FROM TECHNOLOGIES TO MARKET Status of the Power Electronics Industry 2025 Market and Technology Report www.yolegroup.com | © Yole Group 2025 YINTR25514 | GLOSSARY | $M/$B | US dollar million/billion | | | --- | --- | --- | | 4WD | Four-Wheel Drive | | | BESS | Battery Energy Storage System | | | BEV | Battery Electric Vehicle | | | BMIC | Battery Management Integrated Circuit | | | BMS | Battery Management System | | | CD | Critical Dimension | | | CZ | Czochralski | | | CT | Central Tomograph | | | DC | Di ...

未来，华润微电子将继续以创新为驱动，与产业链共成长，巩固在功率半导体的领先地位，为中国科技 自立自强贡献坚实的"芯"力量。 面对算力需求的爆发式增长，华润微电子正加速全场景布局，依托先进封装与制程工艺，针对边缘计 算、服务器等场景开发高效能电源管理芯片，优化电源转换效率以降低数据中心能耗；同时，针对AI 服务器高密度供电需求，推出集成化功率模块，提升功率密度，满足高算力场景的严苛要求。公司亦前 瞻性卡位智能驾驶、低空经济、伺服电机等新兴领域，开辟多元化增量空间。 人民财讯10月8日电，华润微电子聚焦功率半导体与智能传感器核心领域，在第三代半导体方面，SiC MOSFET等产品性能比肩国际先进水平，已规模化应用于新能源汽车主驱、光伏储能等领域。 公司以"两江三地"战略布局，夯实发展根基。重庆12吋功率半导体晶圆生产线已于2025年9月满产，月 产能达30000片，深圳12吋特色模拟集成电路生产线2024年底通线，90nm平台多颗产品已量产，重庆先 进功率封测基地2022年底通线，产品覆盖消费电子、工业控制、汽车电子、5G、AIOT等新基建领域， 迪思高端掩模项目2024年顺利通线，重点支持90nm及以下高端节点 ...

尚鼎芯提供的产品用途广泛，包括电源转换器和电池管理系统。应用范围涵盖消费电子、工业控制、汽车电子、新能源及储能、医疗设备等应用场景，广泛 用于扫地机器人、手持电动工具、无人机、各种消费电子适配器、LED照明、户外储能等应用产品。 | | 03/04/2025 整體協調人公告 - 委任 四 | | --- | --- | | 03/04/2025 | 深圳市尚鼎芯科技股份有限公司 03/04/2025 申請版本（第一次呈交） 全文檔案 | 招股书显示，尚鼎芯是一家无晶圆厂功率半导体供货商，专门从事定制化功率器件产品的开发及供应。公司为客户量身定制技术应用解决方案，提供定制的 功率器件，用于安装在终端用户最终使用的电气设备及电气产品的电路板上，旨在实现特定性能或优化该等产品的功能。尚鼎芯于往绩记录期间提供的产品 主要是MOSFET，其次是IGBT、GaN MOSFET及SiC MOSFET，该等产品主要由公司的技术专家设计、定制及╱或开发，专门按照客户要求量身定制，用 于其下游产品。 深圳市尚鼎芯科技股份有限公司(简称：尚鼎芯)于4月3日所递交的港股招股书满6个月，于10月3日失效。 ...

招股书显示，尚鼎芯是一家无晶圆厂功率半导体供货商，专门从事定制化功率器件产品的开发及供应。公司为客户量身定制技术应用解决方案，提供定制的 功率器件，用于安装在终端用户最终使用的电气设备及电气产品的电路板上，旨在实现特定性能或优化该等产品的功能。尚鼎芯于往绩记录期间提供的产品 主要是MOSFET，其次是IGBT、GaN MOSFET及SiC MOSFET，该等产品主要由公司的技术专家设计、定制及╱或开发，专门按照客户要求量身定制，用 于其下游产品。 尚鼎芯提供的产品用途广泛，包括电源转换器和电池管理系统。应用范围涵盖消费电子、工业控制、汽车电子、新能源及储能、医疗设备等应用场景，广泛 用于扫地机器人、手持电动工具、无人机、各种消费电子适配器、LED照明、户外储能等应用产品。 智通财经APP获悉，深圳市尚鼎芯科技股份有限公司(简称：尚鼎芯)于4月3日所递交的港股招股书满6个月，于10月3日失效。 ...

Core Viewpoint - The employee stock ownership plan announced by the company is seen as a vote of confidence in its future development and a key measure to deepen its talent strategy and build core competitiveness [2][4]. Group 1: Employee Stock Ownership Plan - The plan aims to raise a maximum of 57.158 million yuan, involving no more than 1.572 million shares, approximately 0.13% of the company's total equity [2]. - Participants include directors, senior management, and other employees, with a total number not exceeding 99 [2]. - The purpose of holding company stock is to establish a profit-sharing mechanism between workers and owners, improve governance, enhance employee cohesion, and promote long-term healthy development [2]. Group 2: Share Buyback and Incentive Mechanisms - The company has actively conducted share buybacks this year, with a total planned buyback amount of up to 600 million yuan, and both buybacks have been completed [2]. - The company has also launched stock option incentive plans to establish long-term incentive mechanisms covering core personnel [2]. Group 3: Financial Performance - In the first half of 2025, the company achieved operating revenue of 25.341 billion yuan and a net profit attributable to shareholders of 474 million yuan, representing a year-on-year increase of 237.36% [3]. - The semiconductor business has shown strong performance, driving overall company growth [3]. Group 4: Research and Development - The company has increased investment in R&D, deepening its product layout, and has accelerated the launch of third-generation semiconductor products [3]. - Recent R&D achievements include the completion of new low and high voltage E-mode GaN FET product combinations and the release of 1200V automotive-grade SiC MOS [3].

Group 1 - Selangor is positioning itself as the optimal location for StarPower Semiconductor Ltd to initiate high-tech power module production in Malaysia, citing its world-class infrastructure and skilled workforce [1][2] - StarPower is evaluating potential sites in Malaysia for an initial investment of RM200 million, focusing on IGBT and SiC MOSFET module production [2] - The upcoming Speed Selangor policy, set to launch in October, aims to expedite investment approval processes for foreign investors [3] Group 2 - Selangor is implementing semiconductor talent development initiatives through the establishment of the Advanced Semiconductor Academy of Malaysia [3] - Key programs under the Advanced Semiconductor Academy include the National Semiconductor Excellence Programme for circuit design training and the Global Semiconductor Exchange Programme for graduate training in Shenzhen [4] - StarPower is recognized as a global leader in power module technology, specializing in IGBT and SiC MOSFET components [4]

以下文章来源于超越 J Curve ，作者刘惠娴 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 浙江并购市场，8月的并购案例数量与规模均位列全国第一。 作者丨 刘惠娴 编辑丨 杨博宇 来源丨 超越 J Curve 本周 ，投中嘉川团队发布了《8月并购报告》，数据显示， 2025年 8 月，并购市场出现了 " 量减 价增 "的 复杂态势 ——2 67 笔并购交易完成，同比 下降 16.3 %，总金额达1 42.62 亿美元，同 比增长 36 . 12 %。 最令人瞩目的，当属芯联集成斥资 58.97亿元人民币收购芯联越州72.33%股权一案， 退出方足有 15个 。 其中， 中芯聚源旗下绍兴滨海新区芯兴基金因此回笼资金 20.38亿元 ，谢诺投资旗下 5支 基金实现退出，回笼16.85亿元。 浙江并购，数量金额双双领跑 先来说说浙江， 其以 20.9亿美元、19家并购标的数量 在本月坐上了全国双第一的位置。事实上， 浙江并非本月才有如此亮眼的成绩，据投中嘉川统计，年初至今，浙江累计并购规模已达 81.71亿 美元，数量104 家 ，仅次于上海、广东两地。 从交易规模 ...

Group 1 - The core viewpoint of the report highlights the significant growth in the power semiconductor industry, particularly in the automotive and data center sectors, driven by the increasing demand for electric vehicles and advanced power solutions [2][3]. - In the new energy vehicle sector, the proportion of main drives with power over 200kW increased from 9% in 2022 to 25% in the first seven months of 2025, with peak power rising from 255kW to 580kW [2][3]. - In July, China's new energy vehicle sales reached 1.26 million units, a year-on-year increase of 27.4%, while production was 1.24 million units, up 26.3% year-on-year, resulting in a penetration rate of 48.7% for the month [1][2]. Group 2 - The main drive IGBT power module market is dominated by key players such as Chipone, Times Electric, Silan Microelectronics, and Starpower, with a gradual decline in the market share of overseas manufacturers [2][3]. - The penetration of silicon carbide (SiC) in new energy vehicles is notable, with SiC MOSFETs accounting for 18% of the main drive modules in the first seven months of 2025, and 76% penetration in 800V models [2][3]. - The industry is entering a recovery phase, with overall profits reaching a new high in nearly eight quarters, driven by accelerating growth in data centers and new energy vehicles [3][4]. Group 3 - The demand for power devices is expected to increase due to the growth in automotive intelligence and power segment enhancements, with significant opportunities for domestic replacements in low and medium voltage power devices [3][4]. - The transition from single power semiconductors to product solutions is underway, with a focus on expanding market coverage from domestic to international [3][4]. - Companies such as Yangjie Technology, New Energy, China Resources Microelectronics, Silan Microelectronics, and others are recommended for their advancements in new devices, processes, and market expansion [4].

证券代码：688469 证券简称：芯联集成 公告编号：2025-048 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担相应的法律责任。 重要内容提示 ? 发行数量和价格 股票种类：人民币普通股（A 股） 发行股票数量：1,313,601,972 股 发行股票价格：4.04 元/股 ? 预计上市时间 本次发行股份购买资产新增股份已于 2025 年 9 月 3 日在中国证券登记 结算有限责任公司上海分公司办理完成登记手续。 本次发行新增股份在其限售期满的次一交易日在上海证券交易所上市 交易（预计上市时间如遇法定节假日或休息日，则顺延至其后的第一个交易 日），限售期自股份发行完成之日起开始计算。 ? 资产过户情况 本次交易标的资产的过户手续已办理完毕。 （二）本次发行情况 本次发行股份及支付现金购买资产中，发行的股份种类为人民币普通股（A 股），每股面值为人民币 1.00 元，上市地点为上交所。 本次发行股份及支付现金购买资产的定价基准日为上市公司第一届董事会 第二十四次会议决议公告日。经交易各方协商，上市公司确定本次发行股份购买 资产的发行 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 108.04 CNY per share [5]. Core Views - The company's revenue for H1 2025 reached 1.936 billion CNY, representing a year-over-year increase of 26.25%, while the net profit attributable to shareholders was 275 million CNY, up 0.26% year-over-year [1][8]. - The growth in revenue is primarily driven by the new energy business, which generated 1.213 billion CNY, a year-over-year increase of 52.82% [2][9]. - The company is expected to maintain a high growth trajectory in the second half of 2025, with projected revenue of approximately 2.4 billion CNY, reflecting a nearly 30% year-over-year increase [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 1.016 billion CNY, a year-over-year increase of 39.55% and a quarter-over-quarter increase of 10.57% [1][8]. - The gross margin for Q2 was 29.16%, with a net margin of 17.14%, showing a significant improvement in net profit compared to the previous quarter [3][8]. New Energy Business - The new energy sector's revenue growth is attributed to a 40% year-over-year increase in domestic sales of new energy vehicles, and the wind and solar storage business saw revenue growth exceeding 200% due to a 99.3% increase in photovoltaic installations [2][9]. - The company is well-positioned for continued growth in the new energy sector, with expectations of sustained high growth in the second half of the year [2][9]. Profitability Outlook - The overall gross margin is expected to remain stable at around 29.5% for the year, despite some price competition pressures in the automotive-grade IGBT and industrial control products [3][8]. - The net profit for the year is projected to be approximately 643 million CNY, with a corresponding PE ratio of 40x for 2025 and 33x for 2026 [3][4]. Market Position and Future Prospects - The company has successfully established a presence in the European market, with significant deliveries of automotive-grade IGBT modules and ongoing projects with major Tier 1 suppliers [10]. - The company is also expanding its product offerings in emerging fields, including AI server power supplies and electric flying vehicles, with expectations for market introduction in 2026 [12].