英伟达，意外带火一位苏州女博士。 时间回到去年底，英诺赛科登陆港交所，市值逼近300亿港元。几个月后，一则"进入英伟达供应链"的消息 引爆市场，英诺赛科股价从约40港元一路最高冲上106港元，最新市值突破700亿港元。 公司身后是一位芯片女王，骆薇薇。2017年，英诺赛科成立，她带队攻克鲜少有人敢尝试的8英寸硅基氮化 镓工艺技术。八年时间过去，公司坐拥全球最大的8英寸硅基氮化镓晶圆制造厂，集结一支长长的投资人队 伍，就连曾毓群也出现在招股书里。 这也是今年留给外界印象最深刻女性创始人。由此望去，中国新一代科技女性正在崛起。 苏州女博士带队，市值700亿 英诺赛科的故事始于一位女科学家。 骆薇薇，新西兰梅西大学应用数学博士，1999年加入美国宇航局（NASA）旗下研究院，花了15年从高级项 目经理做到首席科学家。骆薇薇曾表示，正是这一段科研经历给了她日后创业的勇气。 2015年，骆薇薇看到第三代半导体的崛起，以及对于打造中国芯的热忱，她决定回国创业。即便当时困难 重重：只有一名员工愿意追随她回国创业、研发费用迟迟没有着落……依然没有动摇她的决心。"这是时代 给予我们的伟大机会，我们不应该辜负。" 半导体行业素有 ...

乘 上 东 风 。 英 伟 达，意 外 带 火 一 位 苏 州 女 博 士 。 2 0 1 5年，骆薇薇看到第三代半导体的崛起，以及对于打造中国芯的热忱，她决定回国创 业。即便当时困难重重：只有一名员工愿意追随她回国创业、研发费用迟迟没有着落…… 依然没有动摇她的决心。"这是时代给予我们的伟大机会，我们不应该辜负。" 半导体行业素有"一代材料、一代技术、一代产业"之说。 氮化镓与碳化硅并称为第三代 半导体"双雄"，有着高电压高频率、高运行效率、能在高温下稳定运行等优势，多适用 于光电、射频通讯、高频功率器件等领域。 彼时，国内第三代半导体刚萌芽，骆薇薇切入的氮化镓赛道更是一片荒芜——量产能力薄 弱、技术代差明显、市场验证不足。大多数企业仍然在用6英寸或者是4英寸工艺，而英 诺赛科却选择以8英寸工艺去制作芯片，并毅然决定采用IDM全产业链模式，把设计、制 造、销售都掌握在自己手里。 作者 I 王露 报道 I 投资界PEdaily 时间回到去年底，英诺赛科登陆港交所，市值逼近3 00亿港元。几个月后，一则"进入英 伟达供应链"的消息引爆市场， 英诺赛科股价从约4 0港元一路最高冲上106港元，最新市 值突破70 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of 5.218 billion RMB in the first half of 2025, representing a year-on-year growth of 9.62%. The gross margin was 25.65%, a decrease of 0.75 percentage points year-on-year. The net profit attributable to shareholders was 339 million RMB, up 20.85% year-on-year, indicating a mild recovery in the semiconductor business overall [1][2]. - The company is expected to continue its revenue and profit growth in the second half of 2025, driven by the ramp-up of its 12-inch production line and accelerated deployment of third-generation semiconductors [1][4]. Summary by Sections Financial Performance - In the first half of 2025, the product and solution business generated revenue of 2.803 billion RMB, a year-on-year increase of 21.54%. The discrete devices and IC businesses contributed 2.075 billion RMB and 729 million RMB, respectively, primarily due to stable growth in automotive electronics, photovoltaics, energy storage, and consumer electronics markets [2]. - The manufacturing and service business reported revenue of 2.239 billion RMB, a decline of 2.6%. The wafer manufacturing and testing revenue were 1.470 billion RMB and 703 million RMB, showing growth of 0.56% and 18.48%, respectively [2]. Future Outlook - For the second half of 2025, the company has made significant advancements in the AI server power supply sector, with full product line deployment including SGT, super junction MOS, and SiC/GaN devices. The company has also expanded its GaN product offerings across various sectors beyond communications, including automotive and consumer electronics [3]. - The company has a robust order backlog, with the capacity of its 90nm analog 12-inch process platform in Shenzhen expected to reach 20,000 wafers per month by the end of the year [3]. Earnings Forecast and Valuation - The report forecasts revenues of 11.513 billion RMB, 12.981 billion RMB, and 14.504 billion RMB for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 920 million RMB, 1.135 billion RMB, and 1.546 billion RMB for the same years [4][9]. - The target price is set at 72.90 RMB, based on a 4.2x 2025E PB, reflecting a premium over the average of comparable companies [4][7].

Summary of Huazhu Microelectronics Conference Call Company Overview - **Company**: Huazhu Microelectronics - **Date**: August 30, 2025 - **Key Financials**: - Net profit attributable to shareholders for the first half of 2025 was 339 million CNY, a year-on-year increase of 20.85% [2][3] - Revenue for the first half was 5.218 billion CNY, a year-on-year increase of 9.62% [3] Core Industry Insights - **AI Sector**: - The company is actively expanding in both edge and cloud AI sectors, focusing on applications in consumer electronics, automotive electronics, and industrial robotics [4] - The company aims to provide high-performance GaN products for server power supplies, indicating significant growth potential in this area [4][10] - **New Energy and Consumer Electronics**: - The share of new energy business (including automotive) has risen to 44%, becoming the largest pillar of the company, while consumer electronics account for 38% [2][6] - The company is witnessing a recovery in the consumer electronics market after a cyclical adjustment [6] Financial Performance and Projections - **Revenue Growth**: - The company expects a revenue growth of approximately 10% for the full year, driven by high growth in AI and other sectors [2][7] - The second quarter saw a revenue of 2.863 billion CNY, a year-on-year increase of 8.28% and a quarter-on-quarter increase of 21.61% [3] - **Profitability**: - The net profit for the second quarter was 256 million CNY, reflecting a quarter-on-quarter increase of 207.12% [3] - The gross margin is expected to remain stable in the second half of the year, with ongoing cost optimization efforts [22][23] Market Trends and Strategic Initiatives - **Capacity and Orders**: - The company has observed a trend of overseas clients shifting production and orders to domestic suppliers, which is beneficial for its packaging testing and precision manufacturing businesses [8][9] - The company’s production capacity utilization is near full capacity, with a strong order backlog supporting growth in the latter half of the year [11][12] - **GaN Technology**: - The future growth potential of GaN technology is significant, particularly in high-growth markets such as consumer electronics, automotive, data centers, and robotics [10] - The company has established two process routes for GaN production, with plans to expand capacity to meet demand [10] Competitive Landscape - **Power Device Market**: - The power device industry is currently facing intense competition, with prices having declined over the past few years [11] - The company has set up a pricing committee to monitor market demand and pricing dynamics among competitors [12] Strategic Development and M&A Plans - **Focus Areas**: - The company is concentrating on power semiconductors, smart sensors, and intelligent control as key strategic development areas [17] - There are ongoing discussions regarding potential acquisition targets, with multiple projects in close contact [17] - **International Expansion**: - The company is exploring opportunities to expand its overseas business, including relocating its registration from the Cayman Islands to Hong Kong to leverage its status as an international financial center [18] Conclusion - **Overall Outlook**: - The company maintains a steady growth target despite uncertainties in the international landscape, with a focus on optimizing its product structure and enhancing profitability [7][12] - **Future Developments**: - Continued emphasis on R&D in high-end sensors and automotive chip localization is expected to drive future growth [20][21]

Report Overview - Report Industry: Semiconductor [2] - Research Object: CR Microelectronics [16] - Reception Time: August 29, 2025 [16] - Key Representatives: He Xiaolong, Chairman of CR Microelectronics; Wu Guoyi, Director, CFO, and Secretary of the Board of Directors of CR Microelectronics [16] Core Viewpoints - In the first half of 2025, the company's revenue and profit showed year - on - year and quarter - on - quarter growth, indicating continuous improvement in profitability and growth quality [28][29][30] - The global semiconductor industry has structural growth and market differentiation, with AI - driven high - performance computing and data centers as core growth drivers. The company is actively deploying in the AI field and expanding into emerging sectors [31][32][34] - The company is seizing recovery opportunities in multiple fields, optimizing its product and business structure, and aims to transform from a "device supplier" to a "system - level solution provider" [35][36][38] Summary by Section 01. Basic Research Information - The research object is CR Microelectronics, belonging to the semiconductor industry. It took place on August 29, 2025, and was received by the chairman and relevant executives [16] 02. Detailed Research Institutions - There are many participating institutions, including securities companies, fund management companies, investment companies, insurance companies, and other types [17][18][19] 03. Proportion of Research Institutions - No specific proportion information is provided in the text 04. Main Content Data Chairman's Speech - In the first half of 2025, the company achieved an operating income of 5.218 billion yuan, a year - on - year increase of 9.62%. The net profit attributable to the parent company was 339 million yuan, a year - on - year increase of 20.85% [28][29] - The company is actively deploying in the AI field, focusing on end - side AI in consumer and automotive electronics and expanding to emerging scenarios. In cloud - side AI, it provides power device solutions for server power supplies [32][33] - The company is seizing recovery opportunities in multiple fields such as automotive, photovoltaic energy storage, and consumer electronics. The proportion of the pan - new energy field in the product and solution segment has increased to 44% [35][36] - The company plans to build multi - dimensional growth curves, including in silicon - based products, compound semiconductor products, and sensors/MCUs [38] Investors' Questions and Answers - **Key Project Progress**: The Chongqing 12 - inch production line has reached a capacity of 30,000 wafers per month and is fully loaded. The Shenzhen 12 - inch production line has multiple 90nm products in mass production, and 55/40nm products are being verified. The advanced power packaging and testing base has a capacity utilization rate of over 80%, and the high - end mask project's sales have increased by 40% year - on - year [42][43][44] - **Gallium Nitride Product Layout**: The company is deploying two process routes for gallium nitride products. It has achieved full - voltage coverage and is a leading supplier in some fields. It has achieved mass production in server power supplies and is in the sampling verification stage for robots [45] - **Product Pricing**: The company's 6 - inch, 8 - inch, and Chongqing 12 - inch production lines are close to full production. It is in the process of discussing price increases with customers [46][47] - **Business Collaboration with Changjiang Electronics Technology**: The two companies have complementary businesses. Some 12 - inch advanced products of CR Microelectronics cooperate with Changjiang Electronics Technology during the R & D stage, and they will explore more in - depth collaboration in the future [47] - **Power Device Market in Servers**: The server market is growing rapidly, and the company has achieved mass supply of multiple products and has many new products under development [48] - **Advantages in AI Computing Power**: The company has large - scale manufacturing capabilities, rich product lines, experience in serving high - end customers, and advanced packaging technology capabilities [51] - **Sensor Field Layout**: The company will increase investment in high - end sensors, focus on multiple product types, and establish a dedicated sensor business group [51] - **Overseas Manufacturer Capacity Transfer**: The company is actively taking on orders from overseas companies in packaging and testing and wafer manufacturing [52]

人民财讯8月4日电，龙图光罩(688721)在互动平台表示，英诺赛科是公司的重要客户之一，双方建立了 紧密的合作关系。公司为英诺赛科的氮化镓产品提供配套的半导体掩模版，是其掩模版的主要供应商。 ...

Core Viewpoint - The stock of InnoPhase surged significantly after NVIDIA announced its partnership with the company to promote the 800V DC power architecture for AI data centers, indicating a strong market response to the collaboration [1][2][3]. Group 1: Stock Performance - On August 1, InnoPhase's stock price reached a high of 72 HKD per share, with an intraday increase of 63.64%, closing at 57.6 HKD, a 30.91% rise, and a total market capitalization of 515 billion HKD [2]. - The trading volume for InnoPhase exceeded 42 billion HKD, representing an increase of over 1800% compared to the previous trading day [2]. Group 2: Partnership with NVIDIA - NVIDIA's website updated its list of partners for the 800V DC power architecture, including InnoPhase as a chip supplier, marking a formal collaboration to scale the application of this technology in AI data centers [1][2][3]. - The 800V DC power architecture is designed to support the increasing power demands of AI workloads, transitioning from traditional 54V systems to accommodate megawatt-scale racks starting in 2027 [2]. Group 3: Technological Advancements - InnoPhase's third-generation GaN devices offer high frequency, efficiency, and power density, providing a comprehensive GaN power solution for NVIDIA's 800V DC architecture, which is expected to enhance AI computing capabilities significantly [3]. - The collaboration aims to facilitate a transition from kilowatt to megawatt-level AI data centers, promoting a more efficient, reliable, and environmentally friendly computing era [3]. Group 4: Company Background - InnoPhase, established in December 2015, focuses on the research and industrialization of third-generation semiconductor silicon-based GaN, employing an IDM model that encompasses chip design, manufacturing, and testing [5]. - The company holds nearly 700 patents and offers a range of GaN products applicable in various sectors, including consumer electronics, renewable energy, and automotive electronics [5]. Group 5: Recent Developments - InnoPhase recently announced the launch of its 1200V GaN product, which enhances energy conversion efficiency and miniaturization, applicable in electric vehicles and AI data centers [6]. - The company also formed a joint laboratory with United Automotive Electronics to develop advanced power electronic systems for electric vehicles using GaN technology [7].

Core Viewpoint - InnoCare (stock code: 2577) announced a financing plan through the placement of new H shares, aiming to raise approximately HKD 550 million, with net proceeds expected to be around HKD 540 million after expenses [1] Group 1: Financing Details - The company plans to issue 13,584,000 new H shares at a placement price of HKD 40.50, representing a discount of about 8.9% compared to the previous trading day's closing price of HKD 44.45 [1] - The placement price also reflects a discount of approximately 3.0% compared to the average closing price over the last five trading days [1] - The new shares will account for approximately 1.54% of the existing issued share capital and about 1.52% of the enlarged share capital upon completion [1] Group 2: Use of Proceeds - Approximately HKD 270 million of the proceeds will be allocated for product upgrades and the development of new application technologies [1] - Around HKD 140 million will be used to repay existing interest-bearing bank debts [1] - Another HKD 140 million is designated for working capital and general operational purposes [1] Group 3: Completion Timeline - The issuance is expected to be completed on the first trading day after the fulfillment or waiver of placement conditions, but no later than five days after the placement agreement date or another date agreed upon in writing with the placement agent [1]

Core Viewpoint - Navitas Semiconductor is transitioning its GaN wafer supply from TSMC to PSMC due to TSMC's planned cessation of GaN product manufacturing by July 2027, establishing a strategic partnership with PSMC to ensure continued production and innovation in GaN technology [2][3]. Group 1 - Navitas Semiconductor's sole GaN wafer supplier, TSMC, will terminate production by July 2027, prompting the need for a new supply chain [2]. - Navitas has partnered with PSMC to utilize its 8-inch GaN production line in Hsinchu, Taiwan, with the first devices expected to complete certification by Q4 2025 [2]. - The 100V series is set for initial production in H1 2026, while the 650V devices will transition from TSMC to PSMC over the next 12-24 months [2]. Group 2 - PSMC's General Manager, Zhu Xianguo, expressed excitement about the upcoming mass production and the long-standing collaboration with Navitas in GaN technology [3]. - The production at the 180nm process node on an 8-inch silicon-based GaN platform will enhance power density, speed, efficiency, and cost control [3].