Investment Rating - The report maintains an "Outperform" rating for the company [2][7]. Core Insights - The company reported a total revenue of 502 million yuan for H1 2025, reflecting a year-on-year growth of 13.01%. However, the net profit attributable to the parent company was only 3 million yuan, down 91.90% year-on-year due to increased stock payment expenses and reduced government subsidies [7]. - The company has enhanced its digital circuit design capabilities, achieving an approximately 80% coverage with the introduction of four new core EDA products for digital chip simulation and verification [7]. - The company continues to increase its R&D investment, with R&D expenses reaching 365 million yuan in H1 2025, a 4.58% increase year-on-year, indicating a commitment to product expansion and capability enhancement [7]. - The semiconductor industry is expected to undergo domestic production trends, and the company aims to achieve sustained growth through both organic growth and external acquisitions [7]. Financial Data and Profit Forecast - The company forecasts total revenue of 1,621 million yuan for 2025, with a year-on-year growth rate of 32.6%. The net profit attributable to the parent company is expected to reach 245 million yuan, representing a significant recovery from the previous year [6][9]. - The gross profit margin is projected to remain high, with estimates of 93.3% for 2025, indicating strong profitability [6]. - The return on equity (ROE) is expected to improve from 0.1% in H1 2025 to 4.7% by the end of 2025, reflecting better utilization of equity capital [6].

Group 1 - The company reported a revenue of 502 million yuan for the first half of 2025, representing a year-on-year growth of 13.01% [1] - The net profit attributable to shareholders was 3.0679 million yuan, a significant decline of 91.9% year-on-year, while the non-recurring net profit showed a loss of 18.621 million yuan compared to a loss of 51.2466 million yuan in the same period last year [1] - The revenue growth was attributed to accelerated product development, improved technology, enhanced product quality, strategic regional collaboration, and team building [1] Group 2 - The company specializes in the development, sales, and related services of EDA tools for integrated circuit design, manufacturing, and packaging [1] - The EDA industry is highly concentrated, dominated by Cadence, Synopsys, and Siemens EDA, with the company positioned in the second tier globally [1] - As of June 30, 2025, the company held 355 authorized patents and 181 registered software copyrights, with R&D investment in the EDA field amounting to 365.3138 million yuan [2] Group 3 - The company faces risks related to the complexity of EDA tool development, which requires integration of multiple disciplines and close alignment with semiconductor processing technology [3] - To mitigate risks, the company plans to increase R&D investment, pursue acquisitions, and strengthen strategic partnerships within the industry [3] - The company had previously announced a plan to acquire 100% of Chip and Semiconductor but terminated the deal due to a lack of consensus on core terms [4] Group 4 - The chairman stated that the termination of the acquisition would not adversely affect the company's normal operations and emphasized the importance of strategic cooperation and resource integration [4] - The company has made several acquisitions and investments since its listing, including Chipda Chip Technology and others, and is actively exploring further investment opportunities in the EDA sector [4]

Core Insights - The company BGI Genomics (301269.SZ) reported a total operating revenue of 502 million yuan for the first half of 2025, an increase of 57.75 million yuan compared to the same period last year, marking a 13.01% year-on-year growth [1] - The net profit attributable to shareholders was 3.07 million yuan, a decrease of 34.80 million yuan from the same period last year, representing a 91.90% decline [1] - The net cash inflow from operating activities was 243 million yuan, an increase of 249 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 8.11%, which is an increase of 0.39 percentage points from the previous quarter but a decrease of 1.67 percentage points from the same period last year [3] - The latest gross profit margin is 89.12%, down 2.29 percentage points from the previous quarter and down 2.27 percentage points from the same period last year [3] - The latest return on equity (ROE) is 0.06%, a decrease of 0.72 percentage points from the same period last year [3] Earnings and Turnover - The diluted earnings per share are 0.01 yuan, a decrease of 0.06 yuan compared to the same period last year, reflecting a 91.83% decline [4] - The latest total asset turnover ratio is 0.09 times, an increase of 0.01 times from the same period last year, marking a 10.93% year-on-year growth [4] - The latest inventory turnover ratio is 0.91 times, an increase of 0.13 times from the same period last year, representing a 16.44% year-on-year increase [4] Shareholder Structure - The number of shareholders is 37,800, with the top ten shareholders holding 436 million shares, accounting for 80.34% of the total share capital [4] - The largest shareholder is China Electronics Corporation, holding 21.22% of the shares [4] - Other significant shareholders include Beijing Jiuchuang Huixin Asset Management Partnership (17.63%) and China Electronics Investment Holdings (12.84%) [4]

Core Viewpoint - The report provides a detailed account of the fundraising activities and the management of the raised funds by Beijing Huada Jiutian Technology Co., Ltd., confirming compliance with relevant regulations and the proper use of funds raised through its initial public offering [1][7][29]. Fundraising Basic Situation - The company raised a total of RMB 3,549,753,292.26 from the issuance of 108,588,354 shares at a price of RMB 32.69 per share, with net proceeds amounting to RMB 3,466,025,538.44 after deducting issuance costs [1][2]. - The funds were verified by Da Xin Accounting Firm, which issued a verification report [1]. Cumulative Usage and Current Balance - As of June 30, 2025, the remaining balance of the raised funds was RMB 1,131,523,382.37, with RMB 165,713,382.37 in demand deposits and RMB 965,810,000.00 in structured deposits and seven-day notice deposits [2][3]. Fund Management Situation - The company has established a management method for the raised funds to ensure compliance with laws and regulations, and has signed various agreements with banks and sponsors to regulate the use of these funds [2][3]. Actual Use of Funds - The report includes a detailed table of the actual use of the raised funds, which is attached to the report [4]. Idle Fund Management - The company approved the use of up to RMB 1.2 billion of idle funds for cash management, allowing for the purchase of safe, principal-protected products, with a balance of RMB 965.81 million utilized for this purpose as of June 30, 2025 [6][29]. Changes in Fund Usage - There were no changes in the fundraising investment projects during the reporting period, nor were there any transfers or replacements of the investment projects [6][29]. Disclosure of Fund Usage - The company confirmed that the disclosure of the fundraising usage aligns with the actual usage, with no violations or misuses reported [7][29].

Company Overview - Beijing Huada Jiutian Technology Co., Ltd. is primarily engaged in the development, sales, and related services of EDA tools for integrated circuit design, manufacturing, and packaging [10][11] - The company has obtained 355 authorized patents and 181 registered software copyrights as of June 30, 2025 [11] - The company employs 1,303 people, with 949 in R&D, representing 73% of the total workforce [11] Financial Performance - For the first half of 2025, the company reported revenue of approximately 501.54 million yuan, a 13.01% increase from the previous year [3] - The net profit attributable to shareholders was approximately 3.07 million yuan, a significant decrease of 91.90% compared to the same period last year [3] - The net cash flow from operating activities was approximately 243.21 million yuan, a substantial increase of 4,475.60% year-on-year [3] Industry Context - The integrated circuit industry is a pillar industry in China, crucial for driving technological innovation and supporting high-quality development in the digital economy [5][10] - The EDA industry is characterized by high market concentration, dominated by major players such as Cadence, Synopsys, and Siemens EDA, with Huada Jiutian positioned in the second tier [5][10] - The EDA tools are essential for ensuring the accuracy of various stages in integrated circuit design, manufacturing, and packaging, thereby reducing costs and improving efficiency [5][10] Product Development - The company has launched seven new core EDA tools and developed nine key solutions during the reporting period, enhancing its product offerings in digital, analog, and advanced packaging design [11][12] - The company’s EDA tools cover nearly 80% of the main tools required for digital circuit design, reflecting a comprehensive product line [12] - The introduction of the Andes AMS platform has significantly improved design efficiency by automating layout and routing processes [12][20] Market Trends - The EDA industry is witnessing a shift towards AI integration, with AI-driven cloud EDA tools emerging as a new growth point [7][8] - The trend of integrating chip and system design is gaining momentum, leading to the convergence of EDA and CAE software [10] - The demand for EDA tools that support advanced packaging and heterogeneous integration is increasing, driven by the complexity of modern chip designs [10][15]

Core Viewpoint - The company reported a significant decline in net profit for the first half of 2025, with a net profit attributable to shareholders decreasing by 91.90% compared to the same period last year, indicating potential challenges in its financial performance [1][2]. Financial Performance - Operating revenue for the reporting period was approximately 501.54 million yuan, representing a year-on-year increase of 13.01% [1]. - Net profit attributable to shareholders was approximately 3.07 million yuan, down from approximately 37.87 million yuan in the same period last year, marking a decline of 91.90% [1]. - The net profit after deducting non-recurring gains and losses was approximately -18.62 million yuan, an improvement of 63.66% compared to -51.25 million yuan in the previous year [1]. - The net cash flow from operating activities was approximately 243.21 million yuan, a significant increase of 4,475.60% compared to -5.56 million yuan in the previous year [1]. Earnings Per Share - Basic earnings per share were reported at 0.0057 yuan, down 91.83% from 0.0698 yuan in the same period last year [1]. - Diluted earnings per share were reported at 0.0056 yuan, also down 91.98% from 0.0698 yuan [1]. Asset and Equity Position - Total assets at the end of the reporting period were approximately 5.48 billion yuan, a decrease of 2.72% from the previous year-end [2]. - Net assets attributable to shareholders were approximately 5.03 billion yuan, reflecting a slight increase of 0.55% from the previous year-end [2]. Shareholder Structure - The largest shareholder, China Electronics Corporation, holds 21.22% of the shares, followed by Beijing Jiuchuang Huixin Asset Management Partnership with an undisclosed percentage [2][3]. - The total number of ordinary shareholders at the end of the reporting period was 37,750 [2].

Group 1 - The second board meeting of Beijing Huada Jiutian Technology Co., Ltd. was held on August 15, 2025, with all 11 directors present, and the meeting procedures complied with relevant laws and regulations [1][2] - The board unanimously approved the 2025 semi-annual report and its summary, confirming that the report accurately reflects the company's operational status without any false statements or omissions [1][2] - The voting results for the approval of the semi-annual report were 11 votes in favor, with no votes against or abstentions [2] Group 2 - The board also approved a special audit report on risk assessment by China Electronics Finance Co., Ltd., with 7 votes in favor and the related directors abstaining from the vote [2] - Additionally, the board approved a special report on the storage and actual use of raised funds for the first half of 2025, with unanimous support from all directors present [2]

Group 1 - The second meeting of the supervisory board of Beijing BGI Tech Co., Ltd. was held on August 15, 2025, with all three supervisors present, and the meeting procedures complied with relevant laws and regulations [1] - The supervisory board approved the full and summary report of the 2025 semi-annual report, confirming that the report accurately reflects the company's actual situation without any false records or misleading statements [1][2] - The risk assessment report for China Electronic Finance Co., Ltd. was deemed objective and sufficient, with the approval process complying with legal regulations and protecting the rights of shareholders, especially minority shareholders [2] - The use and storage of raised funds for the first half of 2025 were confirmed to comply with the relevant regulations of the China Securities Regulatory Commission and Shenzhen Stock Exchange, with no violations or changes in the use of funds that could harm shareholder interests [2][3]

| 款 | 3.42 | | | 1.09 | | 2.33 | 交易形成 | | 经营性往 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 来 | | | | | | | | | | | | | 上海浦园物业管理有限公司 | | | 实际控制人控制的其他企业 | | | 预付账款 | | | | | 1.44 | 42.32 | | | 43.76 | | 交易形成 | | 经营性往来 | | | | 华大半导体有限公司 | | | | 实际控制人控制的其他企业 | | 其他应收款 | | | | | | 178.45 | | | | | | 178.45 交易形成 | | 经营性往来 | | | | | 成都华大九天科技有限公司 | | | 全资子公司 | | 其他应收款 | | | | | | 827.42 | | | 7.18 | 7.18 | | 827.42 资金往来 | | 非经营性往来 | | | | 上市公司的子 | | | | | | | | | | | | 公司及其附属 | 南京华大九天科 ...

Fundraising Overview - The company raised a total of RMB 3,549,753,292.26 from the public offering of 108,588,354 shares at a price of RMB 32.69 per share, with a net amount of RMB 3,471,727,753.82 after deducting issuance costs [1][2] - As of June 30, 2025, the remaining balance of the raised funds is RMB 965,810,000.00, with a total of RMB 2,471,903,602.72 used [1][2] Fund Management - The company has established a management method for the raised funds, ensuring compliance with relevant laws and regulations [1][2] - As of June 30, 2025, the total amount of idle raised funds used for cash management is RMB 965,810,000.00, with specific investments in structured deposits and seven-day notice deposits [2][5] Investment Projects - The company has not changed the use of the raised funds or transferred any investment projects during the reporting period [2][4] - The company has adjusted the expected completion dates for several EDA tool projects due to external market conditions, with new completion dates set for December 31, 2024, and December 31, 2025 [3][4] Cash Management - The company approved the use of up to RMB 1.2 billion of idle raised funds for cash management, with a balance of RMB 965,810,000.00 as of June 30, 2025 [2][5] - The cash management products include structured deposits with varying interest rates and seven-day notice deposits [2][5] Compliance and Reporting - The company confirms that the disclosure of the use of raised funds aligns with actual usage, with no violations reported [2][6] - There are no significant changes in the feasibility of the investment projects, and the company continues to adhere to its planned investment strategies [4][6]