10月9日早间，知名半导体企业闻泰科技（600745）公告，因存在尚未披露的重要信息，公司股票及闻 泰转债自10月9日（星期四）开市起停牌，预计停牌时间不超过2个交易日。 闻泰科技如今正处于业务转型之中。此前，闻泰科技经充分论证和审慎决策，将通过战略转型构建全新 发展格局，出售产品集成业务资产，全面聚焦半导体业务。 早间突然停牌 10月9日早间，闻泰科技表示，近期公司因存在尚未披露的重要信息，为保证公平信息披露，避免公司 股价异常波动，维护广大投资者利益，根据《上海证券交易所上市公司自律监管指引第4号——停复 牌》相关规定，经公司向上海证券交易所申请，公司股票及闻泰转债自10月9日（星期四）开市起停 牌，预计停牌时间不超过2个交易日。 停牌期间，公司可转换公司债券"闻泰转债"将暂停转股。 闻泰科技是集研发设计和生产制造于一体的半导体企业。公司的半导体业务采用IDM垂直整合制造模 式，产品广泛应用于全球各类电子设计，丰富的产品组合包括二极管、双极性晶体管、ESD保护器件、 MOSFET器件、氮化镓场效应晶体管（GaNFET）、碳化硅（SiC）二极管、SiCMOSFET、绝缘栅双极 晶体管（IGBT）以及模拟IC ...

Core Viewpoint - Wentech Technology reported a significant decline in revenue for the first half of 2025, but achieved substantial growth in net profit, indicating a strong recovery in its semiconductor business despite overall revenue challenges [2][4]. Financial Performance - Revenue for the first half of 2025 was 25.34 billion yuan, a decrease of 24.56% year-on-year [3]. - Net profit attributable to shareholders was 474 million yuan, an increase of 237.36% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 335 million yuan, marking a turnaround from a loss in the previous year [3]. - The semiconductor business generated revenue of 7.83 billion yuan, up 11.23% year-on-year, with a gross margin of 37.89% [2][4]. - Cash flow from operating activities increased by 61.28% to 4.26 billion yuan [4]. Business Segments - The company holds leading positions in various semiconductor segments, including being the global leader in small signal diodes and transistors, and second in logic ICs and automotive-grade Power MOS [2]. - The semiconductor business saw a recovery in demand, particularly in power and analog semiconductors, driven by the acceleration of electric and intelligent vehicle development in China [4][5]. Strategic Developments - Wentech Technology is focusing on strategic transformation by divesting its product integration business to concentrate resources on its semiconductor operations [6]. - The company is enhancing its global footprint and accelerating the development of high-voltage and analog products, while also promoting domestic production in China [4][5]. - New product launches, including analog chips and next-generation MOS products, are expected to bolster future growth [5].

Core Viewpoint - The global semiconductor market is expected to grow by 19.7% in 2024, primarily driven by memory and logic devices, while other sectors are struggling [2][3]. Group 1: Market Trends - The global semiconductor market is experiencing a bifurcation between logic ICs and memory, with logic ICs growing rapidly and memory being more susceptible to economic fluctuations [3][5]. - Demand for semiconductors is increasingly driven by data centers, particularly due to the rise of AI applications, which require high-speed data processing [5][6]. Group 2: Japan's Semiconductor Industry Challenges - Japan's semiconductor production value has stagnated around 5 trillion yen from 2011 to 2020, while its global market share has decreased from 15% to 10% during the same period [7][9]. - Major Japanese semiconductor companies have ceased capital investments in logic and memory sectors, leading to a lack of growth in domestic production [9][10]. Group 3: Future Projections and Goals - Japan's government has set a domestic semiconductor production target of 15 trillion yen by 2030, but this may be unrealistic given the rapid growth of the global market [11][12]. - Even with slight growth, Japan's semiconductor production may only reach around 6 trillion yen by 2024, resulting in a market share drop to approximately 6% [10][11]. Group 4: Policy Recommendations for Japan - Attracting DRAM manufacturers like Samsung or SK Hynix to Japan could help meet the increasing demand for memory driven by AI [13]. - Supporting strong electronic component manufacturers to engage in semiconductor production is essential for revitalizing the industry [15]. - Implementing incentives for semiconductor design could stimulate innovation and application of AI technologies within Japan [16].

Core Viewpoint - Wentech Technology is consolidating its leading position in the power semiconductor industry through robust performance, clear strategy, and R&D breakthroughs, aiming to create long-term sustainable value for shareholders [1] Group 1: Q1 Performance Highlights - In Q1 2025, Wentech Technology reported a net profit of 261 million yuan, a year-on-year increase of 82.29% [3] - The semiconductor business achieved revenue of 3.711 billion yuan, up 8.40% year-on-year, with a net profit of 578 million yuan and an operating net profit growth of 65.14% [3] - The gross margin reached 38.32%, an increase of over 7 percentage points year-on-year, confirming the company's industry-leading position and profitability [3] - The net cash flow from operating activities was 2.523 billion yuan, a year-on-year increase of 29.58%, with cash and cash equivalents reaching 9.453 billion yuan, doubling compared to the same period last year [3] Group 2: R&D and Growth Opportunities - Wentech Technology is expanding its semiconductor product strategy from low voltage to high voltage and from power to analog, with analog and logic IC revenue accounting for 16.02% in 2024 [4] - In Q1, revenue from logic and analog ICs grew by 20%, with logic IC shipments reaching a two-year peak [4] - The company is accelerating the certification and customer introduction of analog chip models, leveraging its advantage with over 25,000 global customers [4] - The company is aligning with trends in AI and robotics, with rapid growth in products for AI data centers, AI servers, and mobile devices [4] Group 3: Domestic Substitution and Supply Chain Stability - Wentech Technology's semiconductor business has a dual supply chain, ensuring stable and efficient product supply [5] - In Q1 2025, revenue from the semiconductor business in China grew by approximately 24%, while revenue in the Asia-Pacific region (excluding China) increased by about 14% [5] - The company has established R&D centers in Shanghai, Shenzhen, and Hong Kong, with backend testing facilities in Dongguan and Wuxi [5] - A 12-inch automotive-grade wafer factory, built by the major shareholder, has achieved mass production, supporting capacity enhancement and cost control in the Chinese market [5]

Core Viewpoint - The semiconductor market is projected to grow by 11.2% in 2025, maintaining the previous forecast, while 2026 is expected to see a growth of 8.5%, though there are concerns about potential negative growth [1][12]. Semiconductor Market Overview - The total semiconductor market is expected to reach $630.549 billion in 2025 and $700.874 billion in 2026, with a growth rate of 11.2% and 8.5% respectively [3][8]. - The actual shipment volume from January to April 2025 showed a year-on-year increase of 19.3% [1]. Discrete Devices - The discrete device market is forecasted to decline by 2.6% in 2025, a downward revision from a previous growth estimate of 5.8% [2]. - From January to April 2025, the market experienced a year-on-year decline of 6.9%, but a recovery is anticipated [2]. Optoelectronics - The optoelectronics market is expected to decline by 4.4% in 2025, revised down from a previous growth forecast of 3.8% [3]. - The market showed a 1.1% decline from January to April 2025, but there was a sudden shift to double-digit growth in April [3]. Sensors and Actuators - The sensor market is projected to grow by 4.5% in 2026, with a previous forecast of 7.0% being revised down [4]. - From January to April 2025, the market is expected to grow by 16.1%, indicating a resolution of inventory issues [4]. Integrated Circuits (IC) - The total IC market is expected to grow by 13.4% in 2025 and 9.1% in 2026, with significant contributions from various segments [8]. - The analog IC market is projected to grow by 2.6% in 2025, while the micro IC market is expected to decline by 1.0% [6][7]. Logic IC Market - The logic IC market is anticipated to grow by 23.9% in 2026, driven by strong demand for GPUs in AI applications [9]. - The market showed a year-on-year growth of 35.9% from January to April 2025, indicating robust performance [9]. Memory Market - The memory market is expected to grow by 11.7% in 2026, with a significant growth of 24.5% from January to April 2025 [10]. - Concerns exist regarding the sustainability of demand in the memory market, particularly in 2026 [11]. Overall Market Sentiment - The overall sentiment regarding the semiconductor market in 2025 is cautious, with a projected growth of 20-25% being more optimistic than the WSTS forecast [12].

Core Viewpoint - The company is focusing on its semiconductor business, planning to divest its product integration assets to enhance its competitive position in the global power semiconductor industry [28][29]. Meeting Arrangements - The annual shareholder meeting will be held on May 16, 2024, at the Wentai Garden Hotel in Huangshi, Hubei Province, combining on-site and online voting [1][3]. - Shareholders will have the right to vote, speak, and inquire during the meeting, with specific guidelines to maintain order and efficiency [2][4]. Business Performance - The company reported a revenue of 73.598 billion yuan in 2024, representing a year-on-year growth of 20.23% [10]. - The semiconductor business achieved a revenue of 14.715 billion yuan with a gross margin of 37.47%, indicating a solid profitability trend [12]. Strategic Focus - The company plans to concentrate resources on its semiconductor business, aiming to enhance profitability and maintain its leading position in the industry [28][30]. - The semiconductor business is expected to benefit from the growing demand in the automotive sector, particularly in electric vehicles, where semiconductor content is significantly higher compared to traditional vehicles [14][17]. Product Development - The company is actively expanding its product line, focusing on high-power discrete devices and analog ICs, with significant investments in research and development [21][23]. - New products launched include advanced power MOSFETs, logic ICs, and energy management solutions, aimed at meeting the increasing market demand for high-performance semiconductor devices [22][24]. Market Opportunities - The semiconductor market is projected to grow, driven by trends in AI, electric vehicles, and industrial automation, providing ample opportunities for the company to expand its market share [18][19]. - The company is establishing strategic partnerships to enhance its product offerings and meet the stringent requirements of automotive applications [26].

Core Insights - The company reported a revenue of 73.598 billion yuan for 2024, marking a year-on-year growth of 20.23% [1] - The semiconductor business generated a revenue of 14.715 billion yuan with a net profit of 2.297 billion yuan and a gross margin of 37.47% [1] - The company's strategic focus on semiconductor core advantages has led to significant improvements in financial performance, including a substantial reduction in net loss to 164 million yuan in Q1 2025 [2] Financial Performance - The semiconductor business showed impressive growth in the Chinese market, with revenue increasing for four consecutive quarters and accounting for 46.91% of total revenue [1] - The net profit for the semiconductor segment reached 2.297 billion yuan in 2024, with a gross margin of 37.47% [2] - The company generated approximately 3.7 billion yuan in cash flow in Q1 2025, which will support further semiconductor R&D [2] Strategic Focus - The company divested its product integration business (ODM) to focus entirely on its semiconductor operations, enhancing the clarity of its financial statements [2] - The company is advancing its R&D strategy from low-voltage to high-voltage and from power to analog chips, with a revenue share of 16.02% from analog and logic IC products in 2024 [3] - The company plans to invest 200 million USD in the development of next-generation wide bandgap semiconductor products, including SiC and GaN [4] Innovation and R&D - The company has achieved breakthroughs in the third-generation semiconductor field, particularly with high-performance automotive-grade SiC MOSFETs and GaN devices [4] - The company is focusing on the production of over 200 new analog chip models in 2025, covering critical areas such as power management and signal chain [3] - The company’s GaN devices are enhancing energy conversion efficiency and reducing costs in data centers and AI applications [6] Market Opportunities - The explosion of AI computing power is creating new growth opportunities for power semiconductors, with the company's MOSFET products being significantly more valuable in AI servers compared to non-AI servers [5] - The company’s GaN FET chips have been successfully mass-produced for fast-charging applications in consumer electronics, solidifying its position in the high-efficiency, low-power semiconductor market [6] Shareholder Confidence - The company has initiated a share buyback plan, with a commitment of 100-200 million yuan to enhance employee stock ownership and demonstrate confidence in long-term value [7] - The management's actions align with the strategic focus on semiconductor core business and continuous R&D investment [7] Conclusion - The 2024 annual report reflects the company's strategic transformation and commitment to semiconductor technology, positioning it for value re-evaluation amid the trends of domestic semiconductor substitution and global energy transition [8]