Core Viewpoint - Shenzhen New Sound Semiconductor Co., Ltd. has completed a 288 million RMB Series B+ financing round, led by Hongtai Fund, with participation from various state-owned funds, indicating strong investor confidence in the company's growth potential in the semiconductor industry [1][2]. Company Overview - New Sound Semiconductor, established in March 2021, is a national key high-tech enterprise focusing on the design and sales of various filters, including BAW, SAW, TC-SAW, TF-SAW, and IPD types, covering the full frequency range below 6GHz [1][3]. - The company has applied for over 500 intellectual property rights and has more than 160 authorized invention patents, showcasing its commitment to innovation [3]. Financing Details - The recent financing round of 288 million RMB will be allocated specifically for core business areas, including product research and development, operational expenses, and working capital [2]. - Prior to this, New Sound Semiconductor has completed six rounds of financing since its inception, with significant investments from various venture capital firms [3][4]. Strategic Partnerships - The investment from Shiyun Circuit aims to enhance the company's strategic positioning in high-tech segments of the electronic information industry, particularly in smart automotive and AIOT applications [2]. - The collaboration is expected to foster deep partnerships between New Sound Semiconductor and Shiyun Circuit, promoting the adoption of new vehicle-mounted filter and modular solutions in the industry [2]. Market Position - New Sound Semiconductor is recognized as one of the few domestic filter manufacturers with comprehensive independent design capabilities, leading the industry with an annual shipment of over 300 million BAW filters [3].

Group 1 - The company plans to invest a total of 26.9 million yuan in Shenzhen New Sound Semiconductor Co., Ltd., with 12.5 million yuan coming from its own funds, resulting in a 3.8238% equity stake in the target company [3][10][11] - The investment aims to enhance the company's future profitability and is part of a strategic move to position itself in the high-tech segments of the electronic information industry, particularly in the filter market related to 5G/6G communications and smart vehicles [11][12][13] - New Sound Semiconductor specializes in the research, production, and sales of SAW and BAW filters, holding over 170 patents and having established a significant presence in the market, including partnerships with major smartphone brands [11][12][30] Group 2 - The investment is structured as a capital increase, with 204.2751 million yuan allocated to registered capital and 26.6957249 million yuan to capital reserves, reflecting a pre-investment valuation of 3 billion yuan for New Sound Semiconductor [10][28] - The company anticipates that the investment will facilitate deeper collaboration with New Sound Semiconductor, particularly in developing new vehicle-mounted filter solutions and modular applications [12][14] - The investment aligns with the company's strategy to capitalize on the domestic market's shift towards high-end filter products, which are essential for various applications including IoT and automotive electronics [13][14][30]

Core Viewpoint - Shiyun Circuit plans to invest 125 million yuan in Shenzhen Xinsong Semiconductor, which has a net asset of 21.2 million yuan and a valuation of 3 billion yuan [2][3] Investment Details - The investment will be made through capital increase, acquiring 3.8238% equity in Xinsong Semiconductor [2] - The investment requires only board approval and does not need a shareholders' meeting [2] Company Overview - Xinsong Semiconductor specializes in the R&D, production, and sales of SAW (Surface Acoustic Wave) filters and BAW (Bulk Acoustic Wave) filters [3] - The company holds over 170 authorized patents in China and the U.S., with products covering mainstream mobile communication frequency bands [3] - It is the first filter company in China to pass AEC-Q200 automotive certification, with products already in mass production for the automotive market [3] Financial Performance - As of June 30, 2025, Xinsong Semiconductor's total assets and net assets are 458 million yuan and 21.2 million yuan, respectively, with a debt ratio of 95.37% [4][6] - The company reported revenues of 227 million yuan and a net loss of 28.8 million yuan for the year 2024, with a revenue of 102 million yuan and a net loss of 55.3 million yuan for the first half of 2025, indicating an expanding loss [4][6] Valuation Basis - The investment is based on a pre-investment valuation of 3 billion yuan, which reflects the company's product development progress and business growth compared to the previous financing round [7] - The previous financing round had a post-investment valuation of approximately 2.538 billion yuan [7] Product Development and Business Growth - Xinsong Semiconductor has made significant progress in product development, including new high-frequency BAW products and successful mass production of automotive-grade filters [7] - The company achieved a revenue of 102 million yuan in the first half of 2025, representing a 25% year-on-year growth, with a strong order backlog [8] Company Background - Shiyun Circuit specializes in PCB (Printed Circuit Board) manufacturing and was listed on the Shanghai Stock Exchange in April 2017 [8] - As of August 8, 2023, Shiyun Circuit's market capitalization is 23.06 billion yuan [9]

Group 1 - The company plans to invest 125 million yuan in Shenzhen New Voice Semiconductor Co., Ltd. through capital increase with both related and non-related parties [1] - After the transaction, the company will acquire a 3.8238% stake in the target company [1] - The investment aims to strategically position the company in high-tech segments of the electronic information industry, focusing on smart automotive and AIOT applications [1] Group 2 - The investment is expected to foster a deep cooperative relationship with the target company, promoting the adoption of new vehicle-mounted filters and modular solutions in the industry [1]

Core Viewpoint - The company plans to invest 125 million yuan in Shenzhen New Sound Semiconductor Co., Ltd. to acquire a 3.8238% stake, aiming to enhance its strategic positioning in the high-tech segments of the electronic information industry [1] Group 1 - The investment will be made in collaboration with both related and non-related parties, specifically Tianjin Shunke Juxin Venture Capital Partnership and Tianjin Hongsheng Jiacheng Equity Investment Partnership [1] - The strategic focus of the investment is to strengthen the company's capabilities in tracking and researching technological innovations required for downstream applications in smart vehicles and AIOT (Artificial Intelligence of Things) [1] - The company anticipates establishing a deep cooperative relationship with the target company to promote the adoption of new vehicle-mounted filters and modular solutions within the industry, aiming for mutual benefits [1]