Group 1 - The company reported a total revenue of 502 million yuan for the first half of 2025, representing a year-on-year increase of 13.01% [1] - The net profit attributable to shareholders was 3.0679 million yuan, a significant year-on-year decrease of 91.90%, primarily due to stock payment expenses of 104 million yuan [1] - After adjustments, the net profit was 102 million yuan, with a year-on-year increase of 28.63% when excluding government subsidies [1] Group 2 - The proportion of revenue from technical services increased, while the gross margin slightly declined to 89.12%, down 2.27 percentage points year-on-year due to increased costs associated with the higher share of technical service revenue [1] - Research and development expenses rose to 365 million yuan, an increase of 4.58% year-on-year, indicating a continued commitment to R&D with a workforce of 949 R&D personnel [1] Group 3 - The company upgraded its traditional advantages in AI and launched new products, including the PyAether design platform and AndesAMS tool for mixed-signal design automation [2] - The company introduced four new tools for digital circuit design, increasing coverage to approximately 80% of the market [2] - In the wafer manufacturing sector, the company enhanced its solutions with a complete lifecycle management system and collaborative optimization solutions [2] Group 4 - The company launched the Argus 3DIC physical verification platform, supporting 2.5D/3D heterogeneous integration packaging design [3] - The company maintains a "buy" rating, projecting revenues of 1.62 billion, 2.06 billion, and 2.65 billion yuan for 2025-2027, with net profits of 250 million, 410 million, and 600 million yuan respectively [3]

计算机 2025 年 08 月 16 日 华大九天 (301269) ——多款产品实现 AI+EDA，数字电路设计覆盖~80% 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 15 日 | | --- | --- | | 收盘价（元） | 113.59 | | 一年内最高/最低（元） | 155.00/69.72 | | 市净率 | 12.2 | | 股息率%（分红/股价） | 0.13 | | 流通 A 股市值（百万元） | 61,673 | | 上证指数/深证成指 | 3,696.77/11,634.67 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 9.27 | | 资产负债率% | 8.11 | | 总股本/流通 A 股（百万） | 543/543 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-15 09-15 10-15 11-15 12-15 01-15 02-15 03-15 04-15 05- ...