Group 1 - The company has changed its auditing firm to Tianjian Accounting Firm for the 2025 fiscal year, with the decision approved during the board meeting on July 25, 2025, and the first extraordinary shareholders' meeting on August 12, 2025 [1][2][3] - The new signing auditors are Chen Zhenwei and Weng Jincheng, while the new project quality reviewer is Li Zongwei, replacing the previous personnel due to internal adjustments at Tianjian [1][2][3][6] Group 2 - The company forecasts a net profit attributable to shareholders of the parent company for 2025 to be between 14 million and 21 million yuan, marking a turnaround from a loss in the previous year, with an increase of 28.47 million to 35.47 million yuan, representing a year-on-year growth of 196.77% to 245.15% [11][13] - The expected net profit after deducting non-recurring gains and losses is projected to be between 8 million and 12 million yuan, an increase of 41.99 million to 45.99 million yuan compared to the previous year, reflecting a year-on-year increase of 123.54% to 135.30% [11][13] - The improvement in performance is attributed to the recovery in the power semiconductor industry, increased demand for new power electronic devices, and the company's strategic adjustments in product offerings [15][16]

Core Viewpoint - The company, Hongwei Technology, is expected to turn a profit in 2025, with projected net profits ranging from 14 million to 21 million yuan, marking a significant increase compared to the previous year [1] Group 1: Financial Projections - The estimated net profit attributable to the parent company for 2025 is projected to be between 14 million and 21 million yuan, an increase of 28.47 million to 35.47 million yuan year-on-year, representing a growth of 196.77% to 245.15% [1] - The projected net profit after deducting non-recurring gains and losses is expected to be between 8 million and 12 million yuan, reflecting an increase of 41.99 million to 45.99 million yuan year-on-year, which corresponds to a growth of 123.54% to 135.30% [1] Group 2: Industry Outlook - The power semiconductor industry is anticipated to recover in 2025, driven by increased global investment in intelligent computing and rising chip power consumption [1] - There is a growing demand for new power electronic devices in sectors such as renewable energy generation, industrial control, and AI server power supplies, which is expected to accelerate the iteration of these devices [1] - The company is strategically expanding its product offerings, including IGBT, MOSFET, FRD, SiC, and GaN, to meet market demands and enhance overall profitability [1] Group 3: Operational Strategy - The company is actively adjusting its business strategy in response to improving market conditions and is focusing on clearing long-term inventory, which is expected to significantly reduce asset impairment losses and positively impact net profits [2]

（记者 曾健辉） 每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，宏微科技1月30日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为1400万元~2100万元，较上年同期相比，将实现扭亏为盈，预计较上年同期增加2846.73万元~3546.73 万元，同比增加196.77%~245.15%。业绩变动主要原因是，主营业务的影响。2025年，公司所处的功率 半导体行业景气度回升。全球智算投资持续加码，芯片功耗攀升与机柜密度跃增驱动供电升级，新能源 发电、工业控制、AI服务器电源等领域对新型电力电子装置的需求加速迭代。公司把握市场机遇，持 续丰富IGBT、MOSFET、FRD及SiC、GaN产品组合，扩大业务外延，丰富客户结构，根据客户需求提 供定制化的功率器件解决方案，带动了整体盈利能力提升。 ...

证券日报网讯1月16日，宏微科技在互动平台回答投资者提问时表示，公司始终将自主创新作为发展核 心，核心在于自主研发的芯片设计技术及先进封装工艺，实现高压封装和模块化封装的突破性进展，大 幅降低对进口技术的依赖；同时积极推进核心设备国产化，与国内设备厂商深度合作，成功实现关键制 造设备的自主替代；在供应链与产能方面，公司持续强化关键材料的国产化供应体系，优化产能布局以 保障稳定供应，并通过扩产计划提升国内市场份额；质量体系上，严格执行ISO9001等国际标准，建立 全链条质量管控机制，确保产品高可靠性和一致性；核心专利方面，公司已累计拥有超过100项自主专 利，覆盖IGBT、FRD、SiC、GaN等功率半导体核心技术领域，为技术自主可控提供坚实支撑，未来将 进一步加大研发投入，深化国产化替代，巩固科技自立自强战略优势。 ...

Core Viewpoint - Hongwei Technology (宏微科技) has signed a procurement contract with a leading domestic electric vehicle manufacturer to supply SiC MOSFET devices, indicating recognition of its R&D capabilities and product quality, which is expected to positively impact its business performance [1] Group 1: Company Developments - Hongwei Technology's subsidiary, Changzhou Xindongneng Semiconductor Co., Ltd., has been confirmed as a supplier for SiC MOSFET devices after receiving a notice of designation from the electric vehicle manufacturer in August [1] - The procurement contract is a framework agreement and does not constitute a substantial order; specific transaction details will be defined in future orders [1] - The company focuses on the design, R&D, production, and sales of power semiconductor chips, modules, and devices, with applications in electric vehicles, renewable energy, industrial control, and consumer electronics [1] Group 2: Market Trends - The power semiconductor market is experiencing structural growth, with significant differentiation in demand across various application fields; the electric vehicle, photovoltaic, and energy storage sectors are driving industry growth [2] - There is an accelerated expansion of production capacity in the third-generation semiconductor sector, particularly for SiC and GaN, while some mid-to-low-end product areas are facing oversupply and increased competition [2] Group 3: Strategic Initiatives - Hongwei Technology adheres to a "one body, two wings" strategy, focusing on solidifying its silicon-based IGBT core business while expanding into SiC and GaN markets [2] - The company has achieved small-scale shipments of certain SiC products and is recognized by leading customers for its self-developed modules, with plans to accelerate product validation and delivery [2] - A five-year strategic cooperation memorandum has been signed with Huahong Hongli to deepen collaboration in IGBT and FRD core product areas, enhancing the competitiveness of its "light asset+" model [3]

Core Viewpoint - Jiangsu Hongwei Technology Co., Ltd. reported a revenue of approximately 680 million yuan for the first half of 2025, reflecting a year-on-year increase of 6.86%, while the net profit attributable to shareholders rose by 18.45% to nearly 3 million yuan, indicating a positive growth trajectory in the power semiconductor sector [3][17]. Company Overview and Financial Indicators - The company specializes in the design, research, production, and sales of power semiconductor chips, modules, and discrete devices, focusing on IGBT and FRD technologies [3][15]. - Key financial metrics for the first half of 2025 include: - Revenue: 680,274,323.09 yuan, up 6.86% from the previous year - Net profit attributable to shareholders: 2,978,037.94 yuan, up 18.45% - Basic earnings per share: 0.0140 yuan, up 18.64% [3][17]. Industry Context - The power semiconductor industry is experiencing rapid growth driven by the demand for electric vehicles, renewable energy, and advanced industrial applications [8][11]. - The global power semiconductor market is projected to grow from approximately 26.2 billion USD in 2024 to 70.8 billion USD by 2030, with significant contributions from SiC and GaN technologies [11]. - The domestic market for new energy vehicles saw production and sales reach 6.968 million and 6.937 million units respectively by June 2025, marking year-on-year growth of 41.4% and 35.5% [12][11]. Technological Advancements - The company has developed advanced IGBT and FRD chips for photovoltaic applications, achieving reliability testing and mass production [17][18]. - Significant progress has been made in SiC and GaN technologies, with successful development and testing of various chips aimed at automotive and renewable energy applications [19][18]. - The strategic collaboration with Huahong Hongli aims to enhance the performance of IGBT and SiC MOSFET products, aligning them with international standards [16]. Market Opportunities - The demand for power semiconductor devices is expected to grow in sectors such as electric vehicles, energy storage, and industrial control, driven by technological innovations and policy support [8][11]. - The company is positioned to capitalize on the expanding market for renewable energy and electric vehicle infrastructure, particularly in the context of China's carbon neutrality goals [11][12].

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company achieved significant growth in both revenue and net profit in 2Q25, with revenue reaching 1.016 billion yuan (YoY +39.55%, QoQ +10.57%) and net profit at 172 million yuan (YoY +53.15%, QoQ +65.61%) [1] - The company's new energy business saw a year-on-year revenue increase of 52.82% in 1H25, driven by strong demand in the automotive and photovoltaic sectors [2] - The company is advancing in silicon carbide (SiC), gallium nitride (GaN), and microcontroller unit (MCU) technologies, which are expected to open new growth opportunities [3] Summary by Sections Financial Performance - In 1H25, the company's revenue from the new energy sector was 1.213 billion yuan, with the electric vehicle segment growing by 25.80% year-on-year [2] - The company reported a gross margin of 29.16% in 2Q25, reflecting a slight decrease from the previous year [1] Product Development - The company has successfully launched multiple production models for its automotive-grade SiC modules and is ramping up its 6-inch SiC production line [3] - The automotive-grade GaN driver modules are expected to enter the vehicle application phase by 2026 [3] Market Outlook - The company is well-positioned for growth in overseas markets and has adjusted its expense ratio slightly, projecting net profits of 620 million yuan, 743 million yuan, and 899 million yuan for 2025-2027 [3] - The company maintains a favorable outlook on its diversified product line and market expansion strategies [3]

Core Insights - The company reported a revenue of 680 million yuan for the first half of 2025, representing a year-on-year growth of 6.86%, and a net profit attributable to shareholders of 2.978 million yuan, up 18.45% year-on-year [1] - Despite signs of recovery in the power semiconductor industry, challenges such as price competition and macroeconomic fluctuations persist, but the company achieved steady revenue growth and continuous profit improvement through ongoing technological breakthroughs and market deepening [1] Financial Performance - Revenue for the first half of 2025 reached 680 million yuan, with a year-on-year increase of 6.86% [1] - Net profit attributable to shareholders was 2.978 million yuan, reflecting an 18.45% year-on-year growth [1] - R&D expenses amounted to 58.5661 million yuan, accounting for 8.61% of revenue, with a year-on-year increase of 8.64% [1] R&D and Innovation - The company has increased its R&D personnel to 220, with over 20% holding master's or doctoral degrees, and has accumulated 139 patents [1] - Significant progress has been made in core technologies such as IGBT, FRD, SiC, and GaN, with successful development of 1200V SiC MOSFET chips and GaN chips [2] - The company aims to enhance product competitiveness through technological iteration and production line optimization during the industrialization window of third-generation semiconductor devices [2] Strategic Collaborations - A five-year strategic cooperation memorandum was signed with Huahong Hongli to deepen collaboration in 12-inch wafer processes and joint development of core products [2] - Collaborations with various research institutions aim to innovate reliability testing for power devices and explore applications of SiC chips in new power systems [3] - The company is also engaging in forward-looking explorations of power semiconductors in nuclear fusion applications [3]

Core Viewpoint - The company, Xi'an Pairui Power Semiconductor Technology Co., Ltd., is adjusting its fundraising project by changing part of the construction content, project location, and extending the implementation period due to market conditions and operational considerations [2][9]. Fundraising Project Adjustment Overview - The company raised a total of RMB 318.4 million by issuing 80 million shares at RMB 3.98 per share, with a net amount of RMB 269.31 million after deducting issuance costs [1]. - The adjustments were approved in meetings held on January 17, 2024, and February 2, 2024, and will be submitted for shareholder approval [2][8]. Original and Adjusted Project Details - The original project was focused on the industrialization of high-power semiconductor devices, with a total planned investment of RMB 57 million, using RMB 26.93 million from the raised funds [4][6]. - The adjusted project will now focus on 5-inch and 6-inch thyristors, IGCT, FRD, and other power semiconductor modules, with a revised total investment of RMB 53.53 million, maintaining the use of RMB 26.93 million from the raised funds [7][4]. Reasons for Adjustment - The company identified intense competition in the SiC market, dominated by international firms, leading to the decision to cancel SiC-related R&D and production plans due to high investment costs and limited market entry channels [6][3]. - The adjustments are deemed necessary to align with market conditions and the company's strategic development, aiming to reduce investment risks and protect shareholder interests [9][8]. Review and Approval Process - The adjustments have been reviewed and approved by the company's board and supervisory committee, and are pending approval from the shareholders [9][8]. - The sponsor institution, China International Capital Corporation, has confirmed that the adjustments comply with relevant regulations and do not harm shareholder interests [9].

Core Viewpoint - *ST Huamei reported a significant increase in revenue and net profit for the first half of 2025, indicating improved operational efficiency and market competitiveness [1][2]. Financial Performance - The company achieved operating revenue of 1.247 billion yuan, a year-on-year increase of 15.58% [1] - Net profit attributable to shareholders reached 107 million yuan, up 58.28% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 114 million yuan, reflecting a growth of 110.18% [1] - Basic earnings per share were 0.11 yuan, with a proposed cash dividend of 0.34 yuan per 10 shares (tax included) [1] Product and Market Development - *ST Huamei's product range covers all types of power semiconductor devices, widely used in clean energy, automotive electronics, industrial control, and smart home sectors [2] - Core products include IGBT, MOSFET, BJT, Thyristor, Schottky, and FRD [2] - The company is actively expanding into strategic emerging fields such as new energy vehicles, industrial applications, and photovoltaic sectors [1][2] Research and Development - The company has over 200 valid patents and is enhancing R&D investment and intellectual property protection [2] - Collaborations with research institutions and large enterprises are ongoing to develop advanced power semiconductor devices [2] - The automotive electronics testing center has obtained CNAS certification and is working on AQG324 standard testing capabilities [2] Strategic Initiatives - In the second half of 2025, *ST Huamei plans to expand new products and markets while promoting vertical integration of the semiconductor industry chain [3] - The company aims to improve capacity utilization and reduce product costs through a diversified product series [3] Shareholder and Financial Management - The company has successfully recovered all occupied funds and interest from Shanghai Pengsheng, totaling 1.567 billion yuan [3] - A notification was received from the Shanghai Stock Exchange regarding the removal of some risk warnings, although delisting risks remain [4]