StarPower Semiconductor (603290)

Equity Research Report | Sector: Power Semiconductors (IGBT/SiC Modules) | Report Date: September 13, 2026 | Close of September 11, 2026 (Friday); notes compiled as of September 12, 2026

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Executive Summary

StarPower Semiconductor reported H1 2026 revenue of RMB 1.928 billion, down 0.41% year-on-year, but net profit attributable to shareholders of only RMB 65.0005 million, down 76.40% year-on-year, with non-recurring net profit attributable to shareholders down 82.29% and gross margin falling to 20.58%. The company attributes the profit decline to rising raw material costs for power modules, the lagged impact of prior-year product price cuts, increased depreciation and amortization, and higher R&D spending; of which H1 depreciation and amortization was RMB 346 million and R&D expenses were RMB 249 million, up 8.32% year-on-year. Results fell within the previously announced guidance range, but profitability and cash returns are clearly under pressure compared with the prior year.

The company's main business covers power semiconductor chips and modules including IGBT, SiC MOSFET, IPM and GaN. IGBT module revenue in 2025 was RMB 3.353 billion, accounting for 83.57% of main business revenue, with new energy business accounting for nearly 60% of revenue. In 2025 the company achieved revenue of RMB 4.012 billion, up 18.34% year-on-year, but net profit attributable to shareholders fell about 20.18%; in H1 2026 new energy revenue fell 16.02% year-on-year, industrial control and power supply revenue rose 40.17% year-on-year, and overseas new energy vehicle supporting revenue rose more than 70% year-on-year, indicating that the business mix is being adjusted.

The company is deploying RMB 1.5 billion in convertible bonds to fund automotive-grade SiC MOSFET, automotive-grade GaN and IPM module projects. As of June 30, 2026, cumulative invested proceeds amounted to approximately RMB 105 million, with RMB 550 million in unmatured wealth management products, meaning project fund usage remains at an early stage. R&D investment continues to increase, with 2025 R&D expenses up 35.94% year-on-year, but the computing power business is still in the cultivation stage, and whether new capacity, next-generation IGBT and SiC products can generate effective revenue and profit remains to be seen.

As of September 11, 2026, the company's share price closed at RMB 82.65, with a total market capitalization of RMB 19.792 billion, a TTM P/E of approximately 101.61x, and a static P/E of approximately 48.84x. The share price has fallen about 11.4% cumulatively since August 27, and the current price is below MA5, MA10 and MA20; main-force capital has seen net outflows for 11 consecutive trading days, and margin financing balances have also declined for consecutive days; KDJ is in oversold territory, but moving averages, MACD and the chip structure still indicate short-term weakness. Current valuation already demands a high level of earnings recovery and new business ramp-up, and institutional forecasts diverge widely.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• R&D, design and manufacturing of IGBT chips and modules
• Manufacturing of SiC MOSFET modules
• Manufacturing of IPM modules
• GaN modules (fundraising project, mainly applied to the main motor controller field of new energy vehicles with battery voltage of 400V and below, as well as OBC and charging pile fields)
• Manufacturing of automotive-grade SiC MOSFET modules
• New energy business (accounting for nearly 60% of revenue)

2.3 Position in the Industry Chain Upstream and Downstream, and Cost-Profit Structure

The research notes do not provide a systematic description of the company's position in the industry chain. The following content is organized only based on scattered information appearing in the notes, and missing fields are stated as they are.

• The research notes mention that the company's raw materials include DBC boards, some directly purchased from foreign enterprises and some from domestic manufacturers, but do not provide a complete cost structure breakdown, supplier concentration, or procurement proportion data.
• The research notes mention that the value ratio of IGBT chips to modules is approximately 1:3, but do not specify the specific proportion of each raw material in the company's upstream procurement costs.
• The research notes do not mention any explicit statement on whether the company has bargaining power over upstream suppliers.
• The research notes mention that the company's sales volumes were 9.7581 million, 12.5369 million, 13.0172 million and 11.3927 million units respectively, maintaining an upward trend; sales unit prices were RMB 227.84, RMB 264.39, RMB 239.00 and RMB 216.82 respectively, with unit price changes mainly affected by industry supply and demand and product mix.
• The research notes mention that new energy vehicles boost power demand, and the new energy business accounts for nearly 60% of revenue.
• The research notes mention that customer concentration data are missing, and the combined proportion of the top five customers has not been disclosed.
• The research notes do not provide specific data on accounts receivable turnover days, the ratio of accounts receivable to net profit or revenue, or working capital occupation such as prepayments/accounts payable; data are missing.
• The research notes do not provide specific data on customer concentration or supplier concentration; data are missing.

The research notes do not provide sufficient information on the cost-profit structure of the industry chain, so it is impossible to clearly determine the company's specific position on the smile curve. The notes mention that the company is driven by both IGBT and SiC, and that the new energy business accounts for nearly 60% of revenue, but data on gross margin and net margin trends and upstream and downstream bargaining power are missing, so a positioning conclusion cannot yet be formed.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The 2026 interim report was disclosed on the evening of 2026-08-24 and appeared in the press on 8-25. Data sources include Securities Star, Jiemian News, East Money, Wallstreetcn flash news, and Securities Times, with multiple sources corroborating one another; the 2025 annual report was disclosed on 2026-04-30 (earnings flash report 2026-04-01), with sources including Shanghai Securities News, 10jqka, Jiemian News, stockanalysis.com, Investing.com, and MarketScreener; the comparative data for the first three quarters of 2025 come from the SSE visualized financial report and MarketScreener 2025-10-30. Note a data flaw: the Guosen Securities 2026-09-01 research report main text writes "2Q26 revenue RMB 1.016 billion," inconsistent with RMB 1.064 billion from all other sources. Verified by 8.64 (Q1) + 10.64 = 19.28 (H1), RMB 1.064 billion is correct, and 10.16 appears to be a typo. In addition, there are two gross margin conventions for 2025, 26.09% under the Jiemian convention and 25.29% under the stockanalysis convention; the notes do not confirm the reason for the difference.

2026H1 revenue was RMB 1.928 billion, down slightly 0.41% year-on-year; net profit attributable to parent was RMB 65.0005 million, down sharply 76.40% year-on-year; non-recurring net profit attributable to parent was RMB 46.1545 million, -82.29% year-on-year; basic earnings per share was RMB 0.27 (RMB 1.15 in the year-ago period), -76.52% year-on-year; gross margin was 20.58%, -9.16pct year-on-year; weighted average ROE was 0.93% (-3.10~3.12pct year-on-year); debt-to-asset ratio was 43.13% (+9.85pct versus the previous quarter, +9.53pct versus the year-ago period); net cash flow from operating activities was RMB 210 million, -42.40% year-on-year. For the single quarter 2026Q2, revenue was RMB 1.064 billion, +4.65% year-on-year and +23.09% quarter-on-quarter; net profit attributable to parent was RMB 38 million, -77.66% year-on-year and +44.12% quarter-on-quarter; non-recurring net profit was RMB 29 million, -81.5% year-on-year; Q2 gross margin was 20.17% (-8.99pct year-on-year, -0.99pct quarter-on-quarter, Guosen Securities convention). The company explains the profit decline as: increased raw material costs for power modules, combined with the lagged impact of prior-year product price cuts; at the same time, depreciation and amortization rose sharply (1H26 depreciation and amortization RMB 346 million), R&D expenses were RMB 249 million (+8.32% year-on-year), and financial expenses turned from negative to positive. In terms of structure: new energy industry revenue was RMB 1.019/1.02 billion, -16.02% year-on-year; industrial control and power supply revenue was RMB 710 million, +40.17% year-on-year; overseas new energy vehicle supporting revenue rose more than 70% year-on-year, accounting for more than 20% of automotive business. Full-year 2025 revenue was RMB 4.012 billion (+18.34%, a record high), net profit attributable to parent was RMB 405 million (-20.18%~-20.20%), non-recurring net profit attributable to parent was RMB 377 million (-22.64%), basic EPS was RMB 1.69 (RMB 2.12 a year earlier), weighted ROE was 5.96% (7.80% a year earlier), total assets were RMB 10.565 billion (+9.53%), net assets attributable to parent were RMB 6.937 billion (+3.82%), net assets per share were RMB 28.97, and R&D investment was RMB 482 million (+35.94%, about 12.0% of revenue). 2025 revenue growth by segment: industrial -6.38%, new energy +27.05%, home appliances +56.03%; IGBT module revenue was RMB 3.353 billion (+7.69%), accounting for 83.57% of main business.

3.2 Earnings Forecasts

Main sources of earnings forecasts: 1) East Money F10 consensus estimates (scraped in early September 2026; the "past six-month average" includes 5 institutions: Huatai Securities 2026-05-04, Guotou Securities 2026-05-02, Orient Securities 2026-04-30, Industrial Securities 2026-05-09, Guosen Securities 2026-09-01), with 2026E/2027E/2028E revenue of RMB 4.763/5.822/6.823 billion, net profit attributable to parent of RMB 378.9/556.5/756.5 million, and EPS of RMB 1.58/2.32/3.16; the forecast in the previous month (previous version) was 2026E EPS 1.8275 (4 institutions), 2027E 2.6050, 2028E 3.5275, indicating that consensus estimates are being revised down. The individual institutional forecasts making up this average: Huatai Securities 2026-2028E net profit attributable to parent of RMB 370/570/780 million (2026-05-04); Guotou Securities RMB 442 million/approximately RMB 599 million/approximately RMB 761 million (EPS 1.85/2.50/3.18, 2026-05-02); Orient Securities RMB 507 million/approximately RMB 728 million/approximately RMB 1.032 billion (EPS 2.12/3.04/4.31, 2026-04-30); Industrial Securities RMB 432 million/approximately RMB 603 million/approximately RMB 800 million (EPS 1.80/2.52/3.34, 2026-05-09); Guosen Securities RMB 144 million/287 million/404 million (EPS 0.60/1.20/1.69, 2026-09-01). 2) More recent, more pessimistic forecasts not included in the above consensus: CICC cut 2026 revenue/net profit attributable to parent by 12%/73% on 2026-08-31 to RMB 4.44 billion/RMB 220 million, and for the first time gave 2027 figures of RMB 5.20 billion/RMB 440 million, with the current share price corresponding to 49.6x 2027E PE and a target price of RMB 111.20 (corresponding to 60.6x 2027E PE), maintaining Outperform; Guosen Securities on 2026-09-01 estimated 2026-28 net profit attributable to parent of RMB 144/287/404 million, corresponding to PE of 151/76/54x, maintaining Outperform. 3) Other forecast sources: MarketScreener (data sources S&P Capital IQ/FactSet, scraping date unspecified) 2026E revenue RMB 4.678 billion and net profit RMB 388.5 million, 2027E RMB 5.983 billion/RMB 815.5 million, 2028E RMB 6.939 billion/RMB 876 million; this source's 2027E net profit of RMB 816 million is relatively optimistic relative to its own EBIT of RMB 897 million, differs greatly from A-share brokerages, and is for reference only; 10jqka iFinD summary (published 2026-05-13, covering the past six months) shows 5 institutions' average 2026 net profit forecast of RMB 500 million (range RMB 369-751 million), +23.46% year-on-year, target price range RMB 115.68-125.08, average RMB 120.15, 4 Buy + 1 Accumulate; this is the May convention, long outdated, and is for historical comparison only; Xingkuang/Securities Star earnings forecast details: Industrial Securities 2026-2028 EPS 1.80/2.52/3.34 (2026-05-09), Guotou 1.85/2.50/3.18 (2026-05-02); Guoyuan Securities' initial coverage on 2025-03-30 (Accumulate, target price RMB 107, forecasting 2026-2028 EPS 2.61/3.54/4.41) is completely invalid and should be ignored. Important note: East Money's "past six-month average" 2026E of RMB 379 million is already lagging, and the two most recently published institutions (CICC RMB 220 million, Guosen RMB 144 million) are significantly below this average; if using the latest 2-institution convention, 2026E net profit is only RMB 144-220 million. When using consensus estimates, be sure to note "includes old reports published before May, does not include the latest August downgrades."

3.3 Valuation Level and Institutional Ratings

Price basis: 2026-09-11 close of RMB 82.65 (confirmed by Baidu Stock and Securities Star weekly review), -0.99% that day; total market capitalization RMB 19.792 billion (Securities Star 2026-09-11 convention, semiconductor sector market cap ranking 95/181). Sohu Securities pages also have different cached snapshots such as 83.48/84.47/91.20, corresponding to different trading days in early September, and the date must be verified before use. PE(TTM): TTM net profit attributable to parent = full-year 2025 RMB 405 million − 2025H1 RMB 275 million + 2026H1 RMB 65 million ≈ RMB 195 million (Sohu's "net profit and growth rate (TTM) RMB 195 million, -61.7%" matches this), corresponding to PE(TTM) ≈ 101x (Sohu showed P/E TTM 103.85 at RMB 84.47; Barron's/FactSet showed P/E TTM 112.12 at about RMB 89, both in the same order of magnitude). Static PE (based on 2025 annual report RMB 405 million) is about 49x. PB: net assets per share RMB 28.79 (2026-06-30)/RMB 28.97 (2025-12-31), corresponding to PB ≈ 2.85~2.87x. Forward PE (based on RMB 82.65 and market cap RMB 19.792 billion): 2026E consensus RMB 379 million → about 52x, CICC RMB 220 million → about 90x, Guosen RMB 144 million → about 137x; 2027E consensus RMB 557 million → about 36x, CICC RMB 440 million → about 45x; 2028E consensus RMB 757 million → about 26x. Dividend: 2025 annual distribution of RMB 5.08 per 10 shares (ex-rights/ex-dividend date 2026-06-16, cash dividend already implemented), dividend yield about 0.6% at RMB 82.65; cumulative payout ratio over the past three years 30.0% (Sohu); no interim distribution for 2026. 52-week range: RMB 76.88~159.69 (Barron's/FactSet, scraping date about 2026-07); year-to-date change -12.5% (Sohu "year-to-date change"); Barron's shows YTD -5.09% and 12-month -16.88% (the two differ in timing and convention, do not mix them). Other: there is an outstanding convertible bond "Sida Convertible Bond" (conversion premium about 99%), which has a potential dilution impact on EPS calculations and is not included in this paragraph. Baidu Stock summary (as of 2026-09-11): average target price RMB 111.64, highest RMB 125.51, lowest RMB 97.76 (the source of the lowest price RMB 97.76 is unknown and could not be cross-verified, so it is not adopted). Rating divergence points: since late August the valuation method has switched from PE to PB/2027E PE, and target prices generally still stand in the RMB 110-125 range, implying 35%-50% nominal upside from the current share price of RMB 82.65, but this corresponds to the assumption of "new business ramp-up in 2027," which is relatively optimistic pricing. Uncertainties to note: consensus estimates severely lag the latest research reports (East Money's "past six-month average" 2026E of RMB 379 million includes old reports published in April-May and does not include the sharp downgrades by CICC on 8-31 and Guosen on 9-01); when writing reports, both the "5-institution average" and the "latest 2 institutions" conventions should be given and clearly labeled; target prices differ slightly across data sources (Huatai 115.68 vs 115.17; Orient 124.57 vs 125.08; Guotou 119.19 vs 119.70), possibly due to ex-rights adjustments or different scraping dates; as of this search (around 2026-09-12), no 2026 Q3 report, Q3 earnings guidance, or 2026 earnings guidance has been seen, and the latest periodic report is the 2026 interim report; if the Q3 report is published (usually late October), this section's data will need to be updated as a whole; there is no closing price confirmation after September 11, 2026, and market cap/PE/PB all use 2026-09-11 as the base date; MarketScreener/S&P Capital IQ overseas-convention forecasts (2027E net profit RMB 816 million) differ greatly from A-share brokerages (RMB 287-570 million), and are listed for reference only and not recommended for direct adoption.

4. Recent News and Announcements

4.1 Confirmation of StarPower Semiconductor (603290.SH) Subject

Stock code 603290 is StarPower Semiconductor (StarPower Semiconductor Ltd.), listed on the Shanghai Stock Exchange Main Board, registered at No. 988 Kexing Road, Nanhu District, Jiaxing City, Zhejiang Province, listed on 2020-02-04 at an issue price of RMB 13. Its main business is the design, R&D, production and sales of power semiconductor chips and modules mainly based on IGBT and SiC (industry code C3972 semiconductor discrete device manufacturing), and in 2025 IGBT module revenue accounted for 83.57% of main business revenue (RMB 3.353 billion/RMB 4.007 billion). Chairman/legal representative is Shen Hua, board secretary is Zhang Zhe, controlling shareholder is Hong Kong StarPower Holding Co., Ltd. (41.66% stake), and actual controllers are Hu Wei and Shen Hua. The company also has an outstanding convertible bond "Sida Convertible Bond" (code 113702). These notes cover up to about early September 2026; the latest announcement available is the 2026-08-25 interim report, and the latest brokerage rating date is 2026-09-01.

4.2 H1 2026 Earnings Guidance (Announcement No. 2026-030, announced 2026-07-15)

Guidance period 2026-01-01 to 2026-06-30. Estimated net profit attributable to parent of RMB 56-76 million, down 79.67%-72.41% year-on-year (a decrease of RMB 199.4496-219.4496 million from the year-ago period); estimated non-recurring net profit attributable to parent of RMB 40-54 million, down 84.65%-79.28% year-on-year; estimated operating revenue of about RMB 1,927.76 million (about RMB 1.928 billion), -0.41% year-on-year, of which Q2 revenue increased about RMB 199.53 million quarter-on-quarter from Q1, about +23% quarter-on-quarter. Year-ago base: total profit RMB 311.0573 million, net profit attributable to parent RMB 275.4496 million, non-recurring RMB 260.6553 million, EPS RMB 1.15. Reasons for the profit decline: ① power modules were affected by increased raw material costs and prior-year product price cuts, gross profit level fell year-on-year, and downstream product price adjustments have a time lag; ② continued increased R&D investment (next-generation IGBT, FRD, SiC MOSFET, DrMOS, GaN, as well as driver IC, industrial-grade and automotive-grade MCU), with R&D expenses rising year-on-year. The guidance has not been audited by certified public accountants.

4.3 2026 Interim Report (Approved by the Board on 2026-08-24, Disclosed 2026-08-25; Announcement No. 2026-032)

Operating revenue RMB 1,927,751,197.98, -0.41% year-on-year (year-ago period RMB 1,935,610,435.81); total profit RMB 77,647,029.66, -75.04% year-on-year; net profit attributable to parent RMB 65,000,453.56 (RMB 65.0005 million), -76.40% year-on-year; non-recurring net profit attributable to parent RMB 46,154,466.79, -82.29% year-on-year; net cash flow from operating activities RMB 209,854,224.64, -42.40% year-on-year; weighted average ROE 0.93% (down 3.12 percentage points year-on-year); basic/diluted EPS RMB 0.27/share (-76.52% year-on-year); total assets RMB 12.276 billion (+16.15% from the end of the prior year); net assets attributable to parent RMB 6.895 billion (-0.62% from the end of the prior year); gross margin 20.58% (down about 9.16 percentage points year-on-year, media convention); debt-to-asset ratio 43.13%. This interim report is unaudited, and the Board resolution states no interim profit distribution/capital reserve conversion plan. Actual net profit attributable to parent of RMB 65.0005 million fell in the middle of the guidance range of RMB 56-76 million, consistent with the guidance.

4.4 Other Periodic Report Milestones

2026 Q1 report (disclosed 2026-04-30): net profit attributable to parent RMB 26.6268 million, -74.32% year-on-year; non-recurring RMB 16.7936 million, -83.49% year-on-year; EPS RMB 0.11. The company explained the main reasons as declining revenue in the new energy segment plus rising depreciation and amortization (capacity ramp-up at chip manufacturing subsidiary Jiaxing StarPower Microelectronics, with depreciation in the period +RMB 75.4339 million year-on-year). 2025 annual report (disclosed 2026-04-30): operating revenue RMB 4.012 billion, +18.34% year-on-year; net profit attributable to parent RMB 405.2 million, -20.18% year-on-year; EPS RMB 1.69.

4.5 Refinancing: Convertible Bond "Sida Convertible Bond" (113702)

Convertible bond plan disclosed 2025-06-28; accepted by the SSE on 2025-10-30; received SSE review inquiry letter on 2025-11-06; reply to inquiry letter disclosed 2025-12-25; updated reminder announcement on the reply to the inquiry letter on 2026-01-22 (Announcement No. 2026-001); approved by the SSE Listing Review Committee on 2026-01-31; registration approval from the China Securities Regulatory Commission on 2026-03-12 (CSRC Permit [2026] No. 396). Issue size RMB 1.5 billion (15 million bonds, face value RMB 100/bond); existing shareholders had priority allotment at RMB 6.263 face value per share, record date 2026-04-15, online subscription date 2026-04-16. Total raised funds RMB 1.5 billion, actual net amount after fees RMB 1,485,146,226.41, funds received on 2026-04-22, verified by BDO China Shu Lun Pan Certified Public Accountants. On 2026-04-24, a Tripartite Supervision Agreement for Special Account Storage of Raised Funds was signed with CITIC Securities and Bank of Hangzhou, Bank of Communications, China Merchants Bank, China Minsheng Bank, and China CITIC Bank (Announcement No. 2026-013). Sida Convertible Bond began trading on 2026-05-11; on 2026-06-09 it was announced that the conversion price would be adjusted due to the 2025 annual equity distribution, from RMB 105.30/share to RMB 104.79/share, effective 2026-06-16. According to the announcement, the fundraising projects are: automotive-grade SiC MOSFET module manufacturing project, IPM module manufacturing project, and automotive-grade GaN module industrialization project.

4.6 Progress of Use of Convertible Bond Raised Funds (Announcement No. 2026-033, 2026-08-25)

As of 2026-06-30, cumulative investment of raised funds was RMB 105,308,745.86 (about RMB 105 million), unmatured wealth management products were RMB 550 million, and the ending balance of raised funds was RMB 832,160,632.62 (about RMB 832 million); issuance fees not yet paid in the period were RMB 1,858,490.56. The sponsor institution is CITIC Securities, and on 2026-06-27 it was announced that the continuous supervision sponsor representative had been changed.

4.7 2025 Annual Equity Distribution and Conversion Price Adjustment

2025 annual equity distribution: RMB 5.08 per 10 shares (tax included); record date 2026-06-15, ex-rights/ex-dividend date 2026-06-16 (implementation announcement 2026-06-09); the conversion price of the Sida Convertible Bond was adjusted accordingly. Historical comparison: 2024 annual RMB 6.36 per 10 shares, 2023 annual RMB 15.98 per 10 shares plus 4 bonus shares, 2022 annual RMB 14.36 per 10 shares; dividend intensity has declined year by year, consistent with the profit decline.

4.8 External Investment/Related-Party Transaction (Requires Careful Cross-Verification)

On 2026-06-30 the company disclosed the "Announcement on Using Raised Funds to Increase Capital in a Subsidiary to Implement Fundraising Projects and Related-Party Transaction" and the "Announcement on Using Raised Funds to Replace Self-Funded Capital Previously Invested in Fundraising Projects and Issuance Fees Already Paid" (disclosed in the same batch) and the "Special Assurance Report on Replacement of Raised Funds." A third party (S&P Capital IQ via MarketScreener, publication date 2026-06-30) disclosed: Shanghai Daozhi Technology Co., Ltd. is expected to receive RMB 201.005 million in financing, of which StarPower Semiconductor contributes RMB 200 million and Zhejiang Xingdeli Textile Co., Ltd. contributes RMB 1.005025 million; the transaction was approved by the 16th meeting of the fifth Board of Directors and the second special meeting of independent directors in 2026. Limitation note: the identity of this RMB 200 million contribution and "Shanghai Daozhi Technology" as a subsidiary/related party is currently seen only from a single third-party financial data source and has not been cross-verified with the original SSE/company announcement; judging from the announcement title, this entity should be the implementation entity of the company's fundraising project (a subsidiary), and only because Xingdeli Textile (a shareholder holding 11.32%) jointly contributes does it constitute a related-party transaction, but the specific equity ratio and correspondence to the fundraising project still need to be verified against the original announcement.

4.9 Top Ten Shareholders in the 2026 Interim Report (As of 2026-06-30, Announcement Date 2026-08-25)

Hong Kong StarPower Holding 99.77352 million shares, 41.66%, unchanged; Zhejiang Xingdeli Textile 27.105971 million shares, 11.32%, unchanged; Hong Kong Central Clearing (Northbound) 6.975392 million shares, 2.91%, +1.854677 million shares, +36.22% (increased); Jiaxing Furuid Investment Partnership 5.001186 million shares, 2.09%, -1.499304 million shares, -23.06% (decreased); Advanced Manufacturing Industry Investment Fund Phase II 1.272726 million shares, 0.53%, unchanged; National Social Security Fund Portfolio 406 1.264879 million shares, 0.53%, unchanged; UBS AG 823,131 shares, 0.34%, new entry; Morgan Stanley & Co. International 743,461 shares, 0.31%, new entry; Dai Zhizhan 731,186 shares, 0.31%, unchanged; Goldman Sachs International-own funds 696,795 shares, 0.29%, new entry. The top ten total 144.39 million shares, accounting for 60.29% of tradable shares (approximately total share capital).

4.10 Changes in Number of Shareholders

As of 2026-06-30 there were 65,521 accounts; as of 2026-03-31 there were 57,872 accounts (an increase of 962 accounts from 2025-12-31, +1.69%), meaning the number of shareholders in Q2 increased by about 7,649 accounts from Q1 (about +13.2%); as of 2025-12-31 there were 56,910 accounts (a decrease of 8,711 accounts from 2025-09-30, -13.27%). The number of shareholders increased significantly from the end of Q1 to the end of Q2, usually pointing to dispersed holdings and retail investors taking over, which needs to be viewed together with the share price trend.

4.11 Clues on Reductions in H2 2025 (Historical Development)

Announcement on 2025-07-18 of the "Announcement on the Share Reduction Plan of Shareholders and Directors, Supervisors and Senior Management"; announcement on 2025-10-25 of the "Announcement on the Results of Share Reductions by Shareholders and Directors, Supervisors and Senior Management"; announcement on 2025-09-10 of the "Reminder Announcement on Changes in Equity Interests of Shareholders Holding More Than 5% Reaching the 1% Threshold." Data for Q4 2025 (as of 2025-12-31) show: Xingdeli Textile reduced its stake by 1.05% to 27.106 million shares, northbound funds reduced by 13.13%, Southern CSI 500 ETF reduced by 1.07%, and Guolian An Semiconductor ETF reduced by 8.89%. In Q2 2026 northbound funds (Hong Kong Central Clearing) turned to substantial increase of +36.22%, reversing direction.

4.12 Governance-Related Announcements

During 2025-12-09 to 12-30, disclosures were made on "cancellation of the supervisory board, change of registered capital, and amendment of the Articles of Association," election of employee directors, and completion of industrial and commercial change registration; registered capital RMB 239 million. On 2026-05-28 the 2025 annual shareholders' meeting was held (to consider the annual report, 2025 profit distribution, reappointment of accountants, 2026 guarantee and financing quotas and other proposals), and a legal opinion was issued on 2026-05-29.

4.13 Other Recent Announcements and Events

2026-06-30: Announcement on using raised funds to replace self-funded capital previously invested in fundraising projects and issuance fees already paid; announcement on using raised funds to increase capital in a subsidiary to implement fundraising projects and related-party transaction; resolution of the 16th meeting of the fifth Board of Directors; compensation management system for directors and senior management. 2026-07-30: 2026 annual tracking rating report on StarPower Semiconductor as issuer and related debt items. 2026-08-19: Announcement on convening the 2026 interim results briefing. 2026-08-24/25: Resolution of the 17th meeting of the fifth Board of Directors (reviewed and approved the 2026 interim report and summary and the special report on the deposit and use of raised funds for H1 2026). Suspension/resumption: no suspension announcement in 2026 was found, and the company's stock traded normally.

4.14 Capital Flows and Share Price Background (Auxiliary)

Margin financing balance: 2026-06-26 RMB 1.091 billion (net buying -RMB 21.83 million); 2026-06-25 RMB 1.112 billion (-RMB 48.05 million); 2026-06-24 RMB 1.161 billion; 2026-06-23 RMB 1.168 billion; 2026-06-22 RMB 1.198 billion (+RMB 38.58 million), with continuous net outflows of margin financing in late June. Share price reference points: 2026-07-14 close RMB 116.25; 2026-08-24 close RMB 92.99, a decline of about 20% in about six weeks; note that the ex-rights/ex-dividend adjustment was only RMB 0.508/share, insufficient to explain this (please refer to the latest market data). Among concept sector tags, "stock below private placement price" appears, corresponding to the November 2021 private placement of 10.6061 million shares to Advanced Manufacturing Industry Investment Fund Phase II and others at RMB 330/share, raising RMB 3.5 billion, with the current price far below that placement price. Concept tags also include "2026 interim profit warning."

4.15 "Buyback" Verification Conclusion

After multiple rounds of searches ("StarPower Semiconductor 603290 share buyback," 2026 announcement list, China Fortune Land/East Money full-text announcement directory, SSE announcement list), no share buyback plan or buyback progress announcement in 2026 was found. The company's main way of rewarding shareholders is cash dividends (2025 annual RMB 5.08 per 10 shares) and convertible bond financing, with no buyback cancellation/buyback incentive announcements. Uncertainty note: the announcement list search mainly relied on third-party aggregation pages (China Fortune Land, East Money, Sohu Stock, cfi.cn); theoretically, there may still be announcements not included in the aggregation, and final confirmation is recommended through the SSE e-interaction/company announcement original pages (www.sse.com.cn).

4.16 Brokerage/Institutional Views (Timing Notes)

Guosen Securities Accumulate on 2026-09-01; Guotou Securities Buy on 2026-05-02; Orient Securities Buy on 2026-04-30; Huatai Securities Buy on 2026-05-13; Guoyuan Securities Accumulate on 2025-10-30 and 2025-08-31. Note: the above are individual brokerage rating records (10jqka/Securities Star summary), not multi-broker consensus estimate statistics; re-coverage after the interim report release (August 25) was not fully checked this time.

4.17 Overall Judgment and Uncertainties

1. The most important fact in this reporting period: H1 2026 results declined sharply (revenue RMB 1.928 billion, -0.41% year-on-year; net profit attributable to parent RMB 65.0005 million, -76.40% year-on-year; non-recurring -82.29% year-on-year), which the company attributes to rising power module costs + pricing time lag + increased R&D expenses; the result fell within the July earnings guidance range, indicating good information consistency. 2. The most sustained capital operation: the RMB 1.5 billion convertible bond (Sida Convertible Bond 113702) from approval in January 2026 to issuance in April, listing in May, and conversion price reduction in June due to dividends; the fundraising focuses on automotive-grade SiC MOSFET/automotive-grade GaN/IPM modules; as of June 30 only about RMB 105 million had been invested, a relatively slow pace (about 7%), with RMB 550 million in unmatured wealth management products. 3. Marginal changes in shareholder structure: in Q2 northbound funds increased substantially (+36.22%), and foreign institutions (UBS/Morgan Stanley/Goldman Sachs) newly entered the top ten, but Furuid Investment reduced by 23.06%, and the number of shareholders increased by about 13% in a single quarter; dispersed holdings and institutional increases coexist, giving mixed signals. 4. Key uncertainties/items to verify: the "RMB 200 million capital increase in Shanghai Daozhi Technology Co., Ltd." has only a single overseas financial data source (S&P Capital IQ/MarketScreener) and has not been cross-verified with the original announcement; the amount and related-party identity need to be rechecked; specific figures in the original announcement PDFs regarding wealth management, guarantees, and the 2026 financing quota could not be obtained, and these notes are based on public reports and announcement summaries; interim report data such as cash flow/assets/debt ratio come from media conventions and summary pages and may differ from the full text due to rounding; if the current actual date is later than early September 2026, there may be new September announcements not covered by these notes (such as Q&A from the interim results briefing, convertible bond tracking rating, Q3 report scheduled disclosure, etc.). 5. All prices, margin financing balances, and rating dates are historical snapshots found in searches, not real-time; when citing, please note the "as of" date.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

StarPower Semiconductor (603290.SH, SSE Main Board, listing date 2020-02-04) closed at RMB 82.65 on September 11, 2026, down 0.99%, with trading value RMB 314 million, turnover rate 1.61%, and total market cap RMB 19.792 billion. Since the 8/27 close of RMB 93.25, it has fallen about 11.4% cumulatively over 11 trading days, with no single-day sharp rebound during the period, and this week it fell 3.45%. The current price is below MA5 (RMB 84.34), MA10 (RMB 86.05), and MA20 (RMB 89.84) simultaneously, with short-term moving averages in a bearish alignment; MACD has continued to weaken after a death cross below the zero axis on September 4 (DIF -2.79, DEA -2.35, MACD histogram -0.88), and KDJ's D value of 12.44 is in oversold territory. The chip model estimates a profit ratio of only 7.96% and an average holding price of RMB 99.65, with dense trapped positions above, while the 20-day main-force cost of RMB 92.55 is above the current price. Capital flows remain weak: over the past 12 trading days only 8/27 saw net main-force inflow, followed by 11 consecutive days of net outflow; this week main-force capital had total net outflow of RMB 64.9318 million, and over the past 10 days cumulative net outflow was about RMB 183 million; the margin financing balance fell for 4 consecutive days to RMB 979 million, margin positions outflowed on 8 of the past 10 days, and margin net outflow over the past 3 months was about RMB 108 million. The top ten tradable shareholders together account for 60.29% of tradable shares (data date 2026-06-30), but the structure is mainly strategic/industrial shareholders such as controlling party Hong Kong StarPower (41.66%), Xingdeli Textile (11.32%), and Furuid (2.09%); public funds held only 264,900 shares in total in the interim report (0.11%), and daily pricing is mainly driven by retail investors, hot money, quant funds and margin financing funds. Note: Bollinger Band upper/lower values and specific RSI readings are missing; moving average/MACD/KDJ values come only from a single source, 9fzt, and have not been cross-verified; the occurrence dates of the 52-week high and low have not been verified; chip data are third-party algorithm estimates with an extremely wide range.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, for Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario analysis based on the September 11, 2026 closing data and historical prices and technical indicators. The scenario weights are subjective heuristic judgments based on the current technical and capital flow setup, not statistical probabilities, and do not constitute investment advice.

① Key Technical Levels

② Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Consolidation (relatively high weight, about 60% (subjective heuristic weight, not statistical probability)): the price fluctuates roughly within the RMB 81-85 range, corresponding to narrow-range movement between MA5/MA10 resistance above the current price and first support of RMB 80.4-81.7 below. Trigger conditions: trading value remains near the recent RMB 300 million level, with no obvious expansion or further contraction, the semiconductor sector does not show a significant single-day slump, and the scale of net main-force outflow narrows to within RMB 10 million per day. This scenario corresponds to weak repair after KDJ oversold (D value 12.44), but the bearish moving average alignment limits rebound height.
• Weaker Downside (medium weight (subjective heuristic weight, not statistical probability)): if main-force capital continues the net outflow pace of the past 11 trading days (total net outflow this week RMB 64.9318 million), combined with a continued decline in the margin financing balance (already down for 4 consecutive days to RMB 979 million), the price may probe and test first support at RMB 80.4-81.7; if that range is effectively broken, it would open space toward strong support at RMB 76.9-78.0 (52-week low RMB 76.88). Trigger conditions: single-day trading value expands to above RMB 400 million accompanied by price decline (volume-driven decline), or the semiconductor sector falls more than -2% in a single day.
• Rebound and Strengthening (low weight (subjective heuristic weight, not statistical probability)): the price attacks and challenges the short-term resistance range of RMB 84.3-86.1; if it stabilizes above that on increased volume, then watch MA20 ≈ RMB 89.84 further above. Trigger conditions: clear positive news catalysts, or single-day trading value significantly expands and main-force capital turns to net inflow, ending the consecutive net outflow pattern; at the same time, the margin financing balance stops falling and rebounds. Without volume support, the rebound is more likely to be blocked and pull back in the MA5-MA10 range.

③ Capital and Liquidity Background

Liquidity background (data conventions separately labeled): on September 11, 2026, turnover rate was 1.61%, trading value RMB 314 million, volume ratio 1.09; over the past two weeks single-day turnover rate ranged about 1.28%-2.48%, and single-day trading value ranged about RMB 260-528 million, overall medium-to-low turnover; single-day trading value near this rebound high was mostly RMB 400-500 million and has recently shrunk to around RMB 300 million, showing a shrinking-volume decline pattern. In terms of shareholder concentration, as of June 30, 2026 (disclosure date 2026-08-25; data already lag by more than one quarter, and whether northbound and QFII holdings changed during the period, especially during the consecutive September decline, cannot be judged from existing data and should be based on the Q3 report), the top ten tradable shareholders together held 144.39 million shares, 60.29% of tradable shares; but structurally this is mainly controlling party Hong Kong StarPower Holding (99.7735 million shares, 41.66%), Zhejiang Xingdeli Textile (27.1060 million shares, 11.32%), Jiaxing Furuid (5.0012 million shares, 2.09%) and other industrial/strategic shareholders; public funds in the interim report held only 264,900 shares across 8 funds (0.11% of total share capital), social security held 1.2649 million shares across 1 fund (0.53%), and QFII held 2.2634 million shares across 3 funds (0.95%, with UBS/Morgan Stanley/Goldman Sachs International all new entrants this period); the number of shareholders as of 2026-06-30 was 65,500, up 13.22% from the previous period, with tradable shares per capita 3,654, down 11.67% from the previous period, indicating increasingly dispersed holdings. Combined with fully tradable share capital of about 239 million shares and about 60% locked by the top ten, actual free float is about 40% (about 95 million shares), and daily pricing is mainly driven by retail investors, hot money, quant funds and margin financing funds. This is consistent with the recent capital structure of net retail inflows and continued net main-force outflows, and is also the background reason why intraday trading value is only RMB 260-350 million and single-trade impact cost may be relatively high.

Volume confirmation signals: if single-day trading value continues to expand to above RMB 450 million (significantly above the recent level near RMB 300 million, close to the RMB 400-500 million range near the previous rebound high) and is accompanied by main-force capital turning from net outflow to net inflow, it can be viewed as a signal of capital participation; conversely, if single-day trading value shrinks below RMB 250 million while the price continues to decline, it is a signal of continued shrinking-volume decline.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Observe the direction of price movement between the short-term resistance range of RMB 84.3-86.1 (MA5-MA10) and the first support range of RMB 80.4-81.7, and whether there is a volume-driven breakout or breakdown.
• Watch whether single-day trading value can continue to expand above RMB 450 million and be accompanied by main-force capital turning to net inflow, as an observation signal of whether capital is participating.
• Track whether the margin financing balance can stop its 4-day consecutive decline (RMB 979 million), and whether the pattern of consecutive net main-force outflows (past 11 trading days) changes.
• Pay attention to whether strong support at RMB 76.9-78.0 (corresponding to the 52-week low of RMB 76.88) holds; if lost, there is no historical price reference below. All of the above are observation ideas, not trading instructions.

The above scenario analysis is based on the September 11, 2026 closing data and historical prices and technical indicator calculations. Short-term share prices will also be disturbed by multiple factors such as news, capital flows, and the broader market environment. Technical indicators themselves have lag and limitations and do not guarantee actual future trends, nor do they constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself. It should also be noted: in this section, Bollinger Band upper/lower values and specific RSI readings are missing; moving average/MACD/KDJ values come only from a single source, 9fzt, without secondary cross-verification; the occurrence dates of the 52-week high and low have not been verified; chip distribution data are third-party algorithm estimates and lack cross-verification; all related citations should be based on actual market data and company announcements.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The research notes do not provide a systematic description of the industry overview, only mentioning that new energy vehicles boost power demand, the dual drivers of IGBT and SiC, and directions such as AI servers and automotive electronics.

6.2 Competitive Landscape

• The research notes mention that the value ratio of IGBT chips to modules is approximately 1:3.
• The research notes mention that the company is driven by both IGBT and SiC.
• The research notes mention that the company plans to issue RMB 1.5 billion in convertible bonds to expand production and strengthen the new energy business.
• The research notes mention that the company is building chip production lines and expanding module capacity through private placement.
• The research notes mention that StarPower Semiconductor's Chongqing automotive-grade module project has topped out.
• The research notes mention that the company's computing power business is still in the cultivation stage.
• The research notes mention that 2025 R&D expenses surged 35.94%, focusing on next-generation IGBT.

6.3 Main Competitors

The research notes do not provide detailed comparison data between the company and competitors, so peer comparison analysis cannot be conducted.

7. Risk Warnings

• Significant profit decline with uncertain recovery: H1 2026 net profit attributable to parent fell 76.40% year-on-year, non-recurring net profit attributable to parent fell 82.29% year-on-year, and gross margin fell about 9.16 percentage points year-on-year; if rising raw material costs, lagged effects of product price cuts, or expense pressure persist, revenue growth may be difficult to convert into profit growth.
• New energy business contributes a high proportion of revenue but is under short-term pressure: new energy business accounts for nearly 60% of revenue, and related revenue in H1 2026 fell 16.02% year-on-year; if new energy vehicle demand, customer procurement pace, or product mix do not improve, the company's overall revenue and capacity utilization may be affected.
• Capacity expansion and depreciation/amortization may continue to weigh on profitability: H1 2026 depreciation and amortization reached RMB 346 million, and Jiaxing StarPower Microelectronics capacity is still in the ramp-up stage; if utilization after the chip, automotive-grade SiC, GaN and IPM projects are put into production improves less than expected, new fixed costs may further drag on profit.
• Slow progress in the use of convertible bond fundraising project funds: of the RMB 1.5 billion convertible bond, cumulative investment as of June 30, 2026 was about RMB 105 million, about 7% of total raised funds, with RMB 550 million of raised funds still used for unmatured wealth management; if project construction, equipment introduction, or customer verification progress falls short of expectations, expansion and new product ramp-up may be delayed.
• Business structure still relatively dependent on IGBT modules: 2025 IGBT module revenue was RMB 3.353 billion, accounting for 83.57% of main business revenue; SiC, GaN, IPM and computing power businesses still need further cultivation and ramp-up. If commercialization of new products is insufficient, the company's dependence on traditional IGBT modules and their price cycle will continue.
• Valuation highly sensitive to earnings recovery: as of September 11, 2026, the company's TTM P/E was about 101.61x. Based on the latest institutional forecasts of 2026 net profit attributable to parent of RMB 144-220 million, forward valuation is about 90-137x; if earnings forecasts continue to be revised down or recovery progress is below expectations, valuation pressure may expand.
• Short-term capital and technical weakness: the share price has fallen about 11.4% cumulatively since August 27, the current price is below MA5, MA10 and MA20, main-force capital has seen net outflows for 11 consecutive trading days, and the margin financing balance has declined for consecutive days; if capital outflows continue, the share price may continue to test RMB 80.4-81.7 and the 52-week low near RMB 76.88.
• Potential equity dilution factors: the company has an outstanding convertible bond "Sida Convertible Bond" of RMB 1.5 billion, with conversion price adjusted to RMB 104.79 due to the 2025 annual dividend; if conversion occurs subsequently, it may dilute earnings per share, with the actual impact depending on conversion progress and the company's profit scale.

8. Conclusion and Outlook

StarPower Semiconductor's medium- to long-term growth logic still mainly comes from new energy vehicle power demand, the dual drivers of IGBT and SiC, automotive-grade module capacity expansion, and growth in