Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported strong growth across various business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, and MCU close to 20% [1] - The company anticipates a sequential growth in Q3, with overall demand expected to rise, particularly for niche DRAM, which is facing supply tightness [1] - The gross margin is expected to remain stable, with a slight increase in DRAM margins and moderate price increases for Flash products [1] Group 2: Teabo Bio - Teabo Bio is focusing on functional cure strategies for hepatitis B, emphasizing the combination of different mechanism drugs with interferons and nucleos(t)ide analogs [2] - The company aims to expand its clinical management network for chronic hepatitis B and is exploring new solutions through partnerships and acquisitions [2] - New technologies like siRNA are entering clinical application stages, with a focus on optimizing combination therapy strategies [2] Group 3: Ruijie Networks - Ruijie Networks saw significant revenue growth in data center products, primarily driven by internet clients, with over 90% of revenue coming from this sector [3] - The company expects continued strong demand for cloud computing infrastructure, with a projected growth rate exceeding 50% for data center products [3] - The gross margin for data center products is relatively low (15%-20%), but margins in enterprise and SMB markets are improving [3] Group 4: Chipone Technology - Chipone Technology provides various customized hardware and software solutions in the AI sector, serving multiple international clients [4] - The company has a high percentage of R&D personnel (89.31%) and is focused on enhancing its chip customization capabilities to increase revenue from high-value projects [4] - Chipone is advancing its Chiplet technology and has successfully designed high-performance automotive chips [4]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported strong growth across various business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, MCU close to 20%, and sensor chips growing approximately 10% [1] - The company anticipates a quarter-on-quarter growth in Q3, with overall demand expected to rise throughout the year, particularly for niche DRAM, which is facing supply tightness [1] - The overall gross margin is expected to remain stable, with a slight increase in DRAM gross margin and moderate price increases for Flash products [1] - The demand for NOR Flash is driven by an increase in electronic product code volume, while supply constraints are expected to persist due to tight wafer manufacturing capacity [1] - The company is optimistic about customized storage technology, which offers performance advantages, and anticipates more industries and clients will adopt this solution [1] - MCU growth is projected in industrial control, energy storage, and high-end domestic replacement sectors, with new product revenue contributions expected to rise [1] - DDR4 8Gb revenue is expected to contribute one-third of DRAM revenue for the year, while LPDDR4 small-capacity products may see their revenue share increase to double digits [1] - The company has significant R&D investments and a large market potential, aiming to achieve revenue comparable to standard interface niche storage [1] - Zhaoyi Innovation has a first-mover advantage and strong relationships with strategic suppliers, ensuring capacity and process advantages [1] - The niche market remains stable, with production cuts from leading manufacturers creating growth opportunities, and the company plans to launch the LPDDR5 product line within two years [1] - The automotive MCU market is promising, with plans to introduce multi-core products and AI MCUs for AI applications [1] - The 45nm NOR Flash capacity is expected to ramp up, contributing 15% to revenue by year-end, with a complete product line expected by 2026 and a significant cost advantage due to a 20% reduction in chip area [1] Group 2: Aisen Co., Ltd. - Aisen Co., Ltd. has achieved multiple product breakthroughs in wafer, advanced packaging, semiconductor display, and IC substrate fields [2] - The company has successfully mass-produced 28nm process copper plating additives and is testing products in the 5-14nm range [2] - Negative photoresists for glass-based packaging have received mass production orders, and OLED array photoresists have passed validation [2] - Tenting rapid-fill copper plating products have been introduced into the HDI and SLP supply chains [2] - The TSV process relies on high-precision copper plating, and the company's TSV copper plating additives have achieved rapid, void-free filling [2] - Aisen has developed its own photoresist resin covering various types, forming a complete R&D system [2] - The IC substrate market is projected to reach $31 billion by 2030, with the company's copper plating products gradually being pushed into HDI, SLP, and IC substrate applications to increase localization rates [2]

Group 1: Zhaoyi Innovation - Zhaoyi Innovation reported good growth across its business lines in Q2 2024, with NOR Flash experiencing high single-digit growth, niche DRAM growing over 50%, and MCU close to 20% [1] - The company anticipates a sequential growth in Q3, with overall demand expected to rise throughout the year, particularly for niche DRAM, which is facing supply tightness [1] - The gross margin is expected to remain stable, with a slight increase in DRAM margins and moderate price increases for Flash products [1] Group 2: Weifeng Electronics - Weifeng Electronics achieved revenue of 340 million yuan in H1 2025, a year-on-year increase of 40.19%, and a net profit of 54.93 million yuan, up 16.52% [2] - The company is advancing its projects, with a new factory in Thailand expected to be operational by mid-2026 to enhance supply chain resilience [2] - The automotive connector segment saw significant growth, with revenue reaching 82.06 million yuan, a 55.85% increase year-on-year [2] Group 3: Kela Co., Ltd. - Kela Co., Ltd. experienced a decline in profits in Q2, primarily due to the impact of the 618 shopping festival, although sales expense ratios are improving [3] - The company plans to expand its institutional and specialty channel business, with a production capacity of 100,000 tons at its Hangzhou factory [3] - Kela is launching its own brand, Dudi, in Q2 2024, after ending its partnership with He Sheng Yuan [3]

Core Viewpoint - The stock of Zhaoyi Innovation Technology Group Co., Ltd. has experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days [1] Group 1: Stock Trading Abnormality - The company's stock price increased significantly on August 21, 22, and 25, 2025, leading to a cumulative price deviation of over 20%, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [1] - The average turnover rate of the company's stock during the last three trading days was approximately 12.43% [1] Group 2: Company Operations and Major Events - The company conducted a self-examination and confirmed that its production and operational activities are normal, with no significant changes in the internal or external business environment [1] - The company submitted an application for the issuance of overseas listed foreign shares (H shares) to the Hong Kong Stock Exchange on June 19, 2025, which is still subject to approval from relevant regulatory authorities [1] - There are no undisclosed major events that could affect the company's stock price, including significant asset restructuring, share issuance, or major business collaborations [1] Group 3: Media and Market Sentiment - The company has not identified any media reports or market rumors that could have influenced its stock price, nor is it involved in any trending concepts that might affect trading [1] - There are no other significant events that could have a substantial impact on the company's stock price, and no insider trading activities were reported during the period of abnormal stock fluctuation [1]

Summary of Zhaoyi Innovation Conference Call Company Overview - Zhaoyi Innovation has transitioned from SRAM to NOR Flash, establishing a long-term development foundation. The company ranks second globally in the NOR Flash market and is expanding its product lines to include MCU, SUC, and LAND, positioning itself as a comprehensive semiconductor supplier [2][3]. Key Points and Arguments Industry Position and Strategy - Zhaoyi Innovation's NOR Flash has maintained a top-three global position for over ten years, with a focus on long-term growth rather than short-term opportunities [3]. - The company aims to maintain an overseas revenue share of 30%-40% through a dual-headquarters strategy to enhance international operations and customer collaboration [3][19]. Custom DRAM Development - The custom DRAM product line is strategically significant, targeting AI applications and addressing the bandwidth and energy efficiency challenges in the AI era [4][6]. - Zhaoyi Innovation is positioned as a global leader in custom DRAM, leveraging its understanding of DRAM technology and AI applications [4][6]. Market Dynamics - The NOR Flash market is entering a stable growth phase, driven by demand recovery, industrial resurgence, and AI penetration, while supply constraints from large storage capacity and full wafer fab operations tighten the market [2][11]. - The niche DRAM market is experiencing shortages due to capacity shifts from overseas manufacturers, presenting Zhaoyi Innovation with opportunities to capture market share [2][14]. Competitive Landscape - Zhaoyi Innovation leads the domestic general-purpose 32-bit MCU market and is among the top ten global suppliers, focusing on product and technology accumulation to drive revenue growth [2][3][18]. - The company faces competition from both domestic startups and international IDM peers in the custom DRAM space, but its early market entry and strong partnerships provide a competitive edge [10][12]. Future Outlook - The company anticipates a 50% year-over-year revenue growth in the niche DRAM market, aiming to become the domestic market leader within a few years [14][15]. - Zhaoyi Innovation is optimistic about the future of custom DRAM, despite engineering challenges, and believes that the technology will become essential in the market [6][9]. AI Integration - The development of AI technologies is expected to significantly impact the NOR Flash market, with Zhaoyi Innovation poised to capitalize on increased demand for AI-related products [13][18]. - The company is actively integrating AI capabilities into its MCU product line, focusing on applications in industrial automation, energy, and consumer electronics [18]. Additional Important Insights - The dual-headquarters strategy is expected to enhance global operational efficiency and strengthen international partnerships [19][20]. - Zhaoyi Innovation is exploring potential acquisitions to further its platform-based development and align with AI trends [21][22]. - The company aims to maintain a balanced supply chain strategy, leveraging both domestic and international resources to support its product lines [20].

证券日报网讯 8月25日晚间，兆易创新发布公告称，公司股票连续3个交易日内日收盘价格涨幅偏离值 累计超过20%，属于股票交易异常波动情形。经自查，公司目前生产经营正常，未发生重大变化。公司 及控股股东、实际控制人不存在应披露而未披露的重大事项，包括重大资产重组、股份发行等。公司提 醒投资者注意二级市场交易风险，理性投资。 （编辑 李家琪） ...

Group 1 - Institutional buying and selling activity showed that 30 stocks were listed, with 15 stocks net bought and 15 stocks net sold on the day [1] - The top three stocks with the highest institutional buying were: Zhaoyi Innovation (CNY 1.799 billion), Jinli Permanent Magnet (CNY 142 million), and Robotec (CNY 140 million) [1][2] - Zhaoyi Innovation reported a revenue of CNY 4.15 billion for the first half of 2025, representing a year-on-year growth of 15%, and a net profit of CNY 575 million, up 11.31% year-on-year [3] Group 2 - The implementation of the new regulations on rare earth mining and separation by the Ministry of Industry and Information Technology is expected to enhance the bargaining power of domestic smelting and separation enterprises regarding ore procurement prices [4] - The tightening of rare earth raw material imports is anticipated to boost the export outlook for magnetic materials [4] - The announcement by Nvidia regarding the launch of a "New Brain" for humanoid robots in August 2025 indicates a significant development in the robotics sector [5]

南财智讯8月25日电，兆易创新公告，公司股票在2025年8月21日至25日期间连续三个交易日内收盘价格 涨幅偏离值累计超过20%，构成异常波动。经公司自查，生产经营活动正常，内外部经营环境无重大变 化，公司、控股股东及实际控制人均无影响股票交易价格异常波动的重大事项。公司提醒投资者注意二 级市场交易风险，理性投资。 ...

证券代码：603986 证券简称：兆易创新 公告编号：2025-051 公司敬请广大投资者注意投资风险，理性决策、审慎投资。 一、股票交易异常波动的具体情况 公司股票交易于 2025 年 8 月 21 日、2025 年 8 月 22 日、2025 年 8 月 25 日 连续 3 个交易日内日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所 交易规则》的有关规定，属于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动的情况，公司对有关事项进行了核查，并向公司 控股股东、实际控制人发函询证，现将有关情况说明如下： 兆易创新科技集团股份有限公司 关于股票交易异常波动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 重要内容提示： 兆易创新科技集团股份有限公司（以下简称"公司"）股票连续3个交易 日内日收盘价格涨幅偏离值累计超过20%，根据《上海证券交易所交易规则》的 有关规定，属于股票交易异常波动情形。 经公司自查，并向控股股东、实际控制人书面询问，截至本公告披露日， 公司不存在影响上市公司 ...

Summary of Key Points Core Viewpoint - On August 25, a total of 33 stocks appeared on the trading leaderboard, with 17 showing net institutional buying and 16 showing net institutional selling [1]. Institutional Buying - The top three stocks with the highest net institutional buying were: - Zhaoyi Innovation: Net buying amount of 1.799 billion [1][2] - Jinli Permanent Magnet: Net buying amount of 142 million [1][2] - Robotec: Net buying amount of 140 million [1][2] - Other notable stocks with net institutional buying included: - Hengbao Co., Ltd.: Net buying amount of 120 million [2] - Yuyin Co., Ltd.: Net buying amount of 86 million [2] Institutional Selling - The top three stocks with the highest net institutional selling were: - Goldwind Technology: Net selling amount of 378 million [1][4] - Southern Precision: Net selling amount of 118 million [1][4] - Marubi Biotechnology: Net selling amount of 111 million [1][4] - Other notable stocks with net institutional selling included: - Aerospace Hongtu: Net selling amount of 847 million [3] - Guoan Da: Net selling amount of 890 million [3]