董秘回答(华大九天SZ301269)： 尊敬的投资者您好，公司的研发费用均在发生当期进行费用化处理，未进行资本化。公司目前仍处于快 速发展期，与战略客户的合作项目不断增加，需要相应增加研发人员数量，因此研发投入不断增加。 EDA软件具有技术难度高、研发周期长等特点，同时技术成果转化需要完整工具链协同和生态适配， 研发投入转化为营业收入需要一定周期。感谢您的关注！查看更多董秘问答>> 投资者提问： 公司前三季研发费用高达5.57亿元，占营收比达69.2 ％。请问，公司研发投入都是费用化吗？各类人工 智能大模型的应用和推广，很多专业软件公司都能通过减员、降本、提高研发效率等手段达到增效效 果。公司研发投入一直高企，虽是必需，但是这种投入并没有带来高营收增长，商业转化效率不高，有 没有措施能解决这个矛盾？谢谢 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 ...

Group 1: Market Strategy and Economic Outlook - The current market is transitioning from a "technology bull" to a "wealth bull," indicating a favorable time to invest in cyclical sectors [6][10] - The third quarter of 2025 shows a recovery in profitability, with A-share cumulative profit growth expected to reach 11% in 2026, marking a shift to an earnings-driven bull market [14] - The "15th Five-Year Plan" suggests a need for GDP growth of at least 4.1% annually, indicating a supportive environment for cyclical industries [7] Group 2: Industry Performance Insights - The computer industry experienced a revenue increase of 10.5% year-on-year in the first three quarters of 2025, with net profit rising by 47.77% [19] - The materials and manufacturing sectors showed a significant improvement in free cash flow, with a year-on-year increase of 1,100 million yuan in the third quarter [16] - The TMT sector's capital expenditure (CAPEX) expansion is impacting cash flow, with a notable decrease in free cash flow by 928 million yuan in the third quarter [15] Group 3: Company-Specific Analysis - Huada Jiutian reported a revenue of 8.05 billion yuan in the first three quarters of 2025, with a significant decline in net profit due to reduced government subsidies [46][47] - Jiuzhou Pharmaceutical achieved a revenue of 41.60 billion yuan, with a net profit increase of 18.51%, driven by a stable CDMO business [50][51] - New Dairy's revenue for the first three quarters reached 84.34 billion yuan, with a net profit increase of 31.48%, indicating strong operational performance [53][54]

Market News - The three major US stock indices closed mixed, with the Dow Jones down 0.04%, the Nasdaq up 0.66%, and the S&P 500 up 0.4%. Notable tech stocks saw gains, including AMD up over 9% and Intel up over 4% [1] - Spot gold rose 1.57% to $4206.58 per ounce, reaching a new high, while COMEX gold futures increased by 1.48% to $4224.90 per ounce. International oil prices saw slight increases, with WTI crude oil up 0.09% to $58.75 per barrel [1] Industry Insights - Shenzhen Xinkailai's subsidiary Qiyunfang launched two EDA design software products with complete independent intellectual property rights, covering the entire process from architecture to circuit board implementation, directly competing with international giants like Synopsys and Cadence [2] - The domestic EDA market exceeded 20 billion yuan in 2022, with Synopsys and Cadence holding nearly 80% market share. High-end EDA tools are strictly limited for sale, necessitating the use of international tools for designs below 7nm [3] - The National Development and Reform Commission issued an action plan to double the service capacity of electric vehicle charging facilities by 2027, focusing on five key actions including upgrading public charging facilities and optimizing charging conditions in residential areas [4] - The electric vehicle charging infrastructure market in China is expected to reach 150-180 billion yuan by 2025, with a projected annual growth rate of over 20% for the next five years, potentially exceeding 400 billion yuan by 2030 [4] - The Ministry of Industry and Information Technology announced a commercial trial for satellite IoT services, aiming to enhance market supply and stimulate market activity, marking a significant step in the development of satellite communication infrastructure [5] - The global satellite IoT market is projected to exceed 30 million connections by 2030, with a market size potentially reaching the billion-dollar level, driven by the demand for low-cost satellite IoT services [5]

Group 1 - The Chinese Ministry of Commerce and the General Administration of Customs announced export controls on certain rare earth equipment and raw materials, marking the first time that overseas re-exports and rare earth-related technologies are included in the management, creating a closed-loop control of the entire industry chain [2][3] - The export control specifically involves five types of heavy rare earth elements and related products, including holmium, erbium, thulium, europium, and ytterbium, covering various forms such as metals, alloys, target materials, crystal materials, permanent magnetic materials, and luminescent materials [3] - The announcement indicates that if products manufactured overseas contain rare earth items originating from China, and their value exceeds 0.1%, they will be subject to control [3] Group 2 - The export controls are expected to severely impact the U.S. rare earth magnet industry, as efforts to reduce dependence on China are still in the early stages [4] - Major technology companies like Apple, Google, and Microsoft rely on rare earth materials for acoustic components, motors, and batteries in consumer electronics, and the latest restrictions are anticipated to cause further disruptions in the supply chain [4] - The U.S. President announced an additional 100% tariff on Chinese imports starting November 1, as a retaliation against China's recent export control measures [4][5] Group 3 - The U.S. export controls on key software are expected to impact the global supply chain, narrowing the channels for Chinese companies to access advanced software, which may lead to short-term "bottleneck" risks [5] - In the long term, these restrictions may drive domestic software development in China, while U.S. software companies could face revenue losses due to the loss of the Chinese market [5] Group 4 - The domestic EDA software sector is accelerating technology integration and expanding product lines to enhance competitiveness, with companies like Gaon Electronics completing acquisitions to strengthen their capabilities [6] - The acquisition of specific EDA tool assets by Chip Vision aims to enhance the core EDA technology stack and improve automation capabilities [7] - The carbon silicon industry is experiencing explosive growth driven by global energy transformation and AI, with significant advancements in technology and product development among A-share SiC concept stocks [8][9]

每经AI快讯，9月10日，EDA软件龙头新思科技股价暴跌31%，创下自2004年以来最大跌幅。此前公司 季度业绩报告不及预期。 ...

Core Insights - The EDA market is dominated by American companies Synopsys, Cadence, and Siemens EDA, holding over 70% market share, while Chinese companies like Huada Jiutian, Gai Lun, and Xin He are rapidly gaining presence due to cost-effective solutions [1] - Samsung Electronics has reportedly been using Chinese EDA solutions since 2022, indicating a shift from traditional reliance on American EDA products [1] - SK Hynix is conducting an emergency review of its use of Chinese EDA software, driven by concerns over potential U.S. sanctions and the desire to maintain good relations with the U.S. semiconductor market [3] - The U.S. Department of Commerce previously issued letters to major EDA suppliers, requesting them to halt shipments to Chinese customers, which has impacted the market dynamics [3] - The domestic EDA market in China is expected to increase its localization rate from 10% in 2019 to 25% by 2025, although high-end sectors still rely heavily on imports [4] Group 1 - The EDA market is primarily led by U.S. companies, with a significant share held by Synopsys, Cadence, and Siemens EDA [1] - Chinese EDA companies are gaining traction, with Samsung Electronics adopting their solutions [1] - SK Hynix's review of Chinese EDA usage is a precaution against U.S. sanctions [3] Group 2 - The U.S. has previously restricted EDA exports to China, affecting major suppliers [3] - The localization rate of China's EDA market is projected to rise significantly by 2025, though challenges remain in high-end sectors [4] - The competitive landscape indicates that if Chinese EDA is phased out, costs for Samsung and SK Hynix could increase due to reliance on more expensive U.S. products [3]

Core Viewpoint - The company reported a steady revenue growth in the first half of 2025, but a significant decline in net profit, primarily due to stock payment expenses, indicating a mixed performance in financial health [1][2][4]. Financial Performance - In H1 2025, the company achieved a revenue of 502 million yuan, a year-on-year increase of 13.01% [1]. - The net profit attributable to shareholders was 3 million yuan, down 91.90% year-on-year [1]. - The non-recurring net profit was -19 million yuan, indicating a narrowing loss compared to the previous year [1]. - In Q2 2025, the company generated a revenue of 267 million yuan, up 16.01% year-on-year, but the net profit turned negative at -7 million yuan [2]. Business Segments - EDA software sales contributed 414 million yuan in revenue, a year-on-year increase of 7.41% [2]. - The technical service business emerged as a significant growth driver, achieving 67 million yuan in revenue, a growth of 28.37% year-on-year [2]. - International revenue reached 55 million yuan, showing a substantial increase of 90.39% year-on-year, reflecting the company's competitive edge in overseas markets [2]. R&D Investment - The company maintained a high level of R&D investment, totaling 365 million yuan in H1 2025, with a research expense ratio of 72.84% [3]. - Seven new core EDA tools were launched, enhancing the product matrix and addressing key areas in digital and analog circuit design [3]. - The introduction of the Argus 3DIC platform filled a gap in high-end 3DIC design tools domestically, supporting the development of domestic chips [3]. Market Position and Strategy - The company is positioned to benefit from the trend of domestic substitution in the semiconductor industry, aiming for comprehensive tool coverage in design, wafer manufacturing, and other areas by 2025 [4]. - The focus on 3DIC and Chiplet technologies aligns with the evolution of post-Moore's Law, providing critical support for the independent development of domestic chips [4]. - The revenue forecast for 2025-2027 is adjusted to 1.599, 2.076, and 2.674 billion yuan, with corresponding growth rates of 30.8%, 29.8%, and 28.8% [4].

Core Insights - The company reported a revenue of 218.44 million yuan for the first half of 2025, marking an 11.43% increase compared to the same period last year, and achieved a net profit attributable to shareholders of 46.18 million yuan, a significant turnaround from a loss of 40.88 million yuan in the previous year [2][3] - The company is actively integrating AI with EDA technology to enhance design efficiency and address the complexities in circuit design [4] - The domestic market revenue grew steadily, with a 24.43% increase in the first half of 2025, accounting for 75.93% of the main business revenue [5] - The company is expanding its international market presence by participating in major industry events and collaborating with leading global semiconductor firms [6] Financial Performance - Revenue for the first half of 2025: 218.44 million yuan, up 11.43% from the previous year [3] - Net profit attributable to shareholders: 46.18 million yuan, compared to a loss of 40.88 million yuan last year [2][3] - Net cash flow from operating activities: 19.36 million yuan, a recovery from a negative cash flow of 52.60 million yuan in the previous year [3] Product Performance - EDA software licensing revenue reached 148.44 million yuan, with integrated circuit design EDA contributing 82.33 million yuan and manufacturing EDA contributing 66.11 million yuan [3] - The technology development solutions business saw a remarkable growth of 172.35% [3] Market Strategy - The company is focusing on local service advantages and deepening relationships with existing clients while exploring new demands [5] - Active participation in national research projects and hosting events like "Galen Electronics Technology Day" to strengthen its influence in the domestic market [5] - The introduction of the 9812HF advanced broadband noise analyzer has received positive feedback in international markets, particularly in satellite communication and automotive electronics [6]

Core Viewpoint - Guangli Micro (301095) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating robust business growth and recovery in demand [1]. Financial Performance Summary - Total revenue reached 246 million yuan, a year-on-year increase of 43.17% [1]. - Net profit attributable to shareholders was 15.68 million yuan, up 518.42% year-on-year [1]. - Gross margin was 58.58%, down 10.6% compared to the previous year [1]. - Net margin improved to 6.61%, a 106.29% increase year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 30.90 million yuan, representing 12.57% of total revenue, a significant increase of 193.11% [1]. Key Financial Metrics - Earnings per share (EPS) increased to 0.08 yuan, a rise of 526.77% year-on-year [1]. - Operating cash flow per share was -0.07 yuan, an improvement of 82.7% compared to the previous year [1]. - The company's cash and cash equivalents decreased by 64.88% to 736 million yuan due to increased investments and dividend distributions [3]. - Accounts receivable increased by 8.14% to 340 million yuan, attributed to the recovery of sales [4]. Cost and Expense Analysis - Operating costs rose by 72.02%, driven by business expansion [6]. - Financial expenses increased by 75.01%, primarily due to reduced interest income from lower bank rates [6]. - Research and development expenses grew by 9.10%, reflecting the company's commitment to innovation [6]. Investment and Cash Flow Insights - The net cash flow from operating activities increased by 82.67%, supported by a 87.11% rise in sales collections [6]. - The net cash flow from investing activities decreased significantly by 463.12%, due to substantial investments in structured deposits [6]. - The net increase in cash and cash equivalents dropped by 113.09%, influenced by high structured deposit balances and increased capital expenditures [6]. Market Position and Future Outlook - The company’s return on invested capital (ROIC) was 1.26%, indicating moderate capital efficiency [7]. - Analysts expect the company's revenue for 2025 to reach 149 million yuan, with an average EPS forecast of 0.75 yuan [8]. - The largest fund holding Guangli Micro is the NuAn Optimized Configuration Mixed A Fund, which has shown a significant increase in value over the past year [9].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 92.78 [1][4]. Core Views - The company's revenue growth is driven by the increasing demand for EDA software and testing equipment, with a significant year-on-year revenue increase of 43.17% in H1 2025, reaching RMB 246 million [1][2]. - The acquisition of Luceda NV for EUR 40 million allows the company to enter the silicon photonics chip design field, enhancing its product offerings and market reach [3]. - The company is well-positioned to benefit from the domestic semiconductor industry's push for self-sufficiency, with a focus on R&D and product diversification [2]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of RMB 246 million, a year-on-year increase of 43.17%, and a net profit of RMB 15.68 million, up 518.42% from the previous year [1]. - Q2 2025 revenue was RMB 179 million, reflecting a year-on-year growth of 40.34% and a quarter-on-quarter increase of 169.91% [1]. Product Development - The company has launched new products, including DFT and DFM tools, which have contributed to a 50.24% increase in software development and licensing revenue [1]. - The software and testing equipment segments are expected to continue growing, with software revenue projected to reach RMB 267 million in 2025 [4][10]. Market Position and Strategy - The company is leveraging the trend of domestic substitution in the semiconductor industry, with increasing adoption of its software and testing solutions [2]. - The acquisition of Luceda NV is expected to enhance the company's capabilities in silicon photonics, potentially accelerating its overseas expansion [3]. Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 have been adjusted upwards by 9%, 11%, and 10% respectively, with expected revenues of RMB 760 million, RMB 987 million, and RMB 1.23 billion [4]. - The estimated net profit for 2025 is projected to be RMB 163 million, with an EPS of RMB 0.81 [4][9].