Group 1 - The core viewpoint of the article is that Huada Jiutian's investment in Si Erxin will enhance the company's competitive edge in hardware-assisted verification tools, accelerating the development of a comprehensive digital chip front-end design and verification solution [1] - This investment is expected to expedite the coverage of the entire process of EDA tools in digital circuit design, further strengthening the company's market competitiveness in the EDA field [1]

证券代码：301269 证券简称：华大九天 公告编号：2025-081 北京华大九天科技股份有限公司 关于部分募投项目结项并注销相关募集资金专户的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 登录新浪财经APP 搜索【信披】查看更多考评等级 北京华大九天科技股份有限公司（以下简称"公司"）首次公开发行股票募集资金投资项目（以下简 称"募投项目"）之"模拟设计及验证EDA工具升级项目"已实施完毕并达到预定可使用状态，公司决定对 该募投项目进行结项，该募投项目结项无节余募集资金。此外，募投项目之"补充流动资金"项目已实施 完毕，公司决定同时注销"模拟设计及验证EDA工具升级项目"和"补充流动资金"的募集资金专项账户。 根据《深圳证券交易所上市公司自律监管指引第2号一一创业板上市公司规范运作》的相关规定，上述 事项可以豁免履行相关审议程序。现将相关情况公告如下： 根据中国证券监督管理委员会"证监许可[2022]851号"文《关于同意北京华大九天科技股份有限公司首 次公开发行股票注册的批复》，公司首次公开发行人民币普通股（A股）股票10,858.8354万股， ...

Core Viewpoint - The domestic EDA (Electronic Design Automation) industry in China is currently experiencing a "policy-driven + technological breakthrough + high demand growth" phase, indicating significant investment opportunities [1] Group 1: Short-term Outlook - In the short term, the focus is on domestic substitution and mergers & acquisitions within the EDA sector [1] Group 2: Mid-term Outlook - In the mid-term, the emphasis will be on achieving full-process coverage and the integration of AI capabilities into EDA solutions [1] Group 3: Long-term Outlook - In the long term, there is an expectation for an increase in global market share for domestic EDA companies, highlighting their long-term investment value [1]

证券日报网讯12月30日，华大九天（301269）在互动平台回答投资者提问时表示，公司始终秉持开放协 作的态度，积极与EDA领域具备技术互补的合作伙伴开展合作。关于对外投资，公司将严格按照法律 法规及监管要求履行信息披露义务。 ...

Core Insights - The core point of the news is that Xinhao Semiconductor has completed its IPO counseling work and is entering the final stage of its IPO process, marking a significant milestone for this leading domestic EDA company [1][4]. Financial Performance - In 2024, Xinhao Semiconductor achieved a revenue of 265 million yuan, more than doubling from 106 million yuan in 2023, with a net profit of 48.1282 million yuan, indicating a turnaround from losses in 2023 [1][4]. - The company's growth is attributed to its applications in 5G communication, smartphones, IoT, artificial intelligence, and data centers, as well as the increasing market recognition of its full-stack EDA solutions [1][4]. Product and Technology - Xinhao Semiconductor's core products span the entire chain from chips, packaging, modules, PCB-level interconnections to complete systems, supporting advanced packaging technologies like Chiplet [1][4]. - The self-developed 3DIC Chiplet advanced packaging simulation platform, Metis, won the CIIF award at the China International Industry Fair in September 2025, symbolizing a breakthrough in domestic EDA technology [1][5]. Market Dynamics - The company has been active in capital operations, having initiated its A-share IPO counseling on February 7, 2025, shortly before a proposed acquisition by Huada Jiutian was announced, which was later terminated due to disagreements on core terms [2][5]. - The domestic EDA market has been dominated by foreign companies, with major players like Synopsys, Cadence, and Siemens holding 74% of the global market share in 2024. The domestic EDA localization rate increased from 6% in 2018 to 11% in 2021 [2][5]. - Xinhao Semiconductor's decision to pursue an independent IPO reflects the competitive dynamics in the EDA market and may allow the company to maintain its unique technological path and proactively adjust its market strategy [2][5].

Core Viewpoint - The company, Shanghai Hejian Industrial Software Group, has officially initiated its IPO process, marking a significant step for a leading domestic EDA (Electronic Design Automation) enterprise in China [1][2]. Group 1: Company Overview - Hejian Industrial Software focuses on providing comprehensive EDA tools for digital chip design, possessing multiple proprietary technologies in key areas such as software and hardware simulation, interface IP, and system-level EDA [1]. - The company is currently the only domestic EDA enterprise capable of covering the entire digital chip verification process while offering advanced process high-speed interconnect IP [1]. - Hejian has successfully developed a complete digital chip verification solution, from early virtual architecture design modeling to hardware simulation acceleration and full-chip-level prototype verification [1]. Group 2: Technological and Financial Strength - The company has undertaken key national and local R&D projects, earning multiple honors such as the national-level "specialized, refined, and innovative" small giant enterprise and high-tech enterprise [2]. - As of the end of 2025, Hejian has completed seven rounds of financing, raising over 4 billion yuan, setting a record for financing scale in the domestic EDA industry, reflecting strong confidence from the capital market in its growth prospects [2]. - The company is recognized for its significant role in promoting domestic alternatives in the integrated circuit EDA sector, particularly in the context of the accelerating domestic chip self-sufficiency process [2]. Group 3: Market Context - EDA tools are considered the "industrial mother machine" of chip design and are highly regarded in the semiconductor industry, characterized by high technical barriers and market concentration, historically dominated by international giants [2]. - The digital chip verification field, where Hejian operates, is one of the most technically challenging and largest market segments within EDA, with the company's solutions filling several gaps in the domestic market [2].

Core Viewpoint - The recent report from the China Securities Regulatory Commission indicates that Chip and Semiconductor Technology (Shanghai) Co., Ltd. has completed its IPO counseling process, signaling a clear direction for its capital actions after previous attempts to enter the market and a failed acquisition by Huada Jiutian [1][5]. Company Overview - Chip and Semiconductor was established in 2010, focusing on Electronic Design Automation (EDA) software development, providing comprehensive EDA solutions applicable in various fields such as 5G, smartphones, IoT, AI, and data centers [2]. - The company was co-founded by experienced professionals in the semiconductor industry, including CEO Dai Wenliang and Chairman Ling Feng, both of whom have extensive backgrounds in EDA and related fields [2][3]. Market Environment - The EDA industry, while not a large segment of the semiconductor market, is expected to exceed 1 trillion yuan in the coming years, presenting significant opportunities for growth [3]. - The EDA market is characterized by a "winner-takes-all" dynamic, with a strong concentration of market share among leading firms [3][10]. Recent Developments - In early 2025, Chip and Semiconductor accelerated its capital actions, initiating the A-share IPO process and previously engaging in a failed acquisition attempt by Huada Jiutian [5][6]. - The company reported revenues of 106 million yuan and 265 million yuan for 2023 and 2024, respectively, with a net profit of -89.93 million yuan in 2023 and a profit of 48.13 million yuan in 2024 [6]. Industry Trends - The global EDA market is projected to reach $19.246 billion in 2024, with the top three companies holding 74% of the market share, while the domestic market share exceeds 80% [9]. - The domestic EDA industry is expected to see an increase in localization, with the domestic EDA market share projected to rise from 6% in 2018 to 19% by 2025 [10]. Future Outlook - Chip and Semiconductor is focusing on advanced packaging technologies and AI integration to enhance design efficiency, positioning itself to carve out a niche in the competitive EDA market [11].

Core Insights - The company, Huada Jiutian, has developed the only full-process EDA tool system for RF circuit design in China [2] - The company has filled a gap in the domestic EDA tools market with its advanced packaging design solutions [2] - The company has established a comprehensive digital chip verification and signing solution, covering nearly 80% of the main tools for digital circuit design [2] - The company plans to accelerate the layout of full-process EDA and breakthroughs in core technologies through a combination of independent research and development, collaborative development, and mergers and acquisitions [2] - The company aims to expedite the localization process of EDA tools [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company focuses on deepening design and process collaboration, enhancing its EDA+IP ecosystem through acquisitions [1] - The company has shown stable revenue growth with a CAGR of 32.13% from 2020 to 2024, and its R&D expenses are significant, with rates of 71.1% and 64.8% for 2023 and 2024 respectively [7][31] - The company is positioned as a leading domestic EDA enterprise, with successful acquisitions enhancing its product offerings and technical capabilities [10] Summary by Sections Company Overview - The company's main products include manufacturing EDA, design EDA, device testing systems, and one-stop technology development [17] - The company has completed three acquisitions from 2010 to 2023, indicating a strategy of innovation and acquisition [7][22] - As of Q3 2025, the top six shareholders hold 59.7% of the shares, indicating a concentrated ownership structure [23] Market Data - As of December 15, 2025, the company's current price is 33.79 yuan, with a total market capitalization of approximately 14.70 billion yuan [4] - The company has shown a 12.71% year-on-year revenue growth for the first three quarters of 2025 [30] Financial Performance - The company's revenue for the first three quarters of 2025 reached 3.15 billion yuan, with a net profit of 42 million yuan, reflecting a significant year-on-year increase of 173.46% [30] - The company’s gross margin remains high at 89.1%, with effective control over expenses [31] EDA Market Insights - The global EDA market is expected to grow steadily, with a projected size of approximately 14.55 billion USD in 2025, increasing to 32.15 billion USD by 2034, representing a CAGR of 9.21% [51] - The EDA industry is highly concentrated, with the top three companies holding 74% of the market share [58] Strategic Acquisitions - The company plans to acquire Ruicheng Chip Micro and Naneng Micro in 2025, aiming to become the first listed company in China to achieve deep collaboration between EDA and semiconductor IP [9][10] - The acquisitions are expected to expand the company's revenue scale and profitability [9]

Core Insights - The EDA software market is dominated by American companies, which hold 75-80% of the global market share, with Synopsys, Cadence, and Siemens EDA being the key players [3] - In China, these three companies previously captured over 85% of the market, highlighting the heavy reliance on American EDA solutions [3] - Recent geopolitical tensions have prompted a push for domestic alternatives in China, leading to increased collaboration between domestic chip and EDA companies [5] Group 1 - The dependency on EDA software is critical for chip design, manufacturing, and testing, making it an essential component for semiconductor companies [1] - The Chinese market for EDA is experiencing a decline in revenue for American companies, with Synopsys reporting a 22% year-over-year decline when excluding Ansys, and an 18% decline when including it [5] - Domestic EDA companies are gaining traction, with significant advancements in technology and processes, such as Huada Jiutian's development of core EDA tools and solutions [7] Group 2 - By 2024, the domestic EDA adoption rates are projected to exceed 30% for analog chips and 15% for digital chips, indicating a shift towards self-sufficiency [5] - The overall revenue contribution from the Chinese market for American EDA companies is decreasing as local firms reduce their reliance on foreign software [7] - The potential for domestic EDA companies to achieve full self-sufficiency exists, given China's large market size and the ongoing efforts of local firms [9]