Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The stock option incentive plan reflects the company's confidence, with a target for non-net profit growth of 10%/60%/100%/150% from 2024 to 2028, indicating a compound annual growth rate of approximately 25.74% over four years [2][4]. - The exercise price for the stock options is set at 66.61 CNY, which is 80% of the average stock price prior to the announcement [3]. - The incentive plan is primarily directed towards core management and key personnel, which is expected to enhance employee motivation and drive long-term development [3]. Financial Forecasts - The projected net profits for the company are 1.68 billion CNY in 2025, 2.27 billion CNY in 2026, and 3.03 billion CNY in 2027, corresponding to price-to-earnings (PE) ratios of 45, 33, and 25 respectively [4][5]. - Revenue is expected to grow from 5.51 billion CNY in 2024 to 10.42 billion CNY in 2027, with growth rates of -27.3%, 25.3%, 25.3%, and 20.4% for the respective years [5][10]. - The company's gross margin is projected to improve from 55.77% in 2024 to 59.87% in 2027 [10].

人民日报记者 吴焰 巨云鹏 王伟健 上海市徐汇区武康路，梧桐掩映下的一幢小楼——由上海、江苏、浙江、安徽三省一市联合组建的 长三角区域合作办公室，承担着深入推进长三角一体化发展的重要职能。 小楼里悬挂的一张世界级城市群概况图上，长三角地区引人注目。 "十四五"时期，长三角地区生产总值从2021年的27.6万亿元增长到2024年的超33万亿元，稳步提 升。 习近平总书记强调："深入推进长三角一体化发展，进一步提升创新能力、产业竞争力、发展能 级，率先形成更高层次改革开放新格局，对于我国构建新发展格局、推动高质量发展，以中国式现代化 全面推进强国建设、民族复兴伟业，意义重大。" 长三角以实绩作答：9座城市跻身地区生产总值"万亿之城"行列；26个国家级先进制造业集群，占 全国近1/3；589家科创板上市公司中，有282家来自长三角。区域创新能力、产业实力持续提升。 紧扣一体化和高质量这两个关键词，发挥好经济增长极、发展动力源、改革试验田的作用，三省一 市合力勇挑大梁，努力在中国式现代化中走在前列。 统筹科技创新和产业创新 一束光，照见长三角科研链与产业链融合 推进中国式现代化，科学技术要打头阵，科技创新是必由之路。 ...

Core Viewpoint - Zhongwei Semiconductor (Shenzhen) Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities, strategic investments, and global business development [3] Company Overview - Zhongwei Semiconductor is a leading provider of intelligent control solutions in China, focusing on the design and delivery of integrated circuit chips, with microcontrollers (MCUs) as the core product [3] - The company is recognized as one of the earliest domestic enterprises to independently develop and design MCUs, maintaining a leading position in the industry due to its first-mover advantage and continuous innovation [3] Market Position - As of 2024, Zhongwei Semiconductor ranks first in MCU shipment volume in China and third in revenue [3] - The company has established a strong customer base, serving over 1,000 clients, including leading enterprises and well-known consumer brands [5] Financial Performance - The company's revenue increased from RMB 636.8 million in 2022 to RMB 713.6 million in 2023, representing a growth of 12.1%, and is projected to reach RMB 911.7 million in 2024, with a growth rate of 27.8% [6] - Net profit for 2024 is expected to be RMB 136.8 million, with a compound annual growth rate of 51.9% from 2022 to 2024 [6] Product Development and Innovation - Zhongwei Semiconductor's product offerings extend to system-on-chip (SoC) and application-specific integrated circuits (ASICs), catering to various intelligent control applications [4] - The company is focusing on high-growth sectors such as industrial control and automotive electronics, with a particular emphasis on brushless direct current motors (BLDC) and advanced automotive-grade products based on M4 and RISC-V architectures [7] Customer Retention and Growth Strategy - The customer retention rates for the company were 66.0% in 2022, 64.6% in 2023, 73.2% in 2024, and 83.2% for the first half of 2025, indicating a strong ability to maintain client relationships [6] - The company plans to continue investing in R&D to drive the rapid penetration of MCU products in emerging fields such as artificial intelligence and robotics [5]

Group 1: Economic Growth and Integration - The Yangtze River Delta (YRD) region's GDP is projected to grow from 27.6 trillion yuan in 2021 to over 33 trillion yuan by 2024, indicating steady economic growth [1] - Nine cities in the YRD have entered the "trillion-yuan city" category, and the region hosts 26 national-level advanced manufacturing clusters, accounting for nearly one-third of the country [1] - The YRD is home to 282 out of 589 companies listed on the Sci-Tech Innovation Board, showcasing its strong regional innovation capability [1] Group 2: Technological Innovation - The YRD is focusing on integrating scientific research and industrial innovation, with a significant emphasis on enhancing regional innovation capabilities [2][3] - Shanghai's leading industries, including integrated circuits, biomedicine, and artificial intelligence, have seen continuous growth, reaching a scale of 1.8 trillion yuan [3] - The establishment of dedicated synchrotron radiation experimental platforms is facilitating the application of advanced scientific research in product development [6] Group 3: Infrastructure and Connectivity - The launch of the Shanghai Oriental Hub International Business Cooperation Zone will allow global business personnel to enter without a visa, enhancing international business activities [7][8] - The G60 Sci-Tech Corridor connects nine cities, promoting collaboration and resource sharing, which has led to significant business growth for companies like Zhejiang Pangu Power Technology Co., Ltd. [9][10] Group 4: Environmental Protection and Sustainable Development - The YRD is committed to ecological protection while pursuing economic development, with initiatives like the New安江 ecological compensation mechanism demonstrating successful cross-province collaboration [18][19] - The region has implemented a series of environmental standards and plans, achieving an average of 84.5% for good air quality days in 2024, an increase of 8.8 percentage points since 2018 [20] - The establishment of green fiber industry clusters is contributing to both environmental protection and economic growth in the region [21][22]

Group 1 - The core point of the article is the disclosure of shareholding changes by Shanghai Integrated Circuit Industry Investment Fund Co., Ltd. and its acting in concert, Shanghai Technology Venture Investment (Group) Co., Ltd., regarding their reduction of shares in Shanghai Hehui Optoelectronics Co., Ltd. [1][2] - As of September 25, 2025, the Integrated Circuit Fund and Technology Venture Investment have cumulatively reduced their holdings by 91,945,671 shares, representing approximately 0.67% of the company's total share capital, decreasing their ownership from 11.59% to 10.92% [1][2] - The Integrated Circuit Fund had previously announced a plan on August 28, 2025, to reduce up to 276,188,752 shares, not exceeding 2.00% of the total share capital, with the reduction period set from September 18, 2025, to December 17, 2025 [2] Group 2 - The reduction of shares by Technology Venture Investment is part of its first public offering strategic placement shares, and according to relevant regulations, this reduction does not require prior disclosure [2] - The shareholding change does not trigger a mandatory tender offer and does not involve changes in the source of funds [2] - The reduction will not lead to changes in the company's controlling shareholder or actual controller, nor will it significantly impact the company's governance structure or ongoing operations [2][3]

Economic Growth and Development - The Yangtze River Delta (YRD) region's GDP is projected to grow from 27.6 trillion yuan in 2021 to over 33 trillion yuan by 2024, indicating steady economic growth [2] - The region has nine cities that have reached the "trillion-yuan city" status, and it hosts 26 national-level advanced manufacturing clusters, accounting for nearly one-third of the national total [2] - By 2024, the number of high-tech enterprises in the YRD is expected to exceed 136,000, with a significant impact on international markets [5] Innovation and Technology - The YRD is focusing on integrating scientific research and industrial innovation, with major leaders emphasizing the need to enhance regional innovation capabilities [3] - Shanghai's leading industries, including integrated circuits, biomedicine, and artificial intelligence, have seen continuous growth, reaching a scale of 1.8 trillion yuan [4] - The establishment of specialized synchrotron radiation experimental platforms aims to bridge the gap between scientific research and industrial application [7] Infrastructure and Connectivity - The G60 Shanghai-Kunming Expressway is being developed as a technology innovation corridor, facilitating collaboration among cities in the YRD [11] - A new international business cooperation zone in Shanghai will allow global business personnel to enter without a visa, enhancing the region's openness [9] - The introduction of the G8388 train, connecting major cities in the YRD, exemplifies the region's commitment to improving transportation and connectivity [16] Environmental Sustainability - The YRD is committed to ecological protection and sustainable development, with initiatives like the New Anjiang ecological compensation mechanism demonstrating successful cross-province collaboration [21] - The region has implemented a series of environmental standards and practices, resulting in improved air quality and water quality metrics [22] - The development of green industries, such as the advanced functional fiber innovation center, showcases the integration of ecological considerations into economic growth [23][24]

Economic Growth and Integration - The GDP of the Yangtze River Delta region is projected to grow from 27.6 trillion yuan in 2021 to over 33 trillion yuan by 2024, indicating steady economic growth [2] - Nine cities in the region have entered the "trillion-yuan city" category, and 26 national-level advanced manufacturing clusters account for nearly one-third of the country [2] - The region is home to 282 out of 589 companies listed on the Science and Technology Innovation Board, showcasing its strong innovation capabilities [2] Innovation and Technology - The region is focusing on integrating scientific research and industrial innovation, with a significant emphasis on high-quality development [3][4] - Major industries in Shanghai, such as integrated circuits, biomedicine, and artificial intelligence, have seen continuous growth, reaching a scale of 1.8 trillion yuan [4] - The establishment of specialized synchrotron radiation experimental platforms aims to enhance product development and performance through advanced scientific tools [5][7] Infrastructure and Connectivity - The Shanghai Oriental Hub International Business Cooperation Zone will allow global business personnel to enter without a visa, enhancing international business activities [9][10] - The G60 Science and Technology Corridor connects multiple cities, facilitating collaboration and resource sharing among them [11][12] - A new "super ring" train service connects major cities in the region, improving transportation and integration [16][17] Environmental and Ecological Initiatives - The region is committed to ecological protection and sustainable development, with initiatives like the New安江 ecological compensation mechanism [21][22] - The average proportion of days with good air quality in the region is projected to reach 84.5% by 2024, an increase of 8.8 percentage points since 2018 [22] - The establishment of green manufacturing systems and practices is aimed at balancing economic growth with environmental sustainability [23][24] Future Outlook - The region is focused on continuous high-quality development and integration, with plans to enhance collaborative innovation and resource allocation [25][26]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688249 证券简称：晶合集成 公告编号：2025-061 合肥晶合集成电路股份有限公司 关于股票交易异常波动的公告 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： ● 合肥晶合集成电路股份有限公司（以下简称"公司"）股票于2025年9月24日、2025年9月25日和2025年 9月26日连续3个交易日内收盘价格涨幅偏离值累计超过30%，根据《上海证券交易所交易规则》等有关 规定，属于股票交易异常波动的情形。 ● 经公司自查，并发函询证公司控股股东，截至本公告披露日，不存在应披露而未披露的重大信息。公 司目前生产经营正常，生产经营未发生重大变化。 ● 截至2025年9月26日，公司股票收盘价为32.90元/股，近期公司股价涨跌幅波动较大，超过大部分同行 业公司股价涨跌幅及上证指数涨跌幅。2025年9月24日、2025年9月25日和2025年9月26日，公司股票换 手率分别为6.18%、9.35%、13.53%，显著高于前期换手率水平。公司郑重提醒 ...

Core Viewpoint - The stock option incentive plan by Unisoc aims to bind the interests of core talents with the company's long-term development, enhancing team stability and innovation, while focusing on sustainable strategic goals [1] Summary by Sections Incentive Plan Details - The total number of stock options to be granted is 16.8 million, with 15.6 million options (92.87%) for initial grants and 1.2 million options (7.13%) reserved for future talent [1][4] - The plan covers 466 individuals, including directors, senior management, and key personnel [1] - The exercise period for the options is set for a maximum of 60 months, with a staggered unlocking schedule to promote long-term focus [1] Performance Metrics - The performance assessment is anchored on the net profit growth rate attributable to shareholders, with targets set to increase annually [2] - Starting from a base of 926 million yuan in 2024, the growth targets for 2025 to 2028 are set at no less than 10%, 60%, 100%, and 150%, respectively [2] - By 2028, the net profit must reach 2.315 billion yuan, implying a compound annual growth rate of over 20% [2] Financial Implications - The fair value of the initial grant of 15.6 million options is approximately 298 million yuan, with total amortization expenses estimated at 375.7 million yuan over five years [3] - The expenses will impact net profit in the short term but are expected to enhance operational efficiency and motivation among core personnel in the long run [3] Market Perspective - The incentive plan reflects a balance of market-oriented and stringent design, linking net profit growth directly to shareholder interests [5] - Achieving the ambitious 150% profit growth target over four years poses significant challenges, necessitating close monitoring of industry conditions and the company's strategic execution [5]

Group 1 - The article defines fixed assets as non-monetary assets held by enterprises for production, service provision, leasing, or management, with a usage period exceeding 12 months, including buildings, machinery, and tools [4] - The minimum depreciation periods for fixed assets are specified, with different categories such as buildings, machinery, and electronic devices having distinct minimum depreciation years [4] - Certain fixed assets are not eligible for depreciation deductions, including unused assets, leased assets, and assets unrelated to business activities [4] Group 2 - Accelerated depreciation is allowed for fixed assets that require it due to technological advancements, with methods including shortening the depreciation period or using accelerated depreciation methods [5] - Specific provisions for accelerated depreciation include one-time deductions for newly purchased R&D equipment valued under 1 million yuan and special policies for assets valued under 5,000 yuan [5][6] - For equipment purchased between January 1, 2018, and December 31, 2027, assets valued under 5 million yuan can be deducted in full in the current period, while those over this amount follow existing tax regulations [5] Group 3 - Software and integrated circuit production equipment can be accounted for as fixed or intangible assets, with depreciation periods potentially shortened to a minimum of 2 years for software and 3 years for production equipment [6]