经申请，*ST华微股票将于2025年6月26日（星期四）开市起复牌。 实控人将变更为吉林省国资委 *ST华微股票复牌 【导读】*ST华微实控人将变更为吉林省国资委，股票复牌 中国基金报记者 李智 6月25日，*ST华微发布公告称，公司控股股东上海鹏盛科技实业有限公司（以下简称上海鹏盛）拟通过处置所持公司全部股份的方式筹措 资金归还对公司的占用资金及利息。 本次交易完成后，*ST华微控股股东将变更为吉林省亚东国有资本投资有限公司（以下简称亚东投资），实际控制人将变更为吉林省人民政 府国有资产监督管理委员会（以下简称吉林省国资委）。 6月25日，*ST华微发布公告称，公司控股股东上海鹏盛与亚东投资、公司及全资子公司吉林麦吉柯半导体有限公司共同签署《股份转让协 议》 。 经申请，*ST华微股票将于2025年6月26日（星期四）开市起复牌。 深陷内控风波 近年来， *ST华微因资金占用 、 虚假记载等问题 ，深陷内控风波。 2月12日，*ST华微收到中国证监会吉林监管局下发的《行政处罚决定书》。经查，华微电子未按规定披露控股股东及其关联方非经营性资 金占用事项，2015年至2023年年度报告存在重大遗漏。此外，华微电 ...

Core Viewpoint - The credit rating report indicates that Jiangsu Hongwei Technology Co., Ltd. has maintained its credit rating at AA, with a stable outlook, despite facing challenges such as increased competition and fluctuating demand in the photovoltaic and industrial control sectors [2][7]. Company Overview - Jiangsu Hongwei Technology primarily focuses on the design, research, production, and sales of power semiconductor chips, including IGBT and FRD, with applications in industrial control, new energy generation, and electric vehicles [10][19]. - As of March 2025, the company's major shareholder holds 17.75% of the shares, with no changes in the controlling structure [9]. Financial Performance - The company's total assets for 2024 are reported at 25.66 billion, with total liabilities at 10.24 billion, reflecting a slight increase from previous years [2][8]. - Revenue for 2024 is projected to decline by 11.52% year-on-year, with net profit turning from profit to loss due to market pressures [5][6]. Market Environment - The global power semiconductor market is expected to recover in the second half of 2024, driven by demand from electric vehicles and renewable energy sectors, despite a projected decline in sales of 8% for 2024 [11][12]. - The domestic market remains highly dependent on imports, with local manufacturers gradually closing the technology gap with international leaders [12][18]. Competitive Landscape - The company faces intense competition in the power semiconductor sector, particularly in the IGBT market, where it holds a relatively small market share [5][11]. - The concentration of customers remains high, with the top five customers accounting for 66.75% of sales, which poses risks if demand from these customers fluctuates [20][24]. Operational Challenges - The company is expanding its production capacity, but faces pressure to utilize this capacity effectively due to fluctuating downstream demand [6][21]. - The reliance on external chip suppliers for certain products increases operational risks, especially if supplier relationships deteriorate [24][25]. Future Outlook - The company is expected to continue its focus on technological advancements in power semiconductor products, particularly in SiC technology, which is gaining traction in high-voltage applications [17][21]. - The stable credit rating outlook suggests confidence in the company's ability to navigate current challenges and maintain operational sustainability [7][8].

债券简称：宏微转债 债券代码：118040 股票简称：宏微科技 股票代码：688711 江苏宏微科技股份有限公司 可转换公司债券受托管理事务报告 （2024年度） 债券受托管理人 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年六月 声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均来源 于发行人对外公布的《江苏宏微科技股份有限公司 2024 年年度报告》等相关公开信息 披露文件、江苏宏微科技股份有限公司（以下简称"宏微科技""发行人"或"公司"） 提供的证明文件以及第三方中介机构出具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺或声明。 第十一节 与发行人偿债能力和增信措施有关的其他情况及受托管理人采取的应对措 第一节 可转换公司债券概况 一、发行人基本信息 中文名称 江苏宏微科技股份有限公司 中文简称 宏微科技 外文名称 Macmic Science & Technology Co., Ltd. 外文简称 MACMIC 法定代表人 ...

Core Viewpoint - The event "I am a shareholder" organized by the Shanghai Stock Exchange aims to enhance communication between listed companies and investors, promoting rational investment awareness and understanding of investment value in the Shanghai market [1] Company Overview - Jiangsu Hongwei Technology Co., Ltd. (Hongwei Technology) is a leading enterprise in the domestic power semiconductor sector, listed on the Shanghai Stock Exchange since September 1, 2021 [3] - The company focuses on the design, research and development, production, and sales of power semiconductor chips, with a strong emphasis on IGBT and FRD technologies [3] - Hongwei Technology has established unique technological barriers through innovations in third-generation semiconductor materials and processes, achieving key performance indicators that match international advanced levels with its self-developed seventh-generation power chips [3] Product Applications - The company's products cover various fields including new energy vehicles (electric control systems, charging piles, and OBC power supplies), renewable energy generation (photovoltaic inverters, wind energy converters, and power quality management), energy storage, industrial control (inverters, servo motors, UPS, and various switch power supplies), and consumer appliances [3] Strategic Development - The company plans to enhance product competitiveness through technological iteration and production line optimization, focusing on the industrialization of third-generation semiconductor devices [5] - Hongwei Technology aims to diversify its technology system with a core focus on SiC and GaN, while also exploring applications in robotics and mechanical arms [5] Industry Collaboration - The company has deepened cooperation with industry chain partners like Huahong Hongli, achieving breakthroughs in 12-inch wafer mass production processes [6] - Hongwei Technology's seventh-generation IGBT module products have entered the supply chain of leading automotive manufacturers, demonstrating its competitive edge in the automotive-grade sector [6] Investor Engagement - The event allowed investors to gain insights into the company's operational status and strategic direction, enhancing their confidence in Hongwei Technology [7] - The interactive session provided a platform for discussions on market space, product competitive barriers, and technological iterations, further deepening investors' understanding of the company [6]

Group 1: Financial Performance - In 2024, the company achieved a revenue growth of 64.14% and a net profit increase of 157.84% compared to 2023 [20] - The first quarter of 2025 saw a revenue decline of 1.59%, with a net profit of 15.22 million, reflecting a year-on-year growth of 107.62% [4] - In 2024, government subsidies accounted for 68,000, representing a low proportion of net profit, indicating that the company does not overly rely on non-recurring gains [4] Group 2: Operational Efficiency - Employee count in 2024 increased by 8.5%, but revenue per employee decreased by 10.2%, prompting a need for better alignment of human resources with business transformation [2] - R&D expenses rose by 38% in 2024, but the capitalization rate fell to 15%, highlighting challenges in converting R&D investments into intangible assets [3] - The accounts receivable turnover days increased by 40 days, with 25% of accounts receivable aging over one year, raising concerns about customer credit risk [5] Group 3: Market Strategy - The sales expense ratio increased by 2.1 percentage points to 8.3% in 2024, with marketing efforts contributing positively to the growth of flexible DC product orders [6] - The company plans to enhance its market penetration for high-value products like IGBT modules, which currently account for less than 15% of revenue [19] - In 2024, related party transactions increased by 65%, but the overall proportion remains low, ensuring independence in transactions [8] Group 4: Debt and Cash Flow Management - Short-term borrowings increased by 90% in 2024, while long-term borrowings decreased by 50%, raising questions about short-term debt repayment pressure [13] - Operating cash flow decreased by 70% year-on-year, primarily due to changes in accounts receivable cycles, necessitating measures to stabilize cash flow [16] - Inventory turnover rate fell by 25%, with inventory levels rising by 35%, indicating potential issues with market demand or inventory management strategies [14] Group 5: Future Outlook and Innovation - The company is focusing on technology innovation, quality control, and market expansion to enhance overall competitiveness and achieve sustainable growth [7] - Plans to develop new products such as IGCT and FRD are underway, alongside market research for device products to meet market demands [19] - The company is committed to integrating ESG principles into its operations, aiming for sustainable high-quality development [22]

证券代码：300605 证券简称：恒锋信息 债券代码：123173 债券简称：恒锋转债 恒锋信息科技股份有限公司 投资者关系活动记录表 1、市场竞争加剧，导致项目毛利率下降，其中信息技术服务业毛利 率同比减少 4.79%； 2、受宏观经济环境及各级财政资金紧张等综合因素影响，部分项目 验收进度被延迟，客户预算投入阶段性承压，使得 2024 年度营业收入同 比减少 53.07%； 编号：2025-001 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 √其他：2025年福建辖区上市公司投资者网上集体接待日活动 参与单位名称 及人员姓名 线上参与公司2024年度网上业绩说明会暨2025年福建辖区上市公司投 资者网上集体接待日活动的投资者 时间 2025 年 5 月 14 日（星期三）15：30-17：00 地点 公司通过"全景路演"网站（http://rs.p5w.net）采用网络远程的方 式召开 公司接待人员 姓名 董事长：魏晓曦 副总裁、董事会秘书：陈凡 财务总监：赵银宝 独立董事：杨守杰 投资者关系活动 主要内容介绍 一、公司简 ...

Core Insights - Weatherford International plc has signed an agreement with Amazon Web Services (AWS) to enhance its digital capabilities and drive innovation in the energy sector [1][5] - AWS will be the preferred cloud provider for Weatherford, facilitating the migration and modernization of its software and hardware suite, including the Modern Edge Platform and CygNet control system [2][3] - The collaboration aims to develop next-generation technologies and enhance Weatherford's Unified Data Model, allowing for better integration and analysis of multi-asset data [3] - The WFRD Software Launchpad will be improved, providing customers with access to various applications while maintaining control over their data [4] Company Overview - Weatherford delivers innovative energy services that combine proven technologies with advanced digitalization to maximize value and return on investment [6] - The company operates in approximately 75 countries with around 18,000 team members from over 110 nationalities [6]

Core Viewpoint - Huayi Electronics is making substantial progress in risk mitigation and has reported significant growth in revenue and profit for 2024 and Q1 2025, driven by strong performance in the power semiconductor sector and strategic measures to address previous financial irregularities [1][4][12]. Financial Performance - In 2024, Huayi Electronics achieved a revenue of 2.058 billion yuan, representing an 18.13% year-on-year increase, with a net profit of 128 million yuan, up 246.45% [1][12]. - For Q1 2025, the company reported a revenue of 643 million yuan, a 29.56% increase year-on-year, and a net profit of 54.91 million yuan, reflecting a 253.08% growth [1][12]. Risk Management - The company has implemented measures to mitigate risks associated with previous financial irregularities, including the management of cash dividends and the pledging of shares by the controlling shareholder as collateral for debt repayment [4][5][8]. - A new management team has been appointed, and internal controls are being restructured to prevent future violations [4][8]. Industry Position - Huayi Electronics, with nearly 60 years of history, is positioned as a leading player in the power semiconductor industry, focusing on IGBT modules and third-generation semiconductors, particularly in the new energy vehicle and clean energy sectors [3][12]. - The company has developed a comprehensive IDM ecosystem covering design, manufacturing, and testing, and has established partnerships with major clients like Tesla and BYD [12]. Market Trends - The demand for power semiconductors is expected to grow significantly, driven by the automotive, industrial, and consumer electronics sectors, with a notable increase in electric vehicle sales and the adoption of new technologies [13][14]. - The domestic market for power semiconductors is projected to reach 175.255 billion yuan in 2024, supported by rising domestic production rates and the transition to renewable energy [14][15]. Future Outlook - Huayi Electronics is expanding its production capacity with ongoing projects expected to be completed by 2026, which will enhance its growth potential in the power semiconductor market [15]. - The company is transitioning from a "follower" in domestic substitution to a "standard setter" in technology, positioning itself for a new era of growth driven by the dual forces of the new energy revolution and domestic substitution [15].

市场拓展方面，宏微科技积极布局。在国内，车规级芯片加速打入行业先进电动汽车平台，光储领域与 重点客户紧密合作；在海外，成功进入日立能源、西门子、伊顿等工业巨头供应链。这些成果都为公司 未来的业绩增长奠定了基础。 盈利改善，产能爬坡与费用管控双线优化 在半导体产业周期波动与市场格局深度调整的当下，企业面临的发展环境充满挑战。江苏宏微科技股份 有限公司(以下简称"宏微科技"，证券代码：688711)近年来的发展备受关注。2024年，公司经历了行业 周期调整、市场需求波动等诸多挑战，业绩承压。但是，公司积极应对，通过持续的技术投入与市场拓 展，在2025年一季度交出扭亏为盈的答卷，展现出良好的发展韧性与潜力。 技术红利释放：车规与光储产品矩阵成型 2024年，全球功率半导体行业面临复杂局面，产业链区域性重构、终端市场需求阶段性疲软叠加行业周 期调整，给宏微科技的经营带来不小压力，但这只是宏微科技发展历程中的一个阶段性表现。 尽管业绩承压，但宏微科技始终坚守技术创新，研发投入持续加大。2024年研发费用达到1.10亿元，研 发投入占营业收入比例为8.24%。持续高强度的研发投入为公司积累了深厚的技术储备。截至报告期 ...

公司由西电所出资设立，继承了西电所多年来的技术累积。自1964年中国第一只整流管在西电所研发成 功后，西电所为我国电力半导体器件及其应用技术研究奠定了技术基础，我国七大整流器厂的技术基础 和发展都与西电所息息相关。 凭借先发优势，西电所在行业内建立起了较高的知名度与口碑，为客户资源的积累奠定了扎实的技术基 础。公司掌握了具有自主知识产权的高压晶闸管全压接技术、高压低温焊接技术以及终端结构设计等关 键技术，通过产品创新、技术创新，形成了特大功率电力半导体器件高端产品领域的核心竞争力。公司 拥有自主知识产权的特大功率电控晶闸管和特大功率光控晶闸管，成功应用于我国多个特高压直流输电 工程，并受到好评。 目前，公司已建成了世界一流水平的电力半导体器件研发生产基地，拥有一流的大功率半导体器件研 发、生产和测试试验设备。2024年公司研发投入946.72万元，占营业收入比重为4.94%。 4月14日晚间，派瑞股份（300831.SZ）发布2024年年度报告，公司2024年全年实现营业收入1.92亿元， 同比增长64.14%；实现归母净利润5677.52万元，同比增长157.84%；扣非净利润5225.60万元，同比增 长 ...