a 0 . a 9 . . . . a ...... ...... ....... ......... .......... ............. B B D D ............... .................. . . ................. .................. .. .. .. .. .. .. .. .. .. .. B B . . I .. .. .. ....... ............... ................. . . ............ ............ . . .......... ......... . . ........ a Danati 1 8 8 8 8 8 8 1 1 ...... terses ........ 刘伟平 ■董事长专访 构建自主可控的技术壁垒 EDA工具贯穿集成电路设计、制造、封装测试全流程，其技术壁垒高、研发周期长，长期以来被国际 巨头垄断。刘伟平坦言："我国EDA产业起步较晚，但近年来在政策支持和市场需求的双重驱动下，正 加速追赶。华大九天的目标是构建全流程、全领域的自主E ...

Group 1 - The Chinese securities regulatory authority emphasizes the importance of promoting mergers and acquisitions (M&A) to enhance the investment value of listed companies, indicating a rise in market activity in M&A and restructuring [1] - The A-share market is witnessing accelerated professional integration, with both traditional and emerging industries engaging in M&A, reflecting a sustained increase in market activity [1] - Analysts expect more benchmark M&A cases to emerge in the future, driven by policy support [1] Group 2 - The recent rally in sectors like military and pharmaceuticals has pushed the Shanghai Composite Index above 3600 points, prompting investors to focus on identifying high-potential assets based on valuation and growth prospects [2] - Analysts highlight that sectors such as non-ferrous metals, ultra-high voltage, and power equipment are currently undervalued yet possess better growth potential [2] - The semiconductor equipment and materials sectors are identified as key opportunities in the technology growth direction for the second half of the year [2] Group 3 - Five listed banks reported positive performance for the first half of 2025, with both revenue and net profit showing year-on-year growth [3] - The banking sector is expected to maintain stable growth due to a potential stabilization of net interest margins and ongoing optimization of asset-liability structures [3] Group 4 - There is a growing trend of international capital increasing allocations to Chinese assets, driven by improvements in policy and fundamentals [4] - Nearly 60% of sovereign wealth funds prioritize China as an investment market, and Chinese stocks have become the second-largest overseas investment destination for South Korean investors [4] - Recent data shows that five overseas-listed Chinese ETFs attracted over $2 billion in a single month, indicating strong international interest [4] Group 5 - Hainan Province is set to pilot cross-border asset management policies, enhancing the convenience of cross-border capital flow and supporting the development of a centralized operation center for cross-border funds [5] Group 6 - The China Futures Association has proposed new regulations to address the issue of "involution" in the futures industry, aiming to shift from price competition to value creation [6] Group 7 - The mechanical industry in China is expected to continue its stable growth in the second half of 2025, with key economic indicators projected to grow at around 5.5% [8] - The industry has shown resilience in exports and stable production and sales growth, despite facing challenges such as insufficient demand and profit compression [8] Group 8 - The recent acquisition of Ansys by Synopsys for $35 billion marks a significant event in the EDA industry, expected to enhance market scale and meet customer needs in circuit and physical domains [9] - The acquisition is anticipated to create a substantial market presence, with Ansys holding a 42% market share in simulation software [9] Group 9 - Nine small and medium-sized banks have had their credit ratings upgraded recently, benefiting from regional economic development and capital strengthening measures [10] - Conversely, four small rural banks have seen their ratings downgraded, reflecting varying circumstances across the sector [10] Group 10 - The financial sector is expected to see an increase in social financing in July, with predictions of potential interest rate cuts and reserve requirement ratio reductions by the central bank in the near future [11] - These measures are aimed at reducing financing costs for the real economy and stimulating consumption and investment [11] Group 11 - Local state-owned enterprises are increasingly acquiring A-share listed companies, with 61 companies experiencing changes in controlling shareholders this year, indicating a trend towards resource optimization and economic transformation [12] Group 12 - New floating management fee rate funds are being launched, aligning the interests of fund managers and investors, with fees linked to investment performance [13]

Core Viewpoint - The report outlines the continuous supervision and compliance of Shanghai Gaolun Electronics Co., Ltd. by the sponsor institution, emphasizing the company's adherence to regulations and the effectiveness of its internal controls and governance structures [1][2][3]. Continuous Supervision Work - The sponsor institution has established a comprehensive and effective continuous supervision system, including a work plan tailored to specific supervisory tasks [1]. - A continuous supervision agreement has been signed with Gaolun Electronics, detailing the rights and obligations of both parties during the supervision period [1]. - The sponsor institution conducts regular communication, site inspections, and due diligence to monitor the business situation of Gaolun Electronics [2]. Compliance and Governance - The sponsor institution ensures that Gaolun Electronics and its management comply with laws, regulations, and commitments made [2]. - The company has been urged to establish and effectively implement internal control systems, including financial management and auditing processes [2]. - The sponsor institution has reviewed the company's information disclosure documents and confirmed their accuracy and completeness [3][5]. Financial Performance - In 2024, Gaolun Electronics reported a revenue of approximately 419 million yuan, a 27.42% increase from 2023 [16]. - The net profit attributable to shareholders was approximately -96 million yuan, indicating a loss compared to the previous year [16]. - The company's cash flow from operating activities was negative, reflecting a significant decline from the previous year [16]. Research and Development - The company invested approximately 28.87 million yuan in R&D in 2024, with R&D expenses accounting for 68.90% of revenue, a decrease of 3.15 percentage points from the previous year [17]. - Continuous R&D investment is crucial for maintaining competitive advantages in the EDA industry, with a focus on core technologies and product innovation [17]. Market Position and Competition - The EDA market is characterized by a high concentration of major players, with Gaolun Electronics facing significant competition from established firms [6][10]. - The company aims to enhance its market position through strategic acquisitions and investments, although it faces challenges in identifying suitable targets [11][12]. Risks and Challenges - The company faces various risks, including increased R&D costs, potential technology obsolescence, and challenges in achieving market recognition for new products [6][7][8]. - The limited scale of the EDA market and the company's relatively small size may hinder its growth and competitive capabilities [10]. Corporate Governance - The company has no controlling shareholder, and its equity is relatively dispersed among shareholders, with no reported pledges or freezes of shares [20].