新华财经北京12月26日电近日，江苏展芯半导体技术股份有限公司（以下简称"江苏展芯"）发布招股 书，公司拟在深交所创业板上市，保荐机构为华泰联合证券有限责任公司。 江苏展芯此次IPO募投项目基于公司目前的主营业务，公司计划将产品品类进行拓展，优化产品结构的 同时，提升公司的市场竞争力。此外，为进一步强化产品测试效率和自动化水平，提升产品质量控制， 公司还将使用募集基金建设智能测试中心和研发中心。 近几年，公司的营收整体保持增长，净利润受市场暂时性调整影响，波动较为明显。值得注意的是，公 司主要收入来源集成电路产品的平均价格下降，若未来价格持续下降，或对经营业绩产生较大影响。 此外，随着公司整体经营规模的扩大，应收账款及应收票据规模也不断扩大，由于客户回款周期较长， 公司或面临较大的应收账款回收风险。 模拟芯片及微模块研发公司实控人控股超五成 江苏展芯最早成立于2018年，公司专注于高可靠模拟芯片及微模块产品的研发设计、测试及销售，其中 模拟芯片产品以电源管理芯片为主，细分产品包括DC/DC转换芯片、线性稳压器（LDO）、负载及限 流开关（LoadSwitch）等。 截至此次招股书签署日，温振霖及其配偶余正晶、 ...

以下文章来源于芯东西 ，作者ZeR0 芯东西 . 芯东西专注报道芯片、半导体产业创新，尤其是以芯片设计创新引领的计算新革命和国产替代浪潮；我们是一群追"芯"人，带你一起遨游"芯"辰 大海。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资源链接等， 我会分享在朋友圈 。 扫码加我本人微信 作者 | ZeR0 来源 | 芯东西（ID：aichip001） 芯东西12月18日报道，12月17日，江苏南京模拟芯片企业 江苏展芯 创业板IPO获受理。 江苏展芯成立于2018年3月，注册资本为3.70亿元，专注于高可靠模拟芯片及微模块产品的研发设计、测试及销售，是国家级专精特新"小 巨人"企业。 该公司在军工电子电源管理芯片领域具有较为突出的市场地位，享有较高的行业声誉，位列国内军工电子民营配套企业的头部梯队。 本次IPO，江苏展芯拟募资8.895亿元，投资于高可靠性电源管理芯片及信号链芯片研发及产业化项目、总部基地及研发中心建设项目、测 试中心建设项目及补充流动资金。 | | | | | 单位: 万元 | | --- | --- | --- | --- | - ...

芯东西12月18日报道，12月17日，江苏南京模拟芯片企业江苏展芯创业板IPO获受理。 江苏展芯成立于2018年3月，注册资本为3.70亿元，专注于高可靠模拟芯片及微模块产品的研发设计、测试及销售，是国家级专精特新"小巨 人"企业。 该公司在军工电子电源管理芯片领域具有较为突出的市场地位，享有较高的行业声誉，位列国内军工电子民营配套企业的头部梯队。 本次IPO，江苏展芯拟募资8.895元，投资于高可靠性电源管理芯片及信号链芯片研发及产业化项目、总部基地及研发中心建设项目、测试中心 建设项目及补充流动资金。 ▲2022年~2025年1-6月江苏展芯营收、净利润、研发支出变化（智东西制图） 其收入主要来源于自身研发的集成电路和微模块产品，其中集成电路收入占比过半。 | 序号 | 项目名称 | 投资总额 | 拟使用募集资 金投入金额 | 审批、核准或备案 | | --- | --- | --- | --- | --- | | | | | | 情况 | | 1 | 高可靠性电源管理芯片及信号 链芯片研发及产业化项目 | 44,973.14 | 42,484.68 | 宁谷管委备 | | | | | | (2025) ...

Core Viewpoint - The company, Keda Technology Co., Ltd., has experienced significant growth in Q3 2025, driven by the dual forces of the data center industry and the recovery of the energy storage market [3]. Group 1: Investor Activity - The investor relations activity involved a specific audience survey with participation from various institutions, including securities firms, funds, and private equity [2]. - The meeting adhered to the information disclosure management system, ensuring that all disclosed information was accurate, complete, and timely [2]. Group 2: Performance Drivers - Q3 performance growth was primarily attributed to the explosive demand for computing power in data centers and the recovery in the energy storage market [3]. - The energy storage segment emerged as the fastest-growing area, with a gradual recovery in European household storage orders and accelerated demand in emerging markets like Southeast Asia and the Middle East [3]. Group 3: Data Center Business - The company has established stable partnerships with leading internet companies in the domestic market, leading to increased contributions from internet clients [4]. - The global market strategy includes deep penetration into traditional markets like Europe and Southeast Asia while actively pursuing breakthroughs in emerging markets such as North America and Australia [4]. - The product portfolio for data centers includes UPS power supplies, high-voltage direct current (HVDC) systems, temperature control equipment, and various battery solutions, with ongoing development of new products tailored to high-power data center needs [4]. Group 4: Core Technology Advantages - The company has a strong foundation in power electronics, ensuring its products remain competitive in the data center and energy storage sectors [5]. - Innovations in power density optimization and energy-saving temperature control technologies position the company as a leader in the industry [5]. - Continuous investment in R&D and a robust supply chain management system support the company's ability to innovate and deliver products effectively [5].

Core Viewpoint - Langwei Co., Ltd. is a significant player in the domestic data center cabinet sector, focusing on the research, production, and sales of server cabinets and related products, showcasing strong technical capabilities and product advantages [1] Group 1: Business Performance - In Q3 2025, Langwei's revenue reached 903 million yuan, ranking second among 12 companies in the industry, with the top company, Dongfang Communication, generating 1.627 billion yuan [2] - The company's net profit for the same period was 55.98 million yuan, placing it third in the industry, while the leading company reported a net profit of 359 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Langwei's debt-to-asset ratio was 34.86%, an increase from 29.74% in the previous year, exceeding the industry average of 26.75% [3] - The company's gross profit margin was 18.28%, slightly down from 18.76% year-on-year, and significantly lower than the industry average of 36.75% [3] Group 3: Executive Compensation - The chairman, Gao Liqing, received a salary of 255,100 yuan in 2024, an increase of 1,700 yuan from 2023 [4] - The general manager, Gao Jianqiang, saw his salary rise from 263,300 yuan in 2023 to 269,200 yuan in 2024, an increase of 5,900 yuan [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 13.52% to 14,300, while the average number of circulating A-shares held per shareholder increased by 15.63% to 2,594.01 [5] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited became the second-largest shareholder, increasing its holdings by 297,100 shares to 544,700 shares [5]

Core Insights - The company Keda announced on October 28 that it has a complete range of data center products, including UPS power supplies, high-voltage direct current (HVDC) power supplies, temperature control equipment, lead-acid/lithium batteries, micro-modules, power modules, and dynamic environment monitoring systems [1] Product Development - The company is focusing on power enhancement and optimization of single-machine power density in response to the growing demand for medium to large high-power data centers [1] - In terms of temperature control, the company has developed multiple solutions, including liquid cooling CDU and natural cooling with fluorine pumps [1] - The company has production lines for both lead-acid and lithium battery systems [1] New Technology Initiatives - The company is actively developing several AIDC-related products, including new HVDC and SST models, while maintaining close communication with customers regarding product needs and scenario adaptations during the development process [1]

Core Insights - Langwei Co., Ltd. reported a revenue of 903 million yuan for the first three quarters of 2025, representing a year-on-year growth of 0.72% [1] - The net profit attributable to shareholders was 55.98 million yuan, also showing a year-on-year increase of 0.70% [1] - The company's non-recurring net profit decreased by 16.03% year-on-year to 46.89 million yuan [1] Financial Performance - Basic earnings per share for the reporting period was 0.41 yuan [1] - The gross profit margin for the first three quarters was 18.28%, down by 0.48 percentage points year-on-year [1] - The net profit margin remained stable at 6.20% compared to the same period last year [1] - In Q3 2025, the gross profit margin was 16.68%, a decrease of 0.47 percentage points year-on-year and a decline of 2.22 percentage points quarter-on-quarter [1] - The net profit margin for Q3 was 4.01%, down 1.24 percentage points year-on-year and 2.65 percentage points quarter-on-quarter [1] Expense Analysis - Total operating expenses for the company were 110 million yuan, an increase of 17.27 million yuan year-on-year [2] - The expense ratio was 12.14%, up by 1.84 percentage points from the previous year [2] - Sales expenses increased by 33.03%, management expenses rose by 12.30%, and R&D expenses grew by 12.75%, while financial expenses decreased by 53.37% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 14,300, a decrease of 528 from the end of the previous half-year, representing a decline of 3.55% [2] - The average market value per shareholder increased from 377,200 yuan to 429,900 yuan, reflecting a growth of 13.95% [2] Company Overview - Langwei Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on January 20, 2010, with its listing date on July 5, 2023 [2] - The company's main business includes the research, production, sales, and service of data center cabinets and structured cabling products [2] - The revenue composition is as follows: structured cabling products 44.67%, data center cabinets 37.79%, custom cabinets 15.38%, and others 2.16% [2] - The company belongs to the communication equipment sector and is associated with concepts such as Tencent, IDC, East Data West Computing, liquid cooling, and cloud computing [2]

Financial Performance - In Q3 2025, the company achieved a revenue of 1.446 billion CNY, a year-on-year increase of 41.71% [2] - The net profit attributable to shareholders in Q3 was 190 million CNY, up 38.36% year-on-year [2] - Cumulatively, for the first three quarters, the company reported a revenue of 3.609 billion CNY, a growth of 23.93% [2] - The net profit attributable to shareholders for the first three quarters was 446 million CNY, reflecting a year-on-year increase of 24.93% [2] Business Growth Areas - The company's data center and renewable energy sectors are both experiencing growth [2] - The data center business is driven by increased demand from the internet and communication sectors, with collaborations established with major clients like ByteDance, Alibaba, and JD [3] - The company is actively preparing for advancements in AIDC product development and global market expansion [3] AIDC Product Development - The company offers a comprehensive range of data center products, including UPS power supplies, HVDC, temperature control equipment, and batteries [3] - There is a focus on enhancing power capacity and optimizing single-machine power density in power products [3] - The company is developing new AIDC-related products, including new HVDC and SST models, while maintaining close communication with clients regarding product needs [3] Renewable Energy Storage - The renewable energy storage business is identified as a key growth area, with significant demand recovery in the European market since 2025 [4] - The company has seen a surge in orders from major clients in the household storage segment and is experiencing rapid growth in emerging markets [4] - The renewable energy storage sector is expected to remain a primary focus for the company in the coming years [4]

Group 1 - The core viewpoint of the news is that Langwei Co., Ltd. has shown fluctuations in its stock performance and financing activities, indicating a relatively low financing balance and a high level of short selling [1][2]. - On September 23, Langwei's stock price decreased by 1.33%, with a trading volume of 156 million yuan. The financing buy-in amount was 14.16 million yuan, while the financing repayment was 18.16 million yuan, resulting in a net financing buy-in of -4.00 million yuan [1]. - As of September 23, the total financing and securities lending balance for Langwei was 115 million yuan, which accounts for 5.40% of its circulating market value, indicating a low financing balance compared to the past year [1]. Group 2 - As of July 31, the number of shareholders for Langwei reached 16,600, an increase of 12.90% from the previous period, while the average circulating shares per person decreased by 11.43% to 2,243 shares [2]. - For the first half of 2025, Langwei reported a revenue of 603 million yuan, representing a year-on-year growth of 8.75%, and a net profit attributable to shareholders of 43.97 million yuan, which is a 16.71% increase year-on-year [2]. - Since its A-share listing, Langwei has distributed a total of 150 million yuan in dividends [3]. Group 3 - As of June 30, 2025, among the top ten circulating shareholders of Langwei, Hong Kong Central Clearing Limited was the seventh largest shareholder, holding 247,500 shares as a new shareholder [3]. - Several funds, including Hengyue Growth Selected Mixed A and Hengyue Research Selected Mixed A/B, have exited the list of the top ten circulating shareholders [3].

Group 1: Financial Performance - In the first half of 2025, the company achieved an operating income of 2.163 billion yuan, a year-on-year increase of 14.35% [2] - The net profit attributable to shareholders was 255 million yuan, reflecting a growth of 16.49% compared to the previous year [2] - In Q2 2025, the revenue reached 1.219 billion yuan, with a net profit of 144 million yuan, both showing a quarter-on-quarter increase of approximately 30% [2] Group 2: Business Segments - The company operates in two main sectors: "Data Center" and "New Energy," both showing growth trends in the first half of 2025 [2] - The Data Center segment is identified as the core business, with significant product offerings including UPS, HVDC, temperature control, micro-modules, and battery solutions [3] - The New Energy sector has seen a recovery, with a year-on-year growth of 26.38% in the first half of 2025, driven by emerging markets in the Middle East, Southeast Asia, and Africa [4] Group 3: Market Expansion - The company has made substantial progress in overseas markets, with data center business evenly split between domestic and international markets [5] - Recent product innovations include the LiquiX AI liquid cooling CDU and temperature control solutions, aimed at enhancing market presence and business scale [5] - The company is actively expanding its market reach in North America, Europe, and Southeast Asia, establishing a solid foundation for sustained performance growth [5] Group 4: Investor Relations - The investor relations activity was conducted in compliance with information disclosure regulations, ensuring the accuracy and timeliness of shared information [6] - The meeting included a comprehensive exchange of ideas between the company representatives and investors, addressing key operational and market-related inquiries [6]