Group 1 - The stock of Jiehuate (688141.SH) closed at 30.72 yuan, with a decline of 2.10%, and a total market capitalization of 13.728 billion yuan, currently in a state of breaking issue [1] - Jiehuate was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 23, 2022, with an initial public offering of 58.08 million shares at a price of 38.26 yuan per share [1] - The total amount raised from the IPO was 222.21408 million yuan, with a net amount of 205.46849 million yuan, exceeding the original planned fundraising by 48.37376 million yuan [1] - The company originally intended to raise 157.09473 million yuan for various projects including high-performance power management chip R&D, analog chip R&D, automotive electronic chip R&D, advanced semiconductor process platform development, and working capital [1] - The total issuance costs for the IPO were 16.74559 million yuan, with underwriting fees amounting to 13.33284 million yuan [1] - The actual controllers of Jiehuate are Zhou Xun Wei, a U.S. national, and Huang Biliang, a resident of Macau, China [1] Group 2 - On February 18, Jiehuate announced the authorization for the management to initiate preparations for the issuance of H-shares and listing on the Hong Kong Stock Exchange [2] - The board of directors approved the management to start the preparatory work for the H-share listing, with an authorization period of 12 months from the date of board approval [2]

Core Viewpoint - Jiewater Microelectronics Co., Ltd. (stock code 688141.SZ) is planning to list on the Hong Kong Stock Exchange, despite facing a situation of increasing revenue but decreasing profits, with a total loss of 1.1 billion yuan over the past two years [1][9]. Company Overview - Founded in 2013, Jiewater operates as a virtual IDM (Integrated Device Manufacturer) specializing in analog integrated circuit design, providing a wide range of products for various applications [3][4]. - The company was listed on the Shanghai Stock Exchange on December 23, 2022, with an initial share price of 38.26 yuan, reaching a market capitalization of 22.675 billion yuan on the first day [3][4]. Financial Performance - Jiewater's revenue from 2022 to 2024 was 1.448 billion, 1.297 billion, and 1.679 billion yuan, respectively, with a compound annual growth rate of 7.69%. However, the net profit for the same period was -136 million, -533 million, and -611 million yuan, leading to a total loss of 1.1 billion yuan [9]. - The company experienced a significant decline in market capitalization, dropping by 40.7% from its peak of over 25 billion yuan in April 2024 to approximately 13.447 billion yuan by June 2025 [4][9]. Market Position - In 2024, Jiewater ranked eighth globally and fourth among Chinese companies in terms of revenue from power management integrated circuits [5]. - The company also ranked sixth globally and second in China for DC-DC integrated circuits, indicating a strong market presence despite recent financial struggles [6]. R&D and Investment - Jiewater has significantly increased its R&D expenditures, which were 305 million, 499 million, and 619 million yuan over the past three years, representing a high proportion of its revenue [9]. - The funds raised from the upcoming IPO will primarily be used for enhancing technology research and development, expanding product offerings, and strategic investments [15]. Shareholder Structure - Major shareholders include Zhou Xun Wei and Huang Bi Liang, who collectively hold approximately 40.94% of the company. Hubble Investment remains the largest institutional investor with a 3.03% stake, having not reduced its holdings since the company's listing [11][14]. - Intel's subsidiary has been reducing its stake in Jiewater, having decreased its holdings by 1.76% throughout 2024 [12].

Group 1 - A wave of semiconductor companies is applying for IPOs in Hong Kong, with three companies, including Jiehuate Microelectronics, Shenzhen Huada Beidou, and Unisplendour, submitting their prospectuses on June 12 [2] - Since December 2022, a total of 10 A-share semiconductor companies have announced plans for Hong Kong IPOs, indicating a trend towards the "A+H" listing model [2][4] - The shift towards Hong Kong listings is driven by changes in the capital market and the desire of Chinese semiconductor firms to establish an international development platform after growing in A-shares [2][4] Group 2 - The recent trend of semiconductor companies seeking Hong Kong IPOs is influenced by the new listing policies in Hong Kong, which now allow "specialized and innovative" tech companies without revenue or profit to go public [4] - Many leading A-share semiconductor companies are focusing on internationalization and expanding their overseas business, with foreign revenue and gross margins exceeding domestic figures [4] - The market perception of Hong Kong as a "discount financing platform" is changing, as evidenced by companies like CATL achieving zero discount listings [4] Group 3 - The companies applying for Hong Kong IPOs are primarily leading firms in niche segments, with market capitalizations generally exceeding 10 billion yuan [4][5] - The successful listing of InnoSilicon as the first third-generation semiconductor company on the Hong Kong stock market highlights the growing interest in this sector [3][4] - The capital market is undergoing reforms and opening up, leading to a transformation of the Hong Kong market into a "value discovery hub" [4]

Core Viewpoint - Jiewa Microelectronics Co., Ltd. has officially commenced its IPO journey on the Hong Kong Stock Exchange, focusing on becoming a leader in the global analog integrated circuit industry through its innovative and efficient product offerings [2]. Company Overview - Jiewa operates as a virtual IDM model, specializing in the research and development of analog integrated circuits, with a comprehensive core technology architecture that includes process, integrated circuit design, and system definition [2]. - The company offers a wide range of analog integrated circuit products, with approximately 2,200 models available for sale, including over 2,000 power management integrated circuit models, achieving industry-leading status in 2024 [2][4]. Market Position - According to Frost & Sullivan, Jiewa ranks eighth globally and fourth among Chinese analog integrated circuit companies in terms of revenue from power management integrated circuits in 2024 [3]. - In the Chinese market, Jiewa ranks sixth globally and second among local companies for DC-DC integrated circuit revenue in 2024 [3]. - The company also ranks fifth globally and second in China for revenue from power management integrated circuits in the communications market, and sixth globally and second in China for the computing and storage market [3]. Financial Performance - Jiewa's revenues for the years 2022, 2023, and 2024 were RMB 1,447.7 million, RMB 1,296.7 million, and RMB 1,678.8 million, respectively, indicating strong revenue growth in 2024 due to increased demand across various sectors [4]. - The company has significantly invested in R&D, with expenditures of RMB 304.7 million, RMB 499.4 million, and RMB 619.3 million for the years 2022, 2023, and 2024, representing 21.0%, 38.5%, and 36.9% of total revenue, respectively [4]. - As of December 31, 2024, Jiewa employed 776 R&D personnel, accounting for over 62.1% of its total workforce, with approximately 62.9% holding master's degrees or higher [4].

Core Viewpoint - Zhejiang Jiewa Technology Co., Ltd. (Jiewa) is attempting to open new financing channels through a dual listing on the Hong Kong Stock Exchange after its previous listing on the Sci-Tech Innovation Board, despite facing significant losses amid industry challenges [1][18]. Group 1: Company Overview - Jiewa was established in March 2013 and operates as a virtual IDM model focusing on analog chips, primarily in power management [1]. - The company has developed a diverse product matrix, including four major power management product lines and five signal chain product lines, with a total of 2,200 integrated circuit products [2][1]. Group 2: Financial Performance - Jiewa's revenue for 2024 is projected to reach 1.679 billion yuan, representing a year-on-year growth of 29.46%, but the net loss is expected to widen from 533 million yuan in 2023 to 611 million yuan in 2024 [2][1]. - The company's revenue from 2022 to 2024 shows a compound annual growth rate of 7.69%, while net profit has declined from a profit of 136 million yuan in 2022 to a loss of 611 million yuan in 2024 [2][3]. Group 3: Inventory and Losses - Jiewa's inventory has increased from 783 million yuan in 2022 to 855 million yuan in 2024, with a significant rise in inventory impairment losses from 21 million yuan in 2022 to 205 million yuan in 2024 [5][9]. - The inventory turnover days have also increased, indicating a growing challenge in managing inventory effectively, with turnover days recorded at 217.1, 264.4, and 221.5 days from 2022 to 2024 [7][8]. Group 4: R&D Investment - The company has significantly increased its R&D expenditure, which rose from 305 million yuan in 2022 to 619 million yuan in 2024, accounting for 21.0%, 38.5%, and 36.9% of revenue during these years [9][10]. - Jiewa has launched approximately 400 new product models in 2023 and 2024, focusing on improving its BCD process technology [10]. Group 5: Market Position and Future Prospects - Jiewa ranks eighth globally and fourth in China for power management integrated circuits, with notable positions in the DC-DC and communication power management sectors [2][1]. - The company is focusing on technological breakthroughs, particularly in DrMOS and multi-phase controller products, which are expected to be key to improving performance and capturing market share in the growing AI and electric vehicle sectors [11][12][14]. Group 6: Strategic Moves - Jiewa is planning to acquire a 40.89% stake in Nanjing Tianyi Hexin Electronics, which specializes in high-performance sensor chips and analog chip design, to enhance its product offerings in the signal chain category [17][18]. - The company aims to alleviate financial pressure through its upcoming listing on the Hong Kong Stock Exchange, although it faces challenges such as high inventory levels and declining gross margins [18].

浙江省杭州市上城区钱江路 1366 号华润大厦 A 座 3001 邮编：310017 电话：(86-571)89926500 传真：(86-571)89926501 北京竞天公诚（杭州）律师事务所 关于杰华特微电子股份有限公司 2025 年第一次临时股东大会的法律意见书 致：杰华特微电子股份有限公司 北京竞天公诚（杭州）律师事务所（以下简称"本所"）接受杰华特微电子股 份有限公司（以下简称"公司"）委托，指派本所律师对公司 2025 年第一次临时 股东大会（以下简称"本次会议"）的合法性进行见证并出具法律意见书。 本所及本所律师依据《中华人民共和国证券法》（以下简称"证券法"）、《律 师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试 行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格履行了 法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本法 律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准确，不 存在虚假记载、误导性陈述或重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《证券法》、中 ...

证券代码：688141 证券简称：杰华特 公告编号：2025-035 杰华特微电子股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证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： （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 239 | | --- | --- | | 普通股股东人数 | 239 | | 2、出席会议的股东所持有的表决权数量 | 197,825,677 | | 普通股股东所持有表决权数量 | 197,825,677 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 44.2681 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 44.2681 | 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 06 月 06 日 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大 ...

Core Viewpoint - Jiewa Microelectronics Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, marking the official launch of its A+H dual listing plan, aiming to enhance its global presence and attract international investors [1][6]. Group 1: Company Overview - Jiewa was established in 2013 and is one of the first domestic companies to implement a virtual IDM model in the analog integrated circuit design sector [2]. - The company focuses on power management and signal chain chips, utilizing its proprietary BCD process technology platform for chip design and manufacturing [2][4]. - As of December 31, 2024, Jiewa has nearly 2,200 product models available, widely used in various applications including automotive electronics, communication devices, and renewable energy [2]. Group 2: Market Position - In the Chinese analog integrated circuit market, Jiewa ranks eighth globally and fourth among Chinese manufacturers in terms of power management revenue for 2024 [2]. - In the communications market, Jiewa ranks fifth globally and second domestically based on power management revenue for 2024 [3]. - In the computing and storage market, Jiewa holds the sixth position globally and second position domestically for power management revenue in 2024 [3]. Group 3: Research and Development - Jiewa has significantly increased its R&D investment, reaching 619 million yuan in 2024, a year-on-year increase of 24.02% [4]. - In the first quarter of 2025, R&D investment totaled 191 million yuan, reflecting a 36.18% year-on-year growth [4]. - The company has successfully launched products in emerging application areas, including high-voltage PMIC chips for solar applications and various PoE Ethernet power supply chips [4][5]. Group 4: Strategic Moves - Jiewa's recent acquisition of Tianyi Hexin for 319 million yuan is expected to enhance its signal chain technology and penetrate the consumer electronics market [5]. - The company's IPO in Hong Kong is part of a broader trend, with at least 24 A-share companies applying for listings on the Hong Kong Stock Exchange, indicating a growing interest in dual listings [6]. - The current market environment favors semiconductor assets, providing Jiewa with an opportunity to enhance its valuation and secure long-term funding [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688141 证券简称：杰华特 公告编号：2025-034 杰华特微电子股份有限公司 关于向香港联合交易所有限公司递交H股发行及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。 杰华特微电子股份有限公司（以下简称"公司"）已于2025年5月30日向香港联合交易所有限公司（以下 简称"香港联交所"）递交了在境外发行股份（H股）并在香港联交所主板上市（以下简称"本次发行"） 的申请，并于同日在香港联交所网站刊登了本次发行的申请资料。该申请资料为公司按照香港证券及期 货事务监察委员会及香港联交所的要求编制和刊发，为草拟版本，其所载资料可能会适时作出更新和变 动。 鉴于本次发行的认购对象仅限于符合相关条件的境外投资者及依据中国相关法律法规有权进行境外证券 投资的境内合格投资者，公司将不会在境内证券交易所的网站和符合监管机构规定条件的媒体上刊登该 申请资料，但为使境内投资者及时了解该等申请资料披露的本次发行以及公司的其他相关信息，现提供 该申 ...

Core Viewpoint - Jiewa Microelectronics Co., Ltd. (referred to as "Jiewa") has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to become an "A+H" listed company after its initial public offering on the Shanghai Stock Exchange in December 2022 [1][3]. Company Overview - Jiewa is a virtual IDM model semiconductor design company focused on the research and development of analog integrated circuits, with a registered capital of approximately 447 million yuan [3]. - The company was established in March 2013 and is located in Hangzhou, Zhejiang Province [3]. Financial Performance - Jiewa's revenue for the years 2022, 2023, and 2024 was approximately 1.448 billion yuan, 1.297 billion yuan, and 1.679 billion yuan, respectively, with gross profits of 557 million yuan, 153 million yuan, and 254 million yuan [5][6]. - The company reported net losses of approximately 136 million yuan in 2022, 533 million yuan in 2023, and 611 million yuan in 2024 [5][7]. Product Portfolio - Jiewa's product offerings primarily include power management integrated circuits and signal chain integrated circuits, with around 2,200 models available for sale as of December 31, 2024 [4][8]. - Revenue from power management integrated circuits accounted for approximately 95.5%, 98.5%, and 98.0% of total revenue in 2022, 2023, and 2024, respectively [8]. Sales and Cost Analysis - The total sales volume for Jiewa was approximately 3.387 billion units in 2022, 4.275 billion units in 2023, and 5.784 billion units in 2024, indicating a significant increase in sales volume [9]. - Despite the increase in sales volume, revenue growth was limited, with a 10.4% decrease in 2023 attributed to a decline in average selling prices across all product categories [9][10]. - The company's costs increased significantly, with costs of approximately 891 million yuan, 1.144 billion yuan, and 1.425 billion yuan for the respective years, reflecting increases of 28.3% and 24.6% in 2023 and 2024 [9].