| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-070 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 关于选举职工代表董事的公告 附件：第四届董事会职工代表董事张明权简历 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、准确性和完整性依法承担法律责任。 思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）根据《中华 人民共和国公司法》（以下简称《公司法》）、《思瑞浦微电子科技（苏州）股份有 限公司章程》（以下简称《公司章程》）等有关规定，公司董事会成员中应包含一 名职工代表董事。公司于 2025 年 11 月 13 日召开职工代表大会，会议的召开及 表决程序符合职工代表大会决策的有关规定，经民主讨论、表决，全体职工代表 一致审议通过了《关于选举职工代表董事的议案》，同意选举张明权先生（简历 详见附件）为公司职工代表董事，任期自本次职工代表大会审议通过之日起至公 司第四届董事会任期届满之日止。 思瑞浦微电子科技（苏州）股份有限公司董事 ...

!"#$%&'()*+ , - ./012345%67(89:;<= 2025 >?@ABC8DE F G#HIJ 上海市山西北路 99 号苏河湾中心 25-28 层 邮编：200085 25-28/F, Suhe Centre, No.99 North Shanxi Road, Shanghai 200085, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 5234 1670 网址/Website: http://www.grandall.com.cn 二零二五年十一月 国浩律师（上海）事务所 关于思瑞浦微电子科技（苏州）股份有限公司 2025 年第三次临时股东会之 法律意见书 致：思瑞浦微电子科技（苏州）股份有限公司 思瑞浦微电子科技（苏州）股份有限公司（以下简称"公司"）2025 年第三 次临时股东会于 2025 年 11 月 13 日召开。国浩律师（上海）事务所（以下简称 "本所"）经公司聘请，委派律师出席现场会议，并根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"） 等法律、法规及中国证券监督管理 ...

| 证券代码：688536 | 证券简称：思瑞浦 | 公告编号：2025-069 | | --- | --- | --- | | 转债代码：118500 | 转债简称：思瑞定转 | | 思瑞浦微电子科技（苏州）股份有限公司 2025年第三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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 11 月 13 日 （二） 股东会召开的地点：上海市浦东新区张东路 1761 号（创企天地）2 号楼 4 楼会议室 （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： | 1、出席会议的股东和代理人人数 | 101 | | --- | --- | | 普通股股东人数 | 101 | | 2、出席会议的股东所持有的表决权数量 | 56,608,516 | | 普通股股东所持有表决权数量 | 56,608,516 | | 3、出席会议的股东所持有表决权数量占公司表决权数量 ...

Core Viewpoint - The company SiRuPu (688536.SH) has experienced rapid growth in its optical module business during the first three quarters, with a steady increase in market share among leading clients and the entry of new clients into volume production [1] Group 1: Business Performance - The optical module business has achieved significant growth in the first three quarters [1] - Several leading clients have seen a steady increase in their market share [1] - New clients have begun to enter the volume production phase [1] Group 2: Product Development - The company has successfully scaled the shipment of several high-value analog chip products in optical module applications [1] - AFE products have high technical barriers and significant value, with a continuous increase in market share among core clients [1] - The product line is expanding from 400G to 800G, with plans to develop higher specification 1.6T products, which are expected to drive new performance growth for the company [1]

Core Viewpoint - SIRUI's stock price has shown significant growth this year, with a year-to-date increase of 81.41%, despite recent fluctuations in the short term [1][2]. Financial Performance - For the period from January to September 2025, SIRUI achieved a revenue of 1.531 billion yuan, representing a year-on-year growth of 80.47% [2]. - The net profit attributable to shareholders for the same period was 126 million yuan, marking a substantial year-on-year increase of 227.64% [2]. Stock Market Activity - As of November 12, SIRUI's stock price was 167.80 yuan per share, with a market capitalization of 23.123 billion yuan [1]. - The stock has experienced a recent decline of 5.63% over the last five trading days, while it has increased by 17.83% over the past 60 days [1]. Shareholder Information - As of September 30, 2025, SIRUI had 18,100 shareholders, an increase of 57.25% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 36.41% to 7,321 shares [2]. Dividend Distribution - Since its A-share listing, SIRUI has distributed a total of 90.9851 million yuan in dividends, with 24.7603 million yuan distributed over the last three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included notable funds, with changes in holdings observed among several key investors [3].

Core Viewpoint - The company has reported rapid growth in its optical module business in the first three quarters, with a steady increase in market share among leading customers and the entry of new customers into volume production [1][3]. Group 1: Business Performance - The optical module business has achieved significant growth, with multiple high-value analog chips entering mass production [1][3]. - The company has highlighted that its core customers are increasing their share of related products [1]. Group 2: Product Development - The analog chips in the optical module chain perform critical functions such as signal conditioning, amplification, and monitoring, directly impacting link performance and power consumption [3]. - The company is transitioning its product mix towards higher-end specifications in response to customer demand upgrades [3]. Group 3: Market Trends - The 400G products have entered a mature phase, while 800G products are accelerating penetration, with leading customers beginning bulk imports [3]. - The company is also planning to develop 1.6T solutions, focusing on higher bandwidth, lower power consumption, and miniaturization [3]. Group 4: Downstream Applications - The demand for high-speed optical interconnects is driven by the expansion of AI computing clusters and data centers, leading to an increase in the unit value of analog chips [3]. - The company emphasizes the importance of yield and consistency management, along with long-term supply and quality system construction, to consolidate its share among core customers and expand to new clients [3]. Group 5: Collaboration and Innovation - The company is advancing collaborative validation with ecosystem partners, focusing on platform and modular design for various components to enhance development efficiency and compatibility [3]. - Continuous optimization of parameter windows and reliability is being pursued to accelerate the introduction of new products and mass production [3]. Group 6: Industry Outlook - Industry experts believe that the generational upgrade of high-speed optical modules will reshape device structures and supply patterns, with manufacturers capable of producing high-value components like AFE expected to gain higher market resilience [4]. - If the company can effectively navigate the volume ramp-up of 800G and the forward-looking layout of 1.6T, its product structure and profitability are likely to improve [4].

Core Viewpoint - The company reported significant year-on-year growth in its power management product line for Q3 2025, driven by the consolidation of Chuangxin Micro and strong performance in battery management and other products [1] Group 1: Financial Performance - The revenue from the power management product line saw substantial growth, attributed to the integration of Chuangxin Micro, which contributed positively to battery management and related products [1] - The company's switching and driving products achieved record-high revenues during the reporting period, while linear power products continued to expand in volume [1] Group 2: Market Strategy - The company adheres to a platform-based development model and has established a comprehensive presence across multiple markets, including industrial, automotive, consumer, and communications [1] - The rich customer resources and ongoing introduction of battery management, linear power, and switching products in these markets are expected to drive continued revenue growth in the power management product line [1]

Core Viewpoint - The China Securities 1000 Growth ETF (562520) opened down 0.54% at 1.298 yuan, reflecting a decline in several of its major holdings [1] Group 1: ETF Performance - The China Securities 1000 Growth ETF (562520) has a performance benchmark of the China Securities Select 1000 Growth Innovation Strategy Index [1] - Since its inception on March 8, 2022, the fund has returned 30.60%, while its return over the past month is -1.32% [1] Group 2: Major Holdings Performance - Key stocks in the ETF include: - Jucheng Co., Ltd. down 2.51% - Gylon Electronics down 0.96% - Gibit down 0.45% - Guangku Technology down 1.82% - Srypu down 1.34% - Lexin Technology down 0.91% - Huatu Shanding up 0.07% - Yuanjie Technology down 2.68% - Weimaisi up 0.17% - Anji Technology down 1.39% [1]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [7] Core Viewpoints - The semiconductor industry is experiencing robust growth driven by AI and domestic substitution, with significant performance improvements across various segments [5][17] - The A-share semiconductor sector achieved total revenue of 1570.74 billion RMB in Q3 2025, with a net profit of 180.60 billion RMB, reflecting a year-on-year increase of 59.91% and a quarter-on-quarter growth of 25.92% [2][28] - The report highlights a structural growth trend, with digital chip design revenue increasing by 35.01% year-on-year and analog chip design net profit soaring by 1422.73% [2][28] Summary by Sections 1. Q3 2025 Semiconductor Performance Summary - The A-share semiconductor sector's revenue reached 1570.74 billion RMB, with a net profit of 180.60 billion RMB, marking a year-on-year increase of 59.91% and a quarter-on-quarter increase of 25.92% [2][28] - The digital chip design segment saw a revenue increase of 35.01% year-on-year, while the analog chip design segment's net profit surged by 1422.73% [2][28] 2. Foundry, Testing, and Equipment Materials - The wafer foundry sector showed a steady recovery with high capacity utilization rates, with SMIC's Q3 utilization rate between 85%-95% and Huahong Semiconductor exceeding 100% [3][15] - The testing segment benefited from demand in AI and automotive electronics, with notable revenue growth from Longi Technology and Tongfu Microelectronics [3][15] 3. IC Design Sector - The SoC sector performed well due to increased penetration of AI hardware, with companies like Rockchip and Amlogic reporting significant profit growth [4][16] - The storage segment is entering a "super cycle," with DRAM prices rising significantly, leading to substantial profit increases for companies like Jiangbolong [4][16] 4. Overall Market Outlook - The global semiconductor market is expected to maintain an optimistic growth trajectory in 2025, driven by AI and domestic substitution efforts [5][17] - The report suggests focusing on storage, power, foundry, ASIC, and SoC segments for performance elasticity, as well as the ongoing domestic substitution in equipment materials and computing chips [5][17]

Core Insights - A total of 77 stocks in the Shanghai and Shenzhen markets have experienced net inflows of main funds for five consecutive days or more as of November 5, with Cambricon Technologies (寒武纪-U) leading with 50 days of continuous inflow [1] - The total net inflow of main funds for Cambricon Technologies reached 6.325 billion yuan, followed by Shanghai Pudong Development Bank with a net inflow of 777 million yuan over five days [1] - In terms of the proportion of net inflow to trading volume, *ST Baoying ranks first, with a 47.72% increase over the past eight days [1] Summary by Category Stocks with Continuous Net Inflows - Cambricon Technologies (688256) has seen net inflows for 50 days totaling 6.325 billion yuan, with a price increase of 44.33% [1] - Shanghai Pudong Development Bank (600000) recorded net inflows of 777 million yuan over five days, with a price increase of 0.42% [1] - CITIC Bank (601998) had net inflows of 439 million yuan over six days, with a price increase of 3.85% [1] Notable Performers - *ST Baoying had the highest net inflow ratio, with a significant price increase of 47.72% over the last eight days [1] - Other notable stocks include Jiangsu Bank (600919) with a net inflow of 342 million yuan and a price increase of 5.70%, and Yaxing Anchor Chain (601890) with a net inflow of 331 million yuan and a price increase of 10.16% [1] Additional Stocks with Inflows - Other stocks with notable net inflows include: - China Shenhua (601088) with 314 million yuan and a 3.42% increase [1] - Haotian Co., Ltd. (603759) with 166 million yuan and a 64.35% increase over 11 days [1] - Microelectronic Physiology (688351) with 140 million yuan and a 12.94% increase [1]