Zheng Quan Zhi Xing·2025-09-02 09:15Core Viewpoint - Hefei Qizhong Technology Co., Ltd. has successfully completed its public offering of 200 million shares at a price of 12.10 RMB per share, raising a total of 2.42 billion RMB, with the shares listed on the Shanghai Stock Exchange on April 20, 2023 [1]. Continuous Supervision Work - The sponsor, CITIC Securities, has established and effectively implemented a continuous supervision work system, along with a corresponding work plan [2]. - The sponsor has signed a continuous supervision agreement with Qizhong Technology, detailing the rights and obligations during the supervision period [3]. - During the supervision period, no significant adverse impacts on the company's operational capability, core competitiveness, or control stability were identified [3][4]. - The company has adhered to legal and regulatory requirements, with no violations or negative disclosures reported during the supervision period [5][6]. Financial Performance - For the first half of 2025, the company's operating income was approximately 995.76 million RMB, representing a 6.63% increase compared to the same period in 2024 [19]. - The net profit attributable to shareholders decreased by 38.71% to approximately 96.52 million RMB, primarily due to increased depreciation, labor costs, and R&D expenditures [20][28]. - The company's total assets as of June 30, 2025, were approximately 6.93 billion RMB, showing a slight decrease of 0.87% from the end of 2024 [19]. Industry Risks - The semiconductor industry faces cyclical fluctuations, with significant pressure from international trade tensions impacting demand for integrated circuit packaging and testing services [13][15]. - The company is exposed to risks related to technological innovation and product quality, particularly in the fast-evolving display driver chip market [14][16]. - Financial risks include potential foreign exchange losses due to sales and purchases in foreign currencies, as well as inventory depreciation risks if market conditions worsen [17]. Competitive Advantages - The company has established a strong technical R&D capability, particularly in advanced packaging technologies, which enhances its competitiveness in the display driver chip market [21][22]. - A robust quality control system has been implemented, achieving production yields above 99.95% in key manufacturing processes [23]. - The company benefits from a strategic geographical location in Hefei, which is recognized as a key development area for the integrated circuit industry in China, facilitating efficient logistics and customer interactions [25][26]. R&D and Innovation - The company invested approximately 92.31 million RMB in R&D during the reporting period, a 35.32% increase year-on-year, with R&D personnel accounting for 12.87% of the workforce [28]. - The company has received multiple patents for its innovative packaging technologies, which are crucial for maintaining its competitive edge in the market [28]. Use of Raised Funds - As of June 30, 2025, the company had a balance of approximately 144.89 million RMB in its fundraising account, with funds being used in compliance with regulatory requirements [29].