Core Viewpoint - Company Fuhang Micro (300613.SZ) plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and capital strength [1] Group 1: Company Overview - Fuhang Micro is a leading chip design company focused on the visual field, providing high-performance video codec IPC and NVR SoC chips, image signal processor ISP chips, smart display chips, and automotive video transmission chips [1] - The company's products are widely used in professional video processing, smart IoT, and smart transportation, covering global industry-leading brand terminal products [1] Group 2: Financial Information - As of August 28, 2025, Fuhang Micro's total market capitalization is approximately 13.093 billion RMB [1]

Core Viewpoint - Recent shareholder reductions in holdings at Fuhang Microelectronics (富瀚微) indicate a trend of significant divestment, raising concerns about the company's financial health and future performance [1][2][3] Shareholder Actions - Fuhang Microelectronics' major shareholder, Jiezhi Holdings, plans to reduce its stake from 4.93% to a maximum of 3%, indicating a potential exit strategy [1][4] - Jiezhi Holdings previously held 22.42% of the company, making it the largest shareholder, and has since cashed out approximately 1.7 billion yuan through various transactions [2][12] - Another shareholder, Shanghai Langhan Enterprise Management, recently completed a reduction, cashing out approximately 177 million yuan [3][13] Financial Performance - Fuhang Microelectronics has faced declining financial performance, with net profit dropping from 398 million yuan in 2022 to around 250 million yuan in 2023 and 2024, and a significant decline to 14.64 million yuan in Q1 2025 [3][17] - The company's revenue has also decreased, with 2023 and 2024 revenues reported at 1.82 billion yuan and 1.79 billion yuan, respectively, marking a decline of 13.65% and 1.76% [17] - Since its IPO in 2017, the company has raised approximately 1.2 billion yuan while distributing only about 180 million yuan in dividends, reflecting a low average dividend payout ratio of around 10.31% [17] Business Dependency - Fuhang Microelectronics heavily relies on Hikvision, which accounts for over 60% of its revenue, raising concerns about customer concentration risk [16][17] - In 2024, sales to Hikvision were projected to be 620 million yuan, representing 66.69% of total revenue [16]

Company Overview - Shanghai Fuhang Microelectronics Co., Ltd. was established in April 2004, focusing on chip design and development in the fields of video-centric professional security, smart hardware, and automotive electronics [1] - The company provides high-performance video codec SOC chips, image signal processor (ISP) chips, and complete product solutions, along with technical development and IC design services [1] Stock Performance - Fuhang Micro's stock hit the daily limit down on April 7, 2023, and has decreased by 25.95% year-to-date [1] - The Guolian An Fund's Guolian An CSI Semiconductor ETF is among the top ten shareholders of Fuhang Micro, having increased its holding to 0.77% in the fourth quarter of the previous year [1] - The ETF has a year-to-date return of 3.24%, ranking 1046 out of 3442 in its category [1] Fund Management - The fund managers of Guolian An CSI Semiconductor ETF are Huang Xin and Zhang Zhenyuan, with Huang Xin having a master's degree in accounting and finance from the London School of Economics [2][3] - Huang Xin has extensive experience in fund management, having held various positions since joining Guolian An Fund Management Co., Ltd. in October 2003 [3][4] - Zhang Zhenyuan has a background in quantitative investment and has managed multiple funds since joining Guolian An Fund in May 2019 [6]