USC(SH:688403) Xin Lang Cai Jing·2025-09-19 07:52Core Viewpoint - The company, Hefei Xinhui Microelectronics Co., Ltd., is focusing on advanced packaging technology and has seen significant growth in revenue and net profit, benefiting from the depreciation of the RMB and its status as a "specialized, refined, distinctive, and innovative" enterprise [2][3][8]. Company Overview - Hefei Xinhui Microelectronics was established on December 18, 2015, and went public on August 18, 2022. The company specializes in integrated circuit advanced packaging and testing services, with its main products being integrated circuit packaging and testing [7]. - The company's revenue composition is 90.25% from display driver chip testing and packaging, and 9.75% from other services [7]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 866 million yuan, representing a year-on-year growth of 28.58%. The net profit attributable to shareholders was approximately 96.04 million yuan, a year-on-year increase of 60.94% [8]. - The company has distributed a total of 161 million yuan in dividends since its A-share listing [8]. Market Position and Strategy - The company is recognized as a "specialized, refined, distinctive, and innovative" enterprise, which is a prestigious title for small and medium-sized enterprises in China, indicating strong innovation capabilities and market share [3]. - The company is investing heavily in research and development, with a reported R&D expenditure of approximately 89.41 million yuan, a 13.38% increase compared to the previous year [2]. Industry Context - The company operates within the semiconductor industry, specifically in the advanced packaging and testing segment, which is critical for the development of high-performance chips [2][7]. - The company benefits from the depreciation of the RMB, with overseas revenue accounting for 54.15% of total revenue [3].