Core Viewpoint - The stock price of Zhaoyi Innovation (603986) has increased significantly, reaching a new high, with a current market capitalization of 100.19 billion yuan, ranking 9th in the semiconductor sector and 164th in the A-share market [1][4]. Trading Information Summary - On August 19, Zhaoyi Innovation recorded a large transaction amounting to 2.4652 million yuan [2][8]. Shareholder Changes - As of June 30, 2025, the number of shareholders for Zhaoyi Innovation decreased to 137,800, a reduction of 8,208 shareholders, representing a decline of 5.62%. The average number of shares held per shareholder increased from 4,550 to 4,821, with an average holding value of 609,900 yuan [3][8]. Performance Disclosure Highlights - For the first half of 2025, Zhaoyi Innovation reported a total revenue of 4.15 billion yuan, a year-on-year increase of 15.0%. The net profit attributable to shareholders was 575 million yuan, up 11.31% year-on-year. The net profit excluding non-recurring items was 544 million yuan, reflecting a 14.99% increase. In Q2 2025, the company achieved a revenue of 2.241 billion yuan, a 13.09% increase year-on-year, with a net profit of 341 million yuan, up 9.17% year-on-year [4][8]. Company Announcement Summary - The fifth meeting of the fifth board of directors of Zhaoyi Innovation approved several resolutions, including the approval of the 2025 semi-annual report and the special report on the use of raised funds. The company agreed to increase the implementation subject and location of the "automotive electronic chip R&D and industrialization project" and to use part of the raised funds for capital increase to its wholly-owned subsidiary. The company also confirmed the achievement of conditions for stock option and restricted stock incentive plans [5][6][8].

北京市中伦（深圳）律师事务所 关于兆易创新科技集团股份有限公司 第二个行权期行权条件成就相关事项的 法律意见书 二〇二五年八月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于兆易创新科技集团股份有限公司 第二个行权期行权条件成就相关事项的 法律意见书 致：兆易创新科技集团股份有限公司 北京市中伦（深圳）律师事务所（以下简称"本所"或"中伦"）接受兆易 创新科技集团股份有限公司（以下简称"兆易创新"或"公司"）的委托，担任 兆易创新实施 2023 年股票期权激励计划（ ...

Core Viewpoint - The company, Zhaoyi Innovation Technology Group Co., Ltd., is increasing the implementation subjects and locations for its automotive electronics fundraising project and is using part of the raised funds to increase capital in its wholly-owned subsidiaries [2][4]. Fundraising Basic Situation - The company raised a total of RMB 432,402.35 million through a non-public stock issuance, with a net amount of RMB 428,443.86 million after deducting underwriting fees [2][3]. - The funds are managed in dedicated accounts to ensure proper usage and investor protection [3]. Fundraising Investment Project Situation - The original plan for the raised funds was for "DRAM chip R&D and industrialization" and to supplement working capital. However, the company has adjusted the project to include "automotive electronics chip R&D and industrialization" [3][4]. Increase in Project Implementation Subjects and Locations - The original implementation subject for the automotive electronics project was Zhaoyi Innovation, located in Beijing. The new subjects include wholly-owned subsidiaries in Xi'an, Shanghai, Hefei, and Shenzhen, with corresponding increases in capital [4][5]. - The capital increases are RMB 60 million for Xi'an and Shanghai, and RMB 40 million for Hefei and Shenzhen [4][7]. Impact of the Changes - The adjustments are aimed at effectively integrating R&D resources, improving the efficiency of fund usage, and accelerating the project's construction [4][8]. - The changes do not alter the project's content or direction, ensuring no adverse effects on the implementation of the project [8][9]. Review Procedures - The board of directors approved the changes on August 22, 2025, and the adjustments do not require shareholder approval as they fall within the board's authority [9]. Sponsor's Verification Opinion - The sponsor, China International Capital Corporation, confirmed that the changes comply with relevant regulations and will not negatively impact the project or shareholder interests [9].

Core Viewpoint - The company, Zhaoyi Innovation Technology Group Co., Ltd., is utilizing its own funds and foreign exchange to pay for part of its fundraising project expenses and will replace these with equivalent amounts from the raised funds, following necessary regulatory procedures and approvals [2][9]. Fundraising Basic Situation - The company raised a total of RMB 432,402.35 million through a non-public offering of 21,219,077 shares at RMB 203.78 per share, with a net amount of RMB 428,443.86 million after deducting underwriting fees [2][3]. Fundraising Investment Project Situation - The adjusted total investment commitment for the fundraising projects is RMB 469,639.30 million, which includes a new project for automotive electronic chip R&D and industrialization, alongside the original DRAM chip project [3][4]. Use of Own Funds and Foreign Exchange - The company has opted to use its own funds and foreign exchange for certain project payments due to regulatory requirements that prevent direct payments from the fundraising account for specific expenses [4][5]. Impact on Daily Operations - The decision to use own funds for project payments is seen as a reasonable optimization that enhances fund utilization efficiency and does not affect the normal implementation of fundraising projects or shareholder interests [7][9]. Approval Process - The company’s board approved the use of own funds for project payments and their subsequent replacement with raised funds, which was within the board's authority and did not require shareholder approval [8][9].

北京市中伦（深圳）律师事务所 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 广东省深圳市福田区益田路 6003 号荣超中心 A 栋 8-10 层 邮编：518026 电话/Tel : +86 755 3325 6666 传真/Fax : +86 755 3320 6888/6889 www.zhonglun.com 关于兆易创新科技集团股份有限公司 第四个行权期行权条件及解除限售期解除限售条件 成就相关事项的 法律意见书 二〇二五年八月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 一、本所及本所经办律师根据《证券法》《律师事务所从事证券法律业 ...

Core Points - The announcement details the fourth exercise period and the conditions for lifting restrictions on the stock options and restricted stocks under the 2021 stock option and restricted stock incentive plan [1][2][4] - A total of 288 individuals are eligible for the lifting of restrictions, with 287 individuals eligible for exercising stock options [1][3] Summary by Sections 1. Incentive Plan Approval and Implementation - The board of directors approved the stock option and restricted stock incentive plan, which includes various resolutions and independent opinions confirming the plan's legality and effectiveness [1][2] - The plan was publicly announced and verified by the supervisory board [1][2] 2. Conditions for the Fourth Exercise Period and Lifting of Restrictions - The fourth exercise period for stock options is set to occur from the first trading day after 48 months from the registration completion date, lasting until the last trading day within 60 months [2] - The conditions for exercising options and lifting restrictions include no negative audit opinions and meeting performance targets [2][3] 3. Performance Assessment - The average revenue for the years 2018-2020 must be at least 735.598 million yuan, with a growth rate of no less than 120% for the fourth exercise period [2] - Performance assessments are linked to individual and departmental achievements, with specific criteria for eligibility [2][3] 4. Exercise and Lifting of Restrictions Arrangements - A total of 61,215.4 thousand stock options are eligible for exercise, representing 24.98% of the granted options [3] - The number of restricted stocks eligible for lifting restrictions is 27,474.2 thousand, also representing 24.98% of the granted stocks [3] 5. Verification by the Board and Legal Opinion - The board's remuneration and assessment committee verified that the conditions for the fourth exercise period and lifting of restrictions have been met for all eligible individuals [3][4] - Legal opinions confirm that the conditions and approvals for the incentive plan are in compliance with relevant regulations [4]

| 司 | | | --- | --- | | 公司业绩考核要求： 2024 年营业收入 | 业收入平均值为 | | 三 第二个行权期业绩考核目标：以 2018-2020 年营业收 | 735,597.77 万元，较 | | 入均值为基数，2024 年营业收入增长率不低于 120%。 | 2018 年-2020 年营业 | | 收 入 均 值 增 长 | | | 业绩考核达成。 | | | 各业务单元/部门层面绩效考核要求： | | | 激励对象当年实际可行权的股票期权数量与其所属 | | | 业务单元/部门层面绩效考核相挂钩，各业务单元/部门层 | | | 面的绩效考核内容、方法、目标由公司决定。本激励计划 | 公司各业务单元/部 | | 授予的股票期权，在考核期内分年度对各业务单元/部门层 | 门层面绩效考核均 | | 四 面进行绩效考核，所属业务单元/部门层面绩效考核必须达 | 达标，满足各业务单 | | 标作为该业务单元/部门内激励对象的行权条件。 | 元/部门层面行权条 | | 期权的行权条件达成，则该业务单元/部门内激励对 | 件。 | | 象按照计划规定比例行权。反之，若行权条件未达成，则 | ...

分组1 - Longi Green Energy reported a revenue of 32.81 billion yuan in the first half of 2025, a decrease of 14.83% year-on-year, with a net loss of 2.57 billion yuan, an improvement of 2.66 billion yuan compared to the previous year [1][2] - The company increased its silicon wafer shipments to 52.08 GW, with external sales of 24.72 GW, and battery module shipments of 41.85 GW, but faced losses due to market prices falling below cost levels [1][2] 分组2 - Vanke A reported a revenue of 105.32 billion yuan in the first half of 2025, a decrease of 26.23% year-on-year, with a net loss of 11.95 billion yuan, a decrease of 21.25% compared to the previous year [3][5] - The company completed the delivery of over 45,000 housing units and achieved a sales amount of 69.11 billion yuan, with a collection rate exceeding 100% [5][6] 分组3 - Tonghuashun achieved a revenue of 1.78 billion yuan in the first half of 2025, an increase of 28.07% year-on-year, with a net profit of 502 million yuan, up 38.29% [7][8] - The increase in revenue was attributed to a rise in user activity on its platform and increased demand for financial information services [7][8] 分组4 - Changan Automobile reported a revenue of 72.69 billion yuan in the first half of 2025, a decrease of 5.25% year-on-year, with a net profit of 2.29 billion yuan, down 19.09% [9][10] - The company achieved a sales volume of 1.355 million vehicles, a year-on-year increase of 1.6%, with new energy vehicle sales reaching 452,000 units, up 49.1% [9][10][11] 分组5 - Ping An Bank reported a revenue of 69.39 billion yuan in the first half of 2025, a decrease of 10.0% year-on-year, with a net profit of 24.87 billion yuan, down 3.9% [12][14] - The bank's net interest margin was 1.80%, a decrease of 16 basis points compared to the previous year [12][14] 分组6 - Longi Green Energy's net loss expanded to 4.955 billion yuan in the first half of 2025, with revenue of 40.51 billion yuan, a decrease of 7.51% year-on-year [26][28] - The company cited ongoing supply-demand imbalances in the industry as a significant challenge [26][28] 分组7 - China CNR reported a revenue of 119.76 billion yuan in the first half of 2025, an increase of 32.99% year-on-year, with a net profit of 7.25 billion yuan, up 72.48% [23][24][25] - The revenue increase was primarily driven by growth in railway equipment and new industry income [23][24] 分组8 - Jiangsu Bank reported a revenue of 448.64 billion yuan in the first half of 2025, an increase of 7.78% year-on-year, with a net profit of 202.38 billion yuan, up 8.05% [32][33] - The bank's total assets reached 4.79 trillion yuan, a growth of 21.16% compared to the previous year [32][33]

Core Viewpoint - GigaDevice Semiconductor Inc. reported a 15% year-on-year increase in revenue for the first half of 2025, driven by strong demand in consumer electronics, AI technology, and automotive electronics, alongside a strategic focus on market share growth [2][8][9] Company Overview and Financial Indicators - The company achieved a total revenue of approximately 4.15 billion RMB in the first half of 2025, compared to 3.61 billion RMB in the same period of the previous year [2] - The total profit for the period was approximately 596 million RMB, reflecting a 12.92% increase from 528 million RMB in the previous year [2] - The net profit attributable to shareholders was approximately 575 million RMB, marking an 11.31% increase year-on-year [8] - The basic earnings per share rose to 0.87 RMB, up 11.54% from 0.78 RMB in the previous year [2] Business and Product Analysis - GigaDevice's main business includes the research, development, and sales of memory, microcontrollers, sensors, and analog chips, serving various sectors such as consumer electronics, automotive, and industrial applications [3][4] - The company is a leading player in the NOR Flash, SLC NAND Flash, and niche DRAM markets, ranking second globally in NOR Flash with an 18.5% market share [4][5] - The global integrated circuit market is projected to grow significantly, with a compound annual growth rate (CAGR) of 13.3% from 2020 to 2024, driven by advancements in AI and automotive sectors [4][5] Market Trends and Growth Opportunities - The specialized storage market, including NOR Flash and SLC NAND Flash, is expected to grow at a CAGR of 7.1% from 2025 to 2029, reaching a market size of approximately 20.82 billion USD [5] - The MCU market is projected to grow from 19.7 billion USD in 2024 to 29.3 billion USD by 2029, with a CAGR of 8.7% [6] - The sensor market, particularly for touch and fingerprint recognition, is also expected to expand significantly, driven by increasing demand in smartphones and smart home devices [7] Strategic Initiatives - The company is pursuing a global strategy to enhance its brand image and expand its international market presence, including plans to issue H-shares on the Hong Kong Stock Exchange [16] - GigaDevice emphasizes technological innovation and market empowerment, focusing on product development and industry applications to improve operational efficiency and competitiveness [11][18] - The company maintains a Fabless model, outsourcing manufacturing while concentrating on design and customer service, allowing for flexibility and rapid market response [22][23]

兆易创新科技集团股份有限公司2025 年半年度报告摘要 公司代码：603986 公司简称：兆易创新 兆易创新科技集团股份有限公司 兆易创新科技集团股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 第二节 公司基本情况 公司股票简况 股票种类 股票上市交易所 股票简称 股票代码 变更前股票简称 A股 上海证券交易所 兆易创新 603986 不适用 联系人和联系方式 董事会秘书 证券事务代表 姓名 董灵燕 王中华 电话 010-82881768 010-82881768 办公地址 北京市海淀区丰豪东路9号院 北京市海淀区丰豪东路9号院 中关村集成电路设计园8号楼 中关村集成电路设计园8号楼 电子信箱 investor@gigadevice.com investor@gigadevice.com 单位：元 币种：人民币 本报告期末比上年度末 本报告期末 上年度末 增减(%) 总资产 19,800,066,421.27 19,228,833,821.39 2.9 ...