2026年1月12日，港股市场迎来年内首家A+H上市企业豪威集团（原韦尔股份，603501.SH， 501.HK）。因港交所上市大厅装修，本次敲钟仪式于场外举行。 豪威集团是一家全球性Fabless半导体设计公司，Fabless模式即无晶圆厂模式，指半导体公司专注于芯片 设计、研发和销售，而将生产制造（晶圆制造、封装测试）环节外包给专业代工厂（Foundry）。 在更名豪威集成电路之前，公司以电子元器件代销起家，彼时毛利偏低，2019年，公司完成关键战略布 局，收购美国豪威科技（Omni Vision），业务重心正式转向芯片设计。财务并表当年，公司营收同比 激增244%，凭借核心技术实力成功跻身投资者视野，开启高速发展篇章。 招股书显示，公司为全球第三大数字图像传感器供应商，2025年前三季度公司营收达217.83亿元，同比 增长15.2%。公司2012年营收为10亿元，到2024年扩展到250亿元，13年间，收入增长25倍。 MACD金叉信号形成，这些股涨势不错！ MACD金叉信号形成，这些股涨势不错！ 责任编辑：郝欣煜 2026年1月12日，港股市场迎来年内首家A+H上市企业豪威集团（原韦尔股份，6035 ...

12月22日，来自安徽合肥的 深耕高速混合信号芯片领域近二十年的国家专精特新"小巨人"企业龙迅半导体正式向港交所递交招股书，开启了登陆资本市 场的关键征程。 招股书勾勒出龙迅半导体的核心发展轮廓。 公司创办于2006年11月，专注于高速混合信号芯片设计，核心定位是为智能终端、设备及AI应用构建高效、可靠的"数据高速公路"。作为典型的Fabless模 式企业，龙迅半导体不设自有生产工厂，将晶圆制造和封测等环节完全委托外部供应商完成，集中资源聚焦核心技术研发与产品设计，这一模式也契合了 当前芯片设计行业的主流发展趋势。 根据弗若斯特沙利文的权威数据，以2024年收入计，龙迅半导体在视频桥接芯片市场表现亮眼，不仅稳居中国内地市场第一，更成功跻身全球前五的 Fabless设计公司行列。2024年，公司实现收入4亿元，在全球视频桥接芯片市场的市占率达到3.7%，成为国产芯片在该细分领域的代表性力量。 深耕赛道多年，龙迅半导体已构建起丰富的产品矩阵与核心技术壁垒。截至2025年9月30日，公司已拥有261款芯片产品，其中包括151款智能视频芯片和 110款互连芯片，核心产品覆盖智能视频与互连两大领域，广泛应用于智能视觉终 ...

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聆訊後資料集的內容概不負責，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聆訊後資料集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。 本聆訊後資料集為草擬本，其內所載資訊並不完整，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、顧問或承銷團成員 表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長 註冊前，不會向香港公眾人士提出要約或邀請。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於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派發。 OmniVision Integrated Circuits Group, Inc. 豪威集成電路（集團）股份有限公司 （「本公司」） 39553 \ (Project Hercules_PHIP) \ 14/12/2025 \ M08 （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根 ...

主流运作：IDM模式主导核心竞争 IDM模式（垂直整合制造）覆盖芯片设计、晶圆制造、封装测试全产业链，能实现技术协同与品质可控，成为头部企业的首选模 式，8家公司均以IDM模式为核心运作基础。 随着第三代半导体材料碳化硅（SiC）和氮化镓（GaN）在新能源汽车、数据中心、消费电子等领域的广泛应用，国内相关上市公 司在产业链中的运作模式呈现多元化发展趋势。本文基于九家A股/港股上市公司公开资料，系统梳理其在碳化硅与氮化镓领域的 业务布局与运作模式，以供参考。 其中，华润微拥有芯片设计、掩模制造、晶圆制造、封装测试全产业链能力，SiC和GaN器件聚焦新能源汽车、充电桩、数据中心 等领域。SiC JBS G3和SiC MOS G2已实现产品系列化量产，车规级SiC MOS和模块完成头部客户测试认证，12英寸先进工艺平台 为产品迭代提供支撑。 闻泰科技（维权）（安世半导体）是全球领先的IDM龙头，SiC和GaN产品覆盖汽车、工业、消费电子等场景。1200V车规级SiC MOSFET实现国内外客户量产出货，650V高压GaN HEMT技术应用于新能源汽车逆变器，汉堡工厂和上海临港12英寸晶圆厂构建 全球产能布局。 士兰 ...

Core Viewpoint - Naxin Micro (SH688052), a company listed on the A-share Sci-Tech Innovation Board, has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing technology capabilities, expanding product offerings, and increasing overseas market presence [2][5][22]. Financial Performance - Naxin Micro's revenue for the reporting periods was 1.67 billion RMB, 1.31 billion RMB, 1.96 billion RMB, and 1.52 billion RMB, with net profits of approximately 250 million RMB, -310 million RMB, -400 million RMB, and -78.01 million RMB respectively [16]. - The company's overall gross margin decreased from 48.5% to 33.9%, a decline of 14.6 percentage points, primarily due to intense competition leading to price adjustments [15][16]. Product Pricing and Margins - The average selling prices of Naxin Micro's main products have shown a downward trend, with signal chain chips dropping from 0.92 RMB to 0.5 RMB (46% decrease), power management chips from 2.16 RMB to 1.47 RMB (32% decrease), and sensor chips from 2.09 RMB to 0.66 RMB (68% decrease) [12][14]. - The gross margin for signal chain chips fell from 52.9% to 35.8%, and for power management chips, the decline was 18.2 percentage points [14][15]. Market Position and Competition - Naxin Micro ranks 14th among all analog chip companies and 5th among Chinese manufacturers in the analog chip market, holding a market share of 0.9% [8]. - The company's products are primarily used in the broad energy sector, with revenue contributions of 69.3%, 58.8%, 49.8%, and 52.7% over the reporting periods [8]. Supplier and Customer Concentration - Naxin Micro operates on a Fabless model, leading to high supplier concentration, with over 60% of procurement from the top two suppliers in the first half of the year [5][18]. - The company relies heavily on distributors for revenue, with sales from distributors accounting for 83.9%, 74.5%, 71.5%, and 80.3% of total revenue during the reporting periods [15]. Strategic Intentions - The IPO aims to enhance the company's competitive edge and support its internationalization strategy, allowing for diversified financing channels [22]. - Naxin Micro has a goodwill of 504 million RMB, primarily from the acquisition of Shanghai Maigen Microelectronics [22].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 上海復旦微電子集團股份有限公司 Shanghai Fudan Microelectronics Group Company Limited* (在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ) (股 份 編 號: 1385) 海外監管公告 本公告乃上海復旦微電子集團股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第 13.10B 條的規定刊發。 茲載列本公司於上海證券交易所網站刊發的《2025 年半年度報告》，僅供參閱。 承董事會命 上 海 復 旦 微 電 子 集 團 股 份 有 限 公 司 董事長 張衛先生 中國，上海，2025 年 8 月 27 日 於本公告日期，本公司之執行董事為張衛先生及沈磊先生； 非執行董事為閆娜女士、 莊啟飛先生、張睿女士及宋加勒先生；獨立非執行董事為石艶玲女士、王美娟女士及胡 雪先生。 *僅供識別 上海复旦微电子集团股份有限公司 ...

Core Viewpoint - The report highlights the financial performance and strategic direction of Fortior Technology (Shenzhen) Co., Ltd. for the first half of 2025, emphasizing growth in revenue and ongoing investments in research and development to enhance its position in the BLDC motor driver control chip market. Financial Performance - The company achieved operating revenue of 375.04 million yuan, representing a year-on-year increase of 32.84% [4] - Total profit amounted to 121.80 million yuan, a decrease of 1.85% compared to the previous year [4] - Net profit attributable to shareholders was 116.51 million yuan, down 4.51% year-on-year [4] - The net cash flow from operating activities was 121.90 million yuan, an increase of 7.32% from the previous year [4] - The company's net assets reached 2.64 billion yuan, up 3.35% from the end of the previous year [4] Business Overview - The company specializes in the research, design, and sales of motor driver control chips, focusing on high-performance BLDC motor driver control chips [10][12] - The company employs a Fabless business model, outsourcing manufacturing and testing processes to third-party foundries [7][8] - The product portfolio includes key chips for motor control, such as MCU/ASIC, HVIC, and MOSFET, catering to various applications in home appliances, electric tools, and automotive sectors [10][12] Market Position and Strategy - The company is positioned in the integrated circuit design industry, specifically in the BLDC motor driver control chip segment, which is dominated by international players like Texas Instruments and STMicroelectronics [10][12] - The demand for BLDC motor driver control chips is increasing due to their advantages in reliability, efficiency, and noise reduction, particularly in automotive and industrial applications [10][14] - The company has made significant investments in R&D, with R&D expenses accounting for 18.85% of operating revenue, and has obtained 127 patents to support its innovation efforts [15][16] Future Outlook - The company plans to expand its market presence by leveraging its technological capabilities in automotive electronics and industrial control sectors [15][16] - The successful listing of H-shares on the Hong Kong Stock Exchange is expected to enhance the company's capital structure and support its growth initiatives [16][17] - The company aims to maintain its competitive edge through continuous innovation and by providing comprehensive system-level services to its clients [12][15]

Core Viewpoint - Jiangsu Maxscend Microelectronics Company Limited reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the RF integrated circuit market and a need for strategic adjustments to maintain competitiveness [3][10]. Financial Performance - The company's revenue for the reporting period was approximately 1.70 billion yuan, a decrease of 25.42% compared to the same period last year [3]. - The net profit attributable to shareholders was a loss of approximately 147.39 million yuan, a decline of 141.59% year-on-year [3]. - The basic earnings per share were -0.2757 yuan, down 141.54% from the previous year [3]. - The total assets at the end of the reporting period were approximately 14.33 billion yuan, showing a slight increase of 0.68% from the previous year [3]. Business Overview - The company specializes in RF integrated circuits, focusing on the research, development, production, and sales of RF switches, low-noise amplifiers, filters, and power amplifiers, primarily for mobile smart terminals [4][10]. - The company has established a complete ecosystem in the RF field, integrating design, research, process, device, material, and integration technology resources [4][10]. Industry Context - The global semiconductor market is expected to grow by 11.2% in 2025, reaching approximately 697.1 billion USD, driven by advancements in AI, 5G, IoT, and other emerging technologies [11]. - The integrated circuit industry in China is transitioning from a major importer to a self-sufficient producer, with a focus on enhancing domestic capabilities and reducing reliance on foreign technology [11][12]. - The RF front-end market is highly concentrated, with international firms dominating, but domestic companies are increasingly making breakthroughs and competing effectively [16]. Strategic Focus - The company is committed to enhancing its core technology and resource platform, aiming to become a leading RF solution provider in China [4][10]. - The company is leveraging its Fab-lite business model to optimize production processes and reduce dependency on external foundries, thereby enhancing supply chain stability [9][10]. - The company aims to expand its market presence in high-end RF module products and capitalize on emerging opportunities in communication base stations, automotive electronics, and IoT applications [10][16].

Group 1 - The core viewpoint of the article highlights the recent research conducted by the well-known private equity firm Ruiyang Investment on a listed company, Sitwei, which is expected to achieve significant revenue and profit growth in 2024 [1] - Sitwei is projected to achieve an operating income of 5.968 billion yuan in 2024, representing a year-on-year increase of 108.87%, and a net profit of 393 million yuan, reflecting a staggering year-on-year growth of 2,662.76% [1] - The company's products are widely used in smart security, automotive electronics, and consumer electronics, and it competes effectively with major players like Sony [1] - Sitwei ranks first globally in security CIS shipments, fourth in the automotive CIS market globally, second domestically, and fifth in the mobile phone CIS market globally [1] - The company has invested 447.4033 million yuan in R&D in 2024, marking a year-on-year increase of 56.35%, and has accumulated 464 authorized patents [1] - Sitwei operates on a Fabless model, focusing on the research, design, and sales of CMOS image sensors, and has established its own testing facility for final testing [1] Group 2 - Ruiyang Investment was established in January 2017 and primarily engages in private securities investment fund business in the secondary market, with an asset management scale of approximately 10 billion yuan [2] - The average tenure of the fund managers at Ruiyang Investment exceeds 10 years, indicating a strong level of experience in the industry [2] Group 3 - The article mentions several awards received by Ruiyang Investment and its fund managers, including the "12th China Private Equity Golden Bull Award" for three-year outstanding private equity investment manager in September 2021 [3] - Ruiyang Investment's Ruiyang Selected No. 2 fund achieved a return of 106.99% in 2019, with a maximum monthly drawdown of 2.37%, and a return of 64.42% in 2020, with a maximum drawdown of 6.26% in the past year [3] - Ruiyang Investment has received multiple accolades, including the "Golden Sunshine Award" for three-year outstanding private equity company in July 2021, showcasing its growth and performance in the private equity sector [3]

Core Insights - The semiconductor industry is a cornerstone of modern technology and industry, significantly impacting economic, technological, and political domains [1][2]. Economic Impact - Semiconductors are central to the information industry and are strongly correlated with global GDP growth, with every $1 of semiconductor output generating over $10 in downstream economic benefits [2]. - The industry has seen substantial revenue growth, driving economic progress and creating vast employment opportunities [2]. Technological Significance - Semiconductors are the driving force behind the information technology revolution, essential for key components like CPUs, GPUs, and communication devices [2]. - They enhance production efficiency and intelligence across various sectors, including industrial automation, energy, and automotive [2]. Political Dynamics - The semiconductor sector has become a critical tool in geopolitical strategies, with the U.S. implementing measures like the CHIPS and Science Act and export controls to maintain its dominance in the global semiconductor value chain [2]. - These actions have led to shifts in the global semiconductor supply chain and prompted other nations to intensify their focus on semiconductor development [2]. Industry Structure - The semiconductor industry operates as a complex ecosystem, including EDA & IP, design companies, wafer foundries, packaging and testing, and equipment materials [3][4]. - EDA (Electronic Design Automation) is projected to reach a market size of approximately $15 billion in 2024, supporting a semiconductor industry worth over $600 billion [4]. - The global semiconductor market is expected to grow to $655.9 billion in 2024, a 21% increase from 2023, with AI infrastructure and storage chip demand driving this growth [6]. Fabless Companies - Fabless companies focus on chip design and IP development while outsourcing manufacturing to foundries, significantly reducing capital investment and allowing for rapid market response [9][10]. - The global fabless market is projected to reach $215 billion in 2024, accounting for 32.9% of total IC industry revenue [9]. Foundry Operations - Foundries specialize in the physical production of chips, significantly lowering industry entry barriers and fostering global innovation [13][14]. - TSMC is the leading foundry with projected revenues of $106.8 billion in 2024, followed by Samsung and SMIC [16][19]. Packaging and Testing - The packaging and testing segment is crucial for ensuring chip reliability and performance, with major players like ASE and Amkor leading the market [20][21]. Equipment and Materials - Semiconductor equipment and materials are foundational to the industry, with a global equipment market size exceeding $250 billion in 2024 [22][24]. - The top equipment companies include ASML, Applied Materials, and Lam Research, with ASML being the sole supplier of EUV lithography machines for advanced processes [24].