Group 1: Industry Overview - The performance of companies in emerging industries, particularly integrated circuits, has shown significant improvement, reflecting the optimization and upgrading of China's economic structure [1] - The number of integrated circuit companies listed on the Sci-Tech Innovation Board has reached 120, accounting for 60% of the total number of A-share companies in this sector [1] - In the first half of the year, these 120 integrated circuit companies achieved a total revenue of 160.04 billion yuan, a year-on-year increase of 24%, and a net profit of 13.1 billion yuan, up 62% [1] Group 2: AI Chip Companies - Companies producing AI computing chips have experienced explosive growth due to the surge in demand for computing power driven by AI technology [2] - For instance, Cambrian Technology Co., Ltd. reported a revenue of 2.881 billion yuan in the first half of the year, a staggering increase of 4,300% year-on-year [2] - Other companies like Haiguang Information Technology Co., Ltd. and Montage Technology Co., Ltd. also reported significant revenue growth of 45% and 58%, respectively [2] Group 3: Consumer Electronics and Chips - The dual drive of national subsidies and AI technology has effectively stimulated the consumer market, leading to a structural recovery in categories like smartphones and tablets [3] - Companies such as Tailing Microelectronics and SmartSens Technology have reported substantial revenue increases of 37.72% and 54.11%, respectively, in the first half of the year [3] - The wearable market's growth has also contributed to the revenue increase for companies like Hengxuan Technology, which saw a 26.58% rise in revenue [3] Group 4: Wafer Manufacturing - The domestic wafer manufacturing sector has shown steady growth, with four major wafer foundry companies achieving a combined revenue of 49.059 billion yuan, a year-on-year increase of 21.80% [4] - SMIC reported a revenue of 32.348 billion yuan, up 23.14%, and a net profit of 1.646 billion yuan, reflecting a 39.76% increase [4] - The capacity utilization rates of these companies are close to full capacity, indicating a robust foundation for industry development [4] Group 5: Mergers and Acquisitions - Leading wafer companies are pursuing growth through mergers and acquisitions to enhance their production capacity and technological capabilities [5][6] - For example, Huahong Semiconductor plans to acquire Shanghai Huahong Microelectronics, which is expected to add 38,000 pieces per month of new capacity [6] - Chip Alliance's acquisition of a minority stake in a related company is also aimed at strengthening its service capabilities in emerging markets like new energy vehicles [6] Group 6: Equipment and Materials - The semiconductor equipment sector continues to experience high demand driven by domestic substitution and technological breakthroughs [7] - Companies like Zhongwei Semiconductor Equipment and Shenzhen Zhongke Feicai Technology reported significant revenue growth, with Zhongwei's sales reaching approximately 3.781 billion yuan, a 40.12% increase [7] - The materials segment also saw positive performance, with leading companies like Anji Microelectronics achieving revenue growth of 43.17% [7]

Core Insights - The performance of companies in the integrated circuit sector on the STAR Market has shown significant growth, reflecting the optimization and upgrading of China's economic structure [1] - The demand for AI computing power has surged, leading to substantial growth in general-purpose chips such as servers and CPUs [1][2] Group 1: Integrated Circuit Companies - A total of 120 integrated circuit companies on the STAR Market achieved a combined revenue of 160.04 billion yuan in the first half of the year, representing a year-on-year growth of 24% [1] - The net profit attributable to shareholders reached 13.1 billion yuan, with a year-on-year increase of 62% [1] - The second quarter saw a revenue and net profit growth of 17% and 72% respectively, indicating a robust recovery [1] Group 2: AI Chip Companies - Companies like Cambricon Technologies reported a revenue of 2.881 billion yuan in the first half of the year, a staggering increase of 4,300% year-on-year [2] - Haiguang Information Technology achieved a revenue of 5.464 billion yuan and a net profit of 1.201 billion yuan, with year-on-year growth rates of 45% and 41% respectively [2] - Advanced packaging companies such as Yongxi Electronics saw a revenue increase of 23.37% and a net profit surge of 150.45% [2] Group 3: Audio and Imaging Companies - TaiLing Microelectronics reported a revenue of 503 million yuan, a year-on-year increase of 37.72%, and a net profit of 101 million yuan, up 274.58% [3] - STMicroelectronics achieved a revenue of 3.786 billion yuan and a net profit of 397 million yuan, with year-on-year growth of 54.11% and 164.93% respectively [3] - Hengxuan Technology's revenue reached 1.938 billion yuan, growing 26.58% year-on-year, with a net profit increase of 106.45% [3] Group 4: Wafer Manufacturing Companies - The four wafer foundry companies on the STAR Market achieved a combined revenue of 49.059 billion yuan, a year-on-year growth of 21.80%, and a net profit of 2.537 billion yuan, up 55.89% [4] - SMIC reported a revenue of 32.348 billion yuan, a 23.14% increase, and a net profit of 1.646 billion yuan, growing 39.76% [4] - Hefei Integrated Circuit's revenue and net profit reached 5.198 billion yuan and 332 million yuan, with year-on-year growth of 18.21% and 77.61% respectively [4] Group 5: Mergers and Acquisitions - Leading wafer companies are pursuing mergers and acquisitions to enhance growth and acquire quality capacity and technology [5][6] - Huahong Semiconductor plans to integrate Shanghai Huahong Microelectronics, which is expected to add 38,000 pieces/month of new capacity [6] - Chip Alliance's acquisition of minority stakes in Xinchuan Integrated Circuit Manufacturing is expected to enhance service capabilities in emerging markets like new energy vehicles [6] Group 6: Equipment and Materials Sector - The semiconductor equipment sector continues to thrive due to strong domestic substitution demand and technological breakthroughs [7] - Companies like Zhongwei Semiconductor Equipment reported a revenue increase of approximately 40.12% to 3.781 billion yuan [7] - The materials segment also showed strong growth, with leading companies like Anji Microelectronics achieving a revenue increase of 43.17% [7]

Investment Rating - The report maintains a "Recommended" investment rating for Anji Microelectronics (688019.SH) with a current stock price of 175.99 CNY [1]. Core Views - The company achieved a revenue of 1.141 billion CNY in the first half of 2025, representing a year-on-year growth of 43.17%, and a net profit of 376 million CNY, up 60.53% year-on-year [4][8]. - The growth in revenue and profit is attributed to the company's successful product development and market expansion, aligning closely with customer needs [8]. - The report highlights a continuous improvement in profitability, with a gross margin of 56.39% and a net margin of 32.91% for the first half of 2025 [8]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2025-2027 are 2.595 billion CNY, 3.414 billion CNY, and 4.260 billion CNY, respectively, with year-on-year growth rates of 41.4%, 31.6%, and 24.7% [6][10]. - **Net Profit Forecast**: Expected net profits for the same period are 806 million CNY, 1.107 billion CNY, and 1.410 billion CNY, with growth rates of 51.0%, 37.4%, and 27.3% [6][10]. - **Earnings Per Share (EPS)**: EPS is projected to be 4.78 CNY, 6.57 CNY, and 8.36 CNY for 2025, 2026, and 2027, respectively [6][10]. - **Valuation Ratios**: The price-to-earnings (P/E) ratios are expected to decline from 36.8x in 2025 to 21.0x in 2027, indicating improving valuation attractiveness [6][11]. Product and Market Development - The company is expanding its product line, focusing on chemical mechanical polishing liquids, functional wet electronic chemicals, and electroplating solutions, primarily for the semiconductor manufacturing and advanced packaging sectors [9][8]. - The revenue from chemical mechanical polishing liquids reached 930 million CNY, accounting for 81.48% of total revenue, with a gross margin of 58.10% [9]. - Functional wet electronic chemicals generated 207 million CNY in revenue, growing 75.69% year-on-year, and represented 18.14% of total revenue [9]. Operational Efficiency - The report notes that the company's operating expenses grew at a slower rate than revenue, leading to enhanced profitability [8]. - The company maintained a low expense ratio of 22.27% in the first half of 2025, with significant reductions in sales and management expense ratios [8]. Conclusion - The report concludes with an optimistic outlook for Anji Microelectronics, supported by strong financial performance, product innovation, and market expansion strategies, maintaining the "Recommended" rating [9][10].

Market Performance - The electronic chemicals sector rose by 2.02% on September 1, with Anji Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers - Anji Technology (code: 6108899) closed at 189.99, up 8.19% with a trading volume of 83,700 shares and a turnover of 1.524 billion yuan [1] - Jingrui Electric Materials (code: 300655) closed at 12.63, up 6.58% with a trading volume of 1.4895 million shares and a turnover of 1.833 billion yuan [1] - Tiantong Co., Ltd. (code: 600330) closed at 10.05, up 5.79% with a trading volume of 1.8434 million shares and a turnover of 1.828 billion yuan [1] Top Losers - Guangxin Materials (code: 300537) closed at 26.64, down 3.86% with a trading volume of 168,000 shares and a turnover of 45.5 million yuan [2] - Tongyu New Materials (code: 301630) closed at 200.20, down 2.78% with a trading volume of 13,000 shares and a turnover of 265 million yuan [2] - Zhongshi Technology (code: 300684) closed at 35.77, down 2.69% with a trading volume of 274,000 shares and a turnover of 97.6 million yuan [2] Fund Flow Analysis - The electronic chemicals sector experienced a net outflow of 212 million yuan from institutional investors, while retail investors saw a net inflow of 220 million yuan [2] - The detailed fund flow for key stocks shows varying trends, with Jingrui Electric Materials experiencing a net outflow of 643,000 yuan from retail investors [3] - Anji Technology had a net inflow of 54.948 million yuan from institutional investors, while retail investors faced a net outflow of 14.209 million yuan [3]

Summary of Anji Micro (688019.SS) Conference Call Company Overview - **Company**: Anji Micro - **Ticker**: 688019.SS - **Industry**: Semiconductor materials, specifically CMP slurry and wet chemicals Key Financial Highlights - **Revenue Growth**: 2Q25 revenues increased by 42% YoY to Rmb582 million, exceeding estimates by 2% [3] - **Gross Margin Improvement**: Gross margin improved to 57% in 2Q25 from 55.7% in 1Q25, attributed to a better product mix [3] - **Net Income**: Net income rose by 60% YoY to Rmb184 million, surpassing estimates by 12% [3] - **Operating Expenses**: Operating expense ratio improved to 22.5%, reflecting enhanced efficiency [3] Product and Market Developments - **New Product Adoption**: Management noted increasing adoption of Cerium oxide and Tungsten CMP slurry among both advanced and mature node clients [2] - **Client Expansion**: The company is expanding its client base in Taiwan and Japan, in addition to covering major foundry and IDM clients in mainland China [2] - **Capacity Expansion**: Anji is expanding its production capacity in Ningbo and Shanghai to support new product lines and client needs [1] Strategic Focus - **New Product Development**: Continued focus on new products such as TSV ECP and slurry, aiming to capture growth in advanced semiconductor nodes [1] - **Market Opportunities**: Management sees opportunities in packaging, particularly for TSV and Hybrid bonding clients [2] Earnings Revisions - **Earnings Forecast**: Earnings for 2025-2027 have been revised up by 4% to 3% due to higher expected revenues from new CMP products and wet chemicals [9] - **Operating Expense Ratio**: Opex ratio has been revised down by 0.4 to 0.6 percentage points for the same period, indicating improved efficiency [9] Valuation and Price Target - **Target Price**: The new 12-month target price is set at Rmb170, up from Rmb149.23, based on a target P/E of 27.7x for 2026E [12] - **Market Capitalization**: Approximately Rmb29.4 billion or $4.1 billion [23] Risks and Opportunities - **Downside Risks**: 1. Potential impact of US export restrictions on China's mature node fabs [20] 2. Supply chain risks related to key raw materials sourced from overseas [20] 3. Slower-than-expected local demand [20] - **Upside Opportunities**: 1. Lifting of US export restrictions could enhance estimates [21] 2. Local customers expanding capacity despite restrictions could drive growth [21] Conclusion - Anji Micro is positioned for growth with strong revenue and net income increases, driven by product expansion and client acquisition. The company faces potential risks from geopolitical factors but also has opportunities for upside if restrictions are lifted. The current rating remains Neutral with a revised target price reflecting positive earnings outlook.

人民财讯9月1日电，企查查APP显示，近日，厦门联和四期集成电路产业创业投资基金合伙企业(有限 合伙)成立，出资额5.22亿元，经营范围包含：以私募基金从事股权投资、投资管理、资产管理等活 动。企查查股权穿透显示，该企业由安集科技、亚翔集成（603929）等共同出资。 ...

Core Viewpoint - The report provides a comprehensive overview of the ongoing supervision and performance of Anji Microelectronics Technology (Shanghai) Co., Ltd., highlighting its compliance with regulations, financial performance, and potential risks in the semiconductor industry. Ongoing Supervision Work - The underwriting institution has established and effectively implemented a continuous supervision work system, signing a sponsorship agreement with Anji Technology to clarify rights and obligations during the supervision period [3][4]. - Continuous supervision includes daily communication, regular visits, on-site inspections, and due diligence to ensure compliance with laws and regulations [3][4]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 1,141.45 million yuan, a 43.17% increase compared to the same period last year, driven by successful product launches and market expansion [12][13]. - The net profit attributable to shareholders reached 375.63 million yuan, reflecting a 60.53% year-on-year growth, supported by government subsidies and improved operational efficiency [14][15]. - The company's total assets increased by 28.53% year-on-year, reaching 4,436.65 million yuan, bolstered by strong financial performance and successful bond issuance [15]. Risk Factors - The company faces several risks, including product development risks due to high technological demands in the semiconductor industry, potential loss of core technology personnel, and high customer concentration, with major clients accounting for 82.47% of sales [6][7]. - Supply chain risks are present, particularly concerning raw material price fluctuations and availability, which could adversely affect operational performance [8][9]. - Environmental and safety risks are also noted, as production processes must comply with stringent regulations to avoid accidents and ensure sustainable operations [10]. Core Competitiveness - The company has established itself as a leader in high-end semiconductor materials, focusing on technological innovation and intellectual property, with 318 authorized patents as of June 30, 2025 [17]. - Continuous investment in R&D has led to a 30.50% increase in R&D expenses, representing 16.53% of operating revenue, ensuring the company remains competitive in the market [21]. - The company emphasizes a customer-centric service model, providing 24/7 support and maintaining close relationships with clients in key markets, enhancing responsiveness and operational efficiency [18][19]. R&D Progress - The company is actively developing advanced polishing solutions for semiconductor manufacturing, with several projects showing promising results in client validation and market readiness [22][23]. - Ongoing projects include the development of customized polishing liquids for advanced processes, with successful trials leading to increased production capacity and market penetration [24].

申万宏源证券承销保荐有限责任公司 关于安集微电子科技（上海）股份有限公司 2025年半年度持续督导跟踪报告 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"或"保 荐机构"）根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股 票上市规则》《上海证券交易所上市公司自律监管指引第11号——持续督导》等 有关法律法规的规定，对安集微电子科技（上海）股份有限公司（以下简称"安 集科技"、"公司"）开展持续督导工作，并出具2025年半年度持续督导跟踪报告。 | 序 | 工作内容 | 持续督导工作情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度， | 保荐机构已建立健全并有效执行持续督导 | | | 并针对具体的持续督导工作制定相应的 | 工作制度，并制定了相应工作计划 | | | 工作计划 | | | 2 | 根据中国证监会相关规定，在持续督导工 作开始前，与上市公司或相关当事人签署 | 保荐机构已与安集科技签订了保荐协议， | | | 持续督导协议，明确双方在持续督导期间 | 明确双方在持续督导期间的权利义务 | | | 的权 ...

| 证券代码：688019 | 证券简称：安集科技 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：118054 | 债券简称：安集转债 | | 安集微电子科技（上海）股份有限公司 关于召开 2025 年半年度科创板半导体设备及材料行业集体 业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 09 月 10 日（星期三）15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：网络互动方式 投资者可于 2025 年 09 月 03 日（星期三）至 09 月 09 日（星期二）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 IR@anjimicro.com 进行提问。公司将在说明会上对投资者普遍关注的问题 ...

Summary of the Conference Call for Anji Technology Company Overview - Anji Technology focuses on the semiconductor materials sector, adhering to the strategy of "rooted in China, serving globally" [2][5] - The company offers a full range of polishing liquids, functional wet electronic chemicals, electroplating liquids, and additives, which are widely used in semiconductor IC manufacturing and advanced packaging [2][6] Core Insights and Arguments - **Market Penetration and Product Development**: Anji Technology aims to penetrate new markets and applications, achieving significant progress in mainland China, Taiwan, and Japan [2][3] - **R&D Investment**: In the first half of 2025, R&D investment accounted for 16% to 17% of revenue, with 53% of employees dedicated to R&D, continuing a high investment trend over the past five years [3][9][24] - **Product Performance**: The polishing liquid business grew nearly 40% in the first half of 2025, although gross margins declined due to new product launches and strategic pricing adjustments [4][33] - **Supply Chain Stability**: The company has increased its self-sufficiency in key raw materials like zirconia and ceria, enhancing supply chain stability [7][24] Market Dynamics - **New Customer Acquisition**: New customers and orders primarily came from newly established fabs and advanced packaging factories in China and some overseas clients [4][18] - **Functional Wet Electronic Chemicals**: The market share for functional wet electronic etching and cleaning liquids exceeds 30% in China, with the overall product line capturing over 4% of the global market [15][4] Future Development Plans - **Expansion Strategy**: Anji Technology plans to continue its global expansion while focusing on enhancing R&D capabilities and product validation platforms [5][27] - **Long-term Growth Projections**: The company anticipates its three main business segments will grow from approximately $4 billion to over $6 billion by 2029, driven by deepening its presence in the Chinese semiconductor materials market [17] Additional Important Insights - **Compliance and Ethics**: Anji Technology emphasizes strict compliance and ethical standards, maintaining a transparent financial reporting process [21][22] - **Advanced Packaging Market**: The company has over a decade of experience in TSV technology and maintains close collaborations with leading equipment manufacturers and wafer fabs [30][31] - **Challenges in Overseas Expansion**: The company faces challenges in overseas markets, particularly in Taiwan, due to geopolitical factors, but remains committed to its expansion strategy [28][29] Conclusion Anji Technology is positioned for robust growth in the semiconductor materials sector, with a strong focus on R&D, market expansion, and maintaining high ethical standards. The company is actively addressing challenges in overseas markets while leveraging its technological expertise to meet evolving industry demands.