Core Insights - A group of "invisible champion" companies in Jiangsu is steadily expanding globally, showcasing "China's intelligent manufacturing" through their core technology advantages in various sectors such as automotive lightweight components, ultra-high voltage equipment, and power semiconductors [1] Group 1: Company Developments - Xinan Technology, a high-tech enterprise specializing in automotive lightweight components, recently went public and has established a factory in Thailand to enhance its global manufacturing footprint [2] - Borui Electric, a leader in power automation equipment, has successfully delivered products to over 70 countries, marking a significant achievement for Chinese ultra-high voltage technology [4] - Yangjie Technology, a national champion in the semiconductor industry, has expanded its overseas presence and is the first in its sector to issue Global Depositary Receipts (GDR), raising $220 million for further development [6][7] Group 2: Financial Support and Risk Management - Financial institutions are providing tailored financial services to support these companies' global expansion, including customized foreign exchange risk management solutions [2][3] - Jiangsu's financial sector has implemented a "one enterprise, one policy" approach to address the foreign exchange risk management needs of high-tech and specialized enterprises, with a significant increase in the proportion of companies utilizing foreign exchange hedging [3] - The People's Bank of China in Jiangsu is promoting cross-border trade and simplifying processes for enterprises, resulting in a substantial volume of trade foreign exchange business [5] Group 3: Policy and Market Trends - Jiangsu Province is advancing its cross-border trade high-level opening pilot, enhancing the efficiency of fund settlement for enterprises [5] - The province has seen a notable increase in the number of quality enterprises engaging in foreign exchange business, positioning itself as a leader in this area [5] - The ongoing support from financial institutions and favorable policies is crucial for these companies as they transition from "China's intelligent manufacturing" to becoming global brands [7]

在无锡市滨湖区，一条汇聚了多家上市公司的"上市路"远近闻名。2023年6月刚刚登陆深交所的无 锡锡南科技股份有限公司（以下简称"锡南科技"），便是其中一颗新星。作为深耕汽车轻量化领域的高 新技术企业，其核心产品涡轮增压器精密压气机壳组件远销海外，客户涵盖博格华纳、康明斯等国际知 名企业，广泛应用于奔驰、宝马、奥迪等全球汽车品牌。 "即便算上远渡重洋的运费，我们依然具备显著的成本竞争力。"锡南科技副总经理张明哲告诉《金 融时报》记者，"这既源于企业内部技术积累，又得益于国内完善的产业链配套。"如今，锡南科技正加 快全球化步伐——位于泰国罗勇府泰中罗勇工业园二区的工厂预计年底建成，明年一季度投产，将成为 锡南科技全球制造业布局的关键支点。 在江苏这片创新沃土上，一批深耕细分领域、追求极致的"隐形冠军"企业，正稳步从本土迈向全 球，将"中国智造"的崭新名片递向世界。从汽车轻量化零部件到特高压设备，再到功率半导体，他们凭 借核心技术优势，在全球产业链中牢牢占据关键位置。 近日，《金融时报》记者随"活力中国调研行"主题采访团深入无锡、常州、扬州等多地，探寻这场 波澜壮阔的"出海"征程。一路调研可见，精准有力的金融支持与 ...

Core Insights - Yangjie Technology (300373) is a leading player in the power semiconductor sector, supplying core components to global brands like Bosch, Samsung, and Volvo, and is recognized as a national manufacturing champion [1][3] - The company holds significant market shares, being the largest in China and second globally for power diodes, and the largest globally for rectifier bridges, with a 42.5% market share in photovoltaic bypass diodes [1][3] Industry Overview - The Chinese semiconductor industry is valued at 4 trillion yuan, with 85% attributed to integrated circuits, a sector heavily dominated by foreign companies [3] - The global power semiconductor market is approximately 200 billion yuan, with domestic and international markets each accounting for half [3] Company Strategy - Yangjie Technology employs a "dual brand + global layout" strategy, having acquired the American semiconductor brand MCC in 2015, and establishing a presence in over 30 countries [4][6] - The company aims to fill a 30 billion yuan import gap in high-end power semiconductors within the next 3 to 5 years, positioning itself to achieve full import substitution in this segment [3][4] Financial Performance - Yangjie Technology plans to invest 7% of its revenue in R&D annually, with a projected R&D expenditure exceeding 400 million yuan in 2024 [3][6] - The company has experienced significant growth since its IPO in 2014, with revenues expected to exceed 6 billion yuan and net profits over 1 billion yuan in 2024 [6][7] Market Expansion - The company is expanding its overseas operations by building a factory in Vietnam, which will enhance its manufacturing capabilities and allow for local sourcing of materials [6] - Yangjie Technology has successfully raised 220 million USD through GDR issuance, with funds allocated for factory expansion and market development in Japan and the U.S. [6][7]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 441 million yuan, representing a year-on-year increase of 17.8% [2][3] - The net profit attributable to shareholders of the listed company was 30.32 million yuan, a decrease of 10.05% compared to the same period last year [2][3] - The net profit after deducting non-recurring gains and losses was 27.93 million yuan, showing a year-on-year growth of 43.19% [2][3] Profitability Metrics - The gross profit margin decreased to 27.77% from 31.55% year-on-year [3] - The weighted average return on net assets based on the net profit attributable to shareholders was 1.92%, down from 2.16% year-on-year [3] - Basic earnings per share were 0.08 yuan, a decline of 10.05% compared to the previous year [3] Business Overview - The company specializes in the research, production, and sales of power semiconductor discrete devices, integrating chip design, wafer manufacturing, and packaging design [4] - Key products include thyristors, power diodes, and silicon carbide diodes, which are widely used in consumer electronics, industrial manufacturing, renewable energy, and automotive sectors [5] - The company manages its supply chain by setting safety stock cycles for raw materials and purchased wafers, dynamically adjusting inventory to mitigate risks from supply shortages or price fluctuations [5] Operational Strategy - Following the operation of its subsidiary, the company has accelerated the release of new products and improved customer response times by completing advanced packaging and testing internally [5] - Despite internal advancements, the company continues to outsource most packaging and testing processes due to cost and capacity considerations, maintaining stable partnerships with several well-known packaging and testing manufacturers [5]

Core Viewpoint - The company, Beijing Airport Technology Park Co., Ltd. (referred to as "Airport Co."), plans to sell 80% of its subsidiary, Beijing Tianyuan Construction Engineering Co., Ltd. (referred to as "Tianyuan Construction"), to its controlling shareholder, Beijing Airport Economic Development Co., Ltd. (referred to as "Airport Development"), in a cash transaction, which is expected to constitute a major asset restructuring [1][2]. Group 1: Business Operations - Prior to the transaction, Airport Co.'s main business segments included construction engineering, property operation and management, and a heating service that will be integrated in 2025. Post-transaction, the company will no longer have construction engineering as part of its core business [2]. - In 2024, Airport Co. reported total revenue of 482 million yuan, with the construction segment contributing approximately 351 million yuan, accounting for over 70% of total revenue. This segment is considered the company's core business [2]. - The company incurred a net loss of 96 million yuan in 2024, primarily due to losses from Tianyuan Construction, which reported a loss of 91.24 million yuan and negative cash flow from operating activities of 17.43 million yuan. The losses were attributed to increased procurement costs and labor costs due to market and local government policy changes [2]. Group 2: Financial Performance - From 2020 to 2024, Airport Co.'s revenue showed a declining trend: 1.118 billion yuan in 2020, 1.013 billion yuan in 2021, 653 million yuan in 2022, 517 million yuan in 2023, and 482 million yuan in 2024. The net profits during the same period were 5 million yuan, -51 million yuan, -53 million yuan, -127 million yuan, and -119 million yuan, indicating continuous losses over four years [5]. - The company had previously considered a shell sale, which ultimately failed. In late 2021, a plan to acquire Ruineng Semiconductor Technology Co., Ltd. was announced but was later terminated due to disagreements on key terms among the parties involved [5][7].