Summary of Beijing Junzheng's Conference Call Company Overview - **Company**: Beijing Junzheng - **Industry**: Semiconductor, specifically focusing on computing chips, storage chips, and analog interconnect chips Key Points and Arguments Financial Performance - In the first half of 2025, Beijing Junzheng achieved total revenue of approximately 2.25 billion yuan, representing a year-on-year growth of 6.75% [4] - Net profit for the same period was 203 million yuan, showing a growth of less than 3% [4] - Revenue from computing chips was 604 million yuan, up 15.6% year-on-year, driven by embedded SoC and smart video products [2] - Storage chip revenue was 1.38 billion yuan, a 5.2% increase, primarily targeting automotive, industrial, and communication sectors [2] - Analog interconnect revenue reached 240 million yuan, growing by 5% [2] Product Line Developments - The company is focusing on three main product lines: computing chips, storage chips, and analog interconnect chips [5] - New developments include the introduction of AI MCUs in computing chips and the ongoing research into 3D DRAM products in storage chips [5] - The company plans to enhance its SoC chip product line and expand into overseas markets, with a focus on high-performance NPU development [10] Market Trends and Strategies - The storage chip market is showing signs of recovery after a downturn, with a significant demand for DRAM products, especially in the automotive sector [11][12] - The company is upgrading its DRAM product line to 18nm and 16nm nodes, with DDR4 and subsequent technologies expected to dominate shipments in the next couple of years [3][19] - The automotive storage market is projected to grow significantly, driven by the increasing demand for smart applications and autonomous driving technologies [22] Competitive Positioning - The company maintains a competitive edge through long-term partnerships with automotive manufacturers and the ability to provide high reliability and comprehensive technical support [24] - Despite challenges in entering new markets, the company leverages its experience in the security field to innovate and compete effectively [27] Future Outlook - The company is optimistic about the future, with expectations of continued growth in the automotive market and the successful launch of new products, including high-capacity LPDDR4 for smart cockpits and autonomous driving systems [23][22] - The development of 3D DRAM is seen as a significant opportunity, with ongoing collaborations with clients in AI and high-performance computing sectors [30] - Overall, 2025 is viewed as a pivotal year for the company, with strategic initiatives expected to drive future revenue growth [33] Additional Important Insights - The company is actively pursuing a Hong Kong stock listing to support its globalization strategy amidst a complex global political and economic environment [6] - The analog interconnect business is also showing resilience, with a gross margin of 51% in the first half of 2025 [17] - The company has a robust inventory buffer of approximately 2 billion USD to mitigate supply chain challenges [26]

Core Viewpoint - Beijing Junzheng plans to consider the interests of existing shareholders and the conditions of domestic and international capital markets when deciding on the timing and issuance window for its upcoming public offering [2]. Group 1: Company Overview - Beijing Junzheng is an integrated circuit design company primarily engaged in the research and sales of integrated circuit chip products, including computing chips, storage chips, and analog and interconnect chips [2]. - The company's products are widely used in automotive electronics, industrial and medical applications, communication devices, and consumer electronics [2]. - The company operates under a Fabless model, focusing on the design and research of technology and products, while outsourcing production processes to large specialized integrated circuit manufacturers [2]. Group 2: Financial Information - As of the latest announcement, the total market capitalization of Beijing Junzheng is approximately ¥364.37 billion [4]. - The stock price is currently at ¥75.51, with a year-to-date increase of 358.91% since its initial closing price of ¥16.45 [5]. - The company has a price-to-earnings ratio (P/E) of 123.25 (trailing) and 103.27 (TTM), with earnings per share (EPS) of ¥0.73 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company announced its 2025 semi-annual report, achieving operating revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to the parent company of 203 million yuan, a year-on-year increase of 2.85% [5] - The company is enhancing its AI research and development layout, focusing on a multi-dimensional development strategy of "computation + storage + simulation" [5] Financial Performance Summary - In Q2 2025, the company reported operating revenue of 1.189 billion yuan, a year-on-year increase of 8.10% and a quarter-on-quarter increase of 12.13% [5] - The net profit attributable to the parent company for Q2 2025 was 129 million yuan, a year-on-year increase of 17.22% and a quarter-on-quarter increase of 74.83% [5] - The company's computing chip revenue in Q2 2025 was 334 million yuan, with a year-on-year growth of 18.1% and a quarter-on-quarter growth of 23.7% [6] - Storage chip revenue in Q2 2025 was 722 million yuan, with a year-on-year growth of 6.8% and a quarter-on-quarter growth of 9.0% [6] - The revenue from analog interconnect chips in Q2 2025 was 125 million yuan, showing a year-on-year decrease of 1.2% but a quarter-on-quarter increase of 4.4% [7] Future Earnings Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 460 million, 700 million, and 1.046 billion yuan, respectively, with corresponding EPS of 0.96, 1.45, and 2.17 yuan per share [9] - The projected P/E ratios for 2025, 2026, and 2027 are 78.5, 52.0, and 34.8 times, respectively [9]

Core Viewpoint - Beijing Junzheng's stock price has shown significant growth in recent months, with a year-to-date increase of 13.13% and a recent 60-day increase of 21.53% [1] Financial Performance - For the first half of 2025, Beijing Junzheng reported revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 203 million yuan, up 2.85% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 439 million yuan, with 183 million yuan distributed over the past three years [3] Shareholder Structure - As of August 8, 2025, the number of shareholders increased by 1.16% to 88,400, while the average circulating shares per person decreased by 1.15% to 4,758 shares [2] - Major shareholders include E Fund's ChiNext ETF, which increased its holdings by 156,000 shares, and Southern's CSI 500 ETF, which is a new shareholder with 502,320 shares [3] Market Activity - On August 26, the stock price reached 77.04 yuan per share, with a trading volume of 1.265 billion yuan and a turnover rate of 3.97% [1] - The stock experienced a net outflow of 12.5689 million yuan from main funds, while large orders accounted for significant portions of both buying and selling activities [1] Business Overview - Beijing Junzheng specializes in the research and sales of microprocessor chips, smart video chips, storage chips, and analog chips, with revenue composition being 61.47% from storage chips, 25.88% from computing chips, and 11.19% from analog and interconnect chips [1] - The company is categorized under the electronic-semiconductor-digital chip design industry and is involved in various concept sectors such as smart glasses, smart speakers, augmented reality, and smart home technology [1]

Group 1: Company Performance - Jia Ying Pharmaceutical reported a net profit of 20.08 million yuan for the first half of 2025, a year-on-year increase of 254.33% [1] - Aote Xun recorded a net loss of 28.97 million yuan for the first half of 2025, compared to a loss of 17.45 million yuan in the same period last year [1] - China Ruilin achieved a net profit of 74.75 million yuan, reflecting a year-on-year growth of 26.77% [1] - Shanxi Coking experienced a net loss of 77.61 million yuan, reversing from a profit of 184 million yuan in the previous year [3] - Dazhu Laser reported a net profit of 488 million yuan, a decline of 60.15% year-on-year [5] - Jin Zi Tian Zheng achieved a net profit of 21.66 million yuan, a year-on-year increase of 17.59% [7] - Bao Tai Long turned a profit with a net profit of 98.88 million yuan, compared to a loss of 192 million yuan in the previous year [9] - Qujiang Cultural Tourism reported a net loss of 13.88 million yuan, compared to a loss of 187 million yuan in the same period last year [9] - New Yisheng reported a net profit of 3.94 billion yuan, a year-on-year increase of 355.68% [11] - Blue Si Technology achieved a net profit of 1.14 billion yuan, reflecting a year-on-year growth of 32.68% [12] - Huichuan Technology reported a net profit of 2.97 billion yuan, a year-on-year increase of 40.15% [13] - Ju Yi Technology achieved a net profit of 39.79 million yuan, a year-on-year increase of 69.48% [15] - Ke Ma Technology reported a net profit of 172 million yuan, a year-on-year increase of 23.52% [22] Group 2: Company Announcements - ST Quan Wei's subsidiary signed a contract for a photovoltaic project worth approximately 1.125 billion yuan [10] - ST Ya Lian announced that its stock will be delisted from risk warnings starting August 27, 2025 [16] - Yang Fan New Materials announced that its controlling shareholder is under investigation [18] - Sairun Bio's rabies serum product has started sales in several provinces [20] - Hengsheng Electronics announced that a director plans to reduce holdings by up to 8 million shares [21] - Beijing Junzheng plans to issue H-shares and list on the Hong Kong Stock Exchange [21] - Guo An Da intends to invest 104 million yuan to gain control of Ke Wei Tai [22] - Ke Ma Technology plans to issue convertible bonds to raise up to 750 million yuan [23]

Core Insights - Beijing Junzheng (300223.SZ) reported a total operating revenue of 2.249 billion yuan for the first half of 2025, an increase of 142 million yuan or 6.75% year-on-year [1] - The net profit attributable to shareholders was 203 million yuan, up by 5.6229 million yuan or 2.85% compared to the same period last year [1] - The net cash inflow from operating activities reached 432 million yuan, an increase of 343 million yuan or 384.82% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stands at 7.16%, a decrease of 0.15 percentage points from the same period last year [3] - The gross profit margin is reported at 35.54%, with a return on equity (ROE) of 1.64% [4] - The diluted earnings per share (EPS) is 0.42 yuan, an increase of 0.01 yuan or 2.80% year-on-year [4] - The total asset turnover ratio is 0.17 times, an increase of 0.01 times or 3.52% year-on-year [4] - The inventory turnover ratio is 0.53 times [4] Shareholder Structure - The number of shareholders is 86,300, with the top ten shareholders holding a total of 215 million shares, accounting for 44.61% of the total share capital [4] - The largest shareholder is Beijing Yitang Shengxin Semiconductor Industry Investment Center (Limited Partnership) with a holding of 9.85% [4] - Other significant shareholders include Liu Qiang (8.39%), Shanghai Wuyuefeng Integrated Circuit Equity Investment Partnership (Limited Partnership) (7.93%), and Shaoxing Weihao Enterprise Management Consulting Partnership (Limited Partnership) (4.99%) [4]

Group 1 - The company, Beijing Junzheng Integrated Circuit Co., Ltd., will hold its first extraordinary general meeting of shareholders in 2025 on September 11, 2025, at 15:00 [1] - The meeting will be conducted through a combination of on-site and online voting, with specific time slots for network voting [1][2] - All shareholders registered by the close of trading on the day before the equity registration are entitled to attend the meeting and vote [2] Group 2 - The agenda includes proposals for changing the company's registered capital and amending the articles of association, as well as issuing H shares and listing on the Hong Kong Stock Exchange [2][3][4] - Other items for discussion include the establishment of internal governance systems and the approval of insurance for directors and senior management [4][10] - The voting process will follow specific rules, with non-cumulative voting for the proposals, requiring a two-thirds majority for certain resolutions and a simple majority for others [4][10] Group 3 - Shareholders must register to attend the meeting, with specific documentation required for both corporate and individual shareholders [5][6] - The company will provide a network voting platform, and detailed procedures for online voting will be available [5][7] - The meeting will not accept telephone registrations, and attendees will bear their own travel and accommodation costs [5]

Group 1 - The company Beijing Junzheng (SZ 300223) held its sixth fifth board meeting on August 22, 2025, to discuss the proposal for the re-election of independent directors [1] - For the fiscal year 2024, the company's revenue composition is as follows: integrated circuit design accounts for 99.82%, while other businesses account for 0.18% [1] - As of the report date, Beijing Junzheng has a market capitalization of 36.4 billion yuan [1]

Group 1 - The core viewpoint of the article is that Beijing Junzheng (300223.SZ) reported its 2025 semi-annual results, showing a revenue increase and a slight profit growth compared to the previous year [1] Group 2 - The company's operating revenue for the first half of 2025 was 2.249 billion yuan, representing a year-on-year growth of 6.75% [1] - The net profit attributable to shareholders of the listed company was 203 million yuan, reflecting a year-on-year increase of 2.85% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 161 million yuan, which is a year-on-year decrease of 19.05% [1] - The basic earnings per share were 0.4216 yuan [1]

北京君正集成电路股份有限公司 第六届董事会第五次会议决议公告 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"）第六届董事会第五次会 议于 2025 年 8 月 22 日在公司会议室以现场加通讯表决的方式召开，会议通知于 2025 年 8 月 12 日以通讯方式送达。会议应出席董事 12 人，实际出席董事 12 人。 本次会议的召开符合法律、行政法规、部门规章和公司章程的有关规定。会议由 公司董事长刘强先生主持，与会董事认真审议，形成如下决议： 一、 审议通过《2025 年半年度报告》和《2025 年半年度报告摘要》 董事会认为：《2025 年半年度报告》和《2025 年半年度报告摘要》真实反 映了本报告期公司的经营情况，所记载事项不存在虚假记载、误导性陈述或重大 遗漏，所披露的信息真实、准确、完整。该议案已提前经董事会审计委员会审议 通过。 证券代码：300223 证券简称：北京君正 公告编号：2025-047 具 体 内 容 详 见 公 司 于 2025 年 8 月 26 日 刊 登 在 巨 潮 资 讯 网 （ ...