12月9日，紫光国微在投资者互动平台表示，公司汽车域控芯片THA6第一代系列产品已上车量产，第二代系列产品适配十多款国内外主流工具链、基础 软件，已导入多家主机厂和Tier1，公司正持续积极拓展更多客户导入机会，2026年有望逐步推进量产。 紫光国微在半导体集成电路设计领域深耕二十余年，在研发能力、核心技术、供应链和客户资源等方面积累形成了体系化的竞争优势，已成为国内半导体 集成电路设计企业龙头之一。 在特种集成电路和智能安全芯片领域，公司是国内最早从事相关设计研发的企业之一，在国内具有广泛的品牌影响力和知名度。在特种集成电路领域，公 司是国内特种集成电路的重要供应商之一，用户遍及各相关领域。在智能安全芯片领域，公司SIM卡芯片业务在国内和全球的市场占有率均名列前茅，公 司金融IC卡芯片、身份证读头以及POS机SE芯片的市场份额均为国内领先，公司在汽车电子芯片的部分领域处于国内领先地位。 在商业航天领域，公司的FPGA、回读刷新芯片、存储器、总线接口等系列产品正陆续导入，目前进展良好。图像AI可以应用到商业航天领域。商业航天 产业链较长、集成电路需求量较大，基于现有产品公司还在不断的开拓新的应用场景。 在商业 ...

Core Viewpoint - Unisoc achieved a net profit of 692 million yuan in the first half of 2025, representing a year-on-year decline of 6.18% [1] Financial Performance - In Q2, the net profit reached 573 million yuan, showing a year-on-year increase of 33% and a quarter-on-quarter increase of 381% [1] - Q2 gross margin was 56.30%, with a quarter-on-quarter increase of 2.2 percentage points [1] Business Expansion - The company has over 800 varieties in special integrated circuits, with expertise in AI + visual perception, processors, programmable devices, memory, networking and interfaces, analog devices, and ASIC/SoPC [1] - New application scenarios have been expanded into commercial aerospace, alongside traditional business foundations [1] Market Position - The company continues to excel in the smart card sector, with leading market shares in SIM card chips both in China and globally [1] - It holds a leading position in the domestic market for financial IC card chips, ID card readers, and POS machine SE chips [1] - In certain areas of automotive electronic chips, the company is also a domestic leader [1] Future Outlook - As a leading domestic enterprise in special chips, the company is expected to benefit from the recovery of special demand and the growth potential brought by innovative product lines [1] - The report initiates coverage with a "buy" rating [1]

Core Insights - Unigroup Guowei achieved a net profit attributable to shareholders of 692 million yuan in the first half of 2025, representing a year-on-year decrease of 6.18% [1] - In Q2, the net profit attributable to shareholders was 573 million yuan, showing a year-on-year increase of 33% and a quarter-on-quarter increase of 381% [1] - The gross margin for Q2 was 56.30%, with a quarter-on-quarter increase of 2.2 percentage points [1] Business Performance - The company has over 800 varieties in special integrated circuits, with expertise in AI + visual perception, processors, programmable devices, memory, networking and interfaces, analog devices, and ASIC/SoPC [1] - Unigroup Guowei is expanding into new application scenarios such as commercial aerospace while solidifying its traditional business downstream [1] - The company continues to make breakthroughs in the smart card sector, with its SIM card chip business ranking among the top in both China and globally [1] Market Position - The company holds a leading market share in financial IC card chips, ID card readers, and POS machine SE chips domestically [1] - In certain areas of automotive electronic chips, the company is also positioned as a domestic leader [1] - As a domestic leader in special chips, the company is expected to benefit from the recovery of special demand and the growth potential from innovative product lines [1]

Core Viewpoint - The Chinese smart card chip industry is experiencing significant growth, driven by increasing demand in various sectors such as financial payments, communication, identity verification, and transportation. The market size is projected to rise from approximately 10.08 billion yuan in 2019 to 14.28 billion yuan by 2024, indicating a robust upward trend in demand for high-performance and secure smart card chips [1][10]. Industry Definition and Classification - Smart card chips, also known as integrated circuit (IC) chips, are micro semiconductor chips embedded in smart cards, capable of storing, processing, and encrypting data. They serve as the core component of smart cards, enhancing functionality and security while promoting the digitalization of society [2]. Industry Chain Analysis - The smart card chip industry chain includes upstream raw material and equipment supply, midstream chip design, manufacturing, and packaging, and downstream smart card manufacturing and application. Each segment is technology-intensive and requires high customization and security, driving innovation and industry upgrades [4]. Development History - The development of China's smart card chip industry has gone through three stages: initial exploration and technology introduction in the 1990s, rapid development and domestic substitution in the early 2000s, and innovation and diversification since the 2010s, with a focus on high-performance products and expanding applications [6]. Current Industry Status - The market size of China's smart card chip industry has been steadily increasing, with a projected growth from 10.08 billion yuan in 2019 to 14.28 billion yuan by 2024. The industry has developed a mature technology system capable of producing high-performance and secure smart card chips [10]. Upstream Industry Chain Analysis - The semiconductor silicon wafer market in China grew from 7.82 billion yuan in 2019 to 12.089 billion yuan in 2023, with a projected size of approximately 13.1 billion yuan by 2024. This growth supports the smart card chip industry by providing stable raw material supplies [8]. Downstream Industry Chain Analysis - The number of bank cards issued in China has exceeded 9.8 billion, with debit cards dominating. The growth in bank card issuance creates a vast market for smart card chips, especially with the increasing demand for high-performance and secure chips due to the proliferation of financial IC cards and EMV migration [12]. Key Enterprises Analysis - The smart card chip industry in China features a diverse competitive landscape, with key players including: - **SMIC**: A leading foundry providing manufacturing services for smart card chips [14]. - **Shanghai Belling**: Focused on R&D and production of smart card chips for various applications [14]. - **Datang Microelectronics**: Known for its expertise in security chips and smart card technology [14]. - **Shandong Huayi Microelectronics**: Specializes in IoT and automotive applications [14]. - **Silicon Microelectronics**: Engaged in specific application scenarios like smart meters [14]. Future Development Trends - The smart card chip industry in China is expected to see significant advancements in chip performance, accelerated domestic production processes, and expanded application scenarios. Innovations in semiconductor technology will enhance computing power, storage capacity, and energy efficiency, while the push for domestic production will reduce reliance on foreign technology [19][20][22].