盈方微电子股份有限公司 2025 年半年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人史浩樑、主管会计工作负责人李明及会计机构负责人(会计主 管人员)李明声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质 承诺，请投资者注意投资风险。公司在本报告第三节"管理层讨论与分析" 之"十、公司面临的风险和应对措施"相关内容，具体描述了公司可能存在 的相关风险，敬请投资者关注相关内容。 《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网 （www.cninfo.com.cn）为本公司的指定信息披露媒体，本公司所发布的信息 均以上述媒体及深圳证券交易所网站刊登的信息为准，敬请投资者注意投资 风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 告全文 盈方微电子股份有限公司 2025 年半年度报告全文 一、载有公司负责人史浩樑先生、主管会计工作负责人及会计 ...

Group 1 - The stock price of Yachuang Electronics closed at 39.62 yuan on August 18, 2025, an increase of 0.46% from the previous trading day [1] - The trading volume on that day was 82,993 hands, with a transaction amount of 328 million yuan [1] - Yachuang Electronics reported a revenue of 2.847 billion yuan and a net profit of 40.82 million yuan for the first half of 2025 [1] Group 2 - The company has set a preliminary inquiry transfer price of 32.59 yuan per share as of August 18, 2025 [1] - The inquiry transfer attracted participation from 30 institutional investors, with a total subscription of 17.94 million shares, resulting in a subscription multiple of 2.57 times [1] - On August 18, the net outflow of main funds for Yachuang Electronics was 19.0644 million yuan, with a cumulative net outflow of 43.5395 million yuan over the past five trading days [1]

| 截至上半年末，信维通信总资产为12,904,916,951.87元，同比增长3.49%；归属于上市公司股东的净资产为7,430,580,746.98元，同比增长 | | --- | | 1.66%。 | | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 3, 703, 080, 718. 69 | 3,745,997,971.38 | -1. 15% | | 归属于上市公司股东的净利 | 161, 832, 350. 59 | 202,740,222,89 | -20. 18% | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 115, 124, 749. 91 | 152,648,903.85 | -24. 58% | | (元) | | | | | 经营活动产生的现金流量净 | 1, 077, 735, 712. 83 | 599,600,849.69 | 79. 74% | | 额(元) | | | | | 基本每股收益(元/股) | 0. 1699 | 0. 2095 ...

"身价"飙升，山东白羽鸡苗价格一个月暴涨超300% AI需求迭代，激活这类技术不断演进，相关产品重要性将持续提升 行业会议将召开，相关基础设施累计数量同比增超55% 事关具身智能机器人，杭州发文公开征求意见 【主题详情】 人形机器人发展领跑全球，国产机器人海外热销 【今日导读】 人形机器人发展领跑全球，国产机器人海外热销 我国构建国际最大规模该领域系统，机构称产业迎关键拐点 消费级DDR4供应紧张，七月合约价飙涨逾60~85% 交银国际证券认为，存储器价格在今年以来的上涨主要来自供应端厂商收敛产量，以及下游客户积极提 前拉货所致。考虑到这些趋势一般很难短时间反转，今年存储价格或将继续保持上涨趋势。 公司方面，大为股份子公司大为创芯的DDR4以及LPDDR4X是嵌入式市场的主流方案，大为创芯有固 态硬盘（SSD）产品通过了龙芯3A5000平台适配认证；LPDDR4X产品近来顺利通过瑞芯微、晶晨半导 体等多个SoC平台的认证，为客户提供高性能、高品质的存储产品。盈方微主营业务为电子元器件分销 和集成电路芯片的研发、设计和销售。公司的主要产品是射频芯片、指纹芯片、电源芯片、存储芯片、 被动元件、综合类元件等。 据报 ...

Key Insights - The report highlights the positive impact of the recent US-China trade agreement, which includes the cancellation of 91% of additional tariffs and a 90-day suspension of 24% tariffs, creating a more stable environment for negotiations and potential cooperation [2][3] - The agreement is expected to reduce uncertainty in trade, improve investor sentiment, and enhance corporate profit expectations, particularly for industries heavily reliant on exports [3][4] - The report suggests that sectors previously affected by tariffs, such as electronics, consumer goods, and machinery, may see a recovery in market performance [3][4] Electronics Industry - The electronics sector is experiencing a structural recovery, with high growth in AI-related hardware and a stable performance in consumer electronics, supported by government subsidies [19][16] - Sub-sectors like semiconductors are witnessing a resurgence, with domestic replacements accelerating and a strong performance from leading companies [16][19] - The report notes a divergence in performance among companies within the consumer electronics space, with some benefiting from AI and global expansion while others face challenges from competition and demand weakness [17][19] Military Industry - The recent India-Pakistan conflict has highlighted China's military exports, with Pakistan being a significant customer for Chinese military equipment, which may enhance China's military trade reputation [22][23] - The report anticipates increased demand for military equipment due to the conflict and suggests that domestic military enterprises are less affected by US tariff wars, presenting a stable investment opportunity [24][22] - The long-term outlook for the military sector remains positive, with expectations of sustained high demand leading up to the centenary of the Chinese military in 2027 [24][22] Construction Materials - The construction materials sector is showing signs of recovery, with a notable improvement in profitability in Q1 2025 compared to the previous year, driven by stabilizing infrastructure investment and a gradual recovery in demand [27][30] - The report indicates that cement prices may see upward pressure due to improved demand and supply optimization, while glass fiber and other materials are also expected to benefit from emerging market demand [30][27] - The construction materials market is anticipated to continue its recovery, supported by favorable policies and a focus on renovation and upgrading existing properties [30][28] Banking Sector - The banking sector is benefiting from a series of financial policies aimed at optimizing credit structures and enhancing profitability, with a notable increase in bank stock performance [32][37] - The report emphasizes the importance of structural monetary policy tools and the potential for increased capital inflows into the banking sector, which may further enhance its valuation [33][37] - The outlook for the banking sector remains positive, with expectations of continued support from government policies and a focus on technological financial services [36][37]

Core Viewpoint - The report from China Galaxy Securities highlights the strong performance of the electronic industry in the first quarter, driven by AI infrastructure construction and related hardware, indicating a positive outlook for the integration of AI into the electronic ecosystem and the ongoing hardware updates and iterations [1] Group 1: AI Infrastructure and Hardware - The AI infrastructure construction has led to high growth in related hardware sectors such as AI computing power, edge-side SoC, and PCB [1] - The integration of AI is expected to reshape the electronic industry ecosystem, promoting continuous updates and iterations of related hardware [1] Group 2: Consumer Electronics - The consumer electronics sector has shown resilience during the off-season, supported by national subsidy policies, with the Apple supply chain demonstrating stable growth [1] - Future innovations in the industry, including liquid metal, AI glasses, and optical innovations, are anticipated to further enhance the performance of the related supply chain [1] Group 3: Components Sector - The components sector experienced strong demand in the first quarter due to downstream policy subsidies, maintaining stability into the second quarter [1] - The overall supply-demand balance remains stable for components such as panels, LEDs, and passive components, with leading companies demonstrating robust operations [1]

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company being analyzed. Core Insights - The company operates in the consumer electronics sector, focusing on products such as antennas, wireless charging modules, EMI/EMC devices, precision connectors, automotive connectivity products, and passive components. The company serves well-known global technology firms and is expanding into new business areas like commercial satellite communications, smart vehicles, energy storage, data centers, and robotics, which present significant growth opportunities [18][20]. - The consumer electronics segment is a major source of revenue and profit for the company, covering a wide range of end products including smartphones, laptops, tablets, smart glasses, watches, and headphones. The integration of AI is creating new business opportunities in smart hardware, with the company providing solutions in RF connectivity, wireless charging, high-speed interconnects, precision structures, passive components, and acoustic modules [18][19]. - The company has been recognized as a "Manufacturing Single Champion Enterprise" by the Ministry of Industry and Information Technology due to its strong capabilities in mobile terminal antennas [18]. - In the wireless charging sector, the company has a significant material advantage and offers comprehensive solutions, including magnetic materials and Tx/Rx modules. The penetration rate of wireless charging is expected to increase as electric vehicles become more common and smartphone manufacturers accelerate the integration of wireless charging features [19]. - The precision structural components business has made progress, with the company providing stainless steel battery shells that enhance battery life and user experience. The company aims to expand its market presence and improve its industry influence [19]. - The company is actively developing its second growth curve, particularly in commercial satellite communications, which is expected to grow rapidly over the next five years. The company has already begun supplying major clients and plans to engage with more global manufacturers [20]. - The company has made significant advancements in UWB technology, successfully applying it in products like smartphones, car keys, and smart locks, thus expanding its presence in the IoT sector [20]. - The automotive business is a key strategic focus, with the company successfully entering the domestic smart vehicle supply chain and providing products such as shielding components and vehicle antennas [20]. - The company has set ambitious performance targets, aiming for net profit growth of at least 25%, 50%, and 100% from 2023 to 2024, 2025, and 2026, respectively [21]. Summary by Sections Section 1: Industry Overview and Business Development - The company is involved in various consumer electronics products and is strategically positioning itself in emerging sectors with high growth potential [18]. Section 2: Q&A Session Insights - The company is experiencing stable growth in its consumer electronics business while optimizing its product structure and expanding into new product lines [20]. - The automotive and satellite communications sectors are crucial for the company's second growth curve, with ongoing efforts to deepen collaborations and expand client bases [20][21].