Financial Projections - The company expects to achieve operating revenue of between 170 million and 180 million yuan in 2025, representing a year-on-year growth of 26.07% to 33.49%[3] - The projected net loss attributable to the parent company for 2025 is estimated to be between 55 million and 30 million yuan, an increase in loss of 19.73 million to 44.73 million yuan compared to the previous year, reflecting a year-on-year increase in loss of 192.11% to 435.54%[3] - The company anticipates a net loss of between 98 million and 70 million yuan after deducting non-recurring gains and losses, which is an increase in loss of 42.24 million to 70.24 million yuan year-on-year, indicating a year-on-year increase in loss of 152.15% to 253.02%[3] - In 2024, the company achieved operating revenue of 134.85 million yuan, with a net loss of 10.27 million yuan attributable to the parent company[4] Acquisitions and Investments - The company acquired 100% equity of Shenzhen Jinghua Zhixin Microelectronics Co., Ltd. for 200 million yuan, with 60 million yuan being conditional payment based on performance targets[5] - The company has increased its R&D expenses to approximately 97 million yuan in 2025, a year-on-year increase of about 33%, with the number of chip projects under research growing by approximately 37%[6] Product Development and Sales - The company successfully introduced new products such as blood glucose meter chips and pressure/temperature sensor chips, leading to improved quarterly sales performance[6] - The company is focusing on resource integration, new product promotion, and cost control to enhance operational efficiency and profitability[6] Regulatory and Compliance Issues - The company is currently under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws[7] - The financial data provided is preliminary and has not been audited, with the final figures to be disclosed in the audited annual report for 2025[8]

证券日报网讯12月17日，晶华微在互动平台回答投资者提问时表示，公司主营业务收入以境内销售为 主，2024年度境外销售收入占比为0.75%。公司有少量产品出口欧盟国家，业务占比相对较少。 ...

格隆汇12月17日｜有投资者在互动平台向晶华微提问：请问近两年是否出口欧盟国家？晶华微回复称， 公司主营业务收入以境内销售为主，2024年度境外销售收入占比为0.75%。公司有少量产品出口欧盟国 家，业务占比相对较少。 ...

Core Viewpoint - The acquisition strategy of technology-based listed companies, such as HeXin Instruments, raises concerns when the financial structure shows high reliance on intangible judgments and significant goodwill, which may obscure the true motives and potential risks of the transaction [1] Financial Structure and Goodwill - HeXin Instruments plans to acquire a target company, resulting in an additional goodwill of 325.65 million yuan, which accounts for 24.76% of its total assets and 53.72% of its net assets as of June 2025, significantly exceeding the generally accepted safety threshold for A-share listed companies [2] - The inquiry letter highlights the need to confirm whether identifiable intangible assets have been adequately recognized, pointing out the core vulnerability of high goodwill acquisitions where many core resources are hidden within goodwill, potentially leading to impairment risks [2][3] Valuation Methodology - The target company's intangible assets include patents, software copyrights, and trademarks, evaluated using the income approach based on historical earnings and industry trends, but the identification process for key competitive intangible assets was not detailed [3] - The use of the income approach for valuation, which relies heavily on future cash flow projections, raises concerns about the subjectivity of key assumptions such as revenue growth rates and discount rates [4] Performance Projections and Risks - The projected net profits for the target company from 2025 to 2027 are 43.83 million yuan, 48.64 million yuan, and 63.92 million yuan, while the performance commitment is lower, indicating a significant discrepancy [5] - The discount rate used in the valuation is 11.29%, with a specific risk premium of only 2.00%, neglecting the high customer concentration risk, which artificially lowers the discount rate and inflates the valuation [5] Comparability and Market Position - HeXin Instruments selected comparable companies such as Geosun Technology and Tianrui Instruments, claiming the target company deserves a higher valuation multiple due to its technological advantages, with a transaction price-to-sales ratio (PS) of approximately 8-10 times and a price-to-earnings ratio (PE) of 25-30 times, both significantly above industry averages [6] - The high profitability may not guarantee sustainable high valuations due to the project-based nature of the scientific instrument industry, which is characterized by large order amounts and long delivery cycles, leading to potential volatility in performance [6] Strategic Intent and Market Environment - The acquisition aims to strengthen HeXin Instruments' position in the high-end mass spectrometry market, which is strategically sound; however, the justification for the strategy cannot replace financial prudence [8] - The capital market is shifting towards a focus on quality, with regulatory scrutiny on high-premium acquisitions, making it challenging for companies to justify inflated valuations based on perceived technological scarcity or industry uniqueness [8]

Core Viewpoint - Jinhua Microelectronics has shown a mixed performance in stock price, with a year-to-date increase of 9.53% but recent declines over various trading periods [1][2] Company Overview - Jinhua Microelectronics, established on February 24, 2005, and listed on July 29, 2022, is located in Hangzhou, Zhejiang Province. The company specializes in the research and sales of high-performance analog and mixed-signal integrated circuits [1] - The main products include healthcare SoC chips, industrial control and instrumentation chips, and intelligent sensing SoC chips [1] Financial Performance - For the period from January to September 2025, Jinhua Microelectronics achieved operating revenue of 123 million yuan, representing a year-on-year growth of 27.32%. However, the net profit attributable to shareholders was -30.84 million yuan, a significant decrease of 330.86% compared to the previous year [2] - The company has distributed a total of 9.984 million yuan in dividends since its A-share listing [3] Shareholder Information - As of November 10, 2025, the number of shareholders for Jinhua Microelectronics was 7,981, reflecting a slight increase of 0.09%. The average number of circulating shares per person decreased by 0.09% to 7,553 shares [2] - The top ten circulating shareholders saw a change, with Huashang Shanghai Stock Exchange Science and Technology Innovation Board Composite Index Enhanced A (023897) exiting the list by September 30, 2025 [3] Market Activity - On November 25, Jinhua Microelectronics' stock price rose by 2.07% to 22.19 yuan per share, with a trading volume of 2.0561 million yuan and a turnover rate of 0.15%. The total market capitalization stood at 2.683 billion yuan [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 11, where net purchases amounted to 9.8671 million yuan [1]

证券日报网讯晶华微11月18日在互动平台回答投资者提问时表示，截至2025年11月10日，公司股东人数 为7981户。 （文章来源：证券日报） ...

Core Insights - The article highlights recent developments in the energy storage sector, particularly focusing on contracts won by Chinese companies in the domestic market, indicating a growing trend in energy storage projects [2]. Group 1: Haixi Communications - Haixi Communications announced a procurement contract for energy storage systems worth 402 million yuan (approximately 57.5 million USD) with Zhejiang Zhaohui Energy Technology [3]. - The project involves a 400MW/800MWh energy storage system, which is a significant initiative for the Shandong provincial grid, implemented in two phases: the first phase is 194MW/388MWh costing 197.88 million yuan, and the second phase is 200MW/400MWh costing 204 million yuan, both including a 13% tax [3]. - Haixi's energy storage solutions have been applied across various industries, achieving significant cost savings, such as over 1 million yuan in annual electricity savings at a demonstration station in Zhejiang and over 30% monthly electricity savings at a manufacturing facility in Anhui [3]. Group 2: Yiwei Power - Yiwei Power is the first candidate for a competitive bidding process for a 60MWh energy storage system as part of a 100MW photovoltaic project, with a bid of 28.8864 million yuan (approximately 4.1 million USD) [4][6]. - The bid translates to a unit price of 0.481 yuan/Wh, indicating competitive pricing in the energy storage market [6]. - The project includes a total installed capacity of 120MWp for the photovoltaic system, along with a 15MW/60MWh energy storage system [7].

Group 1 - The blood oxygen meter concept index rose by 1.56%, ranking fourth among concept sectors, with 14 stocks increasing in value [1] - Key performers included Kexiang Co., which hit the daily limit with a 20% increase, and Aipeng Medical and Huashengchang, which rose by 8.21% and 1.79% respectively [1] - The sector experienced a net inflow of 0.81 billion yuan from main funds, with Kexiang Co. leading the inflow at 2.28 billion yuan [1][2] Group 2 - The top stocks by net inflow ratio included Kexiang Co. at 11.60%, *ST Yitong at 8.95%, and Jinghua Micro at 7.72% [2] - The trading volume for Kexiang Co. was 22.8 billion yuan, with a turnover rate of 29.96% [2] - Other notable stocks included Aipeng Medical with a net inflow of 487.14 million yuan and a turnover rate of 23.39% [2] Group 3 - The blood oxygen meter sector's performance was contrasted with other sectors, such as cell immunotherapy, which rose by 2.20%, and cultivated diamonds, which fell by 4.21% [1] - Stocks with significant declines included Fenda Technology, Sichuan Changhong, and *ST Yitong, with decreases of 1.34%, 0.80%, and 0.54% respectively [1][3] - The overall market sentiment reflected a mixed performance across various sectors, highlighting the volatility within the healthcare and technology industries [3]

杭州晶华微电子股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度的经营成果、财务状况，公司计划于 2025 年 11 月 20 日(星期 四)下午 16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进 行交流。 证券代码：688130 证券简称：晶华微 公告编号：2025-050 杭州晶华微电子股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 20 日(星期四) 下午 16:00-17:00 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：上证路演中心网络互动 投资者可于 2025 年 11 月 13 日(星期四) 至 11 月 19 日(星期三)16 ...

Core Viewpoint - Jinghua Micro is a leading player in the high-performance analog and mixed-signal integrated circuit sector in China, with a focus on precision and low power consumption [1] Group 1: Business Performance - For Q3 2025, Jinghua Micro reported revenue of 123 million yuan, ranking 34th among 34 companies in the industry, significantly lower than the top competitors, with the industry leader, Huida Technology, generating 3.521 billion yuan [2] - The company's net profit for the same period was -30.84 million yuan, placing it 25th in the industry, far behind Huida Technology's 677 million yuan and the industry average of 29.658 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Jinghua Micro's debt-to-asset ratio was 7.39%, an increase from 1.69% year-on-year, but still below the industry average of 16.92%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 51.02%, down from 58.28% year-on-year, yet still above the industry average of 36.44%, suggesting a competitive profitability position [3] Group 3: Executive Compensation - The chairman, Lv Hanzhuan, received a salary of 420,000 yuan for 2024, unchanged from 2023, while the general manager, Liang Guiwu, saw an increase in salary to 2.3834 million yuan, up by 547,900 yuan from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.24% to 7,974, while the average number of circulating A-shares held per shareholder decreased by 2.19% to 7,560.21 [5]