香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 SG Micro Corp 聖邦微電子（北京）股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求而刊發， 僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的本公司招 股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根據本文件所載資料 作出任何投資決定； (b) 在聯交所網站登載本文件或其補充、修訂或更換附頁，並不引起本 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of SG Micro Corp 聖邦微電子（北京）股份有限公司 (the "Company") (A joint stock company established in the People's Republic of China ...

Core Viewpoint - Xiaomi is positioned as a leading player in the global wearable device market, particularly in the mid-to-high-end smartwatch segment, showcasing its design and supply chain integration capabilities [4][31]. Group 1: Product Design and Features - The Xiaomi smartwatch features a compact design with a 1.43-inch AMOLED display and a resolution of 466x466, integrating various functionalities while maintaining a small form factor [6][11]. - The smartwatch includes a 486mAh rechargeable lithium battery, which is designed to optimize space and enhance performance, functionality, and health monitoring capabilities [20][31]. Group 2: Hardware Components - The internal structure of the smartwatch includes a variety of components such as a dual-frequency GNSS receiver (AG3335M), a 4G network communication SoC (UMS9117-L), and a health monitoring IC (GH3020) for heart rate and blood oxygen saturation [22][23][16]. - The device employs multiple sensors, including MEMS microphones for audio input and a pressure sensor (MSPC600-ADS3) for environmental monitoring, indicating a comprehensive approach to health and fitness tracking [16][30]. Group 3: Chipset and Technology - The majority of the components in the smartwatch are sourced from domestic suppliers, highlighting Xiaomi's strategy to promote local chip replacements, which may pose challenges for companies relying on Xiaomi's supply chain [31][32]. - The smartwatch utilizes two Bluetooth SoCs (BES2700BP and BES2700iH) to optimize processing and communication, demonstrating a sophisticated approach to power management and functionality [28][29].

Core Insights - The report from Huazhong Securities indicates that Shengbang Co., Ltd. achieved a net profit attributable to shareholders of 200 million yuan in the first half of the year, representing a year-on-year increase of 12% [1] - In Q2, the net profit attributable to shareholders was 100 million yuan, showing a year-on-year increase of 14% and a quarter-on-quarter increase of 136% [1] Financial Performance - The signal chain product business performed exceptionally well, generating approximately 700 million yuan in revenue for the first half of 2025, a year-on-year growth of 29%, driven mainly by a recovery in demand in the general industrial sector [1] - Power management revenue reached approximately 1.1 billion yuan, reflecting a year-on-year increase of 8%, primarily due to relative weakness in consumer segments [1] - The company's gross margin for the first half of the year was 50%, a decrease of 2 percentage points year-on-year, attributed to the company's proactive choice to expand revenue scale while continuously developing mid-to-high-end product lines [1] Product Development and Market Position - The company continues to launch high-performance analog chips, such as 24-bit high-precision ADCs and 60nA ultra-low power DC/DC converters, with core technical indicators reaching internationally leading levels [1] - The product portfolio includes 34 major categories and over 5,900 models, catering to a wide market demand, with several automotive-grade chips already in mass production, enhancing import substitution capabilities and market competitiveness [1] Valuation - The latest closing price corresponds to price-to-earnings ratios of 86x, 59x, and 45x, maintaining a "buy" rating [1]

Group 1 - The A-share market saw all three major indices rise, with semiconductor chips continuing to lead the gains, as the semiconductor ETFs experienced significant increases of 5.26% and 5.23% respectively, while the largest chip ETF rose by 2.46% after attracting a net inflow of 365 million yuan yesterday and an additional 100 million yuan today [1][2] - Semiconductor equipment and lithography machine concepts surged in the afternoon trading session, with companies like WaveOptics and Zhangjiang Hi-Tech hitting their daily limit and reaching historical highs, continuing their strong performance today [1] - Industry reports indicate that TSMC's last 3nm process CPU prices have increased by approximately 20%, with a further price hike of over 50% expected for the 2nm process next year, alongside a supply-demand imbalance in memory and hard drives, signaling a potential semiconductor inflation [1] Group 2 - The largest chip industry ETF, Chip ETF (159995), rose by 2.43%, with a net inflow of 365 million yuan yesterday, covering the entire semiconductor industry chain including leading companies like SMIC, Cambricon, and Huagong Tech [2] - The focus on domestic semiconductor replacement equipment and materials is highlighted by the Sci-Tech Innovation Semiconductor ETF (588170), which increased by 5.26%, including component stocks such as AMEC (etching equipment) and Tsinghua Unigroup (thin film deposition equipment) [2] - The Semiconductor Materials ETF (562590) rose by 5.23%, representing upstream production equipment in the semiconductor industry, including companies like North Huachuang (semiconductor equipment) and Huagong Tech (silicon wafers) [2]

Core Viewpoint - The article discusses the downfall of Liu Gesong, a once-celebrated fund manager at GF Fund, highlighting the significant losses faced by investors despite the company profiting from management fees. It raises questions about accountability in the investment landscape and the consequences of over-reliance on star fund managers [1][3][26]. Group 1: Rise of Liu Gesong - Liu Gesong's rise began in 2019 when he capitalized on the semiconductor and renewable energy trends, leading to a peak management scale of 843 billion yuan, which accounted for over 30% of GF Fund's total stock product scale [3][7]. - The marketing strategies employed by GF Fund transformed Liu into a personal brand, attracting over 148.7 billion yuan from more than 240,000 investors during the launch of the "GF Industry Select Three-Year Holding Period Mixed Fund" [5][7]. Group 2: Risks and Downfall - The initial success was attributed to market conditions and not solely Liu's abilities, which masked the underlying risks associated with high management scale and market volatility [8][10]. - Liu's heavy investments in stocks like Yiwei Lithium and Jing'ao Technology resulted in significant losses, with Yiwei's stock price dropping by 70% and Jing'ao's by 80% from their peaks [12][14]. Group 3: Systemic Issues - The concentration of risk due to similar holdings among multiple fund managers at GF Fund led to a systemic decline in net values when the renewable energy sector faced downturns [14][16]. - The talent pool at GF Fund is reportedly shallow, with nearly 80% of fund managers having less than 10 years of experience, raising concerns about their ability to navigate market cycles [18][22]. Group 4: Investor Sentiment and Regulatory Changes - Investor sentiment has shifted from blind faith in star managers to a more cautious approach, with significant net redemptions occurring, such as a 1 billion yuan redemption from a fund managed by Zheng Chengran [26][28]. - Regulatory changes are being implemented to align fund managers' interests with those of investors, including a floating management fee system that penalizes underperformance [28][30].

Market Overview - On September 23, A-shares experienced a collective decline, with the Shanghai Composite Index dropping by 1.07% during intraday trading [1] - The banking, precious metals, and insurance sectors showed positive performance, while the restaurant, tourism, and internet sectors faced significant declines [1] Chip Sector Performance - The chip sector remained sluggish, with the Chip ETF (159995) down by 2.37% as of 13:13 [1] - Notable declines among component stocks included Shengbang Co. down 4.66%, Cambrian (U) down 4.63%, and Sanan Optoelectronics down 4.25% [1] - However, some individual stocks were active, with Hu Silicon Industry rising by 9.47% and Tuojing Technology increasing by 2.32% [1] Domestic Cloud Computing and Chip Adaptation - On September 16, the president of Tencent Cloud announced that the Tencent Cloud platform has fully adapted to mainstream domestic chips, marking a significant event in the acceleration of "soft and hard integration" and self-sufficiency among major domestic internet companies [1] - According to Jinyuan Securities, the proactive adaptation of domestic AI chips by cloud vendors will enhance the market competitiveness and maturity of domestic chips, promoting self-sufficiency and innovation breakthroughs in China's AI industry chain, which is beneficial for domestic chip manufacturers in the long term [1] Chip ETF Details - The Chip ETF (159995) tracks the Guozheng Chip Index, which includes 30 leading companies in the A-share chip industry across materials, equipment, design, manufacturing, packaging, and testing [1] - Key component companies include SMIC, Cambrian, Changdian Technology, and Northern Huachuang [1] - The corresponding off-market connection funds are A class: 008887; C class: 008888 [1]

Core Viewpoint - Shengbang Co., Ltd. has shown a significant stock price increase of 32.87% year-to-date, despite a recent decline of 4.62% over the past five trading days, indicating volatility in its stock performance [1][2]. Financial Performance - For the first half of 2025, Shengbang Co., Ltd. achieved a revenue of 1.819 billion yuan, representing a year-on-year growth of 15.37%, and a net profit attributable to shareholders of 201 million yuan, up 12.42% year-on-year [2]. - The company has distributed a total of 557 million yuan in dividends since its A-share listing, with 250 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 31.13% to 48,400, with an average of 12,245 shares held per shareholder, a slight decrease of 0.51% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 34.8541 million shares, an increase of 19.5978 million shares from the previous period [3]. Stock Market Activity - On September 22, 2023, Shengbang Co., Ltd. saw a stock price of 83.38 yuan per share, with a trading volume of 1.661 billion yuan and a turnover rate of 3.43% [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent net purchase of 52.6772 million yuan on September 15, 2023 [1].

Summary of Key Points from the Conference Call Industry and Company Overview - **Companies Involved**: Meituan, ZhiDeMai, Kunlun Wanwei, Huanrui Century, BlueFocus, JieCheng, and others - **Industry Focus**: AI applications, e-commerce, local services, semiconductor industry, and liquid cooling technology Core Insights and Arguments 1. **Meituan's AI Agent "XiaoMei"**: - Upgraded to execute complex tasks, enhancing user experience and making AI-driven local services more tangible [2][3] - Utilizes extensive data from Meituan's ecosystem for task execution [3] 2. **ZhiDeMai's "Zhang DaMa" App**: - Launched to assist users in product selection and multi-platform comparisons, particularly in the 3C category [2][4] - Future monetization may come from value-added services, subscription models, or commission-based revenue [4][5] 3. **Kunlun Wanwei's AI Revenue**: - Generated approximately 65 million yuan in AI revenue in the first half of the year, targeting an annualized AR of 150 million USD [2][6] - Focus on social and multi-modal applications, with rapid growth in its overseas short drama platform, Drama Wave [6][7] 4. **Huanrui Century's AI Initiatives**: - Collaborating with Yuexingchen to develop AI technologies for micro-short drama creation and content production [2][10] - Plans to launch interactive games incorporating AI-generated content by Q4 2025 [11] 5. **BlueFocus's AI-Driven Marketing Growth**: - Achieved 1.57 billion yuan in AI-driven revenue in the first half of the year, with expectations to reach 3-5 billion yuan for the full year [2][14] 6. **Liquid Cooling Market Trends**: - Demand driven by North American GPU iterations and increased domestic penetration, with significant revenue growth reported [2][26] - Domestic manufacturers poised to benefit from insufficient Taiwanese production capacity [26] 7. **Impact of Anti-Dumping Investigation on Semiconductor Industry**: - The Ministry of Commerce's investigation into U.S. imported analog chips is expected to alleviate competitive pressure on domestic IC companies [2][21] - Companies like NaXinWei are likely to benefit from reduced competition and increased market share [21][24] Other Important Insights 1. **AI Application Commercialization**: - The commercial prospects for AI applications are becoming clearer, with emerging new revenue streams anticipated [2][16] 2. **Meituan vs. Alibaba Competition**: - Intense competition in the flash purchase market, with Meituan adopting a more reactive strategy compared to Alibaba's proactive measures [2][17][18] 3. **High-Quality User Acquisition by Alibaba**: - Alibaba is enhancing its membership system to attract high-quality users, integrating various services to increase user engagement [2][19][20] 4. **Thermal Interface Materials (TIM) Market Growth**: - The market for TIM in China has grown significantly, with a compound annual growth rate of 14% from 2018 to 2023 [2][28] 5. **Emerging Trends in Thermal Management**: - New materials like graphene and diamond are replacing traditional TIMs, enhancing thermal conductivity and performance [2][31][32] This summary encapsulates the key points discussed in the conference call, highlighting the advancements and strategic directions of the involved companies and industries.

Core Viewpoint - The article highlights China's initiation of an anti-dumping investigation into imported analog chips from the U.S., marking a significant escalation in the ongoing semiconductor trade tensions between the two countries. This investigation focuses on specific analog chip categories, indicating that the chip conflict is expanding beyond high-end GPUs and advanced process logic chips to include analog chips as well [2][3][20]. Group 1: Investigation Details - The Ministry of Commerce announced the investigation on September 13, 2025, based on a request from the Jiangsu Semiconductor Industry Association, targeting analog chips from four major U.S. companies: Broadcom, Texas Instruments (TI), Onsemi, and Analog Devices (ADI) [2][3]. - The investigation will cover the period from January 1, 2024, to December 31, 2024, with a damage investigation period from January 1, 2022, to December 31, 2024, and is expected to conclude by September 13, 2026, unless extended [7]. Group 2: Market Context - The global analog chip market is projected to reach $79.433 billion in 2024, with China accounting for approximately $28 billion (around 200 billion RMB), representing nearly one-third of the global market [3]. - The share of the investigated products in China's total imports of similar products has been increasing, with proportions of 47.81%, 53.06%, and 62.14% from 2022 to 2024, indicating a growing reliance on these imports [4]. Group 3: Price Trends and Impact - The average price of the investigated products has been declining significantly, from 3.36 RMB per unit in 2022 to 1.62 RMB per unit in 2024, a cumulative decrease of 51.77% [5]. - Domestic analog chip manufacturers have been forced to lower their prices in response, with their weighted average prices dropping by 27.38% from 2022 to 2024 [5][6]. Group 4: Financial Health of Domestic Manufacturers - Domestic manufacturers are experiencing financial strain, with pre-tax profits declining and some companies entering a state of severe losses, which increased by 7.05% in 2024 compared to 2023 [6]. - The labor productivity has decreased by 27.41%, and the inventory levels have risen by 21.39% from 2022 to 2024, indicating operational challenges [6]. Group 5: Reactions from U.S. Companies - Following the announcement of the investigation, stock prices of major U.S. analog chip companies fell, with TI down 3.1%, Onsemi down 2%, and ADI down 3% on September 15 [8][10]. - TI, being a major player in the analog chip market, is particularly vulnerable as approximately 20% of its revenue comes from customers based in China, which could face increased costs if trade measures are implemented [10]. Group 6: Opportunities for Domestic Firms - The anti-dumping investigation presents a unique opportunity for domestic analog chip manufacturers to capture market share, especially in the context of growing demand in sectors like electric vehicles and industrial control [12][14]. - Companies like 圣邦股份 (Sankang Micro), 纳芯微 (Naxin Micro), and 思瑞浦 (Sirius) have shown significant revenue growth and are well-positioned to benefit from potential shifts in the market dynamics [16][17][18].