Core Viewpoint - The stock price of Amlogic Co., Ltd. has increased by 3.31% on September 24, reaching 104.18 CNY per share, with a total market capitalization of 43.87 billion CNY, reflecting a cumulative increase of 14.48% over the past three days [1] Group 1: Company Overview - Amlogic Co., Ltd. is located in Shanghai and was established on July 11, 2003, with its IPO on August 8, 2019 [1] - The company specializes in the research, design, and sales of system-level SoC chips and peripheral chips, with 99.98% of its revenue coming from product sales and 0.02% from leasing services [1] Group 2: Shareholder Insights - E Fund's fund, the E Fund SSE STAR 50 ETF (588080), is among the top ten circulating shareholders of Amlogic, having increased its holdings by 475,300 shares in Q2, now holding 13.95 million shares, which is 3.31% of the circulating shares [2] - The fund has generated an estimated floating profit of approximately 46.59 million CNY today and 184 million CNY over the past three days [2] - The E Fund SSE STAR 50 ETF was established on September 28, 2020, with a current size of 62.68 billion CNY and a year-to-date return of 42.54% [2] Group 3: Fund Performance - The E Fund SSE STAR Artificial Intelligence ETF (588730) has also increased its holdings in Amlogic by 21,620 shares in Q2, now holding 603,800 shares, which constitutes 5.65% of the fund's net value [3] - This fund has achieved a floating profit of approximately 2.02 million CNY today and 7.96 million CNY over the past three days [3] - The E Fund SSE STAR Artificial Intelligence ETF was established on January 16, 2025, with a current size of 759 million CNY and a cumulative return of 53.52% since inception [3]

Company Overview - 晶晨半导体(上海)股份有限公司, established on July 11, 2003, and listed on August 8, 2019, specializes in the research, design, and sales of system-level SoC chips and peripheral chips [1] - The company's main revenue source is from product sales, accounting for 99.98%, with rental services contributing 0.02% [1] Financial Performance - For the first half of 2025, the company achieved a revenue of 3.33 billion yuan, representing a year-on-year growth of 10.42% [2] - The net profit attributable to shareholders for the same period was 497 million yuan, showing a significant increase of 37.12% year-on-year [2] Stock Performance - As of September 3, the stock price of 晶晨股份 was 94.08 yuan per share, with a year-to-date increase of 36.98% [1] - Over the past 20 days, the stock has risen by 27.31%, and over the past 60 days, it has increased by 38.88% [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 22,200, with an average of 18,993 shares held per shareholder, reflecting a slight increase [2] - The company has distributed a total of 257 million yuan in dividends since its A-share listing, with 208 million yuan distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include 兴全合润混合A, holding 19.54 million shares, and 华夏上证科创板50成份ETF, holding 18.44 million shares [3] - Notable changes in holdings include an increase of 308,900 shares for 兴全合润混合A and a decrease of 471,500 shares for 华夏上证科创板50成份ETF [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company achieved record high quarterly shipment volume and revenue in the first half of 2025, with revenue reaching 3.33 billion yuan, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% year-on-year [4][5] - The company has launched 19 commercial chips featuring self-developed intelligent edge computing units, with over 9 million units shipped in the first half of the year [6] - The company is expected to continue launching new products in the second half of the year, which will contribute to revenue growth in the coming years [6] Financial Summary - The latest closing price of the company's stock is 72.06 yuan, with a total market capitalization of 30.3 billion yuan [3] - The company reported a gross margin of 36.8% in the first half of 2025, an increase of 1.43 percentage points year-on-year [5] - Revenue projections for 2025, 2026, and 2027 are 7.45 billion yuan, 9.07 billion yuan, and 10.58 billion yuan respectively, with net profits of 1.09 billion yuan, 1.40 billion yuan, and 1.76 billion yuan [7][9]

Core Insights - The company reported a revenue of 3.33 billion yuan for the first half of 2025, representing a year-on-year growth of 10.42% [1] - The net profit attributable to shareholders reached 497 million yuan, marking a year-on-year increase of 37.12% [1] - The non-recurring net profit was 457 million yuan, showing a year-on-year growth of 34.48% [1] - Basic earnings per share stood at 1.18 yuan [1] Quarterly Performance - In Q2 2025, the company achieved a record shipment volume of nearly 50 million units, including approximately 44 million system-level SoC chips and around 5.4 million wireless connection chips [1] - The revenue for Q2 2025 was 1.80 billion yuan, reflecting a year-on-year increase of 9.94% and a quarter-on-quarter growth of 17.72% [1] - The net profit attributable to the parent company in Q2 2025 was 308 million yuan, which is a year-on-year increase of 31.46% and a quarter-on-quarter increase of 63.90% [1]