（一）打造自主工艺平台体系 作为专注于模拟集成电路研发与销售的高科技企业，公司与全球领先的晶圆 代工企业达成战略合作，联合开发了具有完全自主知识产权的 BCD 工艺技术平 台。通过持续的研发投入和技术创新，公司已在国内主流晶圆代工厂成功构建了 完整的工艺技术平台体系：90 纳米制程的 5-55V 中低压 BCD 工艺平台、0.18 微 米制程的 10-200V 高压 BCD 工艺平台、0.35 微米制程的 10-700V 超高压 BCD 工艺平台。基于这一自主可控的工艺技术体系，公司开发的多款高性能模拟集成 电路产品，包括 30A-90A DrMOS 系列、50A eFuse 以及 100V 半桥驱动器等，已 获得下游头部客户的广泛采用并实现批量供货。通过持续优化工艺参数和提升制 程水平，公司不仅巩固了在 BCD 工艺领域的技术领先地位，更确保了产品性能 的差异化竞争优势，为后续高端产品的研发奠定了坚实的技术基础。 （二）一站式全产品线产品布局 作为专业的模拟集成电路解决方案提供商，公司已建立起覆盖电源管理芯片 和信号链芯片两大核心业务板块的完整产品体系。通过持续的产品线拓展和技术 创新，截至报告期末，公司及 ...

Group 1 - Company plans to acquire 51% stake in Chengdu Zhongke Huami Electronics Co., Ltd. for RMB 27.54 million using self-owned and raised funds, making it a subsidiary [1] - Zhongke Huami is a high-tech enterprise specializing in the research and development of high-reliability integrated circuit products, focusing on providing quality products and services for special equipment clients [2] - The company has developed four main product lines: microcontroller chips (MCU), general integrated circuits, high power density power supplies, and system-in-package (SiP) circuits, with a strong market presence in the domestic MCU replacement sector [2] Group 2 - Zhongke Huami has been recognized as a national-level "little giant" enterprise and a national high-tech enterprise, with various qualifications in its field [2] - The company aims to expand its product range and create a dual-driven business model of digital and analog circuits to meet the growing technical demands in the special equipment sector [2]

Group 1 - Tianjin Fenghe Technology Partnership holds approximately 44.42 million shares of Nanjing Guobo Electronics, accounting for 7.45% of the company's total share capital [1] - For the year 2024, Guobo Electronics' revenue composition is as follows: 98.72% from analog integrated circuits and 1.28% from other businesses [2] - On August 12, 2025, Guobo Electronics announced that Tianjin Fenghe will release the pledge on 14,900,373 shares, which is 33.54% of its holdings and 2.50% of the total share capital [4]

Core Viewpoint - ChipGuide Technology (芯导科技) is planning to acquire 100% equity of Shanghai Shunlei Technology (瞬雷科技) for 403 million yuan, aiming to enhance its presence in the power semiconductor sector [2][4]. Financial Situation - As of the end of Q1 2025, ChipGuide Technology has cash and cash equivalents of only 70 million yuan, but holds trading financial assets worth 1.974 billion yuan [9][11]. - The acquisition will be financed through a combination of convertible bonds (276 million yuan) and cash (127 million yuan), along with a planned issuance of shares to raise up to 50 million yuan [7][8]. Stock Performance - Following the announcement of the acquisition, ChipGuide Technology's stock price surged over 20% from 51.37 yuan to 63.9 yuan between July 18 and July 31, 2023, and reached a peak closing price of 69.01 yuan on August 5, 2023 [5][4]. Acquisition Strategy - The acquisition is part of ChipGuide Technology's strategy to transition from a Fabless model to a Fab-lite model, allowing for better integration of design and manufacturing processes [15][16]. - The target company, Shunlei Technology, possesses its own production facilities, which will provide capacity assurance and enhance the company's competitive edge in specialized product processes [16]. Market Positioning - The acquisition will enable ChipGuide Technology to leverage Shunlei Technology's customer resources to penetrate various markets, including automotive electronics and industrial applications, while also expanding its market share in consumer electronics [15][16].

Core Insights - The report by Great Wall Strategy Consulting indicates that China will have 372 unicorn companies in 2024, with Jiangsu province contributing 49, accounting for 13% of the total [1][2] - Nanjing ranks seventh among Chinese cities with 8 unicorns, reflecting a strong local ecosystem for high-growth companies [1][2] Group 1: Unicorn Companies Overview - The 49 unicorns in Jiangsu are primarily in sectors such as integrated circuits, power batteries and clean energy, innovative pharmaceuticals and medical devices, high-end intelligent equipment, and autonomous driving, with a total valuation of $102.5 billion, representing nearly 10% of the total valuation of all listed unicorns [2] - Nanjing's 8 unicorns have a combined valuation of $14.7 billion, with the top companies including T3 Mobility, Zhongqi Chuangzhi, and Pengbo Bio [2] Group 2: Industry Focus and Development - The industries where Nanjing's unicorns operate align with the city's "4266" modernization industrial system, which is a key initiative for Nanjing's economic strength [4] - Notable new unicorns include Jiangsu Zhanxin Semiconductor Technology Co., focusing on high-performance analog integrated circuits, and Zhongneng United Digital Technology Co., which provides a digital platform for equipment leasing [4] Group 3: Supportive Environment and Policies - Nanjing has established a nurturing environment for unicorn growth through a tiered cultivation system, optimized business environment, and promotion of industry-academia-research integration [5] - Recent policies have been introduced to accelerate the development of unicorns and gazelle companies, focusing on innovation incentives, financial support, talent services, application scenarios, and promotional efforts [5]

Core Viewpoint - Jiewater Microelectronics Co., Ltd. (stock code 688141.SZ) is planning to list on the Hong Kong Stock Exchange, despite facing a situation of increasing revenue but decreasing profits, with a total loss of 1.1 billion yuan over the past two years [1][9]. Company Overview - Founded in 2013, Jiewater operates as a virtual IDM (Integrated Device Manufacturer) specializing in analog integrated circuit design, providing a wide range of products for various applications [3][4]. - The company was listed on the Shanghai Stock Exchange on December 23, 2022, with an initial share price of 38.26 yuan, reaching a market capitalization of 22.675 billion yuan on the first day [3][4]. Financial Performance - Jiewater's revenue from 2022 to 2024 was 1.448 billion, 1.297 billion, and 1.679 billion yuan, respectively, with a compound annual growth rate of 7.69%. However, the net profit for the same period was -136 million, -533 million, and -611 million yuan, leading to a total loss of 1.1 billion yuan [9]. - The company experienced a significant decline in market capitalization, dropping by 40.7% from its peak of over 25 billion yuan in April 2024 to approximately 13.447 billion yuan by June 2025 [4][9]. Market Position - In 2024, Jiewater ranked eighth globally and fourth among Chinese companies in terms of revenue from power management integrated circuits [5]. - The company also ranked sixth globally and second in China for DC-DC integrated circuits, indicating a strong market presence despite recent financial struggles [6]. R&D and Investment - Jiewater has significantly increased its R&D expenditures, which were 305 million, 499 million, and 619 million yuan over the past three years, representing a high proportion of its revenue [9]. - The funds raised from the upcoming IPO will primarily be used for enhancing technology research and development, expanding product offerings, and strategic investments [15]. Shareholder Structure - Major shareholders include Zhou Xun Wei and Huang Bi Liang, who collectively hold approximately 40.94% of the company. Hubble Investment remains the largest institutional investor with a 3.03% stake, having not reduced its holdings since the company's listing [11][14]. - Intel's subsidiary has been reducing its stake in Jiewater, having decreased its holdings by 1.76% throughout 2024 [12].

Core Viewpoint - Jiewa Microelectronics Co., Ltd. has officially commenced its IPO journey on the Hong Kong Stock Exchange, focusing on becoming a leader in the global analog integrated circuit industry through its innovative and efficient product offerings [2]. Company Overview - Jiewa operates as a virtual IDM model, specializing in the research and development of analog integrated circuits, with a comprehensive core technology architecture that includes process, integrated circuit design, and system definition [2]. - The company offers a wide range of analog integrated circuit products, with approximately 2,200 models available for sale, including over 2,000 power management integrated circuit models, achieving industry-leading status in 2024 [2][4]. Market Position - According to Frost & Sullivan, Jiewa ranks eighth globally and fourth among Chinese analog integrated circuit companies in terms of revenue from power management integrated circuits in 2024 [3]. - In the Chinese market, Jiewa ranks sixth globally and second among local companies for DC-DC integrated circuit revenue in 2024 [3]. - The company also ranks fifth globally and second in China for revenue from power management integrated circuits in the communications market, and sixth globally and second in China for the computing and storage market [3]. Financial Performance - Jiewa's revenues for the years 2022, 2023, and 2024 were RMB 1,447.7 million, RMB 1,296.7 million, and RMB 1,678.8 million, respectively, indicating strong revenue growth in 2024 due to increased demand across various sectors [4]. - The company has significantly invested in R&D, with expenditures of RMB 304.7 million, RMB 499.4 million, and RMB 619.3 million for the years 2022, 2023, and 2024, representing 21.0%, 38.5%, and 36.9% of total revenue, respectively [4]. - As of December 31, 2024, Jiewa employed 776 R&D personnel, accounting for over 62.1% of its total workforce, with approximately 62.9% holding master's degrees or higher [4].

Core Viewpoint - The company, Shengbang Microelectronics, focuses on high-performance analog integrated circuits, reporting significant revenue and profit growth in the latest fiscal year despite a challenging global semiconductor market [14][18]. Company Overview - Shengbang Microelectronics specializes in the research, development, and sales of high-performance analog integrated circuits, covering signal chain and power management sectors with over 5,900 products [5][6]. - The company operates under a fabless model, outsourcing manufacturing to foundries like TSMC, ensuring high-quality production standards [11]. Financial Performance - In the latest reporting period, the company achieved a revenue of 334.7 million yuan, a year-on-year increase of 27.96%, and a net profit of 49.1 million yuan, up 81.95% [14]. - The profit distribution plan includes a cash dividend of 2 yuan per 10 shares and a capital reserve conversion of 3 shares for every 10 shares held [4]. Business Model - The company employs a sales model primarily based on distribution, which enhances efficiency given the broad customer base [12]. - R&D is a core competency, with 74.09% of employees dedicated to research, leading to the filing of 162 new patents [10]. Market Dynamics - The semiconductor industry is experiencing a recovery phase, with increasing demand for high-performance components driven by emerging technologies like AI and robotics [13][18]. - Despite a slow growth outlook for the integrated circuit industry in 2024, long-term demand is expected to rise due to advancements in various sectors [18]. Product Development - The company launched over 700 new products during the reporting period, enhancing its product diversity and market competitiveness [15][16]. - New products include advanced voltage reference chips and high-efficiency DC/DC converters, catering to various applications across multiple industries [15]. Customer Expansion - The company has expanded its customer base significantly, serving thousands of clients across various sectors, including industrial control and automotive electronics [17]. - It is actively pursuing opportunities in emerging markets such as IoT, renewable energy, and AI, positioning itself for future growth [17].