Core Viewpoint - The company is currently constructing a project for an annual production capacity of 1.8 million pieces of 12-inch semiconductor silicon epitaxial wafers, which is expected to enhance its competitiveness by forming a complete industrial chain from single crystal to epitaxy [1] Group 1 - The 2022 convertible bond project is focused on the annual production of 1.8 million pieces of 12-inch semiconductor silicon epitaxial wafers [1] - The project is aligned with another project disclosed on November 18, 2025, which aims for an annual production of 1.8 million pieces of heavily doped substrate wafers [1] - Both projects will create upstream and downstream synergies, improving the company's production capacity for heavily doped silicon wafers and optimizing its product structure [1]

Core Viewpoint - The company is currently constructing a project for the annual production of 1.8 million pieces of 12-inch semiconductor silicon epitaxial wafers, which is part of its convertible bond project for 2022. This project is expected to complement another project disclosed on November 18, 2025, for the annual production of 1.8 million pieces of heavily doped substrate wafers, forming a complete industrial chain from single crystal to epitaxy, thereby enhancing the company's production capacity and overall competitiveness [1] Group 1 - The company is building a project for the annual production of 1.8 million pieces of 12-inch silicon epitaxial wafers [1] - The two projects will create a complete industrial chain from single crystal to epitaxy [1] - The projects aim to improve the company's production capacity of heavily doped silicon wafers and optimize product structure [1]

Core Viewpoint - Lianmicro announced an investment of approximately 2.262 billion yuan to expand production capacity for 12-inch heavily doped substrate wafers, which is expected to meet the growing demand for high-end power devices in various applications [1][3]. Group 1: Investment and Project Details - The project will be implemented in the existing factory of Jinruihong Microelectronics and aims to produce 1.8 million pieces of 12-inch heavily doped substrate wafers annually [1][3]. - The total investment for the project is around 2.262 billion yuan, with an estimated construction period of 60 months and an annual investment of about 350 million yuan [1][3]. Group 2: Market Demand and Product Applications - The new production capacity will support the existing 1.8 million pieces per year of 12-inch semiconductor silicon epitaxial wafers, catering to high-end power device needs [3]. - The produced wafers will be used in applications such as AI server uninterruptible power supplies, energy storage inverters, charging piles, industrial electronics, servo drivers, consumer electronics, automotive electronics, home appliances, embedded systems, and industrial control [3]. Group 3: Company Performance and Market Position - Lianmicro reported a revenue of approximately 2.64 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.94%, while net losses reached 108 million yuan, an increase of 53.61 million yuan compared to the previous year [3]. - The semiconductor silicon wafer segment generated a main business income of 1.976 billion yuan, up 19.66% year-on-year [3]. - The company has a monthly production capacity of 150,000 pieces of 12-inch silicon wafers at its Chuzhou base, with a current strong market demand for low-resistance products [6]. Group 4: Industry Context - The production of large-size silicon wafers is technically challenging, with high barriers in technology and production equipment, while domestic capacity is primarily focused on smaller sizes [6]. - The demand for 12-inch silicon wafers is expected to continue rising due to developments in 5G, smartphones, and data centers, indicating significant potential for domestic import substitution [6].

Core Viewpoint - Lianmicro plans to invest approximately 2.262 billion yuan to construct a project with an annual production capacity of 1.8 million pieces of 12-inch heavily doped substrate wafers, with a construction period of about 60 months [2][4]. Group 1: Investment and Project Details - The investment by Lianmicro's subsidiary, Jinruihong Microelectronics, will be implemented within the existing factory and aims to expand production capacity [4]. - The project will complement the existing annual production of 1.8 million pieces of 12-inch semiconductor silicon epitaxial wafers, targeting high-end power device demands [4]. - The new production capacity will focus on heavily doped arsenic and phosphorus silicon epitaxial wafers, which are essential for various applications including AI server uninterruptible power supplies, energy storage inverters, and automotive electronics [4]. Group 2: Financial Performance - For the first three quarters of 2025, Lianmicro reported revenue of approximately 2.64 billion yuan, a year-on-year increase of 15.94%, but incurred a net loss of 108 million yuan, which is an increase in loss of 53.61 million yuan compared to the previous year [5]. - The semiconductor silicon wafer segment generated a main business revenue of 1.976 billion yuan, reflecting a year-on-year growth of 19.66% [5]. Group 3: Market Demand and Sales - The sales volume of 6-inch equivalent wafers reached 14.5339 million pieces, marking a year-on-year increase of 32.54%, with 12-inch silicon wafer sales at 1.2779 million pieces (equivalent to 5.1117 million pieces of 6-inch), a growth of 69.70% year-on-year [8]. - The current market demand for low-resistance products is strong, particularly for applications in AI server uninterruptible power supplies, with the company’s production capacity for 12-inch silicon wafers at the Chuzhou base being 150,000 pieces per month [8]. - The domestic market for 12-inch silicon wafers is expected to grow due to the increasing demand from sectors such as 5G, smartphones, and data centers, indicating significant potential for domestic production to replace imports [8]. Group 4: Company Overview - Lianmicro was established in 2002 and was listed on the Shanghai Stock Exchange in 2020, with its main business covering semiconductor silicon wafers, semiconductor power device chips, and compound semiconductor RF and optoelectronic chips [4].

Group 1 - The company, Hangzhou Lion Microelectronics Co., Ltd, has issued convertible bonds totaling 339 million RMB, with 3.39 million bonds at a face value of 100 RMB each [3][4][15] - The bonds have a maturity period of up to 6 years, with an interest rate that increases from 0.3% in the first year to 2.0% in the sixth year [4][6] - The initial conversion price for the bonds is set at 45.38 RMB per share, subject to adjustments based on various corporate actions [6][8] Group 2 - The company reported a significant decline in net profit for 2024, with a loss of 26.58 million RMB, a decrease of 504.18% compared to the previous year [18] - The total revenue for 2024 was 309.23 million RMB, reflecting a 14.97% increase from 2023 [18] - The company's total assets increased by 5.73% year-on-year, reaching 1.93 billion RMB by the end of 2024 [18] Group 3 - The company is engaged in the semiconductor industry, focusing on the research, production, and sales of semiconductor silicon wafers and power device chips [18] - The main applications of the company's products include 5G communication, automotive electronics, and artificial intelligence [18] - The company has faced challenges in project timelines due to external economic conditions, leading to delays in the construction of certain projects [21][22]