Core Viewpoint - Aojie Technology (688220.SH) is currently experiencing a significant decline in stock price, with a closing price of 88.70 yuan and a drop of 8.27%, indicating a state of being below the initial public offering (IPO) price [1] Group 1: IPO Details - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an issuance of 41.83 million shares at an initial price of 164.54 yuan per share [1] - The stock opened below the IPO price on its first trading day, reaching a maximum price of 130.11 yuan, which remains the highest price since its listing [1] - The total funds raised from the IPO amounted to 6.883 billion yuan, with a net amount of 6.546 billion yuan after deducting issuance costs, exceeding the original plan by 4.166 billion yuan [1] Group 2: Fund Allocation - The funds raised are intended for various projects, including the design of new communication chips, smart IPC chip design, high-precision navigation solutions, research center construction, and working capital supplementation [1] - The total issuance costs for the IPO were 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [2] Group 3: Underwriting Participation - The underwriting institution, Haitong Innovation Securities Investment Co., Ltd., participated in the offering by acquiring 2.00% of the total shares issued, amounting to 836,600 shares, with an investment of 138 million yuan, subject to a 24-month lock-up period [2]

Core Viewpoint - The article reflects on the evolution of the semiconductor industry in China over the past two decades, highlighting the transition from entrepreneurship to venture capital investment, and the significant role of government support in fostering industry growth. Group 1: Transition to Venture Capital - After the IPO of Spreadtrum Communications in 2007, the author transitioned into the emerging high-tech venture capital industry in China, recognizing the importance of venture capital in fostering innovation [3][4]. - The author emphasizes that the success of a venture capital fund can support numerous startups, contrasting with individual entrepreneurship, which is limited to a few successful companies [4][5]. - The establishment of Huashan Capital in 2009 was a response to the global financial crisis, aiming to seize opportunities in high-tech investments, particularly in semiconductors [7][8]. Group 2: Government Support and Industry Growth - The launch of the National Integrated Circuit Industry Development Promotion Outline in 2014 and the establishment of a 128 billion yuan national semiconductor fund marked a turning point for the industry, significantly increasing government funding from a few billion to hundreds of billions annually [10][11]. - The fund's combination of government and social capital broke the traditional planned economy model, creating a new investment approach that spurred rapid growth in the semiconductor sector [10][11]. - The article notes that the semiconductor manufacturing capacity has dramatically increased, alleviating long-standing capacity bottlenecks, and that many key equipment and materials companies received support from the fund [11]. Group 3: Successful Investments and Market Dynamics - The establishment of the Sci-Tech Innovation Board in 2019 allowed numerous semiconductor companies to go public, creating a complete industry chain and fostering the emergence of leading enterprises in various segments [11][12]. - The author highlights the successful investment track record of the venture capital firm, with over 200 companies funded, primarily in the semiconductor sector, and more than 50 companies successfully listed [12][13]. - The article discusses the challenges faced by semiconductor companies, including competition from global giants like Sony and Samsung, and the need for domestic companies to adapt to local market conditions [33][34]. Group 4: Mergers and Acquisitions - The acquisition of Spreadtrum Communications by Tsinghua Unigroup in 2013 marked a significant event in the semiconductor industry, showcasing the potential for domestic companies to reclaim their positions in the market [15][16]. - The article details the complex process of merging and acquiring companies, emphasizing the importance of strategic partnerships and the challenges faced during negotiations [21][22]. - The eventual acquisition of OmniVision Technologies by Beijing OmniVision highlighted the necessity for local companies to integrate and adapt to the domestic market to thrive amidst international competition [34][35].

Core Viewpoint - The article reflects on the evolution of the semiconductor industry in China, highlighting the transition from entrepreneurship to venture capital investment, and the establishment of educational institutions like Dongfang University of Technology, while emphasizing the importance of localizing operations for companies like OmniVision. Group 1: Transition to Venture Capital - After the IPO of Spreadtrum Communications in 2007, the author transitioned to the emerging high-tech venture capital industry in China, recognizing the critical role of venture capital in fostering innovation [4][5] - The author joined Northern Light Venture Capital in 2008, marking a significant shift from being an entrepreneur to becoming an investor, akin to moving from an athlete to a coach [4][5] Group 2: Semiconductor Industry Development - The establishment of the National Integrated Circuit Industry Investment Fund in 2014 marked a pivotal moment for the semiconductor industry in China, leading to substantial government and social capital investment [10][11] - The fund's support has significantly increased domestic semiconductor manufacturing capacity and facilitated breakthroughs in key technologies, contributing to the rapid growth of the industry [10][11][12] Group 3: Formation of Investment Teams - The author, along with other Tsinghua alumni, formed Huashan Capital in 2009 to invest in high-tech startups, focusing on overcoming "bottleneck" technologies in the semiconductor sector [8][9] - The team successfully invested in several semiconductor companies, with five out of six companies from the first two funds going public [8][9] Group 4: OmniVision's Privatization and Return - In 2013, Tsinghua Unigroup's acquisition of Spreadtrum Communications initiated a trend of Chinese companies returning from overseas listings, with OmniVision also considering similar moves [18][19] - The author played a role in facilitating the acquisition of OmniVision, which involved complex negotiations and strategic partnerships [19][20] Group 5: Challenges in the Domestic Market - The failed attempt to list OmniVision through a backdoor listing with Junzheng Technology highlighted the complexities and challenges of navigating the domestic capital market [32][33] - The competitive landscape intensified with the entry of major players like Sony and Samsung, necessitating a shift in OmniVision's strategy to localize operations and develop domestic partnerships [36][37] Group 6: Leadership Transition and Future Directions - The need for a leadership transition at OmniVision became apparent as the founder's age and experience in the domestic market posed challenges [41][42] - A new leadership team was established to guide the company through its localization efforts and operational improvements, ensuring its competitiveness in the semiconductor industry [41][42]

Group 1 - The Hong Kong stock market, particularly the technology sector, has experienced volatility, yet there has been a notable inflow of capital, with large internet companies being the top net buyers [1] - Recent data indicates that Hong Kong technology ETFs have seen a strong inflow of funds, totaling 51.6 billion yuan over the past month, reflecting investor confidence in the sector [1] - Factors contributing to the underperformance of the Hong Kong market compared to A-shares include tight liquidity, low AH share premium rates, and downward revisions in earnings for major stocks [1] Group 2 - The Hang Seng Tech Index, which includes 30 major Hong Kong internet and manufacturing companies, is expected to capture opportunities in the tech sector, covering both soft and hard technology industries [1] - As of September 3, 2025, the top five constituents of the Hang Seng Tech Index are Tencent Holdings, Alibaba-W, SMIC, NetEase-S, and Xiaomi Group-W [1] - The Hang Seng Tech ETF (513130) has a current size of 36.869 billion yuan and an average daily trading volume of 5.3 billion yuan since August, indicating strong liquidity and potential for capturing rebound opportunities in the tech sector [1]

Core Viewpoint - Longxin Zhongke's stock price dropped by 5.08% to 127.00 CNY per share, with a total market capitalization of 50.93 billion CNY as of September 4 [1] Company Overview - Longxin Zhongke Technology Co., Ltd. was established on March 5, 2008, and went public on June 24, 2022. The company is located in the Zhongguancun Environmental Technology Demonstration Park in Haidian District, Beijing [1] - The main business involves the research, sales, and services of processors and supporting chips, with revenue composition as follows: 47.09% from information technology chips, 35.82% from industrial control chips, and 17.09% from solutions [1] Fund Holdings - Longxin Zhongke is a top ten holding in the Guolian An Fund's ETF, specifically the Guolian An Science and Technology Chip Design ETF (588780), which held 59,200 shares, accounting for 3.23% of the fund's net value [2] - The ETF has a current scale of 244 million CNY and has achieved a year-to-date return of 53.36%, ranking 223 out of 4222 in its category [2] Fund Manager Performance - The fund manager Huang Xin has a tenure of 15 years and 146 days, with a total asset scale of 42.05 billion CNY and a best fund return of 166.78% during his tenure [3] - Co-manager Zhang Zhenyuan has a tenure of 11 years and 277 days, managing assets of 40.82 billion CNY, with a best fund return of 272.86% during his tenure [3]

Core Viewpoint - The company, Guangzhou Huizhi Microelectronics Co., Ltd., has not yet achieved profitability, reporting a net loss of 65.28 million yuan, although this represents a 64.41% reduction compared to the previous year [1][6][21]. Financial Performance - The company's operating revenue increased by 39.97% year-on-year, reaching 354.52 million yuan, driven by a significant rise in chip sales [20][23]. - The net loss attributable to shareholders decreased by 64.41% to -65.28 million yuan, while the net loss excluding non-recurring gains and losses was -137.36 million yuan, a 31.48% reduction from the previous year [1][21]. - The cash flow from operating activities was negative at -235.40 million yuan, indicating that the company’s sales were insufficient to cover its expenses [21][14]. Business Operations - The company is focused on enhancing its radio frequency front-end product line, with successful mass production of the Phase8L integrated L-PAMiD product for high-end flagship models of major Android clients [2][23]. - The company has been actively expanding its market presence, with significant orders from major clients like Samsung expected to be fulfilled in 2024 [2][23]. Use of Funds - The company adjusted its fundraising project expenditures, planning to allocate 570 million yuan for the "Headquarters and R&D Center Construction Project," with 370 million yuan for the Guangzhou center and 200 million yuan for the Shanghai center [4][24]. - As of April 14, 2025, the actual use of funds for the Guangzhou project exceeded the planned amount by 25.91 million yuan, primarily for employee salaries and material costs [4][5]. Research and Development - The company’s R&D expenditure accounted for 28.02% of its operating revenue, reflecting a decrease of 27.55 percentage points compared to the previous year, mainly due to increased sales revenue [21][23]. - The company holds a total of 151 invention patents and 24 utility model patents, indicating a strong focus on innovation in the radio frequency front-end sector [23]. Market Position and Competition - The global radio frequency front-end market is dominated by major players such as Skyworks, Qorvo, Broadcom, Qualcomm, and Murata, which have significant revenue and strong profitability [12][15]. - The company is striving to enhance its competitive edge through technological innovation and expanding its product offerings in response to market demands [23][15]. Risks and Challenges - The company faces several risks, including the ongoing challenge of achieving profitability, potential technological obsolescence, and intense competition from established international firms [6][7][15]. - The reliance on a limited number of suppliers for critical components poses a risk to production stability and operational efficiency [11][12].

Core Viewpoint - Dongxin Co., Ltd. (688110) has experienced a significant stock price surge, with a year-to-date increase of 379% and a 250-day cumulative increase of 589.66%, despite reporting losses in its semi-annual financial results [1][4]. Financial Performance - For the first half of 2025, Dongxin reported a total revenue of approximately 342.99 million yuan, a year-on-year increase of 28.81% [3]. - The company recorded a net loss attributable to shareholders of approximately 110.97 million yuan, which is an increase in losses compared to the previous year [4]. - The net asset value attributable to shareholders decreased by 2.29% to approximately 3.14 billion yuan, while total assets decreased by 1.49% to approximately 3.48 billion yuan [3]. Market Activity - On September 3, 2025, Dongxin's stock resumed trading after a suspension due to unusual trading fluctuations, with a closing price of 119.38 yuan per share and a trading range of 19.49% on the first day back [1][2]. - The company’s stock price performance has drawn attention as a typical example of valuation bubbles in the A-share market [4]. Strategic Developments - Dongxin has invested in the Shanghai Lishuan GPU project, which has not yet generated revenue but has sparked market interest in domestic graphics processor alternatives [2]. - The company plans to expand its focus from traditional storage chips to an integrated approach involving storage, computing, and networking [6]. Shareholder Composition - As of the mid-year report, major shareholders include Dongfang Hengxin Group with a 34.28% stake and other notable investors, indicating strong support from retail investors [5]. - Two prominent retail investors entered the top ten shareholders in the second quarter, with a combined market value of over 970 million yuan based on the stock's closing price on the resumption day [5].

Investment Rating - The report maintains a "Recommended" rating for the company, with projected revenue growth and profitability improvements [6]. Core Insights - The company has shown steady improvement in gross margin and rapid growth in its module business, with a projected revenue increase from 20.07 billion yuan in 2024 to 40.45 billion yuan in 2027 [2][6]. - The company achieved a revenue of 12.46 billion yuan in the first half of 2025, a year-on-year increase of 35.35%, and a net profit of 2.61 billion yuan, up 72.29% year-on-year [6]. - The module and development kit segment generated 7.53 billion yuan in revenue, representing a 41.61% year-on-year growth, while the chip segment saw a revenue of 4.84 billion yuan, a 27.05% increase [6]. - The overall gross margin improved to 45.20%, up 2.01 percentage points year-on-year, with the second quarter of 2025 showing a gross margin of 46.69% [6]. - The company is positioned as a professional chip design enterprise in the IoT sector, focusing on "processing + connectivity" and plans to continue increasing R&D investment to enhance product performance and market share [6]. Financial Forecasts - Projected financial metrics for the company are as follows: - Revenue (billion yuan): 20.07 (2024A), 26.65 (2025E), 33.16 (2026E), 40.45 (2027E) [2][8] - Net profit (billion yuan): 3.39 (2024A), 5.17 (2025E), 6.83 (2026E), 8.88 (2027E) [2][8] - Gross margin (%): 43.91 (2024A), 44.62 (2025E), 44.72 (2026E), 45.85 (2027E) [2][8] - Diluted EPS (yuan): 2.17 (2024A), 3.30 (2025E), 4.36 (2026E), 5.66 (2027E) [2][8] - The company’s PE ratio is projected to decrease from 88.27 in 2024 to 33.75 in 2027, indicating improving valuation metrics [2][8].

Group 1 - The core investment sentiment has shifted from "avoid China" to "consider buying China" as global investors reassess the Chinese market amidst improving stock performance in Shanghai and Shenzhen [1] - Fund managers believe that ample liquidity may support a long-term rise in global stock markets, and with Chinese households increasingly investing in the stock market, foreign capital may also follow suit [1] - The historical volatility of the Chinese A-share market serves as a cautionary tale for foreign investors, highlighting the need for China to regain their trust [1] Group 2 - Two actionable recommendations include moderating the pace of the bull market to avoid excessive enthusiasm that could deter foreign investment, and utilizing state intervention to stabilize market fluctuations [2] - The Chinese government should communicate its commitment to capital returns without sacrificing corporate profitability, particularly emphasizing advancements in artificial intelligence as a key driver for stock market growth [2] - As China shifts focus from building its own AI models to restructuring supply chains, there is potential for increased global investor interest in cost-effective inference chips, which may lead to significant returns for companies like Cambricon [3]

证券代码：688279 证券简称：峰岹科技 公告编号：2025-052 峰岹科技（深圳）股份有限公司 关于参加 2025 年半年度科创板芯片设计行业 集体业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 8 日（星期一）下午 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络文字互动方式 ? 投资者可于 2025 年 9 月 5 日（星期五）16:00 前登录上证路演中心网站首页 点击"提问预征集"栏目或通过电子邮件的形式发送至公司邮箱 （三） 会议召开方式：网络文字互动方式 三、 参加人员 董事长、总经理：BI LEI 先生 董事会秘书：焦倩倩女士 （ir@fortiortech.com）进行提问，公司将在业绩说明会上对投资者普遍关注的问 题进行回答。 峰岹科技（深圳）股份有限公司（以下简称"公司"）已于 2025 年 8 月 2 ...