Group 1 - The core viewpoint of the article highlights the performance of the Invesco Chip ETF (159560), which opened down by 1.06% at 1.584 yuan on December 18 [1] - The major holdings of the ETF include companies such as SMIC, Cambricon, and Huagong Information, with varying performance; for instance, SMIC decreased by 0.43%, while Zhaoyi Innovation increased by 0.65% [1] - The ETF's performance benchmark is the CSI Chip Industry Index return, managed by Invesco Great Wall Fund Management Company, with a return of 60.58% since its establishment on November 9, 2023, and a return of 0.60% over the past month [1]

Core Viewpoint - The chip ETF Tianhong (159310) opened with a slight decline, reflecting the overall performance of its major holdings in the semiconductor sector [1] Group 1: ETF Performance - The chip ETF Tianhong (159310) opened down by 0.25%, priced at 1.993 yuan [1] - Since its establishment on April 18, 2024, the fund has achieved a return of 99.96%, with a monthly return of 0.58% [1] Group 2: Major Holdings Performance - Major holdings in the ETF include: - SMIC (中芯国际) down by 0.43% - Cambricon (寒武纪) down by 1.19% - Haiguang Information (海光信息) down by 0.99% - Northern Huachuang (北方华创) down by 0.84% - Lattice Semiconductor (澜起科技) down by 0.79% - Zhaoyi Innovation (兆易创新) up by 0.65% - Zhongwei Company (中微公司) down by 1.13% - OmniVision (豪威集团) down by 0.60% - Chipone (芯原股份) down by 1.45% - JCET (长电科技) down by 0.92% [1]

Core Viewpoint - The company, Zhaoyi Innovation (603986), is undergoing a listing hearing on the Hong Kong Stock Exchange, with China International Capital Corporation (601995) and Huatai International serving as joint sponsors [1] Company Overview - Zhaoyi Innovation is an integrated circuit design company that operates on a fabless model, focusing on chip design and research and development while outsourcing manufacturing to external partners [1] - The company's main products include Flash (NOR Flash, niche DRAM), microcontrollers (MCU), analog chips, and sensor chips, which are widely used in consumer electronics, automotive, industrial applications, personal computers, servers, IoT, and network communications [1] Market Position - According to Frost & Sullivan data, Zhaoyi Innovation ranks second globally in NOR Flash and first in mainland China, holding a global market share of 18.5% [1] - The company ranks sixth globally in single-layer NAND Flash and first in mainland China, with a global market share of 2.2% [1] - In niche DRAM, Zhaoyi ranks seventh globally and second in mainland China, with a market share of 1.7% [1] - The MCU segment sees the company ranked eighth globally and first in mainland China, with a market share of 1.2% [1] - In fingerprint sensor chips, Zhaoyi ranks second in mainland China, with a market share of approximately 10% [1]

Company Overview - Zhaoyi Innovation Technology Group Co., Ltd. is a diversified integrated circuit design company that provides a variety of chip products including Flash, niche DRAM, microcontrollers, analog chips, and sensor chips for various applications such as consumer electronics, automotive, industrial automation, energy storage, battery management, personal computers, servers, IoT, and network communication [1] - The company operates on a fabless business model, focusing on integrated circuit design and R&D while outsourcing manufacturing to external foundries and semiconductor assembly and testing partners [1] - Established in 2005, Zhaoyi Innovation has become a well-known enterprise in the specialized storage chip and MCU sectors in mainland China, building globally influential brands in these areas [1] Market Position - According to Frost & Sullivan, Zhaoyi Innovation ranks second globally and first in mainland China in NOR Flash with a market share of 18.5% as of 2024 sales [2] - The company is sixth globally and first in mainland China in single-level NAND Flash with a market share of 2.2% [2] - In niche DRAM, Zhaoyi Innovation holds the seventh position globally and second in mainland China with a market share of 1.7% [2] - The company ranks eighth globally and first in mainland China in MCU with a market share of 1.2% [2] - In fingerprint sensor chips, it is the second in mainland China with approximately 10% market share [2] Industry Trends - The edge AI sector is rapidly developing, with 2025 expected to mark a significant breakthrough in edge computing capabilities [2] - This transformation allows traditional devices to evolve into intelligent systems with autonomous decision-making capabilities, expanding the application boundaries of AI and presenting new opportunities for companies in the industry [2] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately 8.13 billion, 5.76 billion, 7.36 billion, and 4.15 billion RMB respectively [2] - Corresponding profits for the same periods were 2.05 billion, 161 million, 1.10 billion, and 588 million RMB [2]

Core Viewpoint - Zhaoyi Innovation has passed the listing hearing on the Hong Kong Stock Exchange, with CICC and Huatai International as joint sponsors [1] Company Overview - Zhaoyi Innovation is a diversified integrated circuit design company that provides a variety of chip products including Flash, niche DRAM, microcontrollers, analog chips, and sensor chips for various applications such as consumer electronics, automotive, industrial automation, energy storage, battery management, personal computers, servers, IoT, and network communication [4] - The company operates on a fabless business model, focusing on design and R&D while outsourcing manufacturing to external foundries and semiconductor assembly and testing partners [4] - Established in 2005, Zhaoyi Innovation has become a well-known enterprise in the specialized storage chip and MCU sectors in mainland China, building a globally influential brand [4] Market Position - According to Frost & Sullivan, Zhaoyi Innovation ranks second globally and first in mainland China in NOR Flash with a market share of 18.5% as of 2024 sales [5] - The company ranks sixth globally and first in mainland China in single-level NAND Flash with a market share of 2.2% [5] - In niche DRAM, it ranks seventh globally and second in mainland China with a market share of 1.7% [5] - Zhaoyi Innovation is eighth globally and first in mainland China in MCU with a market share of 1.2% [5] - The company is the second largest in fingerprint sensor chips in mainland China, holding approximately 10% market share [5] Industry Trends - The edge AI sector is rapidly developing, with 2025 expected to mark a significant breakthrough in edge computing capabilities [6] - This transformation is expanding the application boundaries of AI, presenting new opportunities for companies within the industry [6] Financial Performance - Revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, is approximately RMB 81.3 billion, RMB 57.61 billion, RMB 73.56 billion, and RMB 41.5 billion respectively [6] - Profit for the same periods is RMB 20.53 billion, RMB 1.61 billion, RMB 11.01 billion, and RMB 5.88 billion respectively [6] - Detailed financial data shows a decline in gross margin from 45.5% in 2022 to 30.39% in 2023, with a recovery to 35.7% in 2024 [7] - Operating profit margins have also decreased from 28.0% in 2022 to 2.4% in 2023, with a forecasted recovery to 15.6% in 2024 [7]

Core Viewpoint - The company,兆易创新, is in the process of applying for a public offering of overseas listed foreign shares (H shares) and plans to list on the main board of the Hong Kong Stock Exchange [1] Group 1 - The listing hearing by the Hong Kong Stock Exchange Listing Committee is scheduled for December 15, 2025, to review the company's application for issuance and listing [1] - The company will publish relevant materials regarding the listing hearing on the Hong Kong Stock Exchange website in accordance with regulations [1]

证券代码：603986 证券简称：兆易创新 公告编号：2025-070 兆易创新科技集团股份有限公司 的投资者。同时，该聆讯后资料集为草拟版本，其所载资料可能会适时作出更新 和变动。 鉴于聆讯后资料集的刊发目的仅为提供信息予香港公众人士和合资格的投 资者，公司将不会在境内证券交易所的网站和符合监管机构规定条件的媒体上刊 登该聆讯后资料集，但为使境内投资者及时了解该聆讯后资料集披露的本次发行 上市及公司的其他相关信息，现提供该聆讯后资料集在香港联交所网站的查询链 接： 中文： 关于刊发 H 股发行聆讯后资料集的公告 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。 兆易创新科技集团股份有限公司（以下简称"公司"）正在进行申请公开发 行境外上市外资股（H 股）并在香港联合交易所有限公司（以下简称"香港联交 所"）主板上市（以下简称"本次发行上市"）的相关工作。 2025 年 6 月 19 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容请详见公司于 2025 年 6 月 20 日在上海 ...

Core Viewpoint - The company, Zhaoyi Innovation (603986.SH), is in the process of applying for a public offering of overseas listed foreign shares (H-shares) and plans to list on the Main Board of the Hong Kong Stock Exchange [1] Group 1 - The listing hearing by the Hong Kong Stock Exchange Listing Committee is scheduled for December 15, 2025, to review the company's application for this issuance [1] - The company will publish relevant materials regarding the listing hearing on the Hong Kong Stock Exchange website in accordance with regulations [1]

Group 1 - The core point of the article is that Zhaoyi Innovation Technology Group Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange [1] Group 2 - The company is preparing for its initial public offering (IPO) in Hong Kong [1]

Group 1: Market Overview - The global storage chip market is experiencing significant structural changes due to a shortage and price surge, leading major PC manufacturers to raise product prices, with Dell increasing prices across its commercial computer range [1] - The driving force behind this price increase is the shift in AI development from training to application, resulting in a surge in demand for storage chips as they become strategic components in AI infrastructure [1] - Omdia forecasts that semiconductor industry revenue will reach a record high of $216.3 billion by Q3 2025, with a quarter-over-quarter growth of 14.5%, driven by storage chips and AI accelerators [1] Group 2: Industry Insights - Northeast Securities reports that the storage industry has passed its cyclical bottom, benefiting from the real demand explosion driven by AI infrastructure, leading to continuous chip price increases [2] - The demand for materials is expected to rise due to the expansion of domestic storage chip manufacturers [2] - The report from Zhongyou Securities highlights the increasing demand for plating solutions and photoresists in the storage chip sector, driven by advancements in HBM and 3D NAND technologies [2] Group 3: Key Companies in Storage Chip Sector - Zhaoyi Innovation (兆易创新) is a leading storage chip designer with a market share of 18.5% in global NOR Flash and has begun mass production of DDR4 DRAM in collaboration with Hefei Changxin [2] - Lanke Technology (澜起科技) holds over 40% market share in DDR5 memory interface chips and benefits from the increasing penetration of AI servers [2] - Baiwei Storage (佰维存储) specializes in embedded storage and PCIe SSDs, with products suitable for AI PCs and cloud service providers [3] Group 4: Storage Modules and Controllers - Jiangbolong (江波龙) is a leading domestic storage module company with over 100 million self-developed controller chips deployed [4] - Shannon Chip (香农芯创) is a core agent for SK Hynix, entering the Alibaba Cloud supply chain with its enterprise SSDs [4] - Demingli (德明利) focuses on self-developed storage controller chips and has accelerated the domestic replacement of its products [4] Group 5: Packaging and Manufacturing - Changdian Technology (长电科技) is the third-largest packaging and testing company globally, with a 25% market share in storage packaging [6] - SMIC (中芯国际) is a key player in domestic storage chip manufacturing, providing foundry services for NOR Flash and embedded storage chips [6] - Huahong (华虹公司) specializes in unique process storage chip foundry services, supporting production for IoT and automotive electronics [6] Group 6: Upstream Equipment and Materials - Northern Huachuang (北方华创) supplies core equipment for storage chip manufacturing, with growing orders for etching and deposition equipment [7] - Tuojing Technology (拓荆科技) leads in PECVD equipment, facilitating the expansion of storage capacity for major manufacturers [7] - Yake Technology (雅克科技) is a leading supplier of storage chip materials, breaking overseas monopolies and entering the supply chains of major global storage manufacturers [7] Group 7: Supporting Chips and Ecosystem - Jucheng Co. (聚辰股份) holds over 30% market share in DDR5 SPD chips, supporting platforms like NVIDIA H100 [8] - Guoxin Technology (国芯科技) is a leader in RAID storage chips, enhancing data security and performance for enterprise storage systems [8]