Core Viewpoint - SS&C ALPS Advisors has transferred the listing of several ETFs from Cboe BZX Exchange to NYSE Arca to enhance operational efficiency and market profile [1][2]. Group 1: ETF Listing Transfer - The ETFs transferred include ALPS | O'Shares U.S. Small-Cap Quality Dividend ETF (Ticker: OUSM), ALPS | O'Shares U.S. Quality Dividend ETF (Ticker: OUSA), ALPS | O'Shares Global Internet Giants ETF (Ticker: OGIG), and ALPS | O'Shares International Developed Quality Dividend ETF (Ticker: OEFA) [1]. - The funds will continue trading under their existing ticker symbols, CUSIPs, and identifiers, with no required action from shareholders [2]. Group 2: Company Overview - SS&C ALPS Advisors is a subsidiary of SS&C Technologies, managing over $31.84 billion as of September 30, 2025, and focuses on providing investment products for advisors and institutions [5]. - SS&C Technologies, founded in 1986 and headquartered in Windsor, Connecticut, serves over 23,000 financial services and healthcare organizations globally [4].

Core Insights - The EDA software market is dominated by American companies, which hold 75-80% of the global market share, with Synopsys, Cadence, and Siemens EDA being the key players [3] - In China, these three companies previously captured over 85% of the market, highlighting the heavy reliance on American EDA solutions [3] - Recent geopolitical tensions have prompted a push for domestic alternatives in China, leading to increased collaboration between domestic chip and EDA companies [5] Group 1 - The dependency on EDA software is critical for chip design, manufacturing, and testing, making it an essential component for semiconductor companies [1] - The Chinese market for EDA is experiencing a decline in revenue for American companies, with Synopsys reporting a 22% year-over-year decline when excluding Ansys, and an 18% decline when including it [5] - Domestic EDA companies are gaining traction, with significant advancements in technology and processes, such as Huada Jiutian's development of core EDA tools and solutions [7] Group 2 - By 2024, the domestic EDA adoption rates are projected to exceed 30% for analog chips and 15% for digital chips, indicating a shift towards self-sufficiency [5] - The overall revenue contribution from the Chinese market for American EDA companies is decreasing as local firms reduce their reliance on foreign software [7] - The potential for domestic EDA companies to achieve full self-sufficiency exists, given China's large market size and the ongoing efforts of local firms [9]

Core Points - SS&C ALPS Advisors announced a rebranding and strategic changes to the ALPS | O'Shares Europe Quality Dividend ETF, effective October 1, 2025 [1] - The fund will be renamed to ALPS | O'Shares International Developed Quality Dividend ETF [1] - The new ticker symbol for the fund will be OEFA [1] - The underlying index for the fund will change to O'Shares International [1]

Core Viewpoint - The company reported a steady revenue growth in the first half of 2025, but a significant decline in net profit, primarily due to stock payment expenses, indicating a mixed performance in financial health [1][2][4]. Financial Performance - In H1 2025, the company achieved a revenue of 502 million yuan, a year-on-year increase of 13.01% [1]. - The net profit attributable to shareholders was 3 million yuan, down 91.90% year-on-year [1]. - The non-recurring net profit was -19 million yuan, indicating a narrowing loss compared to the previous year [1]. - In Q2 2025, the company generated a revenue of 267 million yuan, up 16.01% year-on-year, but the net profit turned negative at -7 million yuan [2]. Business Segments - EDA software sales contributed 414 million yuan in revenue, a year-on-year increase of 7.41% [2]. - The technical service business emerged as a significant growth driver, achieving 67 million yuan in revenue, a growth of 28.37% year-on-year [2]. - International revenue reached 55 million yuan, showing a substantial increase of 90.39% year-on-year, reflecting the company's competitive edge in overseas markets [2]. R&D Investment - The company maintained a high level of R&D investment, totaling 365 million yuan in H1 2025, with a research expense ratio of 72.84% [3]. - Seven new core EDA tools were launched, enhancing the product matrix and addressing key areas in digital and analog circuit design [3]. - The introduction of the Argus 3DIC platform filled a gap in high-end 3DIC design tools domestically, supporting the development of domestic chips [3]. Market Position and Strategy - The company is positioned to benefit from the trend of domestic substitution in the semiconductor industry, aiming for comprehensive tool coverage in design, wafer manufacturing, and other areas by 2025 [4]. - The focus on 3DIC and Chiplet technologies aligns with the evolution of post-Moore's Law, providing critical support for the independent development of domestic chips [4]. - The revenue forecast for 2025-2027 is adjusted to 1.599, 2.076, and 2.674 billion yuan, with corresponding growth rates of 30.8%, 29.8%, and 28.8% [4].