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]

Group 1 - A-share companies are increasingly planning to list in Hong Kong, indicating a trend in the market [1] - A total of 29 A-share listed companies have disclosed plans for Hong Kong listings this month [1] - Notable companies involved in this trend include Huaxin Cement, Shengbang Co., Dongcheng Pharmaceutical, and others [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][10]. Core Views - The company has demonstrated steady growth in performance, with a revenue of 5.198 billion yuan for the first half of 2025, representing an 18.21% year-on-year increase, and a net profit attributable to shareholders of 332 million yuan, up 77.61% year-on-year [5][9]. - The company is focusing on continuous product research and development, with significant achievements in the first half of 2025, including a 13.13% increase in R&D expenditure to 695 million yuan, accounting for 13.37% of revenue [9][10]. - The company is expected to maintain stable growth in operating performance, with a diversified product layout showing initial results, particularly in the DDIC, CIS, and PMIC sectors [9][10]. Financial Summary - Revenue projections for 2025-2027 are adjusted to 872 million yuan, 1.342 billion yuan, and 1.811 billion yuan respectively, with corresponding P/E ratios of 55.9X, 36.3X, and 26.9X based on the closing price on August 29 [10]. - The company’s revenue and net profit are expected to grow at rates of 26.1% and 63.6% respectively in 2025, with a gross margin of 27.2% [12]. - The company’s total assets are projected to be 52.426 billion yuan in 2025, with a debt ratio of 49.0% [11][12].

Group 1 - The core point of the announcement is that Huaqin Technology Co., Ltd. disclosed a change in equity held by a major shareholder, Hainan Qinyuan, which reduced its stake from 8.03% to 7.95% after selling 770,400 shares, representing 0.0758% of the total share capital [1][3][4] - The reduction in shareholding was part of a previously disclosed plan by Hainan Qinyuan and does not trigger a mandatory tender offer [3][4] - The change in equity will not affect the control structure of the company or its ongoing operations significantly [3][4] Group 2 - Huaqin Technology has completed the transfer of shares from Lichip Venture, acquiring 120,368,109 shares of Anhui Jinhui Integrated Circuit Co., Ltd., which accounts for 6.00% of Jinhui's total share capital, at a price of 19.88 yuan per share, totaling approximately 2.39 billion yuan [6][7] - The share transfer was finalized on August 27, 2025, and the payment and transfer procedures were consistent with prior disclosures [7]

Core Viewpoint - The recent financial report of Jinghe Integrated (688249) shows significant growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1]. Financial Performance - The total revenue for the first half of 2025 reached 5.198 billion yuan, a year-on-year increase of 18.21% compared to 4.398 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 332 million yuan, marking a substantial year-on-year increase of 77.61% from 187 million yuan [1]. - In Q2 2025, the total revenue was 2.631 billion yuan, up 21.24% year-on-year, while the net profit was 197 million yuan, reflecting an 82.52% increase [1]. - The gross margin improved to 25.76%, up 5.47% year-on-year, and the net margin increased to 4.46%, up 0.73% [1]. Cost and Efficiency Metrics - Total selling, administrative, and financial expenses amounted to 398 million yuan, accounting for 7.66% of revenue, which is an increase of 1.87% year-on-year [1]. - The earnings per share (EPS) rose to 0.17 yuan, a significant increase of 70% compared to 0.1 yuan in the previous year [1]. - The operating cash flow per share improved to 0.85 yuan, reflecting a year-on-year increase of 31.65% [1]. Debt and Receivables - The company’s interest-bearing liabilities decreased to 20.087 billion yuan, down 4% from the previous year [1]. - Accounts receivable increased to 956 million yuan, a 13.76% rise year-on-year, indicating potential concerns regarding cash flow management [1][4]. Investment and Market Position - The company’s return on invested capital (ROIC) was reported at 1.96%, indicating a relatively weak capital return performance [3]. - The historical median ROIC since the company’s listing is 0.9%, with a notable poor performance in 2018 when ROIC was -25.9% [3]. - Analysts project the company’s performance for 2025 to reach 870 million yuan, with an average EPS forecast of 0.43 yuan [4]. Fund Holdings - The largest fund holding Jinghe Integrated is the Jianxin Shanghai Stock Exchange Selected Sci-Tech Innovation Board Innovative Value ETF, with 1.8569 million shares held [5]. - Other funds have also increased their positions in the company, indicating growing interest from institutional investors [5].

Core Viewpoint - The announcement details the completion of a share transfer agreement where a major shareholder, Lichuang Innovation Investment Holdings Co., Ltd., transferred 120,368,109 shares (6.00% of total shares) of Hefei Jinhui Integrated Circuit Co., Ltd. to Huakin Technology, with a lock-up period of 36 months for the acquired shares [1][2][4]. Group 1 - Lichuang Innovation Investment Holdings Co., Ltd. transferred 120,368,109 shares, representing 6.00% of the total share capital of the company [1][2]. - The share transfer was completed on August 27, 2025, and the shares are classified as unrestricted circulating shares [1][2]. - Huakin Technology committed to holding the acquired shares for long-term investment purposes and will not transfer them externally for 36 months, except to subsidiaries or related parties [2][4]. Group 2 - Prior to the transfer, Lichuang held 382,732,181 shares (19.08% of total shares), which decreased to 262,364,072 shares (13.08%) post-transfer [3]. - Huakin Technology, before the transfer, held no shares and now holds 120,368,109 shares (6.00%) [3]. - The transfer does not significantly impact the company's governance structure or ongoing operations [3].

Group 1 - The company has completed the transfer of shares from Lichip Venture Capital, acquiring 120,368,109 shares of Jinghe Integrated Circuit Co., Ltd., which represents a significant stake in the company [1] - The share transfer agreement was signed on July 29, 2025, indicating the company's long-term investment value recognition of Jinghe Integrated [1] - The share transfer registration was confirmed by China Securities Depository and Clearing Corporation Limited, with the registration completed on August 27, 2025 [1] Group 2 - Prior to this transaction, the company did not hold any shares in Jinghe Integrated, highlighting the strategic nature of this investment [1] - The announcement assures that the content is truthful and complete, with the board of directors taking legal responsibility for the information provided [1]

合肥晶合集成电路股份有限公司 公司增加 2025 年度日常关联交易预计额度系根据公司业务发展以及实际生 产经营所需，双方交易遵循了客观、公平、公允的原则，交易价格及交易方式符 合市场规则，交易价格公允，不存在损害公司和其他非关联方股东利益的情况， 不会影响公司独立性。独立董事一致同意公司本次增加 2025 年度日常关联交易 预计的事项并同意将该议案提交公司董事会审议。 表决结果：3 票同意；0 票反对；0 票弃权。 本议案尚需提交公司董事会审议。 独立董事：安广实、蔺智挺、陈绍亨 第二届董事会独立董事专门会议第七次会议决议 合肥晶合集成电路股份有限公司（以下简称"公司"）第二届董事会独立董 事专门会议第七次会议于 2025 年 8 月 28 日在公司会议室以通讯方式召开。会议 通知于 2025 年 8 月 22 日以电子邮件的方式送达各位独立董事。本次会议应出席 独立董事 3 人，实际出席独立董事 3 人，本次会议由过半数独立董事推选的独立 董事安广实先生主持，会议的召集、召开和表决程序符合《中华人民共和国公司 法》等法律法规以及《合肥晶合集成电路股份有限公司章程》《合肥晶合集成电 路股份有限公司独立董事工作 ...

证券代码：688249 证券简称：晶合集成 公告编号：2025-055 合肥晶合集成电路股份有限公司 第二届董事会第二十五次会议决议公告 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。 一、董事会会议召开情况 合肥晶合集成电路股份有限公司（以下简称"公司"）第二届董事会第二十 五次会议于 2025 年 8 月 28 日以现场和通讯相结合的方式在公司会议室召开，会 议通知于 2025 年 8 月 22 日以电子邮件方式送达全体董事。本次会议由董事长蔡 国智召集并主持，应参加本次董事会会议的董事 9 名，实际参加本次董事会会议 的董事 9 名，全体监事列席会议。 本次会议的召集和召开符合《中华人民共和国公司法》《中华人民共和国证 券法》《上海证券交易所科创板股票上市规则》等有关法律、行政法规、部门规 章、规范性文件和《合肥晶合集成电路股份有限公司章程》 （以下简称"《公司章 程》"）的有关规定，会议决议合法、有效。 二、董事会会议审议情况 审议通过《关于取消公司监事会、变更经营范围并修订 <公司章程> 的议案》 同意取消公司监 ...

合肥晶合集成电路股份有限公司 第二届监事会第十五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 证券代码：688249 证券简称：晶合集成 公告编号：2025-056 （二）审议并通过《关于公司<2025 年半年度募集资金存放与实际使用情况 的专项报告>的议案》 监事会认为：公司 2025 年半年度募集资金的存放与使用符合《上海证券交 易所科创板股票上市规则》《上市公司募集资金监管规则》等法律、法规、规范 性文件以及公司《募集资金管理制度》等规定，对募集资金进行了专户存储和专 项使用，并及时履行了相关信息披露义务，募集资金的存放与使用情况同公司募 集资金相关信息披露的内容一致，不存在变相改变募集资金用途和损害股东利益 的情况，不存在违规使用募集资金的情形。因此，监事会同意《晶合集成 2025 年半年度募集资金存放与实际使用情况的专项报告》的内容。 表决情况：3 票赞成；0 票弃权；0 票反对。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《晶 合集成 ...