Core Insights - The automotive sector is experiencing rapid growth in revenue from vehicle-mounted SerDes chips, with a projected increase of 215.48% in revenue for the first half of 2025 compared to the entire year of 2024, driven by the rising penetration of new energy vehicles and advancements in assisted driving applications [1] Group 1: Company Developments - Yutai Micro's YT78/79 series SerDes chips are set to enter mass production in 2026, currently undergoing customer sampling and system validation [1] - The YT78/79 series includes three serializer chips and six deserializer chips, supporting transmission rates from 2Gbps to 6.4Gbps, suitable for high-definition video transmission for vehicle cameras ranging from 2 million to 12 million pixels [1] - The company has shipped a total of 12 million vehicle Ethernet chips, indicating a strong market presence [3] Group 2: Product Features and Standards - The YT78/79 series is designed to meet automotive-grade requirements, featuring high reliability with ESD protection up to 8kV and passing Class A 200mA current injection interference tests [2] - The product adheres to the public open standard set by the China Automotive Standardization Technical Committee for vehicle wired high-speed media transmission, ensuring interoperability with mainstream competitor chips [2] - The "open interoperability" feature enhances supply chain flexibility for manufacturers by breaking the traditional binding of serializers and deserializers [2] Group 3: Strategic Direction - Yutai Micro is not limited to SerDes chips but aims to develop a comprehensive vehicle wired communication solution that includes vehicle Ethernet PHY, switches, and SerDes, aligning with the long-term trend of centralized computing in automotive electronic architectures [3] - This strategic direction allows manufacturers to reduce the number of underlying chip suppliers, improving system integration performance and accelerating development processes [3] - The full-stack solution approach positions Yutai Micro to transition from a component supplier to a platform-level partner, fostering deeper collaboration with clients and establishing a robust market competitive barrier [3]

Summary of Conference Call Notes Company Overview - **Company**: 裕太微电子 (Yutai Microelectronics) - **Industry**: Automotive and Networking Chipsets Key Points Automotive Sector - The YT78/79 series of automotive SerDes chips is on track for mass production in 2026, based on the HSMT public protocol from the automotive standards committee [1] - The chips have successfully completed interoperability testing with domestic competitors and are expected to receive certification from the China Automotive Chip Interoperability in Q2 [1] - The product supports data rates of 2-6.4 Gbps, with ESD protection up to 8kV and BCI interference resistance at 200mA [1] - The company is transitioning from single-point chips to system-level solutions, aiming to become a rare platform for domestic automotive high-speed communication chips [1] Networking Sector - The company’s 2.5G PHY chips are projected to generate over 140 million yuan in revenue in 2024, becoming a core growth driver due to the adoption of WiFi 7 [2] - The chips are being mass-produced for leading clients such as Huawei and Xiaomi, with the YT9230 series of switch chips set for full domestic production by the end of 2024 [2] - The new switch chips are designed to match international first-tier standards, filling the gap in the domestic mid-to-high-end switch chip market [2] Investment Outlook - The imminent mass production of automotive SerDes chips is expected to complete the "PHY+Switch+SerDes" communication matrix for vehicles [2] - Continuous development of networking products, including 2.5G PHY and multi-port switches, indicates a broad space for domestic replacement, reinforcing the company's unique market position [2] Additional Important Information - The company is enhancing its capabilities across the automotive data link upgrade spectrum, covering critical scenarios such as ADAS, LiDAR, and 360-degree surround view systems [1]

Industry Overview - The automotive SerDes (Serializer/Deserializer) chip market is crucial for data transmission in smart vehicles, facilitating high-speed and reliable data transfer between cameras, LiDAR, displays, and domain controllers [1] - The global market size for automotive SerDes chips is approximately $447 million in 2023, projected to grow to $1.677 billion by 2030, with a compound annual growth rate (CAGR) of 20.28% [1] - The market is currently dominated by Texas Instruments (TI) and Analog Devices (ADI), but is undergoing changes due to the push for open technology standards and the Chinese automotive industry's demand for supply chain security and autonomy [1] Company Developments - Yutai Microelectronics, a leading domestic automotive wired communication chip company, is advancing its SerDes chip series YT78/79, currently in the sample delivery and system-level verification testing phase, with plans for mass production by 2026 [2] - The YT78/79 series includes three serializer chips and six deserializer chips, supporting transmission rates from 2 Gbps to 6.4 Gbps, catering to high-definition video transmission needs for various automotive applications [2] - Yutai Micro's strategy focuses on "open standards" and "full-stack capabilities," being one of the few companies in the HSMT alliance to achieve complete interoperability, which reduces supply chain risks and replacement costs for automakers [2] Technological Trends - Yutai Micro is not only providing standalone SerDes chips but is also building a full-stack solution of "PHY + Switch + SerDes" in response to the shift from distributed to domain-centric automotive electronic architectures [3] - The industry anticipates that 2025 to 2026 will be a critical window for the mass production of L3-level autonomous driving systems, which will significantly increase the demand for high-performance SerDes chips due to their requirements for bandwidth, real-time performance, and reliability [3] - Yutai Micro's product mass production timeline is aligned with market trends, leveraging its existing experience and customer relationships in automotive communication chips to support the development, verification, and market introduction of its SerDes products [3]

Group 1 - Fangda Carbon plans to acquire 100% equity of Tianjin Tongda Huanyu Logistics Co., Ltd. for 319 million yuan [1] - Xiamen Tungsten intends to acquire 39% equity of Jiujiang Dadi Mining Development Co., Ltd. and has signed an intention agreement with a transferor [6] - Wenkai Co. has won a bid for a landscape project worth 50.8162 million yuan [7] Group 2 - Changchun High-tech's subsidiary Jin Sai Pharmaceutical received approval for a clinical trial application for GenSci136, a treatment for IgA nephropathy [3] - China National Pharmaceutical has received drug registration certificates for fumaric acid volnoral tablets, used for treating reflux esophagitis [12] - Zhenhua Group plans to issue convertible bonds not exceeding 1.2 billion yuan [26] Group 3 - CSG Holding's stock may undergo a control change due to share pledge judicial transfer [30] - Ningbo Yunsheng plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [19] - Keda Guochuang's controlling shareholder intends to transfer 5% of the company's shares through an agreement [28] Group 4 - A number of companies, including Finer Pharma, Yixing Guoyuan Investment, and others, have announced plans to reduce their shareholdings by various percentages [2][4][9][11][15][16][20][21][22][23][25][29] - Highweida plans to repurchase shares worth 30 to 35 million yuan [17] - ST Zhongzhu is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [24] Group 5 - A number of companies, including Jiekang Equipment and others, have faced legal issues or penalties [27][40] - Aclaris Therapeutics has clarified that reports regarding its robotic products entering mass production were misinterpreted [41]

Core Viewpoint - On February 10, a total of 7 listed companies will have their restricted shares unlocked, with a total market value of approximately 5.102 billion yuan [1] Group 1: Company Specifics - Qingsong Jianhua (Stock Code: 600425) will unlock 226 million shares from the issuance of A-shares to original shareholders [1] - Wuchan Jinlun (Stock Code: 002722) will unlock 31.07 million shares from the issuance of A-shares to legal persons [1] - Igor (Stock Code: 002922) will unlock 872,400 shares from equity incentive restrictions [1] - Laisentongling (Stock Code: 603900) will unlock 1.155 million shares from equity incentive restrictions [1] - Xidiwei (Stock Code: 688173) will unlock 1.7208 million shares [1] - Mailande (Stock Code: 688273) will unlock 63.1732 million shares [1] - Yutaiwei (Stock Code: 688515) will unlock 30.1806 million shares [1]

Core Viewpoint - The report outlines the termination of the "Joint Action Agreement" among key stakeholders of Yutai Microelectronics Co., Ltd., effective February 9, 2026, leading to a change in the company's control structure and the management of its shares [7][8][16]. Group 1: Information Disclosure Obligations - The report is prepared in accordance with relevant Chinese laws and regulations, ensuring that all necessary authorizations and approvals have been obtained [2]. - The information disclosure obligations confirm that there have been no changes in the number of shares held by the disclosing parties, as the termination of the agreement does not affect their individual shareholdings [1][14]. Group 2: Joint Action Agreement Details - The "Joint Action Agreement" was signed on November 18, 2019, among key stakeholders, establishing a unified approach to significant company decisions [7]. - The agreement was set to expire three years after the company’s successful listing, which occurred on February 10, 2023, thus concluding on February 9, 2026 [7][8]. Group 3: Changes in Management - Following the termination of the agreement, the executive partner of Suzhou Ruiqitong Enterprise Management Partnership has changed from Ouyang Yufei to Zhang Zhenzhen, who has been a core technical staff member since January 2018 [8][12]. - The report indicates that after the termination, the stakeholders will independently exercise their rights as shareholders without any coordinated action [8][10]. Group 4: Future Shareholding Plans - As of the report's signing date, there are no plans for the disclosing parties to increase or decrease their shareholdings in the company over the next 12 months [13]. - Any future changes in shareholdings will be disclosed in compliance with relevant laws and regulations [13]. Group 5: Impact on Company Control - The termination of the "Joint Action Agreement" results in the company having no actual controlling party, altering the governance structure significantly [16].

Core Viewpoint - The actual controller of Yutaiwei (688515) will change from Shi Qing and Ouyang Yufei to no actual controller following the expiration of the "Joint Action Agreement" signed by shareholders [1] Group 1: Changes in Control - The expiration of the "Joint Action Agreement" leads to the change in actual control of the company [1] - The executive partner of Suzhou Ruiqitong Enterprise Management Partnership (Limited Partnership) will change from Ouyang Yufei to core technical personnel Zhang Zhenzhen [1] Group 2: Impact on Business - The change in the joint action relationship and actual controller will not lead to changes in the company's main business [1] - There will be no significant impact on the company's financial status or daily operations [1] - The company will maintain independent personnel, financial independence, and asset integrity, ensuring a stable control structure [1]

裕太微电子股份有限公司 简式权益变动报告书 上市公司名称：裕太微电子股份有限公司 股票上市地点：上海证券交易所 股票简称：裕太微 股票代码：688515 信息披露义务人：张棪棪 住所及通讯地址：上海市浦东新区***** 信息披露义务人的一致行动人：苏州瑞启通企业管理合伙企业（有限合伙） 住所及通讯地址：江苏省苏州市高新区华佗路 99 号 6 幢 股份变动性质：本次权益变动是苏州瑞启通企业管理合伙企业（有限合伙）的 执行事务合伙人由欧阳宇飞变更为张棪棪，导致张棪棪通过苏州瑞启通企业管 理合伙企业（有限合伙）控制公司具有表决权的股份增加至10.14%，苏州瑞启 通企业管理合伙企业（有限合伙）持有上市公司的股份数量不变。 签署日期：2026 年 2 月 9 日 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15号——权益变动报告书》及其他相关的法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不 违反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三 ...

裕太微电子股份有限公司 详式权益变动报告书 信息披露义务人：史清 住所及通讯地址：上海市浦东新区***** 股份变动性质：本次权益变动不涉及信息披露义务人持有公司股份数量的变 动，是由于信息披露义务人史清与欧阳宇飞、唐晓峰、苏州瑞启通企业管理 合伙企业（有限合伙）签署的《一致行动协议》到期终止，且瑞启通执行事 务合伙人变更，所持有公司股份不再合并计算。 签署日期：2026 年 2 月 9 日 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第15 号——权益变动报告书》《公开发行证券的公司信息披露内容与格式准则第16 号——上市公司收购报告书》及其他相关的法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行 证券的公司信息披露内容与格式准则第15号——权益变动报告书》《公开发行证 券的公司信息披露内容与格式准则第16号——上市公司收 ...

证券代码：688515 证券简称：裕太微 公告编号：2026-006 裕太微电子股份有限公司 关于股东一致行动协议到期终止、变更执行事务合伙 人暨公司无实际控制人的提示性公告 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。 重要内容提示： 实际控制人变更的主要内容 | | | 是否发生变更 变更前姓名/名称 | 变更后姓名/名称 | | --- | --- | --- | --- | | 控股股东 是 | 无控股股东 | √否 | | | 实际控制人 √是 | | 否 史清、欧阳宇飞 | 无实际控制人 | | 变更方式（可多选） | | 一致行动协议到期终止；股东执行事务合伙人变更 | | 本次权益变动系裕太微电子股份有限公司（以下简称"裕太微"或"公司"） 股东史清先生、欧阳宇飞先生、唐晓峰先生、苏州瑞启通企业管理合伙企业（有 限合伙）（以下简称"瑞启通"）签署的《一致行动协议》到期终止，同时股东瑞 启通的执行事务合伙人由欧阳宇飞先生变更为公司核心技术人员张棪棪先生。 本次权益变动后，史清先生、欧阳宇飞先生、唐晓峰先生、 ...