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 in various chip segments and capitalize on the recovery of the semiconductor industry [1][8]. 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 a variety of high-specification analog chips for markets such as automotive electronics, industrial medical, AIoT, and smart security [1][2]. - 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][2]. Financial Performance - The company's revenue has been declining over the past three years, with revenues of approximately RMB 54.12 billion, RMB 45.31 billion, and RMB 42.13 billion from 2022 to 2024, respectively. As of the first half of 2025, revenue was RMB 22.49 billion, a year-on-year decrease of 6.7% [2][3]. - Net profit has also decreased from RMB 7.79 billion in 2022 to RMB 3.64 billion in 2024, although it showed a slight recovery in the first half of 2025 with a net profit of RMB 2.02 billion [3]. Market Trends - The global chip market is expected to grow significantly, 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%. By 2029, the market is projected to reach around USD 900.3 billion, with a CAGR of 11.0% from 2025 to 2029 [5][6]. - The semiconductor industry has faced a downturn since 2022, characterized by inventory buildup and pricing pressure, but signs of recovery began in the second quarter of 2024, particularly in the consumer electronics sector [3][5]. Product Structure - The company's product lines include computing chips, storage chips, and analog chips, with storage chips accounting for 61.6% of revenue as of the first half of 2025, while computing and analog chips contributed 26.9% and 10.8%, respectively [2][4]. - The company has a strong presence in automotive electronics, benefiting from the growing demand for high-performance storage chips driven by trends such as electrification and automation in vehicles [7]. Competitive Advantages - Beijing Junzheng's dual business model of "processor + storage chip" provides robust growth potential, with a strong customer base in IoT devices and smart home applications [6][7]. - The acquisition of ISSI has positioned the company as a leading supplier of automotive storage chips, enhancing its revenue, profitability, and global competitiveness [7]. - The company's commitment to independent innovation in CPU technology and AI engines strengthens its market position and aligns with national strategies for self-sufficiency [7][8].

Industry Overview - The storage chip market, particularly NOR Flash, is experiencing rapid growth driven by advancements in technologies such as artificial intelligence and the Internet of Things, despite a lackluster performance last year due to supply and demand factors [2] - In the first half of this year, the market showed signs of recovery with significant inventory reduction and gradual demand restoration, particularly in industrial markets and supported by long-term demand from AI and high-performance computing [2] - Starting from the third quarter, overall storage demand is rebounding, with prices showing an upward trend, indicating a positive outlook for the second half of the year [2] Company Performance - In the first half of the year, the revenue rankings among storage chip manufacturers are as follows: Zhaoyi Innovation (4150.31 million), Beijing Junzheng (2249.11 million), Fudan Microelectronics (1838.85 million), Puran Co. (906.70 million), Jucheng Co. (574.86 million), Dongxin Co. (342.99 million), and Hengshuo Co. (174.28 million) [3] - Zhaoyi Innovation leads in net profit with 575.48 million, followed by Jucheng Co. (205.15 million) and Beijing Junzheng (203.12 million), while Dongxin Co. and Hengshuo Co. reported losses of 110.97 million and 70.78 million respectively [4] - In terms of gross margin, Jucheng Co. has the highest at 60.25%, followed by Fudan Microelectronics at 56.80%, and Zhaoyi Innovation at 37.21% [5] Inventory Management - Fudan Microelectronics holds the highest inventory at 3088.98 million, followed by Beijing Junzheng (2773.43 million) and Zhaoyi Innovation (2400.65 million) [6] - Inventory turnover days are highest for Fudan Microelectronics at 705 days, with Dongxin Co. at 596 days and Hengshuo Co. at 355.66 days, while Zhaoyi Innovation has the lowest at 163.95 days [7] - In terms of inventory impairment provisions, Fudan Microelectronics has the highest at 548.26 million, followed by Zhaoyi Innovation (287.39 million) and Beijing Junzheng (263.53 million) [7]

公开资料显示，北京君正成立于2005年，于2011年5月在创业板上市。 【深圳商报讯】（首席记者 谢惠茜）A股公司北京君正（300223）近日向港交所递交了招股书。招股书 显示，公司近3年净利润持续下滑，2022年净利润为7.79亿元，2024年净利润降至3.64亿元。公司提示， 业绩受下游行业需求及终端产品价格波动影响较大。 值得一提的是，就在其发布拟赴港上市公告当天，北京君正同时发布了关于持股5%以上股东减持公 告。公告显示，其公司股东北京屹唐盛芯半导体产业投资中心（有限合伙）已于7月18日至9月12日，通 过集中竞价方式减持482.54万股，减持比例近1%，套现近4亿元。 ...

（文章来源：证券日报） 证券日报网讯 9月18日晚间，北京君正发布公告称，公司于2025年8月22日召开的第六届董事会第五次 会议，审议通过了《关于变更公司注册资本并修改公司章程的议案》。近日，公司完成工商变更登记手 续，并取得了北京市海淀区市场监督管理局换发的《营业执照》。 ...

Group 1: Company Overview - Beijing Junzheng is a semiconductor company focusing on "computing + storage + analog" chips, primarily serving markets such as automotive electronics, industrial medical, AIoT, and smart security [5][7] - The actual controllers of the company are Liu Qiang and Li Jie, who collectively control 13.68% of the shares [5][6] - The company operates a fabless model, with three main product lines: computing chips, storage chips, and analog chips [7][11] Group 2: Financial Performance - The company's revenue has declined over the past two years, with reported revenues of 54.12 billion RMB in 2022, 45.31 billion RMB in 2023, and projected 42.13 billion RMB in 2024 [9][10] - Net profits for the same periods were 7.79 billion RMB, 5.16 billion RMB, and 3.64 billion RMB respectively [9][10] - The gross margin has fluctuated, with rates of 33.4% in 2022, 35.5% in 2023, and 34.2% in the first half of 2025 [10][13] Group 3: Market Dynamics - The semiconductor industry is experiencing a cyclical downturn, with a low period from 2022 to early 2024, but is expected to expand significantly in the coming years [19][22] - The global chip market is projected to grow from approximately 356.2 billion USD in 2020 to 515.3 billion USD by 2024, with a compound annual growth rate (CAGR) of 9.7% [21] - Emerging fields such as AI, automotive, and industrial automation are expected to drive future growth in chip demand [19][20][23] Group 4: Product Pricing and Sales - The average price of computing chips has decreased from 16.3 RMB to 10.9 RMB, a decline of 33%, while storage chips dropped from 7.1 RMB to 4.8 RMB, a 32% decrease [14][16] - Storage chips are the primary revenue source, expected to account for 61.5% of total revenue in 2024 [11][12] - The company maintains a certain level of inventory to meet consumer demand, with inventory levels increasing from 23.04 billion RMB in 2022 to 27.73 billion RMB in 2025 [18]

证券代码：300223 证券简称：北京君正 公告编号：2025-059 北京君正集成电路股份有限公司 关于完成工商变更登记的公告 类型：股份有限公司（上市、自然人投资或控股） 住所：北京市海淀区西北旺东路 10 号院东区 14 号楼一层 A101-A113 法定代表人：刘强 注册资本：48254.0723 万元 经营范围：研发、设计、委托加工、销售半导体集成电路芯片；计算机软硬 件及计算机网络软硬件产品的设计、开发；销售计算机软、硬件 及其辅助设备、电子元器件、通讯设备；技术开发、技术转让、 技术咨询、技术服务、技术培训；技术检测；货物进出口、技术 进出口、代理进出口；出租办公用房、商业用房。（市场主体依 法自主选择经营项目，开展经营活动；依法须经批准的项目，经 相关部门批准后依批准的内容开展经营活动；不得从事国家和本 市产业政策禁止和限制类项目的经营活动。） 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 北京君正集成电路股份有限公司（以下简称"公司"）于 2025 年 8 月 22 日 召开的第六届董事会第五次会议，审议通过了《关于变更公司注册资本并修改公 ...

Core Viewpoint - The article highlights the strong performance of technology stocks in 2023, particularly in emerging sectors like AI and humanoid robots, with a specific focus on AI glasses as a promising industry driven by major companies' push for commercialization [3]. Group 1: AI Glasses Market - The AI glasses sector is gaining traction, with significant interest from major tech companies, particularly Meta, which plans to share updates on AI glasses at the Meta Connect 2025 event [3]. - Zuckerberg emphasizes that smart glasses will be an integral part of the AI landscape, integrating AI deeply and expanding their functionality beyond just cameras and headphones [3]. - Huatai Securities remains optimistic about the long-term potential of glasses as an "Always-on" interaction interface, especially with the enhancement of AI model capabilities [3]. Group 2: Stock Performance and Growth Potential - On September 17, 2023, several AI glasses concept stocks surged, with Wave Optoelectronics hitting the daily limit, and other stocks like Huicheng Vacuum and Changying Precision rising over 11% [5]. - A total of 41 stocks in the AI glasses sector are predicted by institutions to have a net profit growth rate exceeding 20% for both 2026 and 2027 [5]. - Specific stocks such as Xiechuang Data are forecasted to have net profit growth rates exceeding 30% over the next two years, with over 900 million yuan in net purchases since September [5][6].

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is experiencing a decline in net profit and revenue as indicated in its prospectus submitted to the Hong Kong Stock Exchange [1][2]. Financial Performance - The company's net profit for the years 2022, 2023, 2024, and the first half of 2025 is projected to be 0.779 billion, 0.516 billion, 0.364 billion, and 0.202 billion respectively, showing a downward trend [1][2][3]. - Revenue figures for the same periods are 5.412 billion, 4.531 billion, 4.213 billion, and 2.249 billion, also indicating a decline [2][3]. Business Model - The company operates on a fabless model, focusing on chip research and design while collaborating with foundries and packaging service providers [2]. - Revenue sources include sales of computing chips, storage chips, and analog chips, along with technical services for product development and optimization [2]. Customer Concentration - A significant portion of revenue comes from a small number of customers, with sales to the top five customers amounting to 2.737 billion, 2.470 billion, 2.188 billion, and 1.148 billion, representing 50.6%, 54.5%, 51.9%, and 51.1% of total sales respectively [5]. - The largest customer contributed sales of 1.087 billion, 0.954 billion, 0.817 billion, and 0.388 billion, accounting for 20.1%, 21%, 19.4%, and 17.3% of total sales [5]. Supplier Dependency - The company relies heavily on a few suppliers, with purchases from the top five suppliers totaling 2.628 billion, 1.701 billion, 1.423 billion, and 0.705 billion, which represent 65.1%, 58.3%, 47.8%, and 51.0% of total purchases respectively [6]. - The largest supplier's contribution to purchases was 1.290 billion, 0.774 billion, 0.350 billion, and 0.232 billion, making up 32%, 26.5%, 11.8%, and 16.7% of total purchases [6]. Market Competition - The market in which the company operates is highly competitive, influenced by various factors such as customer industry developments, technological advancements, and regulatory changes [6].

Group 1 - The technology sector has shown strong performance this year, particularly in themes driven by industrial development, such as AI and humanoid robots [1] - AI glasses are highlighted as a promising industry, especially with major companies pushing for industrialization and commercialization [1] - Meta's upcoming event, Meta Connect 2025, will feature Mark Zuckerberg discussing the latest developments in AI glasses and Meta's vision for AI and the metaverse [1] Group 2 - AI glasses concept stocks have seen significant price increases, with companies like Boliang Optoelectronics hitting the daily limit, and others like Huicheng Vacuum and Changying Precision rising over 11% [2] - Statistics show that 41 AI glasses concept stocks are predicted to have a net profit growth rate exceeding 20% for the next two years [2] - Specific companies such as Xiechuang Data are forecasted to have a net profit growth rate of over 30% for the next two years, with over 900 million yuan in net purchases since September [2][3]

Core Viewpoint - Beijing Junzheng has submitted an application for H-share listing on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1] Group 1: Company Overview - Beijing Junzheng was listed on the Shenzhen Stock Exchange in 2011, with a market capitalization of 39.98 billion as of September 15 [1] - The company operates a fabless model, providing computing, storage, and analog chips applicable in automotive electronics, industrial medical, AIoT, and smart security markets [1] - According to Frost & Sullivan, Beijing Junzheng holds a leading market position in niche DRAM, SRAM, NOR Flash, and IP-Cam SoC sectors based on 2024 revenue projections [1] Group 2: Product Development - The company is expanding its product line, with the new computing chip T33 already in production, targeting the H.265 security market, and T42 expected to launch in 2026 [1] - DRAM products based on 20nm/18nm/16nm processes are being sampled, along with automotive-grade LED drivers and interconnect chips [1] Group 3: Financial Performance - Beijing Junzheng's revenue for 2022, 2023, and 2024 was 5.412 billion, 4.531 billion, and 4.213 billion respectively, with net profits of 0.779 billion, 0.516 billion, and 0.364 billion [1] - In the first half of 2025, the company reported revenue of 2.249 billion and net profit of 0.203 billion, with computing chip revenue growing by 15.59% [2] - For Q2 2025, revenue was 1.189 billion, reflecting an 8.10% year-over-year increase and a 12.13% quarter-over-quarter increase, while net profit was 0.129 billion, up 17.22% year-over-year and 74.83% quarter-over-quarter [2] Group 4: Shareholder Activity - Prior to the IPO application, a major shareholder, Beijing Yitang Shengxin, reduced its stake by 0.999999% from July 18 to September 12, 2025, selling 4.8254 million shares [2] - The shareholder's stake decreased from 14.43% to 7.999991%, with a total reduction of approximately 21.9435 million shares over the past year [2] - Other shareholders, including Beijing Sihai Junxin and controlling shareholder Li Jie, also announced plans to reduce their holdings, totaling around 2.53 million shares [2]