雷递网 雷建平 1月1日 豪威集成电路（集团）股份有限公司（简称："豪威集团"，股票代码："00501"）日前开启招股，准备2026年1月12日在港交所上市。 豪威集团拟发行2326.3万股H股，其中10%为香港公开发售，其余为国际发售。每股招股价为104.8港元，每手100股，入场费10,585.69港元。 豪威集团基石投资者分别为Wildlife Willow、UBS AM Singapore、FOL、华勤通讯、天进、JSC International Investment Fund SPC、PST、Ghisallo、中邮理 财，一共认购2.79亿美元。 | | | | 假設超額配售權未獲行使 | | 假 | | --- | --- | --- | --- | --- | --- | | | | | | 估紧魔 | | | | | | | 全球發售後 | | | | | | 佔發售股份 | 已發行股本 | 估 | | | 認購金額(1) | 發售 | 的概約 | 總額的概約 | | | 基石投資者 | (日萬美元) | 股份數目(2) | 自分比 | 自分比(3) | | | Wildlife Willo ...

作为一家全球化Fabless半导体设计公司，CMOS图像传感器(CIS)是公司主要产品。豪威集团主要从事 三大业务线：图像传感器解决方案、显示解决方案以及模拟解决方案，能够提供多样化的图像传感器、 显示产品、模拟IC和其他半导体组件组合。根据Frost&Sullivan资料，按2024年图像传感器解决方案收 入计，公司是全球第三大数字图像传感器供应商，市场份额为13.7%。 当前豪威集团持续扩大产品和解决方案品类和覆盖范围，赋能智能手机、汽车、医疗、安防及新兴市场 (机器视觉、智能眼镜及端侧AI)等高增长行业，并在全球范围内获得稳固的市场认可。据公司财报， 2025年前三季度，公司实现营业收入217.83亿元，同比增长15.20%，归母净利润32.10亿元，同比增长 35.15%，扣非归母净利润30.60亿元，同比增长33.45%。其中，第三季度，豪威集团实现营收78.27亿 元，同比增长14.81%，归母净利润11.82亿元，同比增长17.26%；扣非归母净利润11.09亿元，同比增长 20.40%，该季度营收和扣非归母净利润均再创单季度新高。 本报讯(记者张文湘见习记者占健宇)12月31日，全球数字图像传 ...

豪威集团是一家全球化无晶圆厂（Fabless）半导体设计公司。公司为客户提供图像传感器解决方案、显示解决方案及模拟解决方案，可用于智能手机、汽 车、医疗、安防、及新兴市场（机器视觉、智能眼镜及端侧AI）等高增长行业。 12月31日，有两只来自A股市场的半导体龙头在港股开启招股，包括兆易创新（603986.SH）（03986.HK）、豪威集团（603501.SH）（00501.HK）。 其中，豪威集团拟全球发售约4580万股H股（视乎超额配售权行使情况而定），采用B机制发行。其中，香港公开发售458万股，占约10%，国际发售4122万 股，占约90%，另有约15%超额配股权。 最高发售价为每股104.80港元，若按该价格，假设超额配股权未获行使，预期募集资金净额为约46.93亿港元。其中，约70%将在未来5至10年用于投资关键 技术的研发；约10%用于强化全球市场渗透及业务扩张；约10%用于战略投资及/或收购，聚焦能与现有业务产生协同效应的领域；剩余约10%被分配至营运 资金及一般公司用途。 豪威集团的招股期为12月31日至2026年1月7日，预期将于1月12日上市，每手100股，入场费为10585.69港元。 ...

我们的收入由2022年的人民币200亿元增长4.7%至2023年的人民币210亿元，并在2024年增长22.5%至人 民币257亿元。我们的收入由截至2024年6月30日止6个月的人民币121亿元增长15.3%至截至2025年6月 30日止6个月的人民币139亿元。 我们已与基石投资者Wildlife Willow Limited、UBS AM Singapore、FOL、华勤通讯香港有限公司(华勤 通讯)、天进贸易有限公司(天进)、Pudong Science and Technology(Cayman)Co.,Ltd.(PST)、JSC International Investment Fund SPC、Ghisallo Fund Master Ltd(Ghisallo)、大家人寿及中邮理财有限责任公 司(中邮理财)订立基石投资协议，基石投资者已同意在若干条件的规限下按发售价认购或促使其指定实 体认购总金额约2.79亿美元可购买的发售股份数目。 豪威集团（603501）(00501)于2025年12月31日至2026年1月7日招股，公司拟全球发售4580万股H股，其 中，香港发售占10%，国际发售占90% ...

Market Overview - On November 21, 2025, the A-share market experienced a significant decline, with the Shanghai Composite Index dropping 2.45% and falling below the 3900-point mark, while the Shenzhen Component Index and ChiNext Index fell 3.41% and 4.02%, respectively [1][2] Market Performance - Over 5000 stocks in the market declined, with only around 300 stocks rising. Nearly 2500 stocks saw declines exceeding 3%, and trading volume surged to 1.78 trillion yuan, marking the largest single-day drop since April 7 [2][4] - The technology sector was particularly hard hit, with an average decline of 7.5% among ChiNext constituents, and major stocks like CATL, SMIC, and Industrial Fulian contributing significantly to the index's drop [5][10] Capital Flow - There was a net outflow of 645.1 billion yuan from major funds, the highest in three months, with significant outflows from the semiconductor and power equipment sectors [6][7] - Retail investors also saw a net outflow of 218.5 billion yuan, indicating a synchronized sell-off with institutional investors [7] Sector Analysis - The lithium battery sector faced a collective collapse, with lithium carbonate futures hitting the limit down and spot prices dropping 5% to 178,000 yuan per ton [9] - Defensive sectors like banking and public utilities showed resilience, with blue-chip stocks like Industrial and Construction Bank experiencing slight increases [11] Structural Issues - The extreme concentration of public funds in the technology sector, particularly in AI, semiconductors, and lithium batteries, was identified as a core internal factor for the market crash, with some funds exceeding their industry holding limits [13] - The valuation and performance divergence in the technology sector was highlighted, with average P/E ratios significantly higher than the growth rates of earnings [13] External Influences - The decline in the U.S. stock market, particularly the Nasdaq's drop of 2.15%, was a direct trigger for the A-share market's fall, exacerbated by concerns over the sustainability of AI profits [18][20] - The market's reaction to U.S. economic data, which indicated a higher-than-expected job growth but also a rising unemployment rate, led to a shift in expectations regarding Federal Reserve interest rate cuts [18] Historical Context - Goldman Sachs noted historical parallels with previous market bottoms, suggesting that similar panic events occurred on April 7, 2020, and April 7, 2025, both of which were followed by significant market recoveries [22][26] Investment Opportunities - Despite the overall market decline, certain sectors showed resilience, such as the photolithography sector benefiting from export restrictions and some AI application stocks that performed well [29] - Defensive sectors, including banking and public utilities, attracted capital due to their low valuations and high dividend yields [29]

Group 1 - The controlling shareholder of Haowei Group, Mr. Yu Renrong, holds approximately 333 million shares, accounting for 27.64% of the total share capital [1] - After the recent pledge release, Mr. Yu has approximately 172 million shares pledged, representing 51.59% of his holdings [1] - The joint action party, Shaoxing Wehao Equity Investment Fund, holds about 74.13 million shares, which is 6.15% of the total share capital, with 15.86 million shares pledged, accounting for 21.39% of their holdings [1] Group 2 - The total shares held by the controlling shareholder and joint action parties amount to approximately 409 million shares, representing 33.87% of the total share capital [1] - Following the pledge release, the total pledged shares by Mr. Yu and his joint action parties are approximately 188 million shares, which is 45.99% of their total holdings and 15.58% of the total share capital [1] - For the first half of 2025, Haowei Group's revenue composition shows that semiconductor design and sales account for 84.12%, while electronic component agency and sales account for 31.84%, with inter-segment offsets at -15.96% [1] Group 3 - As of the latest report, Haowei Group's market capitalization is 164.8 billion yuan [2]

Core Viewpoint - India is making significant strides in semiconductor design, with the ability to design 2nm chips, showcasing its potential to compete with top international manufacturers [1][2]. Group 1: Technological Advancements - The Indian government emphasizes the importance of data in driving growth, likening data to "new oil" and data centers to "new refineries" [1]. - India has progressed from designing 5nm and 7nm chips to now being capable of designing 2nm chips, which are among the most complex and smallest chips available [1]. - The manufacturing of chips requires extreme precision and purity, with a loss of $200 million possible from just five minutes of power outage during production [1]. Group 2: Government Initiatives - In May 2023, the Indian government introduced a plan to support electronic component manufacturing to address critical bottlenecks in the semiconductor supply chain [2]. - The government is now covering 50% of the project costs for all manufacturing units, chip testing, and packaging units, regardless of chip size [2]. - The Indian Semiconductor Mission (ISM) was approved in 2021 with a budget of ₹760 billion to promote manufacturing, design, and production [2]. Group 3: Investment and Infrastructure - By 2025, India plans to establish its first advanced 3nm chip design center in Noida and Bangalore, marking a significant milestone in its semiconductor capabilities [2][3]. - Five production units are currently under construction, indicating a crucial step towards local chip production [3]. - The state of Madhya Pradesh has made significant progress in IT and electronics, planning to invest ₹1.5 billion over the next six years [3]. Group 4: Emerging Technologies - India is transitioning from traditional silicon-based semiconductors to the latest silicon carbide-based semiconductors, which are essential for advanced applications [3]. - The roadmap includes the introduction of advanced 3D glass packaging technology, critical for defense systems and aerospace applications [3].

Core Viewpoint - The semiconductor company, Jingchen Co., is preparing for an IPO on the Hong Kong Stock Exchange after successfully listing on the A-share market, aiming to enhance its capital strength and international competitiveness [2][11]. Company Overview - Jingchen Co. was established in 2003 and listed on the A-share Science and Technology Innovation Board in 2019, with a current market capitalization exceeding 468 billion RMB after a nearly 62% increase in stock price this year [3]. - The company specializes in system-level semiconductor design, providing advanced control and connectivity solutions for various applications, including smart home, smart office, and automotive sectors [3][4]. Financial Performance - Revenue and profit figures for Jingchen Co. from 2022 to 2025 show a stable performance, with revenues of 55.45 billion RMB in 2022, projected to rise to 59.26 billion RMB in 2024, and profits of 7.32 billion RMB in 2022, expected to increase to 8.19 billion RMB in 2024 [4][5]. - The gross profit margin is projected to improve from 35.1% in 2022 to 37.1% in 2024, with a notable increase in the first half of 2025 [4]. Product Segmentation - The revenue contribution from smart multimedia and display SoC chips remains significant, accounting for 75.6% in 2022 and projected to decrease slightly to 70.9% in 2025 [5][6]. - AIoT SoC products are also gaining traction, with their revenue share increasing from 23.0% in 2022 to 26.7% in the first half of 2025 [7]. Geographic Revenue Distribution - A substantial portion of Jingchen Co.'s revenue comes from markets outside mainland China, with contributions rising from 84.5% in 2022 to 92.0% in the first half of 2025 [7][8]. Customer Dependency - The top five customers account for a significant portion of total revenue, with their contributions increasing from 57.9% in 2022 to 66.3% in the first half of 2025, indicating a high dependency on a few key clients [8]. Supply Chain Considerations - As a fabless semiconductor company, Jingchen Co. relies heavily on third-party suppliers for wafers and chip packaging, with the top five suppliers accounting for over 86% of procurement in recent years [9]. - The company faces risks related to supply chain disruptions, which could impact product delivery and costs [10]. Future Plans - If the IPO is successful, Jingchen Co. plans to allocate approximately 70% of the net proceeds to support growth and enhance R&D capabilities, with additional funds directed towards customer service, strategic investments, and general corporate purposes [11].

Group 1 - Dongshan Precision, a leading PCB company listed on the Shenzhen Stock Exchange, plans to acquire Sols Optical, a fiber optic communication manufacturer, for RMB 59.35 billion (approximately NT$ 240 billion) [1] - The acquisition raises concerns about technology outflow due to Sols Optical's advanced semiconductor design and silicon photonics technology [1] - Taiwan's Ministry of Economic Affairs has not yet received an application for changes to Sols Optical's investment plan and will review the acquisition for potential impacts on national security and industrial development [1] Group 2 - Sols Optical was originally established as a subsidiary of Delta Electronics in 1996 and has undergone several ownership changes, including a merger with MRV and another company [1] - The main products of Sols Optical include digital signal processing chips for transceiver modules, with Broadcom as a major supplier and Sols being one of the top three global suppliers [1] - The Bureau of Science Park Administration clarified that Sols Optical is registered in the British Virgin Islands and has investors from mainland China, which affects its eligibility for certain investment benefits [2]

Core Viewpoint - OmniVision Group, formerly known as Weir Shares, is a fabless semiconductor design company that has submitted an application for a Hong Kong IPO, joining a list of A-share companies with a market capitalization exceeding 100 billion RMB [1] Company Background - Founded in 2007 by Yu Renrong, Weir Shares primarily engaged in semiconductor distribution and design, and was listed on the Shanghai Stock Exchange in May 2017 [2] - The acquisition of OmniVision Technologies in August 2019 allowed Weir Shares to enter the CMOS image sensor (CIS) market, significantly increasing its design business revenue [3] - Following the acquisition, Weir Shares rebranded as OmniVision Group in June 2025, with revenue reaching 25.707 billion RMB in 2024, of which 19.190 billion RMB (74.65%) came from image sensor solutions [4] Market Opportunities - The global CIS market is highly concentrated, with the top five players holding 84.1% of the market share; OmniVision Group ranks among the top three with a market share of 13.7% in 2024 [6] - The smartphone sector is the largest application area for CIS, accounting for over 65% of the market, while the automotive sector is the fastest-growing application area [6] - OmniVision Group is the largest player in the automotive CIS market, holding a 32.9% market share, benefiting from the rising penetration of smart vehicles in China [7] - The company is also making progress in medical, security, machine vision, and smart glasses sectors, positioning itself to capture growth in these rapidly developing areas [8]