Core Insights - The launch of the 4K ultra-high-definition channel by Oriental TV marks a significant upgrade in broadcasting technology, enhancing the detail, timeliness, authenticity, and immersive experience of news content [1][2] - The Chinese government has designated 2025 as the "Year of Ultra-High Definition Development," indicating a shift from technological exploration to large-scale implementation in the ultra-high-definition industry [1][6] Industry Overview - The ultra-high-definition industry in China is experiencing rapid growth, driven by both policy and market forces, forming a complete industrial chain from core components to content production and terminal applications [5][6] - The industry is segmented into four main areas: core components and software, network transmission and operation, content production and distribution, and terminal devices and applications [6] Company Developments - Companies like Amlogic, Rockchip, and Allwinner Technology are key players in the domestic chip design sector, providing essential technical support for the launch of the 4K ultra-high-definition channel [2][8] - Amlogic reported a record high quarterly revenue of 1.801 billion yuan in Q2, with a year-on-year growth of 9.94% and a quarter-on-quarter growth of 17.72% [3] - Rockchip achieved a historical high in revenue of 2.046 billion yuan in the first half of the year, reflecting a year-on-year growth of 64% [4] Technological Advancements - The integration of AI, 5G, and big data with ultra-high-definition technology is expected to create significant industry value and social benefits across various sectors, including industrial inspection and healthcare [7] - The ultra-high-definition content production process faces challenges such as high costs and increased data consumption, necessitating improvements in network transmission quality and terminal device performance [7] Future Outlook - The collaboration among domestic chip manufacturers, software developers, operators, and terminal manufacturers is crucial for building a cohesive ecosystem that facilitates the delivery of ultra-high-definition signals to households [8] - The evolving ultra-high-definition industry is anticipated to empower various sectors and present new growth opportunities for related listed companies [8]

Core Insights - The launch of the 4K ultra-high-definition channel by Oriental TV marks a significant upgrade in broadcasting technology, enhancing the detail, timeliness, authenticity, and immersive experience of news content [1][2] - The Chinese government has designated 2025 as the "Year of Ultra-High Definition Development," indicating a shift from technological exploration to large-scale implementation in the ultra-high-definition industry [1][6] Industry Overview - Oriental TV becomes the ninth provincial satellite TV station in China to launch a 4K channel, emphasizing features such as all-day coverage and immersive viewing experiences [2] - The ultra-high-definition industry in China has developed a complete supply chain, driven by both policy and market forces, encompassing core components, network transmission, content production, and terminal applications [5][6] Technological Advancements - The ultra-high-definition upgrade includes 4K/8K resolution, high frame rates, and HDR dynamic range, significantly improving the viewing experience [1][2] - Key domestic chip design companies like Amlogic, Rockchip, and Allwinner Technology have provided essential technical support for the launch of the 4K channel, showcasing their flagship products at the launch event [2][3][4] Company Performance - Amlogic reported a record high quarterly revenue of 1.801 billion yuan in Q2, with a year-on-year growth of 9.94% and a quarter-on-quarter growth of 17.72% [3] - Rockchip achieved a historical high in revenue of 2.046 billion yuan in the first half of the year, reflecting a year-on-year growth of 64% [4] Future Prospects - The integration of AI and ultra-high-definition technology is expected to create significant industry value across various sectors, including industrial inspection, healthcare, and smart cities [7] - The ultra-high-definition industry is anticipated to empower numerous sectors and present new growth opportunities for related listed companies [8]

业绩方面，2025年上半年，晶晨股份实现营业收入49.39亿元，同比增长18.6%；归母净利润5.42亿元，同 比增长22.8%。公司表示，业绩增长主要得益于车载及AI智能终端相关芯片出货规模扩大，同时产品结构 持续优化。 业内认为，本次赴港发行H股若顺利完成，将为晶晨股份进一步拓展海外市场、丰富融资渠道提供支持， 有助于巩固其在智能多媒体SoC芯片领域的全球竞争力。（校对/秋贤） （文/罗叶馨梅）9月26日，晶晨股份（688099）公告称，公司已于2025年9月25日向香港联合交易所有限 公司递交发行境外上市股份（H股）并在主板挂牌上市的申请，并已在港交所网站刊登相关申请资料。 公开信息显示，晶晨股份是一家聚焦智能多媒体SoC芯片的设计企业，产品涵盖智能机顶盒、智能电视、 智能音视频系统、车载智能座舱芯片等领域，并已批量应用于国内外知名品牌客户。公司近年来持续加大 研发投入，重点布局AI多媒体处理、超高清显示、车载智能芯片等新兴应用场景，推动产品向高性能、低 功耗方向迭代升级。 ...

Group 1 - Dongxing Medical plans to acquire 90% equity of Wuhan Yijiaobao for cash, which is expected to constitute a major asset restructuring [1] - Fosun Pharma's subsidiary plans to transfer 100% equity of Shanghai Cloning, with a transaction value of up to 1.256 billion yuan [1] Group 2 - *ST Songfa's subsidiary signed a shipbuilding contract worth approximately 400-600 million USD for four VLCCs, expected delivery between late 2026 and mid-2027 [3] - Qibin Group obtained financing support of up to 90 million yuan for share repurchase [4] Group 3 - Shapuaisi's shareholder plans to reduce holdings by up to 3% of the company's total shares [5] - *ST Kaixin intends to use up to 310 million yuan for cash management in safe and liquid financial products [6] Group 4 - Junchen Technology's shareholders plan to transfer 2.5% of the company's shares due to personal funding needs [7] - Jingliang Holdings received an administrative regulatory measure from Hainan Securities Regulatory Bureau for improper revenue recognition involving 299 million yuan [7] Group 5 - Tongcheng Holdings received a cash dividend of 24.6643 million yuan from Changsha Bank [9] - Shenyang Chemical appointed Chen Liguo as the new general manager [10] Group 6 - Huaguang Huaneng signed a contract for a 160 million yuan waste heat boiler project [15] - Shuxian Valley's subsidiary completed the re-registration of a health food product [16] Group 7 - Xuanta Pharmaceutical's new specification for a diabetes treatment drug was approved [17] - Panlong Pharmaceutical's application for a pain relief gel patch was accepted by the drug regulatory authority [18] Group 8 - Zhiguang Electric's subsidiary won a procurement contract worth 164 million yuan for a storage system [19] - Chitianhua's production facility resumed operations after maintenance [20] Group 9 - Haitong Development's application for a specific A-share issuance was accepted by the Shanghai Stock Exchange, aiming to raise 210 million yuan [20] - Risheng Technology's shareholders plan to transfer 4.02% of the company's shares [33] Group 10 - Pingmei Shares' controlling shareholder plans a strategic restructuring with Henan Energy Group [35] - Shenghui Integration's controlling shareholder committed not to reduce shareholdings for 12 months [37] Group 11 - Agricultural Bank and Bank of China will no longer establish supervisory boards, with their functions transferred to the audit committees [39][40] - Dongfang Yuhong's subsidiary signed a contract for a seawater pipeline project worth 2.524 billion USD [40][41] Group 12 - Ganfeng Lithium plans to introduce investors for a capital increase of up to 2.5 billion yuan [50] - Hanyu Pharmaceutical intends to raise up to 968 million yuan for various projects [51]

Core Viewpoint - The company, Jingchen Co., has submitted an application for issuing overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange, aiming to expand its international capital market presence and enhance brand influence [2] Group 1: Company Overview - Jingchen Co. is a leading global system-level semiconductor design manufacturer, focusing on intelligent terminal control and connectivity solutions across various scenarios such as smart homes, smart offices, and smart transportation [2][3] - The company has been engaged in SoC chip design for 30 years, developing a comprehensive self-research technology matrix that includes various functional modules like NPU, video/audio codecs, and memory systems [3] Group 2: Market Position and Achievements - As of June 30, 2025, the company has shipped over 1 billion chips, establishing a strong market presence in the smart home sector [4] - According to Frost & Sullivan, in 2024, one in three smart set-top boxes and one in five smart TVs globally will use the company's chips, indicating significant market penetration [5] Group 3: Financial Performance - The revenue generated from the company's top five customers for the years 2022, 2023, and 2024, as well as the first half of 2025, were RMB 3.21 billion, RMB 3.519 billion, RMB 3.752 billion, and RMB 2.207 billion, respectively, accounting for 57.9%, 65.5%, 63.3%, and 66.3% of total revenue [5] - The revenue from the largest customer for the same periods was RMB 955.9 million, RMB 1.3174 billion, RMB 1.1099 billion, and RMB 678.2 million, representing 17.3%, 24.5%, 18.8%, and 20.4% of total revenue [5] Group 4: Supplier Relationships - The company primarily sources from wafer foundries and chip packaging/testing service providers, with procurement amounts from the top five suppliers being RMB 3.6788 billion, RMB 2.8179 billion, RMB 3.2596 billion, and RMB 2.1186 billion, constituting 91.2%, 86.6%, 88.0%, and 78.9% of total procurement [6] - The procurement from the largest supplier for the same periods was RMB 2.3798 billion, RMB 1.7768 billion, RMB 1.8447 billion, and RMB 1.3281 billion, making up 59.0%, 54.6%, 49.8%, and 49.4% of total procurement [6]

Core Insights - The overall AI penetration rate in China remains relatively low, indicating significant growth potential for the industry as policies are implemented and model capabilities continue to evolve [5] - The current market focus is on AI-related hardware, with a lack of explosive products and clear business models in the downstream applications, leading to insufficient visibility in company performance [5] - The Sci-Tech Innovation AI ETF (588790) has shown significant growth in both scale and shares, reflecting strong investor interest in the AI sector [6][6] Event Updates - JD.com has entered the "mass production phase" of AI applications, launching three major AI products and showcasing four application scenarios at its global technology conference [4] - China has added three U.S. companies to its export control list and another three to its unreliable entity list, indicating ongoing regulatory tensions [4] ETF Performance - The Sci-Tech Innovation AI ETF has seen a recent decline of 1.72%, with a weekly increase of 4.19% as of September 25, 2025 [3] - The ETF has a turnover rate of 2.43% and a transaction volume of 171 million yuan, ranking first among comparable funds in terms of average monthly trading volume [3] Industry Developments - Over 70% of China's energy state-owned enterprises have integrated Alibaba's AI technology, covering a wide range of sectors including electricity, oil, and coal [4] - Intel showcased its next-generation Xeon processors at the 2025 Cloud Summit, utilizing new manufacturing processes and advanced packaging technologies to enhance performance and efficiency [4] Market Composition - The top ten weighted stocks in the Sci-Tech Innovation AI Index account for 71.66% of the index, with companies like Cambricon and Lanke Technology leading the list [7] - The ETF closely tracks the Sci-Tech Innovation AI Index, which includes 30 large-cap companies providing essential resources and technology for the AI industry [6]

Group 1 - The A-share market is recovering, leading to significant profits for fund investors, with 2.15 billion fund investors on the Ant Fund platform achieving cumulative profits [1] - Institutional investors have notably increased their holdings in active equity funds, with a rise of 54.1 billion yuan in asset scale and an increase of 27.1 billion fund shares by the end of the first half of the year [1] - West China Fund confirmed that a fund manager was caught gambling and has been dismissed from their position following administrative penalties [1] Group 2 - The China Coking Industry Association recommends a 30% production cut across the coking industry to maintain reasonable profit levels and healthy development [2] - Coking prices are set to increase, with specific price adjustments for various types of coke effective from September 26 [2] Group 3 - The global average selling price (ASP) of smartphones is projected to rise from $370 in 2025 to $412 in 2029, driven by high-end trends and the adoption of 5G technology [3] Group 4 - The Robotaxi sector is experiencing a surge in stock prices, with leading companies like Pony.ai and Baidu seeing significant increases in their stock values due to accelerated commercial applications [4] - The cobalt market is tightening due to export bans from the Democratic Republic of Congo, leading to a nearly 40% increase in cobalt prices this year [4] Group 5 - Starbucks plans to close underperforming stores in North America, reducing the number of company-operated stores by approximately 1% by fiscal year 2025, while also cutting about 900 non-retail positions to invest in store operations [5] Group 6 - ByteDance has denied rumors of preparing for an IPO in Hong Kong, urging caution against misinformation regarding "Byte concept stocks" [6] Group 7 - Shanghai Forever Bicycle Company has stated that products like "Forever Rabbit" are not associated with the company and will pursue legal action against unauthorized use of its trademark [7] Group 8 - Horizon Robotics plans to raise approximately 6.339 billion HKD through a share placement to expand its overseas market and support advanced driver assistance solutions [9] Group 9 - Dragon Big Food announced that 0.70% of shares held by its controlling shareholder are under judicial freeze, but this will not affect the company's operations or governance [10] Group 10 - Zhaochi Co. has completed the R&D design of its 1.6T OSFP DR8 optical module, with plans to launch samples by the end of 2025 [11] - Jingchen Co. has submitted an application for H-share listing on the Hong Kong Stock Exchange [12]

证券代码：688099 证券简称：晶晨股份 公告编号：2025-067 中文： https://www1.hkexnews.hk/app/sehk/2025/107708/documents/sehk25092502352_c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107708/documents/sehk25092502353.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的相 关信息而作出。本公告以及公司刊登于香港联交所网站的申请资料均不构成也不 得视作对任何个人或实体收购、购买或认购公司本次发行的境外上市股份（H股） 晶晨半导体（上海）股份有限公司 关于向香港联交所递交境外上市股份（H 股）发行并上市的 申请并刊发申请资料的公告 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。 晶晨半导体（上海）股份有限公司（以下简称 "公司"）已于2025年9月25 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市 股份（H股）并在 ...

Core Viewpoint - Company announced the submission of an application for the issuance of overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange on September 26, 2025 [1] Group 1 - Company submitted the application to the Hong Kong Stock Exchange on September 26, 2025 [1] - The application materials for this issuance and listing were published on the Hong Kong Stock Exchange website on the same day [1]

Core Viewpoint - 晶晨半导体 has submitted its listing application to the Hong Kong Stock Exchange, with CICC and Haitong International as joint sponsors [1] Company Overview - 晶晨半导体 is a leading global system-level semiconductor design company, providing advanced smart terminal control and connectivity solutions across various sectors including smart homes, smart offices, smart transportation, entertainment education, and industrial production [3] - The company ranks fourth globally among manufacturers focused on smart terminal SoC chips and is the top player in mainland China and second globally in the smart home terminal SoC chip market according to Frost & Sullivan [3] Market Position and Performance - As of June 30, 2025, 晶晨半导体 has shipped over 1 billion chips, with its smart set-top box chips used in one out of every three global smart set-top boxes and its smart TV chips in one out of every five smart TVs in 2024 [3] - The company serves over 250 global mainstream operators and 14 of the top 20 global TV brands, becoming the "brain" of millions of screens in over 100 countries and regions [3] Financial Performance - The global smart device SoC market is projected to grow from $41.9 billion in 2020 to $65.7 billion in 2024, with a compound annual growth rate (CAGR) of 11.9%, and expected to reach $131.4 billion by 2029, with a CAGR of 14.9% from 2024 to 2029 [4] - For the fiscal years ending June 30, 2022, 2023, 2024, and the first half of 2025, the company reported revenues of approximately RMB 5.545 billion, RMB 5.371 billion, RMB 5.926 billion, and RMB 3.330 billion respectively [4][6] - The gross profit margins for these periods were 35.1%, 33.2%, 37.1%, and 37.5% respectively, indicating a positive trend in profitability [6]