中信证券股份有限公司 关于杰华特微电子股份有限公司 增加 2025 年度日常关联交易预计的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐机构"）作为杰华 特微电子股份有限公司 （以下简称"杰华特"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《中华人民共和国公司法》《中华人民共和国 证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《科创板上市公司持续监管办法（试行）》等法律、行政法规、部门规章 及业务规则，对杰华特增加 2025 年度日常关联交易预计事项进行了审慎核查， 核查情况如下： 一、日常关联交易预计的基本情况 （一）预计 2025 年度日常关联交易履行的审议程序 公司第二届董事会独立董事第二次专门会议、第二届董事会第六次会议审议 通过了《关于公司 2025 年度日常关联交易预计的议案》，关联董事在董事会上 已回避表决，具体内容详见公司于 2025 年 2 月 18 日在上海证券交易所网站 （www.sse.com.cn）上披露的《关于公司 2025 年度日常关联交易预计的公告》 （公告编号：2025-003）。 （二）增加预计 2025 年度日 ...

Core Viewpoint - The company Tian De Yu (688252.SH) continues to show strong performance in its operations, with significant revenue and profit growth in the first half of 2025, reflecting a positive trend in the semiconductor and consumer electronics industry [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.208 billion yuan, a year-on-year increase of 43.35%, and a net profit of 152 million yuan, up 50.89% [1][2]. - For the full year of 2024, the company reported revenue of 2.102 billion yuan, a growth of 73.88%, and a net profit of 275 million yuan, marking a 143.61% increase, which is the best annual performance since its listing [2]. - In Q1 2025, the company recorded revenue of 554 million yuan, a 60.52% increase year-on-year, and a net profit of approximately 70.57 million yuan, up 116.96% [2]. - The second quarter of 2025 saw revenue of approximately 654 million yuan, a year-on-year increase of 31.46%, and a net profit of about 81.43 million yuan, up 18.93% [2]. Business Growth Drivers - The growth in the first half of 2025 is attributed to the increased demand for high-refresh-rate mobile display driver chips, significant shipments from brand customers in the tablet display driver chip segment, and an increase in market share for wearable display driver chips [3]. - The company maintains a leading position in the global market for electronic price tag driver chips, contributing to revenue growth [3]. Research and Development - The company has invested a total of 470 million yuan in R&D from 2022 to 2024, with annual R&D expenses of 150 million yuan, 144 million yuan, and 176 million yuan respectively [4][5]. - As of the end of 2024, the company holds 72 authorized patents, including 68 invention patents and 4 utility model patents, along with 99 layout designs and 58 software copyrights, totaling 229 intellectual property items [5]. Asset Growth - The company's total assets increased from 679 million yuan in 2020 to 2.574 billion yuan in 2024, representing a growth of 279.09% [5]. - As of the end of Q1 2025, total assets reached 2.666 billion yuan, a year-on-year increase of 19.50%, marking a historical high [5].

Summary of the Conference Call for 英集芯 Company Overview - 英集芯 is focused on high-performance, high-quality analog-digital mixed chips, primarily in power management and fast charging protocol sectors [3][4]. Financial Performance - In 2020, 英集芯 achieved revenue of 1.43 billion CNY and a net profit of 124 million CNY [2][3]. - For Q1 2025, revenue was 306 million CNY with a net profit of 20 million CNY, with expectations for Q2 revenue to grow both year-on-year and quarter-on-quarter, targeting an annual growth rate of around 20% [2][3]. Product Structure - The product structure includes: - Mobile power products: ~30% - Fast charging protocol chips: ~26%-27% - TWS wireless Bluetooth earphone cases: ~10% - Automotive-grade products: ~11%-12% - BMS: ~7%-8% - Wireless charging: ~5%-6% [2][6]. Market Trends and Regulations - The new 3C certification for power banks is expected to drive a significant market refresh, enhancing average selling prices (ASP) and sales volume [5][10][26]. - The market for power banks is projected to see a surge in demand due to the new regulations, with a potential increase in orders and a shift towards higher-priced products [11][26]. Competitive Position - 英集芯 holds a competitive edge in the TWS earphone charging case market and is exploring opportunities in the AI glasses sector, although the market is not yet fully developed [4][12]. - The company has made significant progress in automotive-grade products, with revenue exceeding 100 million CNY and partnerships with major automotive brands [14][15]. Future Outlook - The company is optimistic about performance in the second half of 2025, driven by new product launches and increased production capacity expected to come online by Q3 or Q4 [27][28]. - 英集芯 is not migrating production overseas but is expanding domestic capacity to reduce costs and improve margins [28]. Industry Dynamics - The smartphone industry is undergoing changes, with fast charging technology and power management being critical areas for user experience improvement [25]. - The 3C certification is expected to enhance consumer focus on safety and quality in the power bank market, potentially leading to a shift towards higher-quality products [26]. Investment Considerations - 英集芯 is positioned as a leader in its niche market, with a positive outlook for future growth amid improving semiconductor demand [29]. Investors are encouraged to monitor the company's developments closely.

Core Viewpoint - The company, Chipsea Technology, has confirmed that its Battery Management System (BMS) products and Power Delivery (PD) products can be utilized in power banks, enhancing safety and charging efficiency [1] Group 1: Product Features - The BMS products are designed to protect battery safety and optimize charge and discharge performance by monitoring voltage, current, and temperature in real-time [1] - The BMS prevents risks such as overcharging, over-discharging, short circuits, and overheating, thereby extending battery life and ensuring safe usage [1] - The PD products enable fast and safe charging by intelligently recognizing different devices' charging protocols and automatically matching the optimal charging power [1] Group 2: Application - The BMS and PD products are applicable for devices such as smartphones and tablets, providing efficient fast charging support [1]

近期，民航局发布紧急通知，自6月28日起，禁止旅客携带没有3C标识、3C标识不清晰、被召回型号或 批次的充电宝乘坐境内航班。 此通知一出，迅速在市场上掀起波澜，直接导致3C认证的充电宝快充协议IC（Protocol IC）和电源管理 IC（PMIC）紧急加单，这背后折射出的是行业发展的诸多深层次问题。 3C认证，即中国强制性产品认证（China Compulsory Certification），是中国政府为保障消费者人身安 全、规范产品质量，依据相关法律法规实施的产品合格评定制度。 自2002年5月1日起实施，首批纳入认证目录的产品就包含电路开关、小功率电动机等电子产品相关品 类。 但从政策层面来看，充电宝的3C认证要求并非从一开始就存在。 2023年3 月 16 日，国家市场监督管理总局发布《关于对锂离子电池等产品实施强制性产品认证管理的 公告》（2023 年第 10 号），明确自2023年8月1日起，开始对锂离子电池和电池组、移动电源实施强制 性产品认证（CCC认证）管理，并设置了一年的过渡期。 直至2024年8月1日起，未获得CCC认证证书和标注认证标志的相关产品，才被禁止出厂、销售、进口或 者在其他 ...

Group 1 - The core point of the article indicates that there is a significant increase in urgent orders for fast charging protocol ICs and power management ICs for 3C certified power banks, exceeding 30% due to airport regulations on non-3C certified portable batteries [1] Group 2 - The increase in orders reflects a growing demand for compliant charging solutions in response to regulatory pressures [1] - This trend may indicate potential investment opportunities in companies involved in the production of 3C certified charging technology [1] - The urgency of the orders suggests a shift in market dynamics, emphasizing the importance of compliance in the power bank industry [1]

深圳天德钰科技股份有限公司（以下简称"公司"）是一家专注于移动智能 终端领域芯片研发、设计、销售企业。公司致力于移动智能终端和智能物联两大 领域关键芯片的自主研发，产品涵盖移动智能终端显示驱动芯片、电子标签驱动 芯片、摄像头音圈马达驱动芯片、快充协议芯片等。近期，公司经营情况持续向 好，经初步测算：2025 年 1—5 月，公司实现营业收入 102,210.21 万元，较去 年同期增长约 55.59%；截至 2025 年 5 月末，公司未分配利润余额 90,121.38 万 元，较去年同期增长约 47.34%。 二、 相关风险提示 本公告所载近期财务数据为初步核算数据，未经会计师事务所审计，仅作为 阶段性财务数据供投资者参考，不能以此推算公司全年业绩情况，具体数据以公 司定期报告中披露的数据为准，敬请投资者理性投资，注意风险。 特此公告。 证券代码：688252 证券简称：天德钰 公告编号：2025-028 深圳天德钰科技股份有限公司 关于近期经营情况的公告 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。 一、 近期经营情 ...

Core Viewpoint - The company, Yingjixin (688209), reported strong financial performance in 2024 and Q1 2025, driven by growth in the consumer electronics market and emerging business sectors [2][3]. Financial Performance - In 2024, the company achieved operating revenue of 1.431 billion yuan, a year-on-year increase of 17.66%, and a net profit attributable to shareholders of 124 million yuan, up 323.00% from the previous year [2][3]. - For Q1 2025, the company reported operating revenue of 306 million yuan, a 17.25% increase year-on-year, and a net profit of 19.6391 million yuan, reflecting a 395.62% growth compared to the same period last year [2][3]. Product Development and Market Position - The company has established a leading position in the power management and fast charging protocol markets, with continuous growth in fast charging chip business [4][5]. - Future product development will focus on lithium battery applications, low-power IoT, new energy, automotive electronics, smart audio processing, and smart home solutions [4][5]. R&D Investment - In 2024, the company invested 303 million yuan in R&D, accounting for 21.15% of its operating revenue, while in Q1 2025, R&D investment was 74.0804 million yuan, representing 24.19% of operating revenue [2][3]. Dividend Policy - For the fiscal year 2024, the company plans to distribute a cash dividend of 0.90 yuan per 10 shares (tax included) to all shareholders, without capital reserve conversion or bonus shares [5]. Market Activity - Recent financing data indicates a net inflow of 335 million yuan in margin trading over the past three months, with an increase in financing balance [6].

Company Overview - The company is a national high-tech enterprise focused on the design, research and development, packaging, testing, and sales of high-performance analog integrated circuit chips. Core products include LED screen control and driver chips, power devices (MOSFET/IGBT), MCUs, fast charging protocol chips, 5G RF front-end discrete chips and module chips, as well as various ASIC chips [4][6] - The company operates as a Fabless IC design company, outsourcing manufacturing to foundries while employing a combination of direct sales and distribution models to reach customers [4][5] Business Development - The company emphasizes a market-oriented approach, enhancing core competitiveness through a "technology + market" dual-drive strategy, increasing R&D investment, optimizing marketing strategies, and exploring new business and market opportunities [6] - Key initiatives include increasing R&D investment in power device products, optimizing production processes, and implementing automation and technological innovations to improve efficiency and reduce costs [6] Industry Status and Trends - The integrated circuit industry is a core pillar for economic modernization and digital transformation, characterized by global collaboration. However, geopolitical and economic changes in 2024 are prompting countries to accelerate domestic semiconductor industry development, leading to a restructuring of global supply chains [7] - The domestic semiconductor market is experiencing structural differentiation, with strong demand for products related to automotive, renewable energy, and artificial intelligence, while demand for consumer electronics is recovering slowly [7] Competitive Landscape - The integrated circuit industry consists of design, packaging, and testing, with design technology being crucial for chip functionality and cost-effectiveness. Domestic companies are closing the gap with international leaders in advanced packaging technology [8][9] - The company is one of the few in China to achieve integrated development across the entire value chain of IC design, packaging, testing, and sales, boasting a strong technical foundation and numerous core patents [8][9] Financial Performance - The company has not needed to restate or adjust previous years' financial data, indicating stable financial reporting practices [10] - There are no significant discrepancies between the reported financial indicators and previously disclosed quarterly or semi-annual reports [10]

Core Viewpoint - The company is expected to achieve a significant increase in revenue and net profit in 2024, with a projected revenue growth of 74% and a net profit growth of 144% [2]. Financial Performance - In 2024, the company reported a revenue of 2.102 billion yuan (YoY +73.88%) and a net profit attributable to shareholders of 275 million yuan (YoY +143.61%), with a non-recurring net profit of 247 million yuan (YoY +145.30%) [2]. - The gross margin improved by 1.4 percentage points to 21.41%, while R&D expenses increased by 22.20% to 176 million yuan, resulting in a decrease in R&D expense ratio by 3.5 percentage points to 8.36% [2]. - In Q4 2024, revenue reached 618 million yuan (YoY +61.6%, QoQ -3.6%), with a net profit of 82.89 million yuan (YoY +118%, QoQ -8.9%) [2]. Product Line Growth - All product lines experienced significant revenue growth, with the mobile intelligent terminal display driver chips generating 1.614 billion yuan (YoY +62.73%), accounting for 77% of total revenue, and an improved gross margin of 18.47% [3]. - Revenue from electronic price tags, camera voice coils, and fast charging protocol chips reached 484 million yuan (YoY +138%), representing 23% of total revenue, with a gross margin increase of 7.70 percentage points to 31.10% [3]. New Product Development - The company launched multiple new display driver chip products in 2024, enhancing product competitiveness through new technologies [4]. - The new technologies include dynamic adjustment of driving voltage and brightness parameters for AMOLED screens, addressing brightness flickering issues during frame rate switching [4]. Market Position - The four-color electronic price tag has become mainstream, accounting for 80% of the market, with the company achieving the global leading market share in electronic price tag display driver chips [5]. - The company successfully developed narrow border GIP architecture electronic paper driver ICs, applicable not only to electronic price tags but also to innovative applications such as mobile phone back covers [5].