Core Viewpoint - The company reported a mixed financial performance for 2024, with revenue growth but a significant decline in net profit, while also achieving substantial growth in cash flow and chip sales [1][2]. Financial Performance - The company achieved an operating revenue of 1.343 billion yuan, representing a year-on-year growth of 3.32% [1]. - The net profit attributable to shareholders was 134 million yuan, showing a year-on-year decline of 28.01% [1]. - The net profit excluding non-recurring items was 131 million yuan, reflecting a year-on-year increase of 26.61% [1]. - The net cash flow from operating activities reached 183 million yuan, marking a significant year-on-year increase of 717.77% [1]. Chip Sales and Market Position - The company sold 885 million chips, which is an increase of nearly 9% year-on-year [1]. - The growth in chip sales was driven by low initial customer inventories, recovery in the export market, and favorable national consumption stimulus policies [1]. - The company expanded its overseas market presence, adding new customers in Europe and Japan, thereby strengthening its global market position [1]. Product Development - The company made significant progress in key product areas, developing multiple 32-bit Cortex M0+ products for the home appliance market [1]. - A new single-chip solution for variable frequency air conditioning with dual motors and high-frequency PFC control has begun customer engineering samples, with mass production expected by the end of 2025 [1]. - Wi-Fi/BLE Combo MCU products have been partially designed into customer projects, with mass production anticipated in 2025 [1]. - Two AMOLED display driver chips have passed verification by panel manufacturers and are being promoted for verification in brand mobile applications, with potential mass production in the second half of 2025 [1]. R&D Investment - The company maintained a high level of R&D investment, with annual R&D expenses reaching 300 million yuan, accounting for 22.35% of operating revenue [2]. - The company has deepened its technological innovation in smart home appliance chips, variable frequency motor control, battery management chips, OLED display driver chips, and automotive electronics [2]. - As of the end of the reporting period, the company and its subsidiaries had obtained a total of 135 domestic and international authorized patents, including 133 invention patents [2]. - The company added 9 new patent authorizations during the reporting period, demonstrating its ongoing innovation capabilities in technology R&D [2].

复旦微电: 独立董事2024年度述职报告（汇总） 上海复旦微电子集团股份有限公司 "公司"）第九届董事会独立非执行董事（亦称"独立董事"），根据《中华人 民共和国公司法》（以下简称"《公司法》"）《中华人民共和国证券法》 （以下简称"《证券法》"）《上市公司治理准则》《上市公司独立董事管理 办法》《上海证券交易所科创板股票上市规则》《香港联合交易所有限公司证 券上市规则》等法律、法规、规范性文件的要求，勤勉尽责地履行了独立董事 的职责，充分发挥独立董事的作用。现将 2024 年度担任独立董事的履职情况报 告如下： 一、独立董事的基本情况 （一）个人基本情况 曹钟勇先生，1958 年出生，中国国籍，无境外永久居留权，北方交通大学 经济学博士学位。1992 年至 1996 年，曾任上海铁道大学副教授、国际经济与 管理学院院长助理；1996 年至 1997 年，曾任上海铁道大学教授、校科研处副 处长；1997 年至 1998 年，曾任美国哈佛大学肯尼迪政治学院访问学者；1998 年至 2018 年，历任上海市领导干部考试和测评中心副主任、主任，上海市经营 者人才发展中心主任，于 2018 年退休。现任上海海事大学博 ...

Core Insights - The acquisition of Huimang Micro by Yingjixin has been officially terminated due to disagreements over the transaction price and other core terms of the restructuring plan [1][2][3] - Yingjixin, established in 2014, specializes in high-performance analog-digital mixed chips, with a notable profit increase of 322.73% in 2024, reaching a net profit of 124 million yuan [1][2] - Huimang Micro, a fabless chip design company, has faced challenges in its IPO attempts, having withdrawn applications for both the Sci-Tech Innovation Board and the Growth Enterprise Market [2] Company Overview - Yingjixin focuses on power management chips and fast charging protocol chips, collaborating with well-known brands like Xiaomi and OPPO, which enhances its industry influence [1] - Huimang Micro is positioned as a platform chip design company with capabilities in microcontroller chips, power management chips, and storage chips, but has struggled to establish itself in the public market [2] Market Context - The semiconductor industry is currently experiencing a downturn, leading to increased pressure on profitability, which may have influenced Yingjixin's cautious approach to the acquisition [2][3] - The termination of the acquisition presents both challenges and opportunities: Yingjixin avoids potential financial risks from a high valuation acquisition, while Huimang Micro must seek alternative financing avenues for growth [2]

Core Viewpoint - The Chinese semiconductor industry is experiencing significant growth, with integrated circuit exports surpassing mobile phones as the highest single commodity export in 2024, amounting to 1,595 billion USD, while imports reached 3,856 billion USD [1][5]. Group 1: Industry Growth and Challenges - In 2024, China exported 2,981 billion integrated circuits, while imports totaled 5,492 billion units, indicating a robust demand for semiconductors [1]. - Despite the growth, the Chinese chip design industry remains at a mid-to-low end of the value chain, with only about 10% market share in the computer sector compared to 25% internationally [2][5]. - The industry faces challenges due to external restrictions and internal competition, necessitating a strategic breakthrough [2][3]. Group 2: Advanced Chip Demand - The demand for advanced chips is surging, driven by the rise of smart vehicles and artificial intelligence, with significant computational power requirements [4]. - Gartner predicts that the value of AI accelerators for servers will reach 21 billion USD in 2024, growing to 33 billion USD by 2028, highlighting the urgent need for stronger AI chips [4]. - TSMC anticipates that AI accelerator revenue will double by 2025, with a compound annual growth rate of nearly 45% from 2024 to 2029 [4]. Group 3: External Pressures and Technological Innovation - The Chinese semiconductor industry is facing increasing restrictions from the U.S. and allied nations, limiting access to advanced chips and necessary manufacturing equipment [5][10]. - The industry must focus on technological innovation, particularly in architecture and microsystem integration, to develop a self-sufficient technology ecosystem [6]. - The need for innovation is emphasized as the industry transitions from relying on advanced manufacturing processes to developing independent design technologies [5][6]. Group 4: Traditional Chip Market Dynamics - As advanced chip development faces hurdles, Chinese manufacturers are pivoting towards traditional chips, which are essential in various sectors including automotive and consumer electronics [8][9]. - The domestic demand for traditional chips is substantial, and local manufacturers are rapidly gaining market share in areas such as MCU, analog devices, and power devices [9]. - Despite the growth in traditional chip manufacturing, U.S. investigations and potential tariffs pose significant challenges to the Chinese market [10][11]. Group 5: Future Outlook - Industry experts express cautious optimism about the future of the Chinese semiconductor sector, believing that collective efforts across the supply chain will lead to a successful path forward [12]. - The integration phase of the Chinese semiconductor industry presents opportunities for companies with capital and technological resources to strengthen their positions [12]. - The resilience of Chinese companies in various fields indicates a potential for breakthroughs despite external pressures [12].

Core Viewpoint - The article discusses the termination of the acquisition of Yunyinggu Technology by Huizhi Technology, highlighting the reasons behind the decision and the financial status of Yunyinggu Technology [2][3][5]. Group 1: Termination of Acquisition - Huizhi Technology announced the termination of the acquisition of 100% shares of Yunyinggu Technology due to failure to reach an agreement on the transaction price and commercial terms [2][3]. - The decision was made after thorough analysis and discussions with the transaction parties, aiming to protect the interests of the company and its shareholders [3]. Group 2: Yunyinggu Technology Overview - Yunyinggu Technology specializes in OLED display driver chips (DDIC) and is classified under the "new generation information technology industry" as a strategic emerging industry [3][4]. - The company operates a Fabless model, focusing on integrated circuit design, quality control, and sales, while outsourcing manufacturing and testing [4]. Group 3: Financial Performance - As of September 30, 2024, Yunyinggu Technology reported total assets of 1.27 billion, total liabilities of 170 million, and a revenue of 704 million with a loss of 162 million for the first three quarters of the year [5]. - The losses are attributed to high early-stage R&D investments, which exceed 100 million annually, but are expected to improve as commercial applications scale up [5][6]. Group 4: Competitive Landscape - Yunyinggu Technology's main competitors are South Korean and Taiwanese firms, and it is currently in a revenue growth phase with relatively high production costs [6]. - The company has established stable partnerships with leading Micro-OLED panel manufacturers, positioning itself as a key supplier in the market [5].

Core Viewpoint - The article discusses the potential adjustments in NVIDIA's CoWoS packaging orders with TSMC, highlighting the cautious approach of TSMC regarding capacity expansion and the market's optimistic expectations for NVIDIA's chip production plans [1][2]. Group 1: TSMC's Capacity Expansion - TSMC's CoWoS expansion plan remains unchanged, with a gradual increase to approximately 70,000 wafers per month by December 2025 [1]. - TSMC's 5/4nm process is currently fully loaded, and NVIDIA's chip production volume has increased compared to earlier this year [1]. Group 2: NVIDIA's Production Plans - There are rumors that NVIDIA's CoWoS wafer allocation for 2025 has been revised down from over 400,000 to around 380,000, which may stem from overly optimistic expectations from market participants [2]. - The transition period between NVIDIA's B200 and B300 series products has been significantly accelerated, leading to changes in production plans that may be misinterpreted as order cuts [2]. Group 3: Market Sentiment and Expectations - TSMC has been cautious about capacity expansion, and significant order cuts are not expected unless there is a drastic shift in industry trends [2]. - Historical context shows that during peak market sentiment, NVIDIA had requested TSMC to increase CoWoS capacity to 100,000 wafers per month, which was declined by TSMC [2].

Core Viewpoint - Jim Keller, a legendary CPU designer, has joined the board of AheadComputing, a startup focused on developing breakthrough application processors based on the RISC-V architecture, indicating a strong potential for innovation in the CPU market [1][2]. Group 1: Company Overview - AheadComputing was founded by four former Intel engineers, including CEO Debbie Marr, and aims to create high-performance CPU cores, which is a key focus for major CPU developers like Apple, AMD, Intel, and Qualcomm [2][3]. - The founding team has extensive experience, having worked on multiple generations of Intel CPUs, including Nehalem and Haswell, and has contributed to the development of AI and GPU architectures [3]. Group 2: Funding and Development - AheadComputing recently secured $21.5 million in initial funding to develop a new microprocessor architecture aimed at handling workloads for AI, cloud computing, and edge devices [4]. - The company plans to expand its engineering team and accelerate the development of its core technologies with the new funding, which will significantly impact various industries such as mobile and industrial sectors [4].

Core Viewpoint - Arm predicts that AI inference will soon be ubiquitous, enhancing its embedded platform with the first 64-bit Armv9 CPU core designed for edge workloads [1][2]. Group 1: Product Introduction - Arm has launched the Cortex-A320 CPU core, which is the first ultra-efficient Cortex-A processor based on the Armv9 architecture, designed for edge AI applications [7][14]. - The Cortex-A320 is described as the "smallest Armv9 implementation," featuring an AArch64 instruction set and a relatively simple single-issue, out-of-order, eight-stage core [2][3]. Group 2: Performance Enhancements - The new Cortex-A320 offers over eight times the machine learning performance compared to last year's platform and can handle large AI models with over one billion parameters [3][13]. - Compared to the Cortex-A520, the Cortex-A320 achieves more than 50% efficiency improvement through various microarchitecture updates [7][8]. Group 3: Memory and Efficiency - The Cortex-A320 is designed to address the increasing memory size requirements driven by the demand for efficient execution of larger networks, supporting more addressable memory than Cortex-M based platforms [4][10]. - It is reported to be the most energy-efficient processor in the Armv9 series, using only half the power of the Cortex-A520 in some reference designs [4][11]. Group 4: Software and Ecosystem Support - Arm provides support for new edge hardware through its Arm Kleidi library, which includes computing kernels for AI frameworks and computer vision applications [4][6]. - The Cortex-A320 supports real-time operating systems like FreeRTOS and Zephyr, as well as Linux, enhancing its flexibility for various applications [5][12]. Group 5: Security Features - The Cortex-A320 incorporates advanced security features from the Armv9 architecture, including memory tagging extensions for enhanced memory safety and pointer authentication to mitigate programming attacks [11][14]. - It also supports secure EL2 for improved software isolation in edge devices, contributing to the overall security of IoT and embedded systems [11][14]. Group 6: Market Applications - The Cortex-A320 is suitable for a wide range of applications, including IoT devices, smart wearables, and server infrastructure management controllers [5][11]. - Its design allows for scalability from single-core to quad-core configurations, making it adaptable for various performance needs [9][10].

险高等特点，投资者面临较大的市场风险。投资者应充分了解科创板的投资风险及本公司所披露 的风险因素，审慎作出投资决定。 广州安凯微电子股份有限公司 Guangzhou Anyka Microelectronics Co., Ltd. （广州市黄埔区博文路 107 号） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） （上海市广东路 689 号） 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险高、业绩不稳定、退市风 广州安凯微电子股份有限公司 招股意向书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 发行人及全体董事、监事、高级管理人员承诺招股意向书及其他信息披露 ...