Core Viewpoint - The company Zhongke Feice is expected to achieve a net profit attributable to shareholders of 48 million to 72 million yuan for the fiscal year 2025, marking a significant turnaround from losses in the previous year, with an increase of 59.5251 million to 83.5251 million yuan compared to the same period last year [1] Group 1: Financial Performance - The company anticipates a net profit turnaround for 2025, driven by sustained rapid growth in operating revenue [1] - The expected increase in net profit is attributed to the company's enhanced competitive advantages in core technology, customer resources, and product coverage [1] - The scale effect is gradually becoming evident, with R&D investment increasing but its proportion of operating revenue decreasing year-on-year, leading to improved profitability [1] Group 2: Industry Context - The nuclear power construction boom is creating high demand for equipment manufacturers, with orders already scheduled until 2028 [1] - Employees are working in three shifts, and production lines are operating 24 hours a day to meet the increased demand [1]

Core Viewpoint - The company, Zhongke Feice, is expected to achieve a turnaround in profitability for the year 2025, with a projected net profit attributable to shareholders ranging from 48 million to 72 million yuan, despite a forecasted net loss when excluding non-recurring items [1] Group 1: Financial Performance - The projected net profit for 2025 represents a significant improvement compared to the previous year, indicating a successful turnaround from losses [1] - The expected net profit excluding non-recurring items is forecasted to be between -145 million and -100 million yuan, highlighting ongoing challenges in certain areas [1] Group 2: Revenue Growth - The company anticipates sustained rapid growth in operating revenue for 2025, driven by breakthroughs in core technologies and ongoing industrialization efforts [1] - Enhanced competitive advantages in core technology, customer resources, and product coverage are expected to contribute to increased order volume and revenue [1] Group 3: Cost Management and Profitability - The company is expected to benefit from economies of scale, which will help improve profitability despite a steady increase in R&D investment [1] - The proportion of R&D expenses relative to operating revenue is projected to decrease year-on-year, contributing to improved profit margins [1]

Revenue Projections - The company expects 2025 annual revenue to be between RMB 1,950 million and RMB 2,150 million, an increase of RMB 569.62 million to RMB 769.62 million, representing a year-on-year growth of 41.27% to 55.75%[4]. - The previous year's revenue was RMB 1,380.38 million, with a net profit attributable to the parent company of RMB -115.25 million[5]. Profit Projections - The projected net profit attributable to the parent company for 2025 is expected to be between RMB 48 million and RMB 72 million, an increase of RMB 59.52 million to RMB 83.52 million, achieving a turnaround from loss to profit[4]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between RMB -145 million and RMB -100 million, a decrease of RMB 20.89 million to an increase of RMB 24.10 million compared to the previous year[4]. Factors Influencing Growth - The company attributes the revenue growth to breakthroughs in core technology, continuous industrialization, and product upgrades, enhancing competitive advantages in technology, customer resources, and product coverage[7]. - The company anticipates that the scale effect will gradually become apparent, with R&D investment steadily increasing but its proportion of revenue decreasing year-on-year, leading to improved profitability[7]. Earnings Forecast Validity - The earnings forecast is based on preliminary calculations by the company's finance department and has not yet been audited by registered accountants[8]. - There are no significant uncertainties affecting the accuracy of this earnings forecast[8]. - Investors are advised that the above forecast data is preliminary and the specific financial data will be disclosed in the official 2025 annual report[9].

Group 1 - The report emphasizes that advanced packaging is crucial for enhancing chip performance and reliability, especially in the context of the AI wave driving demand for higher integration and performance in semiconductors [8][21][25] - The semiconductor packaging and testing industry in China is expected to grow significantly, with the market size projected to reach 438.98 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of 5.8% from 2024 to 2029 [28][29] - Advanced packaging is anticipated to account for 50% of the semiconductor packaging market by 2029, with a CAGR of 10.6%, outpacing traditional packaging growth [28][29] Group 2 - The report highlights the rise of independent third-party testing services in the semiconductor industry, driven by the increasing number of IC design companies and the growing demand for testing services [42][43] - The competitive landscape for wafer testing is relatively concentrated due to high technical and investment barriers, with fewer participants compared to finished chip testing [42][43] - The report notes that independent third-party testing firms often collaborate with integrated packaging and testing companies, outsourcing wafer testing while also competing in finished chip testing [42][43]

Group 1 - The core viewpoint of the news highlights a strong performance of the semiconductor materials and equipment sector, with the CSI Semiconductor Materials and Equipment Theme Index rising by 2.43% as of January 27, 2026 [1] - Notable individual stocks within the index include Chipone Technology, which increased by 10.90%, and other companies like Shengen Co. and Jinhai Tong, which saw gains of 10.53% and 10.00% respectively [1] - The E Fund Semiconductor Equipment ETF (159558) also experienced a rise of 2.06%, with a latest price of 2.23 yuan, and a cumulative increase of 2.20% over the past two weeks [1] Group 2 - In terms of liquidity, the E Fund Semiconductor Equipment ETF recorded a turnover rate of 6.35% and a trading volume of 294 million yuan, with an average daily trading volume of 320 million yuan over the past week, ranking it among the top two in comparable funds [1] - The ETF's scale grew significantly, with an increase of 1.825 billion yuan over the past two weeks, placing it second among comparable funds [1] - The latest share count for the E Fund Semiconductor Equipment ETF reached 2.091 billion shares, marking a one-year high and ranking it second among comparable funds [1] Group 3 - Over the past 20 days, the E Fund Semiconductor Equipment ETF has seen continuous net inflows, with a peak single-day net inflow of 621 million yuan, totaling 2.758 billion yuan in net inflows and an average daily net inflow of 138 million yuan [1] - The CSI Semiconductor Materials and Equipment Theme Index tracks 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of these securities [1] - As of December 31, 2025, the top ten weighted stocks in the index accounted for 65.08% of the total, including companies like North Huachuang and Zhongwei Company [2]

Group 1 - The semiconductor sector experienced a strong rebound on January 27, 2026, with the China Securities Semiconductor Materials and Equipment Theme Index rising by 2.39% [1] - Notable individual stock performances included ChipSource Microelectronics increasing by 14.04%, and Jin Hai Tong and Kang Qiang Electronics hitting the daily limit up [1] - The semiconductor equipment ETF Wan Jia (159327) saw an increase of 2.03% and reached a new high in scale at 1.187 billion yuan with 536 million shares outstanding [1] Group 2 - The electronic industry achieved a 19.5% double-digit profit growth in 2025, indicating a robust demand for semiconductor manufacturing equipment, particularly high-end process and advanced packaging equipment [2] - Huatai Securities highlighted that the A-share market is shifting towards performance recovery, with semiconductor equipment identified as a key investment focus [2] - As of December 31, 2025, the top ten weighted stocks in the China Securities Semiconductor Materials and Equipment Theme Index accounted for 65.08% of the index, including companies like North Huachuang and Zhongwei Company [2]

Core Viewpoint - The AI Fund, Dongfang Artificial Intelligence Theme Mixed A, reported a profit of 1.6323 million yuan for Q4 2025, with a net asset value growth rate of 1.22% during the period, and a total fund size of 600 million yuan as of the end of Q4 [3][15]. Fund Performance - As of January 22, the fund's unit net value was 2.026 yuan, with a one-year return of 101.09%, ranking 18 out of 222 comparable funds [4]. - The fund's performance over the last three months showed a growth rate of 37.55%, ranking 1 out of 229 comparable funds, and over the last six months, it achieved a growth rate of 84.15%, ranking 7 out of 229 [4]. Investment Strategy - The fund focuses on the semiconductor industry, particularly in areas such as semiconductor equipment, materials, and components, which are expected to benefit from national policy support and have significant market advantages [3]. - The fund manager emphasized the dual trends of explosive growth in the AI industry and the accelerated localization of the domestic semiconductor industry as key investment directions [3]. Risk and Return Metrics - The fund's Sharpe ratio over the last three years was 0.8653, ranking 53 out of 163 comparable funds [8]. - The maximum drawdown over the last three years was 47.36%, with the largest single-quarter drawdown occurring in Q1 2022 at 32.48% [10]. Portfolio Composition - The fund maintains a high concentration in its holdings, with the top ten stocks consistently representing over 60% of the portfolio for the past two years [19]. - As of Q4 2025, the top ten holdings included companies such as Zhongwei Company, Jingce Electronics, and Chip Source Micro [19]. Stock Positioning - The average stock position over the last three years was 87.65%, slightly above the comparable average of 86.9% [13].

Group 1 - Zhongke Feimeasure experienced a decline of 5.01% on January 23, with a stock price of 187.61 yuan per share, a trading volume of 808 million yuan, a turnover rate of 1.71%, and a total market capitalization of 65.694 billion yuan [1] - The company, Shenzhen Zhongke Feimeasure Technology Co., Ltd., was established on December 31, 2014, and went public on May 19, 2023. Its main business involves the research, production, and sales of integrated circuit equipment in two categories: testing and measurement [1] - The revenue composition of Zhongke Feimeasure includes 60.72% from testing equipment, 36.40% from measurement equipment, and 2.88% from services and other sources [1] Group 2 - Jin Ying Fund has one fund heavily invested in Zhongke Feimeasure, specifically the Jin Ying Industrial Smart Selection One-Year Holding Mixed A (018547), which held 6,897 shares, accounting for 5.58% of the fund's net value, making it the eighth largest holding [2] - The fund, established on August 15, 2023, has a latest scale of 17.7906 million yuan, with a year-to-date return of 18.05%, ranking 229 out of 8,847 in its category, and a one-year return of 36.8%, ranking 3,425 out of 8,099 [2] - The fund manager, Ni Chao, has a tenure of 10 years and 230 days, with the total asset scale of 3.105 billion yuan, achieving the best fund return of 156.51% and the worst return of -20.91% during his tenure [2]

Shareholder Reduction Plans - Junchen Technology's shareholder Junchen Partnership plans to reduce its stake by no more than 2.94% [1] - Wuchan Jinlun's shareholder Jinlun Holdings intends to reduce its stake by no more than 3% [1] - Haiguang Information's major shareholder Blue Ocean Lightboat Partnership plans to reduce its stake by no more than 0.50% [1] - Boyun New Materials' shareholder Gao Chuang Investment plans to reduce its stake by no more than 1% [1] - Green Alliance Technology's shareholder Cyber Security Fund plans to reduce its stake by no more than 3% [1] - Te Fa Service's shareholder Yinkun Company plans to reduce its stake by no more than 3% [1] - Mengcao Ecology's actual controller Wang Zhaoming plans to reduce his stake by no more than 2.3311% [1] - Huatu Shanding's shareholder Che Lu plans to reduce his stake by no more than 3% [1] - Heshun Electric's shareholder Shen Xin plans to reduce his stake by no more than 2.5% [1] - Ruihua Tai's shareholder Ju Yao Kun plans to reduce his stake by no more than 540,000 shares [1] - Luokai Co., Ltd.'s shareholders Luohui Investment, Luoteng Investment, and Luosheng Investment plan to reduce their total stake by 378,030 shares [1] - Zhongke Feice's shareholder Guotou Chuangye Fund plans to reduce its stake by 234,870 shares [1] - Tuo Jing Technology's shareholder National Integrated Circuit Fund has already reduced its stake by 297,760 shares [1] Other Significant Developments - *ST Biology has terminated its major asset restructuring plan [1] - *ST Biology's stock may face delisting [1]

Core Viewpoint - The announcement details a change in shareholding by a major shareholder, Guotou (Shanghai) Technology Achievement Transformation Venture Capital Fund, which has reduced its stake in Zhongke Feice Technology Co., Ltd. from 8.64% to 7.97% through a share reduction plan [4][6]. Group 1: Shareholder Information - The shareholder involved in the equity change is Guotou (Shanghai) Technology Achievement Transformation Venture Capital Fund, which has no associated action parties [3]. - The reduction in shareholding occurred between November 24, 2025, and January 22, 2026, with a total of 2,348,698 shares sold [4][5]. Group 2: Equity Change Details - The equity change touched the 1% threshold, with the current total share capital of the company being 350,163,237 shares [5]. - This reduction does not violate any laws or regulations, including the Securities Law of the People's Republic of China and the Management Measures for the Acquisition of Listed Companies [4][6]. Group 3: Additional Notes - The equity change is part of a previously disclosed share reduction plan and does not trigger a mandatory takeover bid [6]. - The change in shareholding will not affect the company's controlling shareholder or actual controller, nor will it impact the governance structure and ongoing operations of the company [7].