中信证券股份有限公司 关于北京华大九天科技股份有限公司 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：华大九天 | | --- | --- | | 保荐代表人姓名：罗峰 | 联系电话：010-60837549 | | 保荐代表人姓名：何洋 | 联系电话：021-20262372 | 一、保荐工作概述 | 项目 | | 工作内容 | | --- | --- | --- | | 1.公司信息披露审阅情况 | | | | （1）是否及时审阅公司信息披露文件 | 是 | | | （2）未及时审阅公司信息披露文件的次数 | 无 | | | 2．督导公司建立健全并有效执行规章制度的情况 | | | | （1）是否督导公司建立健全规章制度（包括但不限 | | | | 于防止关联方占用公司资源的制度、募集资金管理 | 是 | | | 制度、内控制度、内部审计制度、关联交易制度） | | | | （2）公司是否有效执行相关规章制度 | 是 | | | 3.募集资金监督情况 | | | | （1）查询公司募集资金专户次数 | 6次 | | | （2）公司募集资金项目进展是否与信息披露文件一 ...

Market Performance - The large fund concept sector increased by 2.8% on September 5, with Baiwei Storage leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Baiwei Storage (688525) closed at 71.66, with a rise of 12.89% and a trading volume of 304,500 shares, amounting to a transaction value of 2.11 billion [1] - Shenzhen South Circuit (002916) closed at 182.25, up 7.97%, with a trading volume of 157,000 shares and a transaction value of 2.75 billion [1] - Jingrui Electronic Materials (300655) closed at 13.20, up 7.76%, with a trading volume of 1,564,100 shares and a transaction value of 2.00 billion [1] - Jiangbolong (301308) closed at 93.59, up 7.72%, with a trading volume of 110,480 shares and a transaction value of 0.95 billion [1] - Other notable stocks include Saiwei Electronics (300456) up 6.87%, Sanan Optoelectronics (600703) up 6.67%, and Guoxin Technology (688262) up 5.66% [1] Fund Flow Analysis - The large fund concept sector saw a net inflow of 83.92 million from institutional investors, while retail investors contributed a net inflow of 620 million [1] - Notable net inflows from individual stocks include Sanan Optoelectronics with 17.8 million and Jingrui Electronic Materials with 13.7 million [2] - Conversely, retail investors showed significant outflows in several stocks, including Baiwei Storage with a net outflow of 127 million and Jingrui Electronic Materials with a net outflow of 94.4 million [2]

Market Overview - On September 4, the software development sector declined by 2.79%, with Gai Lun Electronics leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the software development sector included: - Xin'an Century (688201) with a closing price of 15.60, up 6.41% and a trading volume of 391,400 shares, totaling 605 million yuan [1] - Hanyi Co., Ltd. (301270) closed at 38.33, up 4.24% with a trading volume of 78,500 shares, totaling 303 million yuan [1] - Keda Automation (831832) closed at 29.00, up 3.24% with a trading volume of 113,300 shares, totaling 325 million yuan [1] - Major decliners included: - Gai Lun Electronics (688206) closed at 32.25, down 7.62% with a trading volume of 95,100 shares, totaling 316 million yuan [2] - Guangli Micro (301095) closed at 77.81, down 7.24% with a trading volume of 92,500 shares, totaling 737 million yuan [2] - Xinghuan Technology (688031) closed at 52.68, down 6.36% with a trading volume of 61,600 shares, totaling 335 million yuan [2] Capital Flow - The software development sector experienced a net outflow of 4.792 billion yuan from institutional investors, while retail investors saw a net inflow of 4.105 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional selling contrasted by retail buying [2] Individual Stock Capital Flow - Key stocks with significant capital flow include: - Yan Hua Intelligent (002178) with a net inflow of 78.76 million yuan from institutional investors, but a net outflow of 82.45 million yuan from retail investors [3] - Xin'an Century (688201) had a net inflow of 31.44 million yuan from institutional investors, while retail investors saw a net outflow of 70.63 million yuan [3] - Hanyi Co., Ltd. (301270) experienced a net inflow of 30.10 million yuan from institutional investors, with a net outflow of 28.91 million yuan from retail investors [3]

Core Viewpoint - The third Intelligent Design Automation Summit 2025 (IDAS 2025) will be held on September 15-16, 2025, at the Hangzhou International Expo Center, focusing on the semiconductor industry's development and innovation [90][91]. Event Overview - The summit will feature a main forum, 12 specialized forums, and related enterprise user conferences, expecting over 500 leading companies from the semiconductor industry, 2500+ professional attendees, and 200+ experts and scholars [90][91]. - More than 100 guests will deliver keynote speeches, and over 100 exhibition booths will be set up to showcase the latest EDA technologies and applications [90][91]. Key Themes and Topics - The summit will cover various topics, including AI for EDA, 3D IC, and the development of the Hanqing PDK, aiming to foster deep collaboration between industry, academia, and research [91]. - Specific forums will address areas such as Custom Design, Memory Design and Manufacturing, Chiplet and Advanced Packaging, and Digital Chip Design [83][84]. Notable Speakers and Sessions - Keynote speakers include Wang Runsheng, Liu Sheng, and Zheng Yongjun, discussing topics like chip integration, yield challenges for domestic high-end chips, and the development trends of AI cluster network chips [9][10][12]. - The agenda includes sessions on AI-enabled chip design, reliability screening for IC design, and the challenges and opportunities presented by Chiplet technology [12][20][26]. Registration and Participation - Registration for the summit is currently open, with multiple ways to sign up, including through the EDA² official website and the "EDA Square" WeChat account [1][3][5].

Core Viewpoint - On September 1, Huada Jiutian's stock rose by 5.69%, with a trading volume of 1.871 billion yuan, indicating strong market interest and activity in the company's shares [1]. Financing and Margin Trading - On September 1, Huada Jiutian had a financing buy-in amount of 230 million yuan and a financing repayment of 217 million yuan, resulting in a net financing purchase of 13.5851 million yuan [1]. - As of September 1, the total margin trading balance for Huada Jiutian was 761 million yuan, with the financing balance of 757 million yuan accounting for 1.07% of the circulating market value, which is above the 90th percentile level over the past year [1]. - In terms of securities lending, on September 1, Huada Jiutian repaid 1,000 shares and sold 9,300 shares, with the selling amount calculated at 1.209 million yuan [1]. - The remaining securities lending volume was 28,400 shares, with a lending balance of 3.692 million yuan, also exceeding the 90th percentile level over the past year [1]. Company Overview - Beijing Huada Jiutian Technology Co., Ltd. was established on May 26, 2009, and listed on July 29, 2022. The company specializes in the development and sales of EDA tools software for integrated circuit design and manufacturing [1]. - The main revenue composition of Huada Jiutian includes 82.57% from EDA software sales, 13.41% from technical services, and 4.02% from hardware, agency software sales, and other sources [1]. Financial Performance - As of June 30, Huada Jiutian had 37,700 shareholders, a decrease of 8.11% from the previous period, while the average circulating shares per person increased by 8.82% to 6,948 shares [2]. - For the first half of 2025, Huada Jiutian reported a revenue of 502 million yuan, representing a year-on-year growth of 13.01%, but the net profit attributable to shareholders decreased by 91.90% to 3.0679 million yuan [2]. - Since its A-share listing, Huada Jiutian has distributed a total of 244 million yuan in dividends [2]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Huada Jiutian, Noan Growth Mixed A (320007) held 11.7472 million shares, unchanged from the previous period [2]. - Galaxy Innovation Mixed A (519674) ranked sixth with 11.7000 million shares, a decrease of 330,000 shares compared to the previous period [2]. - Hong Kong Central Clearing Limited ranked seventh with 6.6234 million shares, an increase of 112,100 shares, while E Fund Growth Enterprise Board ETF (159915) ranked eighth with 4.4675 million shares, an increase of 87,100 shares [2].

Market Performance - A-shares have been rising since August, with the Sci-Tech Innovation 50 Index increasing by 28% and the ChiNext Index rising over 24%, while the Shanghai Composite Index has gained nearly 8% [1] - Historically, since 2000, the Shanghai Composite Index has a 50% probability of rising in September, while the ChiNext Index has a slightly lower probability [1] - The Consumer Sector shows a higher probability of increase, with the 800 Consumer Index having a 60% probability of rising [1] Institutional Outlook - Institutions are generally optimistic about the future performance of A-shares, with Everbright Securities stating that the logic supporting the market's rise remains unchanged and valuations are reasonable without significant overextension [1] - New positive factors are emerging, such as the potential onset of a Federal Reserve interest rate cut cycle and a recovery in public fund issuance [1] - Zhongtai Securities indicates that liquidity factors are aiding the market's bullish trend, and liquidity is expected to continue driving the market upward, alongside the need for fundamental support [1] Company Profit Forecasts - Various companies have projected net profit growth for 2025 and 2026, with notable increases in specific sectors: - Jiejie Microelectronics (300623) expects a net profit of 37.95 million with a growth rate of 34.40% for 2025 and 34.15% for 2026 [3] - BGI Genomics (301269) anticipates a net profit of 23.82 million, with a significant growth of 82.78% in 2025 and 51.36% in 2026 [3] - Baiwei Storage (688525) forecasts a net profit of 22.15 million, with a remarkable growth of 140.65% for 2025 and 80.38% for 2026 [3] - Other companies such as Zhongwei Company (688012) and Kunlun Wanwei (300418) also show strong profit growth expectations, indicating a positive outlook in their respective industries [3]

Group 1 - The core viewpoint of the news is that BGI Tech (华大九天) has seen a significant stock price increase of 6.1%, reaching 130.50 CNY per share, with a trading volume of 1.228 billion CNY and a turnover rate of 1.77%, resulting in a total market capitalization of 70.854 billion CNY [1] - BGI Tech, established on May 26, 2009, and listed on July 29, 2022, is primarily engaged in the development and sales of EDA (Electronic Design Automation) software for integrated circuit design and manufacturing, with its main revenue sources being EDA software sales (82.57%), technical services (13.41%), and hardware and other sales (4.02%) [1] Group 2 - Among the top ten circulating shareholders of BGI Tech, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) increased its holdings by 239,800 shares in the second quarter, now holding 3.9689 million shares, which accounts for 1.51% of the circulating shares [2] - The Huatai-PB CSI 300 ETF has a current scale of 374.704 billion CNY, with a year-to-date return of 16.71% and a one-year return of 40.32%, ranking 2779 out of 4222 and 2271 out of 3779 respectively [2] - The fund manager, Liu Jun, has a tenure of 16 years and 94 days, managing a total fund asset size of 466.972 billion CNY, with the best fund return during his tenure being 138.34% and the worst being -45.64% [2]

Group 1 - The core viewpoint of the news is that BGI Tech (华大九天) has seen a significant stock price increase of 6.1%, reaching 130.50 CNY per share, with a trading volume of 1.232 billion CNY and a market capitalization of 70.854 billion CNY [1] - BGI Tech, established on May 26, 2009, and listed on July 29, 2022, specializes in the development and sales of EDA tools for integrated circuit design and manufacturing, with 82.57% of its revenue coming from EDA software sales, 13.41% from technical services, and 4.02% from hardware and other sales [1] Group 2 - From the perspective of fund holdings, Huian Fund has a significant position in BGI Tech, with its Huian Trend Power Stock A fund holding 20,000 shares, accounting for 3.8% of the fund's net value, making it the ninth largest holding [2] - The Huian Trend Power Stock A fund, established on April 25, 2018, has a current scale of 6.8521 million CNY, with a year-to-date return of 23.62% and a one-year return of 44.85% [2]

Summary of China Software 2Q25 Conference Call Industry Overview - The conference call focused on the **China Software** industry, particularly the performance of various software companies in the second quarter of 2025 (2Q25) and the first half of 2025 (1H25) - Average revenue growth for the covered companies was **9% YoY** in 1H25, with an average net margin of **-3%** due to weak seasonality in the first half [1][2] Key Company Performances - **Kingsoft Office, Thundersoft, and Sensetime** reported revenues in 2Q25 that exceeded expectations due to increased AI spending - **Glodon and Sangfor** showed better-than-expected net income in 2Q25, attributed to improved employee productivity [1] - **Yonyou** reported a revenue growth of **7% YoY** in 2Q25, recovering from a **-21% YoY** decline in 1Q25, supported by small and medium business (SMB) growth [9] - **Thundersoft** experienced a **50% YoY** revenue increase, driven by strong growth in its AIoT business [26] - **Glodon** faced a **-5% YoY** revenue decline, but net margin improved to **13%** due to product mix upgrades and cost management [17] Core Insights and Trends - Companies are focusing on: 1. **Monetization of AI tools** to provide value-added features [2] 2. **Diversification** into overseas markets or new categories to counteract slower IT spending in certain segments [2] 3. **Integration of AI** with core software products to capture a larger share of clients' budgets [2] - The average **P/E ratio** for China software companies increased to **55x-60x**, indicating early signs of AI monetization, while the average **EV/Sales** ratio rose to **8x-9x** [2] Company Ratings and Recommendations - **Buy** ratings maintained for **Empyrean** and **Kingdee** - **Neutral** rating for **Yonyou** - **Sell** ratings for **ZWSOFT, Thundersoft, Glodon, and Sangfor** [3] Earnings Revisions - **Yonyou**: Revised down 2025 net loss to **Rmb594m** from **Rmb517m** due to lower revenues during transformation [12] - **Glodon**: Revenue estimates revised down by **1%-3%** for 2025-28E, but earnings revised up by **18%/12%/2%/1%** due to improved productivity [20] - **Thundersoft**: Revenue estimates revised up by **8%/5%/4%** for 2025-27E, reflecting higher revenues from the IoT business [30] - **Sangfor**: Revenue estimates revised down by **9%/2%/1%** for 2025-27E due to lower security software revenues [46] Other Important Insights - **ZWSOFT** launched new products with enhanced 3D CAD features, which are expected to support long-term growth despite current muted growth in 3D CAD software [39] - **Sangfor** is expanding its cloud computing product offerings, which is expected to contribute to revenue growth [45] - The overall sentiment in the industry is cautiously optimistic, with expectations of improved productivity and revenue growth driven by AI integration and new product offerings [1][2][3]

Core Viewpoint - 华大九天's stock experienced a decline of 4.10% on August 29, with a trading volume of 1.22 billion yuan, indicating potential volatility in the market and investor sentiment towards the company [1]. Financing and Margin Trading - On August 29, 华大九天 had a financing buy-in amount of 131 million yuan and a financing repayment of 137 million yuan, resulting in a net financing outflow of 6.13 million yuan [1]. - The total margin trading balance for 华大九天 as of August 29 was 746 million yuan, with the financing balance accounting for 1.11% of the circulating market value, indicating a high level of leverage compared to the past year [1]. - In terms of securities lending, 华大九天 repaid 2,000 shares and sold 1,000 shares on August 29, with a selling amount of 123,000 yuan, and the remaining securities lending balance was 24.72 million yuan, also at a high level [1]. Financial Performance - For the first half of 2025, 华大九天 reported a revenue of 502 million yuan, reflecting a year-on-year growth of 13.01%, while the net profit attributable to shareholders decreased by 91.90% to 3.07 million yuan [2]. - Cumulative cash dividends paid by 华大九天 since its A-share listing amounted to 244 million yuan [3]. Shareholder Structure - As of June 30, 2025, 华大九天 had 37,700 shareholders, a decrease of 8.11% from the previous period, with an average of 6,948 circulating shares per shareholder, which increased by 8.82% [2]. - The top ten circulating shareholders include notable funds such as 诺安成长混合A and 银河创新混合A, with varying changes in their holdings compared to the previous period [3].