Group 1 - The report highlights that the A-share market is expected to trend upward after a period of consolidation, focusing on three main directions: policy catalysis, economic recovery, and benefits from interest rate cuts [4][14][17] - The report emphasizes the importance of monitoring the U.S. government shutdown and its potential impact on asset volatility, while also noting the relatively mild market reaction so far [15][16] - Domestic policies are expected to provide short-term support, with significant attention on the 14th Five-Year Plan and the upcoming APEC meeting for potential U.S.-China progress [16][17] Group 2 - The report identifies ten key stocks for October, including companies from various sectors such as electronics, automotive, and new energy, with no specific ranking among them [5][12] - The electronic sector features companies like Zhongwei Company and Fudan Microelectronics, which are expected to benefit from advancements in technology and market demand [18][22] - The automotive sector includes Moulding Technology, which is positioned to gain from increasing demand for lightweight and customized exterior parts due to the shift towards electric vehicles [34][36] Group 3 - In the electronics sector, Zhongwei Company reported a significant revenue increase of 36.46% year-on-year for the first half of 2024, although net profit saw a decline due to increased costs [18][19] - Fudan Microelectronics is facing intense competition in the market, leading to a slight decrease in revenue and profit, but is advancing its FPGA product line to maintain a competitive edge [22][23] - Moulding Technology is expected to see a recovery in profitability due to new projects with major automotive clients, projecting revenues of 71.4 billion yuan for 2024 [32][34] Group 4 - The report indicates that Meihu Co. is diversifying into new energy vehicles while maintaining strong growth in its traditional pump business, with a projected revenue increase for 2025 [39][40] - Shenzhen New Star is experiencing a significant recovery in performance, with a projected revenue of 15 billion yuan for the first half of 2025, driven by a rebound in lithium hexafluorophosphate prices [43][44] - Luoyang Molybdenum Co. reported a record net profit of 8.67 billion yuan for the first half of 2025, driven by increased production and rising prices of copper and cobalt [49][50]

Group 1 - Semiconductor stocks experienced a general pullback, with Shanghai Fudan falling over 4% [1] - SMIC and Hua Hong Semiconductor both declined by more than 3% [1] - Jingmen Semiconductor and Hongguang Semiconductor saw a drop of over 1% [1]

Core Viewpoint - The ROM (Read-Only Memory) industry in China is experiencing significant growth, driven by advancements in cloud computing, big data, and artificial intelligence, with the market size projected to increase from 120.84 billion yuan in 2020 to 170.68 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 9% [1][7]. Industry Overview - ROM is a type of semiconductor memory that is crucial for data storage and processing, with its primary function being the high-speed and automated access to programs and data [3]. - The ROM market is categorized into various types, including MROM, PROM, EPROM, EEPROM, and Flash, each with distinct characteristics and applications [4][8]. Industry Chain - The upstream of the ROM industry involves suppliers of semiconductor materials, photoresists, and masks, which are essential for ROM manufacturing [5]. - The downstream applications of ROM are extensive, covering sectors such as computing, communications, consumer electronics, automotive electronics, and industrial control, all of which have high demands for performance and quality [6]. Current Industry Status - The global semiconductor memory market is expanding, with China playing a vital role in breaking the overseas monopoly through domestic technology advancements. The semiconductor memory market in China is expected to reach 426.7 billion yuan by 2024, growing by 8.22% year-on-year [6][7]. Competitive Landscape - Major global players like Samsung, Intel, and Micron Technology dominate the ROM market, leveraging strong R&D capabilities and advanced production technologies [9]. - In China, domestic companies such as Zhaoyi Innovation, Dongxin Technology, and Jucheng Technology are enhancing their competitiveness due to technological advancements and supportive policies [9]. Future Development Trends - The semiconductor industry is expected to rebound, with increasing demand for ROM driven by the growth of portable, intelligent, and networked devices [12]. - Customization of ROM solutions is anticipated to rise, allowing for tailored storage capacities and read/write speeds to meet specific application needs, particularly in niche markets like industrial control and medical devices [13].

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 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10月2日 I. 法定/註冊股本變動 | 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 | 第 1 頁 共 10 頁 v 1.1.1 | 2 ...

Financial Performance - The company's operating revenue for the first half of 2025 was approximately RMB 1.84 billion, an increase of 2.49% compared to the same period in 2024[6] - Net profit attributable to shareholders for the first half of 2025 was approximately RMB 193.61 million, a decrease of about 44.38% year-on-year[6] - The gross profit margin for the first half of 2025 was 56.80%, an increase of 0.31 percentage points year-on-year[7] - The comprehensive gross margin was 56.80%, an increase of 0.31 percentage points year-on-year[26] - Net profit attributable to shareholders was approximately RMB 194 million, a year-on-year decrease of 44.38%[26] - The company reported a significant increase in tax expenses, totaling RMB 11,428,375.33 for the first half of 2025, compared to RMB 4,625,993.78 in the same period of 2024, reflecting a year-over-year increase of approximately 147%[139] - The company reported a net profit of RMB 180,478,183.95 for the half-year ended June 30, 2025, down from RMB 339,684,234.43 in 2024[152] Cash Flow and Liquidity - The net cash flow from operating activities increased by 45.94% year-on-year, amounting to approximately RMB 185.53 million[8] - Cash flow from operating activities generated RMB 185,534,287.84, an increase of 46% compared to RMB 127,129,183.85 in 2024[63] - Cash flow from investing activities showed a net outflow of RMB 114,798,856.33, improving from a larger outflow of RMB 324,615,033.17 in 2024[63] - Cash flow from financing activities resulted in a net outflow of RMB 36,010,740.42, compared to a smaller outflow of RMB 7,530,906.23 in 2024[64] - Total cash and cash equivalents at the end of the period increased to RMB 1,094,144,866.77 from RMB 782,322,362.59 in 2024[64] Research and Development - Research and development expenses accounted for 28.99% of operating revenue in the first half of 2025, down from 33.31% in the same period of 2024[7] - Research and development (R&D) expenses totaled RMB 53.31 million, a decrease of 10.80% compared to the same period last year[24] - R&D investment amounted to approximately RMB 533 million, representing 28.99% of total revenue during the reporting period, indicating a high intensity of R&D expenditure[37] - The company has successfully launched a new generation of active and passive NFC tag products, enhancing performance to meet key customer application needs[16] - The company is advancing the development of heterogeneous fusion programmable devices, with a focus on RF-FPGA and RFSoC product lines expected to tape-out in the second half of the year[22] Assets and Liabilities - The company's total assets as of June 30, 2025, were approximately RMB 93.03 billion, reflecting a growth of about 2.90% from the beginning of the reporting period[8] - The net assets attributable to shareholders as of June 30, 2025, were approximately RMB 60.34 billion, an increase of about 2.37% from the beginning of the reporting period[8] - Total liabilities increased to RMB 2,632.27 million from RMB 2,496.99 million, indicating a rise in financial obligations[55] - Total assets as of June 30, 2025, amounted to RMB 397,875,893.03 for current non-current liabilities due within one year, an increase from RMB 368,203,159.44 at the end of 2024[128] Inventory and Receivables - The company's inventory at the end of the reporting period was valued at approximately RMB 3.09 billion, accounting for 45.75% of total current assets, with a provision for inventory impairment of RMB 548 million[36] - Accounts receivable at the end of the reporting period totaled approximately RMB 1.74 billion, with accounts receivable and notes receivable combined accounting for 110.87% of total revenue, indicating potential collection risks[39] - The total inventory as of June 30, 2025, was RMB 3,637,245,823.98, an increase from RMB 3,566,680,699.95 as of December 31, 2024, representing a growth of approximately 1.97%[103] - The provision for inventory impairment increased to RMB 548,261,080.05 as of June 30, 2025, compared to RMB 432,223,796.20 as of December 31, 2024, marking an increase of approximately 26.88%[102] Market and Competition - The company is actively expanding new products and markets to consolidate or increase market share despite intense competition in various product lines[7] - The global semiconductor market is projected to grow by 11.2% in 2025, with an estimated market value of USD 697 billion[9] - The company is exposed to risks from changes in government subsidies and tax incentives, which could impact profitability if supportive policies change[38] Subsidiaries and Investments - Shanghai Hualing Integrated Circuit Technology Co., Ltd. had total assets of RMB 1.32 billion as of June 30, 2025, a slight increase from RMB 1.32 billion at the end of 2024[163] - The company holds a 42.32% stake in Shanghai Hualing, maintaining control as the largest single shareholder despite a reduction in ownership due to public share issuance[162] - The company has established several subsidiaries, including Fudan Microelectronics (USA) Inc. and Shenzhen Fudan Microelectronics Co., Ltd., both fully owned[160] Tax and Compliance - The company has a corporate income tax rate of 15%, while its subsidiaries in Shanghai also maintain the same rate[83] - The company and its subsidiary, Shanghai Hualing Integrated Circuit Technology Co., Ltd., obtained high-tech enterprise certificates in 2023, allowing them to benefit from a reduced tax rate of 15% for three years[84] - The financial statements are prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations[76] Employee Compensation - The company’s total employee compensation for sales expenses was RMB 85,071,253.07 in the first half of 2025, slightly up from RMB 84,667,736.61 in 2024[140] - The company’s total employee compensation for R&D expenses was RMB 320,770,561.29 in the first half of 2025, down from RMB 332,827,727.24 in 2024, reflecting a decrease of about 3.6%[144] - The company’s short-term employee compensation decreased to RMB 150,398,240.51 as of June 30, 2025, from RMB 157,230,519.66 at the end of 2024, a decline of about 4.9%[122]

Market Overview - The A-share market showed mixed performance on September 29, with the ChiNext Index rising over 1% and returning above 3200 points, while the Shanghai Composite Index fell by 0.26% and the Shenzhen Component Index increased by 0.67% [1] - The Hong Kong market saw the Hang Seng Technology Index rise by over 1%, with notable gains in companies like SenseTime, Kingdee International, and Hua Hong Semiconductor [1] Lithium Battery Sector - The lithium battery and related industry chain experienced significant strength, with stocks such as Yicheng New Energy and Wanrun New Energy hitting the daily limit of 20% increase. Other stocks like Tianji Co., Shida Shenghua, Xiangtan Electric, and Duofluoride also saw similar gains [3][4] - The overall market sentiment in the lithium battery sector is positive, driven by advancements in technology and increased demand [5] Semiconductor Sector - The semiconductor industry chain faced a short-term decline, with companies like Cambricon Technologies dropping over 5%, and others such as Haiguang Information and Fudan Microelectronics falling more than 4% [6][7] Stock Performance Highlights - Notable stock performances included: - SenseTime (2.700, +3.05%, market cap 104.8 billion) - Kingdee International (16.770, +2.95%, market cap 59.5 billion) - Hua Hong Semiconductor (70.200, +2.86%, market cap 134.6 billion) - Yicheng New Energy (5.88, +20.00%, market cap 11 billion) - Wanrun New Energy (65.64, +20.00%, market cap 8.3 billion) [3][4]

Group 1 - The semiconductor sector experienced a sharp rise followed by a decline, with companies such as Haiguang Information and Canxin Co. falling over 5% [1] - Other companies in the sector, including Fudan Microelectronics, Cambricon, and Unisoc, also saw significant declines [1]

Group 1 - The semiconductor sector experienced a sharp rise followed by a decline, indicating volatility in the market [1] - Companies such as Haiguang Information and Canxin Co. saw their stock prices drop over 5% [1] - Other firms including Fudan Microelectronics, Cambricon, and Unisoc also faced significant declines in their stock prices [1]

Core Insights - The overall AI penetration rate in China remains relatively low, indicating significant growth potential for the industry as policies are implemented and model capabilities continue to evolve [5] - The current market focus is on AI-related hardware, with a lack of explosive products and clear business models in the downstream applications, leading to insufficient visibility in company performance [5] - The Sci-Tech Innovation AI ETF (588790) has shown significant growth in both scale and shares, reflecting strong investor interest in the AI sector [6][6] Event Updates - JD.com has entered the "mass production phase" of AI applications, launching three major AI products and showcasing four application scenarios at its global technology conference [4] - China has added three U.S. companies to its export control list and another three to its unreliable entity list, indicating ongoing regulatory tensions [4] ETF Performance - The Sci-Tech Innovation AI ETF has seen a recent decline of 1.72%, with a weekly increase of 4.19% as of September 25, 2025 [3] - The ETF has a turnover rate of 2.43% and a transaction volume of 171 million yuan, ranking first among comparable funds in terms of average monthly trading volume [3] Industry Developments - Over 70% of China's energy state-owned enterprises have integrated Alibaba's AI technology, covering a wide range of sectors including electricity, oil, and coal [4] - Intel showcased its next-generation Xeon processors at the 2025 Cloud Summit, utilizing new manufacturing processes and advanced packaging technologies to enhance performance and efficiency [4] Market Composition - The top ten weighted stocks in the Sci-Tech Innovation AI Index account for 71.66% of the index, with companies like Cambricon and Lanke Technology leading the list [7] - The ETF closely tracks the Sci-Tech Innovation AI Index, which includes 30 large-cap companies providing essential resources and technology for the AI industry [6]

Group 1 - The report summarizes key insights from the macro strategy team regarding the manufacturing sector, focusing on cyclical reversals, growth opportunities, military trade expansion, and overseas development [1] - The core investment targets identified include companies such as Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, and Sany Heavy Industry, among others [2][3] - The report highlights the strong investment value of leading companies in the engineering machinery sector and notes the significant valuation of the humanoid robot startup Figure at $39 billion [4] Group 2 - The performance of various sectors in the manufacturing industry is tracked, with coal, electric equipment, electronics, and automotive sectors showing positive growth rates of 4% to 3% [5][27] - The industrial gas sector led the manufacturing indices with a 9% increase, followed by the Yangtze Engineering Machinery Index at 6% and the National New Energy Vehicle Index at 4% [5][29] - The report emphasizes the growth potential in the domestic chip market, particularly in FPGA technology, with a projected market size increase from $2.5 billion in 2024 to $4.7 billion by 2030, reflecting a CAGR of 11% [10] Group 3 - The report discusses the strategic partnership between Aolide and BOE Technology Group, which aims to enhance growth in the AMOLED sector through collaboration on equipment and materials [12][13] - Aolide's revenue for the first half of 2025 reached 6.61 billion yuan, marking a 14.92% year-on-year increase, with a significant rise in net profit attributed to improved operational cash flow [12][16] - The solid-state battery equipment sector is highlighted as a new growth area, with the market expected to grow from 2.06 billion yuan in 2025 to 33.62 billion yuan by 2030, indicating a CAGR of 74.8% [14] Group 4 - The report identifies the cooling and air conditioning components business as a key revenue driver, with a 25.49% year-on-year increase in revenue for the first half of 2025, driven by global climate demands [15][16] - The automotive components business also showed growth, with revenue increasing by 8.83% in the same period, supported by a diversified customer base including major automotive manufacturers [16] - The report notes the strategic focus on liquid cooling and robotics as emerging growth areas, with significant potential in data center applications and robotic actuator manufacturing [16][17] Group 5 - The report highlights the potential of the deep-sea technology sector, particularly in floating wind power, with a projected market growth rate of 70% CAGR from 2024 to 2030 [17][18] - The company is positioned to benefit from the increasing demand for mooring chains in the offshore oil and gas sector, with a strong order intake in 2025 [17][20] - The report emphasizes the importance of government policies in promoting deep-sea technology, which is expected to drive growth in the sector [18][20]