8月25日晚间，杰华特发布2025年半年报。上半年，杰华特实现营收11.87亿元，同比增长58.20%，创历 史新高。归母净利润亏损29,509万元，同比收窄。报告期内，公司基本每股收益、稀释每股收益、扣除 非经常性损益后的基本每股收益分别较上年同期均有所上升。公司表示，行业下游终端市场客户采购需 求逐步恢复常态，同时公司重点投入的计算、汽车等领域产品逐步实现规模化量产，从而使得公司营收 同比大幅攀升。 从整体市场来看，半导体行业仍处于持续复苏状态，尤其是对于模拟芯片细分领域而言，国产车规级芯 片产品市场正处于规模化冲刺阶段，技术过硬创新能力在线的企业更具备爆发的潜力。近年来，杰华特 营收持续攀升，增长态势明确，同时公司还在持续加大研发创新、市场开拓、供应链优化及精细化运 营，车规级产品进一步丰富，正处于高增长高投入阶段，盈利拐点或有望加速出现。 营收再创历史新高 亏损收窄或迎来经营拐点 2025 年上半年，杰华特实现营业收入11.87亿元，创下半年度业绩新高，单季度来看，公司自2024年以 来营收已经实现连续6个季度正增长，2025年单季度营收增速近60%，增长显著。 虽然公司业绩仍处于亏损状态，但需要看到 ...

8月25日晚间，杰华特发布2025年半年报。上半年，杰华特实现营收11.87亿元，同比增长58.20%，创历 史新高。归母净利润亏损29,509万元，同比收窄。报告期内，公司基本每股收益、稀释每股收益、扣除 非经常性损益后的基本每股收益分别较上年同期均有所上升。公司表示，行业下游终端市场客户采购需 求逐步恢复常态，同时公司重点投入的计算、汽车等领域产品逐步实现规模化量产，从而使得公司营收 同比大幅攀升。 从整体市场来看，半导体行业仍处于持续复苏状态，尤其是对于模拟芯片细分领域而言，国产车规级芯 片产品市场正处于规模化冲刺阶段，技术过硬创新能力在线的企业更具备爆发的潜力。近年来，杰华特 营收持续攀升，增长态势明确，同时公司还在持续加大研发创新、市场开拓、供应链优化及精细化运 营，车规级产品进一步丰富，正处于高增长高投入阶段，盈利拐点或有望加速出现。 营收再创历史新高 亏损收窄或迎来经营拐点 2025 年上半年，杰华特实现营业收入11.87亿元，创下半年度业绩新高，单季度来看，公司自2024年以 来营收已经实现连续6个季度正增长，2025年单季度营收增速近60%，增长显著。 汽车电子消费市场快速增长也推动了车规级 ...

近日据彭博社报道，美国总统唐纳德·特朗普敦促英特尔公司CEO因其所谓的利益冲突而辞职的举动给这家已在困境中挣扎、试图在人工智能时代保持其 重要地位的公司带来了新的动荡。 特朗普周四在其社交媒体平台Truth Social上写道："英特尔CEO存在严重的利益冲突（highly CONFLICTED），必须立即辞职"，但他并未提供证据或更多 细节。 报道提到，这一消息导致英特尔股价在周四下跌3.1%至19.77美元。 文章还援引《华尔街日报》的报道称，尽管英特尔董事会支持陈立武，但内部也存在一些分歧。据称，陈立武在公司是否应退出制造业的问题上与一些董 事意见相左，他本人希望保持英特尔的完整性。此外，他为公司筹集资金和收购一家人工智能公司的尝试也遭到了一些董事会成员的反对。 彭博社的报道介绍了陈立武的背景，称他是一位65岁的科技和风险投资行业资深人士，于今年三月接替前任CEO执掌英特尔，被董事会寄予厚望，希望他 能扭转这家标志性芯片制造商近年来的落后局面。文章指出，英特尔在个人电脑和服务器芯片领域曾长期领先，但在计算向智能手机迁移和人工智能兴起 后陷入困境，其市值远落后于英伟达和台积电等竞争对手。 特朗普发表此番言 ...

Core Insights - The integration of semiconductor companies in the Sci-Tech Innovation Board has accelerated since the release of the "Eight Measures" by the China Securities Regulatory Commission on June 19, 2024, indicating a significant trend towards mergers and acquisitions in the industry [1][2] Group 1: Mergers and Acquisitions - The number of integrated circuit companies on the Sci-Tech Innovation Board has reached 119, representing a substantial portion of A-share listed companies in the same sector [1] - Notable acquisitions include SiRuPu's acquisition of Chuangxin Micro for 100% equity, which was the first semiconductor merger approved after the "Eight Measures" [1][2] - The acquisition of 72.33% equity in Xinlian Yuezhou by Xinlian Integrated for 5.897 billion yuan is highlighted as a significant deal, marking the first merger post the "Eight Measures" [2] Group 2: Industry Dynamics - The semiconductor industry is characterized by high investment and long cycles, with many companies taking years to achieve profitability, making the Sci-Tech Innovation Board a crucial platform for capital support [2] - The overall revenue and profit in the semiconductor sector have shown significant growth, continuing the momentum from the previous quarter, with chip design and semiconductor equipment sectors performing particularly well [4] Group 3: Innovation and R&D - Companies are enhancing their core technology competitiveness through mergers and increased investment in research and development, with SiRuPu reporting a 4.1% increase in R&D spending in 2024 [3] - The semiconductor sector has seen a 24% year-on-year increase in revenue, totaling 72.182 billion yuan, and a 73% increase in net profit, amounting to 4.479 billion yuan [3] Group 4: Global Expansion - Several companies are expanding their global presence, establishing sales and technical support teams in countries like Singapore, Germany, the USA, South Korea, and Japan [4] - Plans for Hong Kong stock listings are underway for multiple Sci-Tech Innovation Board companies, aimed at raising funds to further expand overseas [4] Group 5: Market Outlook - The semiconductor industry is expected to recover, driven by strong demand for AI infrastructure and consumer electronics, with NAND Flash prices anticipated to rise in the second and third quarters [5] - Companies like Baiwei Storage expect significant revenue growth from AI-related products, projecting over 500% growth in revenue from AI eyewear by 2025 [5]

Core Viewpoint - The integration and acquisition activities in the semiconductor sector have accelerated significantly following the release of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" by the China Securities Regulatory Commission, indicating a robust trend towards industry consolidation and innovation enhancement in the integrated circuit field [1][2][3] Industry Integration and Mergers - The number of integrated circuit companies on the Sci-Tech Innovation Board has reached 119, representing a significant portion of the A-share market, covering the entire supply chain from chip design to packaging and testing [1] - The merger and acquisition activities have shown unprecedented vitality, with innovative deal structures and targets emerging, such as the acquisition of 100% equity of Chuangxin Micro by SIRUIPO, which utilized a differentiated valuation scheme [1][2] - The acquisition of 72.33% equity of XINLIAN YUEZHOU by XINLIAN JICHENG for 5.897 billion yuan is noted as the first merger post the "Eight Measures," setting a precedent for acquiring unprofitable "hard tech" companies [2] Innovation and R&D Enhancement - The acceleration of mergers has led to stronger collaborations among integrated circuit companies, enhancing their core technological competitiveness [3] - Companies like Longxin Zhongke and SIRUIPO are increasing their R&D investments, with SIRUIPO reporting a 4.1% increase in R&D spending and a 57.7% increase in product sales [3] - The overall revenue of over 110 semiconductor companies on the Sci-Tech Innovation Board reached 72.182 billion yuan in Q1, marking a 24% year-on-year growth, with net profit increasing by 73% to 4.479 billion yuan [3] Market Recovery and Global Expansion - The semiconductor industry is experiencing a recovery, driven by demand in AI, IoT, and consumer sectors, leading to significant revenue and profit growth [4] - Companies are expanding their global presence, with SIRUIPO establishing teams in multiple countries and planning to list on the Hong Kong Stock Exchange to raise funds for further international expansion [5] - The demand for storage solutions is expected to rise, particularly in AI applications, with NAND Flash prices anticipated to increase in the coming quarters [5][6]

Core Viewpoint - The financial data and capital market trends are revealing the vulnerabilities of Longxin Zhongke, despite its narrative of "self-controllable" domestic chips, leading to a collective retreat of institutional investors [1][9]. Shareholder Reduction - Longxin Zhongke announced a shareholder reduction plan on May 9, with the third, fourth, fifth, and tenth largest shareholders planning to reduce their stakes, totaling approximately 3% of the company's total share capital [1][2]. - Seven out of the top ten shareholders have reduced their holdings, with specific plans to sell up to 3.88 million shares (0.97%), 3.58 million shares (0.89%), and 2.50 million shares (0.62%) among others [2]. Stock Performance - Following the reduction announcement, Longxin Zhongke's stock price dropped significantly, with the five-day average falling to 122.14 yuan [5]. - In the five trading days after the announcement, there was a substantial outflow of main funds totaling 98.17 million yuan [5]. Financial Performance - Longxin Zhongke reported a net loss of 625 million yuan for the full year of 2024, a year-on-year increase of 89.8%, and a first-quarter loss of 151 million yuan in 2025, worsening by 102.2% [9][12]. - The company has experienced negative operating cash flow for three consecutive years, with a net outflow of 335 million yuan in 2024 and further deterioration to -144 million yuan in the first quarter of 2025 [13][17]. Research and Development - The R&D expense ratio for Longxin Zhongke reached 105.3% in 2024, but the capitalization rate was only 19%, indicating ineffective output from the 980 million yuan R&D investment [12][13]. - The company faces significant inventory depreciation, with an inventory turnover period of 974 days, far exceeding the industry average of 300 days, leading to asset impairment losses of 249 million yuan [12]. Market Position and Challenges - Longxin Zhongke's revenue heavily relies on government procurement, which accounted for 53% of its income in 2024, but the collection period exceeds 270 days, resulting in a low accounts receivable turnover rate of 0.25 times [20]. - The company struggles with commercializing its technology, as its self-developed instruction set remains isolated, and the software ecosystem is underdeveloped, with only a few thousand compatible applications [19][20]. Future Outlook - Analysts suggest that the current market valuation of 492 billion yuan is inflated by 88% due to the "self-controllable" theme, with the actual hardware business valued at only 5.62 billion yuan [9]. - If the expected government procurement does not materialize in 2025, the price-to-sales ratio may need to be halved to below 50 times to align with the fundamentals, indicating a potential valuation bubble [9][20].

Core Viewpoint - The article discusses the recent tariff adjustments between the US and China, highlighting a temporary compromise in the ongoing tech rivalry, particularly in the semiconductor sector, which presents both short-term benefits and long-term challenges for the industry [2][19]. Policy Framework and Execution Mechanism - The US has reduced tariffs on semiconductor-related imports from a maximum of 145% to 30%, while China has lowered its retaliatory tariffs from 125% to 10%, with a 90-day negotiation buffer until August 12, 2025 [2]. - Sensitive areas like semiconductor equipment and AI chips remain excluded from tariff reductions, and the US continues to enforce technology restrictions through an "entity list" [2][7]. Industry Chain Cost Restructuring and Market Segmentation Short-term Cost Improvement and Supply Chain Recovery - Equipment procurement costs have decreased by approximately 18%-22% for companies like SMIC, facilitating expansion plans for advanced processes [4]. - The utilization rate for automotive chips at SMIC's Tianjin facility has increased from 65% to 82% due to reduced costs for mature process chips [5]. - US companies like Qualcomm and Intel are expected to see a 12%-15% increase in sales in China by the second half of 2025, potentially impacting domestic competitors [6]. Long-term Competition and Structural Challenges - Despite tariff reductions, technology access remains restricted, with delays in SMIC's expansion due to equipment export limitations [7]. - Domestic semiconductor equipment and materials are gaining market share, with the bidding rate for domestic 28nm etching machines increasing from 22% to 37% [9]. - The global semiconductor supply chain is undergoing regional restructuring, with increased compliance costs for companies adapting to new trade rules [10]. Differentiated Impact and Strategic Choices in Sub-sectors Semiconductor Equipment and Materials - The cost of exporting lithography and etching machines to China has decreased, but key technologies like EUV lithography remain restricted [11]. - Domestic companies are focusing on technological breakthroughs to reduce costs in semiconductor materials, with current profit margins significantly lower than international competitors [11]. Chip Design and Manufacturing - The import cost of high-end AI chips has decreased by 24%, but US policies may restrict sales to China [12]. - SMIC and Huahong Semiconductor are enhancing their competitiveness in automotive chips, but face pricing pressures from international competitors [12]. Packaging and Testing - SMIC's advancements in advanced packaging technologies may attract more AI chip orders, but competition from US subsidies for TSMC could divert high-end demand [13]. Corporate Response Strategies and Market Outlook Short-term Strategies - Companies are diversifying their supply chains, with SMIC shifting 20% of its equipment procurement to Japan and Europe [14]. - Inventory management strategies are being implemented to mitigate risks from fluctuating tariff policies [15]. Long-term Strategies - Investments in domestic technology are being prioritized, with significant funding directed towards local semiconductor manufacturers [16]. - Companies like Huawei are expanding their market presence in Southeast Asia and the Middle East, with overseas revenue expected to rise [16]. Future Trends - The tariff adjustments represent a temporary easing in US-China tech tensions, but core issues like technology restrictions and industrial subsidies remain unresolved [19]. - The semiconductor industry is expected to experience short-term cost improvements alongside long-term competitive pressures, with key negotiations in the next 90 days being critical for future stability [19].

作 者丨倪雨晴 编 辑丨张伟贤 图 源丨摄图网 目 前 ， 国 内 手 机 厂 商 的 CPU 供 应 商 主 要 是 高 通 和 联 发 科 ， 存 储 芯 片 供 应 商 有 三 星 、 SK 海 力 士，他们的晶圆流片厂主要在中国台湾和韩国。 根据最新原产地规则推测，手机的核心零部 件不会受关税影响而涨价。同理，AMD供应电脑CPU，也无需涨价。 与此同时，在美国晶圆厂流片、制造芯片较多的企业，预计受到关税影响。比如英特尔、德州 仪器、美光、ADI等，他们大多是IDM模式的厂商，都在美国有产能布局。进口这些公司在美 国生产的芯片就要受到加征关税的影响。 但 是 影 响 程 度 也 要 具 体 看 公 司 的 产 能 情 况 。 以 英 特 尔 为 例 ， 英 特 尔 的 晶 圆 厂 主 要 分 布 在 美 国、爱尔兰、以色列，三地都有先进制程，可以进行协调，影响相对可控。而德州仪器的晶圆 厂虽然主要分布在美国本土和亚洲地区（日本、中国等），但是核心的产能集中在美国，所以 德州仪器将在中国市场面临较大挑战 。 接下来就要看芯片大厂们如何强化全球化产能布局，来满足不同区域的需求。 关税博弈升级后，进口芯片成 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 3月20日消息，据媒体报道，英伟达首席执行官黄仁勋在近日谈话中透露了公司的重大采购与生产计 划。 黄仁勋表示：未来四年，英伟达将斥资数千亿美元购买在美国制造的芯片和其他电子产品。 黄仁勋称："总体而言，未来四年内我们将采购总价值可能达5000亿美元的电子产品。" 此外，他还补充道"我认为，我们可以轻松地在美国生产数千亿美元这类产品。" 目前，英伟达设计的最新芯片以及用于数据中心的服务器芯片，已经在台积电和鸿海位于美国的工厂进 行生产。 与此同时，黄仁勋还表示，英伟达正与台积电、富士康等公司合作，将制造业务转移到美国本土。谈到 美国对全球大多数国家的芯片限制是否会影响他的公司。 整台服务器一共72个节点，也就是144颗GPU、72颗CPU、20TB HBM3e、40TB DDR5内存，比上代增 加50％，CX8互连带宽14.4TB/s，增加100％。 整机的Dense FP4推理性高达1.1EFlops(每秒110亿亿次)，FP8训练性能高达0.36EFlps(36亿亿次)，还有新 的注意力指令。 * ...