Core Viewpoint - The company is planning to issue overseas listed shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its international strategy, accelerate overseas business development, and improve its overall competitiveness and international brand image [1][3]. Group 1: Company Overview - The company specializes in 12-inch wafer foundry services and has achieved mass production of various products including display driver ICs (DDIC), CMOS image sensors (CIS), microcontrollers (MCU), power management ICs (PMIC), and logic applications [3]. - The company's revenue for 2024 is projected to be approximately 9.249 billion yuan, a year-on-year increase of 27.69%, with a net profit of about 482 million yuan, reflecting a significant year-on-year growth of 304.65% [3]. Group 2: Product Development - In the OLED sector, the company has successfully mass-produced 40nm high-voltage OLED display driver chips and is making progress in the development of 28nm OLED display driver chips [4]. - The company is also developing Micro OLED technology for AR/VR applications and has successfully lit up a panel with its 110nm Micro OLED chip [4]. Group 3: Strategic Investments - Recently, Huakin Technology Co., Ltd. acquired 120,368,109 shares of the company, representing 6.00% of its total share capital, for approximately 2.392 billion yuan (about 239.3 million) [4][5]. - This transaction reflects Huakin Technology's confidence in the company's future development and long-term investment value, aiming to enhance resource integration and collaboration within the industry [5]. Group 4: Shareholder Structure - The top four shareholders of the company are Hefei Construction Investment Holding Group Co., Ltd. (23.35%), Lijian Innovation Investment Holding Co., Ltd. (19.08%), Hefei Chip-Screen Industry Investment Fund (16.39%), and Midea Innovation Investment Co., Ltd. (2.54%) [5].

Core Viewpoint - The company, Jinghe Integrated Circuit (688249), is planning to issue H-shares and list on the Hong Kong Stock Exchange to optimize its capital structure and broaden financing channels, without changing the control of its major shareholders [2] Group 1: Company Overview - Jinghe Integrated Circuit is one of China's leading semiconductor foundries, established in May 2015, and is the first 12-inch wafer foundry in Anhui Province [2] - The company officially listed on the STAR Market in May 2023 and primarily engages in 12-inch wafer foundry services, with capabilities in various technology platforms including DDIC, CIS, PMIC, MCU, and Logic [2] - The company has achieved mass production of products such as display driver chips (DDIC), CMOS image sensors (CIS), microcontrollers (MCU), power management ICs (PMIC), and logic applications, which are widely used in consumer electronics, smartphones, smart home appliances, security, industrial control, and automotive electronics [2] Group 2: Recent Developments - The company has successfully achieved mass production of its 40nm high-voltage OLED display driver chips and 55nm full-process stacked CIS chips, with 28nm OLED display driver chips and 28nm logic chips expected to enter risk mass production by the end of this year [3] - In July, Jinghe Integrated Circuit accelerated its capital market activities, with several semiconductor companies, including Chipsea Technology and Lattice Semiconductor, also disclosing plans for Hong Kong IPOs [3] Group 3: Shareholder Changes - On the same day Jinghe Integrated Circuit announced its Hong Kong IPO, Huakin Technology, the largest mobile ODM manufacturer in China, announced a cash acquisition of 120 million shares (6% of total shares) from the Taiwanese-backed investor, Liching Innovation Investment, for 2.39 billion yuan, at a price of 19.88 yuan per share, a 10% discount to the market price [3][4] - Following the transaction, Huakin Technology will become the fourth-largest shareholder of Jinghe Integrated Circuit and gain a board nomination seat, while Liching Innovation's shareholding will decrease to 13.08% [4] Group 4: Financial Performance - In 2024, Jinghe Integrated Circuit reported approximately 9.249 billion yuan in revenue, a year-on-year increase of 27.69%, attributed to the favorable semiconductor industry conditions and increased sales [5] - The net profit attributable to shareholders was approximately 533 million yuan, a significant year-on-year increase of 151.78% [5] - In Q1 2025, the company achieved approximately 2.568 billion yuan in revenue, a year-on-year increase of 15.25%, with a net profit of approximately 135 million yuan, reflecting a 70.92% year-on-year growth [6] Group 5: Market Position - As of August 1, Jinghe Integrated Circuit's stock closed at 21.57 yuan per share, with a market capitalization of 43.3 billion yuan [7]

Summary of Key Points Core Viewpoint Hefei Jinghe Integrated Circuit Co., Ltd. is planning to transfer the ownership of its photomask-related technology, with an assessed market value of approximately 277.32 million yuan, to establish an independent photomask business entity in collaboration with other investors [2][8]. Group 1: Company Overview - Hefei Jinghe Integrated Circuit Co., Ltd. was established on May 19, 2015, with a registered capital of 2,006.14 million yuan and is located in Hefei, Anhui Province [3][4]. - The company focuses on the research, production, and sales of integrated circuit-related products and is recognized as the first 12-inch wafer foundry enterprise in Anhui Province [3][4]. - The company went public on the Shanghai Stock Exchange's Sci-Tech Innovation Board in May 2023, marking a significant milestone as the first pure wafer foundry enterprise in Anhui to enter the capital market [3][4]. Group 2: Technology Transfer and Valuation - The purpose of the asset valuation is to provide a reference for the market value of the photomask-related technology that the company intends to transfer, facilitating the establishment of a new business entity [2][8]. - The assessed market value of the photomask-related technology is 277.32 million yuan, based on the income approach, with the valuation date set for January 31, 2025 [2][8]. - The evaluation includes 24 patents and 73 proprietary technologies, with 20 invention patents and 4 utility model patents among them [3][4]. Group 3: Assessment Methodology - The income approach was selected for the valuation due to the absence of comparable market transactions and the inadequacy of historical cost data to reflect the technology's value [7][8]. - The valuation process involved estimating future expected revenues from the technology and discounting them to present value, using a specific formula to calculate the assessed value [8]. - The assessment was conducted by Beijing Zhongqi Hua Asset Appraisal Co., Ltd., ensuring compliance with relevant laws and regulations [2][7].

Core Viewpoint - Both TCL Electronics and Crystal Integrated are expected to report significant profit growth for the first half of 2025, driven by advancements in technology and market strategies [1][8]. TCL Electronics - For the first half of 2025, TCL Electronics anticipates a net profit of approximately HKD 9.5 billion to HKD 10.8 billion, representing a year-on-year growth of about 45% to 65% [2]. - The substantial profit increase is attributed to two main factors: 1. Increased investment in high-end display technologies like Mini LED and artificial intelligence, enhancing product competitiveness and supporting a global mid-to-high-end strategy [3]. 2. Digital transformation initiatives that improve operational efficiency in manufacturing and logistics, alongside a reduction in overall expense ratios [3]. - TCL's TV sales data for the first half of 2025 shows strong performance in large-size TVs, with global shipments of 65 inches and above increasing by 29.7%, and 75 inches and above also growing by 29.7% [4]. - The average size of TCL TVs shipped globally increased by 1.5 inches to 53.4 inches, with Mini LED TV shipments reaching 1.37 million units, a 6.6 percentage point increase to 10.8% of total shipments [4]. - In international markets, TCL TV shipments grew by 8.7%, with significant increases in large-size products, particularly in Europe and emerging markets [6]. - In North America, despite an overall shipment decline of 7.3%, large-size TV shipments saw a notable increase, with 65 inches and above growing by 60.5% [7]. - In China, TCL TV shipments increased by 3.5%, with Mini LED TV shipments benefiting from government policies, showing a year-on-year increase of 154.2% [7]. Crystal Integrated - For the first half of 2025, Crystal Integrated expects revenue between CNY 5.07 billion and CNY 5.32 billion, reflecting a year-on-year growth of 15.29% to 20.97% [8]. - The anticipated net profit is projected to be between CNY 260 million and CNY 390 million, indicating a growth of 39.04% to 108.55% [8]. - The growth is attributed to: 1. Increased product sales and high capacity utilization due to the recovering industry environment [9]. 2. Strengthening of the company's position in display driver ICs (DDIC) and the rise of CMOS image sensors (CIS) as a key product [9]. 3. A 15% increase in R&D investment, leading to the mass production of advanced chips, including 40nm high-voltage OLED display driver chips [9].

Core Viewpoint - The company, Tiande Yu, has demonstrated significant revenue and profit growth in recent periods, driven by increased demand for its display driver chips and related products [1][2]. Group 1: Financial Performance - In the first half of 2025, the company reported total revenue of 1.208 billion yuan, a year-on-year increase of 43.35% [1]. - The net profit attributable to the parent company was 152 million yuan, reflecting a year-on-year growth of 50.89% [1]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 145 million yuan, with a year-on-year increase of 72.87% [1]. - For the full year of 2024, the company achieved revenue of 2.102 billion yuan, a year-on-year increase of 73.88% [2]. - The net profit attributable to the parent company for 2024 was 275 million yuan, showing a year-on-year growth of 143.61% [2]. - In the first quarter of 2025, the company reported revenue of approximately 554 million yuan, a year-on-year increase of 60.52% [2]. Group 2: Business Drivers - The growth in revenue and profit is attributed to the increased volume of high-refresh-rate mobile phone display driver chips, significant shipments from brand clients in tablet display driver chips, and an enhanced market share in wearable display driver chips [1]. - The company maintains a leading position in the global market for electronic price tag driver chips, contributing to its revenue growth [1]. - The main business of the company focuses on the research, design, and sales of integrated chips for mobile smart terminals, with key products including TDDI, DDIC, and AMOLED DDIC [1].

Investment Rating - The report assigns a neutral investment rating to the company, indicating expectations of performance within a range of -10% to +10% relative to the benchmark index over the next six months [52]. Core Insights - The company reported Q1 2025 revenue of NT$578.6 billion, a quarter-over-quarter decrease of 4.2% but a year-over-year increase of 5.9%. The gross margin was 26.7%, down 3.7 percentage points from the previous quarter [2][3][8]. - The company expects wafer shipments to increase by 5%-7% in Q2 2025, with gross margins projected to recover to around 30% and capacity utilization returning to approximately 70% [4][20]. - Demand in the consumer electronics sector showed strong growth in Q1 2025, with expectations for moderate rebounds in various downstream demands in Q2 2025 [21]. Summary by Sections 1. Company Q1 2025 Overall Performance - **Revenue and Shipment**: The company achieved consolidated revenue of NT$578.6 billion in Q1 2025, with wafer shipments remaining stable compared to the previous quarter and a 12% increase year-over-year [3][8]. - **Gross Margin**: The gross margin for Q1 2025 was 26.7%, impacted by a decrease in average selling prices and disruptions due to a recent earthquake [8][11]. - **Capacity Situation**: Capacity was affected by an earthquake and annual maintenance, but is expected to normalize in Q2 2025 [11]. 2. Company Q2 2025 Guidance - **Performance Guidance**: The company anticipates a 5%-7% increase in wafer shipments for Q2 2025, with stable ASP and a recovery in gross margin to about 30% [20]. - **Demand Outlook**: Strong growth in consumer electronics is expected to continue, while other sectors may experience fluctuations [21]. 3. Revenue Structure - **By Region**: In Q1 2025, revenue from Asia accounted for 66%, North America 22%, Europe 7%, and Japan 5% [12][13]. - **By Application**: The consumer sector contributed 34% to revenue, while communication and computer sectors remained relatively stable [16][17]. - **By Process Technology**: Revenue from 22nm and 28nm processes reached 37%, with a significant increase in demand for 22nm products expected in the coming quarters [18][19].

Group 1: Samsung Electronics - Samsung Electronics reported preliminary Q1 2025 results with consolidated sales of approximately 79 trillion KRW (about 392.8 billion RMB), a quarter-on-quarter increase of 4.24% and a year-on-year increase of 9.84%. Operating profit reached 6.6 trillion KRW (about 32.8 billion RMB), reflecting a quarter-on-quarter increase of 1.69% but a year-on-year decrease of 0.15% [1][2] - The revenue performance exceeded market expectations, with prior estimates for Q1 2025 operating profit around 4 trillion KRW, peaking at 5 trillion KRW. The growth was primarily driven by strong sales of the Galaxy S25, with the Mobile Experience (MX) and Network (NW) business units significantly outperforming last year's 3.5 trillion KRW [2] - The Visual Display (VD) and Digital Appliances (DA) business units are expected to achieve profits in the range of 300 billion to 400 billion KRW, benefiting from the sales effect of new products launched in the first quarter [3] Group 2: Tiandy Technology - Tiandy Technology anticipates Q1 2025 operating revenue of 554.27 million RMB, representing a year-on-year growth of 60.52%. The net profit attributable to the parent company is expected to be 70.57 million RMB, a year-on-year increase of 116.96%. The net profit after deducting non-recurring gains and losses is projected to be 66.57 million RMB, up 177.92% year-on-year [4] - The growth in Tiandy's performance is attributed to the continuous development of new products, new customers, and new markets. The company has achieved a competitive advantage through rapid product iteration and comprehensive product layout, entering a fast development phase [4] - Tiandy's main business focuses on integrated single-chip research, design, and sales in the mobile smart terminal field, with key products including touch and display driver integration chips (TDDI), display driver chips (DDIC), AMOLED DDIC, electronic tag driver chips, camera voice coil motor driver chips, and fast charging protocol chips [4]