Core Viewpoint - JETCHIP has announced the acquisition of 66.25% of Xinhai Coast, a high-speed mixed-signal IC design company, for a total price of 418 million yuan, which strategically fills the gap in JETCHIP's product line, particularly in high-speed interface and clock chip areas [1][4][6]. Group 1: Acquisition Details - JETCHIP directly acquires 20% of Xinhai Coast for 126 million yuan and holds a total of 35.37% through associated funds, ensuring strategic influence via board appointment rights [1][6]. - The acquisition structure allows JETCHIP to avoid financial pressure from a full acquisition while maintaining control through a combination of direct and indirect holdings [6]. Group 2: Strategic Importance - The acquisition of Xinhai Coast complements JETCHIP's existing power management technology, creating a comprehensive solution that addresses the growing demand for high-speed interfaces in AI servers and automotive applications [4][6][7]. - Xinhai Coast's technology, including 112G SerDes IP and ultra-low jitter clock generators, enhances JETCHIP's competitive edge in the AI server power management module market [7]. Group 3: Market Potential - The valuation of Xinhai Coast at approximately 631 million yuan, with a projected revenue multiple of about 8 times for 2024, is below the industry average of 10-12 times, indicating a favorable investment opportunity [8]. - The global AI server market is expected to exceed 60 billion USD by 2025, with a demand growth rate for related interface chips surpassing 50%, highlighting the significant market potential for the combined technologies of JETCHIP and Xinhai Coast [8].

IPO Pipeline Overview - As of August 10, there are 299 companies in the IPO pipeline, with 29 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 29 on the ChiNext, and 179 on the Beijing Stock Exchange [1][2]. Newly Listed Companies - From August 4 to August 10, three companies were newly listed: - Hansan (Nanjing) Technology Co., Ltd. on the ChiNext with a closing price of 82.89 CNY per share, a rise of 186.72%, and a trading volume of 2.048 billion CNY [4][5]. - Yangzhou Tianfulong Group Co., Ltd. on the Shanghai Main Board with a closing price of 56.80 CNY per share, a rise of 140.68%, and a trading volume of 1.971 billion CNY [5]. - Jiangsu Youli Intelligent Equipment Co., Ltd. on the Beijing Stock Exchange with a closing price of 83.22 CNY per share, a rise of 246.89%, and a trading volume of 732 million CNY [5]. New Counseling Record Companies - Eight companies were newly recorded for counseling from August 4 to August 10, including: - Beijing Jichuang Beifang Technology Co., Ltd., focusing on integrated circuit design [6][7]. - Yao Mazi Food Co., Ltd., specializing in seasoning products [8]. - Changde New Material Technology Co., Ltd., engaged in resource utilization and new materials [8]. - Anhui Jiren Pharmaceutical Co., Ltd., focusing on modern traditional Chinese medicine [8]. - Dongguan Yuanli Optoelectronics Co., Ltd., specializing in LCD backlight modules [8]. - Zhongdao Optoelectronic Equipment Co., Ltd., focusing on detection equipment for displays and solar cells [8]. - Tianbo Intelligent Technology (Shandong) Co., Ltd., producing various automotive sensors [9]. - Zhongxing Micro Technology Co., Ltd., providing video technology solutions based on AI and big data [9]. Approval Status of Companies - Three companies successfully passed the review process from August 4 to August 10: - Zhongcheng Zhixin Engineering Consulting Group Co., Ltd. on the Beijing Stock Exchange [10]. - Suzhou Fengbei Biotechnology Co., Ltd. on the Shanghai Main Board [10]. - Zhuhai Nante Metal Technology Co., Ltd. on the Beijing Stock Exchange [10]. - The review for Jiejia Robot Co., Ltd. was canceled [10]. Registration Approval - Two companies received registration approval from August 4 to August 10: - Guangzhou Bibete Pharmaceutical Co., Ltd., focusing on innovative drug development [16][17]. - Daming Electronics Co., Ltd., specializing in automotive electronic components [18]. Termination of Review - Only one company, Wenduoli Sunshade Materials (Dezhou) Co., Ltd., withdrew its IPO application during this period [20][21].

8月6日，中国证监会官网显示，国产显示芯片龙头企业北京集创北方科技股份有限公司（下称"集创北 方"）已报送上市辅导备案，拟申请于科创板IPO，辅导机构由中信建投（601066）证券担任。 这也是自科创板新一轮改革以来，又一个瞄准科创板作为拟上市地点的高科技企业。 资料显示，集创北方是国内"Fabless(无晶圆)"模式的全品类显示芯片龙头企业，产品覆盖显示驱动芯片 （DDIC）、OLED显示驱动芯片、电源管理芯片、LED驱动芯片等。 根据证监会关于上市企业辅导的相关规定，拟上市企业辅导期原则上不少于三个月。但随着资本市场服 务新质生产力的号角吹响，集创北方有望在年内完成辅导，并正式向交易所提交IPO注册申请。 显示芯片领域冠军 在"万屏时代"悄然光临之际，生活中每一块屏幕的背后，都至少有显示驱动和电源管理芯片在配合工 作，从下游显示面板企业来看，海外的三星，国内的京东方、天马、华星光电等都是行业龙头，近年增 长亦较为迅速。 近年，集创北方尝试扩大芯片涉猎范围，从专用向集成化与模组化延伸触角，相继推出各类触控与显示 驱动集成芯片（TDDI），车规级显示芯片，SoC芯片等，试图打造公司更高的行业地位，更广的产品 ...

Core Viewpoint - Wentech Technology (600745.SH) reported a significant increase in net profit for Q1 2025, achieving 261 million yuan, a year-on-year growth of 82.29%, with a strong performance in the semiconductor business [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 73.598 billion yuan, a year-on-year increase of 20.23%, with semiconductor revenue reaching 14.715 billion yuan [2] - The semiconductor business saw a record high shipment volume in Q1 2025, generating revenue of 3.711 billion yuan, a year-on-year increase of 8.40%, and operating net profit grew by 65.14% [2] - The overall gross margin for the semiconductor business reached 37.47% for the year, with a significant increase in the second half of the year compared to the first half [2] Group 2: Product Development and Strategy - The company launched multiple third-generation semiconductor and analog chip products in Q1 2025, including 1200V SiC MOSFETs and GaN FETs [3] - The strategy of transitioning from power to analog and from low voltage to high voltage has effectively accelerated the localization of analog chips, with the company's logic IC shipment volume ranking second globally [3][5] - The company plans to exceed 200 new product numbers for analog chips in 2025, leveraging its extensive customer base in automotive and industrial sectors [5] Group 3: Market Trends and Opportunities - The semiconductor market is experiencing a boost due to the rapid development of AI technology, which increases demand for high-performance semiconductor products [6] - The demand for new energy vehicles in China has been strong, with sales growth exceeding market expectations in Q1 2025 [6][7] - The company is expanding its market reach by targeting leading domestic new energy vehicle manufacturers and data center clients [7] Group 4: Supply Chain and Global Strategy - Wentech Technology is enhancing its supply chain through a combination of globalization and localization, establishing a strategic supply chain system [8] - The company has completed vehicle-grade certification for its 12-inch wafer factory, which is expected to begin mass production by the end of 2024 [8] - The company is also investing in next-generation wide bandgap semiconductor products, further strengthening its global presence [8] Group 5: Strategic Focus and Future Outlook - The company is divesting non-core assets to focus entirely on the semiconductor industry, marking a transition from a consumer electronics cycle stock to a growth stock in hard-core chips [9] - With the restructuring of the international semiconductor supply chain and the arrival of new cycles in high-performance computing and intelligent driving, the company is positioned for significant growth and valuation enhancement [10]