Core Viewpoint - Fudan Microelectronics emphasizes its commitment to independent innovation and stable operations in response to being added to the U.S. BIS Entity List, highlighting its strategic reserves and diversified product offerings [2][3]. Group 1: Strategic Reserves - The company has strengthened its strategic reserves for core product lines, with inventory increasing from approximately 600 million yuan at the end of 2020 to about 3.1 billion yuan by mid-2025, enhancing supply chain stability and risk resistance [3]. Group 2: Industry Collaboration - Fudan Microelectronics maintains an open cooperation mindset, enhancing supply chain diversification since 2022 and deepening collaboration with domestic and international partners, which has improved supply chain resilience and production capacity [4]. Group 3: Frontier Innovation - The company has established a research and development platform for FPAI heterogeneous fusion architecture chips, covering a full range of computing power chips from 4 TOPS to 128 TOPS, with the first 32 TOPS product progressing well, supporting stable operations and long-term value growth [5].

Core Viewpoint - The U.S. Department of Commerce's BIS has added 23 Chinese entities to the Entity List, primarily affecting 13 semiconductor companies, prompting China to initiate an anti-discrimination investigation against U.S. measures in the integrated circuit sector [1][2][4] Group 1: U.S. Entity List and Its Implications - The U.S. has cited "violations of U.S. national security or foreign policy interests" as the reason for placing 23 Chinese entities on the Entity List [2] - Entities on the list require licenses for all items governed by EAR, with a presumption of denial for these licenses [2] - Notable companies on the list include Fudan Microelectronics Group, which is a leader in MCU, security and identification chips, and non-volatile memory [3] Group 2: China's Response - China has launched an anti-discrimination investigation into U.S. measures affecting the integrated circuit sector, focusing on discriminatory bans and restrictions since 2018 [4] - The investigation will begin on September 13, 2025, and typically lasts for three months, with potential follow-up measures based on the findings [4] Group 3: Investment Strategy and Focus Areas - The company maintains that U.S. restrictions on semiconductor exports will continue to strengthen but their effectiveness will gradually diminish, accelerating domestic substitution in China's AI and semiconductor industries [6] - Key areas for investment focus include: 1. Wafer foundries as core strategic assets for domestic semiconductor substitution [6] 2. Computing chip design firms that are rapidly building local technology systems [6] 3. Companies with low domestic production rates in advanced manufacturing equipment [6] 4. Advanced packaging technologies in AI chips, particularly in 2.5D/3D/HBM areas [6]

Core Viewpoint - The company emphasizes its commitment to independent innovation and stable operations, aiming to create long-term value for investors and partners in a complex global technology landscape [2]. Strategic Reserves - The company has significantly increased its strategic reserves, with inventory growing from approximately 600 million at the end of 2020 to about 3.1 billion by mid-2025, enhancing supply chain stability and risk resilience [3]. Industry Collaboration - The company maintains an open cooperation mindset, strengthening its supply chain diversification since 2022 and enhancing collaboration with domestic and international partners, which has improved supply chain resilience and production capacity [4]. Frontier Innovation - The company has established a research and development platform for FPAI heterogeneous fusion architecture chips, covering a full spectrum of computing power chips from 4 TOPS to 128 TOPS, with the first 32 TOPS product showing good promotion progress [5]. - The company is committed to continuous core technology upgrades and enhancing independent control levels while fostering collaborative innovation within the industry [5].

公司各产品线所面对的市场竞争激烈，公司积极拓展新产品和新市场，巩固或扩大市场占有率，除非挥 发存储器外，集成电路设计板块各产品线均取得增长，营业收入有所提升。由于公司确认的集成电路设 计企业增值税加计抵减额及政府补助专项验收减少，其他收益下降；存货中部分产品需求下降及库龄变 长等原因计提存货跌价准备增加，使得报告期归属于上市公司股东的净利润下降。 格隆汇8月27日丨复旦微电(688385.SH)公布，报告期内，公司实现营业收入约为18.39亿元，较上年同期 增加2.49%；综合毛利率为56.80%，同比增加0.31个百分点；实现归属于上市公司股东的净利润约为 1.94亿元，较上年同期减少44.38%；归属于上市公司股东的扣除非经常性损益的净利润约为1.82亿元， 较上年同期减少40.96%。 ...

Core Insights - Fudan Microelectronics reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, while net profit attributable to shareholders decreased by 44.38% to 194 million yuan [1] - The decline in net profit is attributed to intense market competition, reduced government subsidies, and increased inventory write-downs due to declining demand for certain products [1] - The company has a diverse product line including security and identification chips, non-volatile memory, smart meter chips, and FPGA, with growth in most segments except for non-volatile memory [1][2] Business Performance - The security and identification chip product line generated approximately 393 million yuan in sales, with some sub-products performing well due to market demand, although overall revenue faced pressure from competition [3] - The non-volatile memory product line achieved sales of about 440 million yuan, while the smart meter chip line generated approximately 248 million yuan in revenue [3] - The FPGA and other products line, which includes FPGA, PSoC, and FPAI, reported sales of around 681 million yuan, positioning the company as a leading FPGA supplier in China [2] Strategic Adjustments - The company is actively adjusting its inventory structure to alleviate financial pressure and ensure supply chain security, having previously engaged in strategic stocking [2] - Fudan Microelectronics plans to explore growth opportunities in the second half of 2025 by enhancing collaboration across the supply chain and adapting product strategies to market changes [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 海外監管公告 本公告乃上海復旦微電子集團股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第 13.10B 條的規定刊發。 茲載列本公司於上海證券交易所網站刊發的《2025 年半年度報告》，僅供參閱。 承董事會命 上 海 復 旦 微 電 子 集 團 股 份 有 限 公 司 董事長 張衛先生 中國，上海，2025 年 8 月 27 日 於本公告日期，本公司之執行董事為張衛先生及沈磊先生； 非執行董事為閆娜女士、 莊啟飛先生、張睿女士及宋加勒先生；獨立非執行董事為石艶玲女士、王美娟女士及胡 雪先生。 *僅供識別 上海复旦微电子集团股份有限公司 ...

上海复旦(01385)发布截至2025年6月30日止六个月中期业绩，集团实现营业收入约为人民币18.39亿元， 较上年同期增加2.49%;综合毛利率为56.80%，同比增加0.31个百分点;归属于母公司股东的净利润约为人 民币1.94亿元，较上年同期减少约44.38%;归属于母公司股东的扣除非经常性损益的净利润约为人民币 1.82亿元，较上年同期减少约40.96%。 于2025年6月30日，集团总资产约为人民币93.03亿元，较报告期初增长约2.90%;归属于母公司股东的净 资产约为人民币60.34亿元，较报告期初增长约2.37%。 报告期内，经营活动产生的现金流量约为人民币1.86亿元，较上年同期增加45.94%，主要系本期销售商 品收到的现金增加致经营活动现金流入金额增加所引起。 集团各产品线所面对的市场竞争激烈，集团积极拓展新产品和新市场，巩固或扩大市场占有率，除非挥 发存储器外，集成电路设计板块各产品线均取得增长，营业收入有所提升。由于公司确认的集成电路设 计企业增值税加计抵减额及政府补助专项验收减少，其他收益下降;存货中部分产品需求下降及库龄变 长等原因计提存货跌价准备增加，使得报告期归属于母公司股 ...

格隆汇8月27日丨上海复旦(01385.HK)公告，于2025年1月1日至2025年6月30日内，集团实现营业收入约 为人民币18.39亿元，较上年同期增加2.49%；综合毛利率为56.80%，同比增加0.31个百分点；归属于母 公司股东的净利润约为人民币1.94亿元，较上年同期减少约44.38%；归属于母公司股东的扣除非经常性 损益的净利润约为人民币1.82亿元，较上年同期减少约40.96%。 集团各产品线所面对的市场竞争激烈，集团积极拓展新産品和新市场，巩固或扩大市场占有率，除非挥 发存储器外，集成电路设计板块各産品线均取得增长，营业收入有所提升。由于公司确认的集成电路设 计企业增值税加计抵减额及政府补助专项验收减少，其他收益下降；存货中部分産品需求下降及库龄变 长等原因计提存货跌价准备增加，使得报告期归属于母公司股东的净利润下降。 ...

Core Viewpoint - The report highlights the financial performance and operational status of Shanghai Fudan Microelectronics Group Co., Ltd. for the first half of 2025, indicating a slight increase in revenue but a significant decline in net profit due to various market pressures and operational challenges [1][3]. Financial Performance - The company achieved a revenue of approximately 1.84 billion RMB, representing a 2.49% increase compared to the same period last year [3]. - Total profit for the period was 172.53 million RMB, a decrease of 49.86% year-on-year [3]. - Net profit attributable to shareholders was approximately 193.61 million RMB, down 44.38% from the previous year [3]. - The net cash flow from operating activities increased by 45.94% to approximately 185.53 million RMB [3]. - As of June 30, 2025, total assets reached approximately 9.30 billion RMB, a 2.90% increase from the beginning of the year [3]. Business Overview - The company operates in the semiconductor industry, focusing on the design, development, and testing of integrated circuits [5]. - The semiconductor market is projected to grow significantly, with an expected increase of 11.2%, reaching an estimated value of 697 billion USD globally [5]. - In the first half of 2025, China's semiconductor production reached 239.47 billion units, reflecting an 8.7% year-on-year growth [5]. Product Lines - The company has a diverse product portfolio, including security and identification chips, non-volatile memory, smart meter chips, and FPGA [6]. - The security and identification chip product line generated approximately 393 million RMB in sales during the first half of 2025 [6]. - The non-volatile memory product line achieved sales of about 440 million RMB, benefiting from a recovery in demand in the consumer electronics market [7]. - The smart meter chip product line recorded sales of approximately 248 million RMB, maintaining a competitive edge despite a decrease in national grid meter bidding volume [9]. - The FPGA product line, a key area for the company, generated approximately 681 million RMB in sales, leveraging advanced technology and applications in various sectors [10]. Market Challenges - The company faces intense competition in the market, particularly in the storage products and security chip segments, leading to pricing pressures and inventory challenges [5][6]. - The company is actively adjusting its inventory structure to mitigate financial pressure while seeking new growth opportunities [5]. Research and Development - The company invested approximately 533 million RMB in R&D, accounting for 28.99% of its revenue, indicating a strong commitment to innovation [12]. - The company has established a multi-layered R&D system to enhance its competitive edge in the semiconductor industry [12]. - Continuous improvements in technology and product offerings are being pursued, particularly in the areas of security and identification chips, non-volatile memory, and smart meter technology [13][14].

Core Viewpoint - Fudan Microelectronics Group Co., Ltd. is facing significant challenges as it anticipates a substantial decline in net profit for the first half of the year, alongside a slight increase in revenue, indicating operational difficulties and management changes [1][4]. Financial Performance - The company expects to achieve revenue between 1.82 billion and 1.85 billion yuan, representing a year-on-year growth of 1.44% to 3.12% [1]. - The anticipated net profit attributable to shareholders is projected to be between 180 million and 210 million yuan, reflecting a year-on-year decline of 39.67% to 48.29%, a decrease of 138 million to 168 million yuan [1]. - The expected net profit after deducting non-recurring items is estimated to be between 170 million and 200 million yuan, down 35.24% to 44.95%, a reduction of 109 million to 139 million yuan [1]. - The company's revenue for 2022, 2023, and 2024 is reported as 3.539 billion, 2.627 billion, and 3.590 billion yuan, respectively, while net profits for the same years are 1.077 billion, 719 million, and 573 million yuan [2]. Profitability Trends - The company's gross margin has decreased from 64.67% in 2022 to 55.95% in 2024, while the net margin has dropped from 31.57% to 15.59% over the same period [4]. - In the first quarter of 2025, the company reported total revenue of 888 million yuan, a year-on-year decline of 0.54%, and a net profit of 136 million yuan, down 15.55% [4]. - The gross margin and net margin for the first quarter of 2025 were 58.14% and 14.5%, respectively, indicating a significant reduction compared to previous years [4]. Management Changes - The company underwent a significant management reshuffle, with key founding team members, including the former chairman and general manager, not being nominated for new positions [7]. - The board of directors' restructuring was met with opposition from some members, who expressed concerns about the potential impact on the company's stability and strategic direction [7]. - The new chairman emphasized that the restructuring was a critical decision aimed at optimizing the organizational structure and clarifying strategic direction, despite the company's disappointing performance [7].