杰华特首次公开发行股票的发行费用总额为16,745.59万元，其中，保荐及承销费用13,332.84万元。 杰华特的实际控制人为ZHOU XUN WEI及黄必亮。ZHOU XUN WEI，美国国籍；黄必亮，中国澳门居 民。 2月18日，杰华特发布关于授权公司管理层启动公司境外发行股份(H股)并在香港联合交易所有限公司上 市相关筹备工作的公告。公司拟在境外发行股份(H股)并在香港联合交易所有限公司上市。公司董事会 同意授权公司管理层启动本次H股上市的相关前期筹备工作，授权期限为自董事会审议通过之日起12个 月内。 中国经济网北京6月27日讯杰华特(688141.SH)今日收报30.72元，跌幅2.10%，总市值137.28亿元。该股 目前处于破发状态。 杰华特于2022年12月23日在上交所科创板上市，公开发行人民币普通股(A股)5,808.00万股，发行价格为 38.26元/股，保荐机构(主承销商)为中信证券股份有限公司，保荐代表人为金田、杨波。 杰华特首次公开发行股票募集资金总额222,214.08万元，募集资金净额为205,468.49万元。该公司实际募 资净额比原拟募资多48,373.76万元。据杰华特 ...

Core Viewpoint - Yunyinggu Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to leverage its position as a leading AMOLED display driver chip design company to attract investment and expand its market presence [1][4]. Company Overview - Yunyinggu is recognized as the largest AMOLED display driver chip manufacturer in mainland China and the fifth largest globally, according to a report by Frost & Sullivan, based on sales volume in 2024 [1][2]. - The company operates on a Fabless business model, collaborating strategically with key industry partners such as wafer foundries, OSAT companies, and display panel manufacturers to enhance user display experiences [1][2]. Product Offerings - The company provides two main product categories: AMOLED display driver chips for high-end smartphones and Micro-OLED display backplanes/drivers for AR/VR headsets [4]. - Yunyinggu has developed industry-leading integrated display driver technology, covering chip design, compensation algorithm development, and pixel compensation circuit layout [2][4]. Market Position and Performance - As of December 31, 2024, Yunyinggu's AMOLED display driver chips will have been shipped to multiple leading smartphone brands, covering over 10 product series, collectively accounting for more than 25% of the global market share [2]. - The company is the first in mainland China to achieve brand certification and has sold over 10 million AMOLED display driver chips, with a projected sales volume exceeding 50 million chips in 2024 [2][4]. Financial Performance - Yunyinggu's total revenue for the years 2022, 2023, and 2024 is approximately 551 million RMB, 720 million RMB, and 891 million RMB, respectively, with corresponding annual losses of approximately 124 million RMB, 232 million RMB, and 309 million RMB [4]. - The company has received investments from notable firms including Sequoia, Xiaomi Changjiang, Huawei Hubble, and Qualcomm [4]. IPO Fund Utilization - The funds raised from the IPO will be used to support the research and optimization of AMOLED TDDI chips, expand application scenarios, develop Micro-OLED and Micro-LED display driver backplanes, pursue strategic investments or acquisitions, and cover general operational expenses [4].

Core Insights - Xiaomi's Yu7 SUV received over 200,000 pre-orders within 3 minutes of its launch, exceeding expectations and demonstrating strong market demand [1][2] - The Yu7 is positioned as a luxury high-performance SUV, directly competing with Tesla's Model Y, with a price range from 253,500 to 329,900 CNY [2] - Xiaomi aims to enhance product quality and accelerate delivery times for the Yu7, with initial deliveries set to begin in August [3] Product Performance - The Yu7's standard version offers a range of 835 km, while the Pro and Max versions provide a range of 730 km [2] - The company has seen a positive trend in orders for its previous model, the SU7, with expectations for monthly new orders increasing from 10,000 to 13,000-14,000 [3] Strategic Direction - Xiaomi's CEO emphasized the importance of technological innovation and quality over price competition, aiming to advance into the high-end market [3] - The company is preparing to implement its self-developed chips in vehicles, with the first generation of the SoC chip performing better than anticipated [3] Regional Development - Xiaomi is expanding its research and development presence in Wuhan, targeting a team of 10,000, with current staffing at 4,000-5,000 [4] - The company prioritizes local suppliers in the Beijing-Tianjin-Hebei region for its automotive supply chain, aiming for 60-70% local sourcing including battery suppliers [5]

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-27 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观点评 20250624：Risk-off 阶段开启，risk-on 后转向成长 轮动变化的节奏来看，当前资金形态和风格节奏与 2024 年年初、2024 年 年末以及 2025 年 3 月末的风格轮动或有类似。初期均以 TMT 板块表现 为主，随后在量能逐步收窄的过程中，向上游资源、金融轮换，随后短期 向消费、制造板块和 TMT 等相对强势的板块略反弹，最后轮动回资源和 金融板块。当前宏观经济基本面相对 2024 年末和 2025 年 3 月末并未发 生根本性改变，后续的行业轮动变化的节奏可能延续前期的资金端行为 主导，经历过小盘的提升后，随着小盘轮动到极值，逐步向大盘价值、稳 定板块切换，短期以防御模式应对。 参考今年以来 ETF 净流入的方向， 防御模式下 A50、沪深 300 指数作为底仓，优先选择高股息中更为稳定 的银行、运营商、公用事业、家电龙头等稳定的板块进行防守。在政策力 度加强、市场明朗后，下一步的反攻方向优先选择筹码出清后的成长板 块，往政 ...

Core Viewpoint - The article discusses the shift towards Fan-Out Panel Level Packaging (FOPLP) as a new mainstream for AI chip packaging, with major companies like TSMC, ASE, and others investing in this technology to increase production and reduce costs [1][2]. Group 1: Industry Trends - FOPLP is expected to replace CoWoS as the leading technology for AI chip packaging, with a focus on enhancing the yield of large-sized AI chips and lowering production costs [1]. - TSMC is constructing a pilot production line for FOPLP in Taoyuan, aiming for small-scale trial production by 2027, utilizing a smaller substrate size of 310mm x 310mm compared to previous attempts [1]. Group 2: Company Strategies - ASE has been investing in FOPLP for over a decade, with a $200 million investment in equipment to establish a production line in Kaohsiung, expected to begin trial production by the end of this year [2]. - Powertech Technology has begun small-scale shipments of FOPLP and is validating high-end products for a major client, with packaging costs reaching $25,000 for advanced SoC designs [2]. - Innolux has validated its FOPLP products and plans to ramp up production by 2025, anticipating that the AI boom will drive demand for high-end chips [2]. Group 3: Technological Developments - Innolux's Chip First technology aims to reduce die size and costs while maintaining high I/O density and lower packaging thickness, suitable for various advanced applications [3]. - The company has outlined a roadmap for FOPLP technology, with Chip First technology set for mass production this year, followed by RDL First technology in one to two years, and TGV technology in two to three years [3].

Core Viewpoint - Yunyinggu Technology Co., Ltd. is a leading global AMOLED display driver chip design company, aiming to provide reliable and high-performance display driver solutions for consumer electronics brands [2][3]. Group 1: Company Overview - Yunyinggu is the largest AMOLED display driver chip manufacturer in mainland China and the fifth largest globally, based on sales volume projected for 2024 [2]. - The company operates on a Fabless business model, collaborating strategically with key industry partners such as wafer foundries, OSAT companies, and display panel manufacturers to enhance user display experiences [2]. - Since focusing on AMOLED display driver chip R&D and design in 2017, Yunyinggu has established itself as a key supplier to major consumer electronics brands [2][3]. Group 2: Technology and Products - The company has developed industry-leading integrated hardware and software display driver technologies, covering chip design, compensation algorithm development, and pixel compensation circuit layout [3]. - Yunyinggu's products include AMOLED display driver chips for high-end smartphones and Micro-OLED display backplanes/drivers for AR/VR devices [4]. - As of December 31, 2024, the company is the first in mainland China to achieve over 10 million units sold to brand companies and has a projected sales volume of over 50 million units for 2024 [3]. Group 3: Financial Performance - Yunyinggu's total revenue for 2022, 2023, and 2024 is approximately 551 million, 720 million, and 891 million RMB, respectively, with corresponding annual losses of about 124 million, 232 million, and 309 million RMB [4]. Group 4: Investment and IPO Plans - The company has notable investors including Sequoia, Xiaomi Changjiang, Huawei Hubble, and Qualcomm [5]. - The funds raised from the Hong Kong IPO will be used for R&D and optimization of AMOLED TDDI chips, development of Micro-OLED and Micro-LED display driver backplanes, strategic investments or acquisitions, and general corporate purposes [5].

莲花健康 20260626 Q&A 请介绍一下利华控股集团公司的最新情况。 利华控股集团公司在 2024 年实现了收入和利润的显著增长。调味品板块增长 迅猛，算力板块在 2024 年实现收入 8,000 多万，尽管略亏，但在 2025 年第 一季度收入有所增长且利润翻正。整体经营状况稳健，尤其是调味品方面成本 持续下降，味精产品在商超和家庭装市场表现优异，新单品零添加酱油线上线 下共同发力，全年计划达到一个亿的增长目标。算力方面，公司代运营业务及 AI 应用服务加快发展，轻资产运营规划逐步落地，毛利率保持在 40%以上。 公司 2025 年的业绩增长预期如何？ 公司预计 2025 年的收入和利润将超过 30%的增长。主要驱动力来自调味品领 域，包括餐饮和家庭消费市场的持续发力，以及新产品如松茸鲜、零添加酱油 等爆款的推广。此外，公司将在大型超市渠道如因华、天虹、物美等进行推广， 莲花健康线上新零售业务在 2023 年实现电商销售额超 1 亿元，通过线 上线下联动推动销售，零添加酱油预计全年收入将超过 1 亿元。公司利 用餐饮端、家装、商超渠道优势，通过经销商和客商推进新产品销售。 公司在调味品领域已有 40 ...

Core Viewpoint - Xiaomi's founder Lei Jun stated that the experience with the Xuanjie O1 chip has exceeded expectations, and the company is considering applying the second generation of self-developed chips in vehicles [1] Group 1: Chip Development - The self-developed chip requires a research and development cycle of three to four years [1] - The first generation of the chip was focused on technology validation, resulting in a limited production quantity [1] - The next step involves fully self-developing a four-in-one domain controller to prepare for future applications of Xiaomi's self-developed chips in vehicles [1]

Group 1 - Xiaomi officially launched its first SUV model, YU7, with a starting price of 253,500 yuan for the standard version, 279,900 yuan for the Pro version, and 329,900 yuan for the Max version [1][3] - The YU7 is available in nine color options, including Gem Green, Lava Orange, Titanium Metal, Shadow Blue, Flowing Gold Pink, Danxia Purple, Deep Sea Blue, Cambrian Gray, and Pearl White [3] - Xiaomi's CEO Lei Jun emphasized the importance of safety in electric vehicles, stating that the YU7 outperforms competitors like Model Y and Cayenne in various space metrics [5] Group 2 - The YU7 has undergone extensive testing over 539 days, covering 2.65 million kilometers across 296 cities, including extreme conditions [5] - Xiaomi reported a 47% year-on-year revenue growth in Q1 2025, with total revenue reaching 111.3 billion yuan, and the company has maintained a position among the top three global smartphone manufacturers for 19 consecutive quarters [5] - The company plans to invest an additional 200 billion yuan in research and development over the next five years, aiming for significant advancements by its 20th anniversary [5]

Market Overview - The main board saw significant gains with stocks like Huanrui Century (+10.09%), Yanhua Intelligent (+10.09%), and Helitai (+10.04%) leading the charge [1] - The ChiNext board also performed well, with Weiteou (+20.02%) and Kechuang Information (+20.01%) among the top gainers [1] - The Sci-Tech Innovation Board was led by Xinan Century (+20.02%) and Aerospace Software (+10.41%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+1.71%) and SW Printed Circuit Boards (+1.56%) [1] Domestic News - Jieli Fang's silicon carbide wafer project received a funding of 180 million yuan, with plans for a vertical integration wafer factory expected to start production in 2027 [1] - Zonghui Xinguang completed a financing round worth several hundred million yuan to enhance its competitiveness in the global optical chip market [1] - The launch of the domestically developed Loongson 3C6000 processor was announced, which is expected to match the performance of mainstream products in 2023 or 2024 [1] - Zhaowei Electric introduced a new brand PREETO, entering the eBike market with a focus on mid-mounted motors [1] Company Announcements - Blue Arrow Electronics announced a cash dividend of 0.6 yuan per 10 shares, totaling 12 million yuan, which accounts for 79.41% of its net profit [2] - Fuguang Co., Ltd. disclosed a plan for a major shareholder to reduce holdings by up to 4,816,846 shares, representing 3.00% of total shares [2] - Zhongke Feice received a government subsidy of 3 million yuan [2] - Neusoft Group announced a cash dividend of 0.15 yuan per share, with a total distribution amounting to approximately 178 million yuan [2] Industry Insights - SEMI's report indicates that the global semiconductor manufacturing industry is expected to maintain strong momentum, with a projected compound annual growth rate (CAGR) of 7% from the end of 2024 to 2028, reaching a monthly capacity of 11.1 million wafers [3] - The South Korean Ministry of Science and ICT plans to select up to five teams to provide GPU equipment and support, with each selected company receiving at least 1,000 GPUs [3] - Uber and Waymo have launched autonomous taxi services in Atlanta, covering approximately 65 square miles [3] - Samsung Electronics is accelerating investments in its P4 factory, with a total investment of about 7 trillion won expected to start in the second half of the year [3]