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 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].

Group 1 - The core viewpoint of the article highlights the recent research conducted by QuanGuo Fund on Fudan Microelectronics, focusing on the company's strategic direction and product development [1][2]. - QuanGuo Fund was established on February 8, 2022, and currently manages assets totaling 16.396 billion yuan across six funds, with the best-performing fund in the past year being QuanGuo XuYuan Three-Year Holding Mixed A, achieving a return of 48.96% [1][2]. - The company is enhancing its business units' capabilities and focusing on supply chain construction while exploring new product lines to drive high-quality growth [1][2]. Group 2 - The FPAI heterogeneous fusion architecture chip integrates CPU, FPGA, and NPU, with a product development range from 4 TOPS to 128 TOPS, and the first 32 TOPS chip is progressing well in the market [3]. - The FPGA products are primarily based on 28nm technology, with ongoing efforts to expand into 1xnm FinFET ten billion gate products [4]. - The company is a leading FPGA supplier in China, actively building a "chip-software-solution" ecosystem [5]. Group 3 - In the first half of the year, the revenue from the security and identification chip product line was approximately 393 million yuan, accounting for 21% of total revenue, with some sub-line revenues declining due to market impacts [6]. - The RFID and sensor chip sub-lines, as well as the smart identification device chip sub-line, performed well, with the company maintaining a leading market share in several niche areas [6]. - The smart meter chip product line continued to grow, with sales increasing in various applications, including smart water, gas, and heat meters, as well as industrial control [6].