国内EDA龙头企业华大九天（301269.SZ）于近日发布关联交易公告，宣布将联合广东横琴粤澳深度合 作区中济湾企业管理有限公司（下称"横琴中济湾"）与天津滨海新区创业风险投资引导基金有限公司 （下称"引导基金"），共同发起设立天津中湾芯盛管理咨询合伙企业（有限合伙）（暂定名，下称"中 湾芯盛"）。此次合作以1.1001亿元总认缴资本为基石，其中华大九天出资1亿元占股90.9008%，彰显其 在数字芯片验证领域战略布局的决心。 EDA作为集成电路产业链的"芯片之母"，贯穿芯片设计、制造、封装全流程，而硬件辅助验证工具则是 数字芯片前端设计中的关键环节，直接决定芯片研发效率与可靠性。 随着AI芯片、GPU等高端芯片复杂度呈指数级增长，验证环节在芯片研发周期中的占比已超过60%，成 为制约芯片研发进程的核心瓶颈。华大九天此次专项投资，正是瞄准这一国产EDA的"关键缺口"。 声明： 本文仅为信息交流之用，不构成任何投资建议议，股市有风险，投资需谨慎。 加入"中国IC独角兽联盟"，请点击进入 是说芯语转载，欢迎关注分享 公告明确指出，中湾芯盛的核心使命是 聚焦数字芯片设计中硬件辅助验证领域的国内头部公司，通过 资本整 ...

Core Insights - The company reported a revenue of 303 million yuan in Q3 2025, a year-on-year increase of 1.16%, but the net profit attributable to shareholders decreased by 71.02% to 6 million yuan [1] - For the first three quarters of 2025, the company achieved a revenue of 805 million yuan, up 8.24% year-on-year, while the net profit attributable to shareholders fell by 84.52% to 9 million yuan [1] - The revenue growth has slowed down, and the profit has declined due to the rigid nature of operating expenses and the slowdown in revenue growth [1] Revenue and Profit Analysis - Q3 2025 revenue growth of 1.16% is a deceleration compared to the first two quarters of the year [1] - The net profit for Q3 2025 saw a significant decline of 71.02% year-on-year, indicating challenges in maintaining profitability [1] - The first three quarters of 2025 showed a net profit decline of 84.52%, highlighting ongoing profitability issues [1] Product Development and Market Position - The company is enhancing its product competitiveness through a technology-driven development strategy and increased R&D investment [2] - Significant breakthroughs have been made in various EDA systems, including digital chip design, storage chip design, advanced packaging, and 3DIC design, which are now integrated into major domestic chip design and manufacturing processes [2] - The digital EDA tool product line covers nearly 80% of the main tools for digital circuit design, and the company is expected to exceed 80% coverage in major processes by the end of 2025 [2] Profit Forecast and Investment Recommendations - Due to the slowdown in revenue growth, the company's revenue forecasts for 2025-2027 have been adjusted to 1.458 billion, 1.796 billion, and 2.197 billion yuan respectively [3] - The net profit forecasts for the same period are adjusted to 102 million, 191 million, and 284 million yuan respectively [3] - The company maintains a "buy" rating despite the adjustments in forecasts [3]

Core Viewpoint - The autonomy of EDA tools is crucial for the development of the integrated circuit industry and the security of the industrial chain, as stated by Liu Weiping, Chairman of Huada Jiutian [1][4]. Group 1: EDA Industry Development - The autonomy of the EDA industry is a prerequisite for a self-controlled industrial chain, with Huada Jiutian committed to providing comprehensive tool support for the development of China's chip industry [4]. - Huada Jiutian has achieved breakthroughs in multiple fields, including analog, digital, storage, and advanced packaging, contributing to strengthening the integrated circuit industry chain [4][5]. Group 2: Technological Advancements - Huada Jiutian has developed 48 key core EDA tools, achieving a product coverage rate of approximately 80% [5]. - The company has established a complete EDA tool system for analog circuit design, which has been deeply integrated into the core processes of leading domestic design companies [5]. - In the storage chip design sector, Huada Jiutian's solutions have improved design efficiency by over 50% through technological innovation [5]. - For digital circuit design, the performance of tools has been enhanced by over 30% through algorithm optimization and architectural innovation [6]. Group 3: Manufacturing Integration - Huada Jiutian has built a comprehensive support system for the manufacturing process, covering everything from PDK development to yield analysis [7]. - The Vision process diagnosis and analysis platform developed by the company has improved yield analysis accuracy to 99%, aiding wafer fabs in quickly identifying issues [7]. - The time required for generating TB-level mask data has been reduced to an industry-leading level, significantly enhancing the R&D efficiency of advanced processes [7]. Group 4: Future Layout and Collaboration - Huada Jiutian is proactively laying out advanced packaging and 3D IC technologies, which are essential for continuing Moore's Law [9]. - The company has established competitive solutions for Chiplet technology, reducing the design cycle by over 60% [9]. - Collaboration with wafer fabs, design companies, and educational institutions is key to building a self-sustaining EDA ecosystem [9]. - The company's R&D investment reached 365 million yuan in the first half of 2025, accounting for 72.84% of its revenue [9].