Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing its three core product lines: computing chips, storage chips, and analog chips [2] Group 1: Market Position - Beijing Junzheng is a leading global provider of "computing + storage + analog" chips, focusing on high-performance, low-power computing chips, high-quality, high-reliability storage chips, and a variety of high-specification analog chips for markets such as automotive electronics, industrial medical, AIoT, and smart security [2][3] - The company ranks sixth globally in niche DRAM, first among companies headquartered in mainland China, and fourth among global automotive-grade niche DRAM suppliers [2][3] - In SRAM, the company ranks second globally and first among companies headquartered in mainland China, as well as first among global automotive-grade SRAM suppliers [2][3] - For NOR Flash, the company ranks seventh globally, third among companies headquartered in mainland China, and fourth among global automotive-grade NOR Flash suppliers [2][3] - In the IP-Cam SoC category, the company ranks third globally and first among battery-type IP-Cam SoC suppliers [2][3] Group 2: R&D Capability - The company has developed 792 patents and employs 760 R&D personnel, with R&D staff accounting for 64% of its workforce [3] - R&D expenditure is reported to be RMB 2.4 billion, indicating a strong commitment to innovation [3] Group 3: Business Performance - The company has achieved cumulative shipments of 1 billion automotive electronic chips, with a total shipment volume of 2.7 billion chips [3] - The product portfolio includes high-performance, low-power computing chips, high-quality storage chips (including DRAM, SRAM, NOR Flash, and NAND Flash), and a variety of high-specification analog chips [3][5][6] - The storage chip product line is designed to meet the stringent demands of automotive electronics and industrial medical applications [5] - The analog chip product line is utilized in automotive electronics, industrial applications, and smart home appliances, featuring multi-functional Combo chips that integrate various functionalities [6]

9月25日，北京君正集成电路股份有限公司举办现场交流会，接受广发证券、东海证券等2家机构特定对 象调研，董事会秘书张敏出席。调研围绕存储芯片价格、产能、产品线结构与增长、市场拓展、产品销 售、客户模式、研发进展等多方面展开，以下为详细要点。 客户模式与研发进展 公司在汽车市场主要采用经销模式，客户为Tier1厂商。汽车市场LPDDR5需求居多，DDR5处于规划阶 段。NOR FLASH在汽车市场增速受关注。算力方面，公司加大NPU研发，明年中预计推出4T算力IPC 产品。AI MCU今年中已投一版MPW。LED驱动应用于各类车灯。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 对于存储芯片是否涨价及涨价周期，市场观点认为可 ...

Core Viewpoint - Beijing Junzheng, a leading CPU company established in 2005, has submitted its listing application to the Hong Kong Stock Exchange, showcasing its growth through technological innovation and market expansion in the CPU design sector [1]. Market Position - Beijing Junzheng holds leading positions in various niche markets: - 6th globally and 1st domestically in niche DRAM - 2nd globally and 1st domestically in SRAM - 7th globally and 3rd domestically in NOR Flash - 3rd globally in IP Cam SoC [3]. Financial Performance - The company's financial performance has shown a downward trend from 2022 to the first half of 2025: - Revenue: 54.12 billion, 45.31 billion, 42.13 billion, 22.49 billion - Profit: 7.79 billion, 5.16 billion, 3.64 billion, 2.02 billion - R&D expenses: 6.42 billion, 7.08 billion, 6.81 billion, 3.48 billion - Gross margin maintained between 33.4% and 35.5% [3]. Product Line and Technology - The product line includes computing, storage, and analog chips, providing integrated system solutions. - The company focuses on high-performance, low-power computing chips, high-quality storage chips, and various high-specification analog chips, with applications in AIoT, smart security, automotive electronics, and industrial medical fields. - RISC-V architecture is adopted for computing chips to enhance technological competitiveness [4]. Customer and Supply Chain - Products are sold in over 50 countries, with the top five customers accounting for over 50% of revenue and top five suppliers accounting for 47.8% to 65.1% of procurement [5]. - The company collaborates closely with 18 wafer fabs and 32 packaging and testing partners [5]. Future Plans - The company plans to strengthen AI technology and product layout, upgrade automotive-grade chip products, and expand its product matrix. - Specific measures include upgrading computing chips, launching larger capacity storage chips, developing eMMC and UFS products, and advancing new storage chips like 3D DRAM. - The focus will also be on RISC-V CPU architecture optimization and the design of next-generation RISC-V CPU, NPU, VPU, and ISP, expanding into emerging fields like AIoT, smart security, and robotics [5].

Core Viewpoint - Beijing Junzheng, established in July 2005, has become a leading player in CPU design and has expanded into automotive, industrial, and medical markets through strategic acquisitions and product development [3][40]. Market Position - Beijing Junzheng ranks fourth globally and first in mainland China for automotive-grade niche DRAM and NOR Flash [4]. - The company holds the second position globally and first in China for SRAM, and ranks third globally for battery-class IP-Cam SoC [8][10]. Financial Performance - Revenue for Beijing Junzheng has shown a downward trend, with figures of RMB 54.12 billion in 2022, RMB 45.31 billion in 2023, and projected RMB 42.13 billion in 2024 [11][14]. - Net profit has also declined, from RMB 7.79 billion in 2022 to RMB 2.02 billion in the first half of 2025 [11][14]. Research and Development - The company employs 760 R&D personnel, accounting for approximately 64% of its total workforce, and has filed 792 patents [27][18]. - R&D expenses have fluctuated, with RMB 6.42 billion in 2022 and RMB 3.48 billion in the first half of 2025 [11][14]. Product Lines - Beijing Junzheng's product portfolio includes computing chips, storage chips, and analog chips, with a focus on high-performance, low-power solutions for AIoT and smart security applications [20][23]. - The company is advancing its RISC-V architecture to enhance its competitive edge in the market [23][40]. Customer and Supplier Relationships - The top five customers account for over 50% of total sales, with significant revenue contributions from major clients [28][29]. - The company maintains strong relationships with 18 wafer fabrication partners and 32 packaging and testing partners [34]. Strategic Goals - Beijing Junzheng aims to optimize its AI application product mix and expand its automotive-grade chip offerings, including the development of 3D DRAM technology [40][41].

在全球半导体行业深陷周期性寒冬与地缘政治迷雾双重压力下，北京君正集成电路股份有限公司（下 称"北京君正"，A股代码：300223.SZ）近日向港交所递交招股书，启动"A+H"双资本平台冲刺。 北京君正成立于2005年，总部位于北京，采用Fabless（无晶圆厂）集成电路设计公司模式，为汽车电 子、工业医疗、AIoT及智能安防等市场提供计算芯片、存储芯片和模拟芯片。 事实上，北京君正并非资本市场新兵。其已在A股上市13年之久，截至9月22日收盘，公司A股总市值达 394.2亿元。 对于此次冲刺港交所，北京君正在招股书中表示，拟通过港股上市筹集额外资金，用于业务增长与扩 张、拓宽融资渠道并深化全球化战略布局。对于北京君正本次"A+H"上市进程，21世纪经济报道记者就 相关问题致电其董秘，其回复称以公告为准。 在半导体周期中，北京君正的业绩和股价也起起伏伏。此次港股上市，能否助力其全球扩张之路，减缓 周期冲击，仍有待观察。 创始人身家达33亿元 北京君正创始人刘强，今年56岁，目前担任执行董事、董事长兼总经理，IPO前持股8.39%，以此计 算，刘强身家达33亿元。 刘强先后获得清华大学焊接工艺与设备学士学位、中国 ...

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform to raise additional funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1][10]. Group 1: Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a fabless integrated circuit design firm, providing computing, storage, and analog chips for various markets including automotive electronics, industrial medical, AIoT, and smart security [1][5]. - The company has been listed on the A-share market for 13 years, with a total market capitalization of 39.42 billion yuan as of September 22 [1]. Group 2: Financial Performance - The company's revenue has shown volatility, with total revenue declining from 54.12 billion yuan in 2022 to 42.13 billion yuan in 2024, and net profit halving from 7.79 billion yuan to 3.64 billion yuan during the same period [12][13]. - The storage chip business, which is the largest revenue source, saw a 36% decline in revenue, while the computing chip business experienced a 41.6% increase in revenue during the downturn [13][14]. Group 3: Market Position and Strategy - Beijing Junzheng ranks first in battery-class IP-CamSoC and automotive-grade SRAM markets, and second in the SRAM sector according to Frost & Sullivan data [7][8]. - The company has a strong focus on R&D, with R&D expenses constituting 11.9% to 16.2% of revenue from 2022 to 2025, indicating a commitment to innovation despite short-term profit erosion [14]. Group 4: Shareholder Activity and Market Sentiment - Since 2022, shareholders and executives have reduced their stakes, raising concerns about the company's future, with total cashing out amounting to several hundred million yuan [16][17]. - Despite recent performance challenges, the company attracted interest from Weir Group, which planned to increase its stake, indicating potential strategic collaboration opportunities [16][17].

记者丨 彭新 编辑丨巫燕玲 在全球半导体行业深陷周期性寒冬与地缘政治迷雾双重压力下，北京君正集成电路股份有限公 司（下称"北京君正"，A股代码：300223.SZ）近日向港交所递交招股书，启动"A+H"双资本 平台冲刺。 北京君正成立于2005年，总部位于北京，采用Fabless（无晶圆厂）集成电路设计公司模式， 为汽车电子、工业医疗、AIoT及智能安防等市场提供计算芯片、存储芯片和模拟芯片。 事实上，北京君正并非资本市场新兵。其已在A股上市13年之久，截至9月22日收盘，公司A股 总市值达394.2亿元。 对于此次冲刺港交所，北京君正在招股书中表示，拟通过港股上市筹集额外资金，用于业务增 长与扩张、拓宽融资渠道并深化全球化战略布局。 对于北京君正本次"A+H"上市进程，21世 纪经济报道记者就相关问题致电其董秘，其回复称以公告为准。 在半导体周期中，北京君正的业绩和股价也起起伏伏。此次港股上市，能否助力其全球扩张之 路，减缓周期冲击，仍有待观察。 图片来源：北京君正官网 创始人身价达3 3亿元 随后在PMP（便携多媒体播放器）领域，北京君正也继续踩准市场机遇。2007年底，君正推出 了国内首款支持Real编 ...

Core Viewpoint - Beijing Junzheng Integrated Circuit Co., Ltd. is launching an "A+H" dual capital platform to raise additional funds for business growth and global expansion amid challenges in the semiconductor industry and geopolitical tensions [1] Company Overview - Founded in 2005 and headquartered in Beijing, the company operates as a fabless integrated circuit design firm, providing chips for automotive electronics, industrial medical, AIoT, and smart security markets [1][4] - The company has been listed on the A-share market for 13 years, with a market capitalization of 39.42 billion yuan as of September 22 [1] Financial Performance - The company's revenue has shown volatility, with total revenue declining from 54.12 billion yuan in 2022 to 42.13 billion yuan in 2024, while net profit dropped from 7.79 billion yuan to 3.64 billion yuan during the same period [9] - Despite the downturn, the company's gross margin has remained stable between 33% and 35%, supported by a higher proportion of automotive and industrial business [9][10] - The storage chip segment, which is the largest revenue source, saw a 36% decline in revenue, while the computing chip segment experienced a 41.6% increase in revenue during the same period [9] Market Position - According to Frost & Sullivan data, Beijing Junzheng ranks first in the battery IP-Cam SoC and automotive-grade SRAM markets, and second in the SRAM market globally [5] - The company has shipped a total of 2.7 billion chips, with 1 billion of those being automotive electronics chips [5] Strategic Moves - The company aims to use the funds raised from the Hong Kong listing to enhance its global strategy and expand its financing channels [1] - Beijing Junzheng has attracted interest from major players in the semiconductor industry, such as Weir Shares, which announced plans to increase its stake in the company [11][13] R&D Investment - The company maintains a high level of R&D investment, with expenses amounting to 6.42 billion yuan in 2022, 7.08 billion yuan in 2023, and 6.81 billion yuan in 2024, representing 11.9%, 15.6%, and 16.2% of revenue respectively [10]

出品｜公司研究室IPO组 文｜曲奇 9月15日，北京君正集成电路股份有限公司向港交所递交招股书。 北京君正是一家芯片设计公司，过去三年公司受全球半导体周期及终端需求疲软的影响，收入和利润连续下滑。 今年以来，北京君正（SZ300223）股价涨幅超20%，市值约400亿元。但近期公司股东和高管在不断减持。 2025年7月18日至2025年9月12日，北京屹唐盛芯半导体产业投资中心（有限合伙）通过集中竞价方式减持公司股 份482.54万股，减持比例为0.999999%，将持股比例降至8%以下。 此外，9月17日，公司董事李杰合计减持15万股，成交均价为83.01元，合计套现1245万元。 业绩连续两年下滑 北京君正是一家嵌入式CPU芯片设计企业。2020年，北京君正通过收购北京矽成完成业务转型，迅速切入高门槛 的汽车电子和工业控制领域。 如今，北京君正的主营业务已从单一的微处理器芯片（CPU）扩展至计算芯片、存储芯片、模拟与互联芯片三大 核心板块。 其中，计算芯片是北京君正的传统优势领域，有三个子产品线分别是智能视觉SoC、嵌入式MPU及AI-MCU，应用 于安防摄像头、智能门铃、智能眼睛、扫地机器人、二维码/条 ...

Core Viewpoint - Beijing Junzheng, a leading chip manufacturer, has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage its strong market position and product offerings in the semiconductor industry [1][9]. Company Overview - Beijing Junzheng is a global leader in "computing + storage + analog" chips, providing high-performance, low-power computing chips, high-quality storage chips, and various analog chips for markets such as automotive electronics, industrial medical, AIoT, and smart security [1]. - The company ranks sixth globally in niche DRAM, first among companies in mainland China, and fourth among global automotive-grade niche DRAM suppliers. In SRAM, it ranks second globally and first in mainland China, while in NOR Flash, it ranks seventh globally and third in mainland China [1]. Financial Performance - The company's revenue has been declining, with figures of approximately RMB 54.12 billion, RMB 45.31 billion, and RMB 42.13 billion from 2022 to 2024, respectively. For the first half of 2025, revenue was RMB 22.49 billion, a year-on-year decrease of 6.7% [3]. - Net profit also showed a downward trend from RMB 7.79 billion in 2022 to RMB 3.64 billion in 2024, but there was a slight recovery in the first half of 2025 with a net profit of RMB 2.02 billion [3]. - The gross margin remained relatively stable, with figures of 33.42%, 35.49%, 34.97%, and 34.22% from 2022 to the first half of 2025, while net margins were 14.39%, 11.38%, 8.65%, and 8.97% during the same period [3]. Market Trends - The semiconductor industry has been experiencing a downturn since 2022, characterized by inventory buildup, pricing pressure, and weakened consumer confidence. However, signs of recovery began in the second quarter of 2024, particularly in the consumer electronics sector [4][3]. - The global chip market is expected to grow from approximately USD 356.2 billion in 2020 to USD 515.3 billion in 2024, with a compound annual growth rate (CAGR) of 9.7%. Projections indicate further growth to around USD 900.3 billion by 2029, with a CAGR of 11.0% from 2025 to 2029 [6]. Competitive Advantages - The company operates under a fabless model, focusing on chip design and development while collaborating with leading foundries and testing companies to ensure high manufacturing standards [2]. - Beijing Junzheng has a strong product mix, with storage chips accounting for 61.6% of revenue as of mid-2025, while computing and analog chips contributed 26.9% and 10.8%, respectively [2]. - The acquisition of ISSI has positioned the company as a leading supplier of automotive storage chips, enhancing its revenue, profitability, and global competitiveness [8]. - The company's deep involvement in automotive electronics aligns with the long-term trends of electrification, intelligence, connectivity, and sharing in the automotive sector, providing a stable and growth-oriented revenue source [8].