证券代码：300656 证券简称：民德电子 深圳市民德电子科技股份有限公司投资者关系活动记录表 编号：2025-04 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 ☑ 其他：（2025 年度深圳辖区上市公司集体接待日活动） | | 参与单位名称 | 投资者网上提问 | | 时间 | 2025 年 11 月 20 日(周四)下午 14:30-17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网络远程的方式举办 投资者交流活动 | | 上市公司接待 | 董事长许文焕；董事、总经理黄效东；财务总监范长征；董事会秘书陈国兵；证券事 | | 人员姓名 | 务代表杨佳睿 | | | 年 月 日，公司参加由深圳证监局和中证中小投资者服务中心指导、深 2025 11 20 | | | 圳上市公司协会与深圳市全景网络有限公司联合举办的"2025 年度深圳辖区上市公司 | | | 投资者网上集体接待日活动"，与广大投资者通过网络平 ...

Core Viewpoint - Mindray Electronics has achieved IATF16949:2016 certification, indicating its capability to produce automotive-grade products, with some products already in small-scale production and undergoing customer testing [2] Group 1: Company Developments - The company’s subsidiary, Guangxin Microelectronics, has received the IATF16949:2016 certification, which is essential for the automotive industry quality management system [2] - Guangxin Microelectronics has commenced small-scale production of certain automotive-grade products and is currently conducting customer sample testing [2] - The certification process for automotive-grade products is stringent and has a lengthy cycle [2]

Core Viewpoint - MinDe Electronics has received certification for its wafer foundry, Guangxin Microelectronics, indicating its capability to produce automotive-grade products, which is a significant step in expanding its market presence in the automotive sector [1] Group 1: Company Developments - Guangxin Microelectronics, a subsidiary of MinDe Electronics, has obtained the IATF16949:2016 certification, which is essential for quality management in the automotive industry [1] - The company has commenced small-scale production of certain automotive-grade products and is currently conducting customer sample testing [1] - The certification process for automotive-grade products is noted to be stringent and lengthy, highlighting the challenges in achieving compliance [1]

据了解，车规级是指电子元件符合汽车行业特定的高标准规格，其核心目的是确保汽车电子控制系统在 复杂多变的环境中能够稳定、可靠地工作。车规级产品缺陷率需控制在百万分之一级别，设计寿命通常 为15年或20万公里或更长。 冯擎峰指出车规诞生的最本质目的"一切都是为了安全"，有了车规级的要求，就可以把车造得更加安 全。 凤凰网科技讯 11月10日，在第六届世界互联网大会乌镇咖荟 汽车夜话论坛上，莲花集团CEO冯擎峰就 行业内的"车规"标准发表了个人看法："讨论车规就是一种历史的倒退"。冯擎峰表示，中国还在讨论车 规不车规的时候，是对全体中国汽车人的一种侮辱。 冯擎峰表示，突然讨论没车规也可以上车，非常难以理解，"（汽车行业）发展了140年突然倒退了。" ...

Core Viewpoint - MinDe Electronics (300656.SZ) has announced that its subsidiary, Guangxin Microelectronics, has obtained the IATF16949:2016 certification, indicating its capability to produce automotive-grade products [1] Group 1 - Guangxin Microelectronics has received the IATF16949:2016 certification, which is a quality management system standard for the automotive industry [1] - The company is currently in the process of small-scale production of certain automotive-grade products and is conducting customer sample testing [1] - The certification process for automotive-grade products is noted to be stringent and lengthy [1]

Core Viewpoint - 泰晶科技 has demonstrated strong financial performance in the first three quarters of 2025, achieving a revenue of 718 million yuan, a year-on-year growth of 16.22%, and a net profit of 35.02 million yuan, indicating resilience in a challenging market environment [1] Financial Performance - The company reported a non-GAAP net profit of 13.43 million yuan in Q3 2025, with a quarter-on-quarter growth of 25.76% [1] - Management expenses increased by 40.6% year-on-year to 52.15 million yuan, primarily due to employee stock ownership costs [1] Market Position and Strategy - 泰晶科技 is the only Chinese crystal manufacturer ranked among the top ten globally, focusing on expanding production lines for high-end products such as TCXO, XO, ultra-high frequency, and automotive-grade components [1] - The company showcased its full range of timing frequency products at the SEMI-e Shenzhen International Semiconductor Exhibition, highlighting solutions for the next-generation 1.6T optical transceiver [1] Industry Trends - Recent announcements from Nvidia regarding the procurement plan for 1.6T optical modules present new opportunities for the global supply chain [2] - According to UBS, crystal oscillator products have significant growth potential in devices like switches and timing servers, with increasing demand for precision clocks as passive cables are replaced by active electrical cables [2] Product Development - 泰晶科技 is actively developing ultra-high frequency quartz crystal devices and key materials to support the needs of leading international chip manufacturers, aiming for domestic production breakthroughs [2] - The company has accelerated the R&D and customer certification processes for ultra-high frequency products above 150MHz, TCXO, and automotive-grade high-precision products [2] Automotive Market Potential - Research indicates that the demand for automotive electronic crystal oscillators in China is expected to reach 3.1 billion units by 2027, with a market size of 1.66 billion yuan, making it one of the fastest-growing application scenarios for crystal oscillators [3] - 泰晶科技's automotive products are currently applied in various areas including cockpit, body, and intelligent driving, with plans to expand into chassis and power-related applications [3]

Core Viewpoint - The company has shown significant financial improvement in Q3 2025, with a notable increase in revenue and net profit, driven by the expansion of core business areas and optimization of product structure [2][3]. Financial Performance - In Q3 2025, the company achieved a revenue of 572.76 million yuan, representing a year-on-year growth of 36.28% and a quarter-on-quarter increase of 19.80% [2]. - The overall gross margin for Q3 2025 was 27.86%, an increase of 6.48 percentage points year-on-year [2]. - The net profit attributable to shareholders was 18.03 million yuan, a turnaround from a loss, increasing by 61.42 million yuan year-on-year, with a quarter-on-quarter growth of 107.40% [2]. - For the first nine months of 2025, the net profit attributable to shareholders was 8.60 million yuan, also a turnaround from a loss, increasing by 40.72 million yuan year-on-year [3]. Cash Flow and Expenses - The net cash flow from operating activities for the first nine months of 2025 was 661.61 million yuan, a significant increase of 999.54 million yuan year-on-year, primarily due to reduced cash payments for purchased goods [3]. - The company recorded share-based payment expenses of 18.10 million yuan, with adjusted net profit after excluding these expenses being 26.69 million yuan [3]. Asset Impairment - The company has conducted asset impairment testing as of September 30, 2025, and has recognized impairment losses totaling 20.35 million yuan, impacting the consolidated profit before tax [14]. - The impairment includes credit impairment losses and inventory write-downs, with specific amounts detailed for accounts receivable and inventory [10][12][13]. Governance and Compliance - The board of directors has ensured the accuracy and completeness of the financial report, affirming that there are no false records or misleading statements [1][8]. - The company has adhered to relevant accounting standards and policies in its financial reporting and impairment assessments [15].

Core Viewpoint - The intervention by the Dutch government in ASML has escalated into a supply chain crisis, with China demanding corrections to the situation [1] Group 1: Supply Chain Crisis - The Dutch government's attempt to control ASML by cutting off system access and halting salaries has led to ASML China declaring independence and refusing to follow directives from the Dutch headquarters [1] - ASML's major packaging and testing facility in Dongguan is facing a raw material shortage, with production adjustments leading to reduced working hours and inventory issues [1] - Current inventory levels and scheduling indicate that raw materials will only last until the end of December, highlighting the irreplaceability of the Chinese supply chain [1] Group 2: Market Response - ASML's automotive clients and distributors are urgently seeking alternative solutions, with domestic power chip manufacturers like JieJie Microelectronics and Yangjie Technology receiving numerous inquiries [1] - JieJie Microelectronics has listed over 30 automotive-grade products that can match ASML's specifications, although the certification process for automotive chips takes one to two years, making immediate supplier changes unlikely [1] - The domestic power semiconductor sector has seen a counter-trend increase, with companies like New Clean Energy experiencing over a 10% rise in stock prices in the past week as the market begins to position for alternative capacities [1] Group 3: Dutch Government's Position - Dutch Economic Minister Karremans is calling for high-level negotiations while simultaneously insisting that actions are taken to "prevent intellectual property transfer," indicating a contradictory stance [1] - The Dutch headquarters continues to attempt to cut system access, which is deemed ineffective in the current context [1] - China's Ministry of Commerce has made it clear that the Netherlands must free itself from U.S. coercion and adhere to contractual obligations to rectify the situation [1]

Core Viewpoint - Hongxing Technology has voluntarily withdrawn its IPO application after 941 days of progress, indicating a strategic choice to align with the evolving capital market environment rather than due to operational risks [2][3][4] Policy Evolution and Company Development - The withdrawal of the IPO application is fundamentally a mismatch between the main board's positioning and the company's development stage, not related to operational risks [3] - Since the submission of the IPO application on March 3, 2023, the company has navigated through the approval process, but the changing capital market rules necessitated a reassessment of its listing strategy [4][5] Financial Metrics and Market Position - When the IPO application was initiated in December 2022, the company's financial indicators met the Shanghai Stock Exchange's requirements; however, subsequent changes in listing criteria have created a misalignment [4] - The company’s global market share in quartz crystal oscillators reached 3.08% in 2023, ranking ninth globally, but its revenue and profit levels have not yet met the expectations for "large-cap blue-chip" companies on the main board [5] Industry Trends and Company Performance - The quartz crystal oscillator industry is experiencing a cyclical downturn due to external pressures, with global smartphone shipments declining by 3.2% in 2023, marking a ten-year low [6][7] - Despite short-term performance fluctuations, the industry and the company are entering a recovery phase, with the global quartz crystal market projected to reach $3.652 billion in 2024, a year-on-year increase of 12.33% [7] Strategic Focus and Future Outlook - The company is expanding into emerging markets such as artificial intelligence, optical communication, and automotive electronics, which are expected to drive future growth [8] - The company has clarified that its recent legal issues and dividend policies are unrelated to the IPO withdrawal, emphasizing a stable shareholding structure and a reasonable approach to dividends [9] Capital Pathway and Business Strategy - The withdrawal of the IPO application is viewed as a new starting point for the company to focus on its core business and adjust its capital strategy [10] - The company plans to continue investing in R&D and talent acquisition while monitoring market conditions to identify the right timing for future capital market initiatives [10]

Core Viewpoint - The article highlights the transformation of the company over five years since its listing, emphasizing its shift from a focus on wireless communication signal chain chip design to a diversified growth strategy across multiple sectors, including industrial, automotive, communication, and consumer markets [2][3]. Group 1: Company Growth and Performance - The company has experienced significant growth, achieving a revenue of 949 million yuan in the first half of 2025, representing a substantial year-on-year increase of 87.33%, and a net profit of 65.69 million yuan, marking a successful turnaround from losses [3][4]. - The company has built a diversified business structure, focusing on four key areas: industrial, automotive, communication, and consumer markets, which has allowed it to mitigate the impacts of industry cycles [3][5]. Group 2: Research and Development Achievements - The company has developed over 3,000 marketable product models, with significant revenue growth in the industrial sector, particularly in new energy and power grid applications, and has served over 6,000 industrial clients [5][6]. - In the automotive sector, the company has established deep collaborations with multiple Tier 1 manufacturers and automotive companies, launching over 90 new products and achieving significant revenue from more than 20 automotive clients [6]. Group 3: Strategic Direction and Management - The company aims to clarify its strategic goals and enhance management measures, focusing on high-growth targets and increasing R&D investments in key areas while implementing refined management practices [4][8]. - The company has expanded its global presence by establishing localized sales and technical support teams in countries such as Singapore, Germany, the United States, South Korea, and Japan, enhancing its international market reach [7][8]. Group 4: Talent and Organizational Development - The company has seen a significant increase in its workforce, reaching 830 employees with an average age of 33, and over 60% of the team being in R&D, fostering a young and professional talent pool [8]. - The acquisition of Shenzhen Chuangxin Micro has not only achieved business synergy but also provided valuable experience for future external growth opportunities [8].