Group 1 - The domestic RF front-end industry is entering a critical window for domestic substitution due to the increasing penetration of 5G mobile phone upgrades, vehicle networking, and satellite navigation applications in the first half of this year [1] - Kuangda Technology (002516) disclosed in its latest semi-annual report that it holds a 45.63% stake in Chip Investment Microelectronics and is actively increasing its strategic layout in the RF front-end filter field [1] - Chip Investment Microelectronics has a core team with approximately 20 years of industry experience and its subsidiary NSD originates from the SAW filter division of Japan's NDK, possessing multiple core patented technologies including SAW, TC-SAW, and advanced packaging [1] Group 2 - Chip Investment Microelectronics is one of the few companies in China that holds independent TC-SAW structure patents, leveraging its technological and patent advantages to collaborate with several domestic RF front-end module companies [1] - The automotive-grade filter products produced by its subsidiary NSD not only meet the stringent standards of the automotive electronics field but are also widely applicable in satellite navigation systems, further expanding market application space [1]

Core Viewpoint - The investment by Guangdong Shiyun Circuit Technology Co., Ltd. in Shenzhen New Voice Semiconductor Co., Ltd. aims to enhance the company's future profitability and establish a strategic foothold in the semiconductor industry, particularly in the high-tech segment related to automotive electronics and AIOT applications [1][22][24]. Summary by Sections 1. Transaction Overview - The total investment in New Voice Semiconductor amounts to 269 million RMB, with Shiyun Circuit contributing 125 million RMB, which will be allocated as 9.49234 million RMB to registered capital and the remainder to capital reserves [1][13]. - The investment is structured as a capital increase, with Shiyun Circuit and its affiliates participating alongside non-affiliated investors [1][2]. 2. Related Party Relationships - Shiyun Circuit has no prior shareholding in New Voice Semiconductor, but its affiliate, Tianjin Shunke Juxin Venture Capital Fund, is involved in the investment, constituting a related party transaction [2][4]. - The transaction does not require shareholder approval as it does not exceed the stipulated thresholds for related party transactions [2][3]. 3. Target Company Information - New Voice Semiconductor, established in March 2021, specializes in the research, design, and sales of semiconductor components, particularly filters for communication devices [7][8]. - The company has shown significant growth, with total assets increasing from 320 million RMB to 458 million RMB within six months, and a revenue of 102 million RMB in the first half of 2025, reflecting a 25% year-on-year growth [8][21]. 4. Strategic Importance of the Investment - The investment aligns with the growing demand for filters in 5G/6G communications, smart vehicles, and IoT devices, positioning Shiyun Circuit to leverage New Voice Semiconductor's capabilities in high-end filter production [22][24]. - New Voice Semiconductor is the first domestic company to achieve AEC-Q200 automotive certification for its filters, indicating its readiness to meet the stringent requirements of the automotive industry [10][23]. 5. Future Collaboration and Market Potential - The partnership is expected to facilitate deeper collaboration in developing new automotive filter solutions, enhancing both companies' market reach and technological capabilities [24][25]. - The filter market is projected to grow significantly due to the increasing penetration of 5G technology and the shift towards electric and intelligent vehicles, providing a favorable environment for the investment [22][24].

Core Viewpoint - The company, Shiyun Circuit (603920), is expanding its profit margins by investing in the filter market, specifically in Shenzhen New Sound Semiconductor Co., Ltd, acquiring a 3.82% stake for 125 million yuan [1][2]. Investment Details - The investment plan involves Shiyun Circuit and its partners contributing a total of 269 million yuan to New Sound Semiconductor, with Shiyun Circuit investing 125 million yuan, of which 949,234 yuan will be registered as capital and 124 million yuan as capital reserve [2]. - New Sound Semiconductor specializes in the research, production, and sales of SAW and BAW filters, with products already supplied to major brands like Xiaomi, Honor, and Samsung [2][4]. Market Potential - The demand for automotive-grade filters is expected to grow rapidly with advancements in intelligent driving technology, and Shiyun Circuit aims to leverage its customer resources in the automotive electronics sector to support New Sound Semiconductor's market expansion [3]. Financial Performance - New Sound Semiconductor is currently not profitable, with projected revenues of 227 million yuan and 102 million yuan for 2024 and the first half of 2025, respectively, and net losses of 288 million yuan and 55.31 million yuan [4]. - The company's valuation has increased, with the latest round of financing set at a pre-investment valuation of 3 billion yuan, considering its development prospects and technological advantages [4]. Product Development - New Sound Semiconductor has made progress in high-end BAW products and modules, with successful mass production of automotive-grade filters, marking its entry into the automotive front-loading market [5]. Strategic Alignment - The investment aligns with Shiyun Circuit's strategy to establish a presence in high-tech segments of the electronic information industry, focusing on smart automotive and AIoT applications [5]. - The partnership is expected to foster deep collaboration between the two companies, promoting the adoption of new automotive filters and modular solutions [5]. Ownership Structure - The investment involves related parties, with Shiyun Circuit's major shareholder now being a state-owned entity, enhancing the company's financial credibility and market expansion capabilities [6][7].

Group 1 - The core point of the announcement is that Guangdong Shiyun Circuit Technology Co., Ltd. plans to invest 125 million yuan in Shenzhen New Sound Semiconductor Co., Ltd. to acquire a 3.8238% stake, aiming to enhance its strategic positioning in the electronic information industry [1] - The investment is part of the company's strategy to focus on high-tech barriers and growth segments within the electronic information industry, particularly in smart automotive and AIOT applications [1] - The company anticipates establishing a deep cooperative relationship with New Sound Semiconductor to promote the adoption of new vehicle-mounted filters and modular solutions in the industry, aiming for mutual benefits [1] Group 2 - Filters are core components in the electronic information industry, closely related to the development of strategic emerging industries such as 5G/6G communication, smart vehicles, and satellite internet [2] - New Sound Semiconductor specializes in the research, production, and sales of SAW (Surface Acoustic Wave) filters and BAW (Bulk Acoustic Wave) filters, with key products including TC-SAW filters and BAW filters that have been supplied to major smartphone brands like Xiaomi, Honor, and Samsung [2] - New Sound Semiconductor is the first filter company in the country to obtain AEC-Q200 automotive certification, and its automotive-grade filter products have achieved mass production and delivery in the automotive front-loading market [2]

Core Viewpoint - The company plans to invest 125 million yuan in Shenzhen New Sound Semiconductor Co., Ltd. through capital increase, acquiring a 3.8238% stake in the company [1] Group 1: Investment Details - The investment will be made using the company's own funds [1] - The investment involves both related party Shunke Juxin and non-related party Hongsheng Jiacheng [1] Group 2: Company Profile of New Sound Semiconductor - New Sound Semiconductor specializes in the research, development, production, and sales of SAW and BAW filters and FEM modules [1] - The company holds multiple independent intellectual property rights and is the first in the country to pass AEC-Q200 automotive certification for filter products [1] - Its automotive-grade filter products have already achieved mass production and delivery in the automotive front-loading market [1]