证券代码：300223 证券简称：北京君正 公告编号：2025-004 北京君正集成电路股份有限公司 关于持股 5%以上股东减持股份触及 1%整数倍的公告 公司股东北京屹唐盛芯半导体产业投资中心（有限合伙）保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 | 股份性质 | 本次变动前持有股份 本次变动后持有股份 占总股本比例 | | | | | | --- | --- | --- | --- | --- | --- | | 股数(万股) | 占总股本比例(%) | | 股数(万股) | | | | | (%) | | | | | | 合计持有股份 | 6055.6704 | 12.5749 | 5297.2283 | 10.9999 | | | 其中：无限售条件股份 | 6055.6704 | 12.5749 | 5297.2283 | 10.9999 | | | 有限售条件股份 | 0 0 | 0 | | | 0 | | 承诺、计划等履行情况 4. | | 是√ | 否□ | | | | | 公司对北京矽成半导体有限公司的重大资产重组事项中，北京屹唐盛芯半 | | | | ...

Group 1: Company Overview - Beijing Junzheng Integrated Circuit Co., Ltd. is involved in the development of various semiconductor products, including SOC chips and DRAM [1][2]. Group 2: Product Development - The company is researching new processes for DRAM, specifically 21nm and 20nm, with sample availability expected this year [2]. - SOC chips integrate key modules such as CPU, VPU, NPU, and ISP, with different configurations for various products [2]. Group 3: Manufacturing Partnerships - The company collaborates with several foundries: GlobalFoundries and TSMC for computing chips, Powerchip for DRAM, SMIC and Huahong for SRAM, and Wuhan Xinxin for FLASH [2]. Group 4: Sales and Market Focus - The highest sales volume in DRAM products is currently from DDR3 [2]. - Over 80% of computing chips target the security monitoring market, primarily for civilian camera products [3]. - More than 50% of the company's analog products are in the automotive sector, with additional applications in office equipment and consumer electronics [3]. Group 5: Revenue Sources - Approximately 20% of storage chip revenue comes from domestic customers, while over 50% of analog chip revenue is derived from domestic sales [3].

证券代码：300223 证券简称：北京君正 公告编号：2025-003 北京君正集成电路股份有限公司 特此公告。 北京君正集成电路股份有限公司 董事会 二○二五年二月二十八日 关于持股 5%以上股东减持股份触及 1%整数倍的公告 公司股东上海武岳峰集成电路股权投资合伙企业（有限合伙）保证向本公司 提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 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。 1.基本情况 信息披露义务人 上海武岳峰集成电路股权投资合伙企业（有限合伙） 住所 中国(上海)自由贸易试验区祖冲之路 1077 号 2196 室 权益变动时间 2023 年 7 月 18 日-2025 年 2 月 27 日 股票简称 北京君正 股票代码 300223 变动类型 （可多 选） 增加□ 减少 一致行动人 有□ 无 是否为第一大股东或实际控制人 是□ 否 2.本次权益变动情况 股份种类（A 股、B 股等） 减持股数（万股） 减持比例（%） A 股 705.7900 1.4656 合 计 705.7900 1.4656 本次权益变动方式（可多 选） 通过证券交易所的集中交 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（元） | 92.50 | | --- | --- | | 总股本/流通股本（亿股）4.82 | / 4.20 | | 总市值/流通市值（亿元）445 | / 388 | | 周内最高/最低价 52 | 92.50 / 43.09 | | 资产负债率(%) | 7.2% | | 市盈率 | 82.92 | | 第一大股东 | 北京屹唐盛芯半导体产 | | | 业投资中心(有限合伙) | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 北京君正(300223) NPU 助力定制化存储 l 投资要点 CUBE 助力变革边缘 AI 计算。华邦电子开发的创新型 CUBE （Customized Ultra Bandwidth Element，定制化超高带宽元件） 技术，作为客制化的高宽带存储芯片 3D TSV DRAM，专门为边缘 AI 运算装置所设计的存储架构，利用 3D 堆叠技术并结合异质键合技 术以提供高带宽、低功耗、单颗 256Mb 至 8Gb ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 92.50 | | --- | --- | | 总股本/流通股本（亿股）4.82 | / 4.20 | | 总市值/流通市值（亿元）445 | / 388 | | 周内最高/最低价 52 | 92.50 / 43.09 | | 资产负债率(%) | 7.2% | | 市盈率 | 82.92 | | 第一大股东 | 北京屹唐盛芯半导体产 | | | 业投资中心(有限合伙) | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 北京君正(300223) NPU 助力定制化存储 l 投资要点 CUBE 助力变革边缘 AI 计算。华邦电子开发的创新型 CUBE （Customized Ultra Bandwidth Element，定制化超高带宽元件） 技术，作为客制化的高宽带存储芯片 3D TSV DRAM，专门为边缘 AI 运算装置所设计的存储架构，利用 3D 堆叠技术并结合异质键合技 术以提供高带宽、低功耗、单颗 256Mb 至 8Gb 的存储芯片， ...

Summary of Conference Call Records Companies and Industries Involved - **Aojie Technology** - **Xinpeng Co., Ltd.** - **Chip Origin Technology** - **Beijing Junzheng** - **Storage Market** Key Points and Arguments Aojie Technology - Aojie Technology has completed a full product matrix from feature phones to smartphones, enhancing market competitiveness, particularly in the ultra-low-end smartphone market, with expectations for revenue growth through 4G/5G chip promotion and turning losses into profits [1][3] - The company is actively expanding into smart glasses and other mobile terminals, leveraging its SoC technology, low-power technology, and system-level chip design capabilities to capture market opportunities in AI edge applications [1][6] - The IoT module market is experiencing a cyclical recovery with reduced price competition, which, combined with the spread of AI edge applications, may lead to a situation of simultaneous volume and price increases, benefiting Aojie Technology [1][8] - Aojie Technology's custom business is expected to generate revenue of 400 to 500 million yuan in 2024, with strong performance and a client base including well-known domestic internet companies [3][7] - The company has a significant advantage in the smartphone SoC field due to ten years of R&D accumulation, with plans to promote 4G octa-core and 5G chips to achieve revenue growth and gradually offset R&D cost pressures [5][9] Xinpeng Co., Ltd. - Xinpeng Co., Ltd. is a leading domestic IP licensing company, with core IP revenues from GPU, GPGPU, NPU, and VPU accounting for 70%-80% of total IP revenue, indicating a strong technical capability approaching global leading levels [1][10] - The company is transitioning to a one-stop custom service provider, which is favored by major internet companies, and is expected to see significant growth in the co-processor market [1][12] Chip Origin Technology - Chip Origin Technology offers one-stop custom services, including chip design, simulation verification, and mass production, which are well-received by major internet companies and are transitioning towards a comprehensive solution provider model [1][12][13] - The company is advancing its EDA tool business, with expectations for core projects to materialize by 2025, enhancing its business model and value proposition [1][13] Beijing Junzheng - Beijing Junzheng is seeing recovery signs in the automotive, industrial, and consumer sectors, focusing on NPU and video processing chips for security monitoring, IoT, and AI applications [1][14] - The company anticipates a gradual increase in overall revenue in 2024, with expectations for year-on-year growth in the second half of 2025 as the automotive industry and consumer demand recover [1][15][20] - The company is also developing low-power, cost-effective edge computing capabilities, with plans to launch new products based on RISC-V architecture [1][17] Storage Market - The storage market is benefiting from the recovery of the automotive industry and increasing demand for DDR4, with expectations to upgrade to DDR5, providing opportunities for domestic companies due to overseas production cuts [2][19] - The overall outlook for the storage market remains optimistic, driven by increased end-side demand from AI applications [2][19] Other Important but Possibly Overlooked Content - Aojie Technology's competitive edge in the ultra-low-end smartphone market is attributed to its cost-performance advantage, despite existing gaps with industry giants like Qualcomm [1][4] - The IoT market is entering a new growth cycle, which may provide additional opportunities for Aojie Technology [1][8] - The collaboration model of Chip Origin Technology avoids competition with its own products, making it attractive to major internet companies [1][12]

Group 1: Company Overview - Beijing Junzheng Integrated Circuit Co., Ltd. is involved in various semiconductor products including SRAM, DRAM, and FLASH [2] - The company has a significant focus on automotive applications, with over 50% of its LED DRIVER products used in this sector [2] Group 2: Product Development - The company is researching new DRAM processes, specifically 21nm and 20nm, with samples expected to be available to customers this year [2] - AI technologies, including algorithms and NPU, are integrated into the company's SOC chips [3] Group 3: Market Position and Sales - Over 80% of the company's computing chips target the consumer market, primarily for security monitoring products [3] - More than 20% of the revenue from storage chips comes from domestic customers, while over 50% of revenue from analog chips is also from domestic clients [3] Group 4: Future Prospects - The company is monitoring the market for AI DRAM products, which are believed to have significant market potential [3] - The competitive landscape for computing chips is intense, with domestic competitors affecting profit margins [3]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company focuses on integrated circuit fields with a rich product matrix, including computing chips, storage chips, and analog/interconnect chips, targeting markets such as automotive, industrial, medical, communication, and consumer sectors [4][5] - The company has seen a decrease in revenue and profitability in the short term, with a projected revenue of 32.01 billion yuan for the first three quarters of 2024, a year-on-year decrease of 6.39%, and a net profit of 3.04 billion yuan, down 17.37% [3] - The company continues to invest in core technology R&D, enhancing its market competitiveness and maintaining a strong technology reserve in various fields, including embedded CPU technology and AI algorithms [5] Financial Forecast - The company forecasts revenues of 45.26 billion yuan, 54.26 billion yuan, and 63.14 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.01 yuan, 1.28 yuan, and 1.55 yuan [6][9] - The current stock price corresponds to a PE ratio of 85.0, 66.9, and 55.4 for the years 2024, 2025, and 2026 respectively [6][9]

证券代码：300223 证券简称：北京君正 公告编号：2025-002 北京君正集成电路股份有限公司 关于公司部分股东、董事、监事及高级管理人员 4、持有本公司股份 1,351,363 股（占本公司总股本比例 0.28%）的副总经理 兼董事会秘书张敏计划在 2025 年 3 月 19 日至 2025 年 6 月 18 日的三个月内以集 中竞价方式减持本公司股份 250,000 股（占本公司总股本比例 0.0519%）； 5、持有本公司股份 757,331 股（占本公司总股本比例 0.16%）的监事会主席 张燕祥计划在 2025 年 3 月 19 日至 2025 年 6 月 18 日的三个月内以集中竞价方式 减持本公司股份 180,000 股（占本公司总股本比例 0.0374%）。 北京君正集成电路股份有限公司（以下简称"公司"）于近日收到上述股东 关于减持计划的书面文件，现将相关情况公告如下： 股份减持计划预披露公告 公司股东北京四海君芯有限公司、控股股东暨实际控制人之一/董事李杰、 董事冼永辉、监事张燕祥、高级管理人员张敏保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本 ...

Summary of Beijing Junzheng's Conference Call Company Overview - **Company**: Beijing Junzheng - **Main Business Segments**: Computing chips, storage chips, and analog interconnect chips Key Points Financial Performance - **Total Revenue**: 2024 Q1-Q3 revenue reached 3.2 billion yuan, averaging over 1 billion yuan per quarter, with Q3 remaining stable compared to Q2 [2][3] - **Computing Chips Revenue**: 812 million yuan in Q1-Q3, primarily for security monitoring, with Q2 and Q3 each contributing around 280 million yuan [2][3] - **Storage Chips Revenue**: Close to 2 billion yuan in Q1-Q3, with a quarterly average of over 600 million yuan, but expected to decline in Q4 due to seasonal factors [3] - **Analog Interconnect Chips Revenue**: Approximately 400 million yuan for the year, with over 50% coming from the automotive market [3] Market Trends and Projections - **2025 Market Recovery**: Anticipated recovery in the industry after two years of decline, with Q1 expected to show sequential growth and significant growth in the second half of 2025 [3][5] - **Analog Interconnect Growth**: Expected to maintain growth due to its small size and good growth potential [3] - **Computing Chips Strategy**: Focus on enhancing competitiveness in mid-range and high-end products to achieve growth [3][4] Product Development Plans - **New Product Launches**: Plans to introduce new computing products in 2025, including T33 (mid-low end) and T42 (mid-high end), to enhance competitiveness in the security monitoring sector [4][13] - **DRAM Development**: 21nm products expected to provide engineering samples in H1 2025, with 20nm products also in development [2][10] Market Dynamics - **Storage Business**: Domestic market share increased from slightly below 20% in Q1 2024 to over 25% in Q4 2024, with growth still reliant on overseas market recovery [8] - **Automotive Sector Demand**: Increased demand for automotive-grade storage due to advancements in smart driving technologies [9] Competitive Landscape - **Market Competition**: The computing chip market is highly competitive, with the company maintaining an advantage in low-power applications and proprietary core IP [19] - **Gross Margin**: Computing chip gross margin around 33% for Q1-Q3 2024, with an annual estimate of about 32% [20] Risks and Challenges - **Price Pressure**: Potential price pressure on analog chips despite maintaining a gross margin of around 40% [21] - **Supply Chain Risks**: Consideration of potential supply chain disruptions, particularly regarding foundry services [18] Additional Insights - **LED Driver Applications**: LED drivers are used in various automotive lighting applications, with ongoing development in smart LED and mini LED technologies [23] - **Focus on Domestic Market**: Increasing emphasis on the domestic market due to the trend of domestic substitution and the importance of self-sufficiency [8] This summary encapsulates the key insights from the conference call, highlighting the company's performance, market outlook, product strategies, and competitive positioning.