Group 1 - The report indicates that during the continuous supervision period, no major issues were found with the company by the sponsor and the sponsor representative [2][7] - The company operates in the integrated circuit design industry, which is characterized by rapid technological upgrades and product iterations, necessitating continuous research and innovation to maintain competitiveness [2][3] - The company has a fabless model, relying on external manufacturers for chip production, which introduces potential risks related to supply chain and production scheduling [3][4] Group 2 - The company reported significant financial growth, with operating income for the first half of 2025 reaching 204.87 million yuan, a 73.64% increase compared to the same period in 2024 [8] - The net profit attributable to shareholders for the same period was 62.32 million yuan, reflecting a remarkable increase of 1,006.99% year-on-year [8] - The company's total assets increased by 4.61% to 2.34 billion yuan as of June 30, 2025, compared to the end of 2024 [8] Group 3 - The company maintains a high gross profit margin, benefiting from long-term technological advantages and effective cost control, although this margin is subject to fluctuations based on market demand and competition [4][5] - The company has increased its inventory levels to ensure supply chain stability, with inventory valued at 45.76 million yuan as of June 30, 2025, which poses a risk of impairment if market conditions change [5][6] - The company and its subsidiaries have successfully passed high-tech enterprise qualifications, which provide tax benefits, but future qualification failures could lead to increased tax expenses [5][6] Group 4 - The company has a diverse product portfolio, including RF transceivers, power management chips, and terminal RF front-end chips, which are essential for various specialized industries [8][9] - Research and development expenditures for the first half of 2025 amounted to 66.60 million yuan, representing a slight decrease of 0.93% compared to the same period in 2024, but the proportion of R&D spending relative to revenue was 32.51% [9][10] - The company is actively engaged in multiple R&D projects, with significant progress reported in areas such as aerospace power systems and RF front-end chips [10][12]

Core Viewpoint - On September 1, Huada Jiutian's stock rose by 5.69%, with a trading volume of 1.871 billion yuan, indicating strong market interest and activity in the company's shares [1]. Financing and Margin Trading - On September 1, Huada Jiutian had a financing buy-in amount of 230 million yuan and a financing repayment of 217 million yuan, resulting in a net financing purchase of 13.5851 million yuan [1]. - As of September 1, the total margin trading balance for Huada Jiutian was 761 million yuan, with the financing balance of 757 million yuan accounting for 1.07% of the circulating market value, which is above the 90th percentile level over the past year [1]. - In terms of securities lending, on September 1, Huada Jiutian repaid 1,000 shares and sold 9,300 shares, with the selling amount calculated at 1.209 million yuan [1]. - The remaining securities lending volume was 28,400 shares, with a lending balance of 3.692 million yuan, also exceeding the 90th percentile level over the past year [1]. Company Overview - Beijing Huada Jiutian Technology Co., Ltd. was established on May 26, 2009, and listed on July 29, 2022. The company specializes in the development and sales of EDA tools software for integrated circuit design and manufacturing [1]. - The main revenue composition of Huada Jiutian includes 82.57% from EDA software sales, 13.41% from technical services, and 4.02% from hardware, agency software sales, and other sources [1]. Financial Performance - As of June 30, Huada Jiutian had 37,700 shareholders, a decrease of 8.11% from the previous period, while the average circulating shares per person increased by 8.82% to 6,948 shares [2]. - For the first half of 2025, Huada Jiutian reported a revenue of 502 million yuan, representing a year-on-year growth of 13.01%, but the net profit attributable to shareholders decreased by 91.90% to 3.0679 million yuan [2]. - Since its A-share listing, Huada Jiutian has distributed a total of 244 million yuan in dividends [2]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Huada Jiutian, Noan Growth Mixed A (320007) held 11.7472 million shares, unchanged from the previous period [2]. - Galaxy Innovation Mixed A (519674) ranked sixth with 11.7000 million shares, a decrease of 330,000 shares compared to the previous period [2]. - Hong Kong Central Clearing Limited ranked seventh with 6.6234 million shares, an increase of 112,100 shares, while E Fund Growth Enterprise Board ETF (159915) ranked eighth with 4.4675 million shares, an increase of 87,100 shares [2].

股票简称：德明利 证券代码：001309 华泰联合证券有限责任公司 关于 深圳市德明利技术股份有限公司 （草案） 之 独立财务顾问报告 （七）股权激励计划是否存在损害上市公司及全体股东利益的情形的核查意见 . 22 激励对象 指 事、高级管理人员、核心管理人员及核心技术/业务人员 授予日 指 公司向激励对象授予股票期权的日期，授予日必须为交易日 （九）公司实施股权激励计划对上市公司持续经营能力、股东权益影响的意见 . 25 一、释义 本报告中，除非文义载明，下列简称具有如下含义： 德明利、公司、上市公司 指 深圳市德明利技术股份有限公司 独立财务顾问、本独立财 指 华泰联合证券有限责任公司 务顾问 独立财务顾问报告、本报 《华泰联合证券有限责任公司关于深圳市德明利技术股份有限 指 告、本独立财务顾问报告 公司 2025 年股票期权激励计划（草案）之独立财务顾问报告》 股权激励计划、本激励计 深圳市德明利技术股份有限公司 2025 年股票期权激励计划（草 指 划、本计划 案） 公司授予激励对象在未来一定期限内以预先确定的价格和条件 股票期权、期权 指 购买本公司一定数量股票的权利 按照本激励计划规定，获得股票期 ...

Group 1 - The company successfully completed its initial public offering (IPO) by issuing 20 million shares at a price of RMB 115.71 per share, raising a total of RMB 231.42 million, with a net amount of RMB 215.23 million after deducting issuance costs [1] - In 2023, the company issued 12.04 million shares to specific investors at RMB 149.53 per share, raising RMB 180.10 million, with a net amount of RMB 178.17 million after costs [2] - The company is under continuous supervision by Guotai Junan Securities, which will monitor compliance with regulations and ensure proper information disclosure during the supervision period from January 1, 2025, to June 30, 2025 [3][4] Group 2 - The company has established internal systems and decision-making processes to comply with legal and regulatory requirements, ensuring that all stakeholders are aware of their obligations under listing rules [4][5] - The company is committed to maintaining accurate, complete, and timely information disclosure, preventing any concealment of important information [6][7] - The company has not encountered any significant risks or negative events that require disclosure during the supervision period [8] Group 3 - The company reported a significant increase in revenue, with a total of RMB 94.91 million for the first half of 2025, representing an 87.33% increase year-on-year, driven by growth in industrial, automotive, communication, and consumer electronics markets [20][21] - The net profit attributable to shareholders for the same period was RMB 6.57 million, marking a turnaround from a loss in the previous year, primarily due to increased demand and effective cost control [21] - The company's research and development (R&D) expenditure for the first half of 2025 was RMB 26.85 million, accounting for 28.29% of revenue, despite a decrease in the proportion compared to the previous year [22][26] Group 4 - The company operates in the integrated circuit design industry, focusing on analog integrated circuit chips, and faces increasing competition and the need for continuous innovation to maintain market competitiveness [10][11] - The company has established a strong intellectual property system, holding numerous patents, which helps create technological and market barriers [23][24] - The company employs a Fabless model, relying on partnerships with suppliers for wafer manufacturing and packaging, which is crucial for maintaining production capacity [12][24]

Group 1 - The company Jiangsu DiAo Microelectronics Co., Ltd. announced a share repurchase plan using a centralized bidding method [1] - The board approved a repurchase proposal on December 2, 2024, intending to use 100 to 200 million yuan of its own funds and special loans for the repurchase [1] - The repurchase price will not exceed 41.68 yuan per share, with a duration of 12 months from the board's approval [1] Group 2 - As of August 31, 2025, the company has repurchased a total of 5.8994 million shares, accounting for 2.38% of the total share capital [1] - The total funds paid for the repurchase amounted to 118 million yuan (excluding transaction fees) [1] - The repurchase price ranged from 16.96 to 26.22 yuan per share [1]

Core Viewpoint - 澜起科技 is set to launch a non-deal roadshow for its Hong Kong listing on September 10, with an expected transaction size of approximately $1 billion, aiming to list on the Hong Kong Stock Exchange in Q4 of this year [1] Company Overview - 澜起科技 is a leading fabless integrated circuit design company focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1] - According to Frost & Sullivan, 澜起科技 has become the largest supplier of memory interconnect chips globally, holding a market share of 36.8% in 2024 based on revenue [1] Financial Performance - In 2024, 澜起科技 achieved a revenue of 3.639 billion yuan, representing a year-on-year growth of 59.2%, with a net profit of 1.412 billion yuan, up 213.1% year-on-year [1] - For Q1 2025, 澜起科技 reported a revenue of 1.222 billion yuan, reflecting a year-on-year increase of 65.78%, and a net profit of 525 million yuan, which is a 135.14% year-on-year growth [1]

Core Insights - The company achieved a revenue of 2.249 billion yuan in the first half of 2025, a year-on-year increase of 6.75%, with a total profit of 228 million yuan, up 3.39% year-on-year, and a net profit attributable to shareholders of 203 million yuan, an increase of 2.85% year-on-year [1] - In Q2 2025, the company reported a revenue of 1.189 billion yuan, a year-on-year increase of 8.10%, and a net profit attributable to shareholders of 129 million yuan, up 17.22% year-on-year, meeting expectations [1] - The company’s revenue growth is driven by multiple business segments, with significant improvements in product structure [1] Revenue and Profit Analysis - The revenue from storage chips reached 1.384 billion yuan, a year-on-year increase of 5.20%, accounting for 61.56% of total revenue [1] - Revenue from computing chips was 604 million yuan, showing a year-on-year growth of 15.59%, benefiting from increased demand in the consumer market [1] - The revenue from analog and interconnect chips was 244 million yuan, up 5.02% year-on-year, while other businesses saw a dramatic increase in revenue to 1.189 million yuan, a growth of 2543.51% [1] Profitability and Cost Management - The overall gross margin for H1 2025 was 35.54%, a decrease of 2.03 percentage points year-on-year, with Q2 gross margin at 34.76%, down 2.91 percentage points year-on-year [2] - The gross margin for storage chips was 33.48%, down 1.87 percentage points year-on-year, while the gross margin for analog and interconnect chips was 51.14%, down 0.95 percentage points [2] - The company maintained a total expense ratio of 25.26%, a decrease of 1.10 percentage points year-on-year, indicating effective cost control [2] Strategic Focus and Market Position - The company is focused on the AI storage and computing chip sectors, adhering to a product strategy of "computing + storage + analog" and a market strategy of "dual circulation" [3] - The product lines include high-density, high-performance SRAM, DRAM, and Flash chips targeting automotive, industrial, and medical markets, as well as various analog and interconnect chips for multiple sectors [3] - Revenue projections for 2025-2027 are estimated at 5.012 billion, 5.968 billion, and 7.032 billion yuan, with net profits expected to be 549 million, 628 million, and 779 million yuan respectively [3]

Core Viewpoint - Beijing Junzheng's performance in the first half of 2025 met expectations, with revenue and net profit showing steady growth compared to the previous year [2][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.249 billion yuan, a year-on-year increase of 6.75%, and a total profit of 228 million yuan, up 3.39% year-on-year [2]. - The net profit attributable to shareholders reached 203 million yuan, reflecting a 2.85% increase year-on-year [2]. - For Q2 2025, the company reported operating revenue of 1.189 billion yuan, an 8.10% year-on-year increase, and a net profit of 129 million yuan, which is a 17.22% increase year-on-year [2]. Revenue Breakdown - Revenue from storage chips was 1.384 billion yuan, a 5.20% increase year-on-year, accounting for 61.56% of total revenue [2]. - Revenue from analog and interconnect chips was 244 million yuan, up 5.02% year-on-year, representing 10.84% of total revenue [2]. - Other businesses generated revenue of 1.189 million yuan, a significant increase of 2543.51% year-on-year, contributing 0.53% to total revenue [2]. - Revenue from computing chips was 604 million yuan, reflecting a 15.59% year-on-year growth [2]. Profitability and Cost Management - The overall gross margin for the first half of 2025 was 35.54%, a decrease of 2.03 percentage points year-on-year [3]. - The gross margin for Q2 2025 was 34.76%, down 2.91 percentage points year-on-year and 1.64 percentage points quarter-on-quarter [3]. - The gross margin for storage chips was 33.48%, down 1.87 percentage points year-on-year, while analog and interconnect chips had a gross margin of 51.14%, down 0.95 percentage points [3]. - The company maintained a total expense ratio of 25.26%, a decrease of 1.10 percentage points year-on-year, indicating effective cost control [3]. Strategic Focus - The company is focused on the AI storage and computing chip sectors, with a product strategy centered on "computing + storage + analog" [4]. - The main products in the storage chip segment include high-density, high-performance SRAM, DRAM, and Flash, targeting automotive, industrial, and medical markets [4]. - The analog and interconnect chip product line includes various LED drivers and DC/DC converters, catering to automotive, industrial, and consumer electronics sectors [4]. Investment Outlook - Revenue projections for 2025-2027 are estimated at 5.012 billion yuan, 5.968 billion yuan, and 7.032 billion yuan, respectively [4]. - Net profit forecasts for the same period are 549 million yuan, 628 million yuan, and 779 million yuan, with corresponding price-to-earnings ratios of 66.0x, 57.75x, and 46.57x [4].

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [2][4]. Group 1: Company Overview - Beijing Junzheng was established in 2005 and listed on the Shenzhen Stock Exchange in 2011, with a current market capitalization of approximately 36.6 billion yuan [4]. - The company specializes in integrated circuit design, focusing on research and sales of various chip products, including computing, storage, and analog chips, widely used in automotive electronics, industrial and medical applications, communication devices, and consumer electronics [4]. Group 2: Financial Performance - For the first half of 2025, the company reported revenue of 2.25 billion yuan, a year-on-year increase of 6.75%, and a net profit attributable to shareholders of 203 million yuan, up 2.85% [5]. - In 2024, the company experienced a decline in revenue to 4.21 billion yuan, down 7.03%, and a net profit of 366 million yuan, a decrease of 31.84% [6]. - As of June 30, 2025, the company had total assets of approximately 13.41 billion yuan, reflecting a 3.75% increase from the previous year [5]. Group 3: Research and Development - As of June 2025, the company employed 760 R&D personnel, accounting for 64.14% of its total workforce, with 95% of R&D staff holding graduate or undergraduate degrees [7]. Group 4: Management and Ownership - The actual controllers of the company are Liu Qiang and Li Jie, who are acting in concert, with Liu holding 8.40% and Li holding 3.89% of the shares [9]. - Liu Qiang serves as the chairman and general manager, while Li Jie is a board member, both having extensive backgrounds in the industry [9].

Group 1 - The completion of the main structure of the R&D and Offshore Trade Center project by Haowei Group marks a significant milestone, transitioning the project into the installation phase [1] - The project team has adopted a rigorous approach to ensure high-quality construction, overcoming various challenges such as complex geological conditions and intricate structural connections [1] - The main tower utilizes a "concrete core tube + steel structure outer frame" system, with innovative techniques employed to ensure precision in construction and stability of the structure [1] Group 2 - The R&D and Offshore Trade Center covers an area of approximately 22,000 square meters, with a total construction area of about 100,000 square meters, focusing on the integrated circuit industry [4] - The project aims to provide high-end R&D space for leading enterprises in the industry, facilitating technological breakthroughs and industrial upgrades [4] - The establishment of the offshore trade platform will enhance international business expansion and contribute to the integrated circuit industry chain ecosystem in the Lingang New Area [4] Group 3 - The A4 Activity Center employs a mixed structure of concrete, steel, and wood, enhancing aesthetic appeal and sustainability while achieving ultra-low energy consumption [2] - Advanced software tools like Tekla and Rhino were utilized for precise detailing and assembly, ensuring the successful integration of different structural elements [2]