Core Viewpoint - Chengdu Huami (688709.SH) is actively developing brain-computer interface technology, focusing on providing foundational hardware components for signal processing, including high-precision ADCs and low-power FPGAs and MCUs [1] Group 1: Company Developments - The company has leveraged its integrated circuit design advantages to establish a presence in the brain-computer interface sector [1] - Key projects in collaboration with universities such as Shanghai Jiao Tong University and Tianjin University have been completed, covering both invasive and non-invasive brain-computer interface signal chain requirements [1] - The company maintains strong collaborative relationships with several higher education institutions and research organizations, including University of Electronic Science and Technology of China, Xi'an University of Electronic Science and Technology, and National University of Defense Technology [1] Group 2: Future Plans - The company will closely monitor trends in cutting-edge technology and explore new collaboration opportunities in line with its R&D strengths [1] - The company emphasizes the importance of industry-academia-research collaborative innovation and will fulfill information disclosure obligations for any new cooperation plans [1]

Core Viewpoint - Chengdu Huami (688709.SH) has developed NOR Flash products in three series with capacities ranging from 512Kbit to 1Gbit, all of which are now in mass production and applicable in FPGA configuration memory and independent data storage scenarios [1] Group 1: Product Development and Market Position - The company has focused on key core technology breakthroughs, enhancing R&D investment and technological innovation capabilities to ensure high reliability of products in complex environments [1] - The company has established a comprehensive patent protection system, emphasizing the importance of technological innovation [1] - The company will disclose data on the shipment volume, revenue contribution, and global market share of NOR Flash products starting from 2025 in regular reports as per regulatory requirements [1] Group 2: Application and Recognition - The company's products have been recognized by mainstream manufacturers in the special integrated circuit industry and are widely used in special scenarios [1] - Specific order distribution details are not disclosed due to commercial sensitivity [1] Group 3: Future Development - The company is strictly following R&D processes for the development, testing, and validation of the 2Gbit high-capacity NOR Flash [1] - Future disclosures regarding product R&D progress and specific release dates will be based on actual R&D conditions, adhering to information disclosure regulations [1] - The company will continue to focus on key core technology breakthroughs and closely monitor cutting-edge technology trends and customer needs to expand application scenarios as appropriate [1]

Core Viewpoint - The A-share market is experiencing a surge in brain-computer interface concept stocks, driven by the approval of a domestically developed implantable wireless brain-computer interface system entering the special review process by the National Medical Products Administration of China, marking a significant step in the commercialization of this technology in China [1] Group 1: Stock Performance - Aipeng Medical saw a nearly 12% increase in stock price, with a total market value of 40.03 billion and a year-to-date increase of 80.63% [2] - Century Huatong and Innovative Medical both rose over 7%, with market values of 141.1 billion and 10.5 billion respectively, and year-to-date increases of 269.65% and 198.87% [2] - Botao Biological increased by over 5%, with a market value of 6.62 billion and a year-to-date increase of 95.06% [2] - Xiangyu Medical rose over 4%, with a market value of 8.33 billion and a year-to-date increase of 78.19% [2] - Other notable stocks include Sanbo Brain Science, Saily Medical, Dineike, Taihe Technology, and Chengyi Tong, all showing increases of over 3% [1][2] Group 2: Industry Development - The implantable wireless brain-computer interface system developed by Shanghai Ladder Medical Technology Co., Ltd. is the first invasive brain-computer interface product to enter the "green channel" for innovative medical devices in China, indicating a key advancement from clinical validation to market access in this cutting-edge technology field [1]

Core Insights - Chengdu Huamei's stock price decreased by 1.68% on November 11, with a trading volume of 159 million yuan, indicating a decline in investor sentiment [1] - The company reported a financing net buy of -3.41 million yuan on the same day, with a total financing and securities balance of 437 million yuan, which is 4.88% of its market capitalization [1] - For the first nine months of 2025, Chengdu Huamei achieved a revenue of 518 million yuan, a year-on-year increase of 22.45%, while its net profit attributable to shareholders decreased by 28.82% to 62.61 million yuan [2] Financing and Securities - On November 11, Chengdu Huamei had a financing buy of 16.32 million yuan and a financing repayment of 19.73 million yuan, resulting in a net financing outflow [1] - The current financing balance of 437 million yuan is above the 80th percentile of the past year, indicating a high level of leverage [1] - The company had no shares repaid in securities lending on November 11, with a total of 200 shares sold, amounting to 8,210 yuan [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 65.15% to 21,700, while the average circulating shares per person decreased by 39.45% to 10,061 shares [2] - Notable changes in institutional holdings include a decrease in shares held by the top ten circulating shareholders, with new entrants such as Hong Kong Central Clearing Limited and Southern CSI 1000 ETF [3]

成都华微电子科技股份有限公司 2025 年第二次临时股东会会议资料 证券简称：成都华微 证券代码：688709 | 2025 年第二次临时股东会会议须知 . | | --- | | 2025 年第二次临时股东会会议议程 … | | 2025 年第二次临时股东会会议议案 … | | 议案一：关于续聘会计师事务所的议案 | 成都华微电子科技股份有限公司 2025 年第二次临时股东会会议资料 成都华微电子科技股份有限公司 2025 年第二次临时股东会 会 议 资 料 二〇二五年十一月 1 成都华微电子科技股份有限公司 2025 年第二次临时股东会会议须知 为维护广大投资者的合法权益，保障股东在本次股东会期间依法 行使权利，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东会规则》《成都华微电子科技股份有限公司章程》以 及《成都华微电子科技股份有限公司股东会议事规则》等有关规定， 成都华微电子科技股份有限公司（以下简称"公司""本公司"）特 制定本会议须知： 一、公司负责本次股东会的议程安排和会务工作，为确认出席大 会的股东或其代理人或其他出席者的出席资格，会议工作人员将对出 席会议者的身份进行必要 ...

Core Viewpoint - Chengdu Huamei (688709.SH) focuses on the research and development of special integrated circuits, with products widely used in electronics, communications, control, and measurement in specialized fields [1] Group 1: Product Focus - The company’s main products include special digital and analog integrated circuits [1] - The company has undertaken several national key research and development programs and major technological projects in areas such as FPGA, high-speed high-precision ADC, and intelligent SoC [1] Group 2: Technological Positioning - The overall technical reserves of the company are positioned in the first tier of the special integrated circuit design industry [1] - The company’s FPGA and ADC/DAC products possess the necessary parallelism, low latency, and reconfigurability required for quantum error correction applications [1] Group 3: Market Strategy - The company closely monitors the development trends of cutting-edge technologies and follows market and customer demands [1] - The company plans to expand potential application scenarios for its products and formulates forward-looking layouts and plans [1]

Group 1 - Chengdu Huamei Electronics Technology Co., Ltd. experienced a decline of 5.07% on November 3, with a stock price of 41.76 yuan per share, a trading volume of 147 million yuan, a turnover rate of 1.59%, and a total market capitalization of 26.595 billion yuan [1] - The company, established on March 9, 2000, focuses on integrated circuit research, design, testing, and sales, providing overall solutions for signal processing and control systems [1] - The revenue composition of the company includes: digital integrated circuits 50.03%, analog integrated circuits 43.20%, other products 3.98%, technical services 2.70%, and others 0.08% [1] Group 2 - Guolian An Semiconductor ETF (512480) entered the top ten circulating shareholders of Chengdu Huamei, holding 1.305 million shares, which is 0.6% of the circulating shares, with an estimated floating loss of approximately 2.9101 million yuan [2] - The Guolian An Semiconductor ETF was established on May 8, 2019, with a latest scale of 23.032 billion yuan, achieving a year-to-date return of 45.27% and a one-year return of 48.54% [2] Group 3 - The fund managers of Guolian An Semiconductor ETF are Huang Xin and Zhang Zhenyuan, with Huang having a tenure of 15 years and 206 days and a best fund return of 192.96% during his tenure [3] - Zhang Zhenyuan has a tenure of 11 years and 337 days, with a best fund return of 387.76% during his tenure [3]

Core Points - Chengdu Huawi Electronics Technology Co., Ltd. experienced a 5.07% decline in stock price, trading at 41.76 CNY per share with a total market capitalization of 26.595 billion CNY as of November 3 [1] - The company focuses on integrated circuit research, design, testing, and sales, with a revenue composition of 50.03% from digital integrated circuits, 43.20% from analog integrated circuits, and 2.70% from technical services [1] Shareholder Information - Southern Fund's Southern CSI 1000 ETF (512100) entered the top ten circulating shareholders of Chengdu Huawi, holding 1.7453 million shares, which is 0.8% of the circulating shares, resulting in an estimated floating loss of approximately 3.8921 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 76.63 billion CNY and year-to-date returns of 27.5% [2] Fund Management - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for nearly 7 years, managing assets totaling 122.76 billion CNY, with the best fund return during the tenure being 179.04% [3]

Core Viewpoint - Chengdu Huawi (688709.SZ) announced a significant impairment loss for the third quarter of 2025, impacting its financial performance [1] Financial Summary - The company conducted an impairment test on its assets as of September 30, 2025, resulting in credit impairment losses totaling 32.2471 million yuan [1] - Breakdown of credit impairment losses includes: - Expected credit loss on accounts receivable: 22.6498 million yuan - Expected credit loss on notes receivable: 9.5696 million yuan - Expected credit loss on other receivables: 0.0276 million yuan [1] - The company also recognized an asset impairment loss of 6.2210 million yuan, entirely attributed to inventory write-downs [1] - The total impairment losses amounted to 38.4681 million yuan, which will reduce the company's consolidated profit by the same amount [1]

Group 1: China National Offshore Oil Corporation (CNOOC) - CNOOC reported a net profit of 101.97 billion yuan for the first three quarters of 2025, a year-on-year decrease of 12.6% [1][2] - The company's operating income for the third quarter was 104.89 billion yuan, an increase of 5.7% year-on-year, while the net profit attributable to shareholders was 32.44 billion yuan, down 12.2% [1][2] - CNOOC's oil and gas net production reached 578.3 million barrels of oil equivalent in the first three quarters, a year-on-year increase of 6.7% [2] Group 2: BYD - BYD's net profit for the first three quarters of 2025 was 233.33 billion yuan, a decrease of 7.55% year-on-year [4][5] - The company's operating income for the third quarter was 1949.85 billion yuan, down 3.05% year-on-year, with a net profit of 78.23 billion yuan, a decline of 32.60% [4][5] Group 3: Industrial and Commercial Bank of China (ICBC) - ICBC reported a net profit of 269.91 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.33% [6][7] - The bank's operating income for the third quarter was 212.93 billion yuan, up 3.41% year-on-year, with a net profit of 101.80 billion yuan, an increase of 3.29% [6][7] Group 4: China Construction Bank (CCB) - CCB's net profit for the first three quarters of 2025 was 257.36 billion yuan, a year-on-year increase of 0.62% [9][10] - The bank's operating income for the third quarter was 179.43 billion yuan, down 1.98% year-on-year, while the net profit was 95.28 billion yuan, an increase of 4.19% [9][10] Group 5: Agricultural Bank of China (ABC) - ABC reported a net profit of 220.86 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.03% [14][15] - The bank's operating income for the third quarter was 1809.39 billion yuan, up 4.36% year-on-year, with a net profit of 813.49 billion yuan, an increase of 3.66% [14][15] Group 6: Ping An Insurance - Ping An Insurance's net profit for the first three quarters of 2025 was 147.79 billion yuan, a year-on-year increase of 41.01% [16][17] - The company's operating income for the third quarter was 353.27 billion yuan, down 11.48% year-on-year, with a net profit of 42.49 billion yuan, a decline of 55.98% [16][17] Group 7: Luxshare Precision - Luxshare Precision reported a net profit of 115.18 billion yuan for the first three quarters of 2025, a year-on-year increase of 26.92% [18][19] - The company's operating income for the third quarter was 964.11 billion yuan, up 31.03% year-on-year [18][19] Group 8: GF Securities - GF Securities achieved a net profit of 109.34 billion yuan for the first three quarters of 2025, a year-on-year increase of 61.64% [20][21] - The company's operating income for the third quarter was 107.66 billion yuan, up 51.82% year-on-year [20][21] Group 9: China Southern Airlines - China Southern Airlines reported a net profit of 18.70 billion yuan for the first three quarters of 2025, a year-on-year increase of 37.31% [22][23] - The company's operating income for the third quarter was 490.69 billion yuan, up 0.90% year-on-year, while the net profit was 36.76 billion yuan, down 11.31% [22][23] Group 10: China Galaxy Securities - China Galaxy Securities reported a net profit of 109.68 billion yuan for the first three quarters of 2025, a year-on-year increase of 57.51% [35][36] - The company's operating income for the third quarter was 90.04 billion yuan, up 55.94% year-on-year [35][36]