以下文章来源于证券之星 ，作者李若菡 公开资料显示，芯导科技主营业务为功率半导体的研发与销售，公司产品主要包括功率器件和功率IC两大类，产品可应用于消费类电子、网络通讯、 安防、工业、汽车、储能等领域。 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 来源|证券之星 作者|李若菡 近日，芯导科技(688230.SH)披露了科创板首份2025年年报，公司出现了增收不增利的情况。证券之星注意到，作为公司的营收支柱，功率器件产 品面临"量增价跌"的困境，拖累整体毛利率下滑，叠加理财收益减少等因素，公司净利润进一步承压。 同时，公司推出重组草案，其拟以现金支付及发行可转债收购瞬雷科技，并募集配套资金，但此次溢价收购对应的却是较为宽松的业绩承诺。进一步 研究发现，在计划发行可转债及定增募资的同时，芯导科技账面仍握有20亿元资金，且存在"左手分红、右手募资"的情况。 01 增收不增利，支柱业务毛利率下滑 2025年年报显示，芯导科技实现营收3.94亿元，同比增长11.52%；归母净利润为1.06亿元，同比下降4.91%，公司陷入增收不增利的情况。 证券 ...

分红方面，锴威特A股上市后累计派现1989.47万元。 机构持仓方面，截止2025年9月30日，锴威特十大流通股东中，诺安多策略混合A（320016）位居第九 大流通股东，持股39.44万股，相比上期增加7.76万股。 2月9日，锴威特盘中上涨2.02%，截至09:43，报40.31元/股，成交740.09万元，换手率0.47%，总市值 29.70亿元。 锴威特今年以来股价涨7.67%，近5个交易日涨2.36%，近20日涨0.65%，近60日涨1.92%。 资料显示，苏州锴威特半导体股份有限公司位于江苏省苏州市张家港市杨舍镇华昌路10号沙洲湖科创园 B2幢01室，成立日期2015年1月22日，上市日期2023年8月18日，公司主营业务涉及功率半导体的设 计、研发和销售，并提供相关技术服务。主营业务收入构成为：功率器件46.66%，功率IC42.65%，其 他8.57%，技术服务2.12%。 锴威特所属申万行业为：电子-半导体-分立器件。所属概念板块包括：半导体、半导体产业、芯片概 念、专精特新、第三代半导体等。 截至9月30日，锴威特股东户数7344.00，较上期增加14.04%；人均流通股5297股，较上期 ...

Core Viewpoint - The company, Chipway Technology, reported its 2025 annual results, showing a slight decline in net profit but significant growth in non-recurring net profit, alongside plans for a major asset restructuring to enhance its competitive position in the power semiconductor sector [1][2]. Financial Performance - The company achieved an operating revenue of 394 million yuan, marking a consecutive increase [1][2]. - The net profit attributable to shareholders was 106 million yuan, a year-on-year decrease of 4.91% [1][2]. - The non-recurring net profit reached 68.89 million yuan, reflecting a year-on-year growth of 17.54%, the highest in nearly four years [1][2]. - The comprehensive gross margin was 32.84%, down 1.59 percentage points year-on-year [3]. Product Performance - The company's main products, including TVS, MOSFET, and Schottky diodes, saw a decline in gross margins, with respective rates of 32.58%, 34.85%, and 33.29%, down 2.53, 6.07, and 1.89 percentage points [3]. - The gross margin for power ICs increased by 11.47 percentage points to 29.75%, although its revenue contribution is relatively small [3]. Dividend Distribution - The company proposed a cash dividend of 4.30 yuan per 10 shares, totaling 50.568 million yuan, which represents 47.64% of the net profit attributable to shareholders [3]. Strategic Acquisition - The company plans to acquire 100% of Jishun Technology and 17.15% of Shunlei Technology for a total consideration of 403 million yuan, funded through convertible bonds and cash [4][5]. - The acquisition aims to leverage the target companies' technology and customer resources to strengthen the company's core competitiveness in the power semiconductor field [4][5]. Future Projections - The acquired companies are expected to contribute to a projected operating revenue of 633 million yuan in 2025, a 60.88% increase, and a net profit of 155 million yuan, reflecting a 45.76% growth [5]. - The transaction is anticipated to facilitate a strategic shift from a Fabless to a Fab-lite model, enhancing supply chain management and expanding into high-end application areas such as automotive electronics and industrial control [5].

2月2日晚，沪市首份年报出炉：芯导科技2025年净利润同比下降4.91%，拟每10股派4.3元。 芯导科技(688230)2025年年度报告显示，公司实现营业收入39,360.75万元，较上年同期增长11.52%；实现利润总额1.14亿元，较上年同期减少4.98%；归 母净利润1.06亿元，较上年同期减少4.91%；扣非净利润6888.64万元，较上年同期增长17.54%。 基本每股收益0.9元。公司拟向全体股东每10股派发现金红利4.3元（含税）。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2025年 | 2024年 | 本期比上年 同期增减 | 2023年 | | | | | (%) | | | 营业收入 | 393,607,502.95 | 352,941,674.80 | 11.52 | 320,426,744.62 | | 利润总额 | 114,482,387.41 | 120,476,897.93 | -4.98 | 103,368,784.87 | | 归属于上市公司股东的净 利润 | 106.152.9 ...

以下文章来源于e公司 ，作者证券时报 张一帆 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 2月2日晚间，芯导科技（688230.SH）披露年报，成为2025年度沪市首份年度财报。与此同时，公司披露重大资产重组方案，拟全资控股瞬雷 科技实现业务领域的拓展。 财报显示，2025年度芯导科技实现营业收入3.94亿元，较上年同期增长11.52%；实现归母净利润1.06亿元，较上年同期减少4.91%。基本每股收益 0.90元／股。芯导科技拟向全体股东每10股派发现金红利4.30元（含税），对应派发现金红利5056.8万元，分红比例为47.64%。 | | 2025年 | 2024年 | 本年比上年 增减(%) | 2023年 | | --- | --- | --- | --- | --- | | 总资产 | 2,329,403,069.01 | 2,327,935,658.62 | 0.06 | 2.281.544.663. ...

公告显示，2025年，芯导科技功率器件产品销量增加，其中生态链产品与核心业务形成强力协同使得销 量同步增长，SGT MOS进一步壮大了产品阵容，并逐步实现批量出货，在前述因素驱动下，公司主营 业务收入实现增长。 公司表示，受市场利率下行影响，公司理财收益较上年同期减少。2025年，公司实施第二类限制性股票 激励计划，本期未满足相应归属条件，限制性股票已全部取消归属并作废失效，相较2024年股份支付费 用减少了592.74万元。 重大资产重组草案出炉 2月2日晚，沪市首份2025年年报出炉。芯导科技2025年营业收入为3.94亿元，同比增长11.52%；归属于 上市公司股东的净利润为1.06亿元，同比下降4.91%；拟每10股派4.3元。 同日晚间，芯导科技发布重大资产重组草案，公司拟发行可转换公司债券及支付现金购买吉瞬科技 100%的股权以及瞬雷科技17.15%的股权并募集配套资金。交易价格（不含募集配套资金金额）为4.026 亿元。本次交易完成后，公司将直接/间接持有吉瞬科技和瞬雷科技100%的股权。本次交易构成重大资 产重组。 Wind数据显示，2月2日，芯导科技股价收跌5.14%，报73.88元/股，最 ...

Group 1 - The core viewpoint of the news is that Chipway Technology has shown significant trading activity, with a notable financing balance and changes in shareholder numbers, indicating investor interest and market dynamics [1][2]. Group 2 - As of January 22, Chipway Technology's stock price decreased by 0.10%, with a trading volume of 103 million yuan. The financing buy-in amount was 13.74 million yuan, while the financing repayment was 12.33 million yuan, resulting in a net financing buy of 1.41 million yuan. The total financing and securities balance reached 316 million yuan [1]. - The financing balance of Chipway Technology is 316 million yuan, accounting for 3.33% of its market capitalization, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - On the securities lending side, there were no shares repaid or sold on January 22, with a securities lending balance of 0 shares, also reflecting a high level compared to the past year [1]. - As of September 30, the number of shareholders for Chipway Technology was 7,755, a decrease of 5.36% from the previous period, while the average circulating shares per person increased by 5.66% to 15,164 shares [2]. - For the period from January to September 2025, Chipway Technology reported revenue of 291 million yuan, a year-on-year increase of 14.33%, while the net profit attributable to shareholders decreased by 10.89% to 73.63 million yuan [2]. - Since its A-share listing, Chipway Technology has distributed a total of 251 million yuan in dividends, with 215 million yuan distributed over the past three years [3].

Core Viewpoint - The report from Dongfang Securities highlights that while investors are focused on AI computing power chips driving advanced process foundry demand, there is insufficient attention on the demand for mature process foundries driven by AI. The firm believes that AI will continue to boost the demand for power-related ICs, thereby enhancing the demand for mature process foundries [1]. Group 1: Demand Insights - AI is expected to drive growth in power IC demand, which will continue to enhance the demand for mature processes. The demand increase is attributed to AI server power ICs and the localization trend in mainland China, leading to higher demand for local foundries' BCD/PMIC [3]. - The utilization rate of eight-inch capacity at some foundries has significantly increased since mid-2025, driven by the demand from AI applications [3]. Group 2: Supply Dynamics - TSMC is gradually reducing its eight-inch capacity starting in 2025, with plans for some facilities to cease operations by 2027. Samsung is also initiating eight-inch production cuts in 2025 [4]. - TrendForce forecasts a 0.3% year-on-year reduction in global eight-inch capacity in 2025, with the reduction expected to expand to 2.4% in 2026. This reduction, coupled with rising demand, is projected to increase the average utilization rate of eight-inch capacity to 85-90% in 2026, up from 75-80% in 2025 [4]. Group 3: Domestic Foundry Benefits - The trend of localization in IC manufacturing in mainland China is ongoing, with companies like SMIC reporting growth in market share for various products during the domestic replacement process. This trend is expected to provide continued order growth for domestic foundries [5]. Group 4: Investment Recommendations - The report suggests that the price increase in mature processes and the demand growth driven by AI present investment opportunities. Recommended investment targets include wafer manufacturing companies such as SMIC, Hua Hong Semiconductor, and others, as well as semiconductor equipment companies [6].

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry in China [5] Core Insights - The demand growth driven by AI is expected to lead to price increases in certain mature processes, with wafer foundries anticipating a price hike of 5-20% for 8-inch wafers due to tightening capacity [7] - The report highlights that AI is boosting the demand for power ICs, which will continue to enhance the demand for mature process wafer foundries [7] - Domestic wafer foundries are expected to benefit from the ongoing trend of localization in the IC manufacturing industry, with companies like SMIC seeing increased market share and orders [7] Summary by Sections Investment Recommendations and Targets - The report suggests several investment targets in the semiconductor sector, including: - Wafer manufacturing companies: SMIC (688981, Buy), Huahong Semiconductor (01347, Buy), Jinghong Integrated Circuit (688249, Buy), Huarun Microelectronics (688396, Buy), Yandong Microelectronics (688172, Not Rated), and Xilian Integrated-U (688469, Not Rated) [3][8] - Semiconductor equipment companies: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), Tuojing Technology (688072, Buy), Shengmei Shanghai (688082, Buy), Huahai Qingke (688120, Not Rated), and Zhongke Feice (688361, Not Rated) [3][8] Market Dynamics - According to TrendForce, the global 8-inch capacity is expected to decrease by approximately 0.3% in 2025 and further by 2.4% in 2026, leading to an increase in average capacity utilization rates to 85-90% in 2026 [10] - The report indicates that the demand for power ICs will continue to grow due to the increasing computational power and energy efficiency requirements of AI applications, which will further stimulate the demand for mature process wafer foundries [7]

12月23日，芯导科技跌1.91%，成交额4614.66万元。两融数据显示，当日芯导科技获融资买入额 1054.38万元，融资偿还1079.05万元，融资净买入-24.67万元。截至12月23日，芯导科技融资融券余额 合计2.66亿元。 融资方面，芯导科技当日融资买入1054.38万元。当前融资余额2.66亿元，占流通市值的3.52%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，芯导科技12月23日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，上海芯导电子科技股份有限公司位于中国(上海)自由贸易试验区祖冲之路2277弄7号,上海市 浦东新区张江集成电路设计产业园盛夏路565弄54号(D幢)10-11层，成立日期2009年11月26日，上市日 期2021年12月1日，公司主营业务涉及功率半导体的研发与销售。主营业务收入构成为：功率器件 90.93%，功率IC9.07%。 截至9月30日，芯导科技股东户数7755.00，较上期减少5.36%；人均流通股15164股，较上期增加 5 ...