Core Viewpoint - The semiconductor industry, particularly the Electronic Design Automation (EDA) sector, is experiencing significant attention and development, with Huada Jiutian emerging as a leading player in the domestic EDA market, showcasing both challenges and advancements in its recent half-year report [2][3]. Financial Performance - In the first half of 2025, Huada Jiutian achieved a revenue of 502 million yuan, representing a year-on-year growth of 13.01%, despite a slowdown compared to the industry's high growth period [5]. - The core EDA software sales contributed 414 million yuan, up 7.41%, accounting for 82.6% of total revenue, while the technical services segment saw a significant increase of 28.37%, reaching 67.24 million yuan, making it a key growth driver [5]. - The domestic market remains the primary revenue source, generating 447 million yuan, a 7.68% increase, while the overseas market experienced a remarkable growth of 90.39%, reaching 54.52 million yuan [5]. - The net profit attributable to shareholders was only 3.07 million yuan, down 91.9% year-on-year, with a net loss of 18.62 million yuan after excluding non-recurring losses, although this was an improvement of 63.66% from the previous year [6]. - The company reported a significant increase in cash flow from operating activities, amounting to 243 million yuan, a 4475.60% increase, indicating strong revenue quality and improved customer payment conditions [6]. Product Development and Technological Advancements - Huada Jiutian launched seven core EDA tools during the reporting period, covering the entire integrated circuit design, manufacturing, and packaging chain [8]. - In digital circuit design, new tools such as HimaSim and HimaTime were introduced, covering nearly 80% of the main tools in this area, with HimaTime achieving a 30% performance improvement [8]. - The company also introduced an intelligent platform, AndesAMS, in the analog and storage circuit domain, expected to enhance design efficiency by over 50% [8]. - In advanced packaging and 3DIC fields, the new Argus3DIC platform fills a gap in high-end 3DIC design tools, supporting comprehensive verification for heterogeneous integration packaging [8][9]. - The company’s R&D investment reached 365 million yuan, accounting for 72.84% of revenue, reflecting a commitment to innovation and product development [10]. Market Environment and Policy Support - The EDA industry is characterized by high market concentration, dominated by major players like Cadence, Synopsys, and Siemens EDA, but there is a growing opportunity for domestic companies like Huada Jiutian due to supportive policies and market demand [11]. - Recent government policies have emphasized the importance of EDA tools, categorizing them as critical technologies for national strategic support, which has created a favorable environment for domestic EDA development [11][12]. - The market for EDA in China is projected to grow at a compound annual growth rate of 15.64% from 2021 to 2025, potentially reaching 18.1% of the global EDA market by 2025 [12]. - The increasing awareness of "self-control" among domestic chip design companies has shifted the adoption of domestic EDA tools from optional to essential [12][13].
华大九天 柳暗花明