Core Viewpoint - BGI Tech (华大九天) has shown a mixed performance in stock price and financial results, with a notable increase in stock price recently but a significant decline in net profit year-on-year [1][2]. Group 1: Stock Performance - On January 7, BGI Tech's stock price increased by 2.00%, reaching 113.59 CNY per share, with a trading volume of 4.35 billion CNY and a turnover rate of 0.71%, resulting in a total market capitalization of 619.56 billion CNY [1]. - Year-to-date, BGI Tech's stock price has risen by 6.83%, with a 5-day increase of 5.76%, a 20-day increase of 6.72%, but a 60-day decline of 16.58% [1]. Group 2: Financial Performance - For the period from January to September 2025, BGI Tech reported a revenue of 805 million CNY, reflecting a year-on-year growth of 8.24%, while the net profit attributable to shareholders was 9.06 million CNY, showing a significant decline of 84.52% year-on-year [2]. - Since its A-share listing, BGI Tech has distributed a total of 244 million CNY in dividends [3]. Group 3: Shareholder Information - As of September 30, 2025, BGI Tech had 48,800 shareholders, an increase of 29.25% from the previous period, with an average of 11,179 circulating shares per shareholder, up by 60.88% [2]. - Notable changes in institutional holdings include the presence of Noan Growth Mixed A as the eighth largest shareholder with 11.75 million shares, while Hong Kong Central Clearing Limited increased its holdings by 574,000 shares [3].

Investment Rating - The report rates the EDA industry as "Overweight," indicating that the industry is expected to outperform the overall market [2][19]. Core Insights - The domestic EDA industry is experiencing heightened activity, entering an accelerated development phase, with significant IPO movements and mergers [3][11]. - The long-term outlook suggests that the EDA industry will consolidate into 2-3 leading firms through mergers and acquisitions, with a focus on domestic alternatives [3][10]. Summary by Sections 1. Key Events of the Month - **Horizon Industrial Software Initiates IPO Counseling**: Horizon Industrial Software submitted its IPO counseling to the Shanghai Securities Regulatory Commission on December 26, 2025, focusing on digital IC verification and IP [4]. - **Xinheng Semiconductor Completes IPO Counseling**: On December 20, 2025, Xinheng Semiconductor completed its IPO counseling, offering multi-physical field simulation capabilities [5]. - **Huada Jiutian Invests in Sierxin**: On December 16, 2025, Huada Jiutian announced a 1 billion investment in Sierxin, acquiring a 90.9% stake, enhancing its digital IC design capabilities [6][7]. - **Quanxin Intelligent Manufacturing Starts IPO Counseling**: On December 11, 2025, Quanxin Intelligent Manufacturing initiated its IPO counseling, focusing on OPC and other manufacturing tools [8]. 2. Industry Perspectives - **Opportunities from Domestic Process Divergence**: The EDA industry is closely tied to the semiconductor ecosystem, with domestic wafer fabs developing new technology paths that create independent market space for local EDA firms [9]. - **Active IPO and M&A Movements**: The report highlights three new IPO processes in the EDA sector, indicating a shift towards a concentration of leading players and an active M&A environment [11]. - **Importance of Industry Chain Collaboration and Support**: The report emphasizes the need for EDA firms to have platform capabilities to enhance competitiveness, supported by local government initiatives and national funds [12]. 3. Valuation of Key Companies - **Huada Jiutian**: Projected revenue of 12 billion in 2024, increasing to 25 billion by 2027, with a market cap of 580 billion [14]. - **Gailun Electronics**: Expected revenue growth from 4 billion in 2024 to 8 billion in 2027, with a market cap of 152 billion [14]. - **Other Companies**: Additional companies are also highlighted with their respective revenue projections and market caps, indicating a positive growth trajectory in the EDA sector [14].

Investment Rating - The report rates the EDA industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [2][24]. Core Insights - The domestic EDA industry is experiencing heightened activity with multiple IPOs and investments, signaling an accelerated development phase [4]. - The long-term trend suggests the emergence of 2-3 leading EDA firms through mergers and acquisitions, with a focus on domestic alternatives [4][12]. - The report emphasizes the importance of domestic process divergence, IPO and acquisition activity, and the need for industry chain collaboration and support from policies and capital [12][15][16]. Summary by Sections Key Industry Events - In December 2025, four significant events occurred in the domestic EDA industry, including three IPO-related activities and one equity investment [4]. - Notable events include: - Hejian Industrial Software Group initiated IPO counseling on December 26, 2025, focusing on digital IC verification and IP [5]. - Xinheng Semiconductor completed its IPO counseling on December 20, 2025, specializing in multi-physical field simulation [6]. - Huada Jiutian invested 100 million yuan in Sierxin, acquiring a 90.9% stake in the company on December 16, 2025 [8]. - Quanxin Zhizao started IPO counseling on December 11, 2025, focusing on manufacturing tools [11]. Industry Perspectives - The report highlights opportunities arising from the divergence of domestic processes, as domestic wafer fabs develop new technology paths that are unsupported by overseas EDA vendors [12]. - The active IPO and acquisition landscape indicates a shift towards a concentrated market with fewer leading players, aligning with the overall development trend of the EDA industry [15]. - Emphasis is placed on the necessity for EDA firms to possess platform capabilities to enhance competitiveness and the role of local EDA companies as integration platforms [16]. Key Company Valuations - The report provides valuations for key companies in the EDA sector as of December 31, 2025: - Huada Jiutian: Market cap of 58 billion yuan, projected revenues of 12 billion yuan in 2024, increasing to 25 billion yuan by 2027 [18]. - Gai Lun Electronics: Market cap of 15.2 billion yuan, projected revenues of 4 billion yuan in 2024, increasing to 8 billion yuan by 2027 [18]. - Guangliwei: Market cap of 14.4 billion yuan, projected revenues of 5 billion yuan in 2024, increasing to 12 billion yuan by 2027 [18].

EDA素有"芯片之母"的称号，是集成电路产业实现自主可控的关键所在。最近，国产EDA龙头华大九天在重庆动作频频，先是拿下1446万元的混合信号 EDA软件项目订单，紧接着全资子公司也正式落地。 笔者认为：华大九天这次在重庆的布局，思路很清晰，先靠业务突破打开局面，再用资本扎根稳住脚跟。从中国招标投标公共服务平台的公示能看到，华 大九天中标了重庆一家集成电路设计公司的"混合信号集成电路EDA设计软件"项目，中标金额1446万元，资金都是企业自己筹备的。和政府主导的示范性 项目不一样，企业自己掏钱采购，更看重实际市场价值。这次招标聚焦模拟、数模混合、电源与可靠性这些核心设计环节，对EDA工具的精度、效率和 实际工程适配能力要求都不低。业内人士说，这类项目直接对接芯片设计和流片的全流程，采购标准比单纯的验证性应用高得多，这也说明华大九天的相 关产品，已经能实实在在支撑芯片研发了。 值得一提的是，现在国产EDA正处在从"能用"到"大家愿意批量买"的关键过渡期，华大九天在重庆的进展很有示范意义。对国产EDA产业来说，单笔订单 的金额不是最重要的，能不能走进真实的工程流程、被持续使用，才是判断它是否成熟的核心标准。随着重 ...

证券代码：301269 证券简称：华大九天 公告编号：2025-081 北京华大九天科技股份有限公司 关于部分募投项目结项并注销相关募集资金专户的公告 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。 登录新浪财经APP 搜索【信披】查看更多考评等级 北京华大九天科技股份有限公司（以下简称"公司"）首次公开发行股票募集资金投资项目（以下简 称"募投项目"）之"模拟设计及验证EDA工具升级项目"已实施完毕并达到预定可使用状态，公司决定对 该募投项目进行结项，该募投项目结项无节余募集资金。此外，募投项目之"补充流动资金"项目已实施 完毕，公司决定同时注销"模拟设计及验证EDA工具升级项目"和"补充流动资金"的募集资金专项账户。 根据《深圳证券交易所上市公司自律监管指引第2号一一创业板上市公司规范运作》的相关规定，上述 事项可以豁免履行相关审议程序。现将相关情况公告如下： 根据中国证券监督管理委员会"证监许可[2022]851号"文《关于同意北京华大九天科技股份有限公司首 次公开发行股票注册的批复》，公司首次公开发行人民币普通股（A股）股票10,858.8354万股， ...

Core Viewpoint - The software services sector is entering a new phase of differentiation, driven by AI, with opportunities becoming more concentrated but of higher quality [2]. Group 1: Industry Overview - By 2025, the A-share software services industry is expected to show a moderate but certain recovery, with an overall market value growth of approximately 18%, increasing from 3.32 trillion yuan at the beginning of the year to 3.9 trillion yuan by year-end [3]. - The market perception is shifting from "growth anxiety" to "capability reassessment," indicating a more mature evaluation of companies in the sector [3]. - The growth in market value across different segments is relatively balanced but still shows tiered differences, with the highest growth seen in Information Technology Consulting and Other Services at +19.6%, reflecting a renewed demand for IT consulting and industry solutions [3][4]. Group 2: Market Segmentation - The market performance of various segments in 2025 is as follows: - Internet Services and Infrastructure: 5,156.09 billion yuan (+16.16%) - System Software: 632.39 billion yuan (+16.12%) - Information Technology Consulting and Other Services: 11,274.12 billion yuan (+19.61%) - Application Software: 21,970.58 billion yuan (+17.00%) - Total: 39,033.18 billion yuan (+17.62%) [4]. - The software services market has evolved from a broad-based growth model to one focused on industry depth, organizational replacement capabilities, and long-term cash flow [4]. Group 3: Leading Companies - As of the end of 2025, there are 319 software service companies listed in A-shares, with a focus on those excelling in R&D innovation, profitability, growth potential, and market performance [5]. - The top ten companies identified include: 1. Kingsoft Office 2. Tonghuashun 3. Runze Technology 4. Huada Jiutian 5. 360 6. Dameng Data 7. Hengniu Shenzi 8. Hongsoft Technology 9. Baoxin Software 10. Hehe Information [7][8]. Group 4: R&D and Financial Health - The R&D innovation performance in the software services sector shows significant polarization, with 57 companies scoring above 400 points (17.9%) and a majority scoring between 200 and 400 points (65.5%) [9]. - Financial health scores indicate that many companies are under pressure, with 87.5% of firms scoring between 300 and 500 points, reflecting challenges such as narrowing profit margins and increased cash flow pressures [11]. Group 5: Growth Potential and Future Trends - Growth potential scores reveal a clear differentiation in the sector, with standout companies in two categories: those benefiting from AI infrastructure and emerging platforms, and those driven by AI and data intelligence technologies [12]. - The structural growth in the software services industry validates the logic of AI technology and domestic substitution, with a focus on three main lines for 2026: 1. Deepening AI applications in system software and entertainment software [15]. 2. Increasing domestic substitution in foundational software like operating systems and databases [15]. 3. Expanding global presence in gaming and industrial software [15].

南财智讯12月31日电，华大九天公告，公司首次公开发行股票募集资金投资项目之"模拟设计及验证 EDA工具升级项目"已实施完毕并达到预定可使用状态，该募投项目结项无节余募集资金；"补充流动资 金"项目也已实施完毕。公司已办理完成上述两个募投项目的募集资金专户注销手续，相关募集资金监 管协议相应终止。 ...

北京华大九天科技股份有限公司 关于部分募投项目结项并注销相关募集资金专户的公告 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。 证券代码：301269 证券简称：华大九天 公告编号：2025-081 公司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业 板上市公司规范运作》及公司《募集资金管理办法》等相关规定，公司在相关商 业银行开设了募集资金专项账户，用于本次公开发行股票募集资金的存放、管理 和使用。公司对募集资金实行专户存储，并对募集资金的使用执行严格的审批程 序，以保证专款专用。 （二）募集资金监管协议情况 公司募投项目实施主体已与存放募集资金的商业银行及保荐人中信证券股 份有限公司分别签署了相关募集资金监管协议。具体内容详见 2022 年 8 月 25 日刊登于巨潮资讯网（http://www.cninfo.com.cn）上的《关于签订募集资金监 管协议的公告》。 三、本次实施完毕的募投项目募集资金使用情况及结余情况 北京华大九天科技股份有限公司（以下简称"公司"）首次公开发行股票募 集资金投资项目（以下简称"募投项目"）之"模拟 ...

Group 1 - The core point of the article is the establishment of Chongqing Huada Jiutian Technology Co., Ltd. with a registered capital of 90 million yuan [1] - The company's business scope includes software development, professional design services, integrated circuit design, and electronic product sales [1] - Huada Jiutian Technology Co., Ltd. is wholly owned by Huada Jiutian [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 北京华大九天科技股份有限公司（以下简称"公司"）于2025年12月9日召开第二届董事会第二十一次会 议，并于2025年12月26日召开2025年第二次临时股东大会，审议通过《关于变更注册资本及修订〈公司 章程〉的议案》，具体内容详见公司于2025年12月9日和2025年12月26日在巨潮资讯网 （http://www.cninfo.com.cn）上披露的相关公告。 公司已于2025年12月30日完成了相关工商变更登记和备案等手续，并取得了北京市朝阳区市场监督管理 局换发的《营业执照》，现将相关情况公告如下： 一、变更后的营业执照基本信息 统一社会信用代码：91110105690013756F 名称：北京华大九天科技股份有限公司 证券代码：301269 证券简称：华大九天 公告编号：2025-080 北京华大九天科技股份有限公司 关于完成工商变更登记的公告 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。 成立日期：2009年05月26日 住所：北京市朝阳区利泽中二路2号A座二层 经营范围：技术推广服务；软件设计； ...