Group 1 - SMIC announced that its wholly-owned subsidiary, SMIC Holdings, plans to sell a 14.832% stake in SMIC Integrated Circuit (Ningbo) Co., Ltd. to Hunan Guoke Microelectronics Co., Ltd. After the transaction, SMIC Holdings will no longer hold any equity in SMIC Ningbo [1] - Guoke Micro announced its intention to acquire a total of 94.366% equity in SMIC Ningbo from Ningbo Yongxin and 11 other parties through a combination of issuing shares and cash payments. The company aims to enhance its manufacturing capabilities in high-end filters and MEMS, establishing a dual-driven system of "digital chip design + analog chip manufacturing" [1] - The transaction is expected to constitute a major asset restructuring, with Guoke Micro's stock set to resume trading on June 6, 2025 [1] Group 2 - According to the restructuring plan, the counterparties are prohibited from reducing their holdings in the listed company for three years. If SMIC Ningbo becomes profitable after three years, they may reduce their holdings according to regulations; otherwise, those with an investment period of less than ten years cannot reduce their holdings, while those exceeding ten years can reduce 50% of their shares [3] - SMIC Ningbo is one of the few domestic wafer manufacturing companies capable of providing full-band, all-process filters covering SUB6G. It possesses advanced BAW filter chip manufacturing technology, with its products already applied in flagship models of a leading domestic mobile communication terminal company [3] - Filters are core components of the RF front end, providing wireless communication functions for mobile phones, and their development is technically challenging. The successful application of SMIC Ningbo's products in mobile devices signifies a breakthrough against the overseas manufacturers' monopoly in filter manufacturing, potentially addressing the long-standing "bottleneck" issues in China's communication chip industry [3] Group 3 - Guoke Micro's main business includes two segments: smart vision and ultra-high-definition intelligent display. In its 2024 annual report, the company reported sales revenue of 946 million yuan from its smart vision series chips, accounting for 47.84% of total revenue [5] - The company's performance in 2024 was pressured by slowing market demand and intensified industry competition, with a first-quarter revenue of 305 million yuan, a year-on-year decrease of 10%, while net profit increased by 25% to 51.51 million yuan [5] - Guoke Micro is one of the few suppliers whose entire product line supports HarmonyOS chips and solutions. Its commercial display chip series GK67 has been shipped to mainstream education machines, conference machines, and general commercial display terminal manufacturers, fully compatible with the HarmonyOS ecosystem [5]

Group 1 - Semiconductor Manufacturing International Corporation (SMIC) announced that its wholly-owned subsidiary, SMIC Holdings, plans to sell a 14.832% stake in SMIC Integrated Circuit (Ningbo) Co., Ltd. to Hunan Guoke Microelectronics Co., Ltd. After the transaction, SMIC Holdings will no longer hold any equity in SMIC Ningbo [1] - Guoke Micro announced its intention to acquire a total of 94.366% equity in SMIC Ningbo from Ningbo Yongxin and 11 other parties through a combination of issuing shares and cash payments. The company plans to raise matching funds by issuing stocks to no more than 35 qualified investors. This transaction is expected to constitute a major asset restructuring [1] - Following the transaction, Guoke Micro aims to enhance its production capabilities in high-end filters and MEMS, establishing a dual-driven system of "digital chip design + analog chip manufacturing" [1] Group 2 - Guoke Micro's main business includes smart vision and ultra-high-definition smart display sectors. According to its 2024 annual report, the sales revenue from its smart vision series chip products reached 946 million yuan, accounting for 47.84% of total revenue [4] - In 2024, Guoke Micro's performance was pressured by slowing market demand and intensified industry competition. In the first quarter of the year, the company reported a revenue of 305 million yuan, a year-on-year decrease of 10%, while net profit increased by 25% to 51.51 million yuan [4] - Guoke Micro is one of the few suppliers with a full range of products supporting the HarmonyOS chip and solutions. The GK67 series commercial display chips launched in 2024 are compatible with the Harmony ecosystem and have passed Harmony 4.0 compatibility certification, with Harmony 5.0 currently under development [4]

Core Viewpoint - Guokewi (300672) reported a revenue of 1.978 billion yuan and a net profit of 97.15 million yuan for 2024, with a proposed dividend of 30 million yuan, while the Q1 2025 report showed a revenue of 305 million yuan and a net profit of 51.51 million yuan, marking a 25% year-on-year increase [1][2]. Group 1: Financial Performance - In 2024, Guokewi's overall gross margin improved to 26.29%, an increase of 13.85 percentage points, despite a 53.26% decline in revenue [2]. - The company achieved a gross profit of 520 million yuan in 2024, remaining stable year-on-year [2]. - For Q1 2025, the overall gross margin further increased to 34.48%, up 12 percentage points year-on-year, indicating a strong start for the year [3]. Group 2: Business Segments - The main business segments include smart vision and ultra-high-definition smart display, with smart vision products generating 946 million yuan in revenue, accounting for 47.84% of total revenue in 2024 [4]. - The ultra-high-definition smart display series generated 774 million yuan in revenue, representing 39.15% of total revenue [5]. - Guokewi is actively developing products to meet the complex governance needs of broadcasting and television operations, with plans to support GPMI in set-top boxes by 2025 [5]. Group 3: R&D and Innovation - In 2024, Guokewi invested 675 million yuan in R&D, a 10.26% increase, achieving record-high investment levels [2]. - The company is focusing on high-margin, high-threshold business areas, optimizing resource allocation to enhance profitability [3]. - Guokewi is advancing its "Edge AI" strategy, aiming to integrate advanced AI technology with large-scale integrated circuit design across various sectors [10]. Group 4: New Business Development - Guokewi is expanding into new business areas such as automotive electronics and wireless LAN, launching various products to meet market demands [8]. - The company has developed AI chips for automotive applications, covering a range of camera resolutions and AI computing power [8]. - In the wireless LAN sector, Guokewi has introduced Wi-Fi 6 chips capable of supporting high-speed communication, marking a step towards becoming a high-end wireless LAN chip supplier [9].