第二十五届中国国际工业博览会(CIIF2025)9月23日-27日在国家会展中心(上海)举办。兆易创新在展区 重点呈现MCU、存储、模拟芯片解决方案，聚焦具身智能设备；同时，兆易创新还同步亮相具身智能 产业发展论坛，兆易创新MCU事业部产品市场经理李孝剑带来主题为《人形机器人落地"芯"视角： MCU的适配与发展》的演讲。 编辑：宋杰 在芯片赋能机器人硬件的赛道上，兆易创新凭借多年技术积累，构建覆盖控制、存储及模拟的完整产品 矩阵，为人形机器人提供全栈式芯片支持。其中，GD32高性能MCU可用于多关节实时运动控制与系统 调度；旗下Flash为决策计算提供高速高可靠的数据存储保障；模拟芯片更覆盖传感器信号调理、电机 驱动、电源管理等关键环节，从感知、决策到执行全链路赋能机器人系统。 李孝剑认为，2025年被视为人形机器人迈向规模化量产的关键拐点，预计将带动高精度电机控制、多模 态传感与边缘计算芯片需求的显著增长。为应对这一趋势，兆易创新将重点布局伺服驱动实时控制、完 善的模拟产品组合、高性能存储产品等方向，为客户提供高性价比的一站式解决方案，助力人形机器人 实现核心技术突破与规模化应用。 从春晚舞台到世界机器人大 ...

Group 1 - The 25th China International Industry Fair (CIIF2025) was held in Shanghai, showcasing the advancements in MCU, storage, and analog chip solutions by the company, focusing on embodied intelligent devices [1] - The company’s MCU division manager highlighted that 2025 is a critical year for humanoid robots to achieve mass production and commercial viability, with hardware system maturity being essential for this transition [1][2] - The company has developed a comprehensive product matrix covering control, storage, and analog solutions to support humanoid robots, emphasizing the importance of chip performance and efficient communication for real-time responsiveness and intelligence [2] Group 2 - The company’s GD32 high-performance MCU is designed for multi-joint real-time motion control and system scheduling, enabling high-speed data interaction among joints, sensors, and controllers [2] - The company reported a total revenue of 4.15 billion yuan in the first half of 2025, a 15% year-on-year increase, with a net profit of 575 million yuan, reflecting an 11.31% growth [2] - The MCU product line has become a strategic focus for the company, achieving nearly 20% growth year-on-year in the first half of the year [2][3] Group 3 - The company’s revenue sources are primarily from consumer and industrial sectors, with significant growth in the networking sector and steady performance in the industrial sector [3] - The company has mass-produced over 700 MCU products across 64 major series, including the GD32H7 series, which is the first domestically produced MCU based on the M7 core [3] - The company is actively pursuing AI strategies and plans to invest in customized storage and AI MCU businesses, targeting applications in embodied intelligent products [3]

Summary of Western Digital Conference Call Company Overview - **Company**: Western Digital (NasdaqGS: WDC) - **Event**: Goldman Sachs Communicopia and Technology Conference - **Date**: September 10, 2025 Key Industry Insights - **Demand-Supply Dynamics**: The demand environment is strong and improving, with a misconception about a significant demand-supply imbalance. Supply is tight, but Western Digital believes it can meet demand effectively [6][9] - **Growth Forecast**: The storage business is projected to grow at a compound annual growth rate (CAGR) of 15% to 23% from 2024 to 2028, driven by AI advancements [7] - **Areal Density**: Growth will primarily come from increasing areal density rather than unit capacity. Current average capacity is around 21-22 terabytes per unit, with plans to increase to 36 and eventually 44 terabytes [8][12] Pricing and Market Conditions - **Stable Pricing Environment**: The average selling price (ASP) per terabyte has remained stable, with fluctuations of about ±1% over recent quarters. Long-term agreements (LTAs) with major customers provide visibility into pricing stability [13][14] - **Customer Commitments**: Four out of five largest customers have purchase orders for all of fiscal 2026, indicating strong demand and pricing stability [14] Competitive Landscape - **HDD vs. SSD**: Approximately 80% of installed storage capacity is hard disk drives (HDD), with HDDs being six times lower in acquisition cost and 3.6 times lower in total cost of ownership (TCO) compared to SSDs. Both HDD and SSD markets are growing [19][20][21] - **Market Share**: Western Digital is focused on customer relationships rather than market share, emphasizing quality and reliability in their products [22][23] Technology and Product Development - **EPMR and HAMR Technologies**: Ultra-SMR technology accounts for 40-45% of nearline shipments, expected to rise to 50% by the end of 2025. The next generation of EPMR is set for qualification in 2026, with HAMR technology ramping in 2027 [24][25][28][30] - **Quality Assurance**: Emphasis on ensuring quality and reliability before ramping up production of new technologies [27][30] Financial Performance - **Revenue Composition**: Cloud business constitutes approximately 90% of total revenue, while client and consumer segments account for about 10%. The latter is expected to grow but at a slower rate than cloud [33] - **Gross Margins**: Current gross margins are in the low 40s, with potential for further improvement driven by stable pricing, cost reductions, and a favorable product mix [37][38][39] - **Debt and Capital Return**: The company has a net debt of $2.6 billion with a target leverage ratio of 1 to 1.5. Plans for capital return include a dividend program and a $2 billion share buyback initiative [48][50] Strategic Outlook - **Long-term Growth**: Western Digital is positioned well for future growth, particularly in the AI and data-centric cloud markets, with strong customer engagements and a focus on technological advancements [32][34][43]

Core Viewpoint - The company is seizing growth opportunities in downstream multi-field demand, with a significant quarter-on-quarter performance increase in Q2 2025 [1] Group 1: Financial Performance - In H1 2025, the company reported revenue of 4.15 billion yuan, a year-on-year increase of 15%, driven by consumer subsidy policies and advancements in artificial intelligence technology [1] - The net profit attributable to the parent company for H1 2025 was 575 million yuan, up 11.31% year-on-year, with a gross margin of 37.21% and a net margin of 14.16% [1] - In Q2 2025, revenue reached 2.24 billion yuan, representing a year-on-year increase of 13.09% and a quarter-on-quarter increase of 17.40% [1] Group 2: Product Line Performance - In H1 2025, revenue from storage chips grew approximately 9.2% year-on-year, with significant demand growth in the consumer sector for Flash products [2] - The company’s MCU products achieved nearly 20% year-on-year revenue growth, focusing on high-quality consumer and industrial markets [2] - Custom storage solutions for AI mobile phones, AI PCs, automobiles, and robotics are progressing well in client expansion [2] Group 3: Future Outlook - The company forecasts net profits attributable to the parent company of 1.605 billion yuan, 2.106 billion yuan, and 2.683 billion yuan for 2025, 2026, and 2027 respectively [2] - Based on comparable company valuations and the company's product layout advantages, a target price of 183.95 yuan per share is set, maintaining a "buy" rating [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Zhaoyi Innovation (603986.SH) to provide supplementary information regarding its overseas listing application, including potential prohibitive circumstances for the issuance [1] - Zhaoyi Innovation submitted its listing application to the Hong Kong Stock Exchange on June 19, 2025, with CICC and Huatai International as joint sponsors [1] - The CSRC has outlined specific areas for Zhaoyi Innovation to clarify, including the establishment and changes in shareholding of its predecessor, Zhaoyi Limited, and the operational compliance of its domestic subsidiaries [1] Group 2 - The company is a global leader in diversified chip design, offering a range of products including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [2] - The company operates on a fabless business model, focusing on integrated circuit design and R&D to maintain technological leadership [2] - According to a report by Frost & Sullivan, the company is a market leader in multiple sectors and is the only integrated circuit design company globally ranked in the top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU as of 2024 [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Zhaoyi Innovation to provide supplementary explanations regarding its overseas listing application, including potential prohibitive circumstances [1] - Zhaoyi Innovation submitted its listing application to the Hong Kong Stock Exchange on June 19, 2025, with CICC and Huatai International as joint sponsors [1] - The CSRC has outlined specific areas for Zhaoyi Innovation to clarify, including the establishment history and shareholder changes of its predecessor, Zhaoyi Limited, and the operational compliance of its business [1] Group 2 - The company is a global leader in diversified chip design, offering a wide range of products including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [2] - The company operates on a fabless business model, focusing on integrated circuit design and R&D to maintain technological leadership [2] - According to a report by Frost & Sullivan, the company is a market leader in multiple sectors and is the only integrated circuit design company ranked in the global top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU based on 2024 sales [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has requested Zhaoyi Innovation to provide supplementary information regarding its overseas listing application, including legal opinions on various operational and compliance matters [1] - Zhaoyi Innovation submitted its listing application to the Hong Kong Stock Exchange on June 19, 2025, with CICC and Huatai International as joint sponsors [1] - The CSRC's inquiries include the establishment history of Zhaoyi Innovation's predecessor, Zhaoyi Limited, and the changes in its capital and shareholder structure since inception [1] Group 2 - The company is a global leader in diversified chip design, offering a wide range of products including Flash, niche DRAM, MCU, analog chips, and sensor chips, along with corresponding algorithms and software solutions [2] - The company operates under a fabless business model, focusing on integrated circuit design and R&D to maintain technological leadership [2] - According to a report by Frost & Sullivan, the company is a market leader in multiple sectors and is the only integrated circuit design company globally ranked in the top ten for NOR Flash, SLC NAND Flash, niche DRAM, and MCU as of 2024 [2]

公 司 报 告 电子 兆易创新(603986.SH) 多元化布局助力稳健经营，利基DRAM量价齐升 推荐 ( 维持) 股价:150.88元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.gigadevice.com | | 大股东/持股 | 朱一明/6.89% | | 实际控制人 | 朱一明 | | 总股本(百万股) | 664 | | 流通A股(百万股) | 664 | | 流通B/H股(百万股) | | | 总市值(亿元) | 1,002 | | 流通A股市值(亿元) | 1,001 | | 每股净资产(元) | 25.96 | | 资产负债率(%) | 11.9 | 行情走势图 证券分析师 | 杨钟 | 投资咨询资格编号 | | --- | --- | | | S1060525080001 | | | yangzhong035@pingan.com.cn | | 徐碧云 | 投资咨询资格编号 | | | S1060523070002 | XUBIYUN372@pingan.com.cn 事项： 公司发布2025年半年度报告，实现营业收入41.50亿元，同比增长1 ...

Summary of the Conference Call for Zhaoyi Innovation Company Overview - **Company**: Zhaoyi Innovation - **Period**: First half of 2025 - **Revenue**: 34.4 billion RMB, up 13.1% YoY - **Net Profit**: 3.4 billion RMB, up 9.2% YoY - **Key Drivers**: Strong consumer demand, stable industrial automation, recovery in the photovoltaic industry, and price increases in low-end markets due to the exit of foreign competitors [2][3][4] Core Business Segments Flash Business - **Growth**: High single-digit growth in Flash business; automotive Flash revenue increased over 50% due to product advantages and customer coverage [2][5] - **AI PC and Server Demand**: Increased penetration of AI PCs and strong server demand contributed to Flash revenue growth [2][5] - **Market Strategy**: Focus on market share, deepening industrial and automotive markets, and expanding overseas [6][7] DRAM Business - **Niche DRAM**: Benefited from supply shortages due to the capacity shift of foreign manufacturers, leading to price increases and double-digit gross margins [2][8] - **Future Outlook**: Anticipated continued price increases in the second half of the year, with a target of over 50% revenue growth in low-end product lines [2][8] MCU Business - **Performance**: MCU revenue grew nearly 20% YoY, driven by national subsidies and inventory buildup [3][11] - **Product Development**: Introduction of high-performance MCU CD32H7 series, with plans for dual-core and multi-core products by 2026 [3][13][22] Strategic Initiatives - **Customization in Storage Solutions**: Progress in customized storage solutions through collaboration with logic chip customers, with expectations for sample launches and mass production in AI PCs, smartphones, and automotive sectors by 2026 [9][10][27] - **AI Integration**: Development of AI MCUs for various applications, including humanoid robots and data communication modules for AI servers [31][32] Market Trends and Future Projections - **Overall Market Growth**: Company aims for an average annual growth rate of over 20% in the next five years across multiple product lines [15][16] - **DRAM Supply Tightness**: Anticipated continuation of tight supply conditions throughout the year, with DDR4 expected to maintain a significant market share [23][28] - **Emerging Technologies**: Focus on low-power DDR5 products and the transition from DDR4 to DDR5 in response to market trends [29] Financial Performance and Margins - **Gross Margin Trends**: Stable gross margins with slight increases in DRAM product lines; expectations for continued stability through lean operations and structural adjustments [18][25] - **Inventory Management**: Inventory levels stable, with slight cost increases in Flash and MCU due to tight demand conditions [25][26] Conclusion - **Long-term Vision**: Zhaoyi Innovation is positioned to leverage its technological advancements and market strategies to maintain growth and enhance its competitive edge in the semiconductor industry, particularly in Flash, DRAM, and MCU segments [20][30]

Semiconductor Industry Research Summary Industry Overview - The semiconductor industry is driven by Moore's Law, which states that the number of components on integrated circuits doubles approximately every 18 to 24 months, leading to reduced costs and expanded application scenarios, including IoT and brain-machine interfaces [1][6] - The global semiconductor market is expected to exceed $1 trillion by 2030, with integrated circuits being the main driver, accounting for 80% of the market, and digital chips making up 80% of integrated circuits [1][15] Key Points on Semiconductor Chips - Semiconductor chips are categorized into five functional types: information acquisition, transmission, processing, storage, and output [1][7] - Integrated circuits represent 80% of the semiconductor industry's value, with digital chips resembling the human brain, responsible for logic and information storage [1][8] - Digital chips include various types such as CPU, MCU, FPGA, GPU, DRAM/Flash, and ASIC/SoC, while analog chips manage signal chains and power distribution [1][10][12] Market Dynamics - The semiconductor market is primarily driven by consumer electronics, which account for 60%-70% of downstream applications, with mobile phones representing about 30% [1][16] - AI development is rapidly changing the market landscape, with NVIDIA's data center revenue nearing 25% of the semiconductor market, and AI-related semiconductors approaching 30% [1][16] Manufacturing and Design Processes - Semiconductor manufacturing involves design, fabrication, and testing, with critical processes including photolithography, etching, deposition, and ion implantation [1][4][17] - The semiconductor industry operates in a triangular structure, with product layers at the bottom, manufacturing layers vertically, and equipment and materials on the sides [1][20] Financial Aspects and Valuation - Chip design companies generate revenue based on sales volume multiplied by unit price, while wafer manufacturers rely on capacity, utilization rates, and pricing [1][22][23] - Valuation methods differ across semiconductor sectors, with design companies typically evaluated on PE ratios based on growth expectations, while wafer and testing companies are often assessed using PB ratios [1][26] Innovation and Growth Opportunities - Innovation cycles are crucial in the semiconductor industry, as they drive value growth across various applications, particularly in AI [1][28] - Identifying high-quality semiconductor companies involves analyzing end-user growth rates and changes in chip value, particularly in emerging sectors like electric vehicles and photovoltaics [1][29] Investment Considerations - Key investment points in the semiconductor industry include innovation, new directions, and understanding the flow from downstream to terminal products and from manufacturing to testing [1][30] - The semiconductor industry is characterized by cycles, including long-term innovation cycles, capacity expansion cycles, and short-term inventory cycles, which are influenced by product launches and market demand [1][32][33] Domestic and International Trends - The trend towards domestic production in the semiconductor industry is progressing, with many segments achieving initial domestic production and beginning to internationalize [1][34]