以下文章来源于芯东西 ，作者ZeR0 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 作者 | ZeR0 来源 | 芯东西（ID：aichip001） 芯东西2月11日报道，2月10日，甘肃天水半导体封测巨头 华天科技 发公告披露，拟以发行股份 及支付现金的方式购买陕西高性能半导体功率器件龙头 华羿微电 100%股份，交易价格为 29.96 亿元 。 | 交易标的 | 基准日 | 評估 | 评估结果 | 增值率 | 本次拟交易 | 交易价格 | 其他 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | 方法 | | | 的权益比例 | | 说明 | | 华舜微电 | 2025年9 | 市场法 | 299,600.00 | 166.17% | 100% | 299,600.00 | 元 | | 100%股份 | 月 30 日 | | | | | | | 芯东西 . 芯东西专注报道芯片、半导体产业创新，尤其是以芯片设计创新引领的计算新 ...

2月10日晚间，天水华天科技股份有限公司（以下简称"华天科技"，002185）正式披露重大资产重组公告，宣布 拟以发行股份及支付现金相结合的方式，收购华天电子集团等27名交易对方合计持有的华羿微电子股份有限公 司（以下简称"华羿微电"）100%股份，交易总价达29.96亿元，这家国内封测龙头企业正式启动对功率半导体领 域的全方位布局，全力打造综合性半导体封测集团。 | 项目 | 标的公司 (2024 年末 | 上市公司 (2024 年末 | 交易作价 | 计算指标 | 财务指标占比 | | --- | --- | --- | --- | --- | --- | | | /2024 年度) | /2024 年度) | | | | | 资产总额 | 221,977.40 | 3,823,594.86 | 299,600.00 | 299,600.00 | 7.84% | | 资产净额 | 107,130.93 | 2,031,437.24 | | 299,600.00 | 14.75% | | 营业收入 | 138,284.82 | 1,446,161.71 | | 138,284.82 | 9.56% | 作为 ...

文/新浪财经上海站 途景 2月2日晚，沪市2025年首份年报正式出炉。 作为率先交卷的公司，科创板功率半导体厂商芯导科技（688230.SH）选择了一种颇具张力的方式登 场：一边披露全年业绩并推出近五成利润分红方案，一边同步抛出一单规模超过4亿元的重大资产重组 草案。 年报、分红、并购三件事在同一晚集中落地，资本市场却并未给出利好叠加的正反馈。 2月2日当天，芯导科技股价收跌5.14%，市值回落至约86.88亿元，分歧迅速浮出水面。但截止2月3号收 盘，股价报收于79.39元/股，市值抬升到93.36亿元。 | | | | | 单位:元 币种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2025年 | 2024年 | 本期比上年 同期增减 | 2023年 | | | | | (%) | | | 营业收入 | 393.607.502.95 | 352,941,674.80 | 11.52 | 320.426.744.62 | | 利润总额 | 114,482,387.41 | 120,476,897.93 | -4.98 | 103,368,784.87 | ...

本报讯 2月2日晚，上海芯导电子科技股份有限公司（以下简称"芯导科技"）发布2025年年度报告，成 为沪市首家披露2025年年报的上市公司。报告显示，公司2025年实现营业收入3.94亿元，同比增长 11.52%；归属于上市公司股东的净利润为1.06亿元，同比下降4.91%。公司拟向全体股东每10股派发现 金红利4.3元（含税）。 公告显示，2025年，公司功率器件产品销量增加，其中生态链产品与核心业务形成强力协同使得销量同 步增长，SGT MOS进一步壮大了产品阵容，并逐步实现批量出货，在前述因素驱动下，公司主营业务 收入实现增长。 此外，芯导科技在公告中表示，受市场利率下行影响，公司理财收益较上年同期减少。2025年，公司实 施第二类限制性股票激励计划，本期未满足相应归属条件，限制性股票已全部取消归属并作废失效，相 较2024年股份支付费用减少了592.74万元。 同日，芯导科技发布发行可转换公司债券及支付现金购买资产并募集配套资金报告书（草案）。公司拟 向盛锋、李晖、黄松、王青松、瞬雷优才（深圳）投资合伙企业（有限合伙）发行可转换公司债券及支 付现金形式购买上海吉瞬科技有限公司（以下简称"吉瞬科技"）1 ...

Group 1: Changan Automobile (000625) - In H1 2025, Changan Automobile achieved revenue of 72.691 billion yuan, a decrease of 5.25% year-on-year, while the net profit attributable to shareholders was 2.291 billion yuan, down 19.09%. However, the net profit excluding non-recurring items increased by 26.36% to 1.477 billion yuan [6][7] - In Q2 2025, the company reported a net profit of 939 million yuan, a decrease of 43.93% year-on-year, while the net profit excluding non-recurring items was 693 million yuan, down 34.40% year-on-year. Revenue for the quarter was 38.531 billion yuan, showing a slight decrease of 2.94% quarter-on-quarter but a 12.79% increase year-on-year [7] - The company plans to launch three new models in Q4 2025, with a clear strategy for global expansion, aiming for overseas sales of 1 million vehicles by the end of the year [8][9] Group 2: Sailun Tire (601058) - In H1 2025, Sailun Tire achieved revenue of 17.587 billion yuan, a year-on-year increase of 16.05%, but the net profit decreased by 14.90% to 1.831 billion yuan. In Q2 2025, revenue was 9.175 billion yuan, up 16.76% year-on-year, while net profit fell by 29.11% to 792 million yuan [10][11] - The company benefited from overseas market expansion, with tire production reaching 40.6 million units in H1 2025, a 14.66% increase year-on-year, and sales of 39.14 million units, up 13.32% [11] - Sailun Tire is focusing on enhancing its international influence through increased R&D investment and product innovation, with a notable presence in the global tire brand value rankings [11][12] Group 3: Xinjieneng (605111) - In H1 2025, Xinjieneng reported revenue of 930 million yuan, a year-on-year increase of 6.44%, and a net profit of 235 million yuan, up 8.03%. The net profit excluding non-recurring items was 207 million yuan, down 3.22% [14][15] - The SGT MOS product line's revenue share increased to 45.21%, indicating strong market competitiveness and application in various strategic fields [16] - The company is focusing on emerging markets such as automotive electronics, AI servers, and robotics, with significant growth in these areas expected [17] Group 4: Lizhu Group (000513) - In H1 2025, Lizhu Group achieved revenue of 6.272 billion yuan, a slight decrease of 0.17%, while net profit increased by 9.40% to 1.281 billion yuan. The net profit excluding non-recurring items was 1.258 billion yuan, up 8.91% [22][23] - The company is experiencing growth in its chemical preparation segment, with a focus on new product launches and improved operational efficiency [23][24] - Multiple products are entering the harvest phase, contributing to the overall positive performance [24] Group 5: Anhui Heli (600761) - In H1 2025, Anhui Heli reported revenue of 9.39 billion yuan, a year-on-year increase of 6.18%, with net profit reaching 796 million yuan, down 4.60%. Overseas revenue was 4.016 billion yuan, up 15.20% [27][28] - The company is enhancing its international presence with a new overseas manufacturing facility and a strong network of over 300 overseas agents [28] - Anhui Heli is focusing on electric and intelligent logistics solutions, with significant growth in electric vehicle sales and strategic partnerships in the logistics sector [29][30] Group 6: Domestic Industrial Profit Data - In July 2025, the total profit of industrial enterprises above designated size decreased by 1.7% year-on-year, showing a slight improvement from the previous month's decline of 1.8% [32][33] - The report indicates that the "anti-involution" policy is affecting profit structures across various sectors, with upstream raw material manufacturing seeing a recovery in profit margins [34] - Inventory levels are decreasing, with nominal inventory growth slowing to 2.4% year-on-year, indicating a reduction in production and a passive consumption of inventory [35] Group 7: Mechanical Equipment Industry - In July 2025, the overall sales of forklifts reached 118,600 units, a year-on-year increase of 14.4%, with both domestic and overseas sales showing double-digit growth [36][37] - The growth in forklift demand is linked to improvements in manufacturing and logistics sectors, with positive macroeconomic indicators supporting future sales [38] - Companies like Anhui Heli and Hangcha Group are expanding their global presence and enhancing their product offerings in intelligent logistics [39][40]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 930 million yuan for the first half of 2025, representing a year-over-year increase of 6.44%, and a net profit attributable to shareholders of 235 million yuan, up 8.03% year-over-year [6] - The SGT MOS product revenue share increased to 45.21%, indicating strong market competitiveness and a broad application in strategic fields such as automotive electronics and AI [6] - Emerging markets such as automotive electronics, AI servers, and robotics are showing robust growth, contributing to a positive revenue outlook [6][7] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 481 million yuan, down 4.21% year-over-year but up 7.04% quarter-over-quarter, with a net profit of 127 million yuan, reflecting a year-over-year increase of 7.88% and a quarter-over-quarter increase of 17.16% [6] - The comprehensive gross margin for the first half of 2025 was 35.80%, a slight increase of 0.02 percentage points year-over-year [6] Product Development - The SGT MOS product platform, which has the highest sales base and customer diversity, has successfully launched its third-generation products across various applications [6] - The company is expanding its product offerings in automotive electronics, AI computing, and robotics, with significant sales growth in these sectors [6] Market Outlook - The company expects continued revenue growth, with projected revenues of 2.19 billion yuan, 2.60 billion yuan, and 3.08 billion yuan for 2025, 2026, and 2027 respectively [7] - The projected net profits for the same years are 557 million yuan, 673 million yuan, and 804 million yuan, indicating a strong growth trajectory [7]

Core Viewpoint - The company reported strong revenue growth in the first half of 2025, with a significant increase in both operating income and net profit, despite a decline in gross margin due to market competition [1][2]. Financial Performance - The company achieved operating income of 1.6 billion yuan in the first half of 2025, representing a year-on-year growth of 26.77% [1][2]. - The net profit attributable to shareholders reached 247 million yuan, up 15.35% year-on-year [1][2]. - The overall gross margin was 35.39%, a decrease of 1.69 percentage points compared to the previous year [2]. - In Q2 alone, the company generated operating income of 901 million yuan, a year-on-year increase of 21.21% and a quarter-on-quarter increase of 28.67% [2]. - Q2 net profit attributable to shareholders was 135 million yuan, reflecting a year-on-year growth of 10.69% and a quarter-on-quarter growth of 20.86% [2]. - The gross margin for Q2 was 31.86%, down 4.56 percentage points year-on-year and 8.07 percentage points quarter-on-quarter [2]. Market Position and Strategy - The company is focusing on the automotive electronics sector, which is seen as a key area for future growth [3]. - In the first half of 2025, the revenue distribution across various sectors was: Industrial 43.55%, Consumer 36.25%, Automotive 15.79%, Communication 1.82%, and Others 2.59% [3]. - The company has nearly 200 types of automotive-grade MOSFET products, with clients including Honeywell, Dongfeng Technology, and BYD [3]. Future Outlook - The company projects operating income of 3.61 billion yuan, 4.48 billion yuan, and 5.51 billion yuan for the years 2025, 2026, and 2027, respectively [4]. - Expected net profits for the same years are 610 million yuan, 830 million yuan, and 1.09 billion yuan [4].

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 41.42 CNY for the next six months [4][5]. Core Views - The company reported a revenue of 930 million CNY for the first half of 2025, representing a year-on-year growth of 6.44%, and a net profit of 235 million CNY, up 8.03% from the previous year [1][2]. - The automotive market is expected to continue its stable growth, with production and sales of vehicles increasing by 12.5% and 11.4% respectively in the first half of 2025, while new energy vehicle production and sales surged by 41.4% and 40.3% [2]. - The company has successfully optimized its product structure, introducing third-generation SGT MOS products widely used in various sectors, including automotive electronics and AI computing [3]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 930 million CNY and a net profit of 235 million CNY, reflecting solid operational performance [1][2]. - Revenue projections for 2025 to 2027 are estimated at 2.25 billion CNY, 2.72 billion CNY, and 3.29 billion CNY respectively, with net profits expected to be 573 million CNY, 659 million CNY, and 809 million CNY [4][10]. Market Trends - The automotive sector, particularly in new energy vehicles, is experiencing significant growth, with exports of new energy vehicles increasing by 75.2% in the first half of 2025 [2]. - The AI sector is seeing broad applications for power semiconductors, indicating a positive trend for the company's product offerings in this area [2]. Product Development - The company has successfully introduced its third-generation SGT MOS products and is expanding its IGBT product applications in automotive electronics and industrial control [3]. - The revenue structure for the reporting period shows 39% from industrial automation, 15% from automotive electronics, and 7% from robotics, highlighting a diversified product portfolio [3].

Summary of Conference Call Transcript Company Overview - The company discussed is 新洁能 (New Energy Co.) - The focus is on the semiconductor industry, particularly power semiconductors and related technologies Key Financial Performance - Q2 revenue reached 480 million CNY, a quarter-on-quarter increase of 7.04% [2] - Net profit attributable to shareholders was 127 million CNY, up 17.16% quarter-on-quarter [2] - For the first half of 2025, total revenue was 930 million CNY, a year-on-year increase of 6.44% [3] Growth Drivers - Growth attributed to recovery in downstream sectors, inventory optimization, and increased domestic substitution demand [4] - The company is experiencing a stable increase in orders, with visibility extending one to two quarters ahead [4][12] - Emerging fields such as automotive, AI computing, and robotics are showing significant progress [4][13] Research and Development - R&D expenses increased by 31% year-on-year [6] - SGT MOS platform revenue share reached 45%, with over 1,200 product models [6] - The company is advancing third-generation silicon carbide (SiC) MOSFETs, with the second generation already in mass production [24] Market Expansion - The company is expanding into Southeast Asia and the Americas through its Singapore subsidiary, which is expected to contribute millions in revenue this year [7][19] - The company maintains strategic partnerships with supply chain partners, enhancing production capabilities [8] Application Areas - Revenue distribution in application areas: Industrial Automation 39%, New Energy Vehicles 15%, Robotics 7%, and others [9] - The automotive sector is a key focus, with over 300 vehicle-grade MOSFET products launched [9][17] Supply Chain Management - The company is enhancing supply chain relationships to counter cost pressures, maintaining a stable gross margin [8] - Significant production increases in silicon-based products at partner facilities [8] Market Trends and Outlook - The automotive sector is expected to see continued growth, with optimism for the second half of the year [16] - The company anticipates stable demand in the photovoltaic energy storage sector due to policy incentives [9] Pricing Strategy - Pricing is influenced by market conditions and strategic relationships with key customers [20] - The company is cautious about passing on cost increases to customers, focusing on maintaining long-term partnerships [20] Emerging Applications - The company is well-positioned in emerging applications, rapidly introducing products to leading customers [33] - Focus on integrating power, analog, and digital products to support long-term growth [34] Future Strategy - The company aims for steady development while encouraging ongoing communication with investors [35]

Core Viewpoint - Jilin Sino-Microelectronics Co., Ltd. (the company) is focused on advancing its semiconductor power device industry, emphasizing innovation, product development, and market expansion to enhance its competitive position in the industry. Group 1: Company Overview - The company achieved operating revenue of CNY 2,057.61 million, representing an increase of 18.13% year-on-year, and a net profit attributable to shareholders of CNY 127.73 million, up 246.45% from the previous year [6][13]. - The company is committed to building a complete, advanced, and secure modern power semiconductor chip industry system, focusing on intelligent, green, and integrated industrial development [5]. Group 2: Business Operations - The company is actively promoting full industry chain project construction, product research and development iteration, and management innovation, while expanding into emerging markets [5]. - Key products include IPM modules, IGBT, super junction MOS, and SGT MOS, with significant sales growth in clean energy, automotive electronics, smart home, 5G, and industrial control sectors [5][7]. Group 3: Financial Performance - The company reported a significant increase in net profit due to higher sales orders for products like IPM, leading to increased revenue and gross profit [14]. - Operating costs rose to CNY 1,517.34 million, an increase of 14.06% year-on-year, while research and development expenses increased by 17.68% to CNY 124.92 million [13][19]. Group 4: Research and Development - The company has intensified its R&D efforts, with a total R&D expenditure of CNY 124.92 million, accounting for 6.07% of its operating revenue [19]. - The R&D team consists of 791 personnel, representing 30% of the total workforce, with a focus on enhancing technological innovation and product development [19][20]. Group 5: Market Strategy - The company is leveraging domestic and provincial resources for joint development and actively participating in key provincial and municipal research projects [7]. - The company aims to enhance customer satisfaction by improving service quality, optimizing product delivery, and reducing order fulfillment cycles [9].