Group 1 - The core point of the news is that Liyang Chip's stock price increased by 5.09% to 35.95 CNY per share, with a trading volume of 261 million CNY and a turnover rate of 3.66%, resulting in a total market capitalization of 7.3 billion CNY [1] - Liyang Chip, established on February 10, 2010, and listed on November 11, 2020, specializes in integrated circuit testing solutions, wafer testing services, finished chip testing services, and related support services [1] - The revenue composition of Liyang Chip includes finished chip testing at 58.15%, wafer testing at 35.08%, other supplementary services at 4.39%, and wafer dicing at 2.37% [1] Group 2 - According to data, the Noan Fund has one fund heavily invested in Liyang Chip, specifically the Noan Research Optimal Mixed A (008185), which held 132,200 shares in the second quarter, accounting for 3.7% of the fund's net value, ranking as the tenth largest holding [2] - The Noan Research Optimal Mixed A fund has a total scale of 71.2857 million CNY and has achieved a return of 76.26% this year, ranking 264 out of 8167 in its category [2] - The fund has a one-year return of 71.41%, ranking 929 out of 8010, and a cumulative return since inception of 30.82% [2] Group 3 - The fund manager of Noan Research Optimal Mixed A is Deng Xinyi, who has been in the position for 3 years and 88 days, with the fund's total asset size at 2.009 billion CNY [3] - During Deng Xinyi's tenure, the best fund return was 52.22%, while the worst return was -16% [3]

诺安研究优选混合A（008185）基金经理为邓心怡。 截至发稿，邓心怡累计任职时间3年83天，现任基金资产总规模20.09亿元，任职期间最佳基金回报 48.6%， 任职期间最差基金回报-16%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月25日，利扬芯片跌5.01%，截至发稿，报36.25元/股，成交5.55亿元，换手率7.43%，总市值73.59亿 元。 资料显示，广东利扬芯片测试股份有限公司位于广东省东莞市万江街道莫屋新丰东二路2号，成立日期 2010年2月10日，上市日期2020年11月11日，公司主营业务涉及集成电路测试方案开发、晶圆测试服 务、芯片成品测试服务以及与集成电路测试相关的配套服务。主营业务收入构成为：芯片成品测试 58.15%，晶圆测试35.08%，其他(补充)4.39%，晶圆磨切2.37%。 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓利扬芯片。诺安研究优选混合A（008185）二季度持有股数13.22 万股，占基金净值比例为 ...

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a positive outlook for the stock price in the near term [4]. Core Insights - The company has shown continuous improvement in profitability, with Q2 revenue reaching a record high for a single quarter, achieving 154 million yuan, a year-on-year increase of 35.29% [1][2]. - The overall gross margin for the first half of 2025 was 25.02%, reflecting a slight year-on-year increase, while the net margin was -2.02%, also showing improvement [2]. - The company is focusing on high-end integrated circuit testing capacity to meet the demands of existing and potential customers, with a strong emphasis on R&D to maintain its competitive edge [2][8]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 284 million yuan, a year-on-year increase of 23.09%, and a net profit attributable to shareholders of -0.07 million yuan, an increase of 16.38% year-on-year [1]. - The projected revenue for 2025 is estimated at 604 million yuan, with a growth rate of 23.8% year-on-year [1]. - The company is expected to achieve a net profit of 22 million yuan by 2027, with a significant increase in EPS from -0.09 yuan in 2025 to 0.11 yuan in 2027 [1][9]. Business Strategy and Market Position - The company is implementing a "one body, two wings" strategy, focusing on wafer processing and intelligent sensing technology to enhance its core competitiveness in the integrated circuit field [3][9]. - The revenue from the wafer thinning business increased by 111.61% year-on-year, indicating a significant improvement in production efficiency and product yield [3]. - The company is actively developing testing solutions for various applications, including industrial control, high-performance computing, automotive electronics, and AI, positioning itself to benefit from trends in AI computing and automotive intelligence [8][9].

Group 1: Company Performance and Projects - The company is actively advancing the SoC (System on Chip) large-scale digital integrated circuit testing project, with ongoing research and validation for new products, which have a long verification cycle and are not yet in mass production [2]. - The third quarter operating performance will be disclosed in the upcoming "2025 Q3 Report" scheduled for release in October [3]. Group 2: Shareholder Confidence and Future Plans - The actual controller and major shareholders express confidence in the company's future development and will continue to focus on core business operations to enhance operational quality and profitability, aiming to create long-term sustainable value for investors [3]. - Currently, the company has not received any plans or notifications regarding share reductions from shareholders, and any future arrangements will comply with legal and regulatory disclosure obligations [3]. Group 3: Investor Relations Activity - The investor relations activity was held on September 19, 2025, from 14:00 to 17:00 via an online platform, with participation from key company executives including the Chairman and General Manager [2]. - The event did not involve any undisclosed significant information [3].

Core Insights - The establishment of innovation consortia is crucial for integrating innovation chains, overcoming key industrial technology bottlenecks, and enhancing core competitiveness in industries [1][4][10] - Suzhou Huaxing Yuanchuang Technology Co., Ltd. (Huaxing Yuanchuang) has led the formation of a large-scale mixed-signal integrated circuit testing and mass production technology innovation consortium, collaborating with 12 domestic companies and research institutions to accelerate breakthroughs in high-end digital and mixed-signal chip testing technology [1][2][3] Company Development - Huaxing Yuanchuang, founded in 2005, has evolved from a small repair service provider to a leading global supplier of industrial automatic testing equipment and complete line system solutions, recognized as one of Jiangsu Province's top 100 innovative enterprises for several years [1][2] - The company has developed a fully domestic chip inspection machine after four years of collaboration with 37 domestic chip manufacturers, utilizing 82 types of materials, resulting in a product for next-generation micro-display screen testing [2][3] Industry Context - The global semiconductor equipment market is valued at approximately $100 billion, with the testing equipment segment accounting for about $8 billion, showing steady growth [2] - The SOC chip testing equipment holds a significant 58% market share in the semiconductor testing machine market, but this technology has been predominantly monopolized by companies from the US and Japan, highlighting a critical need for breakthroughs in China's semiconductor industry [2][3] Collaborative Innovation - The consortium aims to integrate resources across the entire integrated circuit testing industry chain, ensuring comprehensive coverage from raw material supply to chip design, manufacturing, testing equipment development, and testing services [3][4] - The consortium has established a collaborative mechanism focusing on addressing common key technologies, promoting long-term and systematic strategic innovation [5][6] Talent Development - A talent cultivation system has been established among consortium members, including the co-authorship of educational materials and practical training for engineers to enhance their skills in using testing platforms [6][9] - The consortium emphasizes the importance of talent collaboration as a key factor in achieving effective resource integration and innovation [6][9] Government Support - The Suzhou Industrial Park has created a supportive environment for innovation consortia, facilitating collaboration between enterprises and research institutions, and providing financial backing through state investment funds [7][10] - The park has seen the establishment of multiple innovation consortia, with a focus on integrating industry, academia, and research to tackle critical technological challenges [10]

国家海洋博物馆 中新友好图书馆 彩虹桥 生态城马拉松 国网瑞嘉智能带电作业机器人 华峰测控厂区 一汽丰田新能源工厂 静湖现状 方特欢乐世界 ●中新天津生态城建成区面积达22平方公里，常住人口超18万，汇聚经营主体4.3万余家。这里不仅拥有 40座城市公园、国家海洋博物馆、方特欢乐世界等网红地标，其营利性服务业也蓬勃发展，数字文化贸 易年出口额约4500万美元；13个主题景区和6个文化场馆，2024年接待游客超1450万人次，印证了绿色 低碳产业正强劲驱动区域经济多元化增长。 ●从盐碱荒滩到生态标杆，中新天津生态城的蝶变之路，正是中国智慧城市建设的生动注脚。十七载光 阴，生态城执生态之笔，蘸科技之墨，绘就人城共生新画卷，而今它正以更坚定的步伐，向着国际领先 的绿色发展目标迈进。它的蝶变之路，不仅点亮了天津沿海的"绿色明珠"，更为全球探索可持续、智慧 化、人本化的城市未来，贡献中国智慧。 在生态城，绿色不仅是自然景观，更是融入城市血脉的发展理念。光伏座椅、光伏路面、光伏幕墙…… 在天津首座实用型零能耗建筑——不动产登记中心里，处处都是硬科技。通过智慧能源调控系统，该建 筑可以最大程度将太阳能转化为电能，提高可再生 ...

9月11日，利扬芯片涨5.2%，截至发稿，报27.09元/股，成交2.14亿元，换手率4.02%，总市值54.99亿 元。 资料显示，广东利扬芯片测试股份有限公司位于广东省东莞市万江街道莫屋新丰东二路2号，成立日期 2010年2月10日，上市日期2020年11月11日，公司主营业务涉及集成电路测试方案开发、晶圆测试服 务、芯片成品测试服务以及与集成电路测试相关的配套服务。主营业务收入构成为：芯片成品测试 58.15%，晶圆测试35.08%，其他收入4.39%，晶圆磨切2.37%。 从基金十大重仓股角度 数据显示，诺安基金旗下1只基金重仓利扬芯片。诺安研究优选混合A（008185）二季度持有股数13.22 万股，占基金净值比例为3.7%，位居第十大重仓股。根据测算，今日浮盈赚取约17.72万元。 诺安研究优选混合A（008185）成立日期2020年5月9日，最新规模7128.57万。今年以来收益33.14%， 同类排名1768/8175；近一年收益37.35%，同类排名4117/7982；成立以来亏损1.18%。 诺安研究优选混合A（008185）基金经理为邓心怡。 截至发稿，邓心怡累计任职时间3年69天，现任 ...

Company Overview - Liyang Chip Testing Co., Ltd. is located in Dongguan, Guangdong Province, established on February 10, 2010, and listed on November 11, 2020. The company specializes in integrated circuit testing solutions, wafer testing services, finished chip testing services, and related supporting services [1]. Financial Performance - As of September 4, Liyang Chip's stock price decreased by 5.33%, trading at 28.43 CNY per share, with a total transaction volume of 168 million CNY and a turnover rate of 2.85%. The company's total market capitalization is 5.772 billion CNY [1]. - The revenue composition of Liyang Chip includes finished chip testing (53.99%), wafer testing (38.27%), other services (6.00%), and wafer dicing (1.74%) [1]. Fund Holdings - According to data, one fund under Nuoan Fund holds a significant position in Liyang Chip. The Nuoan Research Optimal Mixed A Fund (008185) held 132,200 shares in the second quarter, accounting for 3.7% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 211,600 CNY [2]. - The Nuoan Research Optimal Mixed A Fund was established on May 9, 2020, with a current scale of 71.2857 million CNY. Year-to-date, it has achieved a return of 39.21%, ranking 1227 out of 8180 in its category. Over the past year, the return is 39.7%, ranking 3420 out of 7978, and since inception, the return is 3.32% [2]. Fund Management - The fund manager of Nuoan Research Optimal Mixed A Fund is Deng Xinyi, who has been in the position for 3 years and 62 days. The total asset size of the fund is 2.009 billion CNY, with the best return during the tenure being 26.48% and the worst return being -16% [3].

Group 1 - The core viewpoint of the news is that Liyang Chip has seen a significant increase in its stock price, rising by 5.06% to reach 31.77 CNY per share, with a trading volume of 586 million CNY and a turnover rate of 9.93%, resulting in a total market capitalization of 6.45 billion CNY [1] - Liyang Chip, established on February 10, 2010, and listed on November 11, 2020, specializes in integrated circuit testing solutions, wafer testing services, finished chip testing services, and related supporting services [1] - The revenue composition of Liyang Chip includes finished chip testing at 53.99%, wafer testing at 38.27%, other services at 6.00%, and wafer dicing at 1.74% [1] Group 2 - From the perspective of fund holdings, Liyang Chip is the top holding of the Bosera New Strategy Mixed A Fund (001522), which held 88,000 shares in the second quarter, accounting for 2.9% of the fund's net value [2] - The Bosera New Strategy Mixed A Fund has a total scale of 62.063 million CNY and has achieved a year-to-date return of 8.2%, ranking 5922 out of 8180 in its category, with a one-year return of 23.64%, ranking 5330 out of 7967 [2] - The fund managers, Li Chongyang and Luo Xiao, have different tenures and performance records, with Li having a tenure of 2 years and 210 days and Luo having 2 years and 340 days [2]

Core Viewpoint - The report outlines the ongoing supervisory work conducted by Guangfa Securities for Guangdong Liyang Chip Testing Co., Ltd., emphasizing the company's compliance with regulations and the absence of any violations during the supervisory period [1][2][6]. Group 1: Supervisory Work - Guangfa Securities has established and effectively implemented a continuous supervision work system and plan for Liyang Chip [2]. - A continuous supervision agreement has been signed between the sponsor and Liyang Chip, clarifying the rights and obligations of both parties during the supervision period [2]. - The supervisory work includes daily communication, regular visits, on-site inspections, and due diligence [2][3]. Group 2: Compliance and Governance - Liyang Chip has adhered to legal and regulatory requirements, with no reported violations or breaches of commitments during the supervisory period [2][6]. - The company has established effective corporate governance and internal control systems, including financial management and auditing procedures [2][3]. Group 3: Financial Performance - For the first half of 2025, Liyang Chip reported operating revenue of 284.04 million yuan, a 23.09% increase compared to 2024 [15]. - The total profit for the same period was -8.95 million yuan, showing an improvement from -16.37 million yuan in the previous year [15]. - The net profit attributable to shareholders was -7.06 million yuan, compared to -8.44 million yuan in the same period last year [15]. Group 4: Risks and Challenges - The company faces core competitiveness risks due to rapid technological advancements in the integrated circuit industry, necessitating continuous talent development [6][7]. - Operational risks are present as the industry is capital-intensive, requiring significant investment in testing equipment to meet market demands [7][8]. - The company is also exposed to financial risks, including fluctuations in gross profit margins due to changes in product structure and cost structures [11][12]. Group 5: Research and Development - Liyang Chip has invested 37.31 million yuan in R&D in the first half of 2025, a decrease of 4.27% from the previous year [25]. - The R&D expenditure accounted for 13.13% of operating revenue, reflecting a decrease of 3.76 percentage points [25]. - The company has made significant progress in patent applications and software copyrights, enhancing its innovation capabilities [25][26]. Group 6: Market Position and Competitive Advantage - Liyang Chip has established a strong market position in the integrated circuit testing industry, benefiting from its diverse testing platforms and proximity to local chip design companies [17][20]. - The company emphasizes customer loyalty and interaction, which contributes to its competitive edge in the market [18][20]. - The strategic focus on emerging applications such as automotive electronics and high-performance computing positions the company for future growth [21][22].