暨暨暨暨暨暨暨暨微微微微微微微微纳纳纳纳纳纳纳纳制制制制制制制制造造造造造造造造与与与与与与与与传传传传传传传传感感感感感感感感器器器器器器器器展展展展展展展展览览览览览览览览会会会会会会会会 扫码立即报名 当MEMS传感器成为消费电子的"智慧之眼"、汽车电子的"决策中枢"、具身感知机器人的"神 经枢纽"，一场定义MEMS产业的巅峰盛会即将在苏州启幕！ 22222000002222255555 年年年年年 1111100000 月月月月月 2222222222-----2222244444 日日日日日 在 苏苏苏苏苏苏苏苏州州州州州州州州国国国国国国国国际际际际际际际际博博博博博博博博览览览览览览览览中中中中中中中中心心心心心心心心 第第第第第第第第六六六六六六六六届届届届届届届届中中中中中中中中国国国国国国国国MMMMMMMMEEEEEEEEMMMMMMMMSSSSSSSS制制制制制制制制造造造造造造造造大大大大大大大大会会会会会会会会 本届大会将汇聚 华润微电子、广州增芯、晶方半导体、KLA、芯碁微装、矽睿科技 等国内外 权威行业协会、知名企业代表，以及 俄罗斯工程院外籍院士、微纳机器人领域专家 孙立宁 ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-08-25 股票投资评级 士兰微(600460) 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 碳化硅主驱模块加速放量，业绩稳定增长 l 事件 公司发布 2025 年半年报，上半年实现营业收入 63.36 亿元，同 比增长 20.14%；实现归母净利润 2.65 亿元，同比增长 1162.42%。 l 投资要点 增持 |调整 个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 4% 13% 22% 31% 40% 49% 58% 67% 76% 士兰微 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 29.38 | | --- | --- | | 总股本/流通股本（亿股）16.64 | / 16.64 | | 总市值/流通市值（亿元）489 | / 489 | | 周内最高/最低价 52 ...

润为 16,362 万元，比 2024 年同期增加 31,105 万元；公司利润总额为 16,420 万元，比 2024 年同 期增加 31,950 万元；公司实现归属于母公司股东的净利润为 26,480 万元，比 2024 年同期增加 年同期增加 113.12%。 杭州士兰微电子股份有限公司2025 年半年度报告 公司代码：600460 公司简称：士兰微 杭州士兰微电子股份有限公司 杭州士兰微电子股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈向东、主管会计工作负责人陈越及会计机构负责人（会计主管人员）马蔚声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 ...

Core Viewpoint - The acquisition of Anchek Detection by Xirui Technology has been finalized, with Xirui set to become the controlling shareholder by acquiring 20% of the voting rights, paving the way for its core assets to enter the capital market [2][4]. Group 1: Acquisition Details - Xirui Technology plans to acquire 6.43% of Anchek Detection's shares from its actual controller, He Xian Ning, and will subsequently be entrusted with an additional 13.57% of voting rights after the lifting of the share lock-up [2][4]. - The acquisition is similar to the recent acquisition of Weichuan New Materials by Zhiyuan, indicating a trend of financing entities acquiring listed companies [2]. Group 2: Company Background - Xirui Technology is a MEMS sensor company that has not yet achieved profitability, but its six-axis IMU has seen significant demand in popular sectors like drones [2][10]. - The company has faced challenges in its IPO attempts, with a valuation reaching 6 billion yuan and a recent divestment of its magnetic sensing business to raise nearly 700 million yuan for the acquisition [2][10]. Group 3: Market Reaction - Anchek Detection's stock surged by 11.87% prior to the acquisition announcement, indicating market anticipation and positioning [2]. - Following the resumption of trading, Anchek Detection's stock hit the daily limit up of 20%, reflecting investor enthusiasm for the acquisition and the potential of Xirui Technology's business [2]. Group 4: Industry Context - The MEMS sensor market is characterized by high technical barriers and has been dominated by foreign companies, but domestic alternatives are emerging [12]. - The automotive sector is the largest application market for MEMS, accounting for over 40% of global sales, with high-end vehicles typically equipped with 30-50 MEMS sensors [12]. - Despite the growth potential in various sectors, the MEMS industry has seen relatively slow growth over the past two years, with competition intensifying and profit margins declining for leading companies [13][15].

Core Viewpoint - The controlling shareholder of Anchek Detection is set to change to Xirui Technology, with the stock resuming trading after the announcement [2][3][8]. Group 1: Shareholder Changes - On August 5, Anchek Detection announced that Xirui Technology intends to acquire a portion of shares held by the current controlling shareholder, He Xian Ning [4]. - Xirui Technology will acquire 6.43% of the company's shares in the first phase, and He Xian Ning will delegate voting rights of an additional 13.57% of shares to Xirui Technology after the first phase is completed [6][8]. - Following the completion of these transactions, He Xian Ning's shareholding will decrease from 25.72% to 19.29%, while Xirui Technology's shareholding will increase to 20% [7]. Group 2: Company Background - Xirui Technology, established in 2012, focuses on high-quality sensor products, including MEMS sensors, and aims to provide integrated sensor solutions for various industries [11]. - The company is positioned in high-growth sectors such as smart automotive, advanced manufacturing, and consumer electronics, with future plans in emerging fields like smart healthcare and humanoid robotics [11]. Group 3: Anchek Detection Overview - Anchek Detection specializes in the vehicle inspection industry and is one of the few companies capable of providing both vehicle inspection systems and regulatory systems [14]. - The company aims to extend its industry chain through acquisitions and new inspection stations, enhancing its overall risk resistance and operational sustainability [14]. - Prior to the trading suspension, Anchek Detection's stock price surged over 11%, closing at 26.01 yuan per share, with a total market capitalization of 6 billion yuan [15].

Core Viewpoint - Humanoid robots are essential carriers of embodied intelligence, relying on the synergy between perception and cognition layers to dynamically recognize environments, learn autonomously, and respond interactively [1] Visual Perception - Visual perception is the primary means for humanoid robots to acquire environmental information, evolving from 2D to 3D, with a complementary relationship between vision and LiDAR [2] - In 2023, the 2D vision market size was approximately 16.15 billion yuan, accounting for 87.24%, while the 3D vision market was about 2.36 billion yuan, making up 12.76% [2] - The leading companies in the 3D vision sensor market include Aobo Zhongguang, which holds over 70% market share in public service robots, and RealSense, which maintains a stable market share in industrial robots [4] LiDAR Technology - LiDAR technology measures distances by emitting laser beams, maintaining stable perception in complex lighting and obstructed environments, effectively compensating for the shortcomings of visual solutions [6] - In the first ten months of 2024, SUTENG, Huawei, and Hesai Technology accounted for 95% of the global LiDAR market [6] Tactile Sensors - Tactile perception is crucial for humanoid robots to perform precise operations, with MEMS sensors and electronic skin being the two main technological paths [7] - The global flexible tactile sensor market was valued at 1.53 billion USD in 2022, with MEMS solutions dominating due to cost advantages [7] - The electronic skin market in China is projected to reach 9.05 billion yuan by 2030, with a compound annual growth rate of 64.3% [9] MEMS Sensors - The global MEMS sensor market size was 9.9 billion USD in 2023, with inertial sensors accounting for 35% [15] - Domestic manufacturers have achieved technological breakthroughs, with MEMS gyroscopes matching international products in key performance indicators [15][19] - Domestic MEMS sensor products are priced at approximately 70-80% of their overseas counterparts, accelerating the replacement process [17] Conclusion and Future Outlook - The evolution of humanoid robot perception technology focuses on improving perception accuracy and practical feasibility, with advancements in 3D vision, LiDAR, MEMS, and electronic skin technologies [20] - The integration of AI algorithms for multi-source sensor data fusion and the durability of electronic skin remain critical challenges for the next 3-5 years [20]

Core Viewpoint - STMicroelectronics (STM) announced the acquisition of NXP Semiconductors' MEMS sensor business for up to $950 million, enhancing its position in automotive, industrial, and consumer sensor markets while improving technological complementarity and market coverage [1][2]. Group 1: Acquisition Details - The acquisition involves a cash payment of $900 million upfront and an additional $50 million contingent on technical milestones [2]. - NXP's MEMS business is projected to generate approximately $300 million in revenue in 2024, contributing significantly to STM's gross and operating margins [3]. - The transaction will be financed using existing liquidity, with no new financing required, and is expected to be accretive to STM's earnings per share from day one [3][6]. Group 2: Strategic Fit and Market Impact - The merger is strategically aligned, as both companies' MEMS product portfolios are highly complementary, particularly in automotive safety and industrial applications [3][6]. - The acquisition will enhance STM's MEMS technology, product development capabilities, and roadmap, providing leading intellectual property and a skilled R&D team focused on automotive safety applications [6]. - The expanded business will leverage STM's integrated device manufacturer (IDM) model, covering all stages of MEMS development, from design to testing and packaging, leading to faster innovation cycles and greater customization flexibility [6]. Group 3: Future Outlook - The deal is expected to close in the first half of 2026, pending regulatory approvals and other customary closing conditions [6].

Group 1 - STMicroelectronics announced its intention to acquire NXP Semiconductors' MEMS sensor business to strengthen its position as a global leader in sensors [2][4] - The acquisition targets automotive safety sensors and monitoring sensors, including tire pressure monitoring systems and engine management [4] - The MEMS sensor business is expected to generate approximately $300 million in revenue in 2024, significantly enhancing STMicroelectronics' profit margins and earnings per share [4][5] Group 2 - The acquisition price is set at up to $950 million in cash, including $900 million upfront and $50 million in performance-based incentives [5] - The deal is expected to close in the first half of 2026, pending regulatory approvals and customary closing conditions [5] - Industry experts view this acquisition as part of a broader trend of semiconductor companies optimizing their business structures through mergers and acquisitions [7][9]

Group 1 - LG Display expects to ship approximately 6 million large OLED panels in 2025, representing a 5% increase from 5.7 million units last year [1] - Lumos Robotics has formed a strategic partnership with Mitsubishi Electric to develop core components for industrial humanoid and quadruped robots, establishing a joint laboratory in Suzhou and Shanghai [1] - STMicroelectronics plans to acquire NXP's MEMS sensor business for up to $950 million, with the deal expected to close in the first half of next year [1] - GAC Aion delivered the first prototype of its GOVY AirCab flying car in Hong Kong, which has a range of 20 to 30 km and is designed for urban short-distance travel [1] - Intel will slow down the construction of its factory in Ohio and will not proceed with projects in Germany and Poland, aiming to align spending with demand [1]

Group 1 - Ceconomy AG confirms potential acquisition interest from JD.com, with a proposed cash offer of €4.60 per share [1] - BYD officially launches the Sea Lion 06 SUV, with prices starting at ¥139,800 and a range of 1,670 km [2] - The China Photovoltaic Industry Association raises its forecast for new solar installations in 2025 to 270-300 GW [3] Group 2 - The total box office for the summer movie season in 2025 has surpassed ¥4.5 billion [4] - The 2025 League of Legends World Championship will return to China, scheduled from October 14 to November 9 [5] - SpaceX's Starlink experiences a global outage, with CEO Elon Musk apologizing for the service disruption [6][7] Group 3 - xAI, founded by Elon Musk, will integrate its Grok conversational model into the Kalshi platform for real-time AI analysis [8] - Ideal Automotive's i8 has not yet begun user test drives, as clarified by the company's vice president [9] - STMicroelectronics announces a deal to acquire NXP's MEMS sensor business for up to $950 million [10] Group 4 - Lumos Robotics partners with Mitsubishi Electric to develop core components for industrial humanoid and quadruped robots [11] - Alphabet's revenue surpasses expectations, leading to CEO Sundar Pichai's net worth exceeding $1 billion [12][13] - Zhongjin Gold announces the suspension of operations at its Inner Mongolia mining subsidiary and will manage the aftermath [14]