（来源：中信建投之窗） 2025年12月，中信建投证券担任独家独立财务顾问、牵头主承销商的华海诚科（688535.SH）发行股份、可转换公司债券及支付现金购买资产并募集配套 资金项目顺利完成11.2亿元标的资产交割、8亿元配套融资。本项目在多个层面均实现了开创与突破： 华海诚科成立于2010年12月，是一家专注于半导体芯片封装用环氧塑封料材料的研发及产业化的国家级专精特新"小巨人"企业，作为我国半导体封装材料 产业骨干企业，已发展成为我国规模较大、产品系列齐全、具备持续创新能力的环氧塑封料厂商。本次重组的交易对方衡所华威同样从事半导体芯片封装 用环氧塑封料材料研发、生产和销售，拥有Hysol品牌及一百多个型号的产品，销售网络覆盖全球主要市场，积累了一批全球知名的半导体客户，如安世 半导体（Nexperia）、日月新（ATX）、艾维克斯（AVX）、基美（KEMET）、意法半导体（ST Microelectronics）、安森美（Onsemi）、德州仪器 （TI）、威世（Vishay）等国际半导体领先企业以及长电科技、通富微电、华天科技、华润微等国内半导体封测龙头企业。根据Prismark发布的统计数 据，202 ...

Core Viewpoint - The article highlights the progress of domestic EDA (Electronic Design Automation) companies in China, particularly focusing on the IPO process of Chip and Semiconductor Technology (Shanghai) Co., Ltd., which has completed its IPO counseling and is now entering the Sci-Tech Innovation Board application process, indicating a rapid acceleration in the industry's capitalization process [1]. Group 1: Company Overview - Chip and Semiconductor Technology specializes in EDA software development, covering a full chain of business from chip design to system-level design, with a core focus on advanced packaging simulation and system-level EDA tools [2][3]. - The company has developed multi-physical engine technologies for SI/PI/electromagnetic/thermal/stress simulations, creating a comprehensive EDA solution that supports high-performance computing chip design, applicable in sectors like 5G, smartphones, IoT, AI, and data centers [3]. Group 2: Industry Recognition and Partnerships - The company has received recognition as a national-level "specialized and innovative" small giant enterprise and has won the National Science and Technology Progress Award for its project on RF system design automation, establishing itself as a benchmark in the domestic EDA field [4]. - Partnerships have been formed with notable companies such as SMIC and Samsung, and it is the first domestic EDA company to join the UCIe Chiplet industry alliance, enhancing its influence in the industry [4]. Group 3: Financial Performance and Growth - The company has completed multiple rounds of financing, with over 100 million yuan raised in its B round in 2021, and the latest round in October 2022 involved investments from various notable institutions, providing strong support for its technological development [4]. - Projected revenues for 2023 and 2024 are 106 million yuan and 265 million yuan respectively, with the latter year expected to achieve profitability, indicating significant improvement in its commercial capabilities [4]. Group 4: Market Context - The A-share market has seen the emergence of three listed EDA companies, forming a capitalization ladder for domestic EDA enterprises, with combined revenues exceeding 900 million yuan in the first half of 2025, showcasing a strong growth trend in the industry [6]. - However, there is a noticeable differentiation in growth structure and profitability among these companies, reflecting the evolving competitive landscape within the rapidly developing domestic EDA sector [6].

Core Viewpoint - The collaboration between Huada Jiutian and Haiguang Information aims to enhance the synergy between EDA technology and domestic computing platforms, which is crucial for improving chip development efficiency and strengthening the industrial chain [1]. Group 1: Collaboration and Strategic Importance - Huada Jiutian has signed a cooperation agreement with Haiguang Information to explore the integration of EDA technology with domestic computing platforms [1]. - The partnership is expected to facilitate the integration of product adaptation, solution integration, and joint research and development, thereby promoting collaborative implementation [1]. - This collaboration aligns with the "14th Five-Year Plan" and is anticipated to support the systematic development of the domestic computing ecosystem [1]. Group 2: Recent Developments and Investments - Huada Jiutian has completed an investment of 100 million yuan in Zhongwan Xincheng, acquiring a 90.9008% partnership share [2]. - The company has also acquired approximately 7.78% of Sierxin's shares, which is expected to create synergies with its existing digital simulation verification tools and enhance its market presence [2]. - The investment in Sierxin is seen as a critical step in filling gaps in Huada Jiutian's digital EDA platform and supporting the national integrated circuit industry's self-sufficiency strategy [2]. Group 3: Industry Context and Product Significance - Digital simulation verification tools are essential components of the EDA toolchain, directly impacting the stability and reliability of chips, particularly in high-end chip design [3]. - Sierxin, with 21 years of experience in this field, is recognized as a national-level specialized and innovative "little giant" enterprise [3].

Core Viewpoint - The company, Huada Jiutian, has established a partnership to set up a fund aimed at enhancing its investment in the EDA (Electronic Design Automation) sector, which is crucial for its strategic development [1][3][4] Group 1: Investment Details - The total subscribed capital of the newly established Tianjin Zhongwan Xincheng Management Consulting Partnership is 110.01 million yuan, with Huada Jiutian contributing 100 million yuan, holding a 90.9008% partnership share [1] - The fund has completed its business registration and obtained a business license from the Tianjin Binhai High-tech Industrial Development Zone Market Supervision Administration [3] Group 2: Strategic Objectives - The investment aims to meet the company's strategic development needs and deepen its investment layout in the EDA field, while ensuring that it does not affect daily operations [3] - Huada Jiutian has acquired approximately 7.78% of Shanghai Sierxin Technology Co., Ltd., which is expected to create synergies due to Sierxin's established digital simulation verification tools and efficient hardware-assisted verification technology [3] Group 3: Long-term Strategy - The company aims to gradually build a complete independent EDA toolchain that benchmarks against international leading firms through investments, mergers, and self-research [4] - This strategic layout is intended to solidify the company's sustainable development and protect shareholder interests, while also supporting China's integrated circuit industry’s self-sufficiency strategy [4] - The investment in Sierxin marks a significant step in enhancing Huada Jiutian's digital EDA toolchain, particularly in the context of accelerating domestic semiconductor industry localization [4]

Core Viewpoint - The article emphasizes the significant advancements made by Guowei Chip Technology in the EDA (Electronic Design Automation) sector, highlighting its transition from single-point tools to comprehensive solutions that cater to various stages of the semiconductor design and manufacturing process [3][5][7]. Group 1: Company Overview - Guowei Chip Technology is recognized as an innovative player in the domestic semiconductor industry, focusing on building a comprehensive platform that integrates EDA and chip design services [3][5]. - The company has developed a range of products, including formal verification, physical verification, reliability platforms, and PDK automation development verification platforms [5][7]. Group 2: Product Development - Guowei Chip has expanded its offerings from single-point tools to a systematic solution that covers design, manufacturing, mask, and equipment processes [7]. - The company has introduced various static analysis tools, including CDC, RDC, and Lint, alongside functional verification tools like FPV, CC, and UNR to enhance the chip design process [7][9]. Group 3: Market Positioning - Guowei Chip differentiates itself by understanding and addressing the specific pain points of domestic customers, which has allowed it to establish a foothold in the competitive EDA market [9][10]. - The company has invested in the development of the MDC (Mask Data Calculation) software to improve the domestic mask manufacturing capabilities, reflecting its commitment to localization [9][10]. Group 4: Collaboration and Ecosystem - The company emphasizes deep collaboration with equipment manufacturers, mask factories, and wafer fabs to accurately understand customer needs and enhance product offerings [9][10]. - Guowei Chip aims to contribute to the semiconductor ecosystem by integrating various tools into systematic solutions, thereby enhancing the overall efficiency and effectiveness of the domestic semiconductor industry [12].

Core Viewpoint - Jiangsu Zhuosheng Microelectronics Co., Ltd. plans to issue up to 160,457,680 A-shares to raise no more than 3,475 million yuan for expanding RF chip manufacturing capacity and supplementing working capital [1][10]. Group 1: Background and Purpose of the Issuance - The integrated circuit industry is a strategic and foundational sector crucial for national economic and social development, with a focus on enhancing capital strength and profitability [1][2]. - The issuance aims to support the development of the integrated circuit industry, which is expected to benefit from significant opportunities amid global technological changes and domestic policy support [2][3]. Group 2: Market Trends and Opportunities - The global integrated circuit industry is entering a period of disruptive technological change, with China's integrated circuit sector poised for major growth [2][3]. - The RF front-end industry is a vital component of the integrated circuit sector, driven by the increasing demand for RF front-end chip solutions due to advancements in communication technology [3][4]. - The global RF front-end module market is projected to reach approximately 26.54 billion USD by 2024, with significant growth driven by the smartphone market and emerging technologies [3][4]. Group 3: Domestic Industry Landscape - China's integrated circuit industry has rapidly developed, with the industry scale expected to grow from 653.2 billion yuan in 2018 to 1,045.8 billion yuan by 2024, reflecting a compound annual growth rate of 9.5% [3]. - The domestic RF front-end industry still has a low self-sufficiency rate, with major international players holding about 80% of the global market share [5][6]. - The increasing demand for high-performance domestic RF front-end products presents opportunities for local manufacturers amid geopolitical uncertainties [5][6]. Group 4: Company Strategy and Development - The company has transitioned from a Fabless model to a Fab-Lite model, establishing a complete industrial ecosystem from R&D to sales [7][8]. - The planned issuance will enhance the company's manufacturing capabilities for RF front-end chips, enabling it to meet the growing demand for high-end customized products [8][10]. - The company has developed a strong technical foundation and a stable management team, which will support the successful implementation of the fundraising projects [25][26]. Group 5: Financial Considerations and Impact - The total amount raised from the issuance will be used for expanding RF chip manufacturing capacity and supplementing working capital, which is essential for the company's operational efficiency [10][17]. - The issuance is expected to improve the company's capital structure and reduce financial risks, enhancing its ability to withstand macroeconomic fluctuations [10][11]. - The company aims to maintain a stable profit distribution policy while ensuring that the interests of all shareholders, especially minority investors, are protected [28][29].