中信证券股份有限公司 关于格科微有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 中信证券股份有限公司（以下简称"中信证券"）受格科微有限公司（以下 简称"格科微"）股东 Cosmos L.P.、New Cosmos L.P.、Keenway International Limited、 Pacven Walden Ventures V, L.P.、Pacven Walden Ventures Parallel V-A, C.V.、Pacven Walden Ventures Parallel V-B, C.V.、Pacven Walden Ventures V-QP Associates Fund, L.P.、Pacven Walden Ventures V Associates Fund, L.P.、上海橙原科技合伙企业（有 限合伙）（以下合称"出让方"）委托，组织实施本次格科微首发前股东向特定 机构投资者询价转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办 ...

证券代码：688728 证券简称：格科微 公告编号：2025-029 格科微有限公司 股东询价转让计划书 Cosmos L.P.、New Cosmos L.P.、Keenway International Limited、Pacven Walden Ventures V, L.P. 、 Pacven Walden Ventures Parallel V-A, C.V. 、 Pacven Walden Ventures Parallel V-B, C.V.、Pacven Walden Ventures V-QP Associates Fund, L.P.、 Pacven Walden Ventures V Associates Fund, L.P.、上海橙原科技合伙企业（有限合 伙）（以下合称"出让方"）保证向格科微有限公司（以下简称"公司"或"格科微"） 提供的信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、 准确性和完整性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 拟参与格科微首发前股东询价转让（以下简称"本次询价转让"）股东为 ...

Group 1 - The core point of the article is that nine shareholders of GeKongwei (688728.SH) plan to transfer a total of 57.78 million shares, accounting for 2.22% of the company's total equity, through a price inquiry method [1] - The reason for the share transfer is due to the shareholders' own funding needs [1] - The minimum transfer price is set at 70% of the average stock trading price over the 20 trading days prior to the issuance of the subscription invitation [1]

Core Viewpoint - Geke Micro (688728) reported mixed financial results for the first half of 2025, with significant revenue growth but a sharp decline in net profit, indicating potential challenges in profitability despite increased sales [1][5]. Financial Performance - Total revenue reached 3.636 billion yuan, a year-on-year increase of 30.33% [1]. - Net profit attributable to shareholders was 29.76 million yuan, down 61.59% year-on-year [1]. - The second quarter saw total revenue of 2.112 billion yuan, up 40.75% year-on-year, and net profit of 81.49 million yuan, up 72.19% year-on-year [1]. - Gross margin was 21.84%, a decrease of 10.98% year-on-year, while net margin fell to 0.82%, down 70.53% [1]. - Operating cash flow per share increased significantly by 858.11% to 0.31 yuan [1]. Accounts Receivable and Liabilities - Accounts receivable rose significantly, with a year-on-year increase of 68.4%, reaching 592 million yuan [1][2]. - Interest-bearing liabilities increased by 12.88% to 13.204 billion yuan [1]. - The company reported a decrease in derivative financial assets by 100% due to the settlement of forward exchange rate swap transactions [1]. Cost and Expenses - Total sales, management, and financial expenses amounted to 307 million yuan, accounting for 8.45% of revenue, a slight decrease of 0.72% year-on-year [1]. - Financial expenses surged by 85.86%, attributed to foreign exchange rate fluctuations [7]. Business Model and Market Position - The company's performance is heavily reliant on R&D and capital expenditures, necessitating close monitoring of capital project viability and funding pressures [9]. - The increase in revenue is linked to a recovery in consumer markets and higher shipments of high-resolution chip products [5][6]. Cash Flow and Debt Situation - The net cash flow from operating activities saw a substantial increase of 858.11%, driven by sales growth and reduced procurement cash expenditures [7]. - The company’s cash flow situation is concerning, with a cash ratio of 56.65% and a three-year average operating cash flow to current liabilities ratio of only 6.9% [10]. Shareholder Information - The largest fund holding Geke Micro is Wan Jia Industry Preferred LOF, with 30 million shares held, remaining unchanged [10].

Group 1 - The company achieved a revenue of 3.636 billion yuan in the first half of 2025, representing a year-on-year growth of 30.33% [1] - In the second quarter, the company recorded a revenue of 2.112 billion yuan, which is a quarter-on-quarter increase of 38.56%, marking the highest single-quarter revenue since its listing [1] - The net cash flow from operating activities reached 814 million yuan, a significant increase of 858.11% year-on-year, driven by increased sales and reduced procurement cash expenditures due to a higher proportion of in-house wafer production [1] Group 2 - The company specializes in the research, design, manufacturing, packaging, testing, and sales of CMOS image sensors and display driver chips, with all business segments showing steady growth in the first half of the year [1] - Sales of mobile CMOS image sensors reached 524 million units, generating revenue of 2.212 billion yuan, a year-on-year increase of 41.47% [1] - Non-mobile CMOS image sensors sold 140 million units, achieving revenue of 715 million yuan, reflecting a year-on-year growth of 11.38% [1] - Display driver chips sold 249 million units, resulting in revenue of 706 million yuan, which is a year-on-year increase of 20.96% [1] Group 3 - The company is transitioning its production capacity at its self-owned factory to higher value products, such as 32 million and 50 million pixel products, to meet market demand for high-end chips [2] - The company plans to enhance resource integration in chip design and manufacturing, improve design and process levels, and accelerate the industrialization of research and development results to strengthen its core competitiveness [2]

Core Viewpoint - Geke Micro (688728) reported a revenue of 3.636 billion yuan for the first half of 2025, marking a year-on-year growth of 30.33%, while the net profit attributable to shareholders was 29.76 million yuan, with a non-recurring net profit of -14.95 million yuan due to ongoing R&D investments and foreign exchange losses [1] Financial Performance - The company achieved an EBITDA of 699 million yuan in the first half of the year [1] - In Q2 2025, Geke Micro's revenue reached 2.112 billion yuan, representing a quarter-on-quarter growth of 38.56%, with a net profit of 81.49 million yuan, turning from loss to profit [1] - The net cash flow from operating activities was 814 million yuan, up 858% year-on-year, driven by increased sales and reduced cash expenditures due to a higher proportion of products produced in its own wafer fab [1] Business Segments - In the first half of the year, Geke Micro sold 524 million mobile CMOS image sensors, generating revenue of 2.212 billion yuan, a year-on-year increase of 41.47% [2] - Non-mobile CMOS image sensors sold 140 million units, with revenue of 715 million yuan, reflecting a year-on-year growth of 11.38% [2] - Display driver chips sold 249 million units, achieving revenue of 706 million yuan, a year-on-year increase of 20.96% [2] Production Capacity and Strategy - The semiconductor factory operated at near full capacity, transitioning production from 800 million and 1.3 billion pixel products to 3.2 billion and 5 billion pixel products, enhancing product value and profitability [2] - The factory is capable of customized production to meet unique demands from flagship smartphones, automotive, and PC sectors, strengthening the company's competitive edge [2] - Geke Micro is focused on CIS and DDIC packaging and manufacturing, with ongoing IATF16949 automotive certification efforts to enhance integrated competitiveness [2]

Core Insights - The company, Geke Micro (688728.SH), reported significant growth in revenue and profitability for the first half of 2025, driven by the recovery in the consumer electronics industry and expansion into high-end markets [1] - The company achieved a revenue of 3.636 billion yuan, a year-on-year increase of 30.33%, with an EBITDA of 699 million yuan [1] - In Q2 2025, the company recorded a revenue of 2.112 billion yuan, a quarter-on-quarter increase of 38.56%, marking a new high since its listing [1] Revenue Breakdown - The company's main business includes the research, design, manufacturing, packaging, and sales of CMOS image sensors and display driver chips, with all segments showing steady growth [2] - Sales of mobile CMOS image sensors reached 524 million units, generating revenue of 2.212 billion yuan, a year-on-year increase of 41.47%, accounting for 60.88% of total revenue [2] - Non-mobile CMOS image sensors sold 140 million units, with revenue of 715 million yuan, a year-on-year increase of 11.38%, making up 19.69% of total revenue [2] - Display driver chips sold 249 million units, generating revenue of 706 million yuan, a year-on-year increase of 20.96%, accounting for 19.43% of total revenue [2] Product Innovation - The company is focusing on high-pixel products in the mobile image sensor sector, with revenue from products of 13 million pixels and above exceeding 1 billion yuan, representing about 46% of mobile CIS business [3] - The company launched several new products based on the GalaxyCell®2.0 platform, including a 1.0μm high-frame-rate HDR 13 million pixel CIS product, which supports 4K60FPS video output [4] - In the non-mobile CIS sector, the company introduced a new generation 2.35μm 2 million pixel image sensor, which significantly improves noise levels and low-light sensitivity [5] Market Expansion - The company is actively expanding into the automotive electronics market, with its first 3.0μm 130 thousand pixel product undergoing customer testing for various applications [6] - In the AI glasses market, the company successfully achieved mass production of a 5 million pixel CIS for AI glasses projects, indicating its commitment to emerging markets [6] Display Driver Chip Growth - The display driver chip business is developing steadily, with the company successfully delivering its first AMOLED display driver chip product, GC3A71, to a smartwatch customer [7] - The OLED display driver chip market is projected to grow at a compound annual growth rate of approximately 9.1% from 2024 to 2030, with smartphones and wearable devices being key growth drivers [7] Production Capacity and Strategy - The company has successfully transitioned to a Fab-Lite model, with its self-owned factory operating at full capacity and shifting production towards high-value products [8] - The company aims to enhance its integrated competitive advantage and deepen its supply chain layout, focusing on chip design and manufacturing resource integration [8]

Group 1 - The A-share market saw a collective rise in the three major indices, with the Shanghai Composite Index increasing by 0.03%, driven by gains in sectors such as telecommunications, computers, and electronics, while beauty care and coal sectors experienced declines [1] - The chip technology stocks showed strong performance, with the Chip ETF (159995.SZ) rising by 1.65%, and notable increases in individual stocks such as Cambrian (up 6.55%), Rockchip (up 5.70%), and Geke Micro (up 4.74%) [1] Group 2 - The State Council issued an opinion on the implementation of the "Artificial Intelligence +" initiative, emphasizing the need to strengthen intelligent computing power coordination and support innovation in AI chips and software ecosystems [3] - The report from Dongfang Securities highlighted breakthroughs in domestic AI large models and continuous performance improvements in domestic AI chips and switching chips, indicating a positive outlook for AI computing power and applications in China [3] - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across various segments such as materials, equipment, design, manufacturing, packaging, and testing [3]

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index slightly down by 0.06%, while sectors like communication, computer, and biomedicine are performing well, indicating sector-specific strengths amidst overall market fluctuations [1] Group 1: Market Performance - The Shanghai Composite Index decreased by 0.06% during the trading session [1] - Chip technology stocks are showing strength, with the Chip ETF (159995.SZ) rising by 0.44% [1] - Notable individual stock performances include: - Geke Micro rising by 3.82% - Ruixin Micro increasing by 2.90% - Jingchen Co. up by 1.66% - Cambrian rising by 1.58% - OmniVision increasing by 1.12% [1] Group 2: Policy and Industry Development - The State Council issued opinions on the implementation of the "Artificial Intelligence +" initiative, focusing on enhancing intelligent computing power and supporting innovation in AI chips and software ecosystems [1] - The initiative aims to optimize national computing resource layout and improve the integration of data, computing, electricity, and networks [1] - There is a push for the development of standardized, scalable cloud computing services to promote accessible, efficient, and safe intelligent computing supply [1] Group 3: Investment Outlook - According to Dongfang Securities, breakthroughs in domestic AI models and improvements in domestic AI chips and switching chips are expected to drive the continuous development of AI computing power and applications in China [1] - Investor confidence in China's AI development is anticipated to remain strong due to these advancements [1] Group 4: ETF Composition - The Chip ETF (159995) tracks the Guozheng Chip Index, comprising 30 leading companies in the A-share chip industry, including SMIC, Cambrian, Changdian Technology, and Northern Huachuang [2] - The ETF includes companies across various segments such as materials, equipment, design, manufacturing, packaging, and testing [2]

Core Viewpoint - The company GeKowei (688728.SH) has demonstrated significant growth in revenue and profitability in the first half of 2025, driven by the recovery in the consumer electronics industry and its continuous expansion into high-end markets [1] Financial Performance - In the first half of 2025, GeKowei achieved revenue of 3.636 billion yuan, a year-on-year increase of 30.33%, with EBITDA reaching 699 million yuan [1] - The second quarter of 2025 saw a record revenue of 2.112 billion yuan, a quarter-on-quarter increase of 38.56%, marking the highest quarterly revenue since the company's listing [1] - The net cash flow from operating activities reached 814 million yuan, a year-on-year increase of 858.11% [1] Business Segments - The main business of GeKowei includes the research, design, manufacturing, packaging, and sales of CMOS image sensors and display driver chips, with all segments showing steady growth in the first half of 2025 [2] - Sales of mobile CMOS image sensors reached 524 million units, generating revenue of 2.212 billion yuan, a year-on-year increase of 41.47%, accounting for 60.88% of total revenue [2] - Non-mobile CMOS image sensors sold 140 million units, with revenue of 715 million yuan, a year-on-year increase of 11.38%, making up 19.69% of total revenue [2] - Display driver chips sold 249 million units, generating revenue of 706 million yuan, a year-on-year increase of 20.96%, accounting for 19.43% of total revenue [2] Product Innovation - In the mobile CIS sector, GeKowei has enhanced its high-pixel product offerings, with revenue from products of 13 million pixels and above exceeding 1 billion yuan, representing about 46% of mobile CIS revenue [3] - The company launched several new products based on the GalaxyCell® 2.0 platform, including a 1.0μm high frame rate HDR 13 million pixel CIS product designed for high-quality video output [4] - The second-generation 0.7μm 50 million pixel image sensor was introduced, improving performance in low-light conditions and enhancing autofocus capabilities [5] Non-Mobile CIS Developments - GeKowei has upgraded its product matrix in the non-mobile CIS sector, launching a new generation 2.35μm 2 million pixel image sensor that significantly reduces power consumption by 30% compared to previous models [6] - The company is actively expanding into emerging markets, including a 1.116μm 5 million pixel image sensor designed for AIPC applications, which operates at a low power of 2mW [6] Automotive and AI Applications - In the automotive electronics sector, GeKowei is developing front-mounted chips for vehicles, with its first 3.0μm 130 thousand pixel product undergoing customer testing [7] - The company has successfully achieved mass production of a 5 million pixel CIS for AI glasses, aiming to penetrate further into niche markets such as mirrorless cameras and telescopes [7] Display Driver Chip Growth - GeKowei's display driver chip business is expanding, with a focus on AMOLED products, including the successful delivery of its first AMOLED display driver chip for smartwatches [9] - The OLED display driver chip market is projected to grow at a compound annual growth rate of approximately 9.1% from 2024 to 2030, driven by smartphones and wearable devices [9] Manufacturing and Future Outlook - GeKowei has successfully transitioned to a Fab-Lite model, with its self-owned factory operating at full capacity and shifting production towards high-value products [10] - The company aims to enhance its integrated competitive advantage and deepen its supply chain layout, focusing on chip design and manufacturing resource integration [10]