长江商报消息 视觉中国图 ●长江商报记者 江楚雅 全球半导体市场回暖，晶合集成盈利能力大幅提升。 7月21日晚间，晶合集成（688249.SH）发布业绩预告，预计2025年半年度实现营业收入50.7亿元至53.2亿元，同 比增长15.29%至20.97%；实现净利润2.6亿元至3.9亿元，同比增长39.04%至108.55%。 晶合集成表示，业绩增长主要因行业景气度回升，产品销量增加，产能利用率维持高位，带动收入和毛利提升。 产品热销背后，公司高度重视研发体系建设，持续增加研发投入。2025年以来，晶合集成新获得专利授权218个， 较上年同期增加了17.84%。 聚焦技术创新与产品多元化 作为高新技术企业，晶合集成研发创新聚焦于工艺突破、产品多元化和技术储备。目前晶合集成40nm高压OLED 显示驱动芯片已实现批量生产，55nm全流程堆栈式CIS芯片实现批量生产，28nmOLED显示驱动芯片及28nm逻辑 芯片研发进展顺利，预计年底可进入风险量产阶段。 技术持续突破背后，晶合集成持续加强研发创新，高度重视研发体系建设。2021年至2024年，公司研发费用分别 为3.97亿元、8.57亿元、10.58亿元、12 ...

市场监管总局近日批准发布《校园配餐服务企业管理指南》国家标准，持续完善校园食品安全监管体系。该标 准适用于为中小学、幼儿园学生提供学生餐制作及配送服务的校园配餐服务企业，是校园配餐服务管理首个国 家标准。标准明确了覆盖食谱及原料管理、加工制作、备餐与配送、用餐服务、服务评价改进、应急处理等全 链条的规范指引，为校园配餐服务企业的合规管理提供标准化指导。同时，标准提出了有关食品安全与营养健 康信息交流、防止餐饮浪费的操作指引，引导学生不断增强膳食平衡、节约环保理念，从小养成良好饮食习 惯。市场监管总局将继续完善校园食品安全相关标准，助力进一步健全校园食品安全全链条风险防控体系，不 断提升校园食品安全监管效能，切实提升校园食品安全规范化管理水平。 《海南自由贸易港跨境资产管理试点业务实施细则》发布 ★ 宏观动态 ★ 市场监管总局发布首个校园配餐服务管理国家标准 为深入贯彻落实党中央、国务院关于推进海南自由贸易港建设的战略部署，探索开展跨境资产管理业务试点， 提高跨境证券投融资汇兑便利，近日，中国人民银行海南省分行、国家金融监督管理总局海南监管局、中国证 券监督管理委员会海南监管局、海南省地方金融管理局、国家外汇管 ...

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]

2025年，在全球AIGC应用爆发和消费电子需求回暖的双重推动下，半导体行业步入新一轮上升周期。同时，中国半导体产业的国产化替代进程也在持续加 速，特别是在美国技术管制不断升级的背景下，自主可控已成为国家战略的重要组成部分。与过去不同，当前半导体市场呈现出"AI技术驱动"与"本土化替 代"双轮驱动的鲜明特征，这为资本市场创造了差异化的投资机遇。 近日，又一家半导体企业开启其奔赴港交所上市的旅程。智通财经APP获悉，云英谷科技股份有限公司 (简称"云英谷")向港交所主板提交上市申请，中金公 司、中信证券为其联席保荐人。 值得一提的是，2023年1月，公司订立上市辅导协议拟A股上市，但随后由于多重原因，公司转投港交所。 那么此次弃A赴港的背后，云英谷有哪些亮点值得市场关注呢？ 市场地位领先，营收稳步上行 招股书显示，云英谷是一家AMOLED显示驱动芯片设计企业，致力于为消费电子品牌公司提供可靠及高性能的显示驱动方案。公司于2017年开始专注于 AMOLED显示驱动芯片的研发与设计，并于2021年成功量产并向中国最大 AMOLED面板制造商之一供应AMOLED显示驱动芯片。这使公司成为中国大陆 首家向主流消费电子品 ...

从2023年年初雄心勃勃地筹备科创板IPO，到2024年年底与汇顶科技（603160.SH）展开并购谈判，再 到2025年3月交易失败，如今又计划转战港股上市，云英谷的资本运作之路可谓一波三折，充满了戏剧 性的转折。 云英谷科技成立于 2012 年，总部位于深圳，其核心团队来自清华大学、香港科技大学等高校，深耕显 示驱动芯片领域十余年。 在其成立初期，云英谷主要通过向京东方、天马、夏普等面板生产企业授权其开发的显示技术 IP 来获 取专利授权收入。2016 年，随着各大面板厂商纷纷加大对 AMOLED 产线的投资，云英谷抓住这一市 场机遇，开始涉足 AMOLED 驱动芯片领域。经过两年的研发攻坚，2018 年，云英谷成功将多项算法 技术整合到驱动芯片中，并实现了在手机产品上的量产应用。 此后，云英谷的发展势头迅猛，到2024 年，其 Micro-OLED 显示背板在全球市场的占有率达到 40.7%。根据弗若斯特沙利文的报告，以2024年销售量计，云英谷科技是中国内地第一大、全球第五大 AMOLED显示驱动芯片厂商。 中经记者 秦枭 北京报道 在"卖身"计划搁浅后，近日，国内 AMOLED 显示驱动芯片龙头云英 ...

Group 1: Company Overview - Yunyinggu Technology Co., Ltd. has submitted a prospectus to the Hong Kong Stock Exchange, aiming to list on the main board, with CICC and CITIC Securities as joint sponsors [2] - Founded in 2012 in Shenzhen, the company specializes in the design of AMOLED display driver chips, which are essential for high-end displays [3] - The company provides two main product categories: AMOLED display driver chips for high-end smartphones and Micro-OLED display backplanes/drivers for AR/VR devices [3] Group 2: Market Position and Growth - Yunyinggu's market share for AMOLED display driver chips increased from 1.2% in 2022 to 4.0% in 2024, making it the largest supplier in mainland China and the fifth globally [3][4] - The company has received significant investment from major players such as BOE, Huawei, Qualcomm China, and Xiaomi, reflecting strong market interest [4][5] Group 3: Financial Performance - The company's revenue grew from 551 million RMB in 2022 to 891 million RMB in 2024, driven by increased sales of AMOLED display driver chips [6][7] - Despite revenue growth, Yunyinggu has faced increasing losses, with net losses rising from 124 million RMB in 2022 to 309 million RMB in 2024 [7][8] - The gross profit margin has significantly declined from 31.9% in 2022 to 2.5% in 2024, with the gross margin for AMOLED chips dropping to nearly zero [8][9] Group 4: Challenges and Competitive Landscape - The company is heavily reliant on a few major clients, with 90.2% of revenue coming from the top five customers, which gives these clients significant bargaining power [11][14] - Intense price competition in the AMOLED display driver chip market has led to a nearly 40% drop in average selling price from 25.7 RMB in 2022 to 15.9 RMB in 2024 [16] - High R&D expenditures, which reached 27.2% of total revenue in 2024, are necessary to maintain competitiveness but contribute to financial strain [10][11]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 | 轮次 | 协议日期 | 投局估值 | 融资规模 | | --- | --- | --- | --- | | | | (亿元) | (亿元) | | 天使轮 | 2013年3月28日 | 1.0 | 0.1 | | A$2 | 2015年10月12日 | 2.0 | 0.5 | | A+轮 | 2017年12月28日 | 4.2 | 0.2 | | B轮 | 2017年12月28日 | 4.9 | 1.0 | | C轮 | 2019年9月23日 | 10.6 | 1.5 | | C+轮 | 2020年4月10日 | 11.3 | 0.7 | | D轮 | 2020年11月17日 | 20.8 | 2.6 | | D+轮 | 2021年5月8日 | 22.7 | 1.7 | | D++3 | 2021年7月8日 | 36.0 | 1.9 | | Pre-Est | 2021年12月21日 | 67.8 | 2.8 | | E轮 | 2022年12月25日 | 82.0 | 1.5 | | F轮 | 2024 ...

Core Viewpoint - Yunyinggu Technology, a Shenzhen-based unicorn, has chosen to go public in Hong Kong after abandoning a potential acquisition, aiming to enhance its brand visibility and business image in the international capital market [4][20]. Group 1: Company Background and Development - Founded in 2012 by Harvard PhD Gu Jing, Yunyinggu Technology has evolved from selling millions of display driver chips to becoming a leading player in the AMOLED display driver chip market [5][11]. - The company initially focused on display driver technology and achieved significant milestones, including becoming the first in mainland China to supply AMOLED display driver chips to mainstream consumer electronics brands in 2021 [13]. - Despite rapid revenue growth from over 550 million yuan in 2022 to nearly 900 million yuan in 2024, the company reported net losses of 123 million yuan in 2022 and 309 million yuan in 2024 due to R&D expenses [13]. Group 2: Investment and Valuation - Yunyinggu Technology has completed 12 funding rounds, raising over 1.6 billion yuan, with a current valuation exceeding 8.3 billion yuan [7][18]. - The company has attracted investments from notable firms such as Sequoia China, Qualcomm, and Xiaomi, which have supported its growth and technological advancements [16][17]. Group 3: Market Context and IPO Environment - The Hong Kong stock market has seen a resurgence, with 240 companies filing for IPOs in the first half of 2025, raising over 107 billion HKD, making it the top global exchange for IPO financing [8][25]. - The recent success of companies like "Chinese Lego" Blukoo and the milk tea brand Mixue Ice City has highlighted the strong investor interest in Hong Kong, with record oversubscriptions and significant stock price increases [22][24]. - Predictions indicate that Hong Kong's new stock fundraising could reach between 160 billion to 250 billion HKD in 2025, further solidifying its position as a leading IPO market [28].

Core Viewpoint - The article highlights the rapid growth of the display driver IC (DDIC) market, driven by the increasing penetration of AMOLED technology and the domestic production of display panels in China, while also addressing the challenges faced by Yunyinggu in terms of profitability and customer concentration [1][2][8][13]. Industry Status and Future Trends - The global DDIC market is expected to reach $12.93 billion by 2025, with AMOLED driver chips projected to exceed 20% market share, becoming the fastest-growing segment [2]. - The penetration rate of AMOLED panels in smartphones has increased from 30% in 2020 to 55% in 2024, driving demand for high-end AMOLED DDICs [2]. - Domestic production of display panels in China is accelerating, with local production expected to rise from less than 10% in 2019 to 30% by 2025, significantly boosting local DDIC demand [2]. - Yunyinggu is projected to sell 51.4 million units in 2024, increasing its global market share from 1.2% to 4.0% [2]. Yunyinggu IPO Core Highlights - Yunyinggu submitted its IPO application to the Hong Kong Stock Exchange in June 2025, with a valuation of 8.3 billion yuan [4]. - The company is the largest AMOLED display driver chip supplier in mainland China and the fifth largest globally, holding a 4.0% market share [4]. - Yunyinggu possesses a full-stack self-research technology with 27 domestic and 49 overseas patents, including industry-first LTPO and high-resolution Real-RGB AMOLED driver chips [5]. - Major shareholders include Qualcomm China, Xiaomi Yangtze River Industry Fund, Huawei Hubble Investment, and BOE [6]. - Revenue growth from 2022 to 2024 is projected at 551 million yuan, 720 million yuan, and 891 million yuan, respectively, with a compound annual growth rate of 27.3% [7]. Yunyinggu's Main Shortcomings - Despite its advantages, Yunyinggu faces several challenges: - Weak profitability, with gross margin dropping from 31.9% in 2022 to 2.5% in 2024, and a mere 0.3% gross margin for AMOLED display driver chips [8]. - High customer concentration, with the top five customers contributing 90.2% of revenue and the largest customer accounting for 54.1% [9]. - Relatively weak technical reserves, with only 76 patents compared to over 2000 patents held by competitors like Novatek [10]. - Risks associated with the fabless model, with TSMC being the largest supplier at 74.5%, and the top five suppliers accounting for 97.2% of procurement [11]. Industry Competitive Landscape Comparison - The competitive landscape shows various players with distinct strengths and weaknesses: - Samsung LSI holds over 70% market share in AMOLED with a gross margin of 38% but faces losses due to high adoption rates in Galaxy products [12]. - Novatek is the largest independent supplier globally with a gross margin of 40% but has slightly inferior AMOLED technology compared to Samsung [12]. - Yunyinggu is the leading supplier in mainland China for AMOLED (3.8%) and Micro-OLED (40.7%) but has a gross margin of only 2.5% and high customer concentration [12]. - Jichuang Beifang has an 18% market share in China's LCD smartphone DDIC but lacks sufficient AMOLED technology accumulation [12]. - Synaptics is a major supplier of high-end TDDI with a gross margin exceeding 45% but has a narrow product line [12]. Conclusion and Recommendations - Yunyinggu, as a leading player in the AMOLED driver chip market, has achieved rapid growth through technological breakthroughs and local industry chain advantages [13]. - However, the company must address its weak profitability and high customer concentration issues [13]. - Future strategies should focus on transitioning to high-end products, expanding into automotive and industrial applications, and enhancing supply chain diversification management [14]. - With the deepening of the domestic display industry chain, if Yunyinggu can resolve its current shortcomings, it has the potential to secure a more significant position in the global market [14].

7月8日，成都高新区举行产业投资推介会，活动现场，云英谷西部总部项目、像素绽放西南总部 项目、普渡人形机器人总部项目、星思半导体卫星通信终端生产制造基地项目、龙软智图全球总部 项目集中签约，总投资额达16.8亿元。 #OLED #显示驱动 【集邦Display显示产业交流群】 ▶ 关于集邦 上下滑动查看 图片来源：成都高新区国际合作和投促局 其中，云英谷西部总部项目主要开展显示技术创新与产品研发，以AMOLED显示驱动芯片和Micro OLED显示驱动背板芯片两大核心产品为基础，进一步布局显示触控一体化技术及Micro LED显示 驱动技术，拓宽产品终端应用范围，推动显示触控一体化技术在AMOLED显示面板中大范围商用 以及Micro LED显示技术商业化应用。 资料显示， 云英谷科技股份有限公司 成立于 2012年，公司 专注于AMOLED显示驱动芯片、 Micro OLED/Micro LED微显示芯片及显示技术IP授权 业务的发展。成立以来，云英谷科技已完 成多轮融资，投资者包括 小米 科技 、高通中国、京东方等知名企业与机构 。 值得注意的是，今年6月， 云英谷科技 向 港交所主板提交上市申请，计划募 ...