Core Viewpoint - The company reported a decline in revenue and a net loss for the third quarter and the first three quarters of the year [1] Financial Performance - Third quarter revenue was 1.065 billion yuan, a decrease of 1.62% [1] - Net loss for the third quarter amounted to 23.3364 million yuan [1] - Revenue for the first three quarters was 2.769 billion yuan, down 17.77% [1] - Net loss for the first three quarters reached 171 million yuan [1]

Financial Performance - The company's revenue for Q3 2025 was ¥1,065,167,202.05, representing a decrease of 1.62% compared to the same period last year[4] - The net profit attributable to shareholders was a loss of ¥23,336,355.98, a decline of 132.84% year-on-year[4] - The net profit after deducting non-recurring gains and losses was a loss of ¥53,874,173.52, down 189.21% from the previous year[4] - Total operating revenue decreased to ¥2,769,013,200.59 from ¥3,367,437,377.09, representing a decline of approximately 17.7% year-over-year[21] - Net profit for the period was a loss of ¥171,635,637.94, compared to a profit of ¥425,000,088.61 in the previous period, indicating a significant decline[22] - The company reported a comprehensive income total of -¥161,064,157.48, down from ¥453,676,020.69 in the prior year[23] - Basic earnings per share fell to -0.3193 from 0.7965, reflecting a substantial decrease in profitability[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥14,725,568,014.97, an increase of 3.46% compared to the end of the previous year[4] - Non-current assets totaled ¥9,237,008,980.92, slightly up from ¥9,216,416,245.51, indicating stability in asset management[20] - Total liabilities increased to ¥4,707,431,186.20 from ¥4,032,035,044.03, marking an increase of approximately 16.7%[20] - The company's long-term borrowings increased by 96.96% to ¥1,247,697,668.08, primarily due to increased borrowing[9] - Long-term borrowings rose significantly to ¥1,247,697,668.08 from ¥633,474,863.89, reflecting increased leverage[20] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥55,646,650.73, showing a significant increase of 115.19%[4] - The net cash flow from operating activities was $55,646,650.73, a significant improvement compared to a net outflow of -$366,270,295.42 in the previous period[26] - Total cash inflow from financing activities amounted to $2,312,729,428.09, while cash outflow was $2,112,985,506.88, resulting in a net cash flow of $199,743,921.21[27] - Cash inflow from operating activities totaled $3,147,815,913.79, while cash outflow was $3,092,169,263.06, leading to a positive net cash flow[26] - Cash inflow from investment activities was $38,531,980.99, while cash outflow was $570,831,772.50, resulting in a net cash outflow of -$532,299,791.51[26] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 79,417[10] - The total number of shareholders holding more than 5% of shares includes significant stakeholders such as Wuxi Huizhi United Investment with 59,209,013 shares[12] - The company has a total of 86,695,678 restricted shares at the end of the period, with specific shares released from restrictions for certain executives[15] Investments and Financial Strategies - The company announced a 2025 restricted stock incentive plan, with relevant details disclosed in multiple announcements[16] - The company provided guarantees for its wholly-owned subsidiary's bank loan applications, indicating strategic financial support[16] - The company's long-term equity investments decreased to ¥78,224,402.91 from ¥83,829,907.33, a decline of about 6.4%[18] - Other equity instrument investments increased to ¥202,329,718.99 from ¥192,329,717.71, showing a growth of approximately 5.2%[18] Operational Metrics - The weighted average return on net assets was -0.23%, a decrease of 0.93% year-on-year[4] - Financial expenses rose by 104.49% to ¥43,627,383.47, mainly due to increased interest on borrowings[9] - Total current assets amounted to ¥5,488,559,034.05, up from ¥5,016,425,768.98, which is an increase of around 9.4%[18] - Accounts receivable increased to ¥686,638,822.64 from ¥578,978,664.35, representing a growth of about 18.6%[18] - Inventory rose significantly to ¥3,016,034,376.40 from ¥2,520,876,207.07, indicating an increase of approximately 19.7%[18] - Total operating costs decreased slightly to ¥2,888,721,459.17 from ¥2,948,986,423.90, a reduction of about 2.0% year-over-year[22]

Core Insights - The Shanghai Composite Index briefly surpassed 4000 points, significantly boosting market sentiment, with notable stock gains in the electronics sector, including increases of over 10 times since August 2015 [1] - The electronic ETF (515260) experienced a volatile trading session, with a peak increase of 0.84% but ultimately closed down 0.56%, despite a substantial increase in trading volume [1][3] - Major electronic stocks showed strong performance, with significant gains in companies like Shenghong Technology and Huaxin Technology, reflecting a positive outlook for the sector [3][4] Market Performance - The electronic sector saw a net inflow of 6.145 billion yuan from major funds, ranking second among 31 primary industries, indicating strong investor interest [3] - Over the past 60 days, the electronic sector attracted a total of 411.6 billion yuan in net inflows, maintaining its leading position among industries [3] Company Performance - Among the 50 constituents of the electronic ETF, 15 companies reported third-quarter earnings, all of which were profitable, with 14 showing double-digit year-on-year growth in net profit [4] - Notable companies like Shenghong Technology and Hanwha Technology reported year-on-year net profit increases of 324% and 321%, respectively, highlighting strong financial performance in the sector [4] Future Outlook - The electronic sector is expected to benefit from the upcoming consumer electronics peak season and the release of AI-related products, with positive capital expenditure guidance from major domestic and international companies [5] - The electronic ETF (515260) is positioned to capitalize on trends in semiconductor and consumer electronics, with a significant portion of its constituents linked to the Apple supply chain [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) will implement reforms to the ChiNext board, aiming to establish listing standards that better align with the characteristics of emerging industries and innovative enterprises, providing more precise and inclusive financial services for new industries and technologies [5]. Group 1: Market Performance - As of October 28, 2025, the Tianhong ChiNext ETF (159977) rose by 0.72%, marking a three-day increase, with a transaction volume of 67.69 million yuan [3]. - The ChiNext ETF has seen significant growth, with an increase of 840 million yuan in scale over the past three months and a rise of 2.136 billion units in trading volume [3]. Group 2: Product Highlights - The Tianhong ChiNext ETF (159977) tracks the ChiNext Index, which is currently near its historical median, with growth potential. Its PE, PB, and PS valuations are below the 64th percentile over the past five years, indicating attractive valuation levels compared to other broad-based indices [4]. - The Tianhong A500 ETF (159360) covers 35 secondary industries and tracks 500 constituent stocks, serving as a balanced allocation to core assets of the Chinese economy [4]. - The Tianhong Sci-Tech Index ETF (589860) covers 97% of the Sci-Tech board's market value, focusing on hard technology sectors, with over 80% allocation to strategic emerging industries such as semiconductors and artificial intelligence [4]. Group 3: Institutional Perspectives - CICC believes that the market may see a shift in style between large and small caps, with large-cap growth stocks expected to outperform in the medium term (3-6 months). The macroeconomic environment remains supportive of emerging growth sectors, with continued encouragement for innovation and M&A activities [6].

证券代码：300782 证券简称：卓胜微 江苏卓胜微电子股份有限公司 Maxscend Microelectronics Company Limited （江苏省无锡市滨湖区建筑西路 777 号 A3 幢 11 层） 2025 年度向特定对象发行 A 股股票 募集说明书 （修订稿） 保荐机构（主承销商） （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年十月 江苏卓胜微电子股份有限公司 募集说明书 公司声明 本公司及全体董事、高级管理人员承诺募集说明书不存在任何虚假记载、误导性陈 述或重大遗漏，并保证所披露信息的真实、准确、完整。 1-1-1 江苏卓胜微电子股份有限公司 募集说明书 重大事项提示 公司特别提示投资者对下列重大事项或风险因素给予充分关注，并仔细阅读本募 集说明书相关章节。 一、公司相关风险 本公司特别提醒投资者注意公司及本次发行的以下事项，并请投资者认真阅读本募 集说明书"第六章 本次股票发行相关的风险说明"的全部内容。 （一）净利润下滑的风险 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证本募集 说明书中财务会计报告真实、完整。 证券监督 ...

发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年十月 江苏卓胜微电子股份有限公司 发行保荐书 关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票之发行保荐书 关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票之 中国证券监督管理委员会、深圳证券交易所： 江苏卓胜微电子股份有限公司（以下简称"卓胜微"、"发行人"或"公司"）拟 申请向特定对象发行不超过 160,482,959 股（含 160,482,959 股）的人民币普通股（A 股） 股票（以下简称"本次证券发行"、"本次发行"或"向特定对象发行 A 股股票"）， 并已聘请中国国际金融股份有限公司（以下简称"中金公司"）作为本次证券发行的保 荐机构（以下简称"保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》（以下简称"《保 荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管理办法》"）、《发 行证券的公司信息披露内容与格 ...

证券代码：300782 证券简称：卓胜微 公告编号：2025-079 江苏卓胜微电子股份有限公司 关于向特定对象发行股票募集说明书 公司本次向特定对象发行股票事项尚需通过深交所审核，并获得中国证券监 督管理委员会（以下简称"中国证监会"）同意注册后方可实施，最终能否通过深 交所审核，并获得中国证监会同意注册的决定及时间尚存在不确定性。公司将根 据该事项的进展情况及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 等申请文件更新的提示性公告 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"）于 2025 年 5 月 15 日收到 深圳证券交易所（以下简称"深交所"）出具的《关于江苏卓胜微电子股份有限公 司申请向特定对象发行股票的审核问询函》（审核函〔2025〕020023 号）（以下简 称"问询函"）。公司按照问询函的要求，会同相关中介机构对问询函所列问题已 经进行了逐项落实并作出回复，同时对募集说明书等申请文件的内容进行了更新， 具体内容详见公司在巨潮资讯网（http://www.cninfo.com.c ...

关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票之 上市保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二〇二五年十月 江苏卓胜微电子股份有限公司 上市保荐书 保荐机构及其保荐代表人根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《证券发行上市保荐业务管理办法》 （以下简称"《保荐办法》"）、《上市公司证券发行注册管理办法》（以下简称"《注册管 理办法》"），以及《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）、 《深圳证券交易所股票发行上市审核业务指引第 2 号——上市保荐书内容与格式》（以 下简称"《指引第 2 号》"）等法律法规和中国证券监督管理委员会（以下简称"中国证 监会"）、深圳证券交易所（以下简称"深交所"）的有关规定，诚实守信，勤勉尽责， 严格按照依法制定的业务规则和行业自律规范出具本上市保荐书，并保证所出具文件真 实、准确、完整。 （本上市保荐书中如无特别说明，相关用语具有与《江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票募 ...

北京市天元律师事务所 关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（二） 北京市天元律师事务所 北京市天元律师事务所 关于江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票的 补充法律意见书（二） 京天股字（2025）第 084-3 号 致：江苏卓胜微电子股份有限公司 北京市天元律师事务所（以下简称"本所"）接受江苏卓胜微电子股份有限 公司（以下简称"发行人"或"公司"）委托，担任发行人申请 2025 年度向特 定对象发行 A 股股票并在深圳证券交易所上市（下称"本次发行"）的专项法 律顾问并出具法律意见书。 本所已依据《中华人民共和国公司法》《中华人民共和国证券法》《律师事务 所从事证券法律业务管理办法》等相关法律法规、规章及其他规范性文件的规定 为公司本次发行出具了京天股字（2025）第 084 号《北京市天元律师事务所关于 江苏卓胜微电子股份有限公司 2025 年度向特定对象发行 A 股股票的法律意见书》 （下称"《法律意见书》"）、京天股字（2025）第 084-1 号《北京市天元律师 事务所关于江苏卓胜微电子股份有限公司 2025 年度 ...

Core Viewpoint - The stock of Zhaosheng Microelectronics has experienced a decline of 16.32% year-to-date, with significant recent trading activity and a notable drop in revenue and profit for the first half of 2025 [1][2]. Group 1: Stock Performance - As of October 20, Zhaosheng Microelectronics' stock price increased by 2.01% to 74.98 CNY per share, with a trading volume of 135 million CNY and a turnover rate of 0.41%, resulting in a total market capitalization of 40.11 billion CNY [1]. - The stock has seen a decline of 6.87% over the last five trading days and 6.27% over the last 20 days, while it has increased by 3.14% over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Zhaosheng Microelectronics reported a revenue of 1.704 billion CNY, representing a year-on-year decrease of 25.42%, and a net profit attributable to shareholders of -147 million CNY, a decrease of 141.59% year-on-year [2]. - The company has distributed a total of 884 million CNY in dividends since its A-share listing, with 265 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, the number of shareholders for Zhaosheng Microelectronics was 79,400, a decrease of 2.08% from the previous period, with an average of 5,644 circulating shares per person, an increase of 2.12% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 9.1102 million shares (a decrease of 278,400 shares), and E Fund's ChiNext ETF, holding 8.5486 million shares (a decrease of 107,700 shares) [3].