Core Insights - The conference "China's Economy: Openness and Resilience, Co-Growth" was held in Beijing, highlighting the importance of innovation and technology in the semiconductor testing industry [1] - Hualing Co., as the first professional integrated circuit testing service provider in China, emphasizes the need for high-precision testing equipment and continuous R&D investment to enhance efficiency and reduce costs [1][2] Company Overview - Hualing Co. was established in 2001 and has become a public service platform and technology innovation center in Shanghai, offering services such as wafer testing and IC product testing [1] - The company successfully listed on the Beijing Stock Exchange in 2022, positioning itself as a leader in the chip industry [1] Industry Context - The domestic market for mid-to-low-end testing equipment is maturing, but high-end computing chip testing equipment still relies heavily on imports [1] - The company faces cost pressures from equipment depreciation, which can impact profitability and valuation, but emphasizes the necessity of technological innovation for long-term competitiveness [2]

Investment Rating - The industry investment rating is positive, indicating a favorable outlook for the sector, with a focus on companies with stable performance and reasonable valuations [35]. Core Insights - The report highlights that the North Exchange 50 Index experienced a slight decline of 1.71% this week, closing at 1415.04 points, while the average market capitalization of A-share constituent stocks is 3.083 billion [5][11]. - The report emphasizes the importance of focusing on quality stocks with stable growth and reasonable valuations in the North Exchange, particularly in the context of the 2025 investment landscape [5]. Summary by Sections Overall Market Overview - As of July 4, 2025, the North Exchange A-share market consists of 268 stocks, with an average market capitalization of 3.083 billion. The North Exchange 50 Index saw a decline of 1.71% this week, while the Shanghai and Shenzhen 300 Index increased by 1.54% [5][11]. - The average daily trading volume for the North Exchange 50 was 27.983 billion, down 17.81% from the previous week, with a turnover rate of 3.18% [5][24]. Stock and Industry Performance - In the past week, 50 stocks increased in value, while 217 stocks decreased, resulting in an increase ratio of 18.66%, which is a decrease of 74.63 percentage points week-on-week [17]. - The top five performing industries were Beauty Care (8.60%), Light Industry Manufacturing (1.9%), Pharmaceutical Biology (1.57%), Transportation (0.60%), and Environmental Protection (0.47%). Conversely, the bottom five industries included Electronics (-4.86%), Automotive (-4.58%), Communications (-3.92%), Media (-3.88%), and Public Utilities (-3.22%) [19][22]. New Stock Updates - No new stocks were listed on the North Exchange this week, but one company, Jinhua New Materials, passed the review for listing, while another, Beikang Testing, is scheduled for review next week [28][29]. Key Companies and Earnings Forecast - The report identifies key companies to watch, including: - Tongli Co., Ltd. (stock code: 834599.BJ) with a buy rating and an expected EPS of 1.99 for 2025 [6]. - Wuxin Tunnel Equipment (stock code: 835174.BJ) also rated as buy with an expected EPS of 1.64 for 2025 [6]. - Kaide Quartz (stock code: 835179.BJ) rated as hold with an expected EPS of 1.03 for 2025 [6]. - Hualing Co., Ltd. (stock code: 430139.BJ) rated as hold with an expected EPS of 0.34 for 2025 [6]. - Hengtou Open Source (stock code: 834415.BJ) rated as hold with an expected EPS of 0.22 for 2025 [6]. - Tianli Composite (stock code: 873576.BJ) rated as buy with an expected EPS of 1.03 for 2025 [6].

Core Viewpoint - The company reported a decline in revenue and profitability due to a challenging market environment, particularly in the consumer chip testing segment, while the new Lingang project is progressing as planned without any early or delayed completion issues [1][2][4]. Financial Performance - In 2024, the company achieved a revenue of 276 million yuan, a year-on-year decrease of 12.43%, and incurred a loss of 42.03 million yuan, transitioning from profit to loss [2]. - The revenue from wafer testing dropped by 34.28% year-on-year, influenced by increased competition and a decrease in average service prices [3][4]. Market Conditions - The integrated circuit industry is experiencing structural differentiation, with weak demand for consumer chips and a growing demand for high-end automotive and AI chips that has not compensated for the overall decline [2][3]. - The testing service market is characterized by intense homogenization, leading to a decrease in service prices and impacting overall revenue [2][3]. Project Development - The Lingang integrated circuit testing industrialization project is on track, with a total budget of 800 million yuan and an expected construction period of around two years. As of May 31, 2025, 745 million yuan has been invested, with 650 million yuan already capitalized [4][5]. - The project has begun trial production in the first half of 2024 and officially commenced production in June, contributing to increased revenue in the fourth quarter [4][5]. Client Dynamics - The company faced instability in downstream customer demand, with significant revenue decline from a major client, which saw a year-on-year decrease of 71.82%, reducing its contribution to total revenue from 21.85% in 2023 to 7.03% in 2024 [2][3].

证券代码：430139 证券简称：华岭股份 公告编号：2025-041 上海华岭集成电路技术股份有限公司 关于对上海华岭集成电路技术股份有限公司的年报问询 函的回复公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 上海华岭集成电路技术股份有限公司（以下简称"公司"）于 2025 年 6 月 10 日收到北京证券交易所上市公司管理部下发的《关于对上海华岭集成电路技术股 份有限公司的年报问询函》(年报问询函【2025】第 004 号，以下简称"问询函")， 公司收到问询函后高度重视，对所有问题进行了认真分析及核查，并逐项进行了 回复说明。由于涉及商业敏感信息，公司申请对部分客户名称进行了豁免披露， 具体回复内容如下： 问题 1、关于经营业绩 2024 年度，你公司营业收入 2.76 亿元，同比下降 12.43%；营业 成本 2.15 亿元，同比上升 39.72%；归属于上市公司股东扣非后的净 利润为-4,202.56 万元，同比由盈转亏；综合毛利率为 22.01%，较 2023 年的 51.12%下降 ...

就北京证券交易所上市公司管理部 《关于对上海华岭集成电路技术股份有限公司 2024 年年报问询函》 第一、二、三、四、五条部分涉及财务报表项目问询意见的专项说明 北京证券交易所上市公司管理部： 安永华明会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托，审计了上海华 岭集成电路技术股份有限公司（以下简称"华岭"或"公司"）2024 年度按照企业会计准则 编制的财务报表，并于 2025 年 3 月 24 日出具了编号为安永华明（2025）审字第 70025448_B01 号的无保留意见审计报告。 按照企业会计准则的规定编制财务报表是公司管理层的责任。我们对华岭 2024 年度的 财务报表执行审计程序的目的，是对华岭的财务报表是否在所有重大方面按照企业会计准则 的规定编制，是否公允反映了华岭 2024 年 12 月 31 日的合并及公司财务状况以及 2024 年 度的合并及公司经营成果和现金流量表发表审计意见，不是对上述财务报表中的个别项目的 金额或个别附注单独发表意见。 根据北京证券交易所上市公司管理部（以下简称"贵部"）出具的《关于对上海华岭集 成电路技术股份有限公司的年报问询函》（年报问询函【2025 ...

证券代码：430139 证券简称：华岭股份 公告编号：2025-040 上海华岭集成电路技术股份有限公司高级管理人员任命公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、高级管理人员任命的基本情况 根据《公司法》《公司章程》等有关规定，公司第五届董事会第十九次会议于 2025 年 6 月 27 日审议通过了《关于聘任李桂华女士为公司总经理的议案》《关于聘任周军先 生为公司副总经理的议案》，上述议案已经公司第五届董事会提名委员会第二次会议审 议通过。 聘任李桂华女士为公司总经理，任职期限至第五届董事会任期届满之日，自 2025 年 6 月 27 日起生效。该人员持有公司股份 317,400 股，占公司股本的 0.1178%，不是失 信联合惩戒对象。 聘任周军先生为公司副总经理，任职期限至第五届董事会任期届满之日，自 2025 年 6 月 27 日起生效。该人员持有公司股份 0 股，占公司股本的 0.00%，不是失信联合 惩戒对象。 （上述人员简历详见附件） 二、合规性说明及影响 （一）人员变动的合规 ...

证券代码：430139 证券简称：华岭股份 公告编号：2025-039 上海华岭集成电路技术股份有限公司 第五届董事会第十九次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 二、议案审议情况 （一）审议通过《关于聘任李桂华女士为公司总经理的议案》 1.议案内容： 公司拟聘任李桂华为公司总经理，任期自董事会决议通过之日起至本届董事 会任期届满之日止。 2.议案表决结果：同意 8 票；反对 0 票；弃权 0 票。 1. 会议召开时间：2025 年 6 月 27 日 2. 会议召开地点：上海市郭守敬路 351 号 2 号楼 6 楼公司会议室 3. 会议召开方式：现场及通讯 4. 发出董事会会议通知的时间和方式：2025 年 6 月 18 日以通讯方式发出 5. 会议主持人：董事长施瑾先生 6. 会议列席人员：公司监事、董事会秘书 7. 召开情况合法、合规、合章程性说明： 本次会议的召开和表决程序符合 ...

Group 1: REITs Market Overview - The REITs index continues to rise, with property types showing strength this week, indicating a recovery in market activity [2][3] - As of June 13, 2025, the total market value of REITs reached 204.08 billion yuan, an increase of 2.01 billion yuan from the previous week [3][4] - The average weekly increase for property-type REITs was 0.95%, outperforming other categories [4] Group 2: H Acid Market Dynamics - The average market price of H acid as of June 13, 2025, was 41,750 yuan per ton, up 5,750 yuan per ton since early January 2025 [6][7] - Supply-demand tightness is expected to push H acid prices higher, with effective domestic production capacity currently below 60,000 tons, leading to a supply gap of over 10% [8][9] - Companies with integrated production capacity for H acid and reactive dyes, such as Zhejiang Longsheng and Jinchicken Co., are expected to benefit from rising prices [9][10] Group 3: North Exchange Market Insights - As of June 13, 2025, the North Exchange A-share component stocks totaled 267, with an average market capitalization of 3.046 billion yuan [11] - The North Exchange 50 index experienced a decline of 3.11%, while the average daily trading volume increased by 31.28% compared to the previous week [11][12] - The newly listed company, Jiao Da Tie Fa, focuses on intelligent products and services for rail transit, with projected revenue of 335 million yuan for 2024 [12] Group 4: AI Chip Design System Launch - The world's first AI-based chip design system, "Enlightenment," was launched, achieving full automation in chip design processes [14][16] - The system can design a 32-bit RISC-V CPU in just five hours, matching the performance of Intel 486, and has completed its first silicon [16] - This innovation is expected to significantly enhance the efficiency of chip design and development in the semiconductor industry [16] Group 5: New Materials Industry Outlook - The new materials sector is anticipated to enter a growth phase driven by increasing downstream demand and supportive policies [14][25] - Key areas of focus include semiconductor materials, renewable energy technologies, and biodegradable plastics, which are expected to see significant investment and development [19][23] - The industry maintains a "recommended" rating due to its potential for growth and innovation [25]

证券代码：430139 证券简称：华岭股份 公告编号：2025-038 上海华岭集成电路技术股份有限公司 2023 年股票期权激励计划部分股票期权注销完成公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 上海华岭集成电路技术股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第五届董事会第十八次会议和第五届监事会第十六次会议，审议通过 了《关于 2023 年股票期权激励计划首次授予第二个行权期、预留授予第一个行 权期行权条件未成就暨注销部分股票期权的议案》，依据《上市公司股权激励管 理办法》《北京证券交易所上市公司持续监管指引第 3 号——股权激励和员工持 股计划》和公司《2023 年股票期权激励计划（草案）》（以下简称"《激励计划》"） 的相关规定，因部分激励对象离职、考核年度行权业绩条件未成就、历史行权期 届满权益失效等原因，应注销期权合计 2,742,120 份，公司向中国证券登记结算 有限责任公司北京分公司提交了注销部分股票期权的申请。经审核确认，本次注 销部分股票期权事宜 ...

证券代码：430139 证券简称：华岭股份 公告编号：2025-037 本公司钱卫先生，因个人原因辞任，自 2025 年 6 月 3 日起不再担任董事、总经理。 该人员持有公司股份 653,862 股，占公司股本的 0.2426%，不是失信联合惩戒对象，离 任后不再担任公司及其控股子公司其它职务，不存在未履行完毕的公开承诺。 二、合规性说明及影响 （一）人员变动的合规性说明 本次离任未导致公司董事会成员人数低于法定最低人数，未导致公司监事会成员 人数低于法定最低人数，未导致职工代表监事人数少于监事会成员的三分之一，未导 致董事会中兼任高级管理人员的董事和由职工代表担任的董事人数超过公司董事总 数的二分之一，未导致董事会或者其专门委员会中独立董事所占的比例不符合相关规 则或者公司章程的规定，未导致独立董事中欠缺会计专业人士。 （二）人员变动对公司的影响 钱卫先生的离任不会对公司日常生产、经营产生任何不利影响，为保证公司平稳 运行，由董事李桂华代行相应职责。公司将按照《公司章程》等有关规定，尽快完成 新任董事的选举和调整董事会专门委员会委员以及总经理的聘任等相关工作。 公司及董事会对钱卫先生在公司任职期间为公司作 ...