Core Viewpoint - The company, Saiwei Electronics, is a leading global high-end integrated circuit wafer manufacturer focusing on MEMS chip manufacturing and semiconductor equipment, with a strong emphasis on innovation and market expansion to enhance its core competitiveness in the MEMS industry [1][2]. Group 1: Company Overview - Saiwei Electronics operates as a Pure Foundry in the MEMS sector, focusing on chip manufacturing and supporting Fabless and Fablite design companies to foster innovation [1]. - The company has established multiple pilot and mass production platforms both domestically and internationally, serving clients in various high-tech fields such as silicon photonics, LiDAR, and AI computing [1]. Group 2: Technological Advancements - Continuous technological breakthroughs have been made, including the development of high-end filters and improvements in MEMS micro-mirror production processes, leading to successful mass production of new generation products [2]. - The company is also involved in national key research projects, enhancing its capabilities in MEMS sensor manufacturing [2]. Group 3: Market Position and Strategy - The company is positioning itself to transition from a pure foundry model to an IDM (Integrated Device Manufacturer) model, aiming to create a more complete ecological barrier in the MEMS field [1]. - A strategic acquisition of a 56.24% stake in Qingdao Zhancheng Technology for 157 million yuan aims to enhance its IC design services and EDA software development capabilities, further integrating its manufacturing and design services [4]. Group 4: Financial Performance and Projections - Following the exit of SieX, the company's revenue has seen a decline, but steady growth is expected in its Beijing operations, with an anticipated increase in the proportion of high-value products like OCS [5]. - Revenue projections for 2025-2027 are estimated at 916 million yuan, 634 million yuan, and 737 million yuan respectively, indicating a positive outlook for the company's long-term development value [5][6].

分产线看，北京FAB3产线继续处于产能爬坡阶段，从工艺开发阶段转入风险试产、量产阶段的晶圆产品类别持续 增加，但由于产线折旧摊销压力巨大且保持较高研发强度，继续处于亏损状态。瑞典产线报告期内订单、生产与销 售状况良好，尤其是MEMS-OCS晶圆的生产销售实现大幅增长，保持了良好的盈利能力。 值得注意的是，公司已于2025年7月完成出售瑞典Silex控制权的交易交割，瑞典Silex从公司的全资子公司转变成为 重要参股子公司。公司表示，这一决策是为审慎应对复杂多变的国际形势，最大程度缓解地缘政治环境变化带来的 系统性风险。 技术研发方面，赛微电子继续保持高强度投入。2025年上半年研发费用达1.99亿元，在上年高基数的情况下继续增 长9.85%，占营业收入比例达34.97%。北京产线结合市场需求积极突破传感、射频、光学、生物等主要技术平台各 类MEMS器件的生产诀窍，推动客户MEMS微振镜、BAW滤波器、高频通信器件、生物芯片等不同类别晶圆的试 产及量产导入。 赛微电子积极把握下游通信计算、生物医疗、工业汽车、消费电子等应用领域的市场机遇，服务于包括硅光子、激 光雷达、运动捕捉、光刻机、DNA/RNA测序、高频通 ...

Group 1: Company Overview - The main business of Ying Tang Intelligent Control Co., Ltd. includes the distribution of electronic components, semiconductor devices, integrated circuits, and software development [2] - The company has transitioned towards the upstream semiconductor industry over the past two years, focusing on product planning and layout [2] Group 2: Product Development - The company has developed self-researched chip products such as MEMS micro-mirrors and chips for vehicle displays (DDIC and TDDI), with ongoing updates on their R&D progress and mass production status [2] - The MEMS micro-mirror is currently in mass production and is being applied in various fields, including industrial robots and drones [2][3] Group 3: Financial Performance and R&D Investment - In 2024, the company's R&D investment reached ¥99.45 million, a year-on-year increase of 155.99%, with R&D personnel accounting for 31.85% of the total workforce [6] - The company’s subsidiary, Japan Ying Tang Micro Technology, has been contributing profits and is included in the consolidated financial statements [3] Group 4: Market Position and Strategy - The global automotive display panel shipment is projected to reach 232 million units in 2024, a 6.3% year-on-year growth, with the company aiming to enhance its market share in the automotive display driver chip sector [7] - The company plans to leverage mergers and acquisitions to accelerate its semiconductor business, focusing on integrating domestic talent and enhancing R&D capabilities [8] Group 5: Industry Challenges and Opportunities - The company does not engage in direct exports to the U.S., thus recent U.S.-China trade policy changes will not directly impact its operations [5] - The technical barriers for automotive-grade products are higher than for consumer-grade products, requiring greater reliability and environmental adaptability [8]

Group 1: Company Performance and Financials - The company's Japanese subsidiary achieved a revenue of 440 million CNY in 2024, representing a growth of approximately 19% compared to the previous year [6] - The company reported a good cash flow situation, sufficient to meet daily operational needs [3] Group 2: Research and Development - The company invested 99.44 million CNY in R&D, with approximately 20% allocated to the MEMS micro-mirror project [2] - The MEMS micro-mirror product has completed automation equipment debugging and has entered mass production [3] - The company plans to significantly increase the proportion of chip design and manufacturing in its overall business within the next 3-5 years [5] Group 3: Market Trends and Industry Outlook - The global chip market is expected to grow, with the domestic integrated circuit industry ecosystem improving and the domestic substitution rate increasing year by year [4] - The automotive market is projected to stabilize and improve in 2025, driven by policy support, with significant opportunities in the AI smartphone penetration rate [4] Group 4: Strategic Initiatives - The company is exploring acquisition opportunities to accelerate semiconductor business development and plans to establish its own R&D team domestically [6] - The company aims to localize its entire supply chain, including R&D, production, and sales, to enhance competitiveness in the domestic market [6] Group 5: Product Development and Certifications - The company's vehicle display chips have obtained multiple project designations for both domestic and international instrument and central control screens [6] - The company’s vehicle-grade DDIC/TDDI products have passed automotive certification (AEC-Q100) and all orders are from OEMs [2]

Company Overview and Financial Performance - The company specializes in electronic component distribution, chip design, manufacturing, and software development. In 2024, it achieved a total revenue of CNY 534,637.40 million and a net profit of CNY 6,027.50 million, marking a dual growth in both revenue and profit [2]. - R&D investment for 2024 reached CNY 9,944.85 million, a year-on-year increase of 155.99%. The R&D personnel accounted for 31.85% of the total workforce, totaling 201 individuals [2]. Revenue Growth Drivers - The growth in revenue for 2024 was primarily driven by the mobile and automotive electronics sectors, with chip manufacturing revenue reaching CNY 4.35 billion, a 25.12% increase from the previous year [3]. - The first quarter of 2025 saw a significant improvement in gross profit, attributed to a strategic adjustment in product mix towards higher-margin products [3]. Impact of Tariff Policies - The company reported minimal impact from US-China tariff policies, as most of its brand agents are sourced from TSMC, and it is actively promoting domestic brand representation [4]. - The company is adapting to tariff changes through strategic business adjustments and domestic brand promotion, keeping the overall impact manageable [4]. Chip Design and Manufacturing - The chip division focuses on traditional and new products, with stable revenue from established markets and growth in automotive display chips and MEMS technology [5][6]. - The company has a strong technical foundation in MEMS products, with plans to expand its product line, including 4mm and 8mm MEMS micro-mirrors [7]. R&D Investment Focus - R&D efforts are concentrated on display driver chips and MEMS micro-mirrors, with significant investments aimed at enhancing competitiveness in the consumer electronics display market [7]. - The company plans to increase R&D spending to support the development of new products and maintain technological advantages [7]. Revenue Structure Adjustment - The company aims to achieve internal growth in its distribution business while increasing the sales proportion of its chip manufacturing segment, which rose from CNY 348 million (7.02%) in 2023 to CNY 435 million (8.14%) in 2024 [8]. - The goal is to significantly increase the chip manufacturing segment's contribution to overall revenue over the next 3 to 5 years [8]. Industry Chain Integration Plans - The company is exploring acquisition opportunities to accelerate its semiconductor business and enhance its domestic industry layout [9][10]. - Plans include establishing a self-owned R&D team and localizing the entire supply chain to improve operational efficiency and market responsiveness [10].