8月25日，艾为电子涨1.96%，成交额9.17亿元。两融数据显示，当日艾为电子获融资买入额1.56亿元， 融资偿还1.41亿元，融资净买入1554.04万元。截至8月25日，艾为电子融资融券余额合计5.03亿元。 分红方面，艾为电子A股上市后累计派现2.21亿元。近三年，累计派现8836.55万元。 融资方面，艾为电子当日融资买入1.56亿元。当前融资余额5.01亿元，占流通市值的3.86%，融资余额 超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年6月30日，艾为电子十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股309.68万股，为新进股东。汇丰晋信动态策略混合A（540003）位居第八大流通股东，持 股267.27万股，相比上期减少15.50万股。汇丰晋信低碳先锋股票A（540008）位居第九大流通股东，持 股257.51万股，相比上期减少16.06万股。嘉实上证科创板芯片ETF（588200）位居第十大流通股东，持 股221.18万股，相比上期增加20.60万股。汇丰晋信核心成长混合A（011578）退出十大流通股东之列。 融券方面，艾为电子8月25日融券偿还200. ...

公司于8月25日晚间发布公告，披露实际控制人变更事项。因原实际控制人之一戴祖渝逝世，其持有的 9379万股股份由其子TAOHAI（陶海）继承。TAOHAI（陶海）与另一位实际控制人唐娅重新签署了 《一致行动协议》，公司实际控制人变更为TAOHAI（陶海）和唐娅。变更后，实际控制人及其一致行 动人合计持股比例为39.32%。 8月25日主力资金净流出3551.09万元，占流通市值的0.55%。近五个交易日累计净流出3239.91万元，占 流通市值的0.5%。 风险提示：以上内容仅供参考，不构成任何投资建议。投资者应自主决策，并自行承担投资风险。 截至2025年8月25日收盘，希荻微股价报16.04元，较前一交易日下跌1.35%。当日成交量为161960手， 成交金额达2.62亿元，振幅为4.80%。 希荻微是一家专注于模拟芯片设计的半导体企业，主营业务包括电源管理芯片、信号链芯片等产品的研 发和销售。公司产品主要应用于智能手机、笔记本电脑、可穿戴设备等领域。 ...

2025 年 8 月 23 日 公司研究 盈利能力提升，新产品奠定成长基础 ——艾为电子（688798.SH）跟踪报告之四 要点 事件：公司发布 2025 年半年报，2025 年 H1 实现营业收入 13.7 亿元，同比 -13.4%；实现归母净利润 1.57 亿元，同比+71.09%；实现扣非后归母净利润 1.23 亿元，同比+81.88%。 点评： 25 年 Q2 公司盈利能力显著提升，公司持续深化管理变革、提升运营效率：公 司 25 年 Q2 单季度实现营收 7.3 亿元，同比-9.45%，环比+14.02%；归母净利 润 0.92 亿元，同比+66.09%，环比+44.29%；毛利率为 37.04%，同比+8.14pct， 环比+1.98pct。公司依托技术创新和产品迭代，持续巩固消费电子及 AIoT 基本 盘，并积极开拓工业领域客户资源，同时在汽车客户领域取得不错进展。加之公 司持续深化管理变革、提升运营效率，不断增强产品竞争力和盈利能力，使得公 司上半年净利润较去年同期实现显著增长。 公司积极建设工艺平台、构筑坚实壁垒：25 年 H1 公司不仅借助头部晶圆代工 厂先进的晶圆制造工艺，加速产品向工业 ...

Company Overview - Naxin Micro was established in 2013 and went public on the Sci-Tech Innovation Board in 2022 (688052.SH). The company submitted an application for H-share listing on the Hong Kong Stock Exchange in April 2025, aiming to raise funds for underlying technology upgrades, production line expansion, overseas sales network construction, and strategic investments, particularly in sensor companies [1]. - The company has developed automotive-grade chips that have been mass-produced for major manufacturers such as Dongfeng Motor, SAIC Maxus, BYD, and others, and has entered the supply chains of SAIC Volkswagen, FAW Group, and CATL [3]. Shareholder Information - As of the end of 2024, major shareholders include Wang Shengyang (10.86%) and Sheng Yun (10.12%), collectively holding 21% through a concerted action agreement. Notable pre-IPO shareholders include Xiaomi Changjiang, Shenzhen Capital Group, and a Middle Eastern sovereign fund. By Q1 2025, the top ten circulating shareholders included the National Social Security Fund and Hong Kong Central Clearing Limited [4]. Product and Operational Model - Naxin Micro's product range covers sensors, signal chains, and power management, with over 3,300 product models. Automotive-grade chips account for 36.88% of total sales, with products entering the supply chains of leading companies like BYD and NIO [5][6]. - The company operates on a fabless model, outsourcing wafer manufacturing to SMIC and TSMC, while packaging and testing are handled by Jiangsu Changjiang Electronics Technology Co. The sales model combines direct sales (40%) and distribution (60%), with major clients contributing 36.9% of revenue [6]. Financial Performance - Naxin Micro reported revenues of RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion for 2022, 2023, and 2024, respectively, with a 49.5% year-on-year growth in 2024. Q1 2025 revenue reached RMB 717 million, a 97.82% increase year-on-year, driven by growth in automotive electronics and recovery in consumer electronics and energy sectors [8][11]. - The company has experienced consecutive losses over the past two years, with net profits of RMB 250 million, -RMB 305 million, and -RMB 403 million for 2022, 2023, and 2024, respectively. R&D expenses accounted for 27.55% of revenue in 2024 [13]. Industry Competition Landscape - The global analog chip market is dominated by international giants such as Texas Instruments, ADI, and Infineon, which hold over 60% of the market share. A price war has emerged due to U.S. government subsidies allowing American companies to export chips to China at lower prices, impacting domestic manufacturers [17]. - Naxin Micro is positioned to benefit from a projected increase in domestic substitution rates in the automotive analog chip market, expected to rise from 5% to 20% by 2029 [18]. Competitive Advantages - Naxin Micro invests heavily in R&D, with 55% of its workforce dedicated to this area and a significant number of patents filed. The company has achieved a leading position in several segments, including automotive-grade chips and digital isolation chips [21][22]. - The company has established strong customer relationships, with a lengthy product development cycle that enhances customer stickiness. Major clients include BYD and NIO, with significant revenue contributions from these partnerships [23]. Future Outlook - Naxin Micro plans to expand into emerging fields such as eVTOL and humanoid robotics, and aims to acquire SiC manufacturers to enhance its ecosystem. The company targets a gross margin recovery to over 35% by 2025 through process iterations and scale procurement [35]. - The company is also focusing on increasing its overseas revenue share, which was 15.58% in 2024, with plans to reach 20% within three years. Collaborations with international partners are underway to enhance market penetration [36][37].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company's gross margin continues to improve, with a significant year-on-year increase in net profit attributable to the parent company by 71% in the first half of 2025 [1] - The company has launched new products, including a piezoelectric micro-pump liquid cooling active heat dissipation solution, which meets the cooling requirements for high-performance mobile phones, PCs, and AI glasses [2] - The company is actively expanding its product offerings in the power management chip sector, achieving a slight revenue increase and improved gross margin [3] - The company maintains a positive outlook on profitability, with projected net profits for 2025-2027 being 393 million, 523 million, and 621 million yuan respectively [3] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 1.37 billion yuan, a year-on-year decrease of 13.4%, while net profit attributable to the parent company was 157 million yuan, reflecting a year-on-year increase of 71.09% [1] - The gross margin for the first half of 2025 improved by 8.0 percentage points to 36.12%, with R&D expenses increasing by 4% to 263 million yuan [1] - The revenue from high-performance mixed-signal chips was 707 million yuan, accounting for 52% of total revenue, with a gross margin of 35.20%, up 4.9 percentage points from the previous year [2] - The revenue from power management chips was 525 million yuan, with a gross margin of 39.51%, an increase of 2.7 percentage points from the previous year [3] - The company forecasts revenue growth of 21.1% in 2023, followed by 15.9% in 2024, and a modest increase of 2.6% in 2025 [5]

Core Viewpoint - The article discusses the growth potential of the Analog Integrated Circuit (AIDC) market driven by increasing capital expenditures from North American CSP companies and the end of a prolonged price war in the analog chip industry, particularly highlighted by Texas Instruments' (TI) price hikes on a vast number of products [3][11]. Group 1: AIDC Driving Analog Chip Growth - AIDC has become a focal point for cloud vendors, with over half of their capital expenditures directed towards AIDC construction, exemplified by Microsoft's $120 billion plan for FY2025, allocating approximately $80 billion to AIDC [5]. - The global AIDC market is projected to grow at a compound annual growth rate (CAGR) of 40.4% from 2023 to 2028, surpassing $1 trillion in market size [5]. - Power Management Integrated Circuits (PMIC) are crucial in AIDC, evolving from basic power management functions to becoming "power guardians" that ensure high performance and reliability [6][8]. Group 2: Analog Chip Market Overview - The global analog chip market is expected to grow from $79.433 billion in 2024 to $83.1 billion in 2025, with PMICs accounting for approximately 60% of the market [9]. - The market is characterized by a dominance of American companies in design, while China leads in demand, with a current domestic replacement rate of about 30% [9][10]. - The competition landscape is shifting as domestic manufacturers increase their market penetration, particularly in the automotive and industrial sectors, with expectations of a rise in penetration rates to over 20% by 2025 [15]. Group 3: Investment and Financing Dynamics - The investment landscape for the analog chip market in 2025 is marked by policy-driven initiatives, technological breakthroughs, and capital focus, particularly in the fields of new energy vehicles and industrial automation [16]. - Recent policy changes, such as the "origin of wafer manufacturing" rule, are expected to enhance the competitiveness of domestic manufacturers against international players [17]. - A list of financing events in the analog chip sector from 2025 highlights the active investment climate, with significant amounts raised by various companies [20].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.37 billion yuan for the first half of 2025, a year-on-year decrease of 13.4%, while the net profit attributable to the parent company was 157 million yuan, an increase of 71.09% year-on-year [4][5] - The second quarter of 2025 saw a revenue of 730 million yuan, a year-on-year decrease of 9.45% but a quarter-on-quarter increase of 14.02% [5] - The gross margin for the second quarter of 2025 was 37.04%, showing a recovery trend over the past seven quarters [5] Financial Performance - The company expects net profits attributable to the parent company to be 400 million yuan, 607 million yuan, and 803 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.72, 2.60, and 3.44 yuan per share [9] - The projected revenue for 2025 is 3.71 billion yuan, with a year-on-year growth of 26.6% [11] - The gross margin is expected to improve to 33.2% in 2025 and further to 34.3% in 2026 [11] Product Development and Market Position - The company has made significant advancements in its manufacturing processes, particularly in the BCD process, moving towards 55/40nm technology nodes [5] - The company has launched a series of high-performance mixed-signal chips and has established a comprehensive audio ecosystem that includes hardware, algorithms, and services [6] - The company is actively expanding its product offerings in power management and signal chain chips, achieving mass production with major clients [7][8]

Core Viewpoint - Aiwai Electronics (688798.SH) has announced a significant financing plan to raise up to 1.901 billion yuan through convertible bonds, primarily aimed at building a global R&D center and advancing research and industrialization in cutting-edge fields such as edge AI, automotive chips, and motion control chips [1][2]. Group 1: Financing and Investment Plans - The company plans to allocate 1.224 billion yuan, which is 64.39% of the total fundraising, to the global R&D center construction project [1][2]. - The R&D center will focus on specialized facilities such as reliability laboratories, haptic feedback laboratories, and optical anti-shake laboratories, covering three core product lines: high-performance mixed-signal chips, power management chips, and signal chain chips [2]. - The remaining funds will be directed towards projects for edge AI and supporting chip R&D (241 million yuan), automotive chip R&D (227 million yuan), and motion control chip R&D (209 million yuan) [2]. Group 2: R&D Investment and Personnel - Aiwai Electronics has committed a total of 2.234 billion yuan to R&D from 2020 to 2024, with a projected R&D personnel ratio of 64% and technical personnel ratio of 74% by the end of 2024 [1][3][6]. - The company has achieved significant technological advancements, including becoming the first domestic company to mass-produce optical image stabilization (OIS) technology [6]. - As of the end of 2024, Aiwai Electronics holds 412 invention patents, 232 utility model patents, and 5 design patents, along with 125 software copyrights and 595 integrated circuit layout registrations [6]. Group 3: Financial Performance - The company reported revenues of 2.327 billion yuan in 2021, 2.09 billion yuan in 2022, and 2.531 billion yuan in 2023, with a net profit of 288 million yuan, -53.38 million yuan, and 510.1 million yuan respectively [4]. - In 2024, Aiwai Electronics achieved a record revenue of 2.933 billion yuan, a year-on-year increase of 15.88%, and a net profit of 255 million yuan, a substantial increase of 400% [5]. - The gross margin for 2024 reached 30.43%, up by 5.58 percentage points compared to the previous year [5].

Core Viewpoint - The company Xidiwei (688173.SH) faces potential loss of control over its subsidiary Zinitix due to alleged misconduct by current directors, which could significantly impact its financial performance and reporting [1][4]. Group 1: Acquisition and Control Issues - Xidiwei acquired a 35.31% stake in Zinitix for approximately 1.12 million RMB in August 2024, forming a goodwill of 0.64 million RMB [2][5]. - The company has initiated legal actions against Zinitix's current directors for alleged theft of trade secrets and other misconduct, while facing resistance in convening a shareholder meeting to elect new directors [4][6]. - If Xidiwei loses control over Zinitix, it will cease to consolidate Zinitix in its financial statements, leading to a potential significant adverse impact on its 2025 financial results [4]. Group 2: Financial Performance and Challenges - Xidiwei has reported cumulative losses of approximately 3.6 million RMB over the past three years, with continued losses expected in Q1 2025 [1][8]. - Despite the losses, the chairman's salary has increased significantly, from approximately 1.6 million RMB in 2021 to over 2.2 million RMB in subsequent years [8]. - The company has been actively pursuing acquisitions to turn around its performance, including a recent announcement to acquire Chengxin Micro for a premium of 214.37% [8]. Group 3: Research and Development Investment - Xidiwei has consistently increased its R&D investment from 1.5 million RMB in 2021 to 2.53 million RMB in 2024, with R&D expenses accounting for 46.34% of its revenue in 2024 [9].

Core Viewpoint - The company plans to issue convertible bonds to unspecified investors, aiming to raise funds while addressing the potential dilution of immediate returns for existing shareholders through specific compensation measures [1][6][13]. Financial Impact Analysis - The company estimates a maximum issuance of 1,901.32 million yuan, with the actual amount depending on regulatory approvals and market conditions [2]. - The projected net profit for the parent company is 254.88 million yuan for 2025, with scenarios predicting growth rates of 0%, 10%, and 20% for subsequent years [2][4]. - The total share capital will increase from 232,669,339 shares to 260,708,806 shares if all bonds are converted [3][4]. Measures to Mitigate Dilution - The company will enhance its profitability and development potential by expanding its business scale and improving product competitiveness [10]. - It will ensure effective use of raised funds and manage them according to regulatory requirements to minimize the risk of dilution [11][12]. - The company has committed to a robust profit distribution policy to strengthen investor returns [12]. Business Context - The company specializes in integrated circuit design, focusing on high-performance mixed-signal, power management, and signal chain chips, with applications in consumer electronics, AIoT, industrial, and automotive sectors [7][9]. - The fundraising project aligns with the company's core business and aims to establish a global R&D center to support future product development [7][8]. Human and Technical Resources - The company has a strong talent pool, with 646 technical staff, 552 of whom are in R&D, ensuring a solid foundation for innovation [8]. - It has accumulated significant intellectual property, holding 649 patents, including 412 invention patents, which supports its competitive edge in the market [8]. Commitment from Stakeholders - The controlling shareholders and management have made commitments to uphold the measures designed to mitigate the dilution of immediate returns, ensuring accountability and adherence to regulatory standards [13][14].