Core Viewpoint - The announcement from 卓胜微 indicates that its shareholder, 汇智投资, received a warning from the Jiangsu Securities Regulatory Bureau for failing to timely disclose a change in shareholding that exceeded 1% due to both active reduction and passive dilution of shares [1][2] Group 1: Regulatory Actions - 汇智投资 was issued a warning letter for not disclosing a 1% change in shareholding from September 28, 2022, to December 6, 2024, which was only reported on August 8, 2025 [1] - The warning is based on violations of the "Measures for the Administration of the Acquisition of Listed Companies" [1] Group 2: Company Response - 卓胜微 stated that the delay in disclosure was due to a misunderstanding of the relevant rules in the "Measures for the Administration of the Acquisition of Listed Companies" [2] - The shareholder had made timely disclosures regarding the reduction plan and its completion, allowing investors to access information through public channels [2] Group 3: Shareholder Information - The actual controllers of 卓胜微 are 许志翰, 冯晨晖, and 唐壮, with 许志翰 being the sole general partner and executive partner of 汇智投资, holding 76.83% of its shares [2]

Core Viewpoint - The company Zhuosheng Microelectronics (300782) is addressing recent issues related to shareholder reduction and compliance with disclosure procedures, emphasizing that the reduction actions were in accordance with relevant laws and regulations, while also outlining measures to prevent future occurrences [2]. Group 1: Company Performance - As of September 15, 2025, Zhuosheng Microelectronics closed at 80.43 yuan, with a slight increase of 0.54% [1]. - The trading volume was 171,000 hands, resulting in a transaction amount of 1.405 billion yuan [1]. Group 2: Shareholder Actions and Compliance - The company clarified that the shareholder reduction was compliant with the Securities Law and related regulations, and the issues arose from procedural flaws in information disclosure timing [2]. - To prevent similar issues, the company plans to enhance training for key personnel on relevant laws and improve internal information transmission and review mechanisms [2]. Group 3: Market Activity - On September 15, the net inflow of main funds was 14.1718 million yuan, while retail investors experienced a net outflow of 87.1921 million yuan [3]. - The net inflow from speculative funds was 73.0204 million yuan [3]. Group 4: Related ETFs - The Consumer Electronics ETF (Product Code: 159732) tracks the National Certificate Consumer Electronics Theme Index and has seen a 5.43% change over the last five days [5]. - The ETF's current price-to-earnings ratio is 46.80 times, with a recent net inflow of 19.262 million yuan [5].

Domestic - The National Health Commission has approved a draft national standard for the food safety of prepared dishes, which will soon be open for public consultation, marking a significant shift towards regulation in the prepared dish industry [3] - Jiangsu province has added three universities to its list of institutions with recommendation exemption qualifications, bringing the total to 28 [4] - Jiangsu's Human Resources and Social Security Department announced an increase in work injury insurance benefits starting January 1, 2025, affecting approximately 200,000 workers [4] Global - The Ministry of Industry and Information Technology and seven other departments have issued a plan aiming for 32.3 million vehicle sales in 2025, with a target of 15.5 million for new energy vehicles, representing a 20% year-on-year growth [6] - The Zhangjiagang Port to Qianhai Port direct shipping route has been launched, connecting Jiangsu with key logistics nodes in South America, expected to handle about 500,000 tons of cargo annually [6] - Fitch Ratings downgraded France's sovereign credit rating from AA- to A+ due to concerns over the lack of a credible fiscal consolidation plan [6] - The 54th Pacific Islands Forum concluded with leaders reaching consensus on key issues such as climate change and regional security [6] - Apple announced repair costs for the iPhone 17 series, with the standard model's screen repair estimated at 2,698 yuan [6] - Zhuosheng Microelectronics received a warning from the Jiangsu Securities Regulatory Bureau for failing to timely disclose significant shareholding changes [6] - SPD Bank's credit card center reported unauthorized transactions on certain cards but successfully mitigated the risks and protected customer interests [6]

Core Viewpoint - Jiangsu Zhaosheng Microelectronics Co., Ltd. announced that its shareholder, Wuxi Huizhi United Investment Enterprise (Limited Partnership), received a warning letter from the Jiangsu Securities Regulatory Bureau for failing to timely disclose a 1% change in shareholding due to active reduction and passive dilution [1][2]. Summary by Relevant Sections Warning Letter Details - The warning letter states that from September 28, 2022, to December 6, 2024, Huizhi Investment's shareholding in Zhaosheng Microelectronics changed by 1% without timely disclosure, which is a violation of the relevant regulations [2]. - The Jiangsu Securities Regulatory Bureau decided to issue a warning letter as an administrative regulatory measure and record it in the integrity file of the securities and futures market [2]. Reasons for Non-Disclosure - The non-disclosure was attributed to a misunderstanding of the relevant rules in the "Measures for the Administration of the Acquisition of Listed Companies" [3]. - Despite the misunderstanding, Huizhi Investment had disclosed the reduction plan and completion announcements in a timely manner, allowing investors to access relevant information through public channels [3]. Remedial Actions - Huizhi Investment expressed a commitment to take the warning seriously, enhance learning of relevant laws and regulations, and comply with disclosure obligations [3]. - Zhaosheng Microelectronics will encourage its directors, senior management, and shareholders holding more than 5% to improve compliance awareness and protect the rights of all shareholders [3]. Impact of the Warning - The administrative regulatory measure does not target the listed company itself and will not affect Zhaosheng Microelectronics' normal production and management activities [3].

证券代码：300782 证券简称：卓胜微 公告编号：2025-077 江苏卓胜微电子股份有限公司 关于公司股东收到江苏证监局警示函的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏卓胜微电子股份有限公司（以下简称"公司"）股东无锡汇智联合投资企 业（有限合伙）（以下简称"汇智投资"）于近日收到中国证券监督管理委员会江 苏证监局出具的《关于对无锡汇智联合投资企业（有限合伙）采取出具警示函措 施的决定》（〔2025〕162 号）（以下简称"警示函"），现将具体情况公告如下： 一、警示函的内容 "无锡汇智联合投资企业（有限合伙）： 经查，2022 年 9 月 28 日至 2024 年 12 月 6 日，你企业因主动减持及被动稀释， 持有江苏卓胜微电子股份有限公司（以下简称卓胜微）股份变动比例达到 1%，但 未及时披露股份变动情况，迟至 2025 年 8 月 8 日才披露相关情况。上述行为违反 了《上市公司收购管理办法》（证监会令第 166 号）第十三条第三款的规定，根据 《上市公司收购管理办法》（证监会令第 166 号）第七十五条的规定，我局决定对 你企业 ...

Core Viewpoint - The stock of Zhaosheng Microelectronics has shown fluctuations with a recent increase, but the company has faced significant revenue and profit declines in the first half of 2025 [1][2]. Financial Performance - As of August 20, 2025, Zhaosheng Microelectronics reported a revenue of 1.704 billion yuan for the first half of 2025, a year-on-year decrease of 25.42% [2]. - The net profit attributable to shareholders for the same period was -147 million yuan, reflecting a year-on-year decrease of 141.59% [2]. - The company has cumulatively distributed 884 million yuan in dividends since its A-share listing, with 265 million yuan distributed over the past three years [3]. Stock Market Activity - On September 11, 2025, Zhaosheng Microelectronics' stock price increased by 2.00%, reaching 79.53 yuan per share, with a trading volume of 329 million yuan and a turnover rate of 0.94% [1]. - The company’s total market capitalization stood at 42.544 billion yuan [1]. - Year-to-date, the stock price has decreased by 11.24%, but it has seen a 4.91% increase over the last five trading days [1]. Shareholder Information - As of August 20, 2025, the number of shareholders for Zhaosheng Microelectronics was 85,200, a decrease of 0.67% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.67% to 5,263 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [3].

Summary of Maxscend (300782.SZ) Conference Call Company Overview - **Company**: Maxscend (300782.SZ) - **Industry**: Technology, specifically in RF modules and smart devices Key Points from the Conference Call Financial Performance - The company reported a **net loss in 1H25** due to high depreciation costs associated with the new production line ramping up [1][5] - Management is optimistic about profitability in the second half of 2025, expecting **sequential revenue growth** in **3Q25 and 4Q25** driven by rising RF module sales [1][5] Production and Product Development - The **UT rate** of the new production line is ramping up quickly, with the **12-inch production line** expected to reach full capacity in **3Q25** [1][5] - The **6-inch production line** is primarily for L-PAMiD products, which is also expected to reach full capacity in **2H25** [1][5] - New products highlighted include: - **L-PAMiD** (integration products including RF Modules, RF PA, RF Switch) - **Wi-Fi 7 module** - **Short-range communication and sensing system products** - L-PAMiD is identified as a key product with high growth potential, having passed verification with major customers [5][6] Business Outlook - Management identified several catalysts for future operations: - Customization of product types based on customer demand [6] - Potential production expansion after reaching full capacity, with a goal for self-production to reach **60%** [6] - High potential for **6-inch and 12-inch wafers** in optical communication [6] - Exploring smart device end-markets leveraging advanced packaging technology [6] - Considering acquisition targets with high technical expertise to enhance production capabilities [6] Risks and Valuation - The company is rated **Neutral** with a **12-month target price of Rmb85**, reflecting a **4.6% upside** from the current price of **Rmb81.24** [7][9] - Key risks include: - Faster or slower-than-expected product line expansion [8] - Pricing competition dynamics [8] - Capacity expansion timelines [8] Financial Projections - Revenue projections for the upcoming years are as follows: - **2024**: Rmb4,486.9 million - **2025E**: Rmb5,464.8 million - **2026E**: Rmb6,469.0 million - **2027E**: Rmb8,027.5 million [9] Additional Insights - The management's focus on product customization and advanced technology indicates a strategic approach to meet evolving market demands [6] - The emphasis on expanding the product matrix and production capabilities suggests a proactive stance in a competitive industry [5][6] This summary encapsulates the critical insights from the conference call, highlighting the company's current performance, future outlook, and strategic initiatives.

Core Viewpoint - The company, Zhaosheng Microelectronics (stock code: 300782), has indicated that its radio frequency front-end products can be applied in satellite communication terminals, aiming to enhance brand influence and market penetration through high-end module layout and promotion [1] Group 1 - The company is actively engaging with investors on interactive platforms to provide insights into its product applications [1] - The focus on satellite communication terminals represents a strategic direction for the company's product development [1] - The company plans to improve its market presence and brand recognition through the development of high-end modules [1]

Core Insights - The semiconductor industry is experiencing a structural recovery, with the analog chip sector seeing a rebound in profitability, leading the A-share semiconductor sub-industry in profit growth by Q2 2025 [1] Emerging Business Dynamics - 2022 marked a turning point for the analog chip industry, transitioning from a shortage and price increase phase to an oversupply situation, entering a prolonged destocking cycle. However, profit growth in the analog chip sector has significantly improved this year, driven by special fields, industrial markets, and automotive electronics [2] - In the first half of this year, the A-share semiconductor industry achieved operating revenue of 321.2 billion yuan and a net profit of nearly 24.5 billion yuan, a year-on-year increase of approximately 30%. The second quarter saw a nearly 60% quarter-on-quarter profit growth, with the analog chip sector's net profit increasing about fourfold [2] - Notable companies include Zhenlei Technology, which reported a net profit growth of 10 times year-on-year, and Sirepu, which also saw significant profit recovery [2][3] Product Structure Upgrade - The analog chip industry's gross margin has improved significantly, with the median sales gross margin rising from 34.72% in Q1 to 35.05% in Q2 this year [4] - Companies like Chipone and Zhenlei Technology reported gross margins of nearly 88% and 83%, respectively, benefiting from increased demand in consumer electronics and automotive electronics [4] - Sensor manufacturer Micron Technology achieved a net profit of 25.19 million yuan, with a gross margin of 31.64%, driven by the widespread application of MEMS acoustic sensors in consumer electronics and automotive sectors [4] Inventory Turnover Improvement - The analog chip industry's inventory turnover days have accelerated, with a median of nearly 177 days in Q2, surpassing the levels of the same period in 2022. Nearly 60% of listed companies have reduced their inventory turnover days [8] - Companies like Juyuan Technology and Zhenlei Technology have significantly compressed their inventory turnover days, while others like Juxian Technology have seen an extension in turnover days [8] Company-Specific Developments - Aiwai Electronics reported a 70% year-on-year increase in net profit, reaching 156 million yuan, despite a decline in operating revenue, due to new product launches and expansion in industrial and automotive sectors [6] - Huida Technology experienced a nearly 36% increase in net profit, attributed to reduced chip procurement costs and new product launches, despite a slight decline in operating revenue [7] - Chipone's production line is expected to stabilize and improve profitability as production efficiency increases and cost reduction signs emerge [9]

Core Viewpoint - The satellite ETF (159206) is the first and largest of its kind in the market, gaining significant attention as the satellite sector rebounds amid favorable market conditions [1][3]. Group 1: Market Performance - As of September 5, the satellite ETF (159206) increased by 2.4%, with constituent stocks such as Longsheng Technology rising over 8% and Guangku Technology and Zhuoshengwei both increasing by over 7% [1]. - Over the past month (August 4, 2025, to September 4, 2025), the scale of the satellite ETF (159206) surged by 482% [1]. Group 2: Industry Trends - Recent favorable policies in the satellite communication industry, driven by national strategic initiatives, have accelerated industry development [2]. - The commercial potential of satellite internet is expanding, with applications in smart driving, interstellar communication, and global satellite computing clusters [3]. - The satellite manufacturing sector is currently the core of China's satellite internet development, with the National Certificate Commercial Satellite Communication Industry Index focusing on "satellite manufacturing + satellite launch," allocating approximately 64% to satellite manufacturing [3][4]. Group 3: Investment Opportunities - The market recognizes a slow bull trend, with recommendations to focus on investment opportunities in artificial intelligence and commercial aerospace, which are expected to attract incremental institutional capital [3]. - The satellite ETF (159206) is the only ETF tracking the National Certificate Commercial Satellite Communication Industry Index, with a fund size of 691 million yuan as of September 4, 2025 [4].