关于上海艾为电子技术股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函回复 保荐机构（主承销商） （北京市朝阳区安立路66号4号楼） 二〇二五年十一月 上海证券交易所： 根据贵所于 2025 年 10 月 27 日出具的上证科审（再融资）〔2025〕142 号 《关于上海艾为电子技术股份有限公司向不特定对象发行可转换公司债券申请 文件的审核问询函》（以下简称"问询函"）的要求，中信建投证券股份有限 公司（以下简称"中信建投证券"或"保荐机构"）作为上海艾为电子技术股 份有限公司（以下简称"艾为电子"、"发行人"或"公司"）本次向不特定 对象发行可转换公司债券的保荐机构（主承销商），会同发行人及发行人律师 上海市锦天城律师事务所（以下简称"锦天城"、"发行人律师"）和申报会 计师立信会计师事务所（特殊普通合伙）（以下简称"立信会计师"、"申报 会计师"）等相关各方，本着勤勉尽责、诚实守信的原则，就问询函所提问题 逐项进行认真讨论、核查与落实，并逐项进行了回复说明。具体回复内容附后。 关于回复内容释义、格式及补充更新披露等事项的说明： 1、如无特殊说明，本回复中使用的简称或名词释义与《上海艾为电子 ...

证券代码：688798 证券简称：艾为电子 公告编号：2025-055 上海艾为电子技术股份有限公司 关于向不特定对象发行可转换公司债券申请文件 审核问询函回复的提示性公告 特此公告。 上海艾为电子技术股份有限公司董事会 2025 年 11 月 14 日 上海艾为电子技术股份有限公司（以下简称"公司"）于 2025 年 10 月 27 日 收到上海证券交易所（以下简称"上交所"）出具的《关于上海艾为电子技术股份有 限公司向不特定对象发行可转换公司债券申请文件的审核问询函》（上证科审（再 融资）〔2025〕142 号）（以下简称"《审核问询函》"），上交所审核机构对公司向 不特定对象发行可转换公司债券申请文件进行了审核，并形成了首轮问询问题。 公司收到《审核问询函》后，按照要求会同相关中介机构就《审核问询函》 提出的问题进行了认真研究和逐项落实，现根据相关要求对《审核问询函》回复 进行公开披露，具体内容详见公司同日在上交所网站（www.see.com.cn）上披露的 《关于上海艾为电子技术股份有限公司向不特定对象发行可转换公司债券申请文 件的审核问询函回复》等相关文件。 公司本次向不特定对象发行可转换公司债券事 ...

Core Insights - Aiwai Electronics experienced a slight increase in stock price by 0.46% on November 12, with a trading volume of 172 million yuan [1] - The company reported a net financing outflow of 2.82 million yuan on the same day, with a total financing and securities balance of 540 million yuan [1] Financing Overview - On November 12, Aiwai Electronics had a financing purchase amount of 12.95 million yuan, with a current financing balance of 538 million yuan, accounting for 5.03% of the circulating market value [1] - The financing balance is above the 80th percentile level over the past year, indicating a high level of financing activity [1] Securities Lending Overview - On November 12, Aiwai Electronics repaid 800 shares in securities lending and sold 300 shares, with a selling amount of 23,700 yuan based on the closing price [1] - The securities lending balance is 1.11 million yuan, which is below the 50th percentile level over the past year, indicating a low level of securities lending activity [1] Company Performance - As of September 30, Aiwai Electronics had 17,000 shareholders, an increase of 32.09% from the previous period, while the average circulating shares per person decreased by 24.29% [2] - For the period from January to September 2025, the company achieved operating revenue of 2.176 billion yuan, a year-on-year decrease of 8.02%, while the net profit attributable to shareholders increased by 54.98% to 276 million yuan [2] Dividend Information - Aiwai Electronics has distributed a total of 221 million yuan in dividends since its A-share listing, with 88.37 million yuan distributed over the past three years [2] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder with 5.0727 million shares, an increase of 1.976 million shares from the previous period [2] - Other notable institutional shareholders include HSBC Jintrust Low Carbon Pioneer Stock A and HSBC Jintrust Dynamic Strategy Mixed A, with varying changes in their holdings [2]

2025 年第二次临时股东大会会议资料 二〇二五年十一月 上海艾为电子技术股份有限公司 2025 年第二次临时股东大会会议资料 证券代码：688798 证券简称：艾为电子 上海艾为电子技术股份有限公司 Shanghai Awinic Technology Co., Ltd. 1 上海艾为电子技术股份有限公司 2025 年第二次临时股东大会会议资料 目录 | 上海艾为电子技术股份有限公司 2025 | 年第二次临时股东大会会议须知 | 3 | | --- | --- | --- | | 上海艾为电子技术股份有限公司 2025 | 年第二次临时股东大会会议议程 | 5 | | 议案一 关于取消监事会及修订《公司章程》的议案 | | 7 | | 议案二 关于修订及制定公司部分治理制度的议案 | | 8 | 2 上海艾为电子技术股份有限公司 2025 年第二次临时股东大会会议资料 上海艾为电子技术股份有限公司 2025 年第二次临时股东大会会议须知 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大 会的顺利进行，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》《上市 ...

Core Insights - Aiwai Electronics experienced a 0.88% decline in stock price on November 6, with a trading volume of 202 million yuan [1] - The company reported a net profit increase of 54.98% year-on-year for the first nine months of 2025, despite an 8.02% decrease in revenue [2] Financing and Trading Activity - On November 6, Aiwai Electronics had a financing buy-in amount of 34.59 million yuan and a net financing purchase of 14.38 million yuan, with a total financing balance of 566 million yuan, representing 5.13% of its market capitalization [1] - The company's margin trading balance is at a high level, exceeding the 90th percentile of the past year [1] - The short selling activity on the same day included 600 shares sold and 577 shares repaid, with a short selling balance of 1.22 million yuan, also at a high level compared to the past year [1] Shareholder and Institutional Holdings - As of September 30, 2025, Aiwai Electronics had 17,000 shareholders, an increase of 32.09%, while the average number of circulating shares per shareholder decreased by 24.29% [2] - The company has distributed a total of 221 million yuan in dividends since its A-share listing, with 88.37 million yuan distributed over the past three years [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited increased its holdings by 1.98 million shares, while other institutional investors like HSBC Jintrust reduced their holdings [2]

Core Viewpoint - Aiwai Electronics experienced a decline in stock price and significant net outflow of funds, despite a year-to-date increase in stock price. The company reported mixed financial results, with a decrease in revenue but a substantial increase in net profit [1][2]. Financial Performance - As of September 30, 2025, Aiwai Electronics achieved a revenue of 2.176 billion yuan, representing a year-on-year decrease of 8.02%. However, the net profit attributable to shareholders was 276 million yuan, showing a year-on-year increase of 54.98% [2]. - The company has distributed a total of 221 million yuan in dividends since its A-share listing, with 88.37 million yuan distributed over the past three years [3]. Stock Market Activity - On November 5, Aiwai Electronics' stock price fell by 2.02%, trading at 79.70 yuan per share, with a total market capitalization of 18.58 billion yuan. The stock has increased by 14.69% year-to-date but has seen a decline of 4.54% in the last five trading days and 13.77% in the last 20 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on August 20, where it recorded a net buy of -1.08 billion yuan [1]. Shareholder Information - As of September 30, 2025, Aiwai Electronics had 17,000 shareholders, an increase of 32.09% from the previous period. The average number of tradable shares per shareholder decreased by 24.29% to 7,967 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 5.0727 million shares, an increase of 1.976 million shares from the previous period [3].

Group 1 - The lithography equipment sector experienced a decline, with significant drops in stock prices for several companies [1] - Kemetek fell by 9.93%, Newray Materials decreased by 8.11%, and Zhangjiang High-Tech dropped by 6.34% [1] - Other companies such as Juguang Technology, Haili Co., and Aisen Co. also saw declines exceeding 5% [1]

Core Insights - Aiwei Electronics, established in June 2008 and listed on the Shanghai Stock Exchange in August 2021, is a leading integrated circuit design company in China, focusing on high-performance analog-digital mixed, power management, and signal chain chip products [1] Group 1: Financial Performance - In Q3 2025, Aiwei Electronics reported revenue of 2.176 billion yuan, ranking 8th among 34 companies in the industry, with the industry leader, Goodix Technology, generating 3.521 billion yuan [2] - The net profit for the same period was 276 million yuan, placing the company 3rd in the industry, while the top performer, Goodix Technology, achieved a net profit of 677 million yuan [2] - The company's revenue for the first three quarters of 2025 decreased by 8.02% year-on-year, while the net profit increased by 54.98% [5] Group 2: Profitability and Debt - As of Q3 2025, Aiwei Electronics had a debt-to-asset ratio of 20.45%, higher than the industry average of 16.92% [3] - The gross profit margin for the same period was 35.72%, which is below the industry average of 36.44% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 32.09% to 17,000, while the average number of circulating A-shares held per shareholder decreased by 24.29% to 7,967.56 [5] Group 4: Product Development and Future Outlook - The company is focusing on three main product lines: high-performance mixed-signal chips, power management chips, and signal chain chips, with new products launched in automotive and AI sectors [6] - Future net profit projections for 2025, 2026, and 2027 are estimated at 400 million, 610 million, and 800 million yuan, respectively [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown continuous growth in performance and is expected to benefit from innovations in AI terminals [5] - In Q3 2025, the company achieved a record single-quarter revenue of 808 million yuan, with a gross margin of 35.06% and a net profit margin of 14.77% [5] - The company is strategically positioned in high-performance mixed-signal, power management, and signal chain products, catering to consumer electronics, industrial interconnect, and automotive sectors [5] - The new generation of piezoelectric micro-pump liquid cooling solutions is anticipated to become a key product, significantly enhancing cooling efficiency by 300% compared to passive cooling methods [6] Financial Summary - For the first three quarters of 2025, the company reported revenue of 2.176 billion yuan, a year-on-year decrease of 8.02%, while the net profit attributable to the parent company was 276 million yuan, an increase of 54.98% [4] - The projected net profits for 2025-2027 are 400 million, 610 million, and 800 million yuan, respectively, with corresponding EPS of 1.72, 2.60, and 3.44 yuan per share [5] - The company’s R&D expenses for the first three quarters of 2025 amounted to 427 million yuan, representing 19.6% of revenue [5] - The company’s financial indicators show a projected revenue growth of 15.9% in 2024, followed by 8.3% in 2025, and a significant increase in net profit margins over the next few years [9]

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]