斯达半导体股份有限公司2025 年半年度报告 公司代码：603290 公司简称：斯达半导 斯达半导体股份有限公司 斯达半导体股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、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、 公司负责人沈华、主管会计工作负责人张哲及会计机构负责人（会计主管人员）岑淑声明： 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、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的风险因素，请查阅 ...

Market Performance - The main board led the gains with notable increases in stocks such as Jishi Media (+10.20%), Desheng Technology (+10.02%), and Rihai Intelligent (+10.00%) [1] - The ChiNext board saw significant rises with Aerospace Intelligent Equipment (+10.64%) and Jiebang Technology (+9.61%) [1] - The Sci-Tech Innovation board was led by China Shipbuilding Gas (+7.31%) and Gaohua Technology (+7.08%) [1] - Active sub-industries included SW Communication Cables and Accessories (+2.25%) and SW Brand Consumer Electronics (+1.70%) [1] Domestic News - Aibang ARAI launched agricultural smart AR glasses with various functions including pest identification and remote guidance, already piloted in over 300 regions [1] - TSMC reported July revenue of NT$323.166 billion, a month-on-month increase of 22.5% and a year-on-year increase of 25.8%, with cumulative revenue from January to July reaching NT$2.096 trillion, up 37.6% year-on-year [1] - Sanan Optoelectronics announced that its SiC MOSFET products have been supplied in bulk to major data center and AI server power clients [1] - CINNO reported a 10% year-on-year decline in TV sales in Q2, attributed to the suspension of national subsidies in several provinces, but anticipates a mild recovery in demand as subsidy funds are fully allocated [1] Company Announcements - Wifang Optoelectronics reported H1 2025 total revenue of CNY 612 million, a year-on-year increase of 7.32%, but a net profit decrease of 32.33% to CNY 28 million [3] - Changguang Huaxin announced government subsidies totaling CNY 10.3768 million received from May 6, 2025, to the announcement date [3] - Furi Electronics reported H1 2025 total revenue of CNY 5.333 billion, a year-on-year increase of 0.42%, with net profit increasing by 123.62% to CNY 22 million [3] - Longli Technology received a patent for an injection mold that enhances OLED module strength and reliability [3] Overseas News - Skywater Technology completed a significant acquisition of a semiconductor factory in Texas for $93 million to boost domestic semiconductor manufacturing capacity [4] - AMD's CEO Lisa Su noted positive signals across all products and progress in obtaining U.S. government approval for market exports [4] - OpenAI released its most powerful AI model, GPT-5, which reportedly has a 45% lower chance of factual errors compared to GPT-4 [4] - A UK startup is focusing on developing next-generation wide bandgap semiconductor materials and devices, aiming to launch prototypes in the next 2-3 years [4]

Core Viewpoint - Sanan Optoelectronics is rapidly advancing its SiC MOSFET production capabilities, targeting both data center and AI server markets, while also making significant strides in the electric vehicle sector [1][2]. Group 1: SiC MOSFET Production and Supply - Hunan Sanan has begun bulk supply of SiC MOSFET products to major clients such as Delta, Lite-On, Great Wall, and Vertiv, indicating strong demand in data centers and AI servers [1]. - The first phase of Hunan Sanan's project has achieved an annual production capacity of 250,000 6-inch SiC wafers, with the second phase expected to start production in Q3 2023, aiming to increase total capacity to 480,000 wafers annually [1]. - The production capacity utilization rate is gradually increasing in response to rising customer demand, with additional capacity being developed in Chongqing Sanan [1]. Group 2: Electric Vehicle Sector Progress - In the electric vehicle sector, Sanan Optoelectronics' automotive-grade SiC MOSFETs are in the reliability verification stage with key customers, including a joint venture with Li Auto [2]. - The first production line of the joint venture has completed its commissioning, with full bridge power modules already delivered, and mass production expected by 2025 [2]. - The company is strategically partnering with leading automotive manufacturers to capture market share during the anticipated boom in the domestic SiC market around 2025 [2]. Group 3: Industry Context and Competitive Landscape - Hunan Province has prioritized semiconductor industry development, with several electronic information projects receiving significant policy support [2]. - Despite Sanan Optoelectronics' advancements, international giants like Wolfspeed and STMicroelectronics still dominate the global market, necessitating continuous improvement in production yield and cost reduction [2]. - The SiC market is projected to experience a decade of growth driven by increased penetration of new energy vehicles and expansion of computing infrastructure, with Sanan's vertical integration capabilities being a key competitive advantage [2].

Core Viewpoint - The article emphasizes the significance of Gallium Nitride (GaN) as a strategic material in modern technology, highlighting its potential applications and advantages over Silicon Carbide (SiC) in various sectors [1][10][25]. Group 1: Material Comparison - GaN and SiC are classified as compound semiconductors, composed of multiple elements, and their properties significantly impact the performance of electronic devices [2]. - SiC MOSFETs excel in high power applications, while GaN HEMTs are superior in high-frequency applications [3][4]. - The substrate for GaN can be silicon or sapphire, while SiC and silicon devices use their respective materials as substrates [6][7]. Group 2: Application Markets - In the automotive sector, GaN is still in the exploratory phase for high-power applications, with SiC currently dominating due to its superior short-circuit protection capabilities [10][11]. - GaN power devices have gained traction in consumer electronics, particularly in fast charging solutions, with significant market penetration since 2019 [12]. - The AI server power market demands high power density, where GaN's high-frequency switching and low-loss characteristics are advantageous [18]. - In humanoid robotics, GaN FETs enable faster switching speeds, enhancing the performance of joint motors [21][23]. - GaN shows promise in integrated solar-storage-charging systems, improving inverter size and dynamic performance [24]. Group 3: Technical Challenges - GaN faces challenges related to lattice and thermal mismatch when grown on silicon substrates, impacting the quality and reliability of devices [25]. - The cost structure of GaN devices is influenced by substrate costs, wafer manufacturing, depreciation, yield, and packaging [25]. Group 4: Industry Events - The IPF 2025 conference serves as a significant platform for discussions on GaN and SiC technologies, featuring prominent industry leaders and experts [34][35].

Core Insights - The global automotive market is expected to grow at a compound annual growth rate (CAGR) of 2% from 2024 to 2030, with China remaining vibrant while the US and European markets are stable or declining [2] - The automotive semiconductor market is projected to grow five times faster, with the market size expected to increase from $68 billion in 2024 to $132 billion by 2030 [2] - The average value of semiconductor devices per vehicle is anticipated to rise from $759 in 2024 to approximately $1,332 by 2030, with the number of semiconductor devices per vehicle increasing from about 824 to 1,158 [2] Market Dynamics - The shift from internal combustion engines to hybrid and fully electric vehicles is driving demand for power electronics, particularly wide-bandgap switches like SiC and GaN [3] - New safety regulations in Europe and the US are necessitating additional sensors and controllers in even entry-level vehicles, leading to increased adoption of affordable SoCs and image sensors [3] - The evolution of E/E architecture towards more centralized systems and 48V power grids will require advanced MCUs and new PMICs [3] Competitive Landscape - Five companies dominate 50% of the automotive semiconductor market, with Infineon leading at over $8 billion in automotive sales, followed by NXP and STMicroelectronics [6] - The Chinese Ministry of Industry and Information Technology aims for 25% localization of semiconductors by 2025, with companies like Horizon Robotics and BYD Semiconductor filling market gaps [6] - Vertical integration is no longer unique to Tesla, as companies like NIO and BYD are adopting advanced manufacturing processes and designing their own semiconductors [6] Production Capacity - SMIC is building four 12-inch wafer fabs targeting automotive and power customers, while Europe, Japan, and the US are expanding 200mm analog production lines [7] - The competition in advanced nodes below 16nm is dominated by TSMC and Samsung, with significant demand from companies like NVIDIA and Qualcomm for automotive components [7] Technological Advancements - The penetration rate of battery electric vehicles (BEVs) is slowing, but the European market is pushing for more BEVs due to revised emissions regulations [10] - The application of SiC MOSFETs in inverters is increasing, driven by the rapid decline in N-type SiC substrate prices, with BYD launching a 1000V+ automotive platform [10] - Next-generation vehicles are expected to feature advanced SoCs with 5nm technology, enabling high processing capabilities for autonomous driving applications [11][12]

Core Viewpoint - The approval of the acquisition of 72.33% of Chip Union Yuezhou by Chip Union Integrated marks a significant milestone in the semiconductor industry, being the largest chip acquisition case on the Sci-Tech Innovation Board, with a transaction value of approximately 5.9 billion yuan [1][3]. Group 1: Acquisition Details - Chip Union Integrated announced the acquisition plan on June 2024, intending to pay approximately 5.9 billion yuan, with 90% of the payment in shares and 10% in cash [5]. - The acquisition will make Chip Union Yuezhou a wholly-owned subsidiary of Chip Union Integrated, enhancing its capabilities in power semiconductors and MEMS [5][7]. - Chip Union Yuezhou specializes in power semiconductor wafer foundry services, particularly in silicon carbide (SiC) technology, and is recognized for its advanced production capabilities [6][7]. Group 2: Financial Performance - Both companies are currently operating at a loss, with Chip Union Integrated reporting a total loss of 4.008 billion yuan over the past three years, while Chip Union Yuezhou has incurred losses of approximately 2.6 billion yuan [1][8]. - Chip Union Yuezhou's revenue has shown significant growth, increasing from 137 million yuan in 2022 to an estimated 1.798 billion yuan in 2024, with a projected further increase in 2024 [8][9]. - Chip Union Integrated's revenue has also been on the rise, with a forecasted revenue of 6.509 billion yuan in 2024, reflecting a year-on-year growth of 22.25% [9][10]. Group 3: Research and Development - Chip Union Integrated has invested approximately 4.21 billion yuan in R&D from 2022 to 2024, while Chip Union Yuezhou has invested around 1.241 billion yuan in the same period [9][10]. - The companies are focusing on high R&D expenditures and advanced production techniques to improve their market position and profitability in the future [8][10]. - Chip Union Integrated aims to achieve profitability by 2026, driven by its strategic focus on the new energy and AI sectors [10][11].

Core Viewpoint - The acquisition of 72.33% of ChipLink Yuzhou Integrated Circuit Manufacturing Co., Ltd. by ChipLink Integrated (688469.SH) for 5.897 billion yuan is the first merger approved by the CSRC under the new "K8 Measures," emphasizing a shift towards prioritizing "hard technology" and long-term strategic development over short-term profitability [1][7][8]. Group 1: Acquisition Details - The transaction involves ChipLink Integrated purchasing the stake in ChipLink Yuzhou through a combination of issuing shares and cash payments, with the total transaction price set at 5.897 billion yuan [2][3]. - ChipLink Yuzhou is recognized as a leading domestic producer of automotive-grade SiC MOSFET power devices, with over 90% of its products used in the main drive inverters of electric vehicles [2][3]. - The acquisition will allow ChipLink Integrated to fully control ChipLink Yuzhou, enabling integrated management of their combined production capacities of 100,000 pieces per month and 70,000 pieces per month, respectively [3]. Group 2: Financial Performance - ChipLink Integrated's net profits from 2019 to 2024 show a trend of losses, with figures of -772 million yuan, -1.366 billion yuan, -1.236 billion yuan, -1.088 billion yuan, -1.958 billion yuan, and a projected profit of 962 million yuan in 2024 [3]. - ChipLink Yuzhou has also reported continuous losses over the past three years, with losses of 700 million yuan, 1.1 billion yuan, and 868 million yuan for 2022, 2023, and 2024 (as of October 31) respectively [3]. Group 3: Regulatory Context - The rapid approval of this merger by the CSRC reflects a new regulatory direction that supports the acquisition of unprofitable "hard technology" companies, indicating a more flexible approach to the standards of "sustainable operational capability" [7][8]. - The merger is seen as a significant signal for the integration of the semiconductor industry, aligning with national strategies for semiconductor self-sufficiency and carbon neutrality [9]. Group 4: Strategic Implications - The acquisition is expected to enhance the competitive edge of ChipLink Integrated in the automotive chip foundry sector by focusing on high-tech products and business development [3]. - Analysts suggest that this merger could lead to more strategic mergers and acquisitions in the high-tech sector, particularly in areas like third-generation semiconductors and advanced packaging, driven by technological integration and market demand [8][9].

Core Viewpoint - ChipLink Integrated announced a plan to acquire 72.33% of ChipLink Yuezhou Integrated Circuit Manufacturing Co., Ltd. for a transaction price of 5.897 billion yuan, aiming for full control and resource integration in high-end semiconductor fields [1][2] Group 1: Acquisition Details - The acquisition will allow ChipLink Integrated to fully control ChipLink Yuezhou, enhancing its core competitiveness in power semiconductors, silicon carbide (SiC), and high-voltage analog ICs [1] - The transaction involves 15 counterparties and is valued at 5.897 billion yuan [1] Group 2: ChipLink Yuezhou's Capabilities - ChipLink Yuezhou has a monthly production capacity of 70,000 8-inch IGBTs and silicon-based MOSFETs, and 8,000 6-inch SiC MOSFETs, positioning it as a pioneer in the domestic automotive-grade SiC power device industry [1] - Over 90% of ChipLink Yuezhou's SiC MOSFET products are used in the main drive inverters of new energy vehicles, with the company leading domestic shipments in 2023 and the first half of 2024 [1][2] Group 3: Strategic Implications - The acquisition will enable ChipLink Integrated to optimize management efficiency and increase investment in high-value areas such as SiC MOSFETs, VCSELs (GaAs), and high-voltage analog ICs [2] - The company aims to capitalize on the rapid growth in demand for SiC devices in the new energy vehicle, photovoltaic, and energy storage markets, solidifying its leading position in the third-generation semiconductor sector [2]

Core Viewpoint - The report outlines the independent financial advisory opinion regarding the acquisition of a 72.33% stake in ChipLink Integrated Circuit Manufacturing Co., Ltd. through a combination of share issuance and cash payment, emphasizing the strategic importance of this transaction for the company and its stakeholders [1][13]. Group 1: Transaction Overview - The transaction involves the acquisition of a 72.33% stake in ChipLink Yuanzhou Integrated Circuit Manufacturing Co., Ltd. for a total price of 589,661.33 million yuan [13]. - The main business of the target company is wafer foundry services in the power semiconductor sector, which aligns with the company's strategic focus [13]. - The transaction is classified as a related party transaction and is subject to regulatory compliance [14]. Group 2: Financial Assessment - The valuation of the target company was conducted using the market approach, resulting in an assessed value of 815,200.00 million yuan, indicating a premium of 132.77% over the transaction price [14]. - An additional assessment as of October 31, 2024, confirmed that the value of the target assets had not decreased, ensuring the protection of shareholder interests [15]. Group 3: Impact on Company Operations - Post-transaction, the company will fully control ChipLink Yuanzhou, allowing for integrated management of a combined monthly capacity of 17,000 8-inch wafers, enhancing operational efficiency [18][20]. - The acquisition is expected to bolster the company's capabilities in high-end semiconductor products, particularly in SiC MOSFET and high-voltage analog ICs, which are critical for the growing markets of electric vehicles and renewable energy [19][20]. - ChipLink Yuanzhou is recognized as a leader in the domestic market for SiC MOSFETs, with plans to scale production significantly by 2025, positioning the company competitively in the semiconductor industry [19].

Core Viewpoint - The power discrete device market is experiencing structural adjustments driven by semiconductor technology advancements and the new energy revolution, with significant growth expected in 2024 and beyond [1][11][13]. Industry Overview - Power discrete devices are independent semiconductor components used for energy conversion and control, capable of handling high voltage and current, and are widely applied in power management, motor drives, and new energy systems [2][4]. - The market is categorized into diodes, transistors, thyristors, and wide bandgap devices, with materials divided into silicon-based and third-generation semiconductors (SiC/GaN) [2][4]. Market Dynamics - The global power discrete device market is projected to grow at a compound annual growth rate (CAGR) of approximately 12%, reaching a market size of 48 billion yuan in 2024, driven by strong demand from the new energy vehicle sector [1][13]. - In 2023, despite a slowdown due to a decline in consumer electronics, high-end devices like automotive-grade IGBTs and SiC MOSFETs maintained over 20% growth [11][13]. Competitive Landscape - The Chinese power discrete device industry features a "pyramid" competition structure, with leading companies like Anshi Semiconductor and BYD Semiconductor at the top, followed by companies like Silan Micro and Huazhong Micro [17][19]. - The domestic market has achieved over 60% replacement rate in mid-to-low-end segments, but high-end sectors still face technological barriers [17][22]. Development Trends - The industry is witnessing three core trends: accelerated penetration of third-generation semiconductor technologies (SiC/GaN), deepening domestic replacement processes, and diversification of application markets [21][22]. - The market for SiC MOSFETs is expected to grow over 30% in 2024, with significant advancements in manufacturing yields and technology [21][22]. - The demand for power discrete devices is increasingly driven by new energy vehicles, photovoltaic energy storage, and industrial control, with expectations of over 10 million new energy vehicles sold by 2025 [21][23].