Group 1 - RAYS Capital Partners Limited increased its stake in Baker Micro (02149) by acquiring 9,000 shares at an average price of HKD 47.82 per share, totaling approximately HKD 430,400 [1] - After the acquisition, RAYS Capital's total shareholding in Baker Micro reached 2.8871 million shares, representing a 16.03% ownership stake [1]

香港联交所最新数据显示，1月8日，RAYS Capital Partners Limited增持贝克微(02149)9000股，每股均价 47.82港元，总金额约为43.04万港元。增持后最新持股数目为288.71万股，持股比例为16.03%。 来源：智通财经网 ...

香港联交所最新数据显示，1月8日，RAYS Capital Partners Limited增持贝克微(02149)9000股，每股均价 47.82港元，总金额约为43.04万港元。增持后最新持股数目为288.71万股，持股比例为16.03%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月8日，RAYS Capital Partners Limited增持贝克微 (02149)9000股，每股均价47.82港元，总金额约为43.04万港元。增持后最新持股数目为288.71万股，持 股比例为16.03%。 ...

智通财经APP获悉，香港联交所最新资料显示，1月8日，贝克微(02149)股东将股票由香港上海汇丰银行 转入花旗银行，转仓市值4448.08万港元，占比5.26%。 根据贝克微此前公布的2025年中期业绩，收入约2.92亿元，同比增长0.4%；毛利约1.51亿元，同比增长 1.4%；净利7714.8万元，同比增长14.95%；每股盈利1.274元。 ...

Core Insights - The global analog integrated circuit (IC) industry is expected to continue its recovery trend into the first half of 2025, driven by the ongoing electrification and intelligent development of the manufacturing sector, as well as the emergence of new applications that increase demand for high-performance analog chips [1] Industry Overview - The external trade environment has faced significant fluctuations, posing challenges to the deeply globalized chip industry. Increased trade conflicts have raised performance volatility risks for the analog chip sector in mainland China. However, calls from domestic associations to reduce reliance on international chips may accelerate the import substitution process [1] Company Performance - The company is a leading provider of industrial-grade analog IC patterned wafers in China, focusing on research, development, and sales of analog IC products. It has a robust technology foundation in the analog IC field and offers a comprehensive design platform that integrates EDA and IP [1] - As of the first half of 2025, the company has over 850 product models, enabling applications across various sectors including industrial automation, IoT, automotive electronics, medical devices, and consumer electronics [1] - In the first half of 2025, the company achieved revenue of approximately RMB 291.7 million, a year-on-year increase of about 0.4%, with a gross margin of approximately 51.8% [2] Strategic Focus - The company continues to focus on the high-end industrial-grade analog IC patterned wafer market, adapting to industry demands and leveraging its core competencies in products, business, and technology to maintain its performance advantage [2] - The company is optimizing its semi-automated chip design methods based on machine learning and actively launching new industrial products, which effectively supports its customer-driven business expansion strategy [2] Profit Forecast - The company forecasts net profits attributable to shareholders of RMB 188 million, RMB 223 million, and RMB 265 million for the years 2025 to 2027, respectively. Based on a 30x PE ratio for 2026 and an exchange rate of HKD to RMB at 0.90, the target price is set at HKD 118.13, with an initial "buy" rating [2]

Investment Rating - The report initiates coverage with a "Buy" rating for BaTeLab, assigning a target price of HKD 118.13 based on a 30x PE for 2026 [3]. Core Insights - BaTeLab is positioned as a leading provider of industrial-grade simulation IC pattern wafers in China, benefiting from the trend of import substitution in the semiconductor industry [1][4]. - The global simulation IC industry is expected to continue its recovery into the first half of 2025, driven by the ongoing electrification and intelligent development of manufacturing, alongside emerging applications that increase demand for high-performance analog chips [1]. - The company focuses on high-end industrial-grade simulation IC pattern wafers, leveraging its technological strengths and a comprehensive design platform that integrates EDA and IP [4][8]. Financial Projections - The projected net profits for BaTeLab from 2025 to 2027 are estimated at RMB 188 million, RMB 223 million, and RMB 265 million, respectively, with corresponding revenue forecasts of RMB 590 million, RMB 708 million, and RMB 835 million [3][4]. - The company’s revenue for the first half of 2025 is approximately RMB 291.7 million, reflecting a year-on-year increase of about 0.4%, with a gross margin of approximately 51.8% [4]. Market Position and Strategy - BaTeLab is recognized as one of the largest providers of simulation IC pattern wafers in China, holding a market share of 1.7% in a fragmented market where the top five providers collectively account for only 5% [7]. - The company has developed China's only full-stack design platform for simulation ICs, enabling efficient product development and delivery of standardized high-performance pattern wafers [13][54]. - The Chinese simulation IC market is projected to grow significantly, with the market size expected to reach RMB 5,165 billion by 2027, driven by strong demand and favorable industry policies [25][33]. Competitive Landscape - The report highlights that BaTeLab's competitive advantage lies in its automated IC design capabilities and extensive application coverage, distinguishing it from other players in the market [53]. - The company’s focus on the industrial-grade segment is expected to yield higher growth rates compared to other categories, with a projected CAGR of 14.4% for the simulation IC pattern wafer market from 2022 to 2027 [29][33].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 公司名稱: 蘇州貝克微電子股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02149 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 18,000,000 | RMB | | 1 RMB | | 18,000,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | ...

12月24日，港股半导体股盘初拉升，中芯国际、上海复旦涨约5%，华虹半导体涨4%，贝克微、英诺赛 科跟涨。 消息上，有媒体从多个渠道求证获悉，中芯国际已经对部分产能实施了涨价，涨幅约为10%。有公司反 映，预计涨价会很快执行。但由于之前存储产品价格过低，晶圆厂早已率先对其实施了涨价。 "由于手机应用和AI需求持续增长，带动套片需求，从而带动了整体半导体产品需求的增长。"对于中芯 国际涨价的原因，有半导体业内人士解读，原材料涨价也是其中因素。 此外，台积电确认整合8英寸产能，并计划在2027年末关停部分生产线，或也引发晶圆厂涨价预期。事 实上，由于需求旺盛，中芯国际、华虹公司的产能利用率持续增长，并已接近满载或超过满载。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01385 | 上海复旦 | 44.800 | 4.77% | | 00981 | 中芯国际 | 72.150 | 4.72% | | 01347 | 材料大学体 | 73.050 | 3.91% | | 01304 | FORTIOR | 125.100 | 2.04% | | 021 ...

Group 1 - The Hong Kong chip stocks experienced a general decline, with notable drops in companies such as Hua Hong Semiconductor, Tianyu Semiconductor, and InnoGrit, all falling over 3% [1] - ASMPT saw a decrease of over 2%, while Hongguang Semiconductor and SMIC dropped more than 1% [1] Group 2 - Hua Hong Semiconductor (01347) decreased by 3.73%, with a latest price of 69.700 and a total market value of 120.999 billion, showing a year-to-date increase of 221.94% [2] - Tianyu Semiconductor (02658) fell by 3.19%, with a latest price of 44.300 and a market value of 17.422 billion, reflecting a year-to-date decline of 23.62% [2] - InnoGrit (02577) dropped by 3.23%, with a latest price of 76.350 and a market value of 69.868 billion, showing a year-to-date increase of 144.32% [2] - ASMPT (00522) decreased by 2.22%, with a latest price of 77.100 and a market value of 32.209 billion, reflecting a year-to-date increase of 3.74% [2] - Hongguang Semiconductor (06908) fell by 1.96%, with a latest price of 0.500 and a market value of 0.0469 billion, showing a year-to-date decline of 25.37% [2] - SMIC (00981) decreased by 1.64%, with a latest price of 66.050 and a market value of 528.42 billion, reflecting a year-to-date increase of 107.70% [2] - Shanghai Fuzhi (01385) dropped by 1.29%, with a latest price of 39.920 and a market value of 32.791 billion, showing a year-to-date increase of 165.56% [2] - ZTE Corporation (00763) decreased by 1.16%, with a latest price of 27.180 and a market value of 130.016 billion, reflecting a year-to-date increase of 14.77% [2] - Beike Micro (02149) fell by 0.14%, with a latest price of 43.720 and a market value of 2.754 billion, showing a year-to-date increase of 60.74% [2]