Core Viewpoint - The company is making significant progress in the development of 28nm OLED display driver chips, with expectations to enter risk mass production by the end of 2025 [1] Group 1 - The company held its semi-annual performance meeting on September 10, 2025 [1] - The board secretary, Zhu Caiwei, provided updates on the company's chip development [1]

Core Viewpoint - The company, Jinghe Integrated (688249), is actively expanding its production capacity and has made significant advancements in its research and development, particularly in the semiconductor sector, with a focus on CIS and OLED display driver chips. Production Expansion - The company plans to expand production by approximately 20,000 wafers per month in the second half of the year [2] - All necessary equipment for the production expansion has been ordered and will be installed according to the capacity expansion plan [9] Research and Development Progress - The company has successfully mass-produced 55nm stacked CIS and expects to continue increasing output [3] - The 40nm OLED display driver chip has also entered mass production and is anticipated to contribute to revenue starting in the first half of 2025, with gradual ramp-up in the second half [3] - The 28nm OLED display driver chip is expected to enter risk production by the end of 2025 [3] - R&D investment in the first half of 2025 increased by 13.13% year-on-year, with stable growth expected in the coming years [8] Strategic Partnerships - The investment from Huakin, a leading company in the smart hardware ODM industry, is expected to enhance resource integration and collaboration along the supply chain, benefiting Jinghe's product validation and market ramp-up [4] Automotive Product Development - The company has successfully applied several products, including DDIC, CIS, PMIC, and MCU, in the automotive sector, all of which have achieved mass production [6] Financial Performance - For the first half of 2025, the company reported a main revenue of 5.198 billion yuan, an increase of 18.21% year-on-year, and a net profit of 332 million yuan, up 77.61% year-on-year [9] - The second quarter of 2025 saw a single-quarter main revenue of 2.631 billion yuan, a year-on-year increase of 21.24%, and a net profit of 197 million yuan, up 82.52% year-on-year [9] - The company's debt ratio stands at 48.95%, with a gross profit margin of 25.76% [9] Market Sentiment - In the last 90 days, two institutions have rated the stock, with one buy rating and one hold rating, and the average target price set at 32.22 yuan [10]

Group 1 - The company expects to achieve operating revenue between 5,070 million and 5,320 million yuan for the first half of 2025, representing a year-on-year increase of 67.22 million to 92.22 million yuan, or a growth rate of 15.29% to 20.97% [1][2] - The net profit attributable to the parent company is projected to be between 260 million yuan and 108.55% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 157 million and 235 million yuan, reflecting an increase of 62.33 million to 140.33 million yuan, or a growth rate of 65.83% to 148.22% compared to the same period last year [1][2] Group 2 - The company attributes the performance increase to high utilization rates, which have positively impacted operating revenue and product gross margins [2] - The company continues to strengthen its position in the market, with CIS becoming the second major product line, while other products also show improved competitiveness [2] - The company has achieved mass production of 40nm high-voltage OLED display driver chips and 55nm full-process stacked CIS chips, with ongoing development of 28nm OLED display driver chips and 28nm logic chips expected to enter risk mass production by the end of the year [2]