Core Viewpoint - Synopsys, Inc. has received merger clearance in all jurisdictions except China for its proposed acquisition of Ansys, indicating significant regulatory progress and expected benefits for stakeholders and technology innovation [1] Group 1: Regulatory Status - The merger has been cleared in every jurisdiction except China, where Synopsys is in advanced discussions with the State Administration for Market Regulation [1] - The companies emphasize the significant benefits the merger is expected to bring to stakeholders and the future of technology innovation [1] Group 2: Company Profiles - Synopsys, Inc. provides comprehensive silicon to systems design solutions, focusing on electronic design automation and silicon IP, partnering with semiconductor and systems customers to enhance R&D capabilities [2] - Ansys specializes in simulation software that helps companies understand the performance of their innovative ideas, with applications across various industries including transportation, semiconductors, and medical devices [3]

Financial Data and Key Metrics Changes - ANSYS reported an annual contract value growth of 15% in constant currency for FY 2025, indicating strong performance compared to previous years [2]. Business Line Data and Key Metrics Changes - Specific business line performance metrics were not detailed in the provided content, thus no summary can be made in this section. Market Data and Key Metrics Changes - No specific market data or key metrics changes were mentioned in the provided content. Company Strategy and Development Direction and Industry Competition - The management emphasized the importance of aligning executive compensation with market practices and performance, indicating a focus on attracting and retaining qualified leaders to enhance shareholder value [32]. Management Comments on Operating Environment and Future Outlook - Management expressed pride in the accomplishments of the company over the past year and highlighted the dedication of employees as a key factor in the company's success [2]. Other Important Information - The company held its Annual Meeting of Stockholders on June 27, 2025, with a quorum established as 89.94% of the voting power represented [8]. - The board of directors was successfully elected for one-year terms, and the selection of Deloitte and Touche LLP as the independent registered public accounting firm for FY 2025 was ratified with approximately 93.81% approval [22][23]. Q&A Session Summary Question: Can you comment on the executive compensation in the related advisory proposal? - The compensation committee, composed entirely of independent directors, engages with independent third-party advisers to evaluate executive compensation, ensuring alignment with market practices and a pay-for-performance philosophy [32].

Core Viewpoint - Synopsys is a crucial player in the semiconductor industry, particularly in electronic design automation (EDA) software, despite recent challenges and a decline in share performance [1][2]. Financial Performance - Synopsys reported a 10% increase in sales and a 22% increase in adjusted earnings per share (EPS) compared to the previous year's quarter [3]. - The company's shares have decreased approximately 13% over the past 52 weeks, with a notable drop of nearly 10% on May 28 due to U.S. government restrictions on sales to China [2][3]. Impact of Trade Restrictions - Approximately 10% of Synopsys's revenue came from China last quarter, and the recent restrictions are significant but not catastrophic, as revenue from China has already declined from 15% in fiscal Q2 2024 to 10% [2][5]. - The company has faced declining sales growth in China for years due to previous trade restrictions, which has softened the impact of the latest restrictions [6]. Acquisition of ANSYS - Synopsys announced a $35 billion acquisition of ANSYS in January 2024, but is still awaiting regulatory approval, particularly from Chinese regulators [7]. - There is speculation that the acquisition could be approved soon, as Synopsys will no longer be doing business in China, but the company has pushed back against moving forward without China's approval [8][9]. Stock Forecast and Analyst Ratings - The 12-month stock price forecast for Synopsys is $607.14, indicating a potential upside of 26.79% based on 13 analyst ratings [11]. - Analysts at KeyCorp set a price target of $540, suggesting an 8% upside from the June 11 closing price, reflecting moderate upside potential [11]. Long-Term Prospects - Despite near-term uncertainties, Synopsys's long-term prospects remain strong, particularly with the anticipated approval of the ANSYS deal and recovery in non-AI end markets [12]. - The ongoing trend of developing advanced chips across various markets positions Synopsys for long-term success [12].

Core Insights - ANSYS, Inc. is facilitating innovative drone technology through advanced simulation tools, aiding Wingcopter in delivering essential supplies to remote locations [1][7] - The collaboration has led to a more than 10% increase in flight range for Wingcopter's drones, enhancing service capabilities in hard-to-reach areas [2][7] - ANSYS provides a comprehensive suite of simulation products that support Wingcopter's design and certification processes, ensuring safety and performance [6][8] Company Developments - Wingcopter utilizes various ANSYS products, including Ansys Discovery, LS-DYNA, Fluent, and medini analyze, to optimize drone design and safety assessments [6][7] - The partnership allows for a continuous, data-driven development loop, validating drone performance under diverse conditions [5][6] - ANSYS technology supports non-linear design approaches, crucial for the increasing complexity of autonomous drones [8] Market Trends - The global simulation software market is projected to grow from $18.1 billion in 2023 to $33.5 billion by 2028, reflecting a CAGR of 13.1% [11] - ANSYS reported deferred revenues and backlog of $1.63 billion as of March 31, 2025, representing an 18.9% year-over-year increase [11] - The company experienced growth in subscription lease revenues (4%), maintenance revenues (13.9%), and service revenues (22.5%) in the first quarter of 2025 [11] Strategic Collaborations - ANSYS has expanded its collaboration with TSMC to enhance AI-assisted workflows for RF design migration and semiconductor solutions [12] - This partnership aims to improve 3D-IC design optimization and accelerate market readiness for AI and HPC chip applications [12] Stock Performance - ANSYS currently holds a Zacks Rank 3 (Hold), with shares increasing by 6.3% over the past year, compared to the industry growth of 13.3% [13]

不过，另一位知情人士表示，国家市场监督管理总局的审批流程最近从原来的180天延长，是因为 该交易本身的复杂性，而不是与正在进行的贸易战有直接联系。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自FT 。 唐纳德·特朗普加强了对中国的芯片出口管制，此举加剧了世界两大经济体之间的贸易紧张局势， 导致一项价值 350 亿美元的美国半导体行业合并案被北京反垄断监管机构推迟。 据 两 位 知 情 人 士 透 露 ， 中 国 国 家 市 场 监 管 总 局 已 推 迟 批 准 芯 片 设 计 工 具 制 造 商 新 思 科 技 (Synopsys) 与工程软件开发商 Ansys 之间的拟议交易。 知情人士称，这两家美国集团之间的交易已获得美国和欧洲当局的批准，目前已进入市场监管总局 审批程序的最后阶段，预计将于本月底完成。 此次交易推迟之际，华盛顿于5月底采取行动，禁止包括新思科技在内的美国公司向中国销售芯片 设计软件。据一位知情人士透露，这一决定加剧了中国对该交易审批流程的复杂性。 该人士补充说，尽管审批时间比预期要长，但如果新思科技能够提交解决中国监管机构担忧的解决 方案，审批仍有可能通过。 新思科技首席 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自FT 。 唐纳德·特朗普加强了对中国的芯片出口管制，此举加剧了世界两大经济体之间的贸易紧张局势， 导致一项价值 350 亿美元的美国半导体行业合并案被北京反垄断监管机构推迟。 据 两 位 知 情 人 士 透 露 ， 中 国 国 家 市 场 监 管 总 局 已 推 迟 批 准 芯 片 设 计 工 具 制 造 商 新 思 科 技 (Synopsys) 与工程软件开发商 Ansys 之间的拟议交易。 知情人士称，这两家美国集团之间的交易已获得美国和欧洲当局的批准，目前已进入市场监管总局 审批程序的最后阶段，预计将于本月底完成。 此次交易推迟之际，华盛顿于5月底采取行动，禁止包括新思科技在内的美国公司向中国销售芯片 设计软件。据一位知情人士透露，这一决定加剧了中国对该交易审批流程的复杂性。 该人士补充说，尽管审批时间比预期要长，但如果新思科技能够提交解决中国监管机构担忧的解决 方案，审批仍有可能通过。 白宫一名高级官员本周表示，如果北京同意加快稀土出口，特朗普可能会放松对中国技术出口的管 制。 也有迹象表明，美国可能放松对芯片设计工具的销售禁令。据一位知情人士 ...

Core Insights - ANSYS, Inc.'s advanced simulation tools have been utilized by Turbotech to successfully demonstrate the world's first viable hydrogen-fueled turboprop engine as part of the BeautHyFuel project [1][9] - The BeautHyFuel project is a collaboration involving Turbotech, Elixir Aircraft, and partners like Safran, Air Liquide, and Daher, focusing on hydrogen propulsion for light aircraft with an emphasis on safety and environmental sustainability [2] - Turbotech's scalable design approach, supported by ANSYS simulation tools, addresses challenges in hydrogen turbine designs, facilitating a smoother transition to hydrogen propulsion [3] Simulation Technology - ANSYS simulation tools, particularly Ansys Fluent, have enabled Turbotech to conduct high-fidelity combustion modeling, providing insights into flame dynamics and material behavior, which significantly reduced the need for physical prototypes [4] - After 30 hours of continuous hydrogen combustion testing, the nozzles exhibited nearly identical structural integrity, confirming the engine's resilience and low emissions levels [5] - ANSYS has maintained a long-standing partnership with Turbotech, providing premium simulation tools and technical support throughout the development phases [6][7] Market Position and Financials - ANSYS holds a strong position in the high-end design simulation software market, with its tools widely adopted by leading manufacturing companies, allowing for significant cost reductions through virtual prototyping [8] - The global simulation market is projected to grow from $15 billion in 2025 to $33.62 billion in 2032, with a CAGR of 12.5% [9] - As of March 31, 2025, ANSYS reported deferred revenues and backlog of $1.63 billion, an 18.9% year-over-year increase, alongside a 4% growth in subscription lease revenues [9][10] Collaborations and Innovations - ANSYS's collaborations with technology suppliers and hardware vendors enhance its growth prospects, including an expanded partnership with TSMC for AI-assisted workflows [11] - The company's diverse product lineup and collaborations continue to attract and retain customers, positioning it well for future growth [11]

Core Viewpoint - The Chinese regulatory authority has suspended the antitrust review of Synopsys' acquisition of Ansys, adding uncertainty to the deal amid escalating US-China technology tensions [1][2]. Group 1: Acquisition Details - Synopsys announced a final acquisition agreement with Ansys on January 16, 2024, with a total transaction value of approximately $35 billion, where Ansys shareholders are expected to hold about 16.5% of the new company post-merger [1]. - The merger is viewed as a "strong alliance," combining Synopsys' significant position in the EDA (Electronic Design Automation) sector with Ansys' expertise in industrial simulation software, which spans various industries including automotive, aerospace, and electronics [1]. Group 2: Regulatory Environment - The suspension of the antitrust review by Chinese regulators is seen as a cautious decision influenced by the US's recent export control measures targeting China's semiconductor industry, which has led Synopsys to halt sales and technical support activities in China [2]. - Analysts suggest that the Chinese regulatory stance is a response to US actions perceived as attempts to restrict China's chip design capabilities, indicating a need to maintain market competition and assert technological sovereignty [2]. Group 3: Global Antitrust Review Progress - Prior to the suspension, the UK's Competition and Markets Authority (CMA) and the European Commission expressed concerns that the merger could weaken competition in specific markets related to digital chip RTL power analysis software and optical software [3]. - To address these concerns, Synopsys and Ansys proposed several remedial measures, including divesting Ansys' RTL power analysis business and selling Synopsys' optical solutions group, which helped alleviate regulatory worries in Europe [3]. - Despite the ongoing uncertainties, 21 brokerages, including Berenberg, continue to maintain a "buy" rating for Synopsys, although the market remains cautious about the future of the transaction [3].

Core Insights - Turbotech has successfully developed the first viable hydrogen-fueled turbine engine for small-scale aviation applications, utilizing Ansys simulation technology [2][4] - The company aims to create a scalable, fuel-agnostic gas turbine that facilitates the transition to hydrogen fuel, addressing challenges in power output, fuel consumption, and combustion system reliability [3][4] Company Developments - Turbotech's innovative approach includes simulation-led product development, which has significantly reduced prototyping costs and timelines by identifying optimal nozzle designs for real-world testing [4][6] - The collaboration with the BeautHyFuel project, supported by the French Civil Aviation Authority, involves partnerships with key industry players such as Safran, Air Liquide, and Daher [6][7] Technological Advancements - Ansys simulation tools, particularly Fluent, have provided high-fidelity predictions that have been crucial in maintaining structural integrity and emissions control during hydrogen burn tests [4][8] - The integration of Ansys simulation across Turbotech's designs has created a digital thread that enhances efficiency and reduces development time for hydrogen propulsion systems [8]

Company Overview - Ansys (ANSS) shares have increased by approximately 2.8% since the last earnings report, which is underperforming compared to the S&P 500 [1] Earnings Estimates - Estimates for Ansys have trended upward over the past month, with the consensus estimate shifting by 5.02% [2] VGM Scores - Ansys has a Growth Score of B and a Momentum Score of A, but it received an F for Value, placing it in the bottom 20% quintile for this investment strategy. The overall aggregate VGM Score is B [3] Outlook - The upward trend in estimates for Ansys appears promising, and the company holds a Zacks Rank of 3 (Hold), indicating an expectation of in-line returns in the coming months [4] Industry Performance - Ansys is part of the Zacks Computer - Software industry, where SAP has also gained 2.8% over the past month. SAP reported revenues of $9.48 billion for the last quarter, reflecting a year-over-year increase of 8.6% [5] - SAP's expected earnings for the current quarter are $1.62 per share, representing a year-over-year change of 37.3%, with a recent estimate change of 0.5% [6]