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China Resources Microelectronics A leading Analog Semiconductor Company in China
July 2011
Corporate Presentation
-1-
Semiconductor Market CR Micro Highlights Financial Summary China Resources (Holdings) Co., Ltd. Conclusion
-2-
Semiconductor Market CR Micro Highlights Financial Summary China Resources (Holdings) Co., Ltd. Conclusion
-3--3-
ChinaChina’’s Semiconductor Markets Semiconductor Market
Sources: CCID, 2011/03
37.2648.74
60.7772.06
81.82 81.09
127.88136.92
118.38107.65
40.2%
30.8%
24.7%
18.6%
6.2%
-5.0%
29.5%
8.0% 7.1%
10.0%
0
20
40
60
80
100
120
140
160
2004 2005 2006 2007 2008 2009 2010 2011(F) 2012(F) 2013(F)-10%
-5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
China Market China Market Growth
China Market is expected to grow 10% in 2011
The emerging electronic products like auto electronics, energy-saving and environmentally friendly products drive China market growth
US$Bn
-4--4-
Global Semiconductor MarketGlobal Semiconductor Market
Sources: 2004-2008, SIA; 2009-2013, iSuppli 2010/10
201.6227.5
247.7 255.7 248.6228.9
302.0322.2 335.8317.4
23.8%
12.8%8.9%
3.2%
-2.8%
-12.0%
32.0%
1.5%4.2%
5.1%
0
50
100
150
200
250
300
350
400
2004 2005 2006 2007 2008 2009 2010 2011(F)2012(F)2013(F)-15%-10%-5%0%5%10%15%20%25%30%35%
Global Market Global Market Growth
Global market is expected to grow 5%+ in 2011
SIA:6.3%; TRI:5.4%
2004-2013 Global Semiconductor Market (US$ billion)
-5-
Semiconductors EverywhereSemiconductors Everywhere
The 3C industry (Computer, Communication, and Consumer Electronics) occupied 88% semiconductor consumption in China (in revenue, CCID 2010)
Communication20%
Others12%
Consumer22%
Computer46%
-6-
New Killer ApplicationsNew Killer Applications
The Killer Application will drive the high growth of IC Market
i.e. IC cost occupied 2-3% in auto production cost in 1970s, but it will become 40% in year 2011~
Global LED lighting CAGR: 97.4% over 2009-2013 (Digitimes Research, 2010/12)
The market size of Internet of Things (IOT) industry in China is expected to top RMB 200 billion (USD30 b) in value this year, and is further forecast to top RMB 750 billion by 2015
LEDAuto Electronics Internet of Things
IGBTMOSFETSensorMCU
IGBTMOSFETSensorMCU
LED ControlLED driver
LED ControlLED driver
RFIDSensorRFID
Sensor
40+%Production cost
RMB 750BBy 2015
97.4%CAGR ’09-13
-7-
Semiconductor Market CR Micro Highlights Financial Summary China Resources (Holdings) Co., Ltd. Conclusion
-8-
Operations
3 design houses
2 open foundries lines with 6-inch capacity of over 90K wafers per month(“ WPM “)
8-inch open foundry line with 30K WPM
1 4-6 inch discrete device production line
2 IC testing lines
1 mask production line
Business
Product & Service Focus
Employees 7,751 as end of 2010
End Market Focus
Technology Design: 0.11 mManufacturing: 0.18 m
Wuxi
OverviewOverview
CR Micro- A Leading Analog Semiconductor Company in China
IC Design, Open Foundry, IC Packaging & Testing, Discrete Devices
Consumer electronics, Green Lighting & Automotive Electronics
Analog IC and Discrete Devices with focus on power management
Shenzhen
Shanghai
Beijing
Turnover: HK$ 3.8 billion (2010)
Total Assets: HK$ 7.5 billion
Capacity• Foundry: 6-inch over 90K WPM / 8-
inch 30K WPM• Discrete Devices: 170K WPM• Packaging & Testing: 4 billion wires
per month
-9-
Our StrengthsOur Strengths
CR MicroCR Micro-- A leading Analog Semiconductor Company in ChinaA leading Analog Semiconductor Company in China
Strong Shareholder
Support
Strong Customer
Base
Strong Analog in Growing Market
Proven Profitability
Track Record
Strong Team
Unique Positioning
Strong China
Presence
CR MicroCR Micro
-10-
Unique PositioningUnique Positioning
Customers
Design
Foundry
Packaging&
Testing
System Companies Design Houses/IDM
Utilize comprehensive and synergetic capabilities in IC design, open foundry, testing and packaging, as well as discrete devices.
DiscreteDevices
CR MicroOne of Top 3 Semiconductor Manufacturers in China (1)
CSMC: largest 6’
in China (5)
Semico: #10 (2)
Powtech: #34 (3)
Huajing #3 (4)
Notes/Sources:• Note (1) from China Semiconductor Industry Association (CSIA) based on year 2010 revenue;• Note (2) and (4) based on CCID 2011 research reports 2010 in terms of company revenue• Note (3): Powtech was awarded No. 34 in the “Deloitte Technology Fast 500 Asia Pacific Ranking”• Note (5): ranked by CCID in terms of 6 inch wafer capacity in year 2009
-11-
Strong TeamStrong Team
Elvis DENG Mao-Song, CEO
Former President of CSMC Technologies Corporation, the foundry business of the Group
Cofounder and Former Vice President of Resources and Strategy at Ardentec Corporation in Taiwan
Former liaison director for product development and support of Vanguard International Semiconductor-America, in California of the United States
Began his semiconductor career at ERSO/ITRI in Taiwan from 1988
Graduated from National Chiao Tung University, Taiwan with a Bachelor of Science in engineering degree and holds a MBA degree from the Management School of the National Taiwan University
WANG Guoping, Chairman
Former Executive Director and Chief Executive Officer of CR Logic
Extensive experience in semiconductor research & development and production management
Well versed in managing operation of manufacturing bipolar integrated circuits and discrete devices, testing & packaging
Master Degree in Engineering from the University of Electronic Science and Technology, Chengdu, the PRC
Experienced management team and effective local labor force
-12-
Green Lighting & Electronics Consumer ElectronicsAuto-
mobileElectronic Lighting LED Frequency
Control
Green Power Supply
TV Stereo ACHome
Applian ces
Hand- sets
Power Mgt IC
LED driver Audio Video
SOC
MCU based IC
Display Driver
DMOS/IGBT/bi-polar power
device
Area of applications
CR Micro’s target market CR Micro’s future target products
Key Products and Target MarketKey Products and Target Market
-13-
Why Analog Focus?
Analog IC Digital IC
Nature
Process nature signals such as lighting, sound, visual, etc. Process digital signals
R&D & Manufacturing
Performance oriented, handle complexity than technology (more “Art”)
Mainly produced at 6 and 8 inch lines with 0.18-0.25 um technology; key of success lies in process technology (such as BCD) and unique IPs instead of geometry and the wafer size
Function and speed oriented, technology oriented (more “Technical”)
Pursue high-integration, most advanced geometry (90, 60, 45nm) and largest wafer size (8 inch and 12 inch)
Market
Longer product life cycle
Relatively stable market
Relatively low price volatility
Niche markets focus
Shorter product life cycle
High generation replacement
Relatively high price volatility
Mass market focus
-14-
Reasons for Strong China GrowthReasons for Strong China Growth
Global Fab-lite trend
Semiconductor supply chain completing in China
China Fabless getting strong
Govt funding & support
MarcoConsumer Market
End Product Manufacturer
Semiconductor Industry
Domestic 3C brands getting strong
China as the world factory
Local sourcing
China-specific applications (Shanzhai etc)
Internet of Things
Green awareness & Low-carbon
Strong domestic market
Economic stimulus package
Killer applications (LED lighting, automobile electronics)
-15-
1212thth FiveFive--Year ProgramYear Program
China is considering investments of up to US$1.5 trillion over five years in seven strategic industries, a plan to accelerate the country's transition from the world's supplier of cheap goods to a leading purveyor of high-value technologies
new-generation information technology
energy-saving and environmentally friendly technologies
biotechnology
high-end equipment manufacturing
advanced materials
alternative-fuel cars
alternative energyPower Mgt ICPower Mgt IC
IGBT/MOSFETIGBT/MOSFET
LEDLED
Auto ElectronicsAuto Electronics
Semiconductors MaterialsSemiconductors Materials
Semiconductors EquipmentSemiconductors Equipment
Seven Strategic Industries Related Semiconductors Products/Applications
-16-
Strong Customer BaseStrong Customer Base
-17-
Semiconductor Market CR Micro Highlights Financial Summary China Resources (Holdings) Co., Ltd. Conclusion
-18-
2011 Interim Financial2011 Interim Financial ReviewReview
HK$MFor 6 months ended 30 June
2011 2010Increase/
(Decrease)
Turnover 1,878.30 1,854.30 1.3%
Gross profit 386.90 475.90 (18.7%)
Gross margin 20.6% 25.7% - 5.1 point
Profit (loss) for the period 47.70 130.40 (63.4%)
Operating cash flows, net 58.82 525.40 (88.8%)
EBITDA 343.70 439.00 (21.7%)
Earnings (loss) per share (Basic) (HK cents) 0.52 1.45 (64.1%)
Earnings (loss) per share (Diluted) (HK cents) 0.52 1.45 (64.1%)
-19-
2010 Financial Highlights2010 Financial Highlights
HK$MFor 12 months ended 31 December
2010 2009Increase/
(Decrease)
Turnover 3,874.21 3,036.88 27.6%
Gross profit 972.96 551.80 76.3%
Gross margin 25.1% 18.2% + 6.9 points
Profit (loss) for the year (“Net profit (loss)”) 279.55 (182.38) --
Net cash inflow from operating activities 788.34 648.66 21.5%
EBITDA 894.38 389.10 129.9%
Earnings (loss) per share (Basic) (HK cents) 3.13 (2.35) --
Earnings (loss) per share (Diluted) (HK cents) 3.13 (2.35) --
Proposed dividend for the Year (HK cents) 0.5 N/A N/A
-20-
2272.5 ,74%
413.7 ,14%
332.8 ,11%
17.9 ,1%
The mainland ChinaAsia, other than the mainland China United StatesEurope
2848.0 ,74%
434.8 ,11%574.4 ,
15%
17.0 ,0%
The mainland ChinaAsia, other than the mainland China United StatesEurope
-20-
Results by Results by Geographical RegionGeographical Region
2009 Revenue (HK$ M)2010 Revenue (HK$ M)
The Group continued its focus in China market in 2010. Meanwhile maintained a healthy geographical business mix to balance the market differentiation, growth potential as well as concentration risks
-21--21-
434.7 ,14%
571.5 ,19%
1876.7 ,62%
154.0 ,5%
Analog Non-analog Testing & Packaging Others
TechnologyTechnology
499.9 ,13%
837.6 ,22%
2414.1 ,62%
122.6 , 3%
Analog Non-analog Testing & Packaging Others
2010 Revenue (HK$ M) 2009 Revenue (HK$ M)
Turnover contribution from analog segment maintained a healthy 60+%
-22--22-
711.318.4%523.3
17.2%
0
100
200
300
400
500
600
700
800
2009 2010
Application / ProductApplication / Product
557.114.4%413.0
13.6%
0
100
200
300
400
500
600
2009 2010
+34.9%+35.9%
Turnover from Power Management (HK$ M)
Turnover from Green Lighting (HK$ M)
Consumable electronic product was the largest contributor to the Group’s revenue, accounting for 41%;
Turnover of the green lighting and power management segments increased 35.9% and 34.9% to HK$711.3 million and HK$557.1million respectively during the year
Turnover from green lighting and power management together accounted for 32.8% of the consolidated turnover
-23-
88--inch Open Foundry Operationinch Open Foundry Operation
Manufacturing capacity reached 30,000 8-inch wafers per month in December 2010
Set up reliable quality assurance and manufacturing management system
Successfully extended its processing geometry into 0.18µm and several products started mass-production
Main market focuses include green power, LED lighting and automotive electronics
-24-
CRM Highlights Semiconductor Market Financial Summary China Resources (Holdings) Co., Ltd. Conclusion
-25-
Strategic Business Units
Consumer Goods Power Property Cement Gas Medication Finance Others
CR Retail is one of the largest retail operator in China
CR Power has been listed in the Platt's top 250 Global Energy Companie s Ranking
CR Land is one of the most competiti ve real estate developer in mainland China
CR Cement is one of the biggest cement producer which obtained governme nt support
CR Gas is one of the biggest gas operator in China
CR Medicati ons is one of the most competit ive national medicati on corporati on
CR Finance provided persiste nt drive for CR Holdings long- term develop ment
• CR Microelec tronics
• CR Textiles
• CR Chemical
• CR Compres sor
……
-26-
Listed Companies
Reference to 30 April, 2011 closing price
CR Gas(Stock Code: 1193.HK)
GasMkt Cap: HK$14.4Bn
CR Microelectronics(Stock Code: 0597.HK)
SemiconductorMkt Cap: HK$3.5Bn
CR Land(Stock Code: 1109.HK)
Real EstateMkt Cap: HK$76.7Bn
CR Power(Stock Code:
0836.HK)Power Generation
Mkt Cap: HK$72.8BnCR Enterprise
(Stock Code: 0291.HK)Retail & DistributionMkt Cap: HK$75.1Bn
CR Cement(Stock Code: 1313.HK)
CementMkt Cap: HK$45.1Bn
-27-
Source: China Resources (Holdings) Co., Ltd. (For the year ended 2010)
Financial Performance
Revenue (HK$100M) Operation Profit (HK$100M)
In 2010, CR Holding’s total assets and revenues was HK$542Bn and HK$217Bn, respectively. 94% of total assets and 93% of revenues was contributed from domestic market.
Meanwhile, CR Holding’s total revenue was ranked No. 9 in all central corporations, as well as No. 395 in Fortune Global 500 companies.
-28-
CRM Highlights Semiconductor Market Financial Summary China Resources (Holdings) Co., Ltd. Conclusion
-29-
ConclusionConclusion
CR MicroCR Micro-- A leading Analog Semiconductor Company in ChinaA leading Analog Semiconductor Company in China
Strong Shareholder
Support
Strong Customer
Base
Strong Analog in Growing Market
Proven Profitability
Track Record
Strong Team
Unique Positioning
Strong China
Presence
CR MicroCR Micro
-31-
DisclaimerDisclaimer
The information and opinions contained in this document have been compiled or arrived at in good faith from the Company and other sources believed to be reliable.
This document is for information purposes only, and all information contained or opinions expressed herein are subject to change without prior notice.
Descriptions of the Company herein are not intended to be complete and this document is not, and should not be construed as, an offer or solicitation of an offer to buy or sell securities in any jurisdiction.
No legal or other responsibility whatsoever is accepted for the contents of this document and any error, omission, misunderstanding or other inaccuracy which may appear or not appear therein as the case may be.
This document may not be reproduced, distributed or published in any medium for any purpose without prior express written consent the Company. The Company has not verified any stories, statistical reports or articles and does not reassure for their accuracy where the stories, reports or articles are excerpted.
This information made available in this document contains certain forecast statements that reflect the Company’s current view of future events and financial performance. Whenever used, the words "plan", "believe", "expect", "anticipate" and similar expressions identify forecast statements. Any such forecast statements are subject to risks and uncertainties and the company's future results of operation could differ materially from historical results or current expectations.