NAURA(SZ:002371) Chang Jiang Shang Bao·2025-09-18 00:01Core Viewpoint - The share price of Northern Huachuang (002371.SZ) increased despite a reduction in shareholding by the National Integrated Circuit Industry Investment Fund (referred to as "Big Fund") [2][3] Group 1: Shareholding Changes - Big Fund reduced its holdings by 2.5919 million shares from July 28 to September 15, 2025, bringing its ownership below 5% [4][5] - Following the reduction, Big Fund's shareholding was diluted to 4.999932%, no longer qualifying as a major shareholder [5][6] Group 2: Financial Performance - Northern Huachuang has demonstrated strong growth, with revenue and net profit consistently increasing from 2017 to 2024 [3][14] - In the first half of 2025, the company reported approximately 16.1 billion yuan in revenue and 3.2 billion yuan in net profit, maintaining double-digit growth year-on-year [3][14] - Over the past year, the company's stock price rose by 80%, increasing its market capitalization by approximately 120 billion yuan to reach 281.9 billion yuan [3][14] Group 3: Investment and Support - Big Fund invested a total of 1.5 billion yuan in two rounds of private placements in 2016 and 2019, accounting for 51.3% of the total funds raised [6][7] - The total investment by Big Fund has resulted in an estimated profit of 18.2 billion yuan over the ten years of support [9] Group 4: Company Growth and Development - Northern Huachuang, formed from the strategic merger of Qixing Electronics and Northern Microelectronics in 2016, has become a leading semiconductor equipment company in China [11] - The company has focused on R&D, with significant increases in research investment from 2022 to 2025, totaling approximately 29.15 billion yuan in the first half of 2025 [12][14] - The company has achieved significant milestones in equipment delivery, with over 1,000 units of key products delivered, contributing to advancements in the domestic semiconductor industry [13][14]