Core Viewpoint - The global semiconductor market is recovering, leading to a significant improvement in the profitability of Jinghe Integrated [2][5] Financial Performance - Jinghe Integrated expects to achieve operating revenue of 5.07 billion to 5.32 billion yuan in the first half of 2025, representing a year-on-year growth of 15.29% to 20.97% [2] - The company anticipates a net profit of 260 million to 390 million yuan, with a year-on-year increase of 39.04% to 108.55% [2][5] - In 2024, Jinghe Integrated reported operating revenue of 9.249 billion yuan, a year-on-year increase of 27.69%, and a net profit of 533 million yuan, up 151.78% [5] Market and Capacity Utilization - The increase in performance is attributed to the recovery of industry conditions, increased product sales, and high capacity utilization rates [3][5] - Jinghe Integrated's production line load reached 110% in June 2024, with order volumes exceeding current capacity [5] Research and Development - The company has placed a strong emphasis on R&D, with R&D expenses increasing from 397 million yuan in 2021 to 1.284 billion yuan in 2024, totaling 3.596 billion yuan over four years [6] - Jinghe Integrated has obtained 218 new patent authorizations since the beginning of 2025, a 17.84% increase compared to the same period last year [3][6] - The company focuses on technological breakthroughs and product diversification, with ongoing developments in various chip technologies [5][6] Strategic Focus - Future R&D plans will concentrate on core products such as DDIC and CIS, while also addressing emerging markets like automotive chips and AR/VR applications [6] - The company aims to strengthen collaborations with strategic clients and expand into high-end product development [6]

Macro Dynamics - The State Administration for Market Regulation has released the first national standard for campus meal service management, aimed at enhancing food safety regulations in schools, covering aspects from recipe management to emergency handling [1] - The People's Bank of China and other regulatory bodies have issued implementation details for cross-border asset management pilot projects in Hainan Free Trade Port, facilitating foreign investment in local financial products [2] - In June, China's total electricity consumption reached 867 billion kWh, a year-on-year increase of 5.4%, with significant growth in residential electricity usage [3] - China's express delivery volume has maintained its position as the world's largest for 11 consecutive years, with over 500 million packages collected daily [4] - The National Space Administration has implemented a lifelong accountability system for quality responsibilities in commercial space projects to enhance oversight [5] Financial Institutions - The National Association of Financial Market Institutional Investors has initiated a self-regulatory investigation into Guangfa Bank for potential price manipulation in its bond issuance process [6] Market Data - On July 21, A-shares saw collective gains, with the Shanghai Composite Index rising by 0.72% and the Shenzhen Component Index by 0.86%, with a total market turnover of approximately 1.699 trillion yuan [8] - The Hong Kong stock market closed with the Hang Seng Index up by 0.68%, led by gains in construction and cement stocks [9] Company Dynamics - Good Products has reported a court case involving a share transfer dispute with a claim amount of 996 million yuan, which may affect the control transfer of its major shareholder [10] - JD.com has announced its entry into the field of embodied intelligence, focusing on technological innovation and applications in supply chain scenarios [11] - Jinghe Integrated is expecting a net profit increase of 39% to 109% year-on-year for the first half of 2025, driven by industry recovery and increased product sales [12]