Group 1 - The core viewpoint of the article highlights the recent research conducted by QuanGuo Fund on Fudan Microelectronics, focusing on the company's strategic direction and product development [1][2]. - QuanGuo Fund was established on February 8, 2022, and currently manages assets totaling 16.396 billion yuan across six funds, with the best-performing fund in the past year being QuanGuo XuYuan Three-Year Holding Mixed A, achieving a return of 48.96% [1][2]. - The company is enhancing its business units' capabilities and focusing on supply chain construction while exploring new product lines to drive high-quality growth [1][2]. Group 2 - The FPAI heterogeneous fusion architecture chip integrates CPU, FPGA, and NPU, with a product development range from 4 TOPS to 128 TOPS, and the first 32 TOPS chip is progressing well in the market [3]. - The FPGA products are primarily based on 28nm technology, with ongoing efforts to expand into 1xnm FinFET ten billion gate products [4]. - The company is a leading FPGA supplier in China, actively building a "chip-software-solution" ecosystem [5]. Group 3 - In the first half of the year, the revenue from the security and identification chip product line was approximately 393 million yuan, accounting for 21% of total revenue, with some sub-line revenues declining due to market impacts [6]. - The RFID and sensor chip sub-lines, as well as the smart identification device chip sub-line, performed well, with the company maintaining a leading market share in several niche areas [6]. - The smart meter chip product line continued to grow, with sales increasing in various applications, including smart water, gas, and heat meters, as well as industrial control [6].

Market Performance - The Hang Seng Index closed down 1.21% at midday on September 4 [1] - The Hang Seng Tech Index fell by 1.66% [1] Sector Performance - Semiconductor stocks experienced a broad decline, with major players like SMIC, Shanghai Fudan, and Huahong Semiconductor dropping over 6% [1] - Large technology stocks mostly declined, with Alibaba falling nearly 4% and Xiaomi and Kuaishou dropping over 2% [1]

格隆汇9月4日｜恒生科技指数跌幅扩大至逾1%。芯片股震荡下挫，地平线机器人跌超6%，中芯国际、 晶门半导体、华虹半导体跌超5%，上海复旦跌超4%。 | 恒生指数 | 25140.70 | -202.73 | -0.80% | | --- | --- | --- | --- | | 800000 | | | | | 国企指数 | 8958.76 | -91.26 | -1.01% | | 800100 | | | | | 恒生科技指数 | 5616.71 | -67.03 | -1.18% | | 800700 | | | | (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1 - Fudan Microelectronics experienced a decline of 5.06% on September 1, with a stock price of 60.45 yuan per share and a trading volume of 688 million yuan, resulting in a total market capitalization of 49.655 billion yuan [1] - The company, established on July 10, 1998, and listed on August 4, 2021, primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [1] - The revenue composition of Fudan Microelectronics includes: FPGA and other products (37.04%), non-volatile memory (23.92%), security and identification chips (21.35%), smart meter chips (13.46%), IC testing services (4.15%), and rental income (0.09%) [1] Group 2 - Huashang Fund holds a significant position in Fudan Microelectronics, with its Huashang Innovation Growth Mixed Fund A (000541) reducing its holdings by 20,400 shares in the second quarter, now holding 348,300 shares, which accounts for 1.94% of the fund's net value [2] - The fund has reported a floating loss of approximately 1.1216 million yuan as of the latest data [2] - The Huashang Innovation Growth Mixed Fund A was established on March 18, 2014, with a current size of 724 million yuan, achieving a year-to-date return of 48.28% and a one-year return of 62.93% [2]

Group 1 - Fudan Microelectronics experienced a decline of 5.06% on September 1, with a stock price of 60.45 yuan per share and a trading volume of 688 million yuan, resulting in a total market capitalization of 49.655 billion yuan [1] - The company, established on July 10, 1998, and listed on August 4, 2021, primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [1] - The revenue composition of Fudan Microelectronics includes: 37.04% from FPGA and other products, 23.92% from non-volatile memory, 21.35% from security and identification chips, 13.46% from smart meter chips, 4.15% from IC testing services, and 0.09% from rental income [1] Group 2 - Jin Ying Fund has a significant holding in Fudan Microelectronics, with its Jin Ying Industry Advantage Mixed A Fund (210003) holding 263,800 shares, accounting for 4.82% of the fund's net value, making it the seventh largest holding [2] - The Jin Ying Industry Advantage Mixed A Fund was established on July 1, 2009, with a current size of 269 million yuan, achieving a year-to-date return of 17.18% and a one-year return of 34.04% [2] - The fund manager, Ni Chao, has been in position for 10 years and 86 days, overseeing assets totaling 3.016 billion yuan, with the best fund return during his tenure being 156.51% [3]

Company Overview - Fudan Microelectronics Group Co., Ltd. is located at 127 Guotai Road, Yangpu District, Shanghai, established on July 10, 1998, and listed on August 4, 2021 [2] - The company primarily engages in integrated circuit (IC) related businesses, operating through two segments: design, development, and sales of integrated circuits, and providing IC testing services [2] - Main revenue sources include FPGA and other products (37.04%), non-volatile memory (23.92%), security and identification chips (21.35%), smart meter chips (13.46%), IC testing services (4.15%), and rental income (0.09%) [2] Financial Performance - As of June 30, 2025, the company reported revenue of 1.839 billion yuan, a year-on-year increase of 2.49%, while net profit attributable to shareholders was 194 million yuan, a decrease of 44.38% year-on-year [3] - Cumulative cash dividends since the A-share listing amount to 311 million yuan, with 258 million yuan distributed over the past three years [4] Stock Performance - On September 1, the stock price decreased by 2.06%, trading at 62.36 yuan per share, with a total market capitalization of 51.224 billion yuan [1] - Year-to-date, the stock price has increased by 62.78%, with a 14.28% rise over the last five trading days, 18.71% over the last 20 days, and 27.71% over the last 60 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders is 21,700, a decrease of 7.44% from the previous period, with an average of 24,735 circulating shares per shareholder, an increase of 8.04% [3] - Major shareholders include the Harvest SSE Sci-Tech Innovation Board Chip ETF, which increased its holdings by 728,000 shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 392,420 shares [4]

| 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01385 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 284,330,000 | RMB | | 0.1 RMB | | 28,433,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 284,330,000 | RMB | | 0.1 RMB | | 28,433,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海復旦微電子集團股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Group 1: Company Highlights - Luxshare Precision's smart glasses are a significant product line in its consumer electronics business, including AI glasses, AR/VR/XR glasses, smart wristbands, and smartwatches [1] - Mindray Medical has launched the world's first clinically implemented critical care AI model, named Qiyuan, and has established a subsidiary for animal healthcare [2] - Jucheng Co. has seen a 110% year-on-year increase in AI glasses shipments, and is one of the only two domestic suppliers to major memory manufacturers, with significant technological accumulation [3] - Zai Jian Pharmaceutical achieved a revenue of 376 million yuan in the first half of 2025, a 56% increase year-on-year, driven by drug sales growth [4] - Fudan Microelectronics is focusing resources on frontline business units to enhance growth potential and strengthen supply chain construction [5] Group 2: Financial Performance and Growth - Jucheng Co. has reported rapid growth in sales and revenue, with its automotive-grade EEPROM products being adopted by several global Tier 1 manufacturers [3] - Zai Jian Pharmaceutical's sales have increased due to the inclusion of recombinant human thrombin in medical insurance, and it is advancing multiple clinical trials for various cancer treatments [4] - Fudan Microelectronics' revenue from security and identification chips reached 393 million yuan, accounting for 21% of total revenue, while its smart card business has declined [5]

Core Insights - The satellite communication industry is experiencing significant policy support with the Ministry of Industry and Information Technology issuing guidelines to optimize business access and promote industry development through 19 measures across six areas [1] ESG Disclosure - The "satellite communication" sector consists of 50 listed companies, with 23 companies disclosing ESG-related reports for 2024, resulting in a disclosure rate of 46%, slightly below the overall industry rate of 46.81% as of August 29 [1][2] - Among the top ten companies by market capitalization, all have disclosed ESG reports, with nine companies providing carbon emission data, indicating a growing awareness of ESG principles in the emerging industry [2][6] - The carbon emissions reported by the top companies vary significantly, with China Telecom reporting the highest at 1,435,000 tons of CO2, while Zhongke Xingtou reported the lowest at 707.85 tons [2][4] Challenges in ESG Reporting - The current voluntary nature of carbon emission disclosure leads to inconsistencies in reporting, as companies may choose different accounting boundaries, affecting comparability [3][5] - The lack of unified standards and high-quality data in the industry complicates accurate measurement of carbon emissions throughout the satellite manufacturing and launch lifecycle [3][12] R&D and Product Quality - Innovation, product quality, and supply chain management are prioritized in the ESG reports of the satellite communication industry, with seven of the top ten companies disclosing R&D investment amounts [6][9] - Specific measures for quality control have been implemented by various companies, such as establishing customer service systems and quality inspection frameworks [9][12] Unique Industry Considerations - The satellite communication sector has unique ESG considerations, including the environmental impact of satellite launches and space debris management, which should be highlighted in ESG disclosures [12][13] - The industry is encouraged to address the sustainability of raw material procurement and the social value of satellite applications in areas like emergency rescue and education [12][13]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Insights - The company reported a revenue of 1.839 billion yuan for the first half of 2025, a year-on-year increase of 2.49%, but the net profit attributable to shareholders decreased by 44.38% to 194 million yuan [1][2]. - The decline in net profit is attributed to reduced government subsidies and increased inventory impairment losses, totaling approximately 172 million yuan, with 143 million yuan specifically for inventory [2][3]. - The FPGA product line showed significant growth, with a year-on-year increase of 23.15%, contributing positively to the company's operations [2][3]. - The company is a leading domestic FPGA supplier and is actively developing new products, including FPAI chips, which integrate CPU, FPGA, and NPU technologies [3]. Financial Performance Summary - For the first half of 2025, the company achieved a gross margin of 56.80%, an increase of 0.31 percentage points year-on-year [2]. - The revenue breakdown for various product lines includes approximately 393 million yuan from security and identification chips, 440 million yuan from non-volatile memory, 248 million yuan from smart meter chips, and 681 million yuan from FPGA and other products [2]. - The company expects net profits for 2025, 2026, and 2027 to reach 641 million yuan, 1.077 billion yuan, and 1.505 billion yuan, respectively, with corresponding price-to-earnings ratios of 83, 50, and 36 [3][5].