中国经济网北京8月29日讯 今日，金鹰基金管理有限公司发布关于旗下基金调整长期停牌股票估值 方法的公告。 公告称，金鹰基金自2025年8月28日起对旗下基金所持有的泰凌微（股票代码：688591）采用中国 证券业协会基金估值工作小组《关于停牌股票估值的参考方法》中的"指数收益法"估值。 金鹰基金将在上述股票复牌且其交易体现活跃市场交易特征后，按市场价格进行估值，届时不再另 行公告。 （责任编辑：康博） ...

待该股票的交易体现出活跃市场交易特征后，恢复采用当日收盘价进行估值，届时不再另行公告。 中国经济网北京8月29日讯 今日，汇安基金管理有限责任公司发布关于旗下基金调整停牌股票估值 方法的提示性公告。 公告称，汇安基金管理有限责任公司与托管行协商一致，决定对旗下基金（ETF基金除外）持有 的"泰凌微"（证券代码：688591）股票进行估值调整，自2025年8月28日起采用"指数收益法"进行估 值。 （责任编辑：康博） ...

中国经济网北京8月29日讯 今日，国联基金管理有限公司发布关于旗下部分基金调整停牌股票估值 方法的公告。 公告称，经国联基金管理有限公司与各托管人协商一致，决定于2025年8月28日起对旗下部分基金 （除ETF基金）所持有的"泰凌微（股票代码 688591）"采用"指数收益法"进行估值，并采用中国证券投 资基金业协会AMAC行业指数作为计算依据。 在上述股票复牌且其交易体现了活跃市场交易特征后，恢复按市场价格进行估值，届时不再另行公 告。 （责任编辑：康博） ...

Core Viewpoint - In the first half of 2025, Huasheng Tiancai achieved a turnaround with a net profit of 140 million yuan, driven by substantial investment returns from companies like Tailin Micro and Haibosichuang, despite ongoing losses in its core digital services business [1][2][8]. Investment Performance - Huasheng Tiancai reported investment income of 238 million yuan in the first half of 2025, significantly exceeding its net profit of 140 million yuan [2]. - The primary contributor to this investment income was Tailin Micro, whose stock price surged, leading to substantial fair value gains for Huasheng Tiancai [2][3]. - As of August 28, 2025, Huasheng Tiancai held 17.86 million shares of Tailin Micro, representing 7.42% of its total equity, with a market value of approximately 855.59 million yuan [5][6]. IPO Successes - In addition to Tailin Micro, two other companies in which Huasheng Tiancai invested successfully completed their IPOs in the first half of 2025: Haibosichuang and Youyou Green Energy [6]. - Haibosichuang, a leader in energy storage systems, was listed on the STAR Market with a market capitalization of 20.2 billion yuan as of August 28, 2025 [6]. - Youyou Green Energy, specializing in electric vehicle charging modules, was listed on the Shenzhen Stock Exchange with a market capitalization of approximately 7.2 billion yuan [6]. Core Business Challenges - Despite the success in investment, Huasheng Tiancai's core digital services business reported a net loss of 83.31 million yuan in the first half of 2025 [8]. - The company has faced continuous losses in its core business over the past five years, with net losses ranging from 270 million yuan to 3.88 billion yuan [8]. - The ongoing transition to high-value digital services requires significant R&D investment and market development, making it challenging to achieve profitability in the short term [8]. Strategic Outlook - Huasheng Tiancai aims to leverage its investment successes to support its core business transformation, emphasizing collaboration with invested companies to enhance synergies [8][9]. - The company has indicated plans to exit some investments to mitigate financial risks as part of its strategy [7]. - As of August 28, 2025, Huasheng Tiancai's stock price reached 26.10 yuan, reflecting a year-to-date increase of 260% [9].

Core Viewpoint - Huasheng Tiancheng reported a revenue of 2.262 billion yuan for the first half of 2025, marking a year-on-year increase of 5.11%, and achieved a net profit of 140 million yuan, reversing previous losses [1][2]. Financial Performance - The company’s net profit was primarily driven by the fair value change gains from holding Tai Lingwei stocks, with a significant increase in fair value change income from -151 million yuan in the previous year to 271 million yuan [2]. - However, the net profit after deducting non-recurring gains was -83.31 million yuan, indicating continued losses [2]. - Operating cash flow turned negative at -193 million yuan, compared to a positive 184 million yuan in the same period last year, attributed to increased prepaid procurement [3][4]. Balance Sheet Insights - Prepaid accounts increased by 53.84% to 702 million yuan, contributing to the negative cash flow [4]. - Short-term borrowings rose significantly by 43.94% to 1.244 billion yuan, reflecting the company's strategy to support business growth through increased loans [4]. - Accounts receivable grew by approximately 11.3% to 675 million yuan, outpacing revenue growth [4]. Investment Activities - The company reported investment income of 238 million yuan, mainly from direct and indirect holdings in Tai Lingwei stocks, with cash returns from investments amounting to 94.31 million yuan [5]. - Huasheng Tiancheng's stock price surged by 139.01% in August, making it a focal point in the A-share market [6]. Company Statements - Company representatives clarified that the profits were not from stock speculation but from long-term investments in Tai Lingwei, which transitioned to trading financial assets post-IPO [7]. - The company holds 17.8619 million shares of Tai Lingwei, representing 7.42% of its total equity, with the stock experiencing a year-to-date increase of 69.49% [7].

Core Viewpoint - In the first half of 2025, Huasheng Tiancai achieved a turnaround with a net profit of 140 million yuan, driven by substantial investment returns from companies like Tailin Micro and Haibo Sichuang, despite ongoing losses in its core digital services business [2][10]. Financial Performance - Huasheng Tiancai reported a revenue of 2.262 billion yuan, marking a year-on-year increase of 5.11% [2]. - The company realized an investment income of 238 million yuan, significantly exceeding its net profit [2][10]. - The core business continued to incur losses, with a non-recurring net profit of -83.31 million yuan [10]. Investment Highlights - The investment income primarily stemmed from Tailin Micro, which saw a stock price increase of approximately 45% in the first half of 2025 [4][7]. - Huasheng Tiancai holds 17.8619 million shares of Tailin Micro, representing 7.42% of its total share capital, making it the largest shareholder [3][4]. - The company also benefited from investments in Haibo Sichuang and Youyou Green Energy, both of which successfully completed IPOs in 2025 [7][8]. Strategic Focus - Huasheng Tiancai is focusing on high-value areas such as generative AI, cloud-native technology, and digital twins, targeting sectors like government, finance, and energy [10]. - The company aims to leverage its investment strategy to support the growth of its core business and achieve synergy with its investment portfolio [10][11]. Market Position - As of August 28, 2025, Huasheng Tiancai's stock price was 26.10 yuan per share, with a total market capitalization of 28.6 billion yuan, reflecting a year-to-date increase of 260% [11].

Investment Rating - The report assigns a "Strong Buy" rating for the company, TaiLing Microelectronics (688591) [1][10]. Core Views - TaiLing Microelectronics is positioned as a global leader in low-power wireless IoT chips, with a comprehensive product range and a strong customer base including top brands like Google, Amazon, and Xiaomi [6][7]. - The company is expected to benefit from the growing demand in various IoT applications, particularly in smart retail, smart home, and audio sectors, with significant revenue growth projected in the coming years [6][10]. - The acquisition of Panqi Microelectronics is anticipated to enhance the company's competitive edge in the low-power wireless IoT sector [22][24]. Financial Summary - Projected total revenue (in million) for 2024A is 844, with a year-on-year growth of 32.7%. By 2027E, revenue is expected to reach 1,973, reflecting a growth rate of 25.5% [2]. - The forecasted net profit attributable to shareholders (in million) for 2024A is 97, with a remarkable growth of 95.7%. By 2027E, net profit is projected to be 414, maintaining a growth rate of 31.1% [2]. - Earnings per share (in yuan) are expected to increase from 0.40 in 2024A to 1.72 in 2027E, indicating strong profitability growth [2]. Business Overview - TaiLing Microelectronics specializes in low-power wireless IoT chips, covering various communication protocols such as low-power Bluetooth, dual-mode Bluetooth, Zigbee, Matter, and WiFi [20][6]. - The company has established a strong market presence in multiple sectors, including smart retail, smart home, audio entertainment, and healthcare, with a focus on innovative product development [6][10]. - The company has a robust product matrix, with significant contributions from IoT chips, which account for over 90% of its revenue [34][30]. Market Position and Growth Drivers - The company is recognized as a leading supplier in the low-power wireless chip market, with a diverse customer base that includes major international brands [20][6]. - The report highlights four key growth engines: smart retail (electronic price tags), smart home (Matter solutions), smart healthcare (continuous glucose monitoring), and wireless audio (partnerships with top brands) [7][9]. - The ongoing technological advancements in Bluetooth and other wireless communication technologies are expected to drive the expansion of application scenarios, enhancing the company's market opportunities [39][40].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Insights - The company achieved a revenue of 503 million yuan in the first half of 2025, representing a year-on-year increase of 37.72%. The net profit attributable to the parent company was 101 million yuan, up 274.58% year-on-year, with a non-recurring net profit of 93 million yuan, increasing by 257.53% year-on-year [1]. - The growth in revenue and net profit is driven by increased customer demand, new customer acquisition, and the launch of new products, particularly in the multi-mode and audio product lines, which have seen significant sales growth [1][3]. - The company has established a comprehensive advantage in the low-power wireless IoT chip sector, achieving global advanced levels in key performance indicators such as multi-protocol support and system power consumption [2]. - The company is actively expanding its overseas business, with a notable increase in revenue from international markets [3]. Financial Performance - The company has adjusted its revenue and profit forecasts for 2025-2027, with expected revenues of 11.38 billion yuan, 14.75 billion yuan, and 19.29 billion yuan, respectively. The net profit attributable to the parent company is projected to be 2.06 billion yuan, 3.08 billion yuan, and 4.28 billion yuan for the same period [4]. - The company reported a gross margin of 43.50% in 2023, expected to increase to 54.88% by 2027, indicating improved profitability [13]. Product Development and Market Position - The company has accelerated the launch of new products, including Bluetooth 6.1 standard chips and WiFi-6 multi-mode chips, which have entered mass production [3][4]. - The company is a key player in the development of the Matter standard for low-power IoT wireless protocols and has established itself among leading global chip suppliers [2]. - The company has a strong customer base, with products integrated into the supply chains of major global brands such as Google, Sony, Xiaomi, and Logitech, creating competitive advantages and barriers to entry [2].

Core Viewpoint - The acquisition of Shanghai Panqi Microelectronics by Tailin Microelectronics is a strategic move to enhance product lines and market presence in the IoT chip sector, aiming for a comprehensive portfolio in both 2.4GHz and Sub-1G frequency bands [11][12][13]. Group 1: Company Overview - Tailin Microelectronics is a leading player in the low-power wireless IoT chip market, with a global market share of 12% in low-power Bluetooth chips, ranking third globally and first domestically [5]. - Shanghai Panqi Microelectronics, established in 2010, specializes in IoT chip design with over 130 patents, focusing on low-power wide-area network technologies [8]. Group 2: Strategic Rationale for Acquisition - The acquisition allows Tailin Microelectronics to expand its product offerings from 2.4GHz to Sub-1G frequency bands, enhancing its capabilities in outdoor IoT applications [11]. - Tailin Microelectronics' strengths in digital circuits and overseas market channels can address Panqi Microelectronics' weaknesses, facilitating rapid market penetration and revenue growth [11][12]. - The merger is positioned to capitalize on the growing demand for low-power wide-area networks, particularly in industrial IoT applications, with predictions of significant market growth by 2030 [13]. Group 3: Market Context and Trends - The semiconductor industry is experiencing a wave of mergers and acquisitions, with over 23 events and a total transaction value of approximately 400 billion yuan in the first half of 2025 [11]. - Government policies are increasingly supportive of the semiconductor sector, encouraging mergers that enhance supply chain resilience and competitiveness [12]. - The acquisition is expected to accelerate the domestic replacement process in the IoT chip sector, leveraging Panqi Microelectronics' unique technologies to increase market share [13].

Core Viewpoint - The company, TaiLing Microelectronics, is planning to acquire equity in Shanghai Panqi Microelectronics through a combination of share issuance and cash payment, while also raising matching funds [1][3]. Group 1: Transaction Details - The transaction is not expected to constitute a major asset restructuring or related party transaction, and it will not lead to a change in the actual controller of the company [3]. - The stock of TaiLing Microelectronics has been suspended since August 25, with an expected suspension period of no more than 10 trading days [3]. - The company is currently in the planning stage of the transaction and is in discussions with potential counterparties, including STYLISH TECH LIMITED and others, with the final counterparties to be confirmed in the restructuring proposal [3]. Group 2: Company Overview - TaiLing Microelectronics, listed in 2023, specializes in the research, design, and sales of wireless IoT system-level chips, with applications in retail logistics, smart homes, healthcare, and personal devices [3]. - Panqi Microelectronics, established in 2010, offers a range of products including the Chirp-IoT™ series and BLE series, which are used in asset management, indoor positioning, industrial interconnectivity, smart homes, and smart cities [4][5]. Group 3: Financial Performance - From 2019 to 2024, TaiLing Microelectronics' revenue has shown a steady increase from 320 million to 844 million, while net profit has fluctuated significantly, with a notable loss in 2020 and a decline in 2022 [4]. - In the first half of 2025, the company achieved revenue of 503 million, a year-on-year increase of 37.72%, and a net profit of 101 million, up 274.58% year-on-year [4]. Group 4: Strategic Intent - The acquisition is seen as a strategic move within the industry, aimed at expanding TaiLing Microelectronics' footprint in the wireless IoT sector [7].