Anji Technology(SH:688019) Zheng Quan Zhi Xing·2025-08-31 10:20Core Viewpoint - The report provides a comprehensive overview of the ongoing supervision and performance of Anji Microelectronics Technology (Shanghai) Co., Ltd., highlighting its compliance with regulations, financial performance, and potential risks in the semiconductor industry. Ongoing Supervision Work - The underwriting institution has established and effectively implemented a continuous supervision work system, signing a sponsorship agreement with Anji Technology to clarify rights and obligations during the supervision period [3][4]. - Continuous supervision includes daily communication, regular visits, on-site inspections, and due diligence to ensure compliance with laws and regulations [3][4]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 1,141.45 million yuan, a 43.17% increase compared to the same period last year, driven by successful product launches and market expansion [12][13]. - The net profit attributable to shareholders reached 375.63 million yuan, reflecting a 60.53% year-on-year growth, supported by government subsidies and improved operational efficiency [14][15]. - The company's total assets increased by 28.53% year-on-year, reaching 4,436.65 million yuan, bolstered by strong financial performance and successful bond issuance [15]. Risk Factors - The company faces several risks, including product development risks due to high technological demands in the semiconductor industry, potential loss of core technology personnel, and high customer concentration, with major clients accounting for 82.47% of sales [6][7]. - Supply chain risks are present, particularly concerning raw material price fluctuations and availability, which could adversely affect operational performance [8][9]. - Environmental and safety risks are also noted, as production processes must comply with stringent regulations to avoid accidents and ensure sustainable operations [10]. Core Competitiveness - The company has established itself as a leader in high-end semiconductor materials, focusing on technological innovation and intellectual property, with 318 authorized patents as of June 30, 2025 [17]. - Continuous investment in R&D has led to a 30.50% increase in R&D expenses, representing 16.53% of operating revenue, ensuring the company remains competitive in the market [21]. - The company emphasizes a customer-centric service model, providing 24/7 support and maintaining close relationships with clients in key markets, enhancing responsiveness and operational efficiency [18][19]. R&D Progress - The company is actively developing advanced polishing solutions for semiconductor manufacturing, with several projects showing promising results in client validation and market readiness [22][23]. - Ongoing projects include the development of customized polishing liquids for advanced processes, with successful trials leading to increased production capacity and market penetration [24].