华大九天(301269.SZ)公告称，公司于2025年7月9日召开会议，审议通过了关于终止发行股份及支付现 金购买 资产并募集配套资金暨关联交易事项的议案。公司原计划收购芯和半导体科技（上海）股份有 限公司100%股份并募集配套资金，但交易各方未就核心条款达成一致，为维护公司及全体股东利益， 决定终止本次重大资产重组。 ...

证券代码：301269 证券简称：华大九天 公告编号：2025-032 北京华大九天科技股份有限公司 第二届董事会第二次临时会议决议公告 由于交易相关方未能就本次交易的核心条款达成一致意见，为切实维护公司 及全体股东的利益，经公司充分审慎研究及与交易相关方协商，拟与相关方签署 《股份收购系列协议之终止协议》终止本次交易，并授权公司管理层办理终止本 次交易相关事宜，授权期限为：自本次董事会审议通过之日起，至终止本次交易 相关事项办理完成之日止。 根据《上市公司重大资产重组管理办法》《深圳证券交易所上市公司自律监 管指引第 8 号——重大资产重组》等相关法律、法规及规范性文件的规定，公司 1 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。 一、董事会会议召开情况 北京华大九天科技股份有限公司（以下简称"公司"）第二届董事会第二次 临时会议于 2025 年 7 月 9 日以通讯方式召开，为保证董事会工作的效率和公司 信息披露的及时性,全体董事一致同意豁免本次董事会会议的通知时限。本次会 议应出席董事 11 人，实际出席董事 11 人，公司监事及其他高级管理人员列席本 ...

北京华大九天科技股份有限公司 第二届监事会临时会议决议公告 证券代码：301269 证券简称：华大九天 公告编号：2025-033 1、审议通过《关于终止公司发行股份及支付现金购买资产并募集配套资金 暨关联交易的议案》 公司于 2025 年 3 月启动筹划实施重大资产重组，拟通过发行股份及支付现 金的方式购买芯和半导体科技（上海）股份有限公司 100%股份并募集配套资金 （以下简称"本次交易"）。 由于交易相关方未能就本次交易的核心条款达成一致意见，为切实维护公司 及全体股东的利益，经公司充分审慎研究及与交易相关方协商，拟与相关方签署 《股份收购系列协议之终止协议》终止本次交易。 根据《上市公司重大资产重组管理办法》《深圳证券交易所上市公司自律监 管指引第 8 号——重大资产重组》等相关法律、法规及规范性文件的规定，公司 承诺自终止本次交易事项披露之日起一个月内不再筹划重大资产重组事项。 1 本公司及监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。 一、监事会会议召开情况 北京华大九天科技股份有限公司（以下简称"公司"）第二届监事会临时会 议于 2025 年 7 月 9 ...

一、本次重大资产重组的基本情况 证券代码：301269 证券简称：华大九天 公告编号：2025-031 北京华大九天科技股份有限公司 关于终止筹划重大资产重组事项的公告 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。 北京华大九天科技股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日 召开第二届董事会第二次临时会议及第二届监事会临时会议，审议通过了《关于 终止公司发行股份及支付现金购买资产并募集配套资金暨关联交易的议案》，决 定终止本次发行股份及支付现金购买资产并募集配套资金暨关联交易事项（以下 简称"本次交易"或"本次重大资产重组"）。现将有关事宜公告如下： 公司于 2025 年 3 月 28 日与包括上海卓和信息咨询有限公司在内的 35 名交 易对方签署《北京华大九天科技股份有限公司发行股份及支付现金购买资产框架 协议》，拟以发行股份及支付现金的方式收购芯和半导体科技（上海）股份有限 公司 100%股份并募集配套资金。 本次交易预计构成重大资产重组，构成关联交易，不构成重组上市。 二、公司在推进本次重大资产重组期间所做的主要工作 在本次交易相 ...

证券代码：301269 证券简称：华大九天 公告编号：2025-034 北京华大九天科技股份有限公司 关于终止筹划重大资产重组事项的投资者说明会公告 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。 北京华大九天科技股份有限公司（以下简称"公司"）于 2025 年 7 月 9 日 召开第二届董事会第二次临时会议及第二届监事会临时会议，审议通过了《关于 终止公司发行股份及支付现金购买资产并募集配套资金暨关联交易的议案》，决 定终止本次发行股份及支付现金购买资产并募集配套资金暨关联交易事项（以下 简称"本次交易"或"本次重大资产重组"）。具体内容详见公司同日在巨潮资 讯网（http://www.cninfo.com.cn）披露的《关于终止筹划重大资产重组事项的 公告》（公告编号：2025-031）。 为加强与投资者的沟通和交流，根据深圳证券交易所的相关规定，公司决定 于 2025 年 7 月 11 日（星期五）召开关于终止发行股份及支付现金购买资产并募 集配套资金暨关联交易事项的投资者说明会，就终止本次交易的相关情况与投资 者进行互动交流和沟通。现将相关安排公告如下 ...

Investment Rating - The report rates the computer industry as "Outperform" [1] Core Insights - The computer industry continues to follow core trends of AI, localization, and robotics, with significant developments from Huawei, Hong Kong's digital asset policies, and Xiaomi's product launches [3][18] - Huawei's Developer Conference introduced HarmonyOS 6 and new AI cloud services, marking a new phase for the HarmonyOS ecosystem [3][18] - Hong Kong's Digital Asset Development Policy 2.0 aims to establish the region as a global hub for digital assets, emphasizing blockchain's role in enhancing financial transactions [3][19] - Xiaomi's YU7 model achieved remarkable pre-order success, indicating strong market demand and the company's commitment to R&D investment [3][20] Summary by Relevant Sections Huawei Developer Conference - The conference showcased HarmonyOS 6, with over 40 devices now running the system and more than 9000 applications in development [3][18] Hong Kong Digital Asset Policy - The new policy aims to create a diverse digital asset ecosystem, enhancing Hong Kong's position as a leading international financial center [3][19] Xiaomi Product Launch - Xiaomi's YU7 model received over 200,000 pre-orders within 3 minutes, highlighting its market impact and the company's future R&D investment plans [3][20] Key Companies to Watch - The report highlights key companies in the sector, including Empyrean Technology, Dameng Data, Beijing Kingsoft Office Software, Newland Digital Technology, Jiangsu Tongxingbao, Kingdee International, and Huhu Information [3][18]

Investment Rating - The report maintains a positive outlook on the computer industry, recommending stocks such as Baidu, Huawei, and others, with an "Outperform" rating for the recommended targets [5][10][6]. Core Insights - Baidu and Huawei's open-source initiatives are expected to significantly promote the adoption of foundation models, lowering the barriers for R&D and application in AI technology [11][12]. - The State Administration for Market Regulation has approved 7 national standards aimed at standardizing AI and digital services, which will enhance competitiveness and market opportunities for companies in the computer industry [12][13]. - The China Internet Association has initiated standards for algorithm management, which will facilitate the governance of recommendation algorithms and promote compliance within internet platform enterprises [13]. Summary by Sections Open-Source Initiatives - On June 30, Baidu and Huawei announced the open-sourcing of various models, including Baidu's Wenxin 4.5 series and Huawei's Pangu models, which will lower the R&D and application thresholds for AI technologies [11][10]. National Standards - The report highlights the approval of 7 national standards by the State Administration for Market Regulation, which will support the digital economy and enhance the interconnectivity of the computer industry [12][10]. Algorithm Management Standards - The initiation of algorithm management standards by the China Internet Association is expected to advance platform algorithm governance, focusing on compliance and security measures [13][10].

Investment Rating - The investment rating for Empyrean Technology Co Ltd is Equal-weight [4] Core Viewpoints - The recent lifting of US export restrictions allows Synopsys and Cadence to restore access to their software and technology for customers in China, which is significant for the EDA market [1] - Empyrean Technology, the largest local vendor in China, held a 10% market share in 2024, but its stock has declined by 10% over the past month, contrasting with the CSI 300 index's 3% increase [2] - The report suggests that achieving full flow in digital EDA by Empyrean Technology by the end of 2025 is unlikely, with potential delays extending to 2027 due to M&A processes [2] - The current valuation of Empyrean Technology at 37x NTM P/S is significantly higher than its global peers, indicating that future market share gains are already priced in [2] Financial Summary - Price target for Empyrean Technology is set at Rmb115.00, representing a downside of 4% from the current price of Rmb119.30 [4] - Market capitalization is Rmb64,773 million with 543 million shares outstanding [4] - Revenue projections show growth from Rmb1,222 million in 2024 to Rmb2,666 million by 2027 [4] - EPS is expected to increase from Rmb0.20 in 2024 to Rmb1.65 in 2027 [4] - EBITDA is projected to improve from a loss of Rmb14 million in 2024 to a profit of Rmb914 million by 2027 [4]

Core Viewpoint - The recent lifting of the EDA export ban by the U.S. government is a significant development for the Chinese semiconductor industry, allowing access to advanced EDA technologies and potentially accelerating chip design capabilities and high-end chip development [6][24]. Group 1: EDA Export Ban and Its Lifting - The U.S. government lifted the export ban on EDA software for Chinese companies, with Siemens, Synopsys, and Cadence resuming their services [6][7]. - The original ban was imposed on May 29, 2025, targeting EDA tools related to AI chip development and entities on the entity list [8]. - U.S. companies dominate the global EDA market, holding a combined market share of 74% as of 2024, with over 80% in the Chinese EDA market [9]. Group 2: Importance of EDA - EDA, or Electronic Design Automation, is crucial for chip design, encompassing tools for design, layout, and verification, significantly impacting the success rate and cost of chip production [13][14]. - The complexity and high costs associated with chip design necessitate the use of EDA tools to minimize errors and reduce losses [13][14]. Group 3: Challenges for Domestic EDA - Domestic EDA companies face significant challenges, including a lack of comprehensive EDA toolchains and a gap in advanced process support, particularly for nodes below 3nm [21]. - The Chinese EDA industry has historically been slow to develop due to limited investment and reliance on foreign technologies [16][17]. Group 4: Future Implications of the Ban Lifting - The lifting of the EDA export ban may lead to a rapid resumption of collaboration between Chinese semiconductor firms and international EDA giants, potentially accelerating high-end chip design projects [25]. - However, there is a risk that increased reliance on imported EDA tools could weaken the motivation to develop domestic alternatives [25][26]. - To achieve true technological independence, the Chinese semiconductor industry must prioritize the development and adoption of domestic EDA solutions [26].

Core Viewpoint - The recent reversal of the U.S. export control policy on EDA (Electronic Design Automation) companies has significant implications for the semiconductor industry in China, highlighting the urgent need for domestic alternatives in core technology areas [1][4]. Group 1: Policy Changes - On July 3, 2023, the U.S. Department of Commerce notified major EDA suppliers—Synopsys, Cadence, and Siemens—that the previous requirement for government licenses for their operations in China has been lifted, allowing them to fully restore services to Chinese clients [2][3]. - The initial export restrictions imposed in May 2023 required these companies to apply for licenses to export specific EDA tools to China, which could have severely impacted both the companies and the domestic semiconductor industry [3][4]. Group 2: Market Dynamics - The three major EDA companies dominate the global market, holding over 70% of the global EDA market share and exceeding 80% in the Chinese market [3]. - The recent export ban and its subsequent lifting have underscored the vulnerability of Chinese chip design firms to supply chain disruptions, as they rely heavily on these international EDA tools [4][5]. Group 3: Domestic Industry Response - The need for domestic EDA solutions has been amplified by the recent events, with experts suggesting that the Chinese semiconductor industry must support local EDA companies while also encouraging the adoption of domestic alternatives through policy measures [1][5]. - Domestic EDA companies, such as Huada Empyrean, GigaDevice, and Gexin Electronics, are currently small players in a market dominated by international giants, indicating a significant gap in technology and product offerings [5][6]. Group 4: Future Outlook - The long-term development of domestic EDA capabilities is essential, as the current reliance on international tools poses a substantial risk to the Chinese semiconductor supply chain [4][6]. - Mergers and acquisitions are seen as a strategy for domestic EDA firms to strengthen their market position and enhance technological capabilities, with several companies actively pursuing such opportunities [6][7].