（编辑 袁冠琳） 证券日报网讯 2月27日，赛微电子在互动平台回答投资者提问时表示，近10年来，在杨云春董事长的带 领下，公司灵活、务实地发展MEMS纯代工业务，一方面成功并购整合境外产线，实现了其跨越式发展 与多方共赢；另一方面从无到有，在国内建成并运营了业内领先的8英寸MEMS纯代工线。在复杂的国 际政经环境下，公司及全体员工卧薪尝胆、宵衣旰食，通过多年努力，成功在国内建立了拥有完整自主 知识产权的MEMS基础工艺平台，实现了硅麦克风、BAW滤波器、微振镜、超高频器件的量产，正在 小批量试产MEMS气体传感器、生物芯片、加速度计、惯性测量单元、MEMS-OCS等，未来将继续以 关键制造平台角色推动我国MEMS产业的自主化、高端化。公司希望与国内友商共同发展。当然，半导 体制造行业天然存在"重资产、长周期"特点，业务的积累和发展还得一步一个脚印。 ...

（编辑 丛可心） 证券日报网2月25日讯 ，赛微电子在接受调研者提问时表示，北京FAB3已实现硅麦克风、BAW滤波 器、微振镜、超高频器件的量产，正在进行小批量试产气体、生物芯片、惯性加速度计、惯性测量单元 （IMU）、温湿度、硅晶振、MEMS-OCS等MEMS器件，同时对于微流控、压力、磁性传感、3D硅电 容等MEMS芯片、器件及模块，正积极从工艺开发向验证、试产、量产阶段推进。北京FAB3将继续做 好中长期规划，密切关注市场环境动态，深化全国重点区域布局，注重分析产品在不同应用领域的特 点，持续提升运营能力。 ...

2026年2月25日，赛微电子披露接待调研公告，公司于2月25日接待淡水泉基金、孝庸基金、领丰资本、 腾飞资本等4家机构调研。 调研情况显示，赛微电子专注MEMS芯片制造主业，组织了北京FAB3产线洁净间参观。公司收购展诚 科技，因其为高新技术企业等，从事芯片设计服务及EDA软件开发，可协同MEMS EDA领域开发，拓 展战略布局，推动"MEMS＋"模式提升竞争力；转让瑞典Silex控制权是基于国际政经环境，为其寻求稳 定经营环境，避免价值减损，公司保留约45％股份获取投资收益及重大决策参与权。 赛微电子瑞典产线毛利率高于北京产线，因运营久、工艺开发占比高、折旧压力小，但北京产线工艺开 发毛利率不一定低；北京FAB3产能利用率较低，规划推动硅麦克风等量产爬坡、风险试产及工艺开 发，未来随订单增加提升良率和产能利用率；北京FAB3已量产硅麦克风等，试产气体芯片等，推进微 流控等工艺开发到量产阶段。 MEMS行业因万物互联和智能传感需求前景广阔，正替代传统传感器，公司认为纯代工模式能为设计公 司节省投入，与IDM模式长期共存；行业规模预计2024到2030年从154亿美元增至192亿，CAGR3． 7％，中高端市 ...

证券日报网2月25日讯，赛微电子（300456）在接受调研者提问时表示，与IC产线的标准化流程不同， MEMS产线涉及晶圆类别众多、工艺及材料纷繁复杂。公司北京FAB3产线当前的主要工作在于，积极 推动硅麦克风、BAW滤波器、MEMS微振镜、MEMS高频器件等产品的量产爬坡，以及MEMS气体、 生物芯片、加速度计、惯性IMU、温湿度、MEMS-OCS、硅晶振等产品的风险试产；同时陆续推动微 流控、压力、磁性传感、3D硅电容等MEMS芯片、器件及模块的工艺开发；未来随着客户及订单需求 的持续增加，公司需要更加重视工艺及良率提升，特别关注保障产能爬坡过程中的一致性及稳定性，推 动产能利用率的持续提升。另外，由于MEMS行业高度定制化、验证试产之后才有量产的客观规律， MEMS产线将根据晶圆系列规划陆续有针对性地扩充产能，产能利用率也一般低于CMOS产线，同时在 一定时期往往存在"产能等待订单"的状态。公司客观看待北京MEMS产线所处发展阶段，既理解短期较 低的产能利用率水平，又对中长期产能利用率的持续提高充满信心。 ...

Core Insights - The company Chipone Integrated (688469.SH) reported a revenue increase in Q3 but faced a net loss, marking the fifth consecutive quarter of positive gross margin [1] - The company aims to achieve profitability by 2026, supported by the end of a depreciation peak, improved production efficiency, and a higher proportion of high-value-added businesses [1][2] Financial Performance - For the first three quarters of this year, Chipone Integrated achieved a revenue of 5.422 billion yuan, a year-on-year increase of 9.23%, while the net loss narrowed by 32.32% to 463 million yuan [1] - In Q3 alone, the company reported a revenue of 1.927 billion yuan, a quarter-on-quarter increase of 9.38%, but incurred a loss of approximately 293 million yuan, transitioning from profit to loss [1] - The gross margin reached 3.97%, an increase of 4.40 percentage points year-on-year, indicating ongoing expectations for profitability in core operations [1] Strategic Focus - The company is targeting the AI market, having sent samples of its self-developed 8-inch SiC MOSFET devices to AI clients in Europe and the US, marking a significant step in its dual-track strategy of "new energy + AI" [2] - AI is now considered the fourth core market for the company, with over 50% coverage of the AI server power supply value [2] Market Outlook - The global AI server market is projected to grow rapidly, reaching a scale of 158.7 billion USD, with a forecasted shipment growth of 24.3% year-on-year by 2025 [3] - Chipone Integrated's data transmission chips for AI servers and data centers have entered mass production, and its robotics-related products are also achieving scale production [3] - The company anticipates a revenue of 8 billion to 8.3 billion yuan for the year, representing a year-on-year growth of 23% to 28%, with a continued reduction in net loss [3]

Group 1 - The core viewpoint of the article highlights that ChipLink Integrated reported a revenue of 1.927 billion yuan for Q3 2025, representing a year-on-year growth of 15.52%, with a gross margin increase of approximately 4% [1] - The company expects to achieve an annual revenue of 8 billion to 8.3 billion yuan for 2025, which indicates a growth of 23% to 28% compared to the previous year [3] - ChipLink Integrated's Q3 performance shows a continuous optimization trend in its overall profitability structure, with significant advancements in its "new energy + AI" dual-track strategy [1] Group 2 - In the AI sector, ChipLink Integrated's data transmission chips for AI servers and data centers have entered mass production, while its products for robotics, including VCSELs and pressure sensors, have also achieved scale production [2] - The company's module packaging business has seen a year-on-year growth rate exceeding 180%, and in the new energy vehicle sector, the cumulative installation of SiC MOSFETs has surpassed 1 million units [2] - The industrial control sector has experienced a revenue growth of over 26% in the first three quarters of the year [2]

Core Insights - ChipLink Integrated reported a loss of nearly 300 million yuan in Q3 2025, with a total loss of 463 million yuan for the first three quarters of the year, although this represents a 32.32% reduction in losses compared to the same period last year [1] - The company achieved a gross profit margin of 3.97% in the first three quarters, an increase of 4.40 percentage points year-on-year, attributed to expanded sales and ongoing cost control [1] - The completion of the equity integration of its subsidiary, ChipLink Yuezhou, marks a significant enhancement in the company's capital strength and industrial synergy capabilities [1] Financial Performance - The company expects to achieve an annual revenue of 8 to 8.3 billion yuan, representing a growth of 23% to 28% compared to the previous year [2] - The net profit is anticipated to continue reducing losses, with expectations for improved profitability in 2026 due to the passing of the depreciation peak and increased production line output [2] - Capital expenditures exceeded 10 billion yuan in 2023, with a more stable approach expected starting in 2024, and capital expenditures optimized to 2.548 billion yuan in the first three quarters of 2025 [2] Market Opportunities - The demand for power devices and analog ICs is expected to grow due to the increasing penetration of new energy vehicles, recovery in the new energy sector, and the development of AI and robotics [1] - The company is actively expanding into the 800V high-voltage direct current (HVDC) market to enhance the efficiency of end-to-end power supply systems for data centers [3] - ChipLink Integrated has made significant progress in the AI server market, with its 8-inch silicon carbide MOS devices already being sampled to European and American AI companies [3] Product Development - The company’s technology products cover over 50% of the value of AI server power supplies, positioning it to benefit from explosive growth in the computing power industry [4] - The automotive laser radar market is experiencing rapid growth, with the company’s laser radar chips in high demand as they enter the thousand-yuan era [4] - The company has developed various products for robotics, including VCSELs, pressure sensors, and IMUs, which are now in mass production [5]

Core Viewpoint - The company is in a critical phase of capacity ramp-up for its core subsidiary, and it plans to acquire additional equity in Sailex Beijing to strengthen its control and management efficiency [1][4]. Group 1: Acquisition Details - The company announced its intention to acquire a 9.5% stake in Sailex Beijing for no more than 324 million yuan, which will increase its total ownership to 81% [1][4]. - Sailex Beijing is a key player in the MEMS foundry sector and is currently not profitable due to ongoing capacity ramp-up [1][6]. - The acquisition aims to enhance the company's control over its subsidiary and improve overall management efficiency, aligning with its long-term strategic goals [4][8]. Group 2: Financial Performance - In 2024, the company reported revenues of 1.205 billion yuan, a year-on-year decrease of 7.31%, with a net loss of 170 million yuan, marking a shift from profit to loss [2][8]. - The MEMS main business generated revenues of 998 million yuan in 2024, reflecting a year-on-year growth of 16.63%, with a gross margin of 35.49% [8][9]. - Research and development expenses reached 485 million yuan, a year-on-year increase of 27.53%, accounting for 37.75% of total revenue [9]. Group 3: Operational Insights - Sailex Beijing has been involved in the production of various MEMS devices, including silicon microphones and BAW filters, but is still in the process of ramping up production capacity [7][8]. - The company has faced challenges due to high operational costs and ongoing R&D investments, which have contributed to its overall losses [6][8].