Core Viewpoint - The establishment of the Xilinx (Shaoxing) Integrated Circuit Industry Equity Investment Fund Partnership signifies a strategic move to enhance investment in the semiconductor sector with a total capital contribution of 500 million yuan [1] Group 1: Company Overview - The newly formed fund is a limited partnership focused on private equity investments, investment management, and asset management [1] - The fund's equity structure indicates that it is jointly funded by Xilinx's wholly-owned subsidiary, Xilinx Equity Investment (Hangzhou) Co., Ltd., among others [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve an annual revenue of 8.0-8.3 billion yuan in 2025, representing a year-on-year growth of 23%-28% [6] - The company has successfully developed and mass-produced SiC MOSFET technology, becoming the first in China to apply it on a large scale in new energy vehicles [6] - The new G2.0 technology platform focuses on enhancing performance in new energy and AI data center power applications, with significant improvements in power density and efficiency [6] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 82.4 billion, 108.4 billion, and 127.1 billion yuan respectively, with adjusted net profit forecasts of -475 million, 23 million, and 214 million yuan [6] - The company’s gross margin is expected to improve from 8.8% in 2025 to 19.7% by 2027 [5] - The return on equity (ROE) is projected to turn positive in 2026, reaching 1.2% by 2027 [5] Market Data - As of December 11, 2025, the closing price of the stock was 6.54 yuan, with a market capitalization of approximately 28.971 billion yuan [2] - The stock has seen a one-year high of 7.69 yuan and a low of 4.01 yuan [2]

Group 1 - The core viewpoint of the article is that the company, ChipLink Integrated, is responding to the demand for AI server power supplies by developing GaN-related products and technologies [2] Group 2 - The company has engaged with investors through an interactive platform to address inquiries regarding its strategic focus on GaN technology [2] - The emphasis on GaN products indicates a proactive approach to meet the evolving needs of the AI server market [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve a total revenue of 8.24 billion yuan in 2025, reflecting a year-on-year growth rate of 26.6% [6] - The company has successfully launched its SiC MOSFET technology, which has been applied in over 1 million vehicles, marking it as a leader in the domestic market for large-scale applications in new energy vehicles [7] - The new G2.0 silicon carbide technology platform is designed to enhance performance in both electric drive systems and AI data center power supplies, with significant improvements in power density and efficiency [7] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 82.4 billion, 108.4 billion, and 127.1 billion yuan respectively, with adjusted net profit forecasts of -475 million, 23 million, and 214 million yuan [7] - The gross profit margin is expected to increase from 8.8% in 2025 to 19.7% by 2027, indicating improved profitability [6] - The return on equity (ROE) is projected to turn positive in 2026, reaching 0.1% and increasing to 1.2% in 2027 [6]

Group 1 - A total of 7 stocks from the Sci-Tech Innovation Board (STAR Market) experienced block trading on December 11, with a cumulative transaction amount of 224 million yuan [1] - The stock with the highest transaction amount was Hu Silicon Industry, with 2 block trades totaling 4.2 million shares and a transaction amount of 88.284 million yuan [1] - Other notable stocks in terms of transaction amounts included Jintian Titanium Industry and Shengkong Co., with transaction amounts of 55.56 million yuan and 33.3871 million yuan respectively [1] Group 2 - All stocks involved in block trading on this day were sold at a discount, with the highest discount rates observed in Tongyuan Environment, Shengnuo Biology, and Ao Precision Medical, at 23.67%, 8.69%, and 2.02% respectively [1] - The STAR 50 Index fell by 1.55% on the same day, with 115 stocks rising, accounting for 19.33% of the total [1] - Among the stocks that underwent block trading, the average increase was 0.05%, with Tongyuan Environment and Jintian Titanium Industry showing the highest increases of 6.11% and 1.24% respectively [1] Group 3 - Institutional trading accounted for 4 transactions involving 3 stocks, with the highest buying amounts in Hu Silicon Industry, Jintian Titanium Industry, and Tongyuan Environment, at 42.04 million yuan, 18.54 million yuan, and 3.183 million yuan respectively [2] - The stocks with the highest net inflow of funds were Jintian Titanium Industry, Tongyuan Environment, and Ao Precision Medical, with net inflows of 8.3574 million yuan, 3.7699 million yuan, and 2.7902 million yuan respectively [2] - Conversely, Hu Silicon Industry, Xinlian Integration, and Shengnuo Biology experienced the highest net outflows, totaling 42.9021 million yuan, 22.0884 million yuan, and 9.8157 million yuan respectively [2]

Core Viewpoint - The article reports a significant block trade of ChipLink Integrated-U on December 11, with a transaction volume of 2.6341 million shares and a transaction value of 16.9634 million yuan, indicating a discount of 1.53% compared to the closing price of the day [2] Group 1: Block Trade Details - The block trade occurred at a price of 6.44 yuan per share, with the buyer being Dongfang Securities Co., Ltd. and the seller being China International Capital Corporation [2] - In the last three months, ChipLink Integrated-U has recorded a total of three block trades, amounting to a cumulative transaction value of 51.0494 million yuan [2] Group 2: Stock Performance - On the day of the report, ChipLink Integrated-U closed at 6.54 yuan, down 0.46%, with a daily turnover rate of 2.50% and a total transaction amount of 732 million yuan [2] - Over the past five days, the stock has seen a cumulative increase of 0.62%, with a total net outflow of funds amounting to 102 million yuan [2] Group 3: Margin Financing Data - The latest margin financing balance for ChipLink Integrated-U is 1.235 billion yuan, reflecting an increase of 12.1979 million yuan over the past five days, which is a growth rate of 1.00% [2]

Group 1 - The core point of the article highlights that on December 11, a block trade of 2.6341 million shares of Xilinx Integration was executed, with a transaction value of 16.9634 million yuan, accounting for 2.26% of the total trading volume for that day [1] - The transaction price was 6.44 yuan, which represents a discount of 1.53% compared to the market closing price of 6.54 yuan [1] Group 2 - The trading date for the transaction was December 11, 2025, with the stock code 688469 for Xilinx Integration [2] - The buying brokerage involved in the transaction was Dongfang Securities, while the selling brokerage was Zhenghai Setting Company [2]

Core Viewpoint - The report from Zhongyou Securities highlights that ChipLink's SiC MOSFET shipment has surpassed one million units, with the latest generation of products achieving global leading performance [1] Group 1: Product Performance and Development - ChipLink's SiC MOSFET chips and modules now cover a wide range of 650-3300V silicon carbide process platforms [1] - The company has added over 10 new projects for 6-inch SiC MOSFETs in the first half of the year, with 5 new automotive customers entering mass production [1] - The first domestic 8-inch SiC production line has achieved mass production [1] Group 2: Market Impact and Solutions - A total of over 1 million vehicles have been equipped with SiC MOSFETs this year, with the latest generation of products reaching global leading performance [1] - The company offers a one-stop chip system foundry solution, enhancing the efficiency of end-to-end power supply systems in data centers [1] - Laser radar and MEMS are also entering mass production to meet downstream demand [1] Group 3: Investment Rating - The report maintains a "Buy" rating for the company [1]

投资要点 投资建议： 我们预计公司2025/2026/2027 年营收分别为81.0/101.0/126.6亿元，归母净利润分别为-6.1/0.5/6.0 亿元， 维持"买入"评级。 风险提示： 市场复苏不及预期；竞争格局加剧风险；客户导入不及预期。 SiC MOSFET 装车量突破百万台，新一代产品性能达到全球领先水平。目前公司SiC MOSFET 芯片及模 组已全面覆盖650-3300V 碳化硅工艺平台，上半年公司6 英寸SiC MOSFET 新增项目定点超10 个，新增 了5 家进入量产阶段的汽车客户；国内首条8 英寸Si0 产线已实现批量量产。今年SiC MOSFET 总计装 车辆目前已超过100 万台，最新一代产品性能达到全球领先水平。 将AI 列为第四大核心市场，战略布局走出关键一步。公司可以提供从一级电源、二级电源，到三级电 源的一站式芯片系统代工解决方案，进一步提升数据中心端到端供电系统效率。从具体产品来看，用于 AI 服务器、数据中心等方向的数据传输芯片进入量产；第二代高效率数据中心专用电源管理芯片制造 平台发布，并获得关键客户导入；国内首个55nm BCD 集成DrMOS 芯片通过客户验证 ...

Core Viewpoint - The announcement details the completion of the first vesting period for the 2024 Restricted Stock Incentive Plan of ChipLink Integrated Circuit Manufacturing Co., Ltd, with a total of 429,138 shares being vested from shares repurchased in the secondary market [2][10]. Group 1: Stock Vesting Details - The number of shares vested in this period is 429,138 shares [2]. - The shares were sourced from the company's repurchase of its A-share common stock in the secondary market [7][10]. - The vesting involved 12 incentive recipients [7]. Group 2: Decision-Making and Disclosure Process - The decision-making process for the incentive plan included multiple board and supervisory meetings, with the first board meeting held on April 13, 2024, approving the plan [3][4]. - The plan was publicly disclosed on April 25, 2024, following the annual shareholders' meeting [3][4]. - The supervisory board verified the incentive recipients and provided opinions on the plan's implementation [4][5]. Group 3: Regulatory Compliance and Restrictions - The vested shares do not have a lock-up period, but there are restrictions on transfer for directors and senior management, limiting annual transfers to 25% of their total holdings [8][9]. - Any gains from shares sold within six months of purchase by significant shareholders must be returned to the company [8]. - The company remains without a controlling shareholder or actual controller after the vesting [10].