Core Insights - Insta360 has officially become a smart wearable ecosystem partner of Huawei, covering a full range of panoramic cameras, action cameras, and thumb cameras [1] - The collaboration aims to create a new experience by linking Huawei smartwatches with Insta360 cameras, allowing users to control the cameras via gestures [1] - Insta360 has introduced a customized dashboard for Huawei wearable users, compatible with the entire series of Insta360 X, GO, and Ace cameras [1]

| | 证券简称：汇成股份 公告编号：2025-054 | | --- | --- | | | 转债简称：汇成转债 | | 证券代码：688403 转债代码：118049 | | 合肥新汇成微电子股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 说明会问题征集：投资者可于 2025 年 9 月 29 日 13:00 前访问网址 https://eseb.cn/1rFB6gf81OM 或使用微信扫描下方小程序码进行会前提问，合肥 新汇成微电子股份有限公司（以下简称"公司"）将通过本次业绩说明会，在信 息披露允许范围内就投资者普遍关注的问题进行解答和说明。 一、说明会类型 公司已于 2025 年 8 月 26 日在上海证券交易所网站（www.sse.com.cn）披 露了《2025 年半年度报告》及其摘要。为落实公司《2025 年度"提质增效重回 报"行动方案》，便于广大投资者更加全面深入地了解公司经营发展情况，公 司定于 2025 年 9 月 29 日 ...

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is focusing on advanced packaging technology and has seen significant growth in revenue and net profit, benefiting from the depreciation of the RMB and its status as a "specialized, refined, distinctive, and innovative" enterprise [2][3][8]. Company Overview - Hefei Xinhui Microelectronics was established on December 18, 2015, and went public on August 18, 2022. The company specializes in integrated circuit advanced packaging and testing services, with its main products being integrated circuit packaging and testing [7]. - The company's revenue composition is 90.25% from display driver chip testing and packaging, and 9.75% from other services [7]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 866 million yuan, representing a year-on-year growth of 28.58%. The net profit attributable to shareholders was approximately 96.04 million yuan, a year-on-year increase of 60.94% [8]. - The company has distributed a total of 161 million yuan in dividends since its A-share listing [8]. Market Position and Strategy - The company is recognized as a "specialized, refined, distinctive, and innovative" enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating strong innovation capabilities and market share [3]. - The company is investing heavily in research and development, with a reported R&D expenditure of approximately 89.41 million yuan, a 13.38% increase compared to the previous year [2]. Industry Context - The company operates within the semiconductor industry, specifically in the advanced packaging and testing segment, which is critical for the development of high-performance chips [2][7]. - The company benefits from the depreciation of the RMB, with overseas revenue accounting for 54.15% of total revenue [3].

Market Performance - The main board led the gains with notable stocks such as Fenghuo Communication (+10.02%), Kesen Technology (+10.01%), and Guanghe Technology (+10.01) [1] - The ChiNext board saw significant increases with Anlian Ruishi (+19.99%), Guangku Technology (+15.00%), and Longyang Electronics (+10.26%) [1] - The Sci-Tech Innovation board was led by Dekeli (+20.00%), Huicheng Co. (+14.16%), and Zhongwei Company (+11.43%) [1] - Active sub-industries included SW Communication Cables and Accessories (+5.44%) and SW Semiconductor Equipment (+5.28%) [1] Domestic News - Shangle Electronics announced plans to acquire an 88.79% stake in Ligong Technology through its wholly-owned subsidiary, aiming for a "1+1>2" synergy effect to enhance competitiveness [1] - Xingchen Technology revealed that it has chips suitable for AI glasses already shipped to end customers and is in discussions with various clients [1] - Jiangbolong reported over 80 million units of its main control chips deployed by the end of July, with continued rapid growth expected [1] - Huawei's rotating chairman announced the launch timeline for its Ascend chips, with the Ascend 950PR expected in Q1 2026 [1] Company Announcements - Zhejiang Shusu Culture announced a cash dividend of 0.08 yuan per share, totaling approximately 101.45 million yuan [3] - Focus Technology declared a cash dividend of 6 yuan for every 10 shares, based on a total share capital of approximately 317.24 million shares [3] - Yake Technology announced a cash dividend of 3.20 yuan for every 10 shares, totaling around 152.30 million yuan [3] - Yunzhu Technology reported receiving government subsidies amounting to 20.12 million yuan [3] Overseas News - According to DigiTimes, NAND and DRAM contract prices are expected to rise by 15-20% in Q4 2025, driven by AI infrastructure and supply constraints [4] - Reports indicate that Apple plans to launch the "iPhone Ultra" foldable phone in H2 2026, with initial shipment targets between 7 million and 10 million units [4] - Meta launched the new generation of smart glasses, Meta Ray-Ban Display, featuring high-resolution displays for various functionalities [4] - Schaeffler's inverter brick, equipped with Rohm's SiC MOSFET, has begun mass production, supporting higher battery voltages for electric vehicles [4]

Group 1 - The semiconductor sector experienced a rise of 1.27% on September 18, with Huicheng Co. leading the gains [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] - Notable gainers in the semiconductor sector included Huicheng Co. with a closing price of 15.48, up 14.16%, and Zhongwei Company with a closing price of 253.18, up 11.43% [1] Group 2 - The semiconductor sector saw a net outflow of 4.388 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.949 billion yuan [2] - The trading volume for Huicheng Co. reached 948,000 shares, with a transaction value of 1.486 billion yuan [1] - The overall market sentiment showed a mixed response, with some stocks experiencing significant declines, such as Dongxin Co. which fell by 7.49% [2]

Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., has shown significant growth in revenue and profit, benefiting from advanced packaging technology and a favorable exchange rate due to RMB depreciation [2][3][8]. Group 1: Company Overview - Hefei Xinhui Microelectronics was established on December 18, 2015, and went public on August 18, 2022. Its main business focuses on gold bumping technology and comprehensive packaging testing services for display driver chips [7]. - The company's revenue composition is 90.25% from display driver chip testing and 9.75% from other services [7]. - As of June 30, 2025, the company had 20,300 shareholders, with an average of 28,512 circulating shares per person, reflecting a slight increase [8]. Group 2: Financial Performance - For the first half of 2025, the company achieved a revenue of 866 million yuan, representing a year-on-year growth of 28.58%, while net profit attributable to shareholders reached 96.04 million yuan, up 60.94% year-on-year [8]. - The company has distributed a total of 161 million yuan in dividends since its A-share listing [8]. Group 3: Market Position and Strategy - The company is recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [3]. - The company is actively investing in research and development, with a reported R&D expenditure of 89.41 million yuan, a 13.38% increase compared to the previous year [2]. Group 4: Market Dynamics - The company's overseas revenue accounted for 54.15% of total revenue, benefiting from the depreciation of the RMB [3]. - The stock has seen a significant increase in trading activity, with a 14.16% rise in share price on September 18, 2023, and a trading volume of 1.486 billion yuan [1].

Group 1 - Semiconductor sector in Hong Kong and A-share markets continues to show strong performance, with notable gains in stocks such as Huicheng Co. (+18.14%) and Zhongwei Co. (+12.91%) [1][3] - The semiconductor sector index has accumulated a rise of over 42% year-to-date [2] - Several companies, including SMIC and Huagong Information, have reached historical highs in stock prices [1] Group 2 - Recent news highlights the significant progress of China's AI chip brands, with a focus on the collaboration of various companies in the construction of a green computing center, showcasing a total computing power of 3479P [5] - Baidu and Tencent have reported substantial growth in their AI-related revenues, with Baidu's digital human business generating approximately 500 million yuan, a 55% quarter-on-quarter increase [7] - Huawei plans to launch several new AI chips between 2026 and 2028, indicating a strong commitment to advancing its AI capabilities [7] Group 3 - International interest in Chinese semiconductor companies is rising, with 41 foreign institutions conducting research on Weijie Chuangxin and 20 on other firms like Naxinwei and Xinyuan [8] - Goldman Sachs has raised the target price for SMIC's H-shares by 15% to HKD 73.1, reflecting confidence in the company's future earnings [8] Group 4 - The global semiconductor market is expected to expand, with a projected market size of USD 700.87 billion by 2025, driven primarily by logic and memory chips [9] - The industry is experiencing a wave of mergers and acquisitions across various sectors, including materials and equipment, to enhance scale and complete supply chains [9] Group 5 - The domestic computing power market is expected to see continuous improvements, with key challenges being addressed over time, leading to sustained investment opportunities in the sector [10] - Recent U.S. regulatory changes and China's response may accelerate the upgrade of domestic computing capabilities [10]

Core Viewpoint - The semiconductor sector is experiencing significant momentum, with both A-share and Hong Kong markets showing strong performance in semiconductor and memory chip stocks, driven by various catalysts [1][5][11]. Group 1: Market Performance - The semiconductor sector index has risen over 42% year-to-date [2]. - In the A-share market, notable stock performances include: - Huicheng Co. up 18.14% to 16.02 - Zhongwei Company up 12.91% to 256.54 - Other companies like Weicai Microelectronics and Ruixin Micro also saw substantial gains [3]. - In the Hong Kong market, stocks such as Huahong Semiconductor and Brainhole Technology increased by over 8% [4]. Group 2: Industry Developments - The construction of the China Unicom Sanjiangyuan Green Power Intelligent Computing Center has been highlighted, showcasing the involvement of several domestic AI chip brands [6]. - Baidu reported approximately 500 million yuan in revenue from digital human-related businesses, a 55% quarter-on-quarter increase [8]. - Huawei announced future plans for its Ascend chips, with new models expected to launch between 2026 and 2028 [8]. Group 3: International Interest - The global semiconductor equipment shipment volume increased by 24% year-on-year in Q2, with China holding a 34.4% market share [10]. - Numerous foreign institutions have conducted research on Chinese chip companies, indicating heightened international interest [10]. Group 4: Future Outlook - The global semiconductor market is projected to reach $700.87 billion by 2025, driven by logic and memory chips [12]. - Domestic challenges in computing power are expected to be gradually addressed, with ongoing improvements in advanced process capacity and supply chain integration [12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][18]. Core Views - The company has experienced significant revenue growth in the first half of 2025, driven by the recovery in consumer electronics demand, particularly for large-size panels and AMOLED products, alongside the release of new production capacity from fundraising projects [2][3]. - The company's gross margin improved to 23.53% in 25H1, up 3.63 percentage points year-on-year, attributed to increased order volumes and an improved product mix [2]. - The report highlights the ongoing shift of the display driver chip packaging and testing business from Taiwan and South Korea to mainland China, benefiting domestic companies like the report's subject [3][9]. Financial Summary - The company reported a revenue of 866 million yuan in 25H1, a year-on-year increase of 28.58%, and a net profit of 96 million yuan, up 60.94% year-on-year [1][2]. - The projected revenues for the company are expected to grow from 1,238 million yuan in 2023 to 2,546 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 18% [1]. - The net profit is projected to increase from 196 million yuan in 2023 to 361 million yuan by 2027, with significant growth expected in 2025 and 2026 [1][9]. Industry Insights - The report notes that the recovery in consumer electronics is expected to continue, with a notable increase in shipments of mid-to-large size products such as PCs, tablets, and TVs [3]. - The domestic display driver chip industry is anticipated to benefit from increased production capacity and market share among local manufacturers, particularly in the AMOLED segment [3][9]. - The company is positioned to expand its high-end packaging and testing capacity, which is crucial for meeting the growing demand in the display driver chip market [3][9].

Market Overview - On September 18, A-shares saw all three major indices turn positive after a low opening, with the Shanghai Composite Index rising by 0.45% to 3893.95 points, the Shenzhen Component Index increasing by 0.79% to 13319.70 points, and the ChiNext Index up by 0.49% to 3162.90 points, all reaching new highs since 2015 and 2022 [1][2]. Semiconductor Sector - The semiconductor industry chain experienced significant gains, with multiple stocks hitting the daily limit. Notable performers included Dekoli and Huicheng Co., both achieving a 20% increase, while several other stocks rose over 10% [4][5]. - The semiconductor sector also saw strong performance in the Hong Kong market, with companies like SMIC and Hua Hong Semiconductor showing robust gains [4]. Robotics Sector - The humanoid robot concept stocks have been in high demand, with several stocks experiencing limit-up trading. Companies like Lihengxing and Jilun Intelligent achieved a 20% increase, while others like Wuzhou Xinchun and Langdi Group saw gains of 10% [11][12]. - Tesla's Optimus robot is making significant progress, with plans for AI chip design evaluations and upcoming meetings regarding AI and autonomous driving systems [13]. CPO Concept - The CPO concept stocks surged again, with Dekoli achieving a 20% increase, while companies like Zhongtian Technology and Hengtong Optic-Electric rose by 10% [15][16]. AI and Computing Power - Huawei's recent reports predict a 100,000-fold increase in total computing power by 2035, driven by the exponential growth in AI applications. The global AI server market is expected to reach $125.1 billion by 2024 and grow to $222.7 billion by 2028 [17]. - The optical module industry is experiencing unprecedented growth due to the surge in AI computing power demand, with 800G optical modules being widely deployed and 1.6T modules entering the market [17].