Core Viewpoint - Hengshuo Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1][3]. Financial Performance - The company's operating revenue for the first half of 2025 was 174.28 million yuan, a decrease of 1.79% compared to the same period last year [1][3]. - The net profit attributable to shareholders was -70.78 million yuan, showing a continued loss [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -77.26 million yuan, also reflecting a loss [1][3]. - The net cash flow from operating activities was 40.38 million yuan, a significant improvement from -89.03 million yuan in the previous year [1][3]. Company Background - Hengshuo Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 29, 2022, with an initial public offering of 20.66 million shares at a price of 65.11 yuan per share [4]. - The total amount raised from the IPO was 1.35 billion yuan, with a net amount of approximately 1.21 billion yuan after deducting issuance costs [4]. - The company originally planned to raise 753.88 million yuan for various R&D projects, including NOR flash memory chip upgrades and AI inference chip development [4].

Core Viewpoint - Hengshuo Semiconductor (Hefei) Co., Ltd. has shown a significant stock price increase of 5.03%, reaching 44.88 CNY per share, with a total market capitalization of 3.722 billion CNY [1] Group 1: Company Overview - Hengshuo Semiconductor was established on February 13, 2015, and went public on August 29, 2022 [1] - The company specializes in the research, design, and sales of storage chips and MCU chips, with revenue composition being 83.57% from storage chips and 16.37% from microcontrollers and others [1] Group 2: Shareholder Information - Huaxia Fund's Huaxia Industry Prosperity Mixed Fund (003567) is among the top ten circulating shareholders of Hengshuo, having increased its holdings by 2.2982 million shares in Q2, now holding 3.1436 million shares, which is 6.54% of the circulating shares [2] - The fund has achieved a year-to-date return of 49.16% and a one-year return of 99.56% [2] Group 3: Fund Manager Performance - The fund manager of Huaxia Industry Prosperity Mixed Fund is Zhong Shuai, who has been in the position for 5 years and 48 days, with the fund's total asset size at 8.253 billion CNY [3] - During his tenure, the best fund return was 158.06%, while the worst was 4.8% [3] Group 4: Fund Holdings - Huaxia Fund's Huaxia Zhaoxin Hongrui Mixed A Fund (018730) has also increased its holdings in Hengshuo by 44,900 shares, now holding 268,500 shares, which constitutes 5.74% of the fund's net value [4] - This fund has achieved a year-to-date return of 52.31% and a one-year return of 121.66% [4]

Group 1 - The storage chip sector in the A-share market experienced significant gains, with several companies reaching their daily limit up [1] - Notable performers included Jingzhida with a 20% increase, Shannong Xinchuan up over 17%, and Jiangbolong rising over 15% [1][2] - Other companies such as Tongyou Technology, Pulang Co., Beijing Junzheng, and Baiwei Storage also saw substantial increases, ranging from 10% to 13% [1][2] Group 2 - The total market capitalization of Jingzhida is 12.6 billion, with a year-to-date increase of 84.54% [2] - Shannong Xinchuan has a market cap of 35.1 billion and a year-to-date increase of 166.48% [2] - Jiangbolong's market cap stands at 47.1 billion, with a year-to-date increase of 30.62% [2]

Core Viewpoint - The global DRAM market is expanding, driven by the rise of generative AI, leading to optimistic AI order expectations and benefiting the storage industry chain [1][3]. Group 1: Market Trends - The NAND price is expected to rise in Q3, with SanDisk announcing a price increase of over 10% for all channels, indicating the start of a new pricing cycle [1][2]. - The global DRAM market size increased by approximately 17% in Q2 2025, reaching $30.9 billion, primarily due to the demand from generative AI [3]. Group 2: Supply and Demand Dynamics - The supply-demand gap is expected to widen, with strong storage demand driven by AI applications and data centers, while supply is constrained due to production shifts and financial difficulties of some suppliers [2]. - The transition of NAND manufacturers to next-generation nodes is causing a shortage of low-density chips, further tightening supply [2]. Group 3: Domestic Industry Growth - Domestic advanced storage capacity is expanding, with companies like Zhaoyi Innovation and Changxin Storage maintaining close partnerships to benefit from the transition to DDR5/LPDDR5 [3]. - Changxin Storage is projected to capture about 30% of the domestic NAND market this year, with expectations to reach 15% of global NAND flash capacity by the end of 2026 [4].

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 | ...