Company Overview - Longxin Semiconductor (Hefei) Co., Ltd. is a leading high-speed mixed-signal chip design company focused on building efficient and reliable "data highways" for smart terminals, devices, and AI applications. Its products enable seamless data transmission and processing, with applications in smart visual terminals, automotive, AR/VR devices, and high-performance computing (HPC) [3] - According to Frost & Sullivan, Longxin ranks first in the domestic video bridging chip market and is among the top five fabless design companies globally based on revenue in 2024 [3] Financial Performance - For the fiscal years 2022, 2023, and 2024, Longxin's revenue was approximately RMB 241 million, RMB 323 million, and RMB 466 million, respectively. For the nine months ending September 30, 2024, and 2025, the revenue was RMB 334 million and RMB 389 million, respectively [5] - The company's profit for the same periods was RMB 69.21 million, RMB 103 million, and RMB 144 million, with profits for the nine months ending September 30, 2024, and 2025 being RMB 93.99 million and RMB 124.51 million, respectively [6] Industry Overview - The global market for smart video chips is projected to recover in 2024, with a compound annual growth rate (CAGR) of 7.4%, growing from RMB 1,090 billion in 2025 to RMB 1,450 billion by 2029. This growth is driven by the recovery of the economy and the upgrading of downstream applications such as AR/VR and smart automotive [8] - Video bridging chips and video processing chips are expected to be the fastest-growing segments, with respective CAGRs of 15.5% and 12.1% from 2025 to 2029, driven by increasing demand for high-speed and stable signal bridging in smart visual terminals and automotive applications [9][10] - The global interconnect chip market is anticipated to grow from RMB 1,395 billion in 2025 to RMB 2,904 billion by 2029, with a CAGR of 20.1%, fueled by the increasing demand for data processing and visual display in the AI era [12]

据港交所12月22日披露，龙迅半导体(合肥)股份有限公司(简称：龙迅股份(688486.SH))向港交所主板提交上 市申请，中信建投（601066）国际为独家保荐人。招股书显示，龙迅股份是一家领先的高速混合信号芯片 设计公司，致力于为智能终端、设备及AI应用构建高效、可靠的"数据高速公路"。公司的产品能够实现数 据的无缝传输和处理，并在计算、存储和显示单元之间实现高效交互。主要应用包括智能视觉终端、智能 车载、AR/VR设备以及AI与高效能计算("HPC")。根据弗若斯特沙利文的资料，按2024年收入计，在视频桥 接芯片市场，公司为中国内地排名第一及全球前五的Fabless设计公司。 Lontium Semiconductor Corporation 龍迅半導體(合肥)股份有限公司 (於中華人民共和國註冊成立的股份有限公司) [编纂] 獨家保薦人 · [編纂] 中信建投國際 CHINA SECURITIES INTERNATIONAL [编纂]的[编纂]數目 : [编纂]股H股(視乎[编纂]行使與否而定) [编纂]數目 [编纂]股H股(可予[编纂]) :: [编纂]數目 [编纂]股H股(可予[編纂]及視乎[编 ...

证券代码：688593 证券简称：新相微 公告编号：2025-088 上海新相微电子股份有限公司 关于公司子公司拟参与北京电子数智科技有限责任公司 增资项目的对外投资暨关联交易的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： ■ 一、对外投资基本情况 北京电子数智科技有限责任公司（以下简称"北电数智"或"目标公司"）在北京产权交易所（以下简 称"产交所"）挂牌《北京电子数智科技有限责任公司增资项目》，引入战略投资者。上海新相微电子股 份有限公司（以下简称"新相微"或"公司"）为把握人工智能技术革命与产业重构的机遇，在AI领域进行 积极稳步布局，拟通过战略性持股北电数智，构建双向赋能的产业协同生态。经公司第二届董事会战略 委员会第四次会议、第二届董事会审计委员会第八次会议、第二届董事会独立董事专门会议第六次会 议、第二届董事会第十一次会议、2025年第一次临时股东会审议通过，同意公司全资子公司上海新相技 术有限公司（以下简称"上海新相"或"新相技术"）以自有资金1亿元人民币（暂定）向北电数智进行增 资暨 ...

IPO Pipeline Overview - As of December 21, there are 266 companies in the IPO pipeline, with 18 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 20 on the Shenzhen Main Board, 28 on the Growth Enterprise Market, and 164 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 12 accepted, 168 under inquiry, 11 approved, 52 registered, and 25 in total [3] Newly Listed Companies - Between December 15 and December 21, four companies were newly listed: Beijing Angrui Microelectronics Technology Co., Ltd., Muxi Integrated Circuit (Shanghai) Co., Ltd., Yuanchuang Technology Co., Ltd., and Xiamen Youxun Chip Co., Ltd. [4] - Beijing Angrui Microelectronics closed at 216.05 CNY per share, with a rise of 160.11% and a trading volume of 2.061 billion CNY [5] - Muxi Integrated Circuit closed at 829.90 CNY per share, with a rise of 692.95% and a trading volume of 11.259 billion CNY [7] - Yuanchuang Technology closed at 67.23 CNY per share, with a rise of 171.64% and a trading volume of 11.259 billion CNY [7] - Xiamen Youxun Chip closed at 230.70 CNY per share, with a rise of 346.57% and a trading volume of 2.854 billion CNY [8] New Counseling Record Companies - 18 companies were newly recorded for counseling between December 15 and December 21, including Xinyu Automotive Parts Co., Ltd., Jiangsu Anlan Wanjin Electronics Co., Ltd., and others [9] - Xinyu Automotive Parts specializes in the R&D, manufacturing, and sales of automotive parts, recognized as a key enterprise in Zhejiang Province [10] - Jiangsu Anlan Wanjin Electronics produces high-speed communication transmission cables and components for various industries [11] CSRC Approval Status - Between December 15 and December 21, six companies successfully passed the review process, including China Electronics Technology Blue Sky Technology Co., Ltd. and Shenzhen Shangshui Intelligent Co., Ltd. [17] - China Electronics Technology Blue Sky focuses on electric energy products and systems, providing comprehensive solutions from deep sea to deep space [18] CSRC Registration Approval - Three companies received registration approval between December 15 and December 21: Shandong Agricultural University Fertilizer Technology Co., Ltd., Shenzhen Beixin Life Technology Co., Ltd., and Yisiwei (Hangzhou) Technology Co., Ltd. [21] - Shandong Agricultural University Fertilizer specializes in new fertilizer development and aims to promote green and technological transformation in the agricultural sector [22] Termination of Review - On December 19, Jiejia Robot Co., Ltd. withdrew its IPO application on the Sci-Tech Innovation Board [24] - Jiejia Robot specializes in the R&D, production, and sales of collaborative robots and automation systems [25]

Core Viewpoint - The company, Lanke Technology, is a leading global player in data processing and interconnect chip design, focusing on high-performance, low-power chip solutions for cloud computing and artificial intelligence [1] Group 1: Product Lines - Lanke Technology has two main product lines: interconnect chips and the Zindai server platform, with a strong position in the memory interface chip industry as one of the top three global DDR5 manufacturers [1] - The interconnect chip product line includes a comprehensive range of products such as memory interface chips (including MRCD/MDB chips, CKD chips), memory module supporting chips, PCIe Retimer chips, MXC chips, and clock chips [2] - The Zindai server platform includes Zindai CPUs, data protection and trusted computing acceleration chips, and hybrid secure memory modules (HSDIMM), providing a secure computing platform for cloud data centers [2] Group 2: Growth Drivers - The company is experiencing significant growth driven by the increasing penetration of DDR5 and the demand for AI-related "capacity" chips, with notable performance from PCIe Retimer, MRCD/MDB, and CKD chips [2] - The MXC chip, recognized as the world's first CXL MXC chip, is applied in memory expansion and pooling, maintaining an industry-leading position and benefiting from high-performance computing and AI demand [2] Group 3: Financial Outlook - The company is expected to maintain strong growth, with projected net profits for 2025-2027 at 2.4 billion, 3.4 billion, and 4.6 billion yuan, corresponding to current PE valuations of 57, 39, and 29 times [3] - The company has been rated as a "buy" due to its leading position in memory supporting chips and its advanced layout in AI-related capacity chips [3]

格隆汇12月22日丨盛景微(603375.SH)在投资者互动平台表示，公司是一家具备高性能、超低功耗芯片 设计能力的电子器件提供商，主要产品为工业安全领域的电子控制模块，主要应用于爆破领域，与烟花 爆竹生产部分环节的控制逻辑存在底层共通性。公司正积极与相关部门交流沟通，探讨针对烟花生产、 流通和燃放等环节的技术路径实现的可能性。 ...

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant milestone for the company in the semiconductor industry [1] Group 1: Company Overview - TianShu ZhiXin was established in 2015 and focuses on providing general-purpose GPU products and AI computing solutions tailored for various industries [1] - The company's product portfolio includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions, integrating hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1] - TianShu ZhiXin is the first Chinese chip design company to achieve mass production of inference and training general-purpose GPU chips, as well as the first to utilize advanced 7nm process technology to reach these milestones [1] Group 2: Market Presence and Client Base - As of June 30, 2025, the company has delivered over 52,000 general-purpose GPU products to more than 290 clients across various industries [1] - The company's products and solutions have been deployed over 900 times in key sectors such as financial services, healthcare, and transportation, supporting industrial digital transformation from manufacturing to retail, as well as applications in basic research and education [1] Group 3: Financial Performance - TianShu ZhiXin's revenue for the years 2022 to 2024 and the first half of 2025 is projected to be 189 million, 289 million, 540 million, and 324 million yuan respectively, with gross margins of 59.4%, 49.5%, 49.1%, and 50.1% [2] - The company announced a compound annual growth rate (CAGR) of 68.8% for revenue from 2022 to 2024, with a year-on-year revenue growth of 64.2% for the first half of 2025, driven by continuous product and solution iterations, mature commercialization capabilities, and an expanding high-quality customer base [2]

关键词：面板电源管理芯片产业链、面板电源管理芯片市场规模、面板电源管理芯片企业格局、面板电 源管理芯片发展趋势 一、面板电源管理芯片行业定义及产业链 电源管理芯片（PMIC）是一种专门用于调节与控制电源的芯片，能够实现电能的交换、分配、检测及 其他管控功能，满足电路系统中元器件差异化的电源需求，保障电路系统的功能实现和稳定运行。面板 PMIC是显示面板的核心组件，主要负责管理显示面板各种组件所需的电源轨，包括源极驱动器、栅极 驱动器、时序控制器和背光模块等。这些芯片确保在LCD、OLED和Mini LED等不同面板技术中实现精 确的电压调节、时序控制和稳定运行。 从面板电源管理芯片产业链来看，上游为生产所需的原材料及生产设备，原材料包括硅片、光刻胶、光 掩模、溅射靶材等，生产设备涉及单晶炉、刻蚀机、气相沉积设备、光刻机等；中游为面板电源管理芯 片设计、制造、测试。下游为显示面板领域，显示面板最终广泛应用于消费电子、汽车等领域。 显示面板电源管理芯片产业链 内容概要：面板PMIC是显示面板的核心组件，主要负责管理显示面板各种组件所需的电源轨，包括源 极驱动器、栅极驱动器、时序控制器和背光模块等。这些芯片确保在L ...

Core Insights - Shanghai Iluvatar CoreX Semiconductor Co., Ltd. (referred to as "the Company") is preparing for an IPO on the Hong Kong Stock Exchange, having disclosed its post-hearing prospectus on December 19, 2025 [2] - The Company specializes in general GPU products and AI computing solutions, with a focus on hardware and proprietary software integration to meet specific customer needs in training and inference scenarios [2][3] - The Company is the first in China to achieve mass production of inference and training general GPU chips, utilizing advanced 7nm process technology [2] Business Overview - The Company was established in 2015 and offers a range of products including general GPU chips, acceleration cards, and customized AI computing solutions [2] - The product lines include the Tianwei series for AI model training and the Zhikai series for inference applications, collectively covering the AI computing field [4] - As of June 30, 2025, the Company has delivered over 52,000 general GPU products to more than 290 customers across various industries, with over 900 deployments in key sectors such as financial services, healthcare, and transportation [4] Financial Performance - The Company's revenue has shown significant growth, with reported figures of RMB 189.369 million in 2022, RMB 289.041 million in 2023, and projected RMB 539.511 million in 2024 [15][16] - Despite revenue growth, the Company has incurred net losses of RMB 5.54 billion in 2022, RMB 8.17 billion in 2023, and RMB 6.09 billion in the first half of 2025 [15][16] Shareholder Structure - The largest shareholder group, holding 23.61% of the shares, consists of employees through various entities and passive financial investors, with voting decisions made by the management committee [8][9] - Other significant shareholders include Dazheng Capital (22.92%) and Hainan Shuxin (7.51%) [9] Board of Directors - The Company's board consists of 9 members, including 4 executive directors and 3 independent non-executive directors, with a diverse background in technology and finance [12][14] Underwriting Team - The IPO underwriting team includes Huatai International as the sole sponsor, Ernst & Young as the auditor, and various legal advisors for both Chinese and Hong Kong jurisdictions [17]

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for R&D, sales, and marketing efforts [1] Group 1: Company Overview - TianShu ZhiXin was established in 2015 and specializes in providing general-purpose GPU products and AI computing solutions across various industries [1] - The company has achieved significant milestones, being the first in mainland China to mass-produce inference and training general-purpose GPU chips, as well as the first to utilize advanced 7nm process technology for these products [1] Group 2: Product and Market Performance - The shipment volume of TianShu ZhiXin's general-purpose GPU products has shown consistent growth, increasing from 7,800 units in 2022 to 16,800 units in 2024, with a projected 15,700 units for the first half of 2025 [1] - The company has delivered over 52,000 general-purpose GPU products to more than 290 customers across various sectors, including finance, healthcare, and transportation, with over 900 deployments [2] Group 3: Financial Performance - Revenue figures for TianShu ZhiXin during the reporting period are as follows: 189 million yuan in 2022, 289 million yuan in 2023, 540 million yuan in 2024, and 324 million yuan in the first half of 2025, reflecting a compound annual growth rate of 68.8% from 2022 to 2024 [2] - The revenue from general-purpose GPU products constituted 99.6%, 92.3%, 68.5%, and 85.3% of total revenue during the respective years, while AI computing solutions contributed 0%, 5.4%, 30.8%, and 13.2% [2] Group 4: Losses and R&D Investment - TianShu ZhiXin has not yet achieved profitability, reporting net losses of 554 million yuan, 817 million yuan, 892 million yuan, and 609 million yuan during the reporting period, totaling 2.872 billion yuan in cumulative losses [3] - The company has made substantial investments in R&D, with expenditures of approximately 456 million yuan, 616 million yuan, 773 million yuan, and 451 million yuan, representing 241.1%, 213.1%, 143.2%, and 139.2% of total revenue in the respective years [4] Group 5: Customer Base and Shareholding - The total number of customers has increased from 22 to 181 over the reporting period, with a steady growth in the shipment of general-purpose GPU products [4] - Prior to the IPO, major shareholders include a holding platform with 23.61%, DaCheng Capital with 22.92%, and other investors such as Hainan ShuXin and YunBo Capital [4]