Core Insights - Keysight Design Forum (KDF) 2025 will be held on November 18 in Shanghai, focusing on EDA technology and innovations in various fields such as AI, RF design, and communication systems [2][3] - The event will feature four major technical topics, with a specific focus on RF and communication systems [5] RF and Communication Systems - The forum will showcase innovations from RF to system-level simulation, including an automated simulation platform that enhances efficiency by 200% in RF matching processes for smartphones [8] - The new AI-driven wireless simulation platform, WirelessPro, will be introduced, supporting AI RAN deployment and system-level validation [8][16] - The Nexus platform will demonstrate significant performance improvements in RF filter design, achieving up to 30 times convergence acceleration and 16 times computational speedup [10][12] Automation and AI in RF Design - A fully automated RF matching simulation process has been developed, significantly reducing manual intervention and allowing engineers to focus on more valuable design innovations [14] - The integration of AI and machine learning (ML) with the ADS Python API will enable a 1500-fold reduction in load traction simulation demands, showcasing the transformative potential of generative AI in design [19][20] Future Trends in 6G - The forum will address key trends and challenges in 6G standardization, emphasizing the role of AI as a core driver in air interface design [16] - SystemVue will be highlighted for its modeling capabilities in 6G technologies such as ISAC, RIS, and NTN [16] Event Participation - Registration for the event is now open, with opportunities for attendees to win prizes such as a ROG mechanical keyboard valued at ¥1500 [22][23][26]

Core Insights - The article emphasizes the importance of "Hardware-Assisted Verification" (HAV) and "Shift-Left Verification" strategies in the development of complex System-on-Chip (SoC) systems, highlighting that these approaches are essential for improving development efficiency and reducing hardware and software failure risks [1]. Group 1: HAV Technology Overview - Siemens has launched the Veloce™ CS system, which includes three core platforms: Veloce™ Strato CS (hardware emulation platform), Veloce™ Primo CS (enterprise-level prototyping platform), and Veloce™ proFPGA CS (software prototyping platform) [3]. - Strato CS and Primo CS operate on a highly consistent architecture, sharing the same operating system (Veloce OS) and applications (Veloce Apps), enabling seamless switching between the two and significantly enhancing verification efficiency, with a potential increase of up to 3 times and a reduction in total ownership costs by approximately 6 times [3]. Group 2: Modular Design and Scalability - The Veloce proFPGA CS hardware system features a modular design that allows users to combine various components, ranging from a single FPGA with 80 million gates to a configuration of 180 FPGAs with a total capacity of 14.4 billion gates [4]. - proFPGA CS shares front-end tools and some VirtuaLAB resources with Strato CS and Primo CS, facilitating easy transitions between different platforms for users [4]. Group 3: Upcoming Events and Presentations - A series of HAV technology seminars are scheduled, including sessions on improving SoC and system design verification efficiency using the Veloce CS ecosystem, enhancing hardware prototyping methodologies with proFPGA CS, and accelerating high-performance RISC-V SoC verification [5][6]. - The seminars will also cover the role of Strato CS in supporting efficient hardware-software co-verification for Arm Neoverse CSS and introduce the next-generation virtual platform, Innexis, which empowers SoC design verification [6].

Core Insights - The semiconductor industry is experiencing growth in EDA and silicon IP revenues, with a projected increase of 8.6% in Q2 2025, reaching $5.089 billion, compared to $4.685 billion in Q2 2024 [2] - The growth in EDA revenue is primarily driven by the CAE category, which saw a significant increase of 17.2% [2][4] - Despite a recovery in the Chinese market after five quarters of decline, growth remains modest, while India and Taiwan show strong performance in the IP sector [2][3] EDA Revenue Breakdown - Total EDA revenue for Q2 2025 reached $3.0614 billion, up 8.4% from $2.825 billion in Q2 2024 [3] - CAE revenue increased to $1.929 billion, reflecting a 17.2% growth [4] - PCB & MCM revenue grew by 7.8% to $430.5 million, while IC Physical Design & Verification revenue decreased by 9.9% to $701.9 million [4] Regional Performance - The Americas experienced a growth rate of 14.1%, while EMEA and Japan saw increases of 10.7% and 11.8%, respectively [3][5] - The Asia-Pacific region, primarily driven by China, had a lower growth rate of 7.2% [5] Employment Trends - The total number of employees in the tracked companies rose to 72,529 in Q2 2025, marking a 14.8% increase from 63,188 in Q2 2024 [5] Challenges in Semiconductor IP Sales - The semiconductor IP market faces challenges, particularly in the analog IP sector, which lacks standardization and requires custom design and verification [6][8] - Documentation and support for semiconductor IP are often inadequate, leading to integration difficulties for customers [7][8] - Successful semiconductor IP sales require a collaborative approach, focusing on high-quality, well-documented solutions rather than merely increasing the quantity of offerings [9]

Core Insights - The EDA market is dominated by three major American companies: Synopsys, Cadence, and Mentor, which collectively hold over 85% of the global market share [1] - Synopsys recently reported disappointing Q2 results and provided a bleak forecast for Q4 and the full year, leading to a significant stock price drop of 35%, equating to a market value loss of $40 billion [3][5] - The decline in Synopsys's performance is attributed to a lack of trust from the Chinese market, exacerbated by the company's swift compliance with U.S. export restrictions [5][9] Financial Performance - In Q2, Synopsys achieved revenues of $1.74 billion, a 14% year-over-year increase, but net profit plummeted by 43.06% to $242.5 million [7] - The company's IP business, a historically high-margin segment, saw a revenue decline of 8%, dropping from approximately 30.4% of total revenue to 24.6%, amounting to $427.6 million [7] Market Dynamics - The Chinese market's skepticism towards Synopsys has led to a significant reduction in orders, as domestic EDA software is gaining traction and increasingly replacing foreign solutions [5][9] - The overall EDA market is expected to undergo a reshuffle, with foreign EDA software facing growing challenges in China, as local alternatives become more viable [9]

Summary of EDA Industry Conference Call Industry Overview - The EDA (Electronic Design Automation) industry in China is experiencing significant changes due to fluctuating U.S. policies towards China, which has increased the demand for domestic alternatives [1][3][7] - Domestic EDA companies are benefiting from the localization needs of major firms like Huawei, with rapid improvements in the localization rate for design EDA tools [1][3] Key Companies and Developments - Major domestic EDA companies include Huada Jiutian, Guangliwei, and Gai Lun, while the global market is dominated by Synopsys, Cadence, and Mentor [4][5] - Synopsys plans to acquire ANSYS, indicating a trend of consolidation in the global EDA market [5] - Huada Jiutian reported a 13% year-on-year revenue growth in the first half of the year, with a 73% increase in non-GAAP profits [1][10] Market Dynamics - The EDA industry is characterized by a "stronger getting stronger" dynamic, with ongoing mergers and acquisitions [5][9] - Domestic EDA companies face challenges in valuation and funding, with high valuations in the primary market and declining revenues leading to difficult price negotiations [8][9] Technological Advancements - In design EDA, Huawei's internal localization rate has increased from 50% in 2024 to 100% in 2025, showcasing significant progress in domestic capabilities [6] - Manufacturing EDA development varies by customer type, with 7nm technology being largely achievable and some tools reaching 5nm levels [6] Future Outlook - The potential for a complete decoupling between the U.S. and China in the EDA sector is anticipated, which could accelerate the push for domestic technology independence [7] - The next one to two years may present favorable conditions for acquisitions as domestic companies may face funding challenges [8] Investment Considerations - Current recommendations advise against high-risk investments in domestic EDA companies, with a focus on Huada Jiutian for long-term prospects due to its comprehensive industry layout [11] - The macroeconomic environment and policy changes may serve as catalysts for the industry in the latter half of the year [11]

Core Viewpoint - The article discusses the upcoming Intelligent Design Automation Summit 2025 (IDAS 2025), focusing on the rapid restructuring of the global semiconductor industry and the need for diverse supply chains and EDA technology advancements [3][4]. Event Overview - IDAS 2025 will take place on September 15-16, 2025, at the Hangzhou International Expo Center, aiming to gather key players from the semiconductor industry, including leading companies, universities, and research institutions [3][4]. - The summit will feature a main forum, 12 specialized forums, and related enterprise user conferences, expecting over 500 leading semiconductor companies and 2,500 professional attendees [4]. Themes and Topics - The summit will cover a wide range of topics from circuit-level to system-level design, including analog and digital circuit design, chip manufacturing, and packaging [3][4]. - Key discussion areas will include AI for EDA, 3D IC, and various technological roadmaps, with a focus on sharing the latest research findings and analyzing macro trends in the industry [4]. Agenda Highlights - The agenda includes an opening ceremony and main forum on September 15, followed by specialized forums covering topics such as custom design, memory design, and advanced packaging [11][12]. - On September 16, the main forum will address solutions for improving chip lifecycle yield, alongside various specialized discussions on AI technology applications in semiconductors [13][15]. Participation and Registration - Registration for the summit is currently open, with multiple ways to sign up, including through the EDA² official website and the "EDA Square" WeChat account [6][7][9].

Core Viewpoint - The article emphasizes the shift in focus towards domestic electronic design automation (EDA) tools in the semiconductor industry, driven by the increased production capacity of Changxin Memory and Yangtze Memory Technologies, aiming to reduce reliance on foreign technologies [1][5]. Group 1: DRAM Production - Changxin Memory's DRAM production capacity is expected to experience explosive growth by 2025, with monthly output increasing from 100,000 wafers in 2024 to 200,000 wafers, totaling an annual output of 2.73 million wafers [3]. - The collaboration with domestic EDA companies like Huada Jiutian has enabled a fully localized support system from design to mass production, enhancing competitiveness against international manufacturers [3]. Group 2: NAND Flash Production - Yangtze Memory's first fully domestic trial line for NAND flash is set to begin production in the second half of 2025, targeting a global market share of 15% by 2026 [4]. - The introduction of self-developed technologies and domestic equipment has led to the mass production of the 294-layer X4-9070 chip, achieving an interface speed of 3600 MT/s [4]. Group 3: EDA Tool Development - Despite the temporary lifting of U.S. export restrictions on EDA tools in July 2025, the urgency for self-sufficiency in the industry has been recognized [5]. - Companies like Hejian Software are rapidly innovating to meet market demands, with their new generation of hardware systems significantly enhancing verification capabilities [5]. - The domestic EDA market is projected to reach 14.95 billion yuan by 2025, with an expected localization rate of 17% [5]. Group 4: Market Dynamics - The global EDA market is still dominated by three major players—Synopsys, Cadence, and Siemens—holding over 80% market share, making it challenging for domestic tools to compete in the short term [6]. - Chinese companies are adopting a collaborative innovation model to overcome barriers, focusing on the integration of EDA tools and foundational software [6]. - The evolution from point tools to comprehensive process coverage signifies a transition of the Chinese EDA industry from a replacement phase to an innovation phase, supporting the country's shift from a "manufacturing giant" to a "design powerhouse" [6].

Fundraising Overview - The company raised a total of RMB 3,549,753,292.26 from the public offering of 108,588,354 shares at a price of RMB 32.69 per share, with a net amount of RMB 3,471,727,753.82 after deducting issuance costs [1][2] - As of June 30, 2025, the remaining balance of the raised funds is RMB 965,810,000.00, with a total of RMB 2,471,903,602.72 used [1][2] Fund Management - The company has established a management method for the raised funds, ensuring compliance with relevant laws and regulations [1][2] - As of June 30, 2025, the total amount of idle raised funds used for cash management is RMB 965,810,000.00, with specific investments in structured deposits and seven-day notice deposits [2][5] Investment Projects - The company has not changed the use of the raised funds or transferred any investment projects during the reporting period [2][4] - The company has adjusted the expected completion dates for several EDA tool projects due to external market conditions, with new completion dates set for December 31, 2024, and December 31, 2025 [3][4] Cash Management - The company approved the use of up to RMB 1.2 billion of idle raised funds for cash management, with a balance of RMB 965,810,000.00 as of June 30, 2025 [2][5] - The cash management products include structured deposits with varying interest rates and seven-day notice deposits [2][5] Compliance and Reporting - The company confirms that the disclosure of the use of raised funds aligns with actual usage, with no violations reported [2][6] - There are no significant changes in the feasibility of the investment projects, and the company continues to adhere to its planned investment strategies [4][6]

Core Viewpoint - The company reported a revenue of 502 million yuan for the first half of 2025, reflecting a year-on-year growth of 13.01%. However, the net profit attributable to shareholders decreased significantly by 91.90% to 3.0679 million yuan [1]. Financial Performance - Revenue: 502 million yuan, up 13.01% year-on-year [1] - Net Profit: 3.0679 million yuan, down 91.90% year-on-year [1] - Net Loss (after excluding non-recurring items): 18.621 million yuan, a reduction in loss by 63.66% year-on-year [1] - Basic Earnings Per Share: 0.0057 yuan [1]

Group 1 - The company reported a revenue of 502 million yuan for the first half of 2025, representing a year-on-year growth of 13.01% [1] - The net profit attributable to shareholders of the listed company was 3.0679 million yuan, showing a significant year-on-year decline of 91.90% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -18.621 million yuan [1] - The basic earnings per share were 0.0057 yuan [1]