Group 1 - Shanghai Weigu Information is involved in the "military-civilian integration" and "independent controllability of integrated circuits" sectors, with business coverage in high-end equipment fields such as aerospace and automotive [1] - The company has established a presence in overseas technology and resource nodes, including Silicon Valley in the United States and Seoul in South Korea [1] - The company is monitoring the operational status of its investment in Shanghai Weigu Information through its subsidiary, Hangzhou Longsheng Investment Co., Ltd., which holds a 60% stake in Hangzhou Xingrui Wanjia Equity Investment Partnership [1]

Core Insights - The semiconductor industry is experiencing a strategic opportunity period due to geopolitical tensions and technological advancements, with significant investments from the "Big Fund" and government policies promoting self-sufficiency in integrated circuits [4][6][16]. Financing Overview - In 2024, there were 332 financing events in the semiconductor sector, with 78 in seed-Pre-A rounds, 139 in A rounds, 103 in B-C rounds, and 12 in D-Pre-IPO rounds, indicating a focus on growth-stage investments [6]. - The financing landscape is concentrated in regions like Jiangsu (93 events), Guangdong (78), and Shanghai (41), with the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei regions accounting for over 80% of total financing [7]. Project Segmentation - The demand for terminal application service projects is increasing, with 151 events in this category, while core manufacturing financing remains low at only 46 events (14% of total), highlighting a need for increased capital investment in critical technologies [11]. GP Selection and Background - A total of 36 general partners (GPs) were identified as relevant in the semiconductor field, with a majority having backgrounds in private capital and industry [14][18]. - The peak period for GP establishment in the semiconductor sector was from 2015 to 2016, driven by supportive government policies and funding initiatives [16]. Investment Focus and Strategy - The majority of GPs are focused on early to growth-stage investments, with a significant portion of their activities in seed and A rounds [26]. - The analysis of GPs shows a preference for projects in the growth phase, indicating a strategic alignment with market demands [26]. Performance Metrics - Key performance indicators for GPs include lead investment rates, independent investment rates, and the number of IPOs, which reflect their market influence and investment success [28][30][36]. - The average equity stake taken by GPs is a critical measure of their investment style and potential impact on project outcomes [34]. Conclusion - The report aims to assist limited partners (LPs) in identifying active GPs in the semiconductor sector and provides a comparative analysis to enhance decision-making [41].

Core Viewpoint - Guangli Micro achieved a revenue of 547 million yuan in 2024, representing a year-on-year growth of 14.50%, driven by its diverse product matrix and strong R&D investment [1][2][4]. Group 1: Financial Performance - The company reported a revenue of 547 million yuan in 2024, with a 14.50% increase compared to the previous year [1][2]. - The revenue from software development and licensing grew by 70.33%, while testing services and other businesses saw a remarkable increase of 360.63% [2]. - The overall gross margin reached 61.90%, with software development and licensing achieving a gross margin of 85.96% [2][3]. Group 2: R&D and Innovation - Guangli Micro invested 277 million yuan in R&D in 2024, accounting for 50.57% of its revenue, marking a 33.49% increase year-on-year [1][5]. - The company holds 179 authorized patents, including 105 invention patents, and has a strong R&D team with 82.20% of its employees engaged in research [5][6]. - The company is focused on developing EDA tools such as DFT and DFM, enhancing its competitive edge in the integrated circuit industry [5][8]. Group 3: Product Development and Market Position - Guangli Micro has established a comprehensive product matrix that includes EDA software, semiconductor data analysis systems, and wafer-level electrical testing equipment [3][8]. - The company has successfully transitioned its testing machines from R&D to mass production, achieving a production of over 100 units for the first time in 2024 [3]. - The company aims to enhance its global competitiveness by expanding its overseas market presence, particularly in regions like South Korea and Singapore [4]. Group 4: Shareholder Returns and Social Responsibility - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling approximately 49.27 million yuan for 2024 [1][7]. - Since its listing in August 2022, Guangli Micro has completed cash dividends totaling nearly 168 million yuan [7]. - The company is committed to social responsibility, supporting rural education initiatives and providing employee welfare programs [7].