对于此次转让，芯联集成表示，交易有利于合营公司业务独立开展，价格公允合理，不存在损害公司和 股东权益的情况。交易不会对公司持续经营能力、盈利能力及资产独立性等产生不利影响，也不涉及管 理层变动、人员安置、土地租赁等问题，且不会直接导致交易完成后新增关联交易。未来，公司将根据 自身需求与芯港联测开展正常业务合作，并及时履行关联交易审批程序。 新能源与AI助力半年减亏近64% 随着新能源和AI业务持续增长，芯联集成业绩回暖。据披露，2025年上半年，公司实现营业收入34.95 亿元，同比增长21.38%；归母净利润-1.7亿元，同比减亏63.82%。其中，二季度其实现归母净利润0.12 亿元，首次实现单季度归母净利润转正。 拟4.58亿元转让检测业务资产 芯联集成近日公告称，公司及其子公司计划将持有的检测业务设备、专利及非专利型专有技术转让给芯 港联测，转让对价不低于约4.58亿元。此次交易旨在优化资源配置，推动合资公司业务独立开展，聚焦 核心业务发展，预计对公司财务状况和经营成果产生积极影响。 芯联集成在芯片实验室检测领域已深耕多年，在硬件设施、实验设备、软件、技术、资质、经验和人员 等方面积累了丰富资源。为更 ...

Investment Rating - The report maintains a rating of "Increase" for the company [4] Core Viewpoints - The company achieved a revenue of 3.495 billion yuan in the first half of 2025, representing a year-on-year growth of 21.38%. The net profit attributable to the parent company was a loss of 170 million yuan, which is a reduction in loss by 63.82% year-on-year [2] - The semiconductor industry is experiencing a recovery, driven by the demand from electric vehicles, smart driving, data centers, and AI computing needs. The global semiconductor market is expected to reach 700.9 billion USD in 2025, growing by 11.2% [3] - The company has strengthened its collaboration with end customers, leading to significant revenue growth in its module packaging business, particularly in automotive power modules and AI server applications [2][3] Financial Summary - Revenue is projected to grow from 5.324 billion yuan in 2023 to 13.006 billion yuan in 2027, with a compound annual growth rate (CAGR) of 20.7% [1] - The net profit attributable to the parent company is expected to improve from a loss of 1.958 billion yuan in 2023 to a profit of 336 million yuan in 2027 [1] - The company's return on equity (ROE) is forecasted to turn positive by 2026, reaching 3.9% in 2027 [1] Industry Insights - The demand for power semiconductors is expected to grow significantly due to the expansion of the electric vehicle market and advancements in smart technology [8] - The company has added over 10 new projects for its 6-inch SiC MOSFETs and has entered mass production with five automotive customers [8]

Core Insights - The company reported a revenue of 3.495 billion yuan for the first half of 2025, representing a year-on-year growth of 21.38% [1] - The net profit attributable to shareholders improved to -170 million yuan, a reduction in losses by 63.82% year-on-year, with a positive net profit of 12 million yuan in Q2 [1] - The company aims to become a leading one-stop chip system foundry globally, focusing on power control, power drive, and sensor signal chain chips for automotive, industrial control, high-end consumer, and AI sectors [1] Financial Performance - Revenue for the first half of 2025 reached 3.495 billion yuan, up 21.38% year-on-year [1] - The company achieved a net profit of 12 million yuan in Q2, marking its first positive quarterly net profit [1] - The net loss for the first half was reduced to 170 million yuan, a 63.82% improvement compared to the previous year [1] Business Segments - The automotive sector saw a revenue increase of 23% year-on-year, while the industrial control sector grew by 35% [1] - AI business contributed 6% to the overall revenue, indicating its growing importance in the company's portfolio [1][4] - The company has established a complete series of wind-solar-storage products in the new power system sector and has formed close collaborations with leading industry clients [3] R&D and Innovation - The company maintained a high R&D investment of 964 million yuan in the first half, reflecting a growth of over 10% [1][2] - The company has developed over 10 new projects for 6-inch SiC MOSFETs and has entered mass production with five new automotive clients [2] - The company’s 4500V IGBT has been successfully mass-produced and is capable of stable operation in high-voltage grid environments [3] AI and Advanced Technologies - The AI business is focused on infrastructure and terminal applications, contributing 6% to revenue in the first half of 2025 [4] - The company launched a second-generation high-efficiency power management chip platform for data centers, achieving large-scale production [4] - The company has developed China's first 55nm BCD integrated DrMOS chip, which has completed customer validation and is gradually ramping up production [4]

Core Insights - The company reported a revenue of 3.495 billion yuan for the first half of 2025, representing a year-on-year growth of 21.38% [1] - The main revenue reached 3.457 billion yuan, with a year-on-year increase of 24.93% [1] - The company achieved a net profit of 12 million yuan in the second quarter, marking its first positive quarterly profit [1] - The gross margin for the first half was 3.54%, an increase of 7.79 percentage points year-on-year [1] - Operating cash flow net amount was 981 million yuan, up 77.10% year-on-year [1] - EBITDA exceeded 1.1 billion yuan [1] Business Performance - The company’s operational efficiency improved, with significant growth in the new energy and AI sectors [2] - Revenue from the automotive sector grew by 23% year-on-year, while the industrial control sector saw a 35% increase [2] - R&D investment reached 964 million yuan, a growth of over 10% [2] - The company has established over 10 new projects for 6-inch SiC MOSFETs and has entered mass production with five new automotive clients [2] - The first domestic 8-inch SiC production line has achieved mass production, with key performance indicators leading the industry [2] AI Business Development - AI business contributed 6% to the company's revenue [4] - The company provides a comprehensive chip system foundry solution for AI infrastructure, covering power devices, driver ICs, and more [4] - The second-generation high-efficiency power management chip platform for data centers was launched, with key customer adoption [4] - The company has developed China's first 55nm BCD integrated DrMOS chip, which has completed customer validation [4] Product Innovations - The company has established a complete series of wind-solar-storage products and has formed close collaborations with leading industry clients [3] - The industrial frequency conversion module using self-developed micro-groove field cutoff technology has entered mass production [3] - The number of analog IC foundry products increased by 140%, with a 25% growth in customer numbers [3] Market Position - The company ranks third in the national installation volume of silicon carbide power modules and fourth in the installation volume of main drive power modules for new energy vehicles [2]