Core Viewpoint - Beijing Junzheng's stock price has increased by 5.23% as of September 24, reaching 88.50 CNY per share, with a trading volume of 2.645 billion CNY and a turnover rate of 7.35% [1] Group 1: Company Overview - Beijing Junzheng Integrated Circuit Co., Ltd. was established on July 15, 2005, and listed on May 31, 2011 [1] - The company specializes in the research and sales of microprocessor chips, smart video chips, storage chips, and analog chips [1] - Revenue composition: storage chips 61.56%, computing chips 26.87%, analog and interconnect chips 10.84%, and others 0.53% [1] Group 2: Shareholder Information - Southern Fund's Southern CSI 500 ETF (510500) entered the top ten circulating shareholders of Beijing Junzheng in Q2, holding 5.0232 million shares, which is 1.19% of the circulating shares [2] - The ETF has generated a floating profit of approximately 22.1023 million CNY today and 17.3302 million CNY during the three-day increase [2] Group 3: Fund Performance - Southern CSI 500 ETF (510500) has a total asset size of 113.438 billion CNY, with a year-to-date return of 27.04% and a one-year return of 61.77% [2] - The fund manager, Luo Wenjie, has a tenure of 12 years and 159 days, with the best fund return during this period being 147.41% [3] Group 4: Fund Holdings - Southern Fund's Southern Entrepreneurial Board Artificial Intelligence ETF (159382) holds 14,400 shares of Beijing Junzheng, accounting for 2.71% of the fund's net value [4] - The ETF has generated a floating profit of approximately 63,400 CNY today and 49,700 CNY during the three-day increase [4] Group 5: Fund Manager Information - The fund manager of Southern Entrepreneurial Board Artificial Intelligence ETF (159382) is Pan Shuiyang, with a tenure of 1 year and 202 days [5] - The fund has a total asset size of 4.181 billion CNY, with the best return during the manager's tenure being 87.66% [5]

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform to raise funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1] Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a fabless integrated circuit design firm, providing chips for automotive electronics, industrial medical, AIoT, and smart security markets [1] - The company has been listed on the A-share market for 13 years, with a total market capitalization of 39.42 billion yuan as of September 22 [1] Financial Performance - The company's revenue has shown volatility, with total revenue declining from 54.12 billion yuan in 2022 to 42.13 billion yuan in 2024, and net profit halving from 7.79 billion yuan to 3.64 billion yuan during the same period [7][8] - The gross margin has remained stable between 33% and 35%, primarily due to the increasing contribution of high-margin automotive and industrial businesses [8] Market Position - According to Frost & Sullivan data, Beijing Junzheng ranks first in the battery IP-CamSoC and automotive-grade SRAM sectors, and second in the SRAM sector globally [4] - The company has shipped a total of 2.7 billion chips, with 1 billion of those being automotive electronics chips [4] Product Lines and Revenue Sources - The company’s product offerings include computing chips, storage chips, and analog chips, with storage chips accounting for over 60% of revenue in the first half of the year [3][8] - The storage chip business saw a significant revenue decline of 36% from 2022 to 2024, while the computing chip segment experienced a 41.6% revenue increase during the same period [8] Global Expansion and Market Reach - Beijing Junzheng's products are sold in over 50 countries and regions across Asia, America, and Europe, with overseas market revenue accounting for over 80% from 2022 to the first half of 2025 [5] Leadership and Ownership - The founder, Liu Qiang, holds an 8.39% stake in the company, with a net worth of 3.3 billion yuan [2] - The company has attracted interest from major players like Weir Shares, which announced plans to increase its stake in Beijing Junzheng [11][12]

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform to raise additional funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1][10]. Group 1: Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a fabless integrated circuit design firm, providing computing, storage, and analog chips for various markets including automotive electronics, industrial medical, AIoT, and smart security [1][5]. - The company has been listed on the A-share market for 13 years, with a total market capitalization of 39.42 billion yuan as of September 22 [1]. Group 2: Financial Performance - The company's revenue has shown volatility, with total revenue declining from 54.12 billion yuan in 2022 to 42.13 billion yuan in 2024, and net profit halving from 7.79 billion yuan to 3.64 billion yuan during the same period [12][13]. - The storage chip business, which is the largest revenue source, saw a 36% decline in revenue, while the computing chip business experienced a 41.6% increase in revenue during the downturn [13][14]. Group 3: Market Position and Strategy - Beijing Junzheng ranks first in battery-class IP-CamSoC and automotive-grade SRAM markets, and second in the SRAM sector according to Frost & Sullivan data [7][8]. - The company has a strong focus on R&D, with R&D expenses constituting 11.9% to 16.2% of revenue from 2022 to 2025, indicating a commitment to innovation despite short-term profit erosion [14]. Group 4: Shareholder Activity and Market Sentiment - Since 2022, shareholders and executives have reduced their stakes, raising concerns about the company's future, with total cashing out amounting to several hundred million yuan [16][17]. - Despite recent performance challenges, the company attracted interest from Weir Group, which planned to increase its stake, indicating potential strategic collaboration opportunities [16][17].

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform IPO to raise funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1]. Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a Fabless integrated circuit design firm, providing chips for automotive electronics, industrial medical, AIoT, and smart security markets [1]. - The company has been listed on the A-share market for 13 years, with a market capitalization of 39.42 billion yuan as of September 22 [1]. Financial Performance - The company's revenue has shown significant fluctuations, with total revenue declining from 54.1 billion yuan in 2022 to 42.1 billion yuan in 2024, and net profit dropping from 779 million yuan to 364 million yuan during the same period [11]. - The gross margin has remained stable between 33% and 35%, largely due to the increasing contribution of high-margin automotive and industrial businesses [12]. - The storage chip business, which is the largest revenue source, saw a 36% decline in revenue, while the computing chip business experienced a 41.6% increase in revenue during the downturn [13]. Market Position - According to Frost & Sullivan, Beijing Junzheng ranks first in the battery IP-CamSoC and automotive-grade SRAM sectors, and second in the SRAM sector globally [6]. - The company has shipped a total of 2.7 billion chips, with 1 billion of those being automotive electronic chips [6]. Strategic Moves - The company aims to use the funds raised from the Hong Kong IPO to enhance its global strategy and expand its financing channels [1]. - Beijing Junzheng has attracted interest from major players like Weir Group, which announced plans to increase its stake in the company, indicating potential for strategic collaboration [16]. Challenges and Risks - The semiconductor industry is experiencing a cyclical downturn, with the market entering a low period since 2022, which is expected to continue until early 2024 [11]. - The company has faced stock price volatility, with significant shareholder sell-offs since 2022, raising concerns about future growth [15].

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform to raise additional funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1] Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a fabless integrated circuit design firm, providing chips for automotive electronics, industrial medical, AIoT, and smart security markets [1][4] - The company has been listed on the A-share market for 13 years, with a market capitalization of 39.42 billion yuan as of September 22 [1] Financial Performance - The company's revenue has shown volatility, with total revenue declining from 54.12 billion yuan in 2022 to 42.13 billion yuan in 2024, while net profit dropped from 7.79 billion yuan to 3.64 billion yuan during the same period [9] - Despite the downturn, the company's gross margin has remained stable between 33% and 35%, supported by a higher proportion of automotive and industrial business [9][10] - The storage chip segment, which is the largest revenue source, saw a 36% decline in revenue, while the computing chip segment experienced a 41.6% increase in revenue during the same period [9] Market Position - According to Frost & Sullivan data, Beijing Junzheng ranks first in the battery IP-Cam SoC and automotive-grade SRAM markets, and second in the SRAM market globally [5] - The company has shipped a total of 2.7 billion chips, with 1 billion of those being automotive electronics chips [5] Strategic Moves - The company aims to use the funds raised from the Hong Kong listing to enhance its global strategy and expand its financing channels [1] - Beijing Junzheng has attracted interest from major players in the semiconductor industry, such as Weir Shares, which announced plans to increase its stake in the company [11][13] R&D Investment - The company maintains a high level of R&D investment, with expenses amounting to 6.42 billion yuan in 2022, 7.08 billion yuan in 2023, and 6.81 billion yuan in 2024, representing 11.9%, 15.6%, and 16.2% of revenue respectively [10]

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Viewpoints - The storage market sentiment continues to rise, with domestic advanced storage capacity expanding, driven by the demand from AI servers and terminals, alongside opportunities for domestic substitution [2] - NAND storage price increase sentiment is heating up, with Flash wafer prices rising between 1.82% and 6.25%, and SSD prices, particularly for 256GB SSDs, seeing a weekly increase of 8.62% [7] - The DRAM market is expected to experience a comprehensive price increase, with Micron halting quotes for DDR4, DDR5, LPDDR4X, and LPDDR5X, and potential price hikes of 20%-30% anticipated [7] Summary by Sections Investment Recommendations and Targets - The report suggests a positive outlook for the storage industry, recommending stocks such as: - Zhaoyi Innovation (603986, Buy) - Beijing Junzheng (300223, Buy) - Other companies are listed with varying ratings [2] Market Trends - The NAND market is experiencing price increases due to supply-side strategies, with expectations for continued price rises in enterprise storage by Q4 [7] - The DRAM market is shifting towards a seller's market, with ongoing demand from AI applications supporting price increases [7] - Samsung's HBM3E product has been certified by NVIDIA, indicating competitive advancements in the HBM market [7]

Summary of Key Points Core Viewpoint The article discusses the recent activities on the Hong Kong Stock Exchange (HKEX) from September 15 to September 21, highlighting the number of companies that submitted applications, those that passed hearings, and new listings. Group 1: Companies Submitting Applications - A total of 11 companies submitted applications to the HKEX during the specified period [1] - Notable companies include: - **Meilian Steel Structure (Shanghai) Co., Ltd.**: Ranked third in China's prefabricated steel structure market with a market share of 3.5% [2] - **Hangzhou New Element Pharmaceutical Co., Ltd.**: Focused on developing therapies for metabolic, inflammatory, and cardiovascular diseases [3] - **Jiangsu Zhongrun Solar Technology Co., Ltd.**: Second in global photovoltaic cell manufacturing with a market share of 14.6% [4] - **Beijing Junzheng Integrated Circuit Co., Ltd.**: A leading provider of chips for various high-tech applications [5] - **Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd.**: Focused on therapies for respiratory and pediatric diseases [7] - **Nuwa Insight Technology Co., Ltd.**: An AI technology company in the insurance sector [8] - **Huaqin Technology Co., Ltd.**: A leading ODM platform for smart products [9] - **Saimite Information Group Co., Ltd.**: A leading provider of intelligent industrial software solutions [10] - **Guangzhou Ruoyu Chen Technology Co., Ltd.**: An e-commerce operation company [11] - **Quantitative Holdings Limited**: Focused on online market operations in the consumer sector [12] - **Hangzhou Xianweida Biotechnology Co., Ltd.**: A biopharmaceutical company nearing commercialization [13] Group 2: Companies Passing Hearings - Two companies successfully passed the listing hearings: - **Shenzhen Xipuni Precision Technology Co., Ltd.**: A designer and manufacturer of gold watch cases and bands [14] - **Xuanzhu Biotechnology Co., Ltd.**: An innovative biopharmaceutical company with multiple drug assets in development [15] Group 3: Companies Launching IPOs - Four companies initiated their IPOs: - **Jingfang Pharmaceutical-B**: Global offering of 89.24 million shares with a net fundraising of approximately HKD 1.67 billion [17] - **Different Group**: Global offering of 10.98 million shares with a price range of HKD 62.01-71.20 [18] - **Chery Automobile**: Global offering of 297 million shares with a price range of HKD 27.75-30.75 [19] - **Zijin Gold International**: Global offering of 349 million shares with a price of HKD 71.59 [20] Group 4: New Listings - Three new stocks were listed: - **Hesai Technology (HK:02525)**: Closed at HKD 234.0 per share, up 9.96% on the first day [20] - **Health 160 (HK:02656)**: Closed at HKD 28.22 per share, up 137.34% on the first day [21] - **Jingfang Pharmaceutical-B (HK:02595)**: Closed at HKD 42.10 per share, up 106.47% on the first day [22]

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, facing challenges due to a declining semiconductor cycle and weak terminal demand over the past three years [1][10]. Company Overview - Beijing Junzheng is a chip design company that has transitioned from a single microprocessor chip focus to three core segments: computing chips, storage chips, and analog & interconnect chips [3][6]. - The company has seen a significant decline in revenue and profit, with revenues of 54.12 billion, 45.31 billion, and 42.13 billion from 2022 to 2024, and net profits of 7.79 billion, 5.16 billion, and 3.64 billion during the same period [6][10]. Recent Performance - In 2025, the company experienced a revenue increase of 6.7% in the first half, reaching 22.5 billion, and a net profit increase of 2.0%, totaling 2.0 billion [8]. - The semiconductor industry has shown signs of recovery since the second half of 2024, positively impacting Beijing Junzheng's performance [7]. Revenue Breakdown - As of the first half of 2025, storage chips accounted for over 60% of the company's revenue, while computing chips contributed nearly 25%, and analog chips around 10% [6]. - The storage chip segment has faced a 36% decline over the past two years, with revenues of 40.5 billion, 29.1 billion, and 25.9 billion from 2022 to 2024 [12]. Competitive Landscape - In the computing chip sector, Beijing Junzheng competes with companies like Amlogic, Allwinner Technology, and Rockchip, facing challenges due to high price sensitivity and severe product homogeneity [11]. - The gross margin for computing chips has been relatively low compared to storage and analog chips, with margins of 20.2%, 27.0%, and 32.8% from 2022 to 2024 [11]. Research and Development - The company has a research team of 760 engineers, with R&D expenses of 6.4 billion, 7.1 billion, and 6.8 billion over the past three years, indicating a growing investment in innovation [9]. - Despite increasing R&D investment, there is still room for improvement compared to competitors like Rockchip, which maintains a R&D expense ratio above 20% [9].

Market Overview - The global NOR Flash market revenue is expected to exceed $2.6 billion by 2025, with applications divided into four main categories: PC (approximately 13%), automotive (approximately 21%), industrial (approximately 27%), and consumer (over 30%) [2] - Emerging consumer applications, including AI headphones, glasses, and toys, show significant demand growth, making them the most prosperous sector [2] - AI server shipments have increased significantly, with strong price support, while demand for AI PCs, automotive electronics, and industrial sectors (non-AI server) has also risen considerably [2] Competitive Landscape - Domestic AI server manufacturers are shifting from "copying" to self-replacement, with an expected replacement share of around 20% this year, indicating a clear trend of replacing Taiwanese manufacturers [2] - This shift presents new market opportunities for A-share storage chip manufacturers such as Zhaoyi Innovation, Beijing Junzheng, Fudan Microelectronics, Dongxin Co., Puran Co., Jucheng Co., and Hengsuo Co. [2] R&D Investment - Zhaoyi Innovation leads in R&D investment with 567.68 million yuan, followed by Fudan Microelectronics with 508.61 million yuan, and Beijing Junzheng with 348.28 million yuan [5] - In terms of R&D expenses as a percentage of revenue, Dongxin Co. ranks first at 30.74%, followed by Fudan Microelectronics at 27.66%, and Hengsuo Co. at 24.58% [7] R&D Personnel - Zhaoyi Innovation has the highest number of R&D personnel at 1,481, followed by Fudan Microelectronics with 1,113, and Beijing Junzheng with 760 [8] Product Development - Zhaoyi Innovation has a diverse product matrix including NOR Flash, SLC NAND Flash, and niche DRAM, covering various applications in consumer electronics, industrial, communications, and automotive sectors [9] - The company launched a dual-voltage supply SPI NOR Flash product for 1.2V SoC applications, enhancing its strategic layout in embedded storage solutions [10] - Beijing Junzheng's storage chip categories include SRAM, DRAM, and Flash, with a strong presence in automotive and industrial markets [11] - Fudan Microelectronics has a comprehensive product layout in non-volatile memory, with new SONOS platform products entering mass production [12] - Puran Co. offers a full range of EEPROM and NOR Flash products, catering to various applications including smartphones and AI devices [13] - Hengsuo Co. is expanding its product line to include DRAM memory products and has launched DDR4 products in 2025 [15] - Dongxin Co. has achieved mass production of its 1xnm flash memory products and is continuously optimizing its design and process [16]

Core Viewpoint - Beijing Junzheng, a leading chip manufacturer, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position and product offerings in the semiconductor industry [1][9]. Company Overview - Beijing Junzheng is a global leader in "computing + storage + analog" chips, providing high-performance, low-power computing chips, high-quality storage chips, and various analog chips for markets such as automotive electronics, industrial medical, AIoT, and smart security [1]. - The company ranks sixth globally in niche DRAM, first among companies in mainland China, and fourth among global automotive-grade niche DRAM suppliers. In SRAM, it ranks second globally and first in mainland China, while in NOR Flash, it ranks seventh globally and third in mainland China [1]. Financial Performance - The company's revenue has been declining, with figures of approximately RMB 54.12 billion, RMB 45.31 billion, and RMB 42.13 billion from 2022 to 2024, respectively. For the first half of 2025, revenue was RMB 22.49 billion, a year-on-year decrease of 6.7% [3]. - Net profit also showed a downward trend from RMB 7.79 billion in 2022 to RMB 3.64 billion in 2024, but there was a slight recovery in the first half of 2025 with a net profit of RMB 2.02 billion [3]. - The gross margin remained relatively stable, with figures of 33.42%, 35.49%, 34.97%, and 34.22% from 2022 to the first half of 2025, while net margins were 14.39%, 11.38%, 8.65%, and 8.97% during the same period [3]. Market Trends - The semiconductor industry has been experiencing a downturn since 2022, characterized by inventory buildup, pricing pressure, and weakened consumer confidence. However, signs of recovery began in the second quarter of 2024, particularly in the consumer electronics sector [4][3]. - The global chip market is expected to grow from approximately USD 356.2 billion in 2020 to USD 515.3 billion in 2024, with a compound annual growth rate (CAGR) of 9.7%. Projections indicate further growth to around USD 900.3 billion by 2029, with a CAGR of 11.0% from 2025 to 2029 [6]. Competitive Advantages - The company operates under a fabless model, focusing on chip design and development while collaborating with leading foundries and testing companies to ensure high manufacturing standards [2]. - Beijing Junzheng has a strong product mix, with storage chips accounting for 61.6% of revenue as of mid-2025, while computing and analog chips contributed 26.9% and 10.8%, respectively [2]. - The acquisition of ISSI has positioned the company as a leading supplier of automotive storage chips, enhancing its revenue, profitability, and global competitiveness [8]. - The company's deep involvement in automotive electronics aligns with the long-term trends of electrification, intelligence, connectivity, and sharing in the automotive sector, providing a stable and growth-oriented revenue source [8].