Core Viewpoint - The stock price of Zhaosheng Microelectronics has shown fluctuations, with a recent increase of 2.01% on September 22, 2023, despite a year-to-date decline of 10.34% [1][2]. Company Overview - Zhaosheng Microelectronics, established on August 10, 2012, and listed on June 18, 2019, is located in Wuxi, Jiangsu Province. The company specializes in the research, development, production, and sales of radio frequency integrated circuits [2]. - The main revenue sources for the company include product sales (99.08%), other income (0.49%), IP licensing and services (0.37%), and royalties (0.06%) [2]. Financial Performance - For the first half of 2025, Zhaosheng Microelectronics reported a revenue of 1.704 billion yuan, a year-on-year decrease of 25.42%. The net profit attributable to the parent company was -147 million yuan, reflecting a significant decline of 141.59% [2]. - Cumulatively, the company has distributed 884 million yuan in dividends since its A-share listing, with 265 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Zhaosheng Microelectronics was 78,900, a decrease of 5.02% from the previous period. The average number of circulating shares per person increased by 5.29% to 5,680 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [3].

Summary of Conference Call on China Semiconductors Industry Overview - **Gradual Demand Recovery**: The semiconductor industry in China is experiencing a gradual recovery in demand, driven by ongoing localization efforts and increased interest in AI technology from overseas investors [1][2] - **Key Trends**: - **DRAM**: Anticipated further pricing increases for specialty DRAM in the second half of 2025 due to supply shortages [1] - **NOR Flash**: Opportunities for ASP uplift driven by demand for larger capacity products in PCs, servers, and automotive sectors [1] - **Power Semiconductors**: Mild recovery in industrial and new energy demand, particularly in automotive, although pricing remains competitive [1] - **MCUs**: Solid shipment growth outlook with stable pricing expected [1] - **Localization**: The trend towards localization is expected to significantly boost revenue growth for domestic producers in MCUs, power semiconductors, and analog segments [1] Company Performance in 2Q25 - **Mixed Results**: Seven A-share semiconductor companies reported mixed results for 2Q25, with an average top-line growth of 11% YoY, down from 14% YoY in 1Q25 [2][10] - **Strongest Growth**: Memory interface chip companies, such as Montage, reported a 52% YoY revenue growth in 2Q25 [2] - **Notable Performers**: - **GigaDevice**: Revenue increased by 13% YoY, with a net profit growth of 9% YoY [10] - **Silan**: Achieved 19% YoY revenue growth but saw a decline in net profit [10] - **Goodix**: Revenue up 14% YoY, driven by new product ramp-up [2] - **Maxscend**: Experienced a 13% YoY revenue decline due to weak smartphone shipments [2] Stock Preferences - **Top Picks**: Montage, Horizon Robotics, and GigaDevice are preferred based on growth potential and market dynamics [3][8] - **Montage**: Expected to benefit from DDR5 penetration and emerging product ramp-up [3] - **Horizon Robotics**: Anticipated market share gains in autonomous driving solutions [3] - **GigaDevice**: Growth driven by market share gains in MCUs and NOR flash, along with new product expansions [3] Revenue Outlook and Estimates - **Revised Estimates**: Earnings forecasts for GigaDevice, Silan, and Goodix have been raised due to better-than-expected growth outlooks [4][13] - **GigaDevice**: Projected revenue growth of 50%+ YoY for DRAM business in FY25E [12] - **Horizon Robotics**: Expected to ship 4 million hardware units in FY25E, with a focus on mid-to-high-end products [12] Market Dynamics - **Capex Trends**: Significant increases in capital expenditures are expected, with server capex in China projected to rise 40% YoY in 2025 [31][33] - **Global Semiconductor Sales**: China's semiconductor sales are recovering, with a projected 12% YoY increase in July 2025 [14][29] Additional Insights - **Emerging Applications**: The localization trend is expected to enhance the growth of domestic semiconductor producers, particularly in the automotive and robotics sectors [1][12] - **Competitive Landscape**: Pricing pressures remain a concern due to intense competition in the semiconductor market [12][31] This summary encapsulates the key points from the conference call regarding the semiconductor industry in China, highlighting performance metrics, market trends, and future outlooks for specific companies and sectors.

Group 1 - The core viewpoint is that multi-mode communication systems are essential for the current 5G mobile terminal market, as 5G technology needs to be backward compatible with 4G/3G/2G standards [1] - The company’s RF front-end products are primarily used in 5G mobile terminals, indicating a strong focus on this segment [1] - By mid-2025, the company expects a significant portion of its inventory structure to consist of general-purpose raw materials, allowing for flexible and efficient conversion into various finished products based on customer orders [1] Group 2 - This approach not only enables rapid response to market demands but also significantly reduces the risk of product obsolescence [1] - As the production capacity and output scale of the company continue to increase, the reserves of raw materials related to manufacturing are also expected to grow [1] - The company’s inventory strategy aims to ensure supply chain stability and enhance risk resistance capabilities [1]

Group 1 - The company Zhuosheng Microelectronics (300782) reported that as of September 10, 2025, the number of shareholders is 78,912 [1]

Summary of Key Points Core Viewpoint - The company Zhuosheng Microelectronics has experienced a decline in shareholder numbers and financial performance, indicating potential challenges ahead [2]. Shareholder Information - As of September 10, the number of shareholders for Zhuosheng Microelectronics was 78,912, a decrease of 4,173 from the previous period (August 31), representing a 5.02% decline. This marks the third consecutive period of decline in shareholder numbers [2]. Stock Performance - The closing price of Zhuosheng Microelectronics on the reporting date was 78.75 yuan, down 0.44%. Since the concentration of shares began, the stock price has cumulatively decreased by 4.88%, with 6 days of increases and 9 days of decreases over the period [2]. Financial Performance - The company reported a total revenue of 1.704 billion yuan for the first half of the year, a year-on-year decrease of 25.42%. The net profit was -147 million yuan, reflecting a year-on-year decline of 141.59%. The basic earnings per share were -0.2757 yuan [2]. Institutional Ratings - In the past month, Zhuosheng Microelectronics received buy ratings from four institutions. The highest target price was set by Huatai Securities at 101.00 yuan, as reported on August 24 [2].

Core Viewpoint - The company,卓胜微, responded to a warning from the Jiangsu Securities Regulatory Bureau regarding a procedural flaw in the disclosure of shareholder reduction, asserting that the reduction itself complied with relevant laws and regulations [1][2]. Group 1: Shareholder Reduction and Regulatory Response - The company stated that the shareholder's reduction actions were in accordance with the Securities Law and related regulations, and there was no violation of prohibitive rules [1]. - The Jiangsu Securities Regulatory Bureau issued a warning to the largest shareholder, Wuxi Huizhi United Investment Enterprise, for failing to timely disclose a 1% change in shareholding from September 28, 2022, to December 6, 2024 [2][4]. - The company emphasized that the procedural flaw did not materially affect its operations, governance, or investors' rights [1]. Group 2: Financial Performance - The company's revenue for the first half of the year was 1.703 billion yuan, a year-on-year decrease of 25.42%, with a net loss attributable to shareholders of 147 million yuan, a decline of 141.59% year-on-year [4]. - The company reported that initial capacity utilization issues and increased costs from high-cost wafers significantly impacted its gross margin and profitability, leading to a gross margin drop to 28.75% [4]. - As of September 16, the company's stock price was 80.1 yuan per share, reflecting a decrease of 0.41% [4].

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].