Core Viewpoint - The A-share market is experiencing a strong upward trend, with key indices showing positive movements, particularly in sectors like chips, solid-state batteries, and digital currencies, while other sectors like military and finance are underperforming [1][2]. Group 1: Market Performance - As of September 1, the Shanghai Composite Index rose by 0.24%, the Shenzhen Component Index increased by 0.57%, and the ChiNext Index gained 1.23% [1]. - Chip stocks continued to perform strongly, with companies like Tailin Micro and Liyang Chip hitting the daily limit, and others like Huahong Semiconductor and Allwinner Technology rising over 10% [2]. Group 2: Institutional Insights - According to招商证券, the market is likely to maintain a trend of oscillating upward, driven by the accumulation of profit effects and continuous inflow of incremental funds [3]. - 中信证券 suggests focusing on four key areas for investment in September: resources, innovative pharmaceuticals, consumer electronics, and military sectors, highlighting the potential for precious metals and copper due to a possible Fed rate cut [4]. - 东方证券 indicates that the market structure is showing significant differentiation, with technology stocks leading the market, and anticipates a continued oscillating upward trend for major indices, although the upward space may be limited [5].

Group 1 - The semiconductor sector experienced a significant rise at the beginning of trading, with companies such as Allwinner Technology and Hua Hong Semiconductor reaching new highs during the session [1] - Li Yang Chip and Demingli stocks hit the daily limit up, while Yutai Microelectronics saw an increase of over 10% [1] - Other companies including SourceJ Technology, Guoxin Technology, Jinghe Integration, Huafeng Measurement and Control, and Aojie Technology also saw gains [1] Group 2 - Related ETFs showed positive performance, with the leading chip ETF (159801) rising by 2.31% and a trading volume of 40.8161 million yuan [1] - The Southern Semiconductor ETF (159325) increased by 2.59%, with a trading volume of 4.9692 million yuan [1]

Core Insights - The Ministry of Industry and Information Technology of China has issued guidelines to optimize business access and promote the development of the satellite communication industry, outlining a clear development blueprint for the sector [1] - By 2030, four core goals are set: improving management systems and regulatory frameworks, enhancing innovation and product iteration, significantly upgrading comprehensive development levels, and achieving large-scale applications of new business models like direct satellite connections with mobile phones, targeting over ten million users [1] Industry Development - The guidelines emphasize accelerating key technology breakthroughs and product development in satellite communication, enhancing the supply of essential components, chips, and terminal devices, improving technology performance, and reducing user costs [1] - The satellite communication industry aims for a significant increase in the number of users, with a target of surpassing ten million users through new business models [1] Company Focus - Liyang Chip (688135), a semiconductor company from Guangdong, has established itself as a key player in the satellite communication industry, particularly in the chip testing sector, leveraging its unique technological advantages [1][2] - The company's core competitiveness lies in providing high-quality testing solutions for Beidou short message and satellite communication chips, addressing the "testing bottleneck" in the mass production of satellite communication chips [2] - Liyang Chip has transitioned from "technology follower" to "global leader" in satellite communication chip testing over a decade, having started its development in 2012 [2] - In 2023, the company expanded its application scenarios by providing exclusive mass production testing services for satellite communication baseband and RF chips in smartphones, positioning itself to meet the growing testing demand from the emerging "mobile direct satellite" market [2]

Fundraising Overview - The company has been approved to issue convertible bonds totaling RMB 52 million, with a term of 6 years, and has successfully raised the full amount [2] - After deducting issuance costs of approximately RMB 7.11 million, the net amount raised is approximately RMB 51.29 million, which was fully received by July 8, 2024 [2] Fund Management - The company has established a fundraising management system in compliance with relevant regulations to protect the rights of small investors [3] - A tripartite supervision agreement has been signed with the project subsidiary and the sponsoring institution to ensure proper use of the raised funds [4][5] Special Account Management - The company has opened special accounts for the raised funds, with specific banks involved in the management of these accounts [6] - The company has decided to close the special accounts at two banks as the funds have been fully utilized, and the remaining interest will be transferred to the company's main account for working capital [8]

| 证券代码：688135 | 证券简称：利扬芯片 | 公告编号：2025-046 | | --- | --- | --- | | 转债代码：118048 | 转债简称：利扬转债 | | 广东利扬芯片测试股份有限公司 关于注销部分募集资金专项账户的公告 根据前述相关规定，为确保募集资金的规范使用以及募投项目的有序实施， 公司、募投项目所属子公司东莞利扬芯片测试有限公司、保荐机构广发证券股份 1 有限公司已分别与存放募集资金的商业银行签订了《募集资金专户存储三方监管 协议》，具体内容可详见公司于 2024 年 7 月 12 日、2024 年 8 月 1 日披露于上 海证券交易所网站（www.sse.com.cn）的《关于签订募集资金专户存储三方监管 协议的公告》（公告编号：2024-050、公告编号：2024-060）。 前述协议内容与上海证券交易所制定的《募集资金专户存储三方监管协议 （范本）》不存在重大差异。 本公司董事会及全体董事保证公告内容不存在虚假记载、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个别及连带法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于同意 ...

Core Insights - The company reported a total revenue of 284 million yuan for the first half of 2025, representing a year-on-year increase of 23.09% [1] - The net profit attributable to shareholders was -7.06 million yuan, showing a year-on-year improvement of 16.38% [1] - The gross profit margin increased by 2.11% to 25.02%, while the net profit margin improved by 36.1% to -2.02% [1] Financial Performance - Total revenue for 2025 was 284 million yuan, up from 231 million yuan in 2024, a growth of 23.09% [1] - The net profit attributable to shareholders improved from -8.44 million yuan in 2024 to -7.06 million yuan in 2025, a 16.38% increase [1] - The gross profit margin rose to 25.02% from 24.50%, while the net profit margin improved from -3.16% to -2.02% [1] - Total expenses (selling, administrative, and financial) amounted to 54.71 million yuan, accounting for 19.26% of revenue, a decrease of 5.21% year-on-year [1] Cash Flow and Debt - Cash and cash equivalents increased significantly by 213.82% to 281 million yuan [1] - Interest-bearing liabilities rose by 45.38% to 1.211 billion yuan [1] - The net cash flow from operating activities decreased by 9.4%, attributed to increased expenses despite revenue growth [7] Strategic Developments - The company is focusing on a strategic layout termed "One Body, Two Wings," which includes expanding wafer thinning and laser grooving services [5] - The company has seen significant growth in testing revenue due to strong demand from existing and new customers [5] - The company is transitioning to a more precise investment model, focusing on specific projects driven by market demand [7] Investment and Capital Expenditure - The company has made substantial investments in testing capacity and infrastructure, which are expected to drive future revenue growth [5] - The company’s historical return on invested capital (ROIC) has been relatively low, with a median of 8.49% since its listing [8] - The company’s reliance on capital expenditure for performance improvement necessitates careful evaluation of the efficiency of these investments [8]

Core Viewpoint - Liyang Chip's 2025 semi-annual report indicates strong growth in integrated circuit testing revenue, driven by high demand and new customer product launches [1][2]. Group 1: Financial Performance - In the first half of 2025, Liyang Chip's revenue from integrated circuit testing reached 277 million yuan, a year-on-year increase of 21.85% [1]. - The second quarter saw record revenue of 150 million yuan, up 32.03% year-on-year, and a net profit of 523,400 yuan, reflecting a 105.96% increase [1]. - The company's profitability improved significantly in the second quarter after a challenging first quarter, with revenue increasing sequentially [1]. Group 2: Strategic Initiatives - The "One Body, Two Wings" strategy has begun to show results, focusing on integrated circuit testing while enhancing operational efficiency [2]. - The company has developed a comprehensive service chain covering wafer thinning, laser grooving, and stealth dicing, improving chip yield and reliability [2]. - The wafer thinning business achieved revenue of 6.75 million yuan in the first half of 2025, a substantial increase of 111.61% year-on-year [2]. Group 3: Collaborative Efforts - Liyang Chip has established an exclusive partnership with Azoteq to provide heterogeneous wafer stacking and testing services [3]. - The "TerraSight" project, developed in collaboration with Azoteq, successfully demonstrated its technology in July 2025, with plans for further testing in the second half of 2025 [3]. - The ongoing implementation of the "One Body, Two Wings" strategy positions Liyang Chip to maintain a leading edge in the integrated circuit testing sector, supporting the development of the domestic chip industry [3].

Core Insights - Liyang Chip (SH.688135) reported a positive performance in its 2025 semi-annual report, showcasing revenue growth, reduced losses, and a significant quarterly breakthrough in the integrated circuit testing sector [1][2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 284.04 million yuan, a substantial increase of 23.09% compared to the same period last year, indicating enhanced market competitiveness in the integrated circuit testing field [1] - The net profit attributable to shareholders was -7.06 million yuan, but the loss narrowed significantly compared to the previous year, reflecting a clear trend of improving profitability [1] - The net profit after deducting non-recurring gains and losses was -6.76 million yuan, indicating that the core business's profitability is gradually improving with minimal interference from non-recurring factors [1] Business Segmentation and Quarterly Analysis - The integrated circuit testing business generated operating revenue of 277.29 million yuan in the first half of 2025, a year-on-year growth of 21.85%, demonstrating the core competitiveness and sustainability of the company's main business [2] - In Q2 2025, the company achieved a record high quarterly revenue of 150.26 million yuan, reflecting increased market orders and significant progress in capacity release and customer expansion [2] - The net profit attributable to shareholders in Q2 2025 was 523,400 yuan, marking the first quarterly profit and indicating a turning point in the company's operations, transitioning from loss reduction to quarterly profitability [2] Future Outlook - Overall, Liyang Chip's performance in the first half of 2025 is commendable, with steady revenue growth, continuous loss reduction, and improved quarterly profitability, confirming the gradual release of development potential in the integrated circuit testing sector [2] - With the recovery of the integrated circuit industry's prosperity and the company's ongoing efforts in its core business, there is potential for further market share expansion and sustained improvement in profitability, ultimately creating more value for shareholders [2]

Core Viewpoint - The company has released its 2025 semi-annual report, detailing its operational results, financial status, and future development plans, emphasizing the importance of reviewing the full report for comprehensive understanding [1][10]. Group 1: Company Overview - The company is Guangdong Liyang Chip Testing Co., Ltd., with stock code 688135 and convertible bond code 118048 [6][19]. - The company held its 11th board meeting on August 25, 2025, with all directors present, ensuring compliance with relevant laws and regulations [7][8]. Group 2: Financial Data - The company raised a total of RMB 520 million through the issuance of convertible bonds, with a net amount of RMB 512.89 million after deducting issuance costs [20][21]. - The company has established a dedicated account for managing the raised funds, in compliance with regulatory requirements [22][23]. Group 3: Fund Management and Usage - The company has implemented a fund management system to ensure the efficient use of raised funds, including a tripartite supervision agreement with banks and the sponsor [22][23]. - As of June 30, 2025, the company has not used idle funds for temporary working capital or for repaying bank loans [27][29]. - The company has approved the use of up to RMB 20 million of idle funds for cash management, investing in low-risk financial products [28]. Group 4: Board and Supervisory Committee Resolutions - The board and supervisory committee have both approved the semi-annual report and the special report on the management and actual use of raised funds, confirming the accuracy and completeness of the information disclosed [36][38].

Group 1 - The supervisory board of Guangdong Liyang Chip Testing Co., Ltd. confirmed that the 2025 semi-annual report was prepared and reviewed in compliance with relevant laws, regulations, and internal management systems [1][2] - The content and format of the 2025 semi-annual report meet the requirements of the Shanghai Stock Exchange, accurately reflecting the company's disclosed information without any false records or misleading statements [1][2] - The supervisory board unanimously agreed that the management and actual use of the raised funds for the first half of 2025 complied with the relevant regulations and that the funds were stored and used specifically for their intended purpose [2]