此外，公司进一步提升产能弹性，上海临港（600848）12英寸晶圆厂已于2024年底导入车规级量产，未 来将增强在中国市场的供应链自主可控能力。 值得注意的是，闻泰科技发力AI与新能源，新品量产与导入进展顺利。报告期内，公司半导体业务积 极投入研发，推出众多新产品，有力支撑了在AI数据中心、新能源汽车、消费电子等领域的应用。 8月29日晚，闻泰科技（600745）披露半年报，2025年上半年，公司实现营业收入253.41亿元，实现归 母净利润4.74亿元，同比增长237.36%。报告期内，公司半导体业务在产品销售、新产品研发及经营管 理优化等方面表现突出。2025年第一季度公司出货量创近三年新高，第二季度在此基础上继续实现环比 增长。 财报显示，2025年上半年，公司半导体业务营收78.25亿元，同比增长11.23%，业务毛利率37.89%，净 利润12.61亿元，同比增长17.05%。从当前在手订单来看，下半年收入有望实现进一步增长。 闻泰科技坚持全球化布局，2025年上半年中国区收入同比增长超过20%，第二季度环比增长逾14%，汽 车、工业及消费领域均强劲增长。美洲及亚太地区(不含中国)实现中高个位数稳健 ...

研发方面，公司半导体业务积极投入研发，推出众多新产品，有力支撑了在AI数据中心、新能源汽 车、消费电子等领域的应用。 在AI方面，公司面向AI数据中心及服务器电源的收入快速增长，AI服务器相关出货量同比增长30%至 40%。公司MOSFET、保护器件成功进入全球头部AI服务器厂商供应链；1200V SiC产品适用于高功率 AI服务器等应用；48V热插拔模拟芯片已送样北美核心云及XPU供应商，与MOS、BJT、TVS等器件打 造一站式热插拔整体解决方案。 本报讯(记者李万晨曦)8月29日晚，功率半导体龙头闻泰科技（600745）股份有限公司(以下简称"闻泰科 技")发布2025年半年报。公司上半年实现营收253.41亿元，归母净利润为4.74亿元，同比大增237.36%， 扣非净利润3.35亿元。公司以创新为驱动，以全球布局为支撑，坚定战略转型，在AI、新能源加速发展 的背景下，实现盈利水平大幅跃升。 报告期内，公司半导体业务在产品销售、新产品研发及经营管理优化等方面表现突出。 具体来看，在半导体业务领域，2025年上半年，公司营收78.25亿元，同比增长11.23%，净利润12.61亿 元，同比增长17.05 ...

Core Viewpoint - Wentech Technology has entered a "pure chip" era, showcasing impressive financial performance with a 237% year-on-year increase in net profit for the first half of 2025, driven by its semiconductor business which generated 12.61 billion yuan in net profit from 78.25 billion yuan in revenue, achieving a gross margin of 37.89% [1] Group 1: Business Transformation - The significant increase in net profit indicates that Wentech Technology has transitioned into a new phase of high-quality development characterized by stable volume and increased profits [2] - The semiconductor business has become the main profit driver, with revenue growth of 11.23% year-on-year and net profit growth of 17.05%, showing accelerated growth in the second quarter with a 10.86% increase in revenue and an 18.17% increase in net profit quarter-on-quarter [2] Group 2: Global Market Performance - Wentech Technology's global market diversification has demonstrated strong resilience and growth potential, with the Chinese market showing remarkable performance, achieving over 20% year-on-year revenue growth and more than 14% quarter-on-quarter growth in the second quarter [3][4] - The Americas and Asia-Pacific regions experienced steady mid-to-high single-digit growth, driven by AI and consumer business, while the European market saw a recovery with over 10% quarter-on-quarter revenue growth in the second quarter [3] Group 3: Growth Drivers - AI and automotive electronics are identified as the two core growth drivers for Wentech Technology, with significant revenue growth in AI data centers and server power supplies, and a 30-40% year-on-year increase in AI server shipments [5][6] - The company is expanding its automotive electronics products from 40V to medium and high voltage, supporting the transition of automotive products to the 48V platform, with new generation MOS products entering the supply chain of leading domestic new energy vehicle manufacturers [5] Group 4: Capacity and Orders - Wentech Technology has ensured sufficient production capacity, with its own factories operating at full capacity and third-party foundries also experiencing high order volumes [7] - The company has a robust order situation, with management indicating that third-quarter orders are expected to continue improving, leading to anticipated revenue growth both year-on-year and quarter-on-quarter [8] Group 5: Valuation and Market Position - As of August 29, Wentech Technology's market capitalization stands at 54.1 billion yuan, with a year-to-date increase of approximately 12%, indicating significant valuation recovery potential compared to peers [9] - The company's strategic positioning in AI server power chips and automotive-grade SiC MOS production is expected to support current profit growth and enhance its leading position in the industry [9]

闻泰科技的"纯芯"时代，已然全速启航。 8月29日，闻泰科技交出了一份惊艳的半年报：2025年上半年净利润同比飙升237%，其中半导体业务以 78.25亿元营收贡献了12.61亿元净利润，业务毛利率高达37.89%。 炸裂的业绩背后，不仅是强劲的实力，更是一家半导体企业在全球AI浪潮与汽车电动化转型中精准卡 位的战略胜利。 业务蜕变，从"量大"到"利丰"的跨越 从净利润暴涨237%的数据明显看出，闻泰科技已经进入了"量稳利增"的高质量发展新周期。 半导体业务成为公司当之无愧的利润引擎：营收同比增长11.23%，净利润同比增长17.05%，第二季度 环比增长更是加速攀升。 其中第二季度半导体营收环比增长10.86%，净利润环比增长18.17%，展现出强劲的增长势头。超越了 市场预期，也打消了投资者对半导体行业周期性的担忧。 全球市场多点开花，中国区成增长主引擎 闻泰科技的全球化布局正在显现出强大的抗风险能力和增长弹性。2025年上半年，各区域市场呈现 出"东方亮西方也亮"的多元化格局。 中国区表现尤为抢眼，收入同比增长超过20%，第二季度环比增长逾14%。汽车、工业和消费三大领域 全面爆发，成为增长的主要推力。 ...

Core Viewpoint - Galaxy Microelectronics (688689.SH) is actively engaged in the development and application of various semiconductor products, focusing on power devices and their integration into emerging markets such as robotics and low-altitude economy [1] Product Range - The company's product portfolio includes power device chips, MOSFETs, IGBTs, SiC devices, GaN devices, protection devices, rectifiers, small signal devices, optoelectronic devices, and analog ICs [1] - These products are widely used in sectors such as automotive electronics, energy power, industrial control, smart home, network communication, and computer peripherals [1] Market Applications - In the robotics sector, high-voltage MOS and silicon carbide power devices are utilized for power supply, while MOSFETs are employed in robotic joints [1] - In the low-altitude economy, drones utilize MOSFETs in power modules and motor drives [1] Market Focus - The company has been closely monitoring the robotics and low-altitude economy markets, conducting market research and exploring technological pathways in recent years [1]

Core Viewpoint - The global semiconductor industry is experiencing a structural recovery in demand and deep adjustments in the supply chain, driven by artificial intelligence, consumer electronics, electric vehicles, and new energy applications, with global sales surpassing $600 billion for the first time [1] Group 1: Demand Recovery and Supply Chain Adjustments - The semiconductor market shows uneven demand, with AI chips and HBM storage experiencing significant growth, while the automotive and industrial markets are still in a destocking phase, leading to price declines [1] - The consumer electronics sector has completed its destocking cycle, resulting in normalized delivery times and price recovery for various chips and components [1] Group 2: National Subsidy Policy Impact - The national subsidy policy has expanded to cover digital products, enhancing the activity in the consumer electronics market, with subsidies for mobile phones, tablets, and smartwatches [2] - Over 26.71 million consumers applied for subsidies for these digital products within a month of the policy's implementation [3] Group 3: Automotive Semiconductor Landscape - The automotive semiconductor sector is in a destocking phase, but companies like Qualcomm and NVIDIA are seeing significant growth in smart driving applications, with year-on-year increases of 63% and 55% respectively [5] - BYD announced that all new cars produced after 2025 will be equipped with smart driving features, potentially transforming the automotive electronics supply chain [5] Group 4: Human-shaped Robots and Industry Development - The human-shaped robot industry is rapidly evolving, with many Chinese manufacturers planning to achieve mass production of hundreds to thousands of units by 2025 [12] - Despite rapid advancements in motion control, practical applications of human-shaped robots still require ongoing improvements in algorithms and hardware [12] Group 5: New Energy Storage Development - The new energy storage sector is experiencing rapid growth, with installed capacity increasing by 130% year-on-year, reaching 73.76 million kilowatts [13] - Various advanced technologies, including compressed air storage and sodium-ion storage, are making significant progress, although challenges such as investment returns and market competition remain [13][14] Group 6: Future Outlook for the Semiconductor Industry - The semiconductor industry is at a critical juncture, characterized by deep adjustments in demand, strengthened supply chain resilience, and expanding application scenarios [14] - Key challenges include rising risks from international trade frictions, mismatches between technology iteration speed and market demand, and cost pressures from regional supply chain restructuring [15]

公司公告：拟通过发行股份及支付现金的方式购买东莞市贝特电子科技股份有限公司100%股份。贝特电子产 品主要为电子电路系统的过流和过温保护元器件，24年已实现收入8.26亿元（YoY+31%），净利润1.52亿元 （YoY+44%）。 国信电子观点 1）产品矩阵方面，贝特电子产品对扬杰保护器件产品可进行补充，24年贝特电子已实现收入8.26亿元 （YoY+31%），净利润1.52亿元（YoY+44%），此前在熔断器领域22年全球市占率已超4%；若收购完成，扬 杰在保护器件领域产品矩阵完整度将提升。2）在客户与市场方面，贝特电子与扬杰科技客户重叠度高，产品 方案渐完整有助于公司在头部客户的份额加速做大。3）贝特电子2023年外销占比为26.88%，综合毛利率为 42%，对扬杰毛利率中枢及海外业务均有正向贡献。若本次收购顺利，我们认为对公司产品矩阵、海外布局及 盈利能力均有正向推动；中长期维度，我们看好公司"双品牌"覆盖国内外市场的全球化业务能力，产品与产能 升级的长期规模优势，维持"优于大市"评级。 点击 关注我们 评论 核心观点 事项 贝特电子为国内电力电子保护元件领域的领先企业之一，其产品线涵盖了电子类熔断器 ...

星标 ★ IPO日报 精彩文章第一时间推送 又一家IPO撤否公司，改道"牵手"上市公司。 3月13日午间，扬杰科技披露公告称，公司拟以发行股份及支付现金方式购买东莞市贝特电子科技股份有限公司（以下简称"贝特电子"）控制权，并募集 配套资金。 公司证券自3月13日开市起开始停牌，公司预计在不超过10个交易日的时间内申请复牌。 制图：佘诗婕 标的公司曾冲击创业板IPO 01 一些投资者对于上市公司此次收购的贝特电子或许并不陌生。 此前，贝特电子曾在新三板挂牌。具体来看，贝特电子于2016年4月25日正式在股转系统挂牌并公开转让。2018年7月11日，该公司终止挂牌。 贝特电子曾有过一段IPO经历。2023年6月，贝特电子创业板IPO获得受理，公司拟首发募资5.5亿元，不过在2024年8月IPO撤单。 据悉，贝特电子主要从事电力电子保护元件及相关配件的研发、生产与销售，主要产品有电力熔断器、电子熔断器、自恢复保险丝、一次性热熔断体及可 复位温控器等。 2021年至2023年，公司营业收入分别为4.49亿元、5.61亿元及6.27亿元，净利润分别约为3392.49万元、9025.17万元和1.10亿元，扣非归母净利润 ...