Core Viewpoint - The company, Yandong Microelectronics, is expected to report a net loss attributable to shareholders of the parent company for the fiscal year 2025, with estimates ranging from -425 million to -340 million yuan [1] Financial Performance - The projected net profit attributable to shareholders after deducting non-recurring gains and losses for 2025 is estimated to be between -1.1 billion and -880 million yuan [1] - The anticipated decline in profit for 2025 is primarily attributed to the impact of the macroeconomic environment on consumer products, leading to changes in the market [1] Market Conditions - Increased competition in certain product categories has resulted in a decrease in product prices [1] - The company has also experienced an increase in research and development expenditures, personnel numbers, and stock incentive amortization during this period [1]

Financial Performance Forecast - The company expects a net loss attributable to shareholders of the parent company for 2025 to be between -425 million and -340 million yuan[3]. - The projected net loss after deducting non-recurring gains and losses is estimated to be between -1.1 billion and -880 million yuan[3]. - In the same period last year, the net loss attributable to shareholders was -178.12 million yuan[4]. - The total profit for the previous year was -304.68 million yuan[4]. - The decline in profit for 2025 is primarily due to changes in the market environment affecting consumer products, leading to increased competition and decreased product prices[5]. R&D and Operational Changes - R&D investment, employee count, and stock incentive amortization have increased during the current period[5]. Earnings Forecast and Risks - The earnings forecast data has not been audited by a registered accountant and is based on preliminary calculations by the company's finance department[5]. - The company has not identified any significant uncertainties that could affect the accuracy of this earnings forecast[5]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and subject to change[7]. - The official financial data will be disclosed in the company's formal 2025 annual report[7].

人民财讯1月20日电，燕东微(688172)1月20日公告，预计2025年度实现归属于母公司所有者的净利润亏 损3.4亿元—4.25亿元。2025年度公司利润有所下滑，主要原因为消费类产品受宏观环境影响，市场发生 变化，部分产品竞争激烈，导致产品售价有所下降；同时本期研发投入、人员数量及股权激励摊销有所 增加。 ...

Core Insights - Recently, Beijing Xulun Technology Co., Ltd. completed a strategic financing round exceeding 100 million yuan in A4 round [1] - The financing was led by Northern Huachuang Industrial Investment Fund and Novartis Strategic Investment, with A3 round led by Beijing Electric Control Industrial Investment Fund and Qianhai Ark Fund [1] - The funds will be used for the second phase of expansion of UV Tape/DAF product lines, semiconductor packaging material R&D, and upgrading customer delivery systems [1] Company Overview - Xulun Technology has a core team from top domestic and international universities and research institutions, with rich experience in materials science and chemical engineering [1] - The company focuses on developing high-end semiconductor adhesive films and tapes, starting from basic resins such as acrylic, epoxy, and organic silicon [1] Infrastructure and Operations - Xulun Technology has a 5,000 square meter application R&D center in Beijing and a pilot base with a thousand-level clean coating facility in Hebei [2] - The company also has semiconductor-grade precision coating production lines with thousand-level and hundred-level clean standards in Jiangsu, and warehouses and technical support subsidiaries in Shanghai, Suzhou, Shenzhen, and Chengdu [2] Product Applications - The products of Xulun Technology are applied in critical process scenarios such as wafer thinning, cutting, chip mounting and stacking, substrate interlayer and line insulation, wafer-level packaging, and 2.5D/3D packaging [2] - The company serves various fields including RF chips, computing power chips, storage chips, and HBM [2]

Core Insights - The MCU chip concept index rose by 2.67%, ranking 9th among concept sectors, with 74 stocks increasing in value, including notable gains from Yongxi Electronics (20% limit up), Zhaoyi Innovation, and Datang Telecom, which also hit the limit up [1] - The sector saw a net inflow of 5.954 billion yuan from main funds, with 69 stocks receiving net inflows, and 16 stocks exceeding 100 million yuan in net inflows, led by Zhaoyi Innovation with 2.480 billion yuan [1] Sector Performance - The top-performing sectors included: - Storage chips: +4.08% - National Big Fund holdings: +4.07% - Advanced packaging: +3.53% - Other notable sectors included third-generation semiconductors (+3.23%) and automotive chips (+2.69%) [1] - The worst-performing sectors included: - Sora concept (video generation): -4.67% - Kuaishou concept: -4.58% - Short drama games: -4.21% [1] Fund Flow Analysis - Leading stocks by net inflow ratio included: - Datang Telecom: 27.86% - Hengshuo Co.: 19.16% - Zhaoyi Innovation: 16.51% [2] - The top stocks by net inflow included: - Zhaoyi Innovation: 2.480 billion yuan - Wanxiang Qianchao: 843 million yuan - Datang Telecom: 389 million yuan [1][2] Stock Performance - Notable stock performances included: - Zhaoyi Innovation: +10.00% with a turnover rate of 8.29% - Wanxiang Qianchao: +7.06% with a turnover rate of 10.33% - Datang Telecom: +9.97% with a turnover rate of 9.39% [2][3] - Stocks with significant declines included: - Fenghuo Communication: -9.40% - Aerospace Information: -5.90% - Longxin Technology: -4.86% [1][6]

一、公示情况及核查方式 1.公司对激励对象的公示情况 证券代码：688172 证券简称：燕东微 公告编号：2026-002 北京燕东微电子股份有限公司 董事会审计委员会及薪酬与考核委员会关于公司 2025 年限制性股票激励计划激励对象名单的公示情况说明 及核查意见 本公司董事会审计委员会及薪酬与考核委员会及全体委员保证公告内容不 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。 北京燕东微电子股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日 召开了第二届董事会第二十次会议、第二届董事会审计委员会第十六次会议及第 二届董事会薪酬与考核委员会第八次会议，审议通过了《关于审议北京燕东微电 子股份有限公司 2025 年限制性股票激励计划（草案）的议案》及《关于审议北 京燕东微电子股份有限公司 2025 年限制性股票激励计划激励对象的议案》等议 案。根据《上市公司股权激励管理办法》（以下简称"《股权激励管理办法》"） 《上海证券交易所科创板股票上市规则》（以下简称"《科创板股票上市规则》"） 《北京燕东微电子股份有限公司章程》（以下简称"《公司章程》" ...

Core Viewpoint - Yandong Microelectronics has shown a significant increase in stock price and trading activity, indicating positive market sentiment despite recent fluctuations in the stock performance [1][2]. Group 1: Stock Performance - As of January 15, Yandong Microelectronics' stock price rose by 2.09% to 33.22 CNY per share, with a trading volume of 3.31 billion CNY and a turnover rate of 1.31%, resulting in a total market capitalization of 474.25 billion CNY [1]. - Year-to-date, the stock price has increased by 14.79%, but it has experienced a decline of 8.00% over the last five trading days [1]. - Over the past 20 days, the stock has risen by 23.63%, and over the past 60 days, it has increased by 28.36% [1]. Group 2: Financial Performance - For the period from January to September 2025, Yandong Microelectronics reported a revenue of 1.167 billion CNY, reflecting a year-on-year growth of 18.03% [2]. - The company recorded a net profit attributable to shareholders of -134.004 million CNY, which represents a year-on-year increase of 89.02% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yandong Microelectronics reached 21,200, an increase of 24.34% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 19.58% to 27,621 shares [2]. - The company has distributed a total of 47.9642 million CNY in dividends since its A-share listing [3]. Group 4: Institutional Holdings - As of September 30, 2025, Yandong Microelectronics' top ten circulating shareholders include Yongying Semiconductor Industry Intelligent Selection Mixed Fund, which is the seventh largest shareholder with 13 million shares, marking a new entry [3]. - The ninth largest shareholder, Harvest SSE STAR Market Chip ETF, holds 6.4795 million shares, an increase of 779,600 shares compared to the previous period [3].

Group 1 - Yandong Microelectronics' stock price has declined for four consecutive days, with a total drop of 9.89% during this period, currently trading at 32.54 CNY per share and a market capitalization of 46.455 billion CNY [1] - The company, established on October 6, 1987, specializes in the design, production, and sales of discrete devices, analog integrated circuits, special integrated circuits, and semiconductor wafer manufacturing and packaging testing services [1] - The revenue composition of Yandong Microelectronics includes 47.18% from products and solutions, 43.91% from manufacturing and services, 5.79% from other sources, and 3.13% from supplementary services [1] Group 2 - In the third quarter, the Invesco Great Wall CSI 500 Enhanced Strategy ETF holds 185,400 shares of Yandong Microelectronics, representing 1.45% of the fund's net value, making it the fourth-largest holding [2] - The fund has experienced a floating loss of approximately 122,400 CNY today, with total floating losses of 662,000 CNY during the four-day decline [2] - The Invesco Great Wall CSI 500 Enhanced Strategy ETF was established on December 13, 2021, with a current size of 350 million CNY, yielding 6.81% year-to-date and 48.21% over the past year [2]

Core Viewpoint - Yandong Microelectronics has shown significant stock price appreciation, with a year-to-date increase of 25.36% and a notable rise of 33.28% over the past five trading days, indicating strong market interest and potential growth in the semiconductor sector [2]. Group 1: Stock Performance - As of January 8, Yandong Microelectronics' stock price increased by 2.05%, reaching 36.28 CNY per share, with a trading volume of 284 million CNY and a turnover rate of 1.02% [1]. - The stock has experienced substantial gains over various time frames: 25.36% year-to-date, 33.28% in the last five trading days, 47.24% over the past 20 days, and 34.07% in the last 60 days [2]. Group 2: Company Overview - Yandong Microelectronics, established on October 6, 1987, and listed on December 16, 2022, is located in Beijing Economic and Technological Development Zone. The company specializes in the design, production, and sales of discrete devices, analog integrated circuits, special integrated circuits, and semiconductor wafer manufacturing and packaging testing services [2]. - The revenue composition of Yandong Microelectronics includes 47.18% from products and solutions, 43.91% from manufacturing and services, and 5.79% from other sources [2]. Group 3: Financial Performance - For the period from January to September 2025, Yandong Microelectronics reported a revenue of 1.167 billion CNY, reflecting a year-on-year growth of 18.03%. The net profit attributable to shareholders was -13.40 million CNY, showing a significant improvement with a year-on-year increase of 89.02% [2]. - The company has distributed a total of 47.9642 million CNY in dividends since its A-share listing [3]. Group 4: Shareholder Information - As of September 30, 2025, Yandong Microelectronics had 21,200 shareholders, an increase of 24.34% from the previous period, with an average of 27,621 circulating shares per shareholder, down by 19.58% [2]. - Among the top ten circulating shareholders, Yongying Semiconductor Industry Smart Selection Mixed Fund (015967) is the seventh largest with 13 million shares, while the Harvest SSE STAR Chip ETF (588200) ranks ninth with 6.4795 million shares, having increased by 779,600 shares compared to the previous period [3].

Group 1: Data Standards and Regulations - The National Bureau of Statistics announced that by 2026, China will introduce over 30 national standards in the data field, focusing on emerging areas such as intelligent agents and embodied intelligence [2] - The development of standards for public data, high-quality datasets, and data infrastructure will be accelerated, along with key standards for urban digital transformation and a national integrated computing network [2] - In 2025, China developed 48 national standards and technical documents in the data field, with over one-third undergoing simultaneous validation trials during the drafting process [2] Group 2: Technology Developments - Huang Renxun stated at CES that server racks equipped with the new Rubin chip can be cooled without water cooling systems, requiring airflow similar to that of racks with Blackwell chips [3] - Following Huang's comments, data center cooling concept stocks experienced significant declines, with companies like Johnson Controls and Trane Technologies dropping by 10% and Modine by 20% [3] Group 3: Financing and Investment - XAI announced it raised $20 billion in its E round of financing, surpassing its $15 billion target, with strategic investors including Nvidia and Cisco [4] - Qiang Brain Technology, a brain-computer interface "unicorn," completed approximately 2 billion yuan in financing, making it the second-largest financing in the brain-computer interface field after Neuralink [5] Group 4: Market Trends - Two listed companies in lithium iron phosphate confirmed price increases of 1,500 to 2,000 yuan per ton for major clients [6] - Companies like Xiangyu Medical and Weisi Medical are focusing on non-invasive brain-computer interface technologies, but have not achieved large-scale sales as of the end of 2025 [7][8] - Micron's products in the brain-computer interface field are still in the research and market cultivation phase, with no significant impact on company performance yet [9] Group 5: Corporate Actions - Chip Origin announced the completion of the acquisition of Zhudian Semiconductor, with a new registered capital of 9.5 billion yuan, making it the largest shareholder [11] - Shengke Communication's second-largest shareholder plans to reduce its stake by up to 3% through trading methods [12] - Yandong Micro's fourth-largest shareholder reduced its stake from 6.08% to 6.00% as part of a previously disclosed plan [13]