Core Viewpoint - The financial performance of Zhaoxin Co., Ltd. (688691) for the first half of 2025 shows significant declines in revenue and profit, indicating potential challenges in its business operations and financial health [1][3]. Financial Performance - Total revenue for the first half of 2025 was 282 million yuan, a decrease of 52.56% year-on-year [1]. - The net profit attributable to shareholders was -60.88 million yuan, down 175.69% compared to the previous year [1]. - The gross margin was 18.49%, reflecting a decline of 40.45% year-on-year [1]. - The net margin was -21.6%, a decrease of 259.56% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 41.13 million yuan, representing 14.6% of total revenue, an increase of 108.53% year-on-year [1]. Cash Flow and Debt - The company reported a significant decline in operating cash flow, with a per-share operating cash flow of -0.04 yuan, down 129.58% year-on-year [1]. - The company maintains a healthy cash asset position, with cash assets being a critical factor for its financial stability [3][4]. Business Model and R&D - The company's performance is primarily driven by research and development, necessitating a thorough examination of the underlying factors supporting this drive [3]. - The company has multiple chip design projects in progress, with expectations for significant advancements in domestic chip design capabilities [5]. Investment Interest - The largest fund holding Zhaoxin shares is Guorong Rongsheng Longtou Yanxuan Mixed A, with a scale of 255 million yuan and a recent net value increase of 1.48% [5].

Core Viewpoint - The article highlights the growth and potential of Jichuang North, a leading player in the display chip industry, driven by trends such as high-resolution demands, the rise of automotive displays, and opportunities for domestic replacements in the market [2][4][5]. Company Overview - Jichuang North was founded in 2008 by Zhang Jinfang with initial funding of 4 billion RMB from his father, the actual controller of Shanxi Jiaochangping Energy Industry Group [5]. - The company specializes in display driver chips, covering technologies such as LCD, OLED, LED, AR/VR, and automotive displays, with a focus on panel driving (DDIC), power management, and SoC integration [5][6]. - Jichuang North holds a global market share of 18.8% in smartphone LCD driver chips, ranking first globally, and over 45% in LED driver chips [5][6]. Industry Trends - The display chip industry is experiencing a surge due to three main trends: 1. **Visual Revolution**: Enhanced algorithms and high refresh rates are improving low-quality visuals [3]. 2. **Automotive Display Competition**: The global automotive chip market is growing at an annual rate of 6.5%, driven by increasing screen quality and quantity in vehicles [4][12]. 3. **Domestic Replacement Opportunities**: The market has historically been dominated by foreign firms, but domestic players are emerging [4][15]. Market Dynamics - The demand for high resolution and refresh rates is increasing, with products exceeding 8K resolution and refresh rates potentially reaching 300Hz to 480Hz in the coming years [8][9]. - Low power consumption is becoming crucial, especially for wearable devices and smartphones, prompting significant R&D investments in low-power display chips [10][11]. - The automotive display market is projected to grow significantly, with the average number of displays per vehicle expected to rise from 2.5 to 3.5 by 2026 [12]. Competitive Landscape - The automotive display driver chip market presents substantial opportunities for new entrants, with the global automotive chip market valued at approximately 164.5 billion RMB in 2022, expected to reach 273.3 billion RMB by 2029 [13]. - Historically, the market has been led by Taiwanese firms, but domestic companies like Jichuang North are beginning to capture market share [15][16]. - Jichuang North has launched automotive-grade display chips, filling gaps in the domestic market and achieving mass production [16].

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. (referred to as "Jichuang Beifang") is preparing for its initial public offering (IPO) on the Sci-Tech Innovation Board, having previously withdrawn its application in March 2023 after being accepted in June 2022 [1] Company Overview - Jichuang Beifang is an internationally leading display chip design company established in 2008, focusing on the research, design, and sales of display chips, providing comprehensive solutions for various display panels and screens [1] - The company has developed a rich product portfolio, including panel display driver chips, power management chips, LED display driver chips, and control chips, while also actively exploring advanced display technologies such as small-pitch LED displays and silicon-based OLED displays [1] Market Position - Jichuang Beifang ranks first among global or mainland Chinese manufacturers in several segments of the display chip market, including: - First in market share for smartphone LCD display driver chips and LCD TDDI chips in mainland China [2] - First in market share for large-size display DDICs among mainland manufacturers [2] - First in market share for power management chips in the mainland China display panel market [2] - First in global market share for LED display driver chips from 2019 to 2023 [2] Research and Development Team - The company has built a strong R&D team with extensive technical expertise and industry experience, comprising over 64% of its 1,086 employees as of March 31, 2025, with 95% holding at least a bachelor's degree and over 52% holding a master's degree or higher [2] Supplier and Customer Relationships - Jichuang Beifang has established stable partnerships with major wafer manufacturers and testing service providers, ensuring consistent product quality and output [3] - The company has a robust customer base, including well-known panel and LED screen manufacturers such as BOE, Huaxing Optoelectronics, and LG Group, and its products are widely used by leading brands like TCL, LG, Samsung, OPPO, vivo, and Xiaomi [3] Shareholding Structure - As of July 31, 2025, the controlling shareholder of Jichuang Beifang is Zhang Jinfang, who holds a total equity stake of 39.97% through direct and indirect holdings [3]

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd., a leading manufacturer of display driver chips, has officially initiated the listing counseling process for its initial public offering (IPO) on the Sci-Tech Innovation Board, with CITIC Securities as the counseling institution [1]. Group 1: Company Overview - Jichuang Beifang was established in 2008, with a registered capital of 431 million yuan. The legal representative is Zhang Jinfang. Investors include Xiaomi Yangtze River Industry Fund, Huawei Habo Technology, TCL Venture Capital, and Vivo [2]. - In December 2021, Jichuang Beifang secured over 6.5 billion yuan in Series E financing, leading to a valuation exceeding 30 billion yuan [2]. - The company specializes in the research, design, and sales of display chips, including panel display driver chips, LED display driver chips, power management chips, and control chips, covering mainstream display technologies such as LCD, LED, and OLED [3]. Group 2: Market Position and Products - According to TrendForce, Jichuang Beifang holds over 40% market share, ranking first in the LED display driver chip market for 2024. If successful in its IPO, it is expected to become the first stock on the Sci-Tech Innovation Board for all categories of display chips [3]. - The company has served major panel manufacturers such as BOE, TCL Huaxing, and Huike, as well as LED display manufacturers like Leyard, Zhouming Technology, and Absen. Its products are widely used by terminal brands including TCL, LG, Samsung, OPPO, Vivo, and Xiaomi [3]. Group 3: Future Developments - Jichuang Beifang is actively advancing the research and development of automotive display chips and SoC chips, while also expanding into MLED display and silicon-based OLED technologies to broaden its business scope and product line [3]. - In May, the company achieved a breakthrough in the automotive display chip sector with the mass production of the first domestically developed automotive-grade integrated local dimming bridge chip, ICNM7810B, for consumer-grade Mini LED display products [3].

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. (referred to as "Jichuang Beifang") has restarted its IPO counseling for the Sci-Tech Innovation Board, with CITIC Securities as the counseling institution, after previously withdrawing its application in March 2023 [1][2]. Company Overview - Jichuang Beifang was founded in September 2008 and specializes in the research, design, and sales of display chips, providing solutions for various display technologies including LCD, LED, and OLED [4]. - The company has completed eight rounds of financing prior to its IPO attempt, with notable investors including Xiaomi, VIVO, Huawei Hubble, TCL, and others, achieving a post-investment valuation of 31.4 billion yuan by the end of 2021 [4][6]. Financial Performance - In the years 2019, 2020, and 2021, Jichuang Beifang reported revenues of 1.447 billion yuan, 2.38 billion yuan, and 5.674 billion yuan respectively, with net profits of -154 million yuan, 53 million yuan, and 932 million yuan, indicating a turnaround to profitability in 2020 [5]. Market Position - Jichuang Beifang holds the leading market share among mainland Chinese manufacturers for smartphone LCD display driver chips and TDDI chips, and has maintained the top global market share for LED display driver chips since 2019 [4]. Regulatory Issues - On July 4, 2023, the Shanghai Stock Exchange issued three fines against Jichuang Beifang and its chairman Zhang Jinfang due to violations during the IPO process, including incomplete disclosures and internal control deficiencies [2][3].

Core Viewpoint - Jichuang Beifang is preparing for an initial public offering (IPO) on the Sci-Tech Innovation Board, having previously withdrawn its application in March 2023 due to regulatory concerns [2][5]. Company Overview - Jichuang Beifang is a leading international display chip design company focused on the research, design, and sales of display chips, providing solutions for various display technologies including LCD, LED, and OLED [2][4]. - The company has a diverse product range including panel display driver chips, power management chips, LED display driver chips, and control chips, which are widely used in smartphones, TVs, laptops, tablets, monitors, and various indoor and outdoor LED displays [2][4]. Market Position - According to Omdia's 2021 statistics, Jichuang Beifang ranks first among mainland Chinese manufacturers in the market share of smartphone LCD display driver chips and TDDI chips, and second in the market share of large-size LCD panel display driver chips [3]. - In the power management chip sector, it holds the top position among global manufacturers in mainland China, while in the LED display driver chip market, it has consistently ranked first globally from 2019 to 2021 [3]. Financial Performance - From 2019 to 2021, Jichuang Beifang's revenue increased from 144.74 million to 567.44 million, with net profits turning from a loss of 15.38 million in 2019 to a profit of 93.20 million in 2021 [3][4]. - The revenue composition for 2021 shows that panel display driver chips accounted for 51.41%, power management chips 13.39%, and LED display driver chips 29.68% of total revenue [4]. R&D and Innovation - The company invested 19.98%, 15.26%, and 15.73% of its revenue in R&D from 2019 to 2021, holding a total of 399 overseas patents and 189 domestic patents as of December 31, 2021 [4]. - Jichuang Beifang has developed various advanced display technologies, including the first domestically produced automotive-grade bridge chip with local dimming functionality, which supports FHD resolution and 144Hz refresh rate [8]. Client and Supplier Relationships - The company has established stable partnerships with major wafer manufacturers and testing companies, including World Advanced, Jinghe Integrated, and SMIC [9]. - Its major clients include well-known panel manufacturers and LED screen manufacturers such as BOE, Huaxing Optoelectronics, and international brands like TCL, LG, Samsung, OPPO, vivo, and Xiaomi [9].

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. has submitted its initial public offering (IPO) application for listing on the Sci-Tech Innovation Board, with the filing date recorded as August 5, 2025, and the advisory institution being CITIC Securities [1][2]. Group 1: Company Background - Beijing Jichuang Beifang was established in 2008 and focuses on the research, design, and sales of display chips, providing solutions for various display panels and screens [4]. - The company's main products include panel display driver chips, power management chips, LED display driver chips, control chips, and others [4]. - Major clients include BOE Technology Group, Huaxing Optoelectronics, HKC, Leyard, Absen, and LG Group [5]. Group 2: Financial Performance - The company's revenue for the years 2019, 2020, and 2021 was 144.74 million, 237.98 million, and 567.44 million yuan, respectively [4]. - The net profit attributable to the parent company for the same years was -15.38 million, 5.33 million, and 93.20 million yuan, showing a significant recovery in profitability [4]. - The company's operating cash flow for 2021 was 637.32 million yuan, indicating a strong cash generation capability [5]. Group 3: Previous IPO Attempt - In June 2022, the company had previously applied for an IPO on the Sci-Tech Innovation Board but withdrew its application in March 2023, leading to the termination of its review by the Shanghai Stock Exchange [4][6]. - The previous IPO fundraising plan included projects such as the development and industrialization of display touch integrated chips and OLED display driver chips, with a total intended fundraising amount of 6.01 billion yuan [6][7]. Group 4: Advisory and Support Institutions - The advisory agreement between CITIC Securities and Jichuang Beifang was signed on July 31, 2025, with additional support from Beijing Guofeng Law Firm and Lixin Certified Public Accountants [2][3].

Core Insights - The China Securities Regulatory Commission (CSRC) disclosed the counseling report for Beijing Jichuang Beifang Technology Co., Ltd. (referred to as Jichuang Beifang) regarding its initial public offering (IPO) and listing on the Sci-Tech Innovation Board [1] - Jichuang Beifang is primarily focused on the research, design, and sales of display chips, providing comprehensive solutions for various display panels and screens [1] Company Overview - As of the report date, the controlling shareholder of Jichuang Beifang is Zhang Jinfang, who holds a total equity stake of 39.97% through direct and indirect holdings as well as concerted actions [1] - The company has developed a rich product portfolio in display chips, including panel display driver chips, power management chips, LED display driver chips, and control chips, covering mainstream display technologies such as LCD, LED, OLED, and AR/VR [1] Market Applications - Jichuang Beifang's products are widely used in smartphones, televisions, laptops, tablets, monitors, wearable devices, and various indoor and outdoor LED displays [1] - The company is also expanding into advanced display technology fields such as small-pitch LED displays and silicon-based OLED displays, while conducting research and development on SoC chips and automotive display chips to continuously expand its product line [1]

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. (referred to as "Jichuang Beifang") is attempting to relaunch its IPO on the Sci-Tech Innovation Board after a previous failure, with the support of CITIC Securities as its counseling institution [1][2] Group 1: Company Overview - Jichuang Beifang was established in 2008 and has a registered capital of 431 million yuan [1] - The company focuses on the research, design, and sales of display chips, providing comprehensive solutions for various display panels and screens [1] - The major product lines include panel display driver chips, power management chips, LED display driver chips, and control chips, covering mainstream display technologies such as LCD, LED, OLED, and AR/VR [1] Group 2: Shareholding Structure - As of the report date, the controlling shareholder of Jichuang Beifang is Zhang Jinfang, who holds a total equity stake of 39.97% through direct and indirect holdings [1] Group 3: Technological Advancements - Jichuang Beifang is also expanding into advanced display technology fields such as small-pitch LED displays and silicon-based OLED displays [2] - The company is developing SoC chips and automotive display chips to continuously expand its product line [2]

Core Insights - Ningbo is actively building a new ecosystem in the new materials sector by integrating capital, technology, and industry, aiming for rapid growth and innovation [8][11][14] - The city has established a robust framework for the new materials industry, with significant government support and a focus on high-tech manufacturing [9][21][25] Industry Development - Ningbo's new materials industry is recognized as one of the three major industrial clusters in the "361" modern industrial system, with a focus on chemical new materials, high-end metal alloys, and graphene [9][25] - The city has attracted 25 national-level champion enterprises and 69 specialized "little giant" companies, positioning itself as a leader in the new materials sector [9][25] - In the first half of 2025, the added value of high-tech manufacturing and equipment manufacturing in Ningbo grew by 13.1% and 6.5%, respectively, indicating strong industrial performance [21] Investment and Collaboration - Approximately 30 investors and entrepreneurs participated in a recent event to explore investment opportunities in Ningbo's new materials sector, highlighting the collaboration between government, academia, and industry [8][11] - Investment firms are increasingly interested in Ningbo due to its strong resource integration and project incubation capabilities, which are essential for attracting capital [13][14] - Several investment agreements were signed during the event, indicating a commitment to support local companies in their growth and development [12][14] Innovation and Technology - The Yongjiang Laboratory is a key player in transforming scientific research into commercial applications, focusing on overcoming the "valleys of death" in technology and industry [15][16][17] - The laboratory has introduced 23 research teams from top global institutions, achieving breakthroughs in various fields, including nanomaterials and semiconductor technologies [17][18] - Companies like Tianxuan New Materials have made significant advancements in optical interface materials, breaking foreign monopolies and achieving high production standards [22][23] Future Outlook - The new materials industry in Ningbo is expected to continue its rapid growth, driven by a combination of strong manufacturing capabilities, active investment, and supportive government policies [21][25] - There is a call for further collaboration across the supply chain to enhance the resilience and competitiveness of the industry, particularly in upstream raw materials [26]