9月21日，上海证券交易所披露的信息显示，沐曦集成电路（上海）股份有限公司（下称"沐曦股份"） 就第二轮审核问询函进行了回复。据贝多商业了解，第二轮审核问询函包含三类问题，涉及客户和收入 等。 一、2025年研发人员数量减少 上海证券交易所在第二轮审核问询函中表示，据首轮问询回复，根据未审数据，沐曦股份2025年1-6月 （即上半年）的销售收入约为9亿元。截至2025年8月31日，该公司的在手订单金额约为11.40亿元。 基于此，要求沐曦股份说明其产品已覆盖及拟覆盖的场景，并结合在手订单，以及洽谈、验证测试客户 等情况，分析发行人（即"沐曦股份"）进入互联网厂商的进展，与同行业可比公司在客户覆盖及开拓方 面的优劣势，并分析发行人未来收入增长的可持续性。 沐曦股份在回复时表示，截至2025年9月5日，发行人在手订单金额（不含税）约为14.30亿元，以曦云 C500系列板卡为主，主要包括超讯通信、新华三、汇天网络、武珞智慧等报告期内存量客户的复购订 单以及部分新客户大订单。 沐曦股份方面称，发行人GPU产品市场空间广阔，尤其是人工智能计算领域发展势头迅猛，而发行人目 前所占国内市场份额仅约1%，受益于加速国产替代 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company has seen a year-on-year increase in the number of completed chip tape-out verification projects, establishing a foundation for mass production business, supported by a robust order backlog for future growth [4]. - In the first half of 2025, the company achieved operating revenue of 282 million yuan, although it experienced a year-on-year decline due to fluctuations in customer demand. However, the revenue from chip design business showed a growth trend [4]. - The company reported a comprehensive gross margin of 18.49% in the first half of 2025, a decrease attributed to a lower proportion of custom service revenue, which typically has a higher gross margin [4]. - The company has a total order backlog of 861 million yuan as of June 30, 2025, with 307 million yuan from chip design business and 554 million yuan from mass production business, indicating strong future growth potential [4]. Financial Summary - The latest closing price of the company's stock is 75.80 yuan, with a total market capitalization of 9.1 billion yuan and a circulating market value of 5.4 billion yuan [3]. - The company’s earnings per share (EPS) for 2025 is projected to be -0.90 yuan, with expected revenues of 652 million yuan, a significant decline of 40.14% compared to the previous year [10]. - The company is expected to achieve revenues of 1 billion yuan in 2026 and 1.3 billion yuan in 2027, with a return to profitability projected in 2026 with a net profit of 37.24 million yuan [8][10].

出品｜公司研究室IPO组 文｜曲奇 9月15日，北京君正集成电路股份有限公司向港交所递交招股书。 北京君正是一家芯片设计公司，过去三年公司受全球半导体周期及终端需求疲软的影响，收入和利润连续下滑。 今年以来，北京君正（SZ300223）股价涨幅超20%，市值约400亿元。但近期公司股东和高管在不断减持。 2025年7月18日至2025年9月12日，北京屹唐盛芯半导体产业投资中心（有限合伙）通过集中竞价方式减持公司股 份482.54万股，减持比例为0.999999%，将持股比例降至8%以下。 此外，9月17日，公司董事李杰合计减持15万股，成交均价为83.01元，合计套现1245万元。 业绩连续两年下滑 北京君正是一家嵌入式CPU芯片设计企业。2020年，北京君正通过收购北京矽成完成业务转型，迅速切入高门槛 的汽车电子和工业控制领域。 如今，北京君正的主营业务已从单一的微处理器芯片（CPU）扩展至计算芯片、存储芯片、模拟与互联芯片三大 核心板块。 其中，计算芯片是北京君正的传统优势领域，有三个子产品线分别是智能视觉SoC、嵌入式MPU及AI-MCU，应用 于安防摄像头、智能门铃、智能眼睛、扫地机器人、二维码/条 ...

中国经济网北京9月22日讯 据上交所网站消息，上交所上市审核委员会定于2025年9月26日（周 五）召开2025年第40次上市审核委员会审议会议，审议摩尔线程智能科技（北京）股份有限公司（以下 简称"摩尔线程"）的首发事项。 摩尔线程成立于2020年6月11日。公司系Fabless模式的GPU芯片设计企业，专注于全功能GPU产品 的研发、设计及销售，通过向晶圆厂采购晶圆代工服务，向封测厂采购芯片封装、测试服务获取芯片产 品。 截至招股说明书签署日，公司无单一持股30%以上的股东，不存在控股股东；截至2025年6月30 日，张建中直接持有公司11.06%的股份，通过南京神傲间接持有公司1.62%的股份，通过杭州华傲、杭 州众傲和杭州京傲三家员工持股平台合计间接持有公司0.05%的股份，合计持有公司12.73%的股份；同 时张建中与持股平台南京神傲、杭州华傲签署一致行动人协议（一致行动期限至任何一方不再持有公司 股权之日），并担任杭州华傲、杭州众傲及杭州京傲三家员工持股平台的执行事务合伙人（持股比例较 低，但根据合伙协议的约定，拥有对三家员工持股平台持续稳定的控制权），合计控制公司36.36%的 股份，为公司实际 ...

Group 1 - The core point of the news is that the IPO of Moore Threads, a leading domestic GPU company, is set to be reviewed on September 26, leading to significant stock price movements in related companies [1][2][4] - Related concept stocks, including Heertai, experienced a surge, with Heertai hitting the daily limit at a price of 50.17 yuan per share and a total market capitalization of 464 billion yuan, marking a historical high [1][2] - Moore Threads, founded in 2020 by former NVIDIA global vice president Zhang Jianzhong, focuses on providing autonomous and controllable computing acceleration platforms for AI computing, digital twins, and scientific computing [4] Group 2 - The Shanghai Stock Exchange's listing review committee is scheduled to meet on September 26 to discuss Moore Threads' IPO, indicating that the company is close to entering the capital market [2] - The stock price movements of related companies reflect strong market interest and optimism surrounding Moore Threads' upcoming IPO [1][2][5]

来源：上海证券报·中国证券网 上证报中国证券网讯 9月22日，ETF午间收盘涨跌不一，消费电子50ETF(159779)涨4.45%，科创芯片设 计ETF(588780)涨4.25%，消费电子ETF富国(561100)涨4.15%，影视ETF(516620)跌2.41%，影视 ETF(159855)跌2.4%，游戏ETF(516010)跌2.12%。 ...

Group 1 - The core viewpoint of the article is that Baidu Group's stock price has increased by 50% over the past month, significantly outperforming the Hang Seng Tech Index's 13% rise, primarily driven by positive news regarding its chip design subsidiary, Kunlun Chip [1] - Kunlun Chip was established in 2011 as an internal business unit of Baidu to support its search operations, and it began developing self-designed chips in 2018 [1] - The first generation of Kunlun chips was launched in 2020, and in 2021, Baidu spun off Kunlun Chip, completing its first round of financing with a valuation of $2 billion [1]

Core Viewpoint - Nomura's report indicates that Baidu Group-SW (09888) stock price has increased by 50% over the past month, significantly outperforming the Hang Seng Index's technology sector, which rose by 13%, primarily driven by positive news regarding its chip design subsidiary, Kunlun Chip [1] Group 1: Company Overview - Kunlun Chip was established in 2011 as an internal business unit of Baidu, initially to support Baidu's search operations [1] - The subsidiary began developing self-designed chips in 2018 and launched its first-generation Kunlun chip in 2020 [1] - In 2021, Baidu spun off Kunlun Chip and completed its first round of financing, achieving a valuation of $2 billion [1]

Core Viewpoint - The chairman of Zhenray Technology, Yu Faxin, has been placed under detention by the Huangshi Municipal Supervisory Committee, temporarily unable to fulfill his duties as a director, but the company's control remains unchanged and normal operations are expected to continue [1][2]. Company Overview - Zhenray Technology is a chip design company specializing in RF transceiver chips, high-speed high-precision ADC/DAC chips, power management chips, microsystems, and modules [1][5]. - The company was established in September 2015 and went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 27, 2022 [5]. Financial Performance - In the first half of 2023, Zhenray Technology achieved a revenue of 205 million yuan, a year-on-year increase of 73.64%, and a net profit attributable to shareholders of 62.32 million yuan, up 1006.99% year-on-year [5][6]. - The company has seen a significant increase in orders and projects, benefiting from the recovery in downstream industries and strategic opportunities in emerging sectors such as commercial aerospace and low-altitude economy [6]. Market Position and Future Outlook - Zhenray Technology's products are primarily used in specialized fields such as data links, electronic countermeasures, wireless communication terminals, and satellite internet [5][6]. - The company is expected to benefit from the ongoing development of satellite internet and the gradual recovery of demand in the defense informationization sector, with projected revenues of 451 million yuan, 631 million yuan, and 850 million yuan for 2025 to 2027 [6].

Core Viewpoint - The announcement regarding the detention of the actual controller and chairman of Zhenlei Technology, Yu Faxin, raises concerns but the company asserts that it will not significantly impact its normal operations [1][3]. Company Overview - Zhenlei Technology, established in September 2015, focuses on chip design, particularly RF transceiver chips, high-precision ADC/DAC chips, power management chips, and micro-systems [7]. - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 27, 2022, and has built a comprehensive platform for chip design, development, production, and sales [7]. Recent Developments - On September 21, Zhenlei Technology announced that Yu Faxin was placed under detention by the Huangshi Municipal Supervisory Committee, temporarily unable to fulfill his duties as chairman [1][3]. - The company confirmed that there has been no change in control and that operations remain normal, with Zhang Bing acting as the interim chairman [3]. Financial Performance - In the first half of the year, Zhenlei Technology reported a revenue of 205 million yuan, a year-on-year increase of 73.64%, and a net profit attributable to shareholders of 62.32 million yuan, up 1006.99% year-on-year [6][8]. - The company has seen a significant increase in orders and projects, benefiting from the recovery in downstream industries and strategic opportunities in emerging sectors such as commercial aerospace and low-altitude economy [8]. Market Position and Future Outlook - Zhenlei Technology's products are increasingly recognized in various applications, with some already included in preferred customer lists [8]. - The company is expected to benefit from the ongoing satellite internet construction and the recovery of demand in the defense information sector, with projected revenues of 451 million yuan, 631 million yuan, and 850 million yuan for 2025 to 2027, respectively [8].