Core Viewpoint - Yandong Micro (688172.SH) is facing severe operational challenges, transitioning from profitability to significant losses since its listing in November 2022, with a projected net loss exceeding 2.8 billion yuan in 2024 and further losses of 3.9 billion yuan in the first half of 2025 [1][2][10]. Financial Performance - In 2022, Yandong Micro reported revenue of 2.175 billion yuan and a net profit of 365 million yuan, marking its peak performance [2]. - By 2023, revenue slightly decreased to 2.127 billion yuan, a year-on-year decline of 2.21%, with net profit dropping 20% to 292 million yuan [2]. - The year 2024 marked a significant downturn, with revenue plummeting 19.89% to 1.704 billion yuan and a net loss of 2.88 billion yuan, a nearly 6 billion yuan difference from the previous year's profit [2][10]. - In the first half of 2025, losses further escalated, with net losses increasing from 73.54 million yuan to 3.9 billion yuan, a more than 4.3-fold increase year-on-year [2]. Business Segmentation - Yandong Micro's operations are divided into two main segments: "Products and Solutions" and "Manufacturing and Services," contributing 47.18% and 43.91% to revenue in 2024, respectively [3]. - The "Manufacturing and Services" segment has been operating at a negative gross margin since 2023, while the "Products and Solutions" segment is the sole contributor to gross profit [3][6]. Manufacturing Challenges - The gross margin for wafer manufacturing has been consistently negative, with rates below -19% from 2023 to 2024, indicating that costs exceed revenues [6]. - The company has faced delays in ramping up production processes, with the 12-inch production line only reaching its first phase of production in July 2024 [6]. - Yandong Micro's capacity utilization rates have declined from 79.11% in 2022 to 77.58% in 2024, significantly lower than competitors like Huahong [6][7]. Profitability Issues - The "Products and Solutions" segment, particularly the high-stability integrated circuits, has been the only profitable area, contributing over 75% of revenue in this segment [8][9]. - However, in 2024, revenue from high-stability integrated circuits dropped 47% to 607 million yuan, with gross profit declining from 706 million yuan to 314 million yuan [9][10]. Accounts Receivable and Inventory Management - Yandong Micro's accounts receivable turnover rate is notably low, at 0.528 times as of June 2025, indicating potential cash flow issues [11]. - The inventory turnover rate was 0.566 in the first half of 2025, significantly lower than competitors, raising concerns about capital utilization and potential depreciation risks [14]. Future Outlook - The company faces substantial challenges in reversing its losses, including high fixed asset investments, low utilization rates, and significant depreciation pressures from ongoing construction projects [15][16]. - Analysts suggest that Yandong Micro must either enhance its wafer manufacturing capabilities or strengthen its competitive position in the high-stability business to survive in a competitive semiconductor market [18].

Core Points - The company has adjusted the members of its second board's specialized committees to enhance corporate governance and ensure proper operation of the committees [1] - The adjustments were approved during the 16th meeting of the second board held on September 22, 2025 [1] - The composition of the specialized committees includes a majority of independent directors, with independent directors serving as chairpersons [1] - The chairman of the audit committee, Mr. Zhou Hua, is a professional accountant [1] - The term for the newly appointed committee members lasts until the end of the second board's term [1]

Core Viewpoint - Yandong Microelectronics announced the adjustment of its board committees during the second board meeting held on September 22, 2025, indicating a strategic shift in governance structure [2] Group 1: Board Committee Adjustments - The strategic committee is now composed of Zhang Jinsong (Chairman), Liu Feng, Zhang Qiao, Huang Rong, and Ren Tianling [2] - The audit committee includes Zhou Hua (Chairman), Kuang Yanjun, Fan Xiaoning, Li Xuan, and Han Zhengsheng [2] - The nomination committee is led by Han Zhengsheng (Chairman), with members Liu Feng, Kuang Yanjun, Li Xuan, and Ren Tianling [2] - The compensation and assessment committee is chaired by Han Zhengsheng, including members Zheng Hao, Jin Chunyan, Zhou Hua, and Li Xuan [2]

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法律责任。 证券代码：688172 证券简称：燕东微 公告编号：2025-073 北京燕东微电子股份有限公司 关于调整第二届董事会专门委员会委员的公告 北京燕东微电子股份有限公司（以下简称"公司"）为完善公司治理结构， 保障公司董事会专门委员会的规范运作，结合公司实际情况，根据《中华人民共 和国公司法》及《公司章程》等有关规定，公司于 2025 年 9 月 22 日召开了第二 届董事会第十六次会议，审议通过了《关于选举北京燕东微电子股份有限公司第 二届董事会专门委员会委员的议案》，对董事会专门委员会成员予以调整。调整 后，公司第二届董事会各专门委员会的组成情况如下： | 专门委员会 | 委员构成 | | --- | --- | | 战略委员会 | 张劲松（主任委员）、刘锋、张翘、黄蓉、任天令 | | 审计委员会 | 周华（主任委员）、旷炎军、范晓宁、李轩、韩郑生 | | 提名委员会 | 韩郑生（主任委员）、刘锋、旷炎军、李轩、任天令 | | 薪酬与考核委员会 | 韩郑生（主任委员）、郑浩、金 ...

Core Points - On September 19, 2025, the company completed a share buyback, having repurchased 2,629,186 shares, which represents 0.18% of the company's total share capital [2]

格隆汇9月19日丨燕东微(688172.SH)公布，2025年9月19日，公司完成回购，已实际回购公司股份262.92 万股，占公司总股本的0.18%，回购最高价格20.00元/股，回购最低价格15.67元/股，回购均价19.00元/ 股，使用资金总额4996.68万元。 ...

| 回购方案首次披露日 | 2024/9/20 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 9 月 9 月 | 19 | 日~2025 | 年 | 19 日 | | 预计回购金额 | 4,000万元~8,000万元 | | | | | | 回购价格上限 | 20.07元/股 | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 实际回购股数 | 2,629,186股 | | | | | | 实际回购股数占总股本比例 | 0.18% | | | | | | 实际回购金额 | 49,966,801.73元 | | | | | | 实际回购价格区间 | 15.67元/股~20.00元/股 | | | | | 一、回购审批情况和回购方案内容 2024 年 9 月 19 日，北京燕东微电子股份有限公司（以下简称"公司"或"燕 东微"）召开了第二届董事会第四次会议，审议通过 ...

Core Viewpoint - Beijing Yandong Microelectronics Co., Ltd. has announced the results of its share repurchase plan, indicating a strategic move to enhance shareholder value and support employee incentive programs [1] Group 1: Share Repurchase Details - The company’s board approved a share repurchase plan on September 19, 2024, with a budget of 40 million to 80 million yuan, at a price not exceeding 20.07 yuan per share, valid until September 19, 2025 [1] - A total of 2,629,186 shares were repurchased, accounting for 0.18% of the total share capital, with a total expenditure of 49,966,801.73 yuan and an average price of 19.00 yuan per share [1] Group 2: Impact and Future Plans - The share repurchase is not expected to have a significant impact on the company's operations, finances, or future development, and will not affect control or listing status [1] - The repurchased shares will be used for employee stock ownership plans or equity incentives, with any unallocated shares after three years to be canceled [1]

中信建投证券股份有限公司 关于北京燕东微电子股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：中信建投证券股份有限 | 上市公司名称：北京燕东微电子股份有 | | --- | --- | | 公司 | 限公司 | | 保荐代表人姓名：张林 | 联系方式：010-56051430 联系地址：北京市朝阳区景辉街 号院 16 | | | 号楼泰康集团大厦中信建投 层 1 11 | | 保荐代表人姓名：侯顺 | 联系方式：010-65608236 | | | 联系地址：北京市朝阳区景辉街 号院 16 | | | 1 号楼泰康集团大厦中信建投 11 层 | 经中国证券监督管理委员会（简称"中国证监会"）"证监许可〔2022〕2575 号文"批准，北京燕东微电子股份有限公司（简称"公司"或"燕东微"）首次 向社会公开发行人民币普通股（A 股）17,986.56 万股，每股面值 1 元。本次公 司发行新股的发行价为 21.98 元/股，募集资金总额为 395,344.63 万元，扣除发行 费用 19,693.29 万元后，实际募集资金净额为 375,651.34 万元。本次公开发行股 票于 2022 年 1 ...

● 本次会议是否有被否决议案：无 证券代码：688172 证券简称：燕东微 公告编号：2025-071 北京燕东微电子股份有限公司 2025年第五次临时股东会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、会议召开和出席情况 （一）股东会召开的时间：2025年9月16日 （二）股东会召开的地点：北京市经济技术开发区经海四路51号院3号楼114会议室 （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及其持有表决权数量的情 况： ■ （四）表决方式是否符合《公司法》及公司章程的规定，股东会主持情况等。 本次股东会由董事会召集，董事长张劲松先生主持，会议采取现场投票和网络投票相结合的表决方式。 本次股东会的召集、召开程序、出席会议人员的资格、召集人资格、会议的表决程序和表决结果均符合 《中华人民共和国公司法》及《北京燕东微电子股份有限公司章程》规定。 （五）公司董事和董事会秘书的出席情况 1.公司在任董事12人，出席12人； 2.董事会秘书出席了本次会议，公司其他高级管理人员列席了会 ...