Group 1 - The company announced a plan to jointly acquire a portion of the equity in New Port Haichao (Beijing) Technology Co., Ltd. with Xiamen Jianda Xinjie Investment Partnership and Xiamen Huijie Jiaying Enterprise Management Partnership [1] - The total acquisition price for the equity stake is 418 million yuan [1] - Upon completion of the transaction, the company will hold a total of 35.3677% equity in New Port Haichao, both directly and indirectly [1]

9月1日，杰华特涨5.19%，截至发稿，报38.29元/股，成交6.23亿元，换手率6.35%，总市值171.11亿 元。 资料显示，杰华特微电子股份有限公司位于浙江省杭州市西湖区华星路创业大厦7楼西,香港铜锣湾希慎 道33号利园1期19楼1919室，成立日期2013年3月18日，上市日期2022年12月23日，公司主营业务涉及模 拟集成电路的研发与销售,为客户提供高效率、高性能、高可靠性的一站式模拟集成电路产品解决方 案。 从基金十大重仓股角度 数据显示，南方基金旗下1只基金重仓杰华特。南方碳中和股票发起A（016013）二季度增持9061股， 持有股数4.72万股，占基金净值比例为3.82%，位居第九大重仓股。根据测算，今日浮盈赚取约8.92万 元。 截至发稿，张磊累计任职时间5年209天，现任基金资产总规模8.76亿元，任职期间最佳基金回报 64.72%， 任职期间最差基金回报6.17%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 南方碳中 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company achieved a revenue of 1.187 billion yuan in H1 2025, representing a year-on-year increase of 58.20%. The gross margin was 28.16%, with a slight increase of 0.37 percentage points year-on-year. However, the net profit attributable to the parent company was a loss of 295 million yuan [5]. - The report highlights a recovery in demand, driven by the gradual completion of inventory destocking in the downstream market and the ramp-up of new products in computing and automotive sectors, which is expected to lead to performance recovery [5]. - The semiconductor industry is entering an upturn, with accelerated domestic substitution, particularly in the analog chip market, where domestic manufacturers are expected to experience a new growth phase [5]. - The company is focusing on high-growth areas such as computing, automotive electronics, and renewable energy, with a diverse product portfolio that includes over 3,200 analog product models [5]. - The company is transitioning towards a comprehensive semiconductor solution provider through both organic growth and strategic acquisitions, enhancing operational efficiency and scale [5]. Financial Summary - For H1 2025, the company reported a revenue of 1.187 billion yuan, with a year-on-year growth of 58.20%. The net profit attributable to the parent company was a loss of 295 million yuan [5]. - The forecast for 2025-2027 indicates a gradual recovery in net profit, with projections of -379 million yuan in 2025, 19 million yuan in 2026, and 213 million yuan in 2027 [6]. - The company’s gross margin is expected to improve from 27.3% in 2024 to 37.3% in 2027, reflecting a positive trend in profitability [6].

Core Viewpoint - The total margin balance of the STAR Market reached 216.09 billion yuan on August 26, showing an increase of 4.27 billion yuan from the previous trading day [1] Group 1: Margin Balance - The financing balance amounted to 215.35 billion yuan, increasing by 4.26 billion yuan from the previous trading day [1] - The margin trading balance was 7.44 billion yuan, with a slight increase of 0.05 billion yuan [1] Group 2: Stock Performance - On August 26, 357 stocks on the STAR Market experienced net financing inflows, with 23 stocks having net inflows exceeding 50 million yuan [1] - Cambricon Technologies led the net financing inflow with an amount of 593 million yuan, followed by SMIC, Haiguang Information, Dongxin Co., Jiewa Technology, Zhongwei Company, Huafeng Technology, and Daqo Energy, all exceeding 100 million yuan in net inflows [1]

Core Insights - The financing balance of the Sci-Tech Innovation Board increased by 4.26 billion yuan compared to the previous trading day, marking a continuous increase for 32 trading days [1] - The total margin balance on the Sci-Tech Innovation Board reached 216.09 billion yuan as of August 26, with a financing balance of 215.35 billion yuan and a securities lending balance of 745 million yuan [1] - The stocks with the highest financing balances include SMIC at 10.73 billion yuan, followed by Cambrian and Haiguang Information at 8.85 billion yuan and 6.59 billion yuan respectively [1] Financing Balance Summary - A total of 357 stocks saw an increase in financing balance, while 227 stocks experienced a decrease [1] - Notable increases in financing balance were observed in Wanyi Technology (57.81%), Jiewa (29.72%), and Microelectronic Physiology (26.53%) [1] - Significant decreases were noted in Songji Co., Ltd. (-27.60%), Ju Yi Technology (-19.67%), and Rendu Bio (-19.04%) [1] Securities Lending Balance Summary - The highest securities lending balance was recorded for Cambrian at 49 million yuan, followed by Haiguang Information and SMIC at 40 million yuan and 31 million yuan respectively [2] - A total of 132 stocks saw an increase in securities lending balance, while 140 stocks experienced a decrease [2] - The largest increases in securities lending balance were seen in Lianying Laser (298.30%), KQ Bio (165.45%), and Xidi Micro (102.79%) [2] - The largest decreases were recorded for Tiande Yu (-66.45%), China Electric Research (-61.43%), and Jucheng Co. (-58.81%) [2]

据证券之星公开数据整理，近期杰华特（688141）发布2025年中报。截至本报告期末，公司营业总收入 11.87亿元，同比上升58.2%，归母净利润-2.95亿元，同比上升12.44%。按单季度数据看，第二季度营业 总收入6.59亿元，同比上升56.47%，第二季度归母净利润-1.82亿元，同比下降42.08%。本报告期杰华特 盈利能力上升，毛利率同比增幅1.32%，净利率同比增幅43.82%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率28.16%，同比增1.32%，净利率-25.36%，同比 增43.82%，销售费用、管理费用、财务费用总计1.69亿元，三费占营收比14.22%，同比减15.11%，每股 净资产4.1元，同比减22.87%，每股经营性现金流-0.22元，同比增21.53%，每股收益-0.67元，同比增 10.67% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.51亿 | 11.87 乙 | 58.20% | | 归母净利润(元) | -3.37 乙 | -2.95 Z | 12. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company achieved a record high revenue in Q2 2025, with a revenue of 1.187 billion yuan, representing a year-over-year increase of 58.20%. However, the net profit attributable to shareholders was -295 million yuan, indicating a continued loss but with a narrowing loss margin compared to the previous year [1]. - The company is focusing on diversifying its product offerings in emerging fields, with over 3,200 product models available as of mid-2025. New products have been launched in sectors such as renewable energy, automotive electronics, and communication [3]. - Despite short-term profit pressures due to intense market competition and high R&D investments, the company is expected to successfully expand into new markets and launch new products, maintaining the "Outperform the Market" rating [3]. Financial Performance Summary - In the first half of 2025, the company's revenue from power management chips reached 1.105 billion yuan, accounting for 93% of total revenue, with a gross margin increase of 0.76 percentage points to 28.44% [2]. - The revenue from DC-DC chips grew by 82.92% year-over-year to 674 million yuan, representing 57% of total revenue, while the gross margin for these chips improved by 0.3 percentage points to 25.50% [2]. - The company forecasts a gradual improvement in net profit, with estimates of -130 million yuan in 2025, followed by positive net profits of 52 million yuan in 2026 and 146 million yuan in 2027 [5][26].

Core Viewpoint - The company achieved record revenue in the first half of 2025, indicating a strong recovery in the semiconductor industry, particularly in the automotive and computing sectors, while also narrowing its net loss, suggesting a potential operational turning point [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 1.187 billion yuan, a year-on-year increase of 58.20%, marking a historical high for semi-annual performance [1][2]. - The net loss attributable to shareholders was 295.09 million yuan, a year-on-year reduction of 12.44%, indicating positive improvement [2]. Research and Development - The company invested 420 million yuan in R&D in the first half of 2025, a more than 30% increase from 320 million yuan in the same period last year [3]. - The number of R&D personnel reached 1,022, accounting for 61.49% of the total workforce, with a year-on-year growth of 60.94% [3]. - The company has applied for 1,550 domestic and international patents, with 768 patents granted, showcasing its strong innovation capabilities [3]. Market Trends and Opportunities - The semiconductor industry is in a state of recovery, with significant growth potential in the automotive-grade chip market, driven by the increasing demand for high-performance semiconductor products [1][4]. - The AI sector is emerging as a key growth driver, with high demand for power management solutions and efficient semiconductor products [4]. - The automotive electronics market is rapidly expanding, with projections indicating a compound annual growth rate (CAGR) of over 25% for new energy vehicle sales in China from 2025 to 2030 [4]. Strategic Initiatives - The company is pursuing a dual strategy of "technology leadership + ecological layout" to penetrate emerging markets [4]. - Recent acquisitions of semiconductor companies have expanded the company's product offerings and market reach, particularly in signal chain products and power management [5]. - The company is actively pursuing a listing on the Hong Kong Stock Exchange to enhance its capital structure and global brand presence [5].

Core Viewpoint - The company achieved a record high revenue of 1.187 billion yuan in the first half of 2025, marking a year-on-year growth of 58.20%, while narrowing its net loss to 295.09 million yuan, indicating potential operational improvement [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 1.187 billion yuan, a historical high, with a nearly 60% growth rate in single-quarter revenue since 2024, reflecting a significant upward trend [2]. - The net profit attributable to shareholders was 295 million yuan, a year-on-year decrease of 12.44%, signaling positive signs of improvement despite ongoing losses [2]. Research and Development - The company invested 420 million yuan in R&D in the first half of 2025, an increase of over 30% compared to 320 million yuan in the same period last year, with R&D personnel accounting for 61.49% of the total workforce [3]. - The company has applied for 1,550 domestic and international patents, with 768 valid patents obtained, showcasing its strong innovation capabilities [3]. Market Trends and Opportunities - The semiconductor industry is in a continuous recovery phase, particularly in the automotive-grade chip market, which is experiencing rapid growth due to increasing demand for high-performance semiconductor products [1][4]. - Emerging fields such as AI, new energy, and automotive electronics are expected to drive significant growth in the semiconductor industry, with the automotive-grade chip market projected to see a compound annual growth rate (CAGR) of over 25% from 2025 to 2030 in China [4]. Strategic Initiatives - The company is pursuing an "A+H" dual-market listing strategy to enhance its global brand influence and market expansion, having submitted a listing application to the Hong Kong Stock Exchange [5]. - Recent acquisitions of companies such as Shanghai Liji Microelectronics and Nanjing Tianyi Hexin Electronics have broadened the company's product offerings and strengthened its position in the signal chain and power management sectors [5].

Core Viewpoint - JoulWatt Microelectronics Co., Ltd. reported significant growth in revenue for the first half of 2025, with a 58.20% increase compared to the same period last year, although it continues to face net losses [2][4]. Financial Performance - Total assets increased to approximately 5.13 billion RMB, up 22.03% from the previous year [2]. - Operating revenue reached approximately 1.19 billion RMB, compared to approximately 750.52 million RMB in the same period last year [2]. - The total profit for the period was approximately -300.54 million RMB, an improvement from -337.98 million RMB year-on-year [2]. - Net profit attributable to shareholders was approximately -295.09 million RMB, also an improvement from -337.01 million RMB year-on-year [2]. - The net cash flow from operating activities was approximately -97.20 million RMB, an improvement from -123.87 million RMB year-on-year [2]. Shareholder Information - The total number of shareholders as of the report date was 10,999 [4]. - The largest shareholder, JoulWatt Technology Inc., holds 30.18% of the shares [4][5]. - Other significant shareholders include Hangzhou Jiewo Information Consulting Partnership and Hubble Technology Venture Capital [5][6].