Core Viewpoint - The semiconductor sector in A-shares has shown strong performance driven by external news, with significant gains in automotive chips, semiconductor wafers, and memory chips, indicating a recovery in the global semiconductor market since the second half of 2024, particularly due to robust AI demand and structural differentiation in demand across various segments [3][5]. Market Performance - The semiconductor sector's valuation has expanded since June, following a three-month consolidation after a rapid increase in January and February. As of August 7, the semiconductor index has risen by 1.36% this month and 8.89% since June, outperforming major indices like the Shanghai 50 and CSI 300 [5]. - The semiconductor sector's valuation expansion is attributed to several factors, including a continuous market uptrend since June, the traditional peak season for the electronics industry in Q3, and upcoming events such as earnings reports from major companies and new product launches from Apple [5][6]. Industry Indicators - The global silicon wafer shipment area reached 3.327 billion square inches in Q2 2025, marking a 9.6% year-on-year increase and a 14.9% quarter-on-quarter increase, indicating a recovery in various sectors beyond storage [6]. - The A-share electronic sector maintained the highest allocation ratio in the market at 18.67% in Q2 2025, with semiconductor stocks comprising 10.47% of the holdings in the secondary electronic sector funds [6]. Demand Characteristics - The current semiconductor recovery exhibits structural characteristics, with strong demand in AI servers and high-end smartphones, while the overall recovery in consumer electronics remains moderate. Different segments are expected to show significant performance divergence [7]. - The AI infrastructure is projected to be a high-growth area, with major cloud providers like Microsoft and Meta increasing capital expenditures, indicating sustained demand for storage chips, power chips, and SoC chips [7]. Earnings Outlook - As of now, 51 semiconductor companies have released mid-year earnings forecasts, with 66% indicating positive expectations. Companies involved in ASIC, SoC, and computing chips are particularly optimistic [8]. - Chip manufacturer Chipone Integrated Circuits reported a revenue of 3.495 billion yuan in its latest half-year report, a year-on-year increase of 21.38%, and achieved a quarterly profit for the first time since its listing [9]. Future Expectations - The semiconductor sector is entering a peak season, with non-AI consumer electronics showing stable growth, while AI demand is crucial for determining the performance growth of semiconductor companies. The upcoming Apple product launches are particularly noteworthy [10].

Group 1 - The company focuses on the design, research and development, and sales of power semiconductors, aiming to support domestic chip production through its "independent innovation" strategy [1] - The company has seen an improvement in operating conditions, benefiting from the mass production of new research products and a recovery in downstream demand [1] - For the first half of 2025, the company expects to achieve operating revenue between 90 million to 110 million yuan, representing a year-on-year growth of 56.17% to 90.87% [1]

苏州锴威特半导体股份有限公司（以下简称"公司"）专注于功率半导体的设 计、研发与销售，并提供相关技术服务。公司坚持"自主创芯，助力核心芯片国 产化"的发展定位，采取应用牵引产品技术迭代，围绕应用进行产品布局，立足 为用户提供高性能的功率芯片的系统解决方案，不断培育新质生产力，推动工艺 和技术高效升级，确保关键核心技术的自主可控，提升公司核心竞争力，引领公 司高质量发展。 2025 年以来，公司研发投入、市场开拓、供应链管理、产品质量管理、人 才建设等多方面工作稳步推进，同时受益于新研产品的量产以及下游领域需求回 暖，公司营业收入较上年同期有所改善。截至目前，公司经营情况良好，据公司 财务部门初步测算，公司 2025 年 1-6 月预计实现营业收入 9,000-11,000 万元， 较去年同期增长 56.17%-90.87%。 二、相关风险提示 证券代码：688693 证券简称：锴威特 公告编号：2025-036 苏州锴威特半导体股份有限公司 关于近期经营情况的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 ...

Core Insights - The innovation capability of China's integrated circuit industry is continuously improving, with significant enhancements in the self-controllable capacity of the entire industry chain [1][2] Group 1: Industry Development - The report highlights that from the end of the "13th Five-Year Plan" to the "14th Five-Year Plan," the technological foundation for self-reliance in the integrated circuit industry has been solidified [1] - Numerous universities, research institutions, and innovative enterprises are accelerating breakthroughs in specific and key areas, leading to a notable improvement in the security level of the industry chain [1] Group 2: Process and Material Advancements - The report indicates that breakthroughs in advanced processes, which have been a prominent issue for industry development, will be effectively alleviated [1] - Global progress in integrated circuit processes is slowing down, which will narrow the gap between China and internationally leading processes [1] - The "domestic substitution" strategy will drive significant improvements in self-sufficiency rates for display driver chips, power chips, and RF chips, particularly in the 28nm and below mature process categories [1] Group 3: Supply Chain Diversification - The report also addresses the "bottleneck" issues in materials, stating that breakthroughs have been achieved in photoresists and electronic specialty gases [2] - By promoting the localization of equipment, materials, and design tools, the supply chain diversification of China's integrated circuit industry will yield results, significantly enhancing the self-controllable capacity in critical areas [2]

Group 1: Company Performance and Financials - The company's revenue for 2024 was 330.25 million, a decrease of 26.52% year-on-year [13] - The net profit attributable to shareholders for 2024 was 37.05 million, down 55.57% year-on-year [13] - In Q1 2025, the company reported a net profit of 5.22 million, a decline of 72.84% compared to the previous year [9] Group 2: Market Challenges and Industry Conditions - The implementation of the new national standard for electric bicycles in 2019 led to increased market concentration, affecting smaller companies [3] - The market has shifted to a stock competition phase, causing a temporary reduction in demand for electric two-wheelers [4] - A fire incident in Nanjing in March 2024 raised safety concerns, leading to government inspections and a short-term decrease in market demand [10] Group 3: Strategic Responses and Future Outlook - The company plans to focus on core business development and increase investment in independent research and development [12] - The management aims to leverage upstream packaging business to enhance product stability and reduce costs [14] - The company is optimistic about future growth opportunities with the upcoming release of the revised national standard and related policies [12]

Core Viewpoint - Wentech Technology is undergoing a significant asset restructuring by selling its product integration business, which has been dragging down profits, to focus entirely on its strong semiconductor business [1][4]. Financial Performance - In Q1, the company's revenue decreased by 19.38% year-on-year, while net profit surged by 82.29% [1][6]. - For 2024, total revenue reached 73.598 billion yuan, a year-on-year increase of 20.23%, but the net profit attributable to shareholders was a loss of 2.834 billion yuan, down 339.83% [4][6]. - The semiconductor business generated revenue of 14.715 billion yuan in 2024, with a gross margin of 37.47% and a net profit of 2.297 billion yuan [8]. Business Segmentation - The product integration business accounted for 72.39% and 79.39% of total revenue in 2023 and 2024, respectively, but is now being divested [4][6]. - The semiconductor business is expected to benefit from the growth in humanoid robots and electric vehicles, with significant revenue contributions from the automotive sector [8][9]. Strategic Focus - The company plans to concentrate resources on enhancing profitability in the semiconductor sector following the divestiture of the product integration business [4][7]. - The first quarter of 2025 saw the signing of multiple equity transfer agreements to sell the product integration assets, with a total transfer payment of 2.78 billion yuan received by the end of March [5][7]. Market Outlook - The semiconductor business is projected to grow due to trends in electric vehicles and advanced driver-assistance systems, with a significant increase in direct revenue from automotive OEM customers [8][9]. - The global market for humanoid robots is expected to see substantial growth, with projections of annual shipments reaching 1 million units by 2030 [9].

江苏协昌电子科技股份有限公司 Jiangsu Xiechang Electronic Technology Co., Ltd. （张家港市凤凰镇港口工业园华泰路 1 号） 首次公开发行股票并在创业板上市 之上市公告书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 股票简称：协昌科技 股票代码：301418 二零二三年八月 江苏协昌电子科技股份有限公司 上市公告书 特别提示 江苏协昌电子科技股份有限公司（以下简称"本公司"、"发行人"、"公 司"或"协昌科技"）股票将于 2023 年 8 月 21 日在深圳证券交易所创业板上 市。该市场具有较高的投资风险。创业板公司具有业绩不稳定、经营风险高、退 市风险大等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的 投资风险及本公司所披露的风险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板上市招股说明书中的相同。 1 江苏协昌电子科技股份有限公司 上市公告书 第一 ...

创业板投资风险提示 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司 具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解创业板市场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。 江苏协昌电子科技股份有限公司 Jiangsu Xiechang Electronic Technology Co., Ltd. （住址：张家港市凤凰镇港口工业园华泰路 1 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 江苏协昌电子科技股份有限公司 招股说明书 声 明 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 ...

江苏协昌电子科技股份有限公司 首次公开发行股票并在创业板上市 发行公告 保荐人（主承销商）：国金证券股份有限公司 特别提示 江苏协昌电子科技股份有限公司（以下简称"协昌科技"、"发行人"或"公 司"）根据中国证券监督管理委员会（以下简称"中国证监会"）颁布的《证券 发行与承销管理办法》（证监会令〔第 208 号〕）（以下简称"《管理办法》"）、 《首次公开发行股票注册管理办法》（证监会令〔第 205 号〕），深圳证券交易 所（以下简称"深交所"）颁布的《深圳证券交易所首次公开发行证券发行与承 销业务实施细则》（深证上〔2023〕100 号）（以下简称"《实施细则》"）、 《深圳市场首次公开发行股票网上发行实施细则》（深证上〔2018〕279 号）（以 下简称"《网上发行实施细则》"）、《深圳市场首次公开发行股票网下发行实 施细则》（深证上〔2023〕110 号）（以下简称"《网下发行实施细则》"）、 《深圳证券交易所创业板投资者适当性管理实施办法》，中国证券业协会颁布的 《首次公开发行证券承销业务规则》（中证协发〔2023〕18 号）、《首次公开 发行证券网下投资者管理规则》（中证协发〔2023〕19 号）等 ...

创业板投资风险提示 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司 具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解创业板市场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。 江苏协昌电子科技股份有限公司 Jiangsu Xiechang Electronic Technology Co., Ltd. （住址：张家港市凤凰镇港口工业园华泰路 1 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （成都市青羊区东城根上街 95 号） 江苏协昌电子科技股份有限公司 招股意向书 声 明 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 ...