截至6月30日，复旦微电股东户数2.17万，较上期减少7.44%；人均流通股24735股，较上期增加8.04%。 2025年1月-6月，复旦微电实现营业收入18.39亿元，同比增长2.49%；归母净利润1.94亿元，同比减少 44.38%。 分红方面，复旦微电A股上市后累计派现3.11亿元。近三年，累计派现2.58亿元。 机构持仓方面，截止2025年6月30日，复旦微电十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第五大流通股东，持股765.46万股，相比上期增加72.80万股。香港中央结算有限公司位居第九大流 通股东，持股578.38万股，相比上期减少392.42万股。南方军工改革灵活配置混合A（004224）位居第 十大流通股东，持股565.49万股，为新进股东。银河创新混合A（519674）退出十大流通股东之列。 10月9日，复旦微电跌0.98%，成交额17.45亿元。两融数据显示，当日复旦微电获融资买入额2.64亿 元，融资偿还1.58亿元，融资净买入1.05亿元。截至10月9日，复旦微电融资融券余额合计7.20亿元。 融资方面，复旦微电当日融资买入2.64亿元。当前融资余额7.11亿 ...

Core Viewpoint - Fudan Microelectronics emphasizes its commitment to independent innovation and stable operations in response to being added to the U.S. BIS Entity List, highlighting its strategic reserves and diversified product offerings [2][3]. Group 1: Strategic Reserves - The company has strengthened its strategic reserves for core product lines, with inventory increasing from approximately 600 million yuan at the end of 2020 to about 3.1 billion yuan by mid-2025, enhancing supply chain stability and risk resistance [3]. Group 2: Industry Collaboration - Fudan Microelectronics maintains an open cooperation mindset, enhancing supply chain diversification since 2022 and deepening collaboration with domestic and international partners, which has improved supply chain resilience and production capacity [4]. Group 3: Frontier Innovation - The company has established a research and development platform for FPAI heterogeneous fusion architecture chips, covering a full range of computing power chips from 4 TOPS to 128 TOPS, with the first 32 TOPS product progressing well, supporting stable operations and long-term value growth [5].

Core Viewpoint - The U.S. Department of Commerce's BIS has added 23 Chinese entities to the Entity List, primarily affecting 13 semiconductor companies, prompting China to initiate an anti-discrimination investigation against U.S. measures in the integrated circuit sector [1][2][4] Group 1: U.S. Entity List and Its Implications - The U.S. has cited "violations of U.S. national security or foreign policy interests" as the reason for placing 23 Chinese entities on the Entity List [2] - Entities on the list require licenses for all items governed by EAR, with a presumption of denial for these licenses [2] - Notable companies on the list include Fudan Microelectronics Group, which is a leader in MCU, security and identification chips, and non-volatile memory [3] Group 2: China's Response - China has launched an anti-discrimination investigation into U.S. measures affecting the integrated circuit sector, focusing on discriminatory bans and restrictions since 2018 [4] - The investigation will begin on September 13, 2025, and typically lasts for three months, with potential follow-up measures based on the findings [4] Group 3: Investment Strategy and Focus Areas - The company maintains that U.S. restrictions on semiconductor exports will continue to strengthen but their effectiveness will gradually diminish, accelerating domestic substitution in China's AI and semiconductor industries [6] - Key areas for investment focus include: 1. Wafer foundries as core strategic assets for domestic semiconductor substitution [6] 2. Computing chip design firms that are rapidly building local technology systems [6] 3. Companies with low domestic production rates in advanced manufacturing equipment [6] 4. Advanced packaging technologies in AI chips, particularly in 2.5D/3D/HBM areas [6]

Core Viewpoint - The company emphasizes its commitment to independent innovation and stable operations, aiming to create long-term value for investors and partners in a complex global technology landscape [2]. Strategic Reserves - The company has significantly increased its strategic reserves, with inventory growing from approximately 600 million at the end of 2020 to about 3.1 billion by mid-2025, enhancing supply chain stability and risk resilience [3]. Industry Collaboration - The company maintains an open cooperation mindset, strengthening its supply chain diversification since 2022 and enhancing collaboration with domestic and international partners, which has improved supply chain resilience and production capacity [4]. Frontier Innovation - The company has established a research and development platform for FPAI heterogeneous fusion architecture chips, covering a full spectrum of computing power chips from 4 TOPS to 128 TOPS, with the first 32 TOPS product showing good promotion progress [5]. - The company is committed to continuous core technology upgrades and enhancing independent control levels while fostering collaborative innovation within the industry [5].

Group 1 - Fudan Microelectronics experienced a decline of 5.06% on September 1, with a stock price of 60.45 yuan per share and a trading volume of 688 million yuan, resulting in a total market capitalization of 49.655 billion yuan [1] - The company, established on July 10, 1998, and listed on August 4, 2021, primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [1] - The revenue composition of Fudan Microelectronics includes: FPGA and other products (37.04%), non-volatile memory (23.92%), security and identification chips (21.35%), smart meter chips (13.46%), IC testing services (4.15%), and rental income (0.09%) [1] Group 2 - Huashang Fund holds a significant position in Fudan Microelectronics, with its Huashang Innovation Growth Mixed Fund A (000541) reducing its holdings by 20,400 shares in the second quarter, now holding 348,300 shares, which accounts for 1.94% of the fund's net value [2] - The fund has reported a floating loss of approximately 1.1216 million yuan as of the latest data [2] - The Huashang Innovation Growth Mixed Fund A was established on March 18, 2014, with a current size of 724 million yuan, achieving a year-to-date return of 48.28% and a one-year return of 62.93% [2]

Group 1 - Fudan Microelectronics experienced a decline of 5.06% on September 1, with a stock price of 60.45 yuan per share and a trading volume of 688 million yuan, resulting in a total market capitalization of 49.655 billion yuan [1] - The company, established on July 10, 1998, and listed on August 4, 2021, primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [1] - The revenue composition of Fudan Microelectronics includes: 37.04% from FPGA and other products, 23.92% from non-volatile memory, 21.35% from security and identification chips, 13.46% from smart meter chips, 4.15% from IC testing services, and 0.09% from rental income [1] Group 2 - Jin Ying Fund has a significant holding in Fudan Microelectronics, with its Jin Ying Industry Advantage Mixed A Fund (210003) holding 263,800 shares, accounting for 4.82% of the fund's net value, making it the seventh largest holding [2] - The Jin Ying Industry Advantage Mixed A Fund was established on July 1, 2009, with a current size of 269 million yuan, achieving a year-to-date return of 17.18% and a one-year return of 34.04% [2] - The fund manager, Ni Chao, has been in position for 10 years and 86 days, overseeing assets totaling 3.016 billion yuan, with the best fund return during his tenure being 156.51% [3]

Company Overview - Fudan Microelectronics Group Co., Ltd. is located at 127 Guotai Road, Yangpu District, Shanghai, established on July 10, 1998, and listed on August 4, 2021 [2] - The company primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [2] - Main revenue sources include FPGA and other products (37.04%), non-volatile memory (23.92%), security and identification chips (21.35%), smart meter chips (13.46%), IC testing services (4.15%), and rental income (0.09%) [2] Financial Performance - As of June 30, 2025, the company reported revenue of 1.839 billion yuan, a year-on-year increase of 2.49%, while net profit attributable to shareholders was 194 million yuan, a decrease of 44.38% year-on-year [3] - Cumulative cash dividends since the A-share listing amount to 311 million yuan, with 258 million yuan distributed over the past three years [4] Stock Performance - On September 1, the stock price decreased by 2.06%, trading at 62.36 yuan per share, with a total market capitalization of 51.224 billion yuan [1] - Year-to-date, the stock price has increased by 62.78%, with a 14.28% rise over the last five trading days, 18.71% over the last 20 days, and 27.71% over the last 60 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders is 21,700, a decrease of 7.44% from the previous period, with an average of 24,735 circulating shares per shareholder, an increase of 8.04% [3] - Major shareholders include the Harvest SSE Sci-Tech Innovation Board Chip ETF, which increased its holdings by 728,000 shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 392,420 shares [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 75.13 CNY per share and 49.06 HKD per share for its AH shares [2][8]. Core Views - The company's revenue for the first half of 2025 was 1.839 billion CNY, showing a year-on-year increase of 2.49%, while the net profit attributable to shareholders decreased by 44.38% to 194 million CNY [2][8]. - The FPGA product line experienced significant growth, with revenue reaching 681 million CNY in the first half of 2025, a year-on-year increase of 23.15% [8]. - The demand for high-reliability products is improving, although high inventory levels are impacting short-term profit performance [8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 3,590 million CNY, 4,220 million CNY, 4,850 million CNY, and 5,510 million CNY respectively, with expected growth rates of 1.5%, 17.5%, 14.9%, and 13.6% [4]. - The net profit attributable to shareholders is projected to be 573 million CNY in 2024A, increasing to 1,227 million CNY by 2027E, with growth rates of -20.4%, 40.3%, 28.1%, and 19.3% respectively [4]. - The company’s gross margin for the first half of 2025 was 56.8%, a slight increase of 0.31 percentage points year-on-year [8]. Market Performance - The company’s stock price as of August 27, 2025, was 58.60 CNY, with a 12-month high of 58.60 CNY and a low of 23.68 CNY [5][8]. - The report indicates that the company has maintained a competitive advantage in the smart meter chip product line, achieving revenue of 248 million CNY in the first half of 2025, a year-on-year increase of 16.98% [8].

Core Insights - Fudan Microelectronics reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, while net profit attributable to shareholders decreased by 44.38% to 194 million yuan [1] - The decline in net profit is attributed to intense market competition, reduced government subsidies, and increased inventory write-downs due to declining demand for certain products [1] - The company has a diverse product line including security and identification chips, non-volatile memory, smart meter chips, and FPGA, with growth in most segments except for non-volatile memory [1][2] Business Performance - The security and identification chip product line generated approximately 393 million yuan in sales, with some sub-products performing well due to market demand, although overall revenue faced pressure from competition [3] - The non-volatile memory product line achieved sales of about 440 million yuan, while the smart meter chip line generated approximately 248 million yuan in revenue [3] - The FPGA and other products line, which includes FPGA, PSoC, and FPAI, reported sales of around 681 million yuan, positioning the company as a leading FPGA supplier in China [2] Strategic Adjustments - The company is actively adjusting its inventory structure to alleviate financial pressure and ensure supply chain security, having previously engaged in strategic stocking [2] - Fudan Microelectronics plans to explore growth opportunities in the second half of 2025 by enhancing collaboration across the supply chain and adapting product strategies to market changes [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 海外監管公告 本公告乃上海復旦微電子集團股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第 13.10B 條的規定刊發。 茲載列本公司於上海證券交易所網站刊發的《2025 年半年度報告》，僅供參閱。 承董事會命 上 海 復 旦 微 電 子 集 團 股 份 有 限 公 司 董事長 張衛先生 中國，上海，2025 年 8 月 27 日 於本公告日期，本公司之執行董事為張衛先生及沈磊先生； 非執行董事為閆娜女士、 莊啟飛先生、張睿女士及宋加勒先生；獨立非執行董事為石艶玲女士、王美娟女士及胡 雪先生。 *僅供識別 上海复旦微电子集团股份有限公司 ...