，振华风光(688439)披露2024年业绩报告，公司实现营业收入10.63亿元，归母净利润3.23 亿元，基本每股收益1.61元；20 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [8]. Core Insights - The company reported a significant year-on-year revenue increase of 50.76% in Q1 2025, reaching 2.4 billion yuan, and a net profit increase of 75.33%, amounting to 506 million yuan [4][5]. - The company's contract liabilities surged to 3.237 billion yuan by the end of March 2025, up from 903 million yuan at the end of 2024, reflecting strong order demand [5]. - The gross margin for Q1 2025 was 61.19%, a slight decrease of 1.68 percentage points from the previous year, while the net profit margin improved to 29.74%, an increase of 4.97 percentage points [5]. Financial Performance Summary - The company is projected to achieve revenues of 14.64 billion yuan in 2025, with a year-on-year growth rate of 59.8% [10]. - The estimated net profit for 2025 is 3.686 billion yuan, reflecting a substantial year-on-year increase of 90.9% [10]. - The earnings per share (EPS) for 2025 is forecasted to be 1.59 yuan, with corresponding price-to-earnings (P/E) ratios of 93.95 for 2025, 64.57 for 2026, and 47.64 for 2027 [10][12]. Market Position and Competitive Advantage - The company is positioned to benefit from the accelerated domestic replacement of CPU and AI chips, with its main CPU product, Haiguang No. 3, leading in performance within the domestic market [6]. - The latest AI chip product, DCU, is expected to rank among the top domestic AI chips, with strong compatibility with the CUDA ecosystem, enhancing its market potential [6].