圣邦微电子（北京）股份有限公司2025年度报告深度解读

一、年度报告核心要点

• 营业收入及利润持续增长：2025年公司实现营业收入38.98亿元，同比增长16.46%；净利润5.34亿元，同比增长8.80%。归属于母公司股东的净利润5.47亿元，同比增长9.36%。
• 研发投入强劲：公司研发人员占员工总数72.75%，新申请专利141项，产品线持续拓展，推出近900款新产品，覆盖信号链、电源管理、传感器等领域。
• 经营模式稳健：公司采用“经销为主、直销为辅”的销售模式，代工生产模式（Fabless+），与台积电、中芯国际等全球顶级晶圆制造及封测厂商保持紧密合作。
• 产业布局及市场拓展：产品广泛应用于工业、能源、汽车、网络、消费电子、机器人、AI、新能源等新兴领域，客户超六千家，应用领域不断扩展。
• 资本运作与股东回报：报告期内以62,050,740股为基数，每10股派发现金红利2元（含税），持续提升股东回报。
• H股上市重大进展：2025年9月，公司向香港联交所递交H股上市申请，若成功将显著提升公司国际知名度与资本市场影响力。
• 公司治理与制度改革：公司决议取消监事会，相关职能由董事会审计委员会行使，章程及相关制度同步修订。
• 会计师事务所变更：2025年更换安永华明会计师事务所负责年度审计，反映公司对审计质量和透明度的重视。
• 江阴基地投产：江阴研发生产基地顺利落成并投产，提升公司测试能力及生产资源整合。
• 诉讼事项：公司因合同纠纷被冻结银行存款4400万元，案件已开庭但尚无结果，需持续关注。

二、对股东和投资者的重要提示及潜在影响

• H股上市进展：
  境外上市（H股）是公司资本运作的重大事件，若顺利上市，将为公司带来更多国际资本和资源，提升公司估值和流动性，可能直接影响股价表现。
• 公司治理改革：
  监事会取消及制度修订，显示公司治理与国际接轨，对公司管理透明度和治理结构提升有积极影响，可能增强投资者信心。
• 研发与产品创新：
  持续高比例研发投入和大量新产品推出，强化公司核心竞争力，有望带来业绩持续增长，推动股价长期向好。
• 股东分红：
  连续稳定的现金分红，显示公司盈利能力和现金流健康，提升投资吸引力。
• 诉讼风险：
  合同纠纷导致公司资产被冻结，虽金额占比不高，但需关注诉讼进展及对公司资金流动的影响。
• 产能提升：
  江阴基地投产，提升测试能力和产能，助力公司产品竞争力和市场拓展。

三、可能影响股价的重点新闻

• H股上市申请已递交，待审批结果。若获批，将是公司国际化的重要里程碑，显著提升公司估值和国际资本市场影响力。
• 制度改革与治理结构优化。监事会取消，董事会审计委员会全面负责监督，显示公司治理结构升级，符合国际最佳实践。
• 诉讼事项。合同纠纷导致冻结4400万元资金，需持续关注诉讼结果及对公司财务影响。
• 持续高分红。年度每10股派发现金红利2元，显示公司对股东回报的重视。
• 江阴基地投产。公司产能和测试能力提升，支持未来业绩增长。

四、财务数据详细披露

五、股东结构及主要股东

• 报告期末普通股股东总数104,473，主要股东为重庆鸿顺祥泰企业管理有限公司（持股18.94%）、重庆宝利弘雅企业管理有限公司（持股8.18%）、弘威国际发展有限公司（持股4.64%）等。
• 公司股东之间存在一致行动关系，股权结构稳定。

六、重要事项与进展

• 实施2025年股票期权激励计划与第二期股票期权激励计划，持续激励员工与管理层。
• 2024年年度权益分派已实施，现金红利已发放。
• 江阴基地已投产，提升公司测试和生产能力。
• 会计师事务所变更，提升审计质量。

投资者须知：本报告包含公司重大资本运作、治理结构改革、研发创新、分红回报、产能提升及诉讼风险等信息，对公司股价有潜在影响，建议投资者密切关注后续进展、审慎决策。

免责声明：本文内容仅供参考，不构成任何投资建议。股市有风险，投资需谨慎。

SG Microelectronics (Beijing) Co., Ltd. 2025 Annual Report – Investor Deep Dive

1. Key Highlights from the Annual Report

• Continuous Revenue & Profit Growth: 2025 revenue reached RMB 3.898 billion, up 16.46% YoY; net profit RMB 534 million, up 8.80% YoY. Net profit attributable to parent was RMB 547 million, up 9.36% YoY.
• Strong R&D Commitment: R&D staff accounted for 72.75% of total employees; 141 new patents filed; nearly 900 new products launched across signal chain, power management, sensors.
• Robust Operating Model: “Distributor-led, direct sales-assisted” model; fabless+ manufacturing; tight partnerships with TSMC, SMIC, and leading packaging/testing companies.
• Strategic Industry Expansion: Products widely used in industrial, energy, automotive, networking, consumer electronics, robotics, AI, new energy; over 6,000 customers; applications keep expanding.
• Capital Actions & Shareholder Returns: Cash dividend of RMB 2 per 10 shares (tax included), based on 62,050,740 shares. Steady shareholder returns.
• Major H-share Listing Progress: In September 2025, company submitted H-share listing application to HKEX. If successful, will greatly enhance global visibility and capital market influence.
• Corporate Governance Reform: Company decided to abolish the Supervisory Board, transferring oversight to the Audit Committee. Articles and related rules revised.
• Auditor Change: Switched to Ernst & Young Hua Ming for 2025 audit, signaling commitment to audit quality and transparency.
• Jiangyin Base Production: Jiangyin R&D/production base completed and operational, boosting testing capabilities and resource integration.
• Litigation: RMB 44 million frozen due to contract dispute. Case underway, no result yet; investors should monitor the outcome.

2. Investor/Shareholder Alerts & Potential Price-sensitive Events

• H-share Listing Progress:
  Overseas (H-share) IPO is a major capital event. If successful, will bring global capital/resources, boost valuation & liquidity, and may directly impact share price.
• Governance Reform:
  Abolition of Supervisory Board & rule revisions align company governance with international standards, may enhance investor confidence.
• R&D/Product Innovation:
  Sustained heavy R&D investment and new product launches strengthen core competitiveness, supporting long-term growth and share price appreciation.
• Cash Dividend:
  Steady dividend payout shows strong profitability and healthy cash flow; enhances investment appeal.
• Litigation Risk:
  Asset freeze due to contract dispute, though not material compared to assets, investors should track outcome and impact on liquidity.
• Production Capacity Enhancement:
  Jiangyin base launch boosts capacity and testing, supporting future growth.

3. Newsworthy Events That May Move Share Price

• H-share listing application submitted, awaiting approval. If approved, marks a milestone in internationalization, likely to lift valuation and market visibility.
• Governance overhaul. Supervisory Board abolished, Audit Committee assumes oversight, aligning with global best practice.
• Litigation. RMB 44 million frozen; monitor outcome for impact on finances.
• Consistent cash dividend. RMB 2 per 10 shares; underscores commitment to shareholder returns.
• Jiangyin base launch. Enhanced capacity and testing capabilities to support growth.

4. Detailed Financial Data

5. Shareholder Structure & Major Shareholders

• 104,473 ordinary shareholders at period-end. Key shareholders: Chongqing Hongshun Xiangtai (18.94%), Chongqing Baoli Hongya (8.18%), Hongwei International (4.64%), etc.
• Stable ownership with established concerted action relationships.

6. Other Important Matters

• 2025 Stock Option Incentive Plan & Second Phase Incentive Plan implemented, motivating management and staff.
• 2024 profit dividend distributed, cash dividend paid.
• Jiangyin base operational, boosting production/testing capability.
• Auditor change improves audit quality and transparency.

Investor Notice: This report covers major capital actions, governance reforms, R&D innovation, dividend returns, capacity enhancements and litigation risks, all potentially affecting share price. Investors are advised to monitor developments and make prudent decisions.

Disclaimer: The above content is for reference only and does not constitute investment advice. Investing in securities carries risk, please exercise caution.

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