天眼查商业履历信息显示，合肥晶合集成电路股份有限公司，成立于2015年，位于合肥市，是一家以从 事计算机、通信和其他电子设备制造业为主的企业。企业注册资本200613.5157万人民币，实缴资本 133849.5006万人民币。公司法定代表人为蔡国智。 通过天眼查大数据分析，合肥晶合集成电路股份有限公司共对外投资了9家企业，参与招投标项目630 次，知识产权方面有商标信息41条，专利信息1200条，此外企业还拥有行政许可21个。 来源：金融界 金融界消息 截至2025年8月22日收盘，晶合集成（688249）报收于24.29元，上涨5.84%，换手率 5.23%，成交量62.05万手，成交金额14.74亿元。 资金流向方面，今日主力资金净流入4221.50万元，占比成交额2.86%。其中，超大单净流入5880.16万 元、占成交额3.99%，大单净流出1658.66万元、占成交额1.13%，中单净流出流出5259.94万元、占成交 额3.57%，小单净流入1038.44万元、占成交额0.7%。 晶合集成最新一期业绩显示，截至2025一季报，公司营业总收入25.68亿元、同比增长15.25%，归属净 利润1.3 ...

Group 1 - The Shanghai Stock Exchange National New Sci-Tech Board State-Owned Enterprises Index (950253) increased by 2.5%, closing at 1126.03 points with a trading volume of 37.353 billion yuan [1] - The index has risen by 11.82% over the past month, 16.07% over the past three months, and 15.75% year-to-date [1] - The index reflects the overall performance of state-owned enterprises listed on the Sci-Tech Board, selected from companies with state capital participation and no actual controllers, with a base date of December 30, 2022, set at 1000.0 points [1] Group 2 - The top ten weighted stocks in the index include Huahong Semiconductor (6.01%), Huahai Qingke (5.0%), Western Superconducting (4.97%), Haiguang Information (4.92%), SMIC (4.74%), China Resources Microelectronics (4.68%), Zhongwei Company (4.34%), Jinghe Integrated (3.43%), Guodun Quantum (3.33%), and Zhongke Xingtou (2.96%) [1] - The index's holdings are entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - In terms of industry composition, the index's sample shows that Information Technology accounts for 54.27%, Industry for 29.22%, Materials for 9.09%, Communication Services for 4.90%, and Healthcare for 2.52% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2]

Group 1 - The core viewpoint highlights the positive performance of the semiconductor sector, with the ChiNext 50 Enhanced ETF (588460) rising by 2.15%, marking a four-day consecutive increase, driven by significant gains in component stocks such as Haiguang Information (688041) up 10.82% and Cambrian (688256) up 6.99% [1] - Semiconductor companies are experiencing a collective rise, supported by increased capital expenditure from overseas CSP cloud vendors and TSMC raising its revenue growth guidance for 2025, indicating a sustained demand for computing power [1] - Domestic semiconductor equipment companies are showing favorable order intake and performance, while overseas storage manufacturers benefit from demand for HBM, leading to improved revenue and profitability for domestic storage module and niche storage chip companies [1] Group 2 - The ChiNext 50 index comprises 50 companies with high market capitalization and liquidity, representing key players in six strategic emerging industries, demonstrating strong anti-cyclical capabilities and performance resilience amid intensifying global tech competition [2] - As of July 31, 2025, the top ten weighted stocks in the ChiNext 50 index include SMIC (688981), Cambrian (688256), and Haiguang Information (688041), collectively accounting for 54.71% of the index [2]

Group 1 - The core viewpoint of the news highlights the performance and financial metrics of Hefei Jinghe Integrated Circuit Co., Ltd. as of August 13, 2025, showing a stock price increase and significant revenue growth [1] - The company's total operating revenue for Q1 2025 reached 2.568 billion yuan, representing a year-on-year growth of 15.25%, while the net profit attributable to shareholders was 135 million yuan, up 70.92% year-on-year [1] - The company has a current ratio of 1.148, a quick ratio of 0.902, and a debt-to-asset ratio of 46.75%, indicating a stable financial position [1] Group 2 - Hefei Jinghe Integrated Circuit Co., Ltd. was established in 2015 and is primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has made investments in 9 enterprises and participated in 630 bidding projects, showcasing its active role in the industry [2] - The company holds 41 trademark registrations and 1,194 patents, along with 21 administrative licenses, reflecting its commitment to innovation and compliance [2]

Group 1 - The average capacity utilization rate of major global foundries is approximately 82% in Q2 2025, reflecting an increase of about 8 percentage points year-on-year, driven by tariff risk factors and strong downstream demand [1] - The demand for 8-inch wafers has significantly rebounded, with major foundries expected to see steady increases in shipment volumes and capacity utilization rates in the first half of 2025, and further acceleration in the second half due to recovery in industrial control and automotive applications [1] - According to TrendForce, wafer foundry prices are expected to stabilize starting from Q3 2025, with a slight potential price increase for certain 8-inch applications in 2026 [1] Group 2 - The capacity utilization rate for 28/40nm processes in mainland China is expected to remain high in 2025, with projections indicating it will exceed 90% due to international clients shifting orders to establish local supply chains [3] - The 55nm process is showing signs of stable recovery driven by demand in automotive and medium-sized displays, while the 90nm demand remains optimistic; however, price increases are expected to be challenging due to the entry of more second-tier foundries in mainland China [4] - The 8-inch process is experiencing a significant recovery in capacity utilization rates, with major manufacturers like World Advanced and Huahong expected to see a quarter-on-quarter increase of 3-5 percentage points from Q3 to Q4 2025 [5]

Core Insights - The stock price of Jinghe Integrated Circuit (688249) closed at 21.68 yuan on August 8, 2025, with a decrease of 0.78% and a turnover rate of 0.82% [1] - The company reported a total revenue of 2.568 billion yuan for Q1 2025, representing a year-on-year growth of 15.25%, and a net profit of 135 million yuan, which is a 70.92% increase year-on-year [1] Financial Performance - Total revenue for Q1 2025: 25.68 billion yuan, up 15.25% year-on-year [1] - Net profit: 1.35 billion yuan, up 70.92% year-on-year [1] - Non-recurring net profit: 1.23 billion yuan, up 113.92% year-on-year [1] - Current ratio: 1.148, quick ratio: 0.902, debt-to-asset ratio: 46.75% [1] Market Activity - Main capital outflow on the reporting day was 27.3963 million yuan, accounting for 12.9% of the total transaction amount [1] - Large orders saw a net outflow of 22.3003 million yuan, making up 10.5% of the transaction amount [1] - Small orders had a net inflow of 14.9017 million yuan, representing 7.01% of the transaction amount [1] Company Background - Jinghe Integrated Circuit Co., Ltd. was established in 2015 and is located in Hefei, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 2.006 billion yuan and a paid-in capital of 1.338 billion yuan [1] - The legal representative of the company is Cai Guozhi [1] Investment and Intellectual Property - The company has invested in 9 enterprises and participated in 630 bidding projects [2] - It holds 41 trademark registrations and 1,191 patents, along with 21 administrative licenses [2]

Group 1 - The core viewpoint of the article highlights the positive performance and growth prospects of Jinghe Integrated, a leading semiconductor wafer manufacturing company in China, as well as its plans for an H-share issuance to enhance international financing channels and global competitiveness [1] Group 2 - As of August 5, 2025, Jinghe Integrated's latest stock price is 21.76 yuan, reflecting an increase of 0.04 yuan from the previous trading day's closing price [1] - The company expects its revenue for the first half of 2025 to be between 5.07 billion and 5.32 billion yuan, representing a year-on-year growth of 15.29% to 20.97% [1] - The projected net profit attributable to shareholders is estimated to be between 260 million and 390 million yuan, indicating a year-on-year increase of 39.04% to 108.55% [1] - On August 1, the company announced plans to issue H-shares and list on the Hong Kong Stock Exchange, aiming to expand its international financing capabilities [1]

Group 1 - The company, Jinghe Integrated Circuit (688249.SH), is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and competitiveness [1] - The H-share listing is aimed at optimizing the capital structure and expanding financing channels, with discussions ongoing with relevant intermediaries [1] - The listing will not change the controlling shareholder or actual controller of the company [1] Group 2 - Jinghe Integrated Circuit was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on May 5, 2023, with an initial public offering (IPO) of 501,533,789 shares, representing 25.00% of the total share capital post-issue [2] - After the full exercise of the over-allotment option, the total number of shares issued increased to 576,763,789, accounting for 27.71% of the post-issue total [2] - The IPO raised a total of 996.05 million yuan before the over-allotment option and 1,145.45 million yuan after, with net proceeds of 972.35 million yuan and 1,118.76 million yuan respectively [2] Group 3 - The total issuance costs for the IPO were 23.69 million yuan before the over-allotment option and 26.69 million yuan after [3] - The underwriting and sponsorship fees amounted to 19.73 million yuan before and 22.69 million yuan after the over-allotment option [3] Group 4 - The company announced on April 15, 2024, that it would not distribute profits for the 2023 fiscal year [4] - A cash dividend of 0.10 yuan per share (including tax) is proposed for June 12, 2025, with a total cash dividend payout of approximately 194.40 million yuan [4]

Group 1: IPO Regulations and Market Dynamics - The Hong Kong Stock Exchange (HKEX) has implemented new IPO pricing regulations, requiring at least 40% of shares to be allocated to book-building investors, with a maximum public subscription clawback of 35% [1] - The new regulations aim to enhance pricing efficiency and attract international issuers and investors, reinforcing Hong Kong's status as a global financial center [1] - The new rules provide larger companies with more flexibility in public shareholding requirements, while smaller companies may face increased challenges due to higher free float requirements [1] Group 2: Fundraising Performance - In the first seven months of the year, the Hong Kong stock market has raised a total of HKD 128.6 billion through 51 IPOs, marking a year-on-year increase of over 600% [2] - More than 80% of new stocks had cornerstone investors, with total cornerstone investment amounting to HKD 51.8 billion, accounting for over 40% of the total fundraising [2] - Approximately 4 million participants engaged in IPO subscriptions, with 65% of new stocks experiencing price increases on their first trading day, and 9 stocks doubling in value this year [2] Group 3: Company Listings - Crystal Integrated (SH688249) is planning to issue H-shares and list on the Hong Kong Stock Exchange, aiming for revenue of HKD 5.07 billion to HKD 5.32 billion in the first half of 2025, representing a year-on-year growth of 15.29% to 20.97% [3] - The company anticipates a net profit of HKD 260 million to HKD 390 million for the same period, reflecting a significant year-on-year increase of 39.04% to 108.55% [3] - The listing is part of Crystal Integrated's strategy to expand internationally and broaden its financing channels amid a competitive semiconductor industry [3] Group 4: Stock Connect Updates - The Shenzhen Stock Exchange has announced the inclusion of Feng'an Technology (HK01304) and Lens Technology (HK06613) in the Stock Connect program, effective from August 4, 2025 [4] - This adjustment allows investors greater selection and is expected to enhance the visibility and capital attraction for the newly included companies [4] - The dynamic adjustment of the Stock Connect reflects market changes and investor demand [4]

Core Viewpoint - Company has strategically acquired a 6% stake in Jinghe Integrated for 2.39 billion yuan, marking its first foray into the semiconductor wafer manufacturing sector, achieving vertical integration of "end products + chip manufacturing" [2] Group 1: Strategic Investment - The acquisition positions the company as a significant strategic shareholder and partner of Jinghe Integrated, enhancing its technological capabilities and product competitiveness [2] - This move aligns with the company's ongoing strategy to expand upstream in the industry chain and deepen its involvement in core segments [2] Group 2: Market Context - Jinghe Integrated is a leading domestic semiconductor wafer manufacturer, producing various chips such as display driver chips, image sensors, power management chips, and microcontrollers, which are widely used in consumer electronics and office products [2] - The end products of Jinghe Integrated closely overlap with the company's existing "3+N+3" product lineup, indicating a strong synergy [2] Group 3: Previous Acquisitions - Prior to this investment, the company enhanced its competitiveness in smart terminal structural components through acquisitions of Huayu Precision, Heyuan Xiqin, and Nanchang Chunqin [2] - The company also entered the acoustic module sector by acquiring Yiluda Holdings, leveraging its customer advantages and overseas bases to improve its global customer portfolio [2] - Additionally, the acquisition of Haoyin Robotics allowed the company to venture into emerging business areas, upgrading its product strategy [2]