Core Insights - The company, Shanghai Anlu Information Technology Co., Ltd. (Anlu Technology), reported a strong recovery in its performance for the first half of 2025, achieving a revenue of 223 million yuan, with a quarter-on-quarter growth of 39.4% in the second quarter [1] - Anlu Technology is a leading supplier of FPGA (Field Programmable Gate Array) products in China, with a diverse range of product models that are increasingly applied across various sectors [1] - The company has made significant breakthroughs in emerging fields, particularly in the power and new energy market, where sales revenue grew by over 20% year-on-year due to the rising demand for smart grid construction and domestic substitution [1] - In the intelligent computing center server market, Anlu Technology's products have been recognized for their performance and stability, successfully entering several leading internet companies, with expectations for continued revenue growth driven by explosive data processing demands [1] R&D and Intellectual Property - During the reporting period, the company's R&D investment reached 174 million yuan, accounting for 77.84% of its revenue, an increase of 17.28 percentage points compared to the same period last year [2] - As of June 30, 2025, the company has applied for a total of 482 intellectual property rights, including 280 invention patents, with 47 new applications during the reporting period, of which 37 are invention patents [2]

同时，公司独立董事曹钟勇、邹甫文也对换届选举、延期召开2024年度股东大会等议案投了反对票。曹 钟勇给出的理由是经营层领导班子波动太大。邹甫文则表示，希望延期的时间更合理，以便解决各方对 于董事会换届问题存在的分歧，使得换届平稳进行，利于公司健康发展，保护小股东利益。 对此，6月9日，复旦微电相关负责人向证券时报记者表示，公司尊重相关董事会成员、股东表达自身观 点的权利。 根据安排，公司将于6月18日召开的2024年度股东周年大会上审议上述董事会换届事宜。新董事会董事 任期自该次股东大会审议通过之日起生效，任期三年。 "从之前公司董事会对换届的投票结果看，分歧比较明显。目前我们一是关注延期至6月18日的股东周年 大会情况；二是随着AI、边缘计算等高增长领域的蓬勃需求，FPGA正展现出巨大的应用潜力，公司如 何把握行业机遇，以及未来有哪些措施来改善经营。"近日有复旦微电的机构投资者向证券时报记者表 达了些许看法。 据5月31日公告，公司董事会审议通过了第十届董事会换届方案、延期召开股东大会等议案。但从投票 结果来看，彼时复旦微电执行董事兼总经理及两位独立董事对相关议案提出了异议。 其中，复旦微电执行董事兼总经理 ...

Core Viewpoint - The number of aviation industrial parks in China is projected to reach 128 in 2024, an increase of 14 parks year-on-year, driven by strong national strategic support and favorable policies [1][12]. Industry Overview - Aviation industrial parks are designated areas focused on aviation-related manufacturing, research, maintenance, and operations, created to foster industry clustering and collaboration through government incentives [1]. Industry Development History - The development of China's aviation industrial parks has progressed through three stages: 1. Initial stage (2003-2008) with only 8 parks established 2. Steady growth phase (2009-2014) with the number increasing to 44 3. Rapid growth phase (2015-present) where the number of parks has surged, averaging 10 new parks annually [3]. Industry Chain - The upstream of the aviation industrial park industry chain includes raw materials, components, and basic equipment, while the midstream focuses on operations and services, and the downstream involves airlines and maintenance companies [5]. Current Industry Status - The aviation industry is experiencing a recovery with passenger transport expected to reach 730 million in 2024, a year-on-year increase of 18.1%, and air cargo volume increasing by 22.1% [12]. Policy Support - Recent policies, such as the "General Aviation Equipment Innovation Application Implementation Plan (2024-2030)", aim to enhance the supply capacity and innovation ability of general aviation equipment by 2027, providing a three-dimensional drive for aviation industrial parks [9][11]. Industry Development Trends 1. **Technological Upgrades**: The industry is focusing on innovation-driven high-quality development, with key areas including unmanned, electric, and intelligent technologies [21]. 2. **Industry Clustering**: Aviation industrial parks are becoming core carriers for industry chain integration, with significant regional differentiation and specialization [22]. 3. **International Cooperation**: There is an increasing trend of international collaboration, with domestic companies engaging in joint ventures and technology transfers to enhance global competitiveness [23].

Financial Data and Key Metrics Changes - The company reported revenue of $120.1 million for Q1 2025, reflecting a 2% increase compared to Q4 and a 15% decline year-over-year [15][8] - Non-GAAP gross margin was 69%, up 690 basis points from Q4, indicating resilience despite lower revenue levels [16][8] - Non-GAAP operating margin was 26.2%, and adjusted EBITDA margin was 33.4%, demonstrating financial discipline [17][8] - Free cash flow for Q1 was $23.3 million, with a free cash flow margin of 19.4% [17][8] Business Line Data and Key Metrics Changes - The communications and computing segment experienced its first year-on-year growth in two years, while industrial and automotive grew 6% sequentially, marking its first quarter of sequential growth in six quarters [9][10] - Revenue from new products continued to grow at a strong double-digit pace, both sequentially and year-on-year [10][12] Market Data and Key Metrics Changes - The company noted improvements in bookings across various end markets, particularly in cloud and AI-related sectors [33][34] - The industrial sector showed positive trends with PMI above 50 for the past four years, while automotive remained flat [34][35] Company Strategy and Development Direction - The company is focused on cost controls, operational efficiency, and delivering value to shareholders while navigating macroeconomic uncertainties [7][8] - There is a strong emphasis on expanding design win rates in small and mid-range FPGAs, with a goal of achieving high teens percentage of new product revenue for the full year 2025 [10][12] - The company is committed to driving innovation and expanding customer engagements, with a strong belief in sustainable growth [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the second half of 2025, closely monitoring the impact of tariffs and customer demand [13][20] - The company expects a U-shaped recovery in the long term, supported by improving demand signals and a strong backlog [12][13] - Management remains confident in the strength of their product portfolio and market position, despite potential macroeconomic challenges [12][34] Other Important Information - The company repurchased approximately $25 million of common stock during the quarter, reducing dilution by 4.6% [19][20] - The balance sheet remains strong, with no debt and ready access to capital for future growth investments [18][19] Q&A Session Summary Question: Update on 2025 revenue outlook - Management sees no change in the 2025 revenue outlook, citing improving demand signals and a better book-to-bill ratio [26] Question: Differences in growth rates between segments - The decline in the communications and computing segment was primarily due to client revenue decline related to older platforms, while server and communication businesses have shown growth [28] Question: Impact of tariffs on customer positioning - Management noted strong demand from cloud customers and improvements in industrial sectors, while remaining cautious about potential tariff impacts [34][35] Question: Design win momentum and growth drivers - Design win momentum remains strong, driven by differentiation in product attributes, with both unit recovery and ASP improvements contributing to growth [37] Question: Inventory levels and normalization - Channel inventory is expected to take longer to normalize than initially anticipated, but internal inventory has seen significant reductions [46][48] Question: Competitive landscape in low power, small size FPGAs - The company remains confident in its unique architecture and product advantages, despite increased competition from larger players [80] Question: New product growth expectations - New product growth is expected to accelerate, with contributions from Nexus and Avant products layering in over the next few years [108][110]

英特尔首席执行官陈立武表示："今天的公告反映了我们对提高关注、降低支出结构和加强资产负债 表的承诺。Altera将继续推进产品组合的重新定位，以参与FPGA市场中增长最快、利润最高的细分 市场。" Altera目前专注于FPGA（现场可编程门阵列）、CPLD（复杂可编程逻辑器件）和结构化ASIC技 术，产品应用于通信、数据中心和工业自动化等领域。 该交易预计将于2025年下半年完成，完成后，英特尔预计将把Altera的财务业绩从英特尔的合并财 务报表中剥离。2024财年，Altera营收15.4亿美元，GAAP毛利润3.61亿美元，GAAP运营亏损 6.15亿美元；非GAAP毛利润7.69亿美元，非GAAP运营利润3500万美元。 近年来英特尔面临诸多挑战，在先进制程方面落后于台积电和三星，CPU市场份额被AMD蚕食，在 AI芯片领域也远落后于英伟达。2015年，英特尔以近170亿美元收购Altera，希望借助其技术拓展非 传统CPU市场，增强在数据中心和物联网领域的竞争力。但Altera未能成为英特尔的增长引擎，没有 为其带来预期的业务突破。 从财务上看，此次出售Altera 51%的股份可以缓解英特尔部分 ...