近日，半导体设备龙头中微公司披露公告，公司正在筹划发行股份收购杭州众硅电子科技有限公司控股 权并募集配套资金。这是科创板头部企业进行产业整合的缩影。 在设计、IP与EDA等领域，企业并购需求迫切，高度关注标的"含科量"与"稀缺性"。上述领域市场被海 外全品类龙头垄断，国内专精型小企业居多。以模拟芯片行业为例，国内有超过400家企业，但本土企 业与国外大厂在规模、体量和核心能力上存在明显差距，外延并购无疑已成为企业补全产品矩阵的关键 路径。为达成预期整合效果，相关企业开展并购时也更注重研发资源、客户渠道、供应链的实质性协 同。如晶丰明源拟收购国内无线充电领域的头部企业易冲科技，夯实公司在消费领域的市场地位和技术 能力；概伦电子拟收购锐成芯微、纳能微两家IP公司，构建"EDA工具+半导体IP"双引擎。 理性看待交易终止 繁荣背后彰显产业定力 近期，半导体领域部分并购交易终止引发市场关注，但这并非产业整合遇冷，而是市场化并购回归理性 的必然表现。 结合实际数据看，"科八条"发布以来，科创板公司累计新披露并购交易150余单，超七成已顺利完成， 另有20余单正在积极推进。业内人士指出，随着披露案例基数扩大，终止案例自然 ...

华泰联合证券有限责任公司 关于上海概伦电子股份有限公司本次交易相关内幕知情人 买卖股票情况自查报告的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"本独立财务顾问"） 作为上海概伦电子股份有限公司（以下简称"公司"或"上市公司"）拟通过发 行股份及支付现金的方式购买成都锐成芯微科技股份有限公司 100%股权及纳能 微电子（成都）股份有限公司（上述两家公司合称"标的公司"）45.64%股权， 并募集配套资金（以下简称"本次交易"）的独立财务顾问。根据《中华人民共 和国证券法》《上市公司重大资产重组管理办法》《上市公司监管指引第 7 号—— 上市公司重大资产重组相关股票异常交易监管》《公开发行证券的公司信息披露 内容与格式准则第 26 号——上市公司重大资产重组》《监管规则适用指引——上 市类第 1 号》等法律、法规的要求，公司对本次交易相关内幕信息知情人买卖股 票情况进行了核查，具体如下： 一、本次交易内幕信息知情人自查期间 本次交易内幕信息知情人关于买卖挂牌交易股票情况的自查期间为上市公 司首次披露本次重组事项或就本次重组申请股票停牌（孰早）前六个月至重组报 告书披露之前一日，即 2024 年 ...

上海市锦天城律师事务所 关于上海概伦电子股份有限公司 本次交易内幕信息知情人买卖股票情况的自查报告 之 专项核查意见 地址：上海市浦东新区银城中路 501 号上海中心大厦 9、11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 专项核查意见 上海市锦天城律师事务所 关于上海概伦电子股份有限公司 本次交易内幕信息知情人买卖股票情况的自查报告 之 专项核查意见 致：上海概伦电子股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海概伦电子股份有 限公司（以下简称"上市公司"或"概伦电子"）的委托，并根据上市公司与 本所签订的《专项法律服务合同》，作为上市公司本次发行股份及支付现金购 买资产并募集资金暨关联交易（以下简称"本次交易"）的专项法律顾问。 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公 开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》 《上海证券交易所上市公司自律监管指引第 6 号——重大资产重组》《监管规 则适用指引——上市类第 1 号》《上市公司监管指引第 5 号——上市公 ...

证券代码：688206 证券简称：概伦电子 公告编号：2025-075 本次交易内幕信息知情人关于买卖挂牌交易股票情况的自查期间为上市公 司首次披露本次重组事项或就本次重组申请股票停牌（孰早）前六个月至重组报 告书披露之前一日，即 2024 年 9 月 28 日至 2025 年 9 月 29 日。 二、本次交易内幕信息知情人核查范围 本次交易的内幕信息知情人核查范围包括： 1、上市公司及其董事、高级管理人员及有关知情人员； 上海概伦电子股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易相关主体买卖股票情况的自查报告的 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海概伦电子股份有限公司（以下简称"概伦电子""公司"）拟通过发行股 份及支付现金的方式购买成都锐成芯微科技股份有限公司 100%股权及纳能微电 子（成都）股份有限公司 45.64%股权，并募集配套资金（以下简称"本次交易"）。 本次交易构成重大资产重组，构成关联交易，不构成重组上市。 根据《中华人民共和国证券法》《上市公司重大资产重组管 ...

Core Viewpoint - The internal investigation of Gaialun Electronics revealed that the trading activities of insiders during the self-examination period did not involve insider trading, as all involved parties claimed their actions were normal market behavior [1] Summary by Relevant Sections - **Insider Trading Investigation** - The trading activities of insiders Yang Fan, Feng Cheng, Hou Zhu Meng, Xiang Ying Ren, Miao Yi Cheng, Zhou Bin, Zhu Xun Qing, Miao Qi, and Wang Wen Zhong were reviewed during the self-examination period [1] - All individuals involved stated that there was no insider trading activity [1] - **Trading Activities** - Yang Fan and his spouse Feng Cheng sold stocks during the self-examination period [1] - Hou Zhu Meng bought and then sold stocks during the same period [1] - Other insiders, including Xiang Ying Ren, Miao Yi Cheng, Zhou Bin, Zhu Xun Qing, Miao Qi, and Wang Wen Zhong, engaged in buying and selling activities, which they claimed were normal market transactions [1] - **Conclusion of Investigation** - Based on the evidence from the China Securities Depository and Clearing Corporation, including the "Shareholder's Shareholding and Change Query Certificate" and the "Shareholder's Share Change Detail List," the trading activities were confirmed not to constitute insider trading [1] - The investigation concluded that these transactions did not pose a substantial obstacle to the current trading activities [1]

Summary of Key Points from the Conference Call on Gaon Electronics Company Overview - Gaon Electronics focuses on EDA (Electronic Design Automation) software, particularly in the storage chip design sector, with deep collaborations with companies like Samsung. The company aims to become the first listed company in China to achieve deep synergy between EDA and IP (Intellectual Property) [2][3][13]. Financial Performance - The primary revenue source for Gaon Electronics comes from software licensing, accounting for 70%-80% of total revenue, with a gross margin maintained at around 90% [4][6]. - Despite fluctuations in profits due to increased R&D investments and stock incentives in 2023 and 2024, the company is expected to maintain a long-term stable growth trajectory [2][6]. - Revenue is projected to increase by 70%-80% following the successful acquisition of Ruicheng Chip Micro and Naneng Micro, with expected revenues of 7.3 billion yuan post-acquisition [15]. Industry Dynamics - The EDA industry is experiencing stable growth, with a projected compound annual growth rate (CAGR) of 9.21% from 2025 to 2034. The primary markets are the United States and the Asia-Pacific region [2][7]. - The industry faces challenges such as increasing technological complexity, high R&D costs, and international competition, particularly from the U.S. restrictions on China's semiconductor industry [8][10]. Competitive Landscape - Gaon Electronics holds a significant position in the global EDA market, competing with major players like Synopsys, Cadence, and Siemens, which dominate over 80% of the market share [3][10]. - The company has a leading edge in certain niche tools, especially in storage chip design, and has received certifications for its NanoSpace products from Samsung for 3nm and 4nm processes [3][11]. Acquisitions and Growth Strategy - The ongoing acquisitions of Ruicheng Chip Micro and Naneng Micro are expected to enhance Gaon Electronics' competitive edge and expand its market share internationally [13][15]. - The company has completed multiple acquisitions since 2012, with the latest ones aimed at strengthening its capabilities in physical IP and wired interface technologies [5][13]. Valuation and Risks - Gaon Electronics has a price-to-sales (PS) valuation of approximately 15-20 times, which is comparable to its U.S. counterparts, while its competitors like Huada Jiutian have higher valuations [4][16]. - Key risks include the need for continuous technological innovation and the substantial capital required for R&D, which has led to profit fluctuations in recent years [17]. Future Outlook - The overall outlook for Gaon Electronics is optimistic, with a strong growth potential and a reasonable valuation in the global EDA software market. The company is well-positioned to leverage its acquisitions and maintain its technological leadership [18].

Core Viewpoint - The restructuring report draft of Gekun Electronics (688206.SH), known as the "first EDA stock in China," has been updated, with a shareholder meeting scheduled for December 22 to review the acquisition of two IP companies, which will establish a dual-engine development model of "EDA tools + semiconductor IP" [1] Group 1: Mergers and Acquisitions Activity - Since the implementation of the "K8 Regulations" in June 2024, the STAR Market has disclosed a total of 156 merger and acquisition transactions, with 40 involving share issuance or convertible bonds and 9 major cash transactions [1] - In 2025, the market has seen a continued increase in activity, with 95 new disclosed M&A transactions, including 29 share issuance or convertible bond transactions and 7 major cash transactions, both significantly higher than the same period last year [1] - The number of major asset restructuring transactions in 2024 has reached 17, matching the total from 2019 to 2023, while 36 transactions have been published in 2025, surpassing the total for 2019 to 2024 [2] Group 2: Successful M&A Cases - Since the implementation of the "K8 Regulations," nearly 110 M&A transactions have been successfully completed, with an overall completion rate of 70%, and over 20 transactions are actively progressing [3] - Notable M&A transactions include the acquisition of ChipLink Integrated (688469.SH) by ChipLink Yuezhou, which was the first registered share issuance "loss-making" transaction post "K8 Regulations," and the acquisition by Huahai Chengke (688535.SH) using a combination of shares, convertible bonds, and cash [3] - The acquisition of Pengli Biological by Aopumai (688293.SH) is recognized as the first case in the market to implement installment payments for share consideration and the first to achieve "reverse linkage" with private equity funds [3] Group 3: Market Innovations in M&A - Non-major transactions have also seen market innovations, such as Shengxiang Biology (688289.SH) using an "Earn-out" mechanism for price adjustments based on performance, showcasing flexible valuation mechanisms [4] - Lingyun Optical (688400.SH) acquired Danish JAI Industrial Camera assets with cash and initiated refinancing to alleviate financial pressure, while Meai Technology (688376.SH) utilized a combination of "cash privatization + subsidiary share exchange" to achieve dual goals of integration and stable operations [4] - Other companies like Jiewate (688141.SH) and Fuchuang Precision (688409.SH) have advanced acquisitions through joint funds, demonstrating the flexibility and diversity of market-oriented M&A arrangements [4] Group 4: Challenges in M&A Transactions - Recent terminations of restructuring transactions, particularly in the semiconductor industry, have raised market concerns, primarily involving small and medium-sized private listed companies [5] - The core issues leading to transaction terminations often stem from disagreements on key terms such as transaction schemes, prices, and performance commitments [5] - The complexity of shareholder structures and diverse interests in the semiconductor sector have increased negotiation difficulties, while market fluctuations have made companies more cautious in pursuing acquisitions [7] Group 5: Investor Protection Measures - To protect investor interests, regulations have been established to enhance information disclosure, strengthen investor communication, and clarify "cooling-off periods" for restructurings [8] - Companies that terminate restructurings are required to disclose reasons and potential impacts, and they often hold investor meetings to address market concerns, which has led to an average stock price drop of about 4% following termination announcements [8] - The "M&A Six Regulations" aim to strictly regulate fraudulent restructurings and protect the rights of small investors, with the China Securities Regulatory Commission emphasizing the need for compliance in M&A activities [9]

Core Viewpoint - The company, Shanghai Gaolun Electronics Co., Ltd., is set to hold an investor briefing on December 18, 2025, to discuss its plan for issuing shares and paying cash for asset acquisitions, along with related fundraising and connected transactions [1][2]. Group 1: Investor Briefing Details - The investor briefing will take place on December 18, 2025, from 15:00 to 16:30, in an online text interaction format [5][6]. - Investors can participate by visiting the specified website or submitting questions via email before December 17, 2025 [4][6]. - The company aims to address common investor concerns during the briefing [2][4]. Group 2: Participants - Participants in the briefing will include members of the company's board and senior management, as well as representatives from Chengdu Ruicheng Chip Micro Technology Co., Ltd. and Naneng Microelectronics (Chengdu) Co., Ltd., along with independent financial advisors [3]. Group 3: Contact Information - Investors can reach out to the company’s board office for inquiries, with the contact email provided for further communication [7][8].

Core Insights - The report highlights the rising prices of phosphate fertilizers and polyurethane, indicating a focus on the chemical industry amidst internal competition and chromium salt demand [3][5][29] - The report suggests that the ongoing tensions in Sino-Japanese relations may accelerate the domestic substitution of semiconductor materials, particularly in the context of high market share held by Japanese suppliers [4][29] - The chemical industry is expected to experience a significant transformation, with a shift from being a "cash-consuming" sector to a "cash-generating" one, driven by changes in supply dynamics and potential increases in dividend yields [5][29] Industry Summaries Phosphate and Chromium Salt - The chemical industry index shows a slight decline, with the current index at 91.63, down 0.18 from the previous week [3] - The chromium salt sector is experiencing a value reassessment due to increased demand from AI data centers and commercial aircraft engines, with a projected supply-demand gap of 340,900 tons by 2028 [5][6] Chemical Industry Opportunities - Key opportunities identified include low-cost expansion in companies like Wanhua Chemical and Hualu Hengsheng, and sectors such as oil and coal chemicals, organic silicon, and glyphosate [6][7] - The report emphasizes the importance of high dividend yields in state-owned enterprises within the chemical sector, recommending investments in companies like China Petroleum and China National Chemical [8] New Materials Sector - The new materials sector is highlighted as a critical growth area, with a focus on electronic chemicals, aerospace materials, and biodegradable plastics, driven by rapid demand growth and policy support [35][41][46] - The establishment of a national-level platform for polysilicon capacity integration is expected to reshape the competitive landscape of the silicon material industry [42][43] Automotive Industry - The automotive sector is projected to continue its growth trajectory, with a focus on new energy vehicles and high-end models, supported by favorable policies and market conditions [49][50] - The report notes that the automotive industry index outperformed the broader market, with significant growth in electric vehicle sales [52] Bond Market Insights - The report discusses the decline in trading volume for 10-year government bonds, suggesting a shift in investor preference towards longer-duration bonds, influenced by the current low-interest-rate environment [30][31][32]

证券代码：688206 证券简称：概伦电子 上海概伦电子股份有限公司 2025 年第四次临时股东会 会议资料 二○二五年十二月 目 录 | 上海概伦电子股份有限公司 年第四次临时股东会会议须知 2025 3 | | --- | | 上海概伦电子股份有限公司 2025 年第四次临时股东会会议议程 5 | | 议案一 关于公司符合发行股份及支付现金购买资产并募集配套资金暨关联交易 | | 条件的议案 8 | | 议案二 关于公司发行股份及支付现金购买资产并募集配套资金暨关联交易方案 | | 的议案 9 | | 议案三 关于本次交易方案调整不构成重大调整的议案 26 | | 议案四 关于本次交易构成关联交易的议案 29 | | 议案五 关于《公司发行股份及支付现金购买资产并募集配套资金暨关联交易报 | | 告书（草案）（修订稿）》及其摘要的议案 30 | | 议案六 关于签订附条件生效的《发行股份及支付现金购买资产协议的补充协议》 | | 和《业绩补偿协议》的议案 31 | | 议案七 关于本次交易履行法定程序的完备性、合规性及提交的法律文件的有效 | | 性的议案 32 | | 议案八 关于相关主体不存在《监管指 ...