Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy, accelerate overseas business development, and improve its competitive edge and brand image [2] Financial Performance - In 2023 and 2024, the company achieved revenues of 7.244 billion and 9.249 billion yuan, respectively, with a year-on-year growth of 27.69% in 2024 [3] - Net profits for the same years were approximately 119 million and 482 million yuan, reflecting a significant year-on-year growth of 304.65% in 2024 [3] - For the first half of the year, the company reported operating revenue of 519.85 million yuan, an increase of 18.21% year-on-year, and a net profit of 231.99 million yuan, up 19.07% year-on-year [4] Business Segmentation - The main business revenue for the first half of the year was 512.98 million yuan, with revenue contributions from process nodes as follows: 55nm (10.38%), 90nm (43.14%), 110nm (26.74%), and 150nm (19.67%) [4] - From an application product perspective, the revenue contributions were: DDIC (60.61%), CIS (20.51%), PMIC (12.07%), MCU (2.14%), and Logic (4.09%) [4] Research and Development - The company invested 694.82 million yuan in R&D in the first half of the year, a 13.13% increase year-on-year, accounting for 13.37% of total revenue [5] - The company has made significant progress in R&D, achieving mass production of new products such as 40nm high-voltage OLED display driver chips and 28nm logic chips [5] Shareholder Changes - In July, the company announced that Huakin Technology would acquire approximately 120 million shares, representing 6% of the total share capital, at a price of 19.88 yuan per share, totaling around 2.4 billion yuan [5][6] - Following the transaction, Huakin Technology will become the fourth largest shareholder, committing to hold the shares for at least 36 months [6][7] Strategic Intent - Huakin Technology expressed confidence in the company's future and aims to deepen resource integration and explore collaboration opportunities in various projects to enhance overall competitiveness [7] - The partnership is expected to facilitate the company's products entering the supply chain of high-performance computing and smart terminal sectors [7]

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]

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]