Company Overview - Company Name: Canxin Semiconductor (Shanghai) Co., Ltd. [1] - Abbreviation: Canxin [1] - Stock Code: 688691.SH [1] - IPO Application Date: December 19, 2022 [1] - Listing Date: April 11, 2024 [1] - Listing Board: Shanghai Stock Exchange Sci-Tech Innovation Board [1] - Industry: Software and Information Technology Services [1] - IPO Sponsor: Haitong Securities [1] - Legal Advisor: Shanghai Jintiancheng Law Firm [1] - Audit Firm: Rongcheng Accounting Firm (Special General Partnership) [1] Regulatory and Performance Evaluation - Disclosure Evaluation: The company was required to clarify the authenticity and completeness of related party transactions and disclose any significant litigation or arbitration matters [1] - Regulatory Penalties: No penalties were imposed [2] - Public Supervision: No deductions for public supervision [2] - Listing Cycle: The average listing cycle for A-share companies in 2024 is 629.45 days, while Canxin's cycle is 479 days, which is below the average [2] - Multiple Applications: The company does not belong to this category and received no deductions [3] Financial Metrics - Issuance Costs: The underwriting and sponsorship fees amount to 47.664 million yuan, with a commission rate of 8.00%, higher than the average of 7.71% [3] - Initial Listing Performance: The stock price increased by 150.25% on the first day of listing [4] - Three-Month Performance: The stock price rose by 168.43% within three months post-listing [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 25.12 times, significantly lower than the industry average of 53.50 times, representing 46.95% of the industry average [6] - Actual Fundraising: Expected fundraising was 675 million yuan, while actual fundraising was 596 million yuan, a decrease of 11.67% [7] Post-Listing Performance - Short-Term Financial Performance: In 2024, the company's revenue decreased by 18.77% year-on-year, and net profit attributable to shareholders fell by 64.19%, with non-recurring net profit down by 69.84% [8] - Subscription and Underwriting Rates: The abandonment rate was 0.16% [9] Overall Evaluation - Total Score: Canxin's IPO project received a total score of 81.5, classified as Grade B [9] - Negative Factors: The score was impacted by the need for improved disclosure quality, high issuance cost ratio, reduced actual fundraising amount, and declining revenue and net profit in the first accounting year [9]

Core Insights - On September 22, brokerages set target prices for listed companies, with notable increases for Gao Weida, SAIC Motor, and Haitian Flavoring, showing target price increases of 98.76%, 37.72%, and 27.18% respectively, across the software development, passenger vehicle, and seasoning industries [1][3] Group 1: Target Price Increases - Gao Weida received a target price of 51.50 yuan, reflecting a target price increase of 98.76% [3] - SAIC Motor's target price was set at 26.25 yuan, indicating a 37.72% increase [3] - Haitian Flavoring's target price reached 50.25 yuan, with a 27.18% increase [3] Group 2: Rating Adjustments - One company, Tebian Electric Apparatus, had its rating upgraded from "Hold" to "Strong Buy" by China Merchants Securities [4] - One company, Jiangling Motors, had its rating downgraded from "Buy" to "Hold" by Industrial Securities [5] Group 3: First Coverage - On September 22, brokerages initiated coverage on nine companies, including Jiangling Motors with a rating of "Hold" from Industrial Securities, and Ximai Food with a "Hold" rating from Shanxi Securities [6] - Gao Weida received a "Buy" rating from Dongwu Securities [6] - Other companies receiving coverage include Hengxin Life with a "Hold" rating and Xianglou New Materials with a "Hold" rating [6]

Group 1 - On September 22, 2025, Canshin Co., Ltd. executed a block trade of 175,000 shares, with a transaction amount of 14.1417 million yuan, accounting for 1.28% of the total transaction volume for that day [1] - The transaction price was 80.81 yuan, which represents a discount of 1.5% compared to the market closing price of 82.04 yuan [1] Group 2 - The block trade involved institutional investors, indicating a strategic move by significant market players [2] - The transaction details show a volume of 175,000 shares traded at a price of 80.81 yuan, with a total transaction value of 14.1417 million yuan [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has seen a year-on-year increase in the number of completed chip tape-out verification projects, establishing a foundation for mass production business, supported by a robust order backlog for future growth [4]. - In the first half of 2025, the company achieved operating revenue of 282 million yuan, although it experienced a year-on-year decline due to fluctuations in customer demand. However, the revenue from chip design business showed a growth trend [4]. - The company reported a comprehensive gross margin of 18.49% in the first half of 2025, a decrease attributed to a lower proportion of custom service revenue, which typically has a higher gross margin [4]. - The company has a total order backlog of 861 million yuan as of June 30, 2025, with 307 million yuan from chip design business and 554 million yuan from mass production business, indicating strong future growth potential [4]. Financial Summary - The latest closing price of the company's stock is 75.80 yuan, with a total market capitalization of 9.1 billion yuan and a circulating market value of 5.4 billion yuan [3]. - The company’s earnings per share (EPS) for 2025 is projected to be -0.90 yuan, with expected revenues of 652 million yuan, a significant decline of 40.14% compared to the previous year [10]. - The company is expected to achieve revenues of 1 billion yuan in 2026 and 1.3 billion yuan in 2027, with a return to profitability projected in 2026 with a net profit of 37.24 million yuan [8][10].

Core Viewpoint - The announcement details the results of a share transfer by major shareholders of CanSemi Semiconductor (Shanghai) Co., Ltd., indicating a reduction in their combined shareholding from 6.02% to 4.99% through a block trade at a price of 61.88 yuan per share for a total of 1,240,000 shares [1][2][7]. Shareholder Transfer Details - The transfer price was set at 61.88 yuan per share, with a total of 1,240,000 shares being transferred [1][7]. - The controlling shareholders, directors, and senior management did not participate in this share transfer [2]. - The transfer does not trigger a mandatory tender offer, and there will be no change in the company's controlling shareholder or actual controller [2][7]. Shareholding Changes - After the transfer, the combined shareholding of Hai Tong Innovation Investment Co., Ltd., Liaoning Zhongde Industrial Equity Investment Fund Partnership, and Huzhou Yuntong Equity Investment Partnership will decrease from 6.02% to 4.99% [2][4]. - The specific share reductions include Hai Tong Innovation reducing by 460,000 shares (0.38%), Liaoning Zhongde by 650,000 shares (0.54%), and Huzhou Yuntong by 130,000 shares (0.11%) [4][5]. Transfer Process - The transfer process involved sending subscription invitations to 221 institutional investors, including 70 fund management companies and 46 securities firms [6]. - A total of 12 valid bids were received during the subscription period, leading to the final allocation of shares to 8 investors [7]. Compliance and Verification - The transfer process was reviewed by Guotai Junan Securities Co., Ltd., which confirmed that it adhered to relevant laws and regulations, ensuring fairness and compliance with market standards [8].

信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券的公 司信息披露内容与格式准则第 15 号——权益变动报告书》（以下简称"《准则 15 号》"）及相关的法律、法规和规范性文件编制本报告书。 灿芯半导体（上海）股份有限公司 简式权益变动报告书 上市公司名称：灿芯半导体（上海）股份有限公司 股票上市地点：上海证券交易所 股票简称：灿芯股份 股票代码：688691 信息披露义务人 1：海通创新证券投资有限公司 住所/通讯地址：上海市静安区常德路 774 号 2 幢 107N 室 信息披露义务人 2：辽宁中德产业股权投资基金合伙企业（有限合伙） 住所/通讯地址：上海市黄浦区广东路 689 号 14 楼 18-25 室 信息披露义务人 3：湖州赟通股权投资合伙企业（有限合伙） 住所/通讯地址：上海市黄浦区广东路 689 号 14 楼 18-25 室 股份变动性质：股份减少（询价转让） 签署日期：2025 年 9 月 19 日 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义 ...

证券代码：688691 证券简称：灿芯股份 公告编号：2025-028 灿芯半导体（上海）股份有限公司 股东询价转让结果报告书 暨持股 5%以上股东权益变动触及 5%整数倍的提示性 公告 海通创新证券投资有限公司（以下简称"海通创新投"）、辽宁中德产业股权投 资基金合伙企业（有限合伙）（以下简称"辽宁中德"）、湖州赟通股权投资合伙企业 （有限合伙）（以下简称"湖州赟通"）（以上股东合称"出让方"、"转让方"）保证向 灿芯半导体（上海）股份有限公司（以下简称"灿芯股份"、"公司"）提供的信息内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整 性依法承担法律责任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示 一、 转让方情况 1 本次询价转让的价格为61.88元/股，转让的股票数量为1,240,000股。 公司控股股东、实际控制人、董事及高级管理人员不参与本次询价转让。 本次权益变动属于减持，不触及要约收购，本次转让不会导致公司控股 股东、实际控制人发生变化。 本次权益变动后，转让方海通创新投、辽宁中德、湖州赟通合计的持股 比例由6.02%减少至4. ...

国泰海通证券股份有限公司 关于灿芯半导体（上海）股份有限公司 股东向特定机构投资者询价转让股份的核查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"或"组织券商"）受委 托担任海通创新证券投资有限公司（以下简称"海通创新投"）、辽宁中德产业 股权投资基金合伙企业（有限合伙）（以下简称"辽宁中德"）、湖州赟通股权投 资合伙企业（有限合伙）（以下简称"湖州赟通"）（以上股东合称"出让方"） 以向特定机构投资者询价转让（以下简称"询价转让"）方式减持所持有的灿芯 半导体（上海）股份有限公司（以下简称"公司"或"灿芯股份"）首次公开发 行前已发行股份的组织券商。 经核查，国泰海通就本次询价转让的股东、受让方是否符合《上海证券交易 所科创板上市公司自律监管指引第 4 号——询价转让和配售（2025 年 3 月修订）》 （以下简称"《询价转让和配售指引》"）要求，本次询价转让的询价、转让过 程与结果是否公平、公正，是否符合《询价转让和配售指引》的规定作出如下报 告说明。 一、本次询价转让概况 （一）本次询价转让转让方 截至 2025 年 9 月 15 日，转让方所持公司股份的数量及占公司总股本比例情 ...

Core Insights - The chairman and general manager of the company, Zhuang Zhiqing, addressed investor concerns regarding AI computing chip collaborations and business development plans, showcasing the company's professional strength and growth potential in the chip design service sector [1][2] - Despite the overall performance being impacted by fluctuations in downstream customer demand in the first half of 2025, the company's chip design business revenue grew by 30.13%, and the number of completed tape-out verification projects increased by 80.56%, indicating a solid foundation for future mass production [1] Business Development - The company has established a core technology system around ASIC design services, which includes large-scale SOC rapid design and verification technology, large-scale chip rapid physical design technology, system performance evaluation and optimization technology, and engineering service technology [1] - The company has developed a series of reusable and configurable SoC industry application solutions and high-performance IP, covering various fields such as IoT, artificial intelligence, consumer electronics, industrial control, automotive electronics, and data center high-speed storage, catering to diverse customer needs [1] Market Outlook - Zhuang Zhiqing indicated that downstream customer demand is gradually recovering, and the company will continue to emphasize technological innovation and R&D investment to strengthen long-term competitiveness [2] - The company's future development prospects are promising, supported by the recovery of downstream demand and its technological accumulation across multiple application areas [2]

Core Viewpoint - The semiconductor stocks in the A-share market experienced significant gains, with several companies reaching their daily limit up or showing substantial increases in share prices, indicating a strong market sentiment towards the semiconductor sector [1][2]. Company Performance - Huicheng Co., Ltd. (汇成股份) saw a 19.99% increase, with a total market capitalization of 13.7 billion [2]. - Liyang Chip (利扬芯片) rose by 16.53%, with a market cap of 7.958 billion [2]. - Zhongwei Company (中微公司) increased by 14.15%, with a market cap of 162.4 billion [2]. - New Xiangwei (新相微) gained 11.69%, with a market cap of 1.23 billion [2]. - Canxin Co., Ltd. (灿芯股份) rose by 10.06%, with a market cap of 954.1 million [2]. - Ruixin Microelectronics (瑞芯微) reached a 10% increase, with a market cap of 9.64 billion [2]. - Other notable performers include Shengke Communication (盛科通信) up by 9.90%, Beifang Huachuang (北方华创) up by 9.35%, and Haiguang Information (海光信息) up by 8.32% [2]. Industry Developments - On September 16, CCTV's "News Broadcast" highlighted the achievements of China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project, which involves several domestic AI chip brands such as Alibaba's Pingtouge, Muxi Co., Ltd., and others that have signed or are expected to sign contracts [1].