Core Viewpoint - The company, Huafeng Measurement and Control, is undergoing a convertible bond issuance process, with ongoing adjustments and responses to regulatory inquiries, while also implementing an employee stock incentive plan [1][2][3]. Trading Information Summary - As of July 30, 2025, Huafeng Measurement and Control's stock closed at 144.28 yuan, with a slight decrease of 0.01%. The turnover rate was 1.56%, with a trading volume of 21,100 shares and a total transaction value of 310 million yuan [1]. - On the same day, the net outflow of main funds was 18.01 million yuan, accounting for 5.81% of the total transaction value, while retail investors saw a net inflow of 18.08 million yuan, representing 5.84% of the total [1]. Company Announcements Summary - The company received an inquiry letter from the Shanghai Stock Exchange regarding its application for issuing convertible bonds to unspecified objects, with the response and supplementary revisions disclosed on June 13, 2025. The issuance is still subject to approval from the exchange and registration by the CSRC, indicating uncertainty [1][2]. - The company plans to raise up to 749.4751 million yuan through the convertible bond issuance, aimed at funding the research and development of self-developed ASIC chip testing systems. The project is divided into two phases, focusing on core technology and the development of a domestic testing system [2]. - The company completed the registration of 59,700 shares for the first vesting period of its 2024 restricted stock incentive plan, involving 18 individuals, with no lock-up period for the shares [2][3].

Core Viewpoint - Beijing Huafeng Measurement and Control Technology Co., Ltd. plans to issue convertible bonds to raise funds not exceeding 749.4751 million yuan for the development of self-researched ASIC chip testing systems and the construction of a high-end SoC testing system manufacturing center [2][4]. Group 1: Investment Projects - The funds will be used for two main projects: the "Research and Innovation Project based on Self-Developed ASIC Chip Testing Systems" and the "High-End SoC Testing System Manufacturing Center Construction Project" [2][4]. - The total amount raised has been adjusted from 1 billion yuan to approximately 749.4751 million yuan, with the high-end SoC testing system manufacturing center project no longer included in the fundraising [4][29]. Group 2: Project Necessity and Feasibility - The "Research and Innovation Project" aims to develop core technology for self-controlled ASIC chips and create high-end SoC testing systems, which are essential for the company's strategic extension into the upstream of the semiconductor testing system industry chain [5][8]. - The project is necessary due to the increasing demand for high-end SoC testing systems in the semiconductor market, driven by advancements in AI, cloud computing, big data, and IoT [10][12]. - The domestic semiconductor market is projected to grow significantly, with estimates suggesting a market size exceeding 40 billion USD for SoC testing systems, indicating a strong demand for the company's products [12][14]. Group 3: Market Context and Competitive Landscape - The global semiconductor industry has maintained growth, with high-end SoC testing systems experiencing a surge in demand due to their complex architectures and high integration levels [10][12]. - The company faces competition from international giants like Advantest and Teradyne, which have established products in the SoC testing system market [12][14]. - The domestic market for SoC testing systems is estimated to be around 5.6 to 8.4 billion yuan, highlighting the potential for the company's new products to capture market share [12][14]. Group 4: R&D and Talent Development - The company has a robust R&D framework, having accumulated 210 patents, including 46 invention patents, which supports its ongoing innovation efforts [23][24]. - The R&D model for the "Research and Innovation Project" involves a modular approach, allowing for parallel development of various sub-projects, enhancing efficiency and adaptability [19][20]. - The company plans to recruit additional chip R&D engineers to ensure sufficient expertise for the project's implementation [23][28].