Core Insights - Hengshuo Co., Ltd. experienced a significant stock price increase of 13.30%, closing at 49.42 yuan on August 22 [1] - The company had two large block trades totaling 97,900 shares, with a total transaction value of 4.1128 million yuan [1] Trading Activity - The first block trade occurred at a price of 42.01 yuan for 50,000 shares, amounting to 2.1005 million yuan, with a discount rate of -14.99% [1] - The second block trade also took place at 42.01 yuan for 47,900 shares, totaling 2.0123 million yuan, maintaining the same discount rate of -14.99% [1] - Over the past three months, Hengshuo Co., Ltd. has recorded 21 block trades with a cumulative transaction value of 67.1312 million yuan [1] Recent Performance - In the last five trading days, the stock has risen by 16.67%, with a net inflow of 25.0544 million yuan from major funds [1]

Core Viewpoint - The report outlines the ongoing supervision and performance of Hengshuo Semiconductor (Hefei) Co., Ltd. during its initial public offering and subsequent listing on the Sci-Tech Innovation Board, highlighting the company's financial performance, risks, and governance practices [1][2][3]. Group 1: Continuous Supervision Work - The sponsor has established and effectively implemented a continuous supervision work system and plan [1]. - A continuous supervision agreement has been signed with Hengshuo Semiconductor, clarifying the rights and obligations of both parties during the supervision period [1][2]. - The sponsor has conducted regular communication, site visits, and due diligence to understand the business situation of Hengshuo Semiconductor [3][4]. Group 2: Financial Performance - For the first half of 2025, the company reported operating revenue of 174.28 million yuan, a decrease of 1.79% year-on-year [22]. - The net profit attributable to shareholders was -70.78 million yuan, with a net profit excluding non-recurring gains and losses of -77.26 million yuan [22][23]. - The company has recognized inventory impairment provisions of 33.30 million yuan due to cautious assessment of inventory marketability [22][23]. Group 3: Risks - The company faces performance fluctuation risks due to intense market competition and low sales prices, which have led to a decline in gross profit margins [13][14]. - There are core competitiveness risks associated with the high technical requirements and long R&D cycles for NOR Flash and MCU chips, which may lead to unsuccessful product development [14][15]. - The company operates under a Fabless model, relying heavily on a limited number of suppliers, which poses operational risks if supplier relationships deteriorate [16][17]. Group 4: R&D and Innovation - The company maintains a high R&D investment, with R&D expenses accounting for 24.58% of operating revenue, amounting to 42.83 million yuan in the first half of 2025 [25][26]. - The company has made significant progress in developing core technologies and has a robust patent portfolio, with 112 invention patents and 187 total patents [27]. - Continuous R&D efforts are aimed at enhancing product competitiveness and expanding into new markets, particularly in high-end applications [25][26]. Group 5: Governance and Compliance - The company has established effective internal control systems and governance practices, ensuring compliance with relevant laws and regulations [5][6]. - There have been no significant violations or compliance issues reported during the supervision period [19][20]. - The company has received recognition as a high-tech enterprise, which may provide tax benefits and support for its R&D activities [19][20].

国元证券股份有限公司 关于恒烁半导体（合肥）股份有限公司 2025年半年度持续督导跟踪报告 国元证券股份有限公司（以下简称"国元证券"、"保荐机构"）作为恒 烁半导体（合肥）股份有限公司（以下简称"恒烁股份"、"公司"）首次公 开发行股票并在科创板上市项目的保荐机构，根据《证券发行上市保荐业务管 理办法》《上海证券交易所科创板股票上市规则》以及《上海证券交易所上市 公司自律监管指引第 11 号——持续督导》等相关规定，负责恒烁股份上市后的 持续督导工作，并出具本半年度持续督导跟踪报告。 | 一、持续督导工作情况 | | --- | | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | 建立健全并有效执行持续督导工作制度，并 | 保荐机构已建立健全并有效执行了 | | 1 | 针对具体的持续督导工作制定相应的工作计 | 持续督导制度，并制定了相应的工 | | | 划。 | 作计划。 | | | 根据中国证监会相关规定，在持续督导工作 | 保荐机构已与恒烁股份签订保荐协 | | 2 | 开始前，与上市公司签署持续督导协议，明 | 议，该协议明确了双方在持续督导 | | | 确双 ...

Core Viewpoint - Hengshuo Co., Ltd. announced a share buyback plan, indicating a strategic move to enhance shareholder value and confidence in the company's future performance [1] Summary by Categories Company Actions - As of August 31, 2025, the company has repurchased 813,407 shares through the Shanghai Stock Exchange, representing 0.98% of its total share capital of 82,929,413 shares [1]

Summary of Key Points Core Viewpoint - Hengshuo Co., Ltd. (688416.SH) announced a share buyback program, indicating a commitment to enhancing shareholder value through capital return strategies [1] Group 1: Share Buyback Details - The company repurchased a total of 813,407 shares, which represents 0.98% of its total share capital [1] - The highest price paid for the shares was 39.60 CNY per share, while the lowest price was 31.53 CNY per share [1] - The total amount spent on the buyback was 29,313,021.08 CNY, excluding transaction fees such as stamp duty and commissions [1]

二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内披露截至上月末的回购进展情况。现将公司截至上月末回购股份的进展情况公 告如下： 证券代码：688416 证券简称：恒烁股份 公告编号：2025-043 恒烁半导体（合肥）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/11/30 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 月 2024 28 | 11 | 月 | 日~2025 | 年 | 11 | 27 | 日 | | 预计回购金额 | 3,000万元~6,000万元 | | | | | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | ...

Core Viewpoint - Hengshuo Semiconductor (Hefei) Co., Ltd. has announced the progress of its share repurchase plan, which aims to enhance employee stock ownership and incentivize performance [1] Group 1: Share Repurchase Plan - The share repurchase plan was first disclosed on November 30, 2024, with an implementation period from November 28, 2024, to November 27, 2025 [1] - The expected repurchase amount is between 30 million yuan and 60 million yuan [1] - As of August 31, 2025, the company has repurchased a total of 813,407 shares, accounting for 0.98% of the total share capital [1] Group 2: Financial Details - The cumulative amount spent on repurchases is 29,313,021.08 yuan [1] - The actual repurchase price range is between 31.53 yuan per share and 39.60 yuan per share [1]

Core Viewpoint - Hengshuo Co., Ltd. (688416.SH) is currently experiencing a decline in stock price, closing at 44.30 yuan with a drop of 4.85%, indicating a state of underperformance since its IPO [1] Group 1: Company Overview - Hengshuo Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 29, 2022, with an initial public offering (IPO) of 20.66 million shares, representing 25% of the total shares post-issue [1] - The IPO price was set at 65.11 yuan per share, raising a total of 1.345 billion yuan (134,517.26 million yuan) [1] - After deducting issuance costs, the net proceeds amounted to approximately 1.210 billion yuan (120,964.04 million yuan), exceeding the original fundraising target by 455.76 million yuan [1] Group 2: Fund Utilization - The funds raised are intended for several projects, including the upgrade and industrialization of NOR flash memory chips, general MCU chip upgrades, the development of CiNOR integrated AI inference chips, and technology reserve projects [1] - The total issuance costs were 135.53 million yuan, with the lead underwriter, Guoyuan Securities, receiving 109.21 million yuan in underwriting and sponsorship fees [1] Group 3: Shareholder Information - The controlling shareholders and actual controllers of Hengshuo Co., Ltd. are Xiang Dong Lu (American nationality) and Lü Yi Nan (Chinese nationality) [2]

Group 1 - National Development and Reform Commission will hold a press conference on August 29 [1] - Ministry of Agriculture and Rural Affairs will hold a press conference regarding the overall arrangements for the 2025 Chinese Farmers' Harvest Festival [2] - A total of 12.47 billion shares will be unlocked today, with a total market value of 13.171 billion yuan [3] Group 2 - 39 companies have disclosed stock repurchase progress, with 21 companies announcing new repurchase plans [4] - The highest repurchase plan amounts are from Daqin Railway, Shengtun Mining, and Spring Airlines, with proposed repurchase amounts of 1.5 billion yuan, 600 million yuan, and 500 million yuan respectively [4] - 361.2 billion yuan of 7-day reverse repos will mature today [5] Group 3 - Key economic data to be released includes the U.S. July core PCE price index year-on-year and Germany's August seasonally adjusted unemployment rate [6]

Summary of Key Points Core Viewpoint - On August 29, a total of 10 companies had their restricted shares unlocked, with a total unlocking volume of 1.247 billion shares, amounting to a market value of 13.171 billion yuan based on the latest closing prices [1] Group 1: Unlocking Volume - Three companies had unlocking shares exceeding 10 million: Xugong Machinery (119.2 million shares), Tiantie Technology (29.9195 million shares), and Hengsuo Co., Ltd. (17.1426 million shares) [1] Group 2: Unlocking Market Value - Three companies had unlocking market values exceeding 100 million yuan: Xugong Machinery (11.446 billion yuan), Hengsuo Co., Ltd. (798 million yuan), and Jinbo Biological (467 million yuan) [1] Group 3: Unlocking Ratio - Two companies had unlocking ratios exceeding 10%: Hengsuo Co., Ltd. (20.67%) and Xugong Machinery (10.14%), while Tiantie Technology had an unlocking ratio of 2.3% [1]