公司表示，其产品已进入国内外多家知名品牌的供应链，覆盖网络通讯、AI通信、消费电子、智能家居、物联网、工业医疗、 汽车电子及计算机设备等多个应用领域。 财务数据显示，公司2023年、2024年及2025年前九个月的收入分别为6.629亿元、4.421亿元及3.791亿元。受行业周期波动及公司 战略定价调整影响，2024年收入及毛利同比有所下滑，当年录得净亏损3710万元。 不过，业绩在2025年呈现复苏态势：2025年前九个月，公司实现净利润840万元，较2024年同期净亏损1880万元实现扭亏为盈； 毛利率也从2024年的14.0%回升至18.8%。公司表示，业绩改善主要得益于行业进入上升周期、产品平均售价回升，以及公司持 续优化客户结构与产品组合。 1月9日，据港交所官网披露，芯天下技术股份有限公司（以下简称"芯天下"）正式递交主板上市申请，联席保荐人为广发证券 与中信证券。公司专注于代码型闪存芯片的研发、设计与销售，产品广泛应用于通讯电子、消费电子、汽车电子、物联网等领 域，是国内少数能同时覆盖NOR Flash和SLC NAND Flash的芯片设计企业。 招股书显示，芯天下以Fabless（无晶圆厂 ...

1月9日，兆易创新发布公告，披露公司申请发行境外上市外资股（H股）并在香港联合交易所主板上市的相关进展。公告显示，公司已确定本次H股发行的 最终价格为每股162.00港元，预计将于2026年1月13日在香港联交所主板挂牌并开始上市交易。 兆易创新是国内领先的半导体设计企业，在存储芯片、微控制器（MCU）和传感器领域具备较强的市场地位与技术积累。此次H股发行及在港上市，被视为 公司推进国际化战略、拓宽融资渠道、提升全球品牌影响力的重要举措。 公司表示，本次发行所得资金将主要用于拓展主营业务、加强技术研发、深化产业布局及补充运营资金，以进一步增强公司在全球半导体市场的竞争力。 本次H股发行面向符合相关条件的境外投资者，以及依据中国法律法规有权进行境外证券投资的境内证券经营机构、合格境内机构投资者等符合监管要求的 投资者。公司强调，本次公告旨在便于A股投资者及时了解发行进展，不构成对任何境内个人或机构的证券要约或要约邀请。 随着此次H股发行落地，兆易创新将成为又一家"A+H"两地上市的半导体企业，有助于公司更好地利用境内外资本市场资源，推动长期稳健发展。市场人士 普遍关注其在港股市场的表现及其对整体业务发展的协同效 ...

记者｜彭新 编辑丨张伟贤 AI需求拉动存储芯片暴涨，超级周期下，中国存储芯片公司在二级市场受到追捧。 其中，A股上市公司兆易创新（603986.SH）近一年股价涨幅超过115%，截至2025年12月31日，兆易创新市值已达1430.87亿元，是A股存储行业屈指可数的 千亿市值企业之一。 如今，兆易创新不仅是半导体板块的"压舱石"，更因其在全球NOR Flash（代码型闪存芯片）、SLC NAND Flash（单层单元闪存）、利基型DRAM（动态随 机存取内存）和微控制器（MCU）赛道的竞争力，成为国内存储芯片龙头企业。公开资料显示，兆易创新是全球排名第一的无晶圆厂Flash供应商，以及中 国品牌排名第一的Arm通用型MCU供应商。 兆易创新由朱一明于2005年4月创立，2016年8月18日在主板挂牌上市，A股IPO发行价23.26元/股，募资总额约为5.82亿元。随后，兆易创新开启资本扩张， 不断壮大市场版图。2025年12月30日，兆易创新在港交所公告，拟全球发售2891.58万股H股，预期将于2026年1月13日开始在香港联交所买卖。此外，兆易 创新还通过设立基金入股行业明星项目长鑫科技。截至目前，朱一明 ...

深圳集聚了众多芯片类企业和新型研发机构。图为2025湾区半导体产业生态博览会场景。 深圳新闻网2026年1月4日讯（深圳商报首席记者 王海荣 文/图）与2026年大幕一道开启的，还有中国半导体 产业的新一轮资本化浪潮。作为我国半导体产业先锋城市，深圳一批深耕芯片设计与制造的硬科技企业正密 集筹划或推进赴港上市进程。 刚刚过去的12月，就有尚鼎芯、曦华科技、基本半导体、华大北斗、国民技术等5家深圳芯片类企业向港交 所递交招股书，拟进一步拓宽融资渠道、强化研发能力，加速实现核心技术自主可控。 这一趋势的背后，是国家"新质生产力"战略对高端芯片产业的强力支撑。作为国内集成电路产业重镇，深圳 正依托其完整的产业链生态、活跃的创投氛围和政策引导机制，成为国产芯片企业走向国际资本市场的桥头 堡。 登陆H股成深圳芯片企业集体新选择 2001年成立的中微半导体（深圳）股份有限公司是国内最早自主研发设计微控制器（MCU）的企业之一，专 注于芯片设计与销售，是国内领先的智能控制解决方案供应商。 2025年9月23日，中微半导体正式向港交所递交招股书。这并非它首次启动IPO。早在2022年8月，中微半导 体就已成功在A股科创板上市 ...

全球發售 聯席保薦人、整體協調人、聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 兆易創新科技集團股份有限公司 GigaDevice Semiconductor Inc. 股份代號 : 3986 （於中華人民共和國註冊成立的股份有限公司） 重要提示 重要提示：閣下如對本招股章程內容有任何疑問，應諮詢獨立專業意見。 GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售的發售股份數目 | : | 28,915,800股H股（視乎發售量調整權 | | --- | --- | --- | | | | 及超額配股權行使與否而定） | | 香港發售股份數目 | : | 2,891,600股H股（可予重新分配） | | 國際發售股份數目 | : | 26,024,200股H股（可予重新分配以及視 | | | | 乎發售量調整權及超額配股權行使與 | | | | 否而定） | | 最高發售價 | : | 每股H股162.00港元，另加1.0%經紀 | | | | 佣金、0.0027%證監會交易徵費、 | | | | 0.0 ...

据"独角兽早知道"独家消息源，兆易创新已于本周完成港股上市前PDIE(Pre-Deal Investor Education)，目标交易规模约为5亿至8亿美元，预期将于下周启 动招股。兆易创新已通过港交所主板上市聆讯，中金公司、华泰国际为联席保荐人。 据招股书，兆易创新是一家多元芯片的集成电路设计公司。公司为客户提供包括Flash、利基型动态随机存取存储器（DRAM）、微控制器（MCU）、模 拟芯片及传感器芯片等多样化芯片产品，可用于消费电子、汽车、工业应用（如工业自动化、储能及电池管理）、个人计算机（PC）及服务器、物联 网、网络通信等领域，满足客户各种需求，以及包括相应算法、软件在内的一整套系统及解决方案。 兆易创新采用无晶圆业务模式，意味着公司聚焦于集成电路的设计和研发，同时将集成电路的制造外包给外部晶圆厂及外包半导体组装及测试（封测代 工）合作伙伴。 兆易创新成立于2005年，深耕专用型存储芯片行业二十年，MCU领域十四年，成为了中国内地专用型存储芯片和MCU知名企业，打造了具有全球影响力 的专用型存储芯片和MCU品牌。公司始终专注于为客户创造价值，形成了遍布全球的优质客户群。 根据弗若斯特沙利文的资 ...

风口之上，存储芯片市场的景气度周期已经开启。 在这种背景下，行业龙头也加快了拥抱资本市场的步伐。存储芯片"一哥"兆易创新的港股IPO，只差临门一脚。 12月17日，兆易创新发布公告称，其已在港交所网站刊登聆讯后资料集，这意味着公司已经通过了最重要的聆讯阶段。 根据港交所主板《上市规则》，上市申请表的有效期为6个月，而兆易创新在今年6月19日递交的上市申请表于12月19日已满6个月，因此聆讯后资料集链接 也会自动失效。 据媒体报道，兆易创新原可在12月19日再同步更新表格及刊登聆讯后资料集，但或许是为了确保在今年12月31日前完成招股书注册，兆易创新才选择在12月 17日披露聆讯后资料集，并启动注册程序。 从财报层面上来看，兆易创新的账面资金充足。因此，此次赴港上市，紧迫性并不强烈。财报数据显示，截至今年三季度末兆易创新的货币现金高达100.1 亿元，同比增长8.07%，拉长周期看其货币现金已经创出新高。 且在存储芯片涨价驱动下，兆易创新的业绩表现也相当亮眼。 | 项目 | 本报告期 | 本报告期 比上年同 期增減变 动幅度 | 年初至报告期末 | 年 期: 트 动 | | --- | --- | --- | ...

Core Viewpoint - The company, Zhaoyi Innovation, has received confirmation from the China Securities Regulatory Commission (CSRC) regarding its application for overseas issuance and listing of H-shares on the Hong Kong Stock Exchange, marking a significant step in its efforts to expand its capital base and enhance its market presence [1][3]. Group 1 - The company plans to issue no more than 51,796,900 shares of overseas listed ordinary shares [1]. - The issuance is a crucial prerequisite for advancing the overseas listing process [1]. - The company must report any significant events to the CSRC from the date of the notice until the completion of the overseas issuance [3]. Group 2 - The company is required to submit the issuance and listing status within 15 working days after the completion of the overseas issuance [3]. - If the overseas listing is not completed within 12 months from the date of the notice, the company must update its filing materials as per regulations [3]. - The notice confirms the filing information but does not provide any substantive judgment or guarantee regarding the investment value or returns for investors [3]. Group 3 - Zhaoyi Innovation is engaged in integrated circuit design, with business lines including memory, microcontrollers (MCUs), and sensors [4]. - Successful H-share issuance and listing on the Hong Kong Stock Exchange could broaden the company's overseas financing channels and enhance its global market visibility [4]. - The overall effectiveness of the listing will depend on multiple factors, including the issuance window, valuation levels, and market conditions [4].

Core Viewpoint - The recent "Bay Chip Expo" highlighted the rise of Shenzhen's semiconductor industry, with multiple companies actively pursuing financing and IPOs, indicating a robust growth trajectory in the sector [1]. Company Overview - Zhongwei Semiconductor, established in June 2001 and headquartered in Shenzhen, focuses on microcontroller (MCU) solutions and operates on a fabless model [4]. - The company has over 24 years of experience in chip design and manufacturing, with a significant portion of its shares held by a group of major stakeholders [4][5]. Financial Performance - In 2022, Zhongwei Semiconductor reported revenues of 637 million RMB, which increased to 714 million RMB in 2023, but projected a decline in net profit to a loss of 2.2 million RMB in the same year [7][9]. - The company's revenue from MCUs constituted 85.2% of total income in 2022, but this share is expected to decrease to 75.1% by mid-2025, while SoC revenue is projected to rise from 8.6% to 22.3% [9][11]. Market Position - Zhongwei Semiconductor holds a 1.2% market share in China's MCU market, ranking third in revenue and first in shipment volume among domestic competitors [14][20]. - The global MCU market is projected to grow from 140.3 billion RMB in 2024 to 210.8 billion RMB by 2029, with China's market expected to reach 56.8 billion RMB in 2024 [15][18]. Product Pricing and Cost Structure - The average price of MCUs has seen a significant decline, from 0.61 RMB per unit in 2022 to a projected 0.25 RMB by 2025, reflecting a 34.4% decrease in 2023 [11][12]. - The cost structure of MCUs is heavily influenced by wafer manufacturing, which typically accounts for over half of the total costs [13]. Research and Development - Zhongwei Semiconductor invests significantly in R&D, with expenditures amounting to approximately 1.24 billion RMB in 2022, representing 19.5% of total revenue [12][13]. - The company employs a substantial R&D team, comprising 49.1% of its total workforce, indicating a strong focus on innovation [12]. Industry Trends - The semiconductor industry is characterized by cyclical fluctuations, with periods of expansion and contraction affecting product demand and pricing [18]. - Emerging fields such as AI computing and robotics are expected to drive future growth in the MCU sector, despite the ongoing challenges posed by semiconductor cycles [21].

Core Insights - Microchip Technology experienced significant leadership changes in 2021, with long-time CEO Steve Sanghi retiring amid operational pressures, including a 2.1% decline in sales and a $35 million drop in profits [1] - Following the leadership transition, the company faced ongoing challenges until mid-2024, leading to Sanghi's return as interim CEO to initiate a second transformation [1][2] - The "Nine-Point Recovery Plan" launched by Sanghi aims to streamline operations and enhance profitability, resulting in improved inventory turnover and reduced operational costs [3][4] Financial Performance - The company reported a net sales figure of $1.075 billion for the quarter ending June, marking a 10.8% year-over-year increase, surpassing management's guidance [4] - Non-GAAP gross margin improved by 230 basis points to 54.3%, with product gross margin reaching 66%, exceeding the management's target of 65% [4][9] - The company anticipates Q2 FY26 revenue of approximately $1.13 billion, indicating a 5% sequential growth, reflecting a sustainable recovery trend [4] Strategic Initiatives - The "Nine-Point Recovery Plan" includes closing an outdated wafer fab and reducing production capacity to align with market demand, leading to a significant decrease in inventory days from 266 to 214 [3] - The company is focusing on new growth areas, particularly in aerospace and defense, which accounted for about 18% of revenue last year, and is developing radiation-hardened FPGA solutions [5][6] - Microchip is also targeting the AI and data center markets by providing essential components like microcontrollers and power management ICs, collaborating with leading cloud service providers [6] Cash Flow and Dividend Sustainability - Despite a three-year stagnation, Microchip maintained its commitment to shareholder returns, having paid dividends for 92 consecutive quarters, with cash flow now fully covering dividend payments [7][8] - The management aims to reduce the net debt/EBITDA ratio from 4.2 times to around 1.5 times, prioritizing debt repayment over increasing dividends or stock buybacks [7] Valuation and Market Outlook - Analysts predict a FY26 EPS of $1.47, suggesting a fair valuation range of $75 to $90 per share based on a forward P/E ratio of 18-20 times [10] - The company's transformation efforts are not yet fully reflected in its stock price, with traditional DCF models failing to capture the rapid changes in value due to the ongoing recovery [9][10] - While the company is on a path to recovery, it faces cyclical, financial, and execution risks that could impact its performance [10][11]