Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company plans to acquire 100% of Rui Cheng Microelectronics and 45.64% of NaNeng Microelectronics through a combination of stock issuance and cash payment, aiming to build a dual-engine model of "EDA + IP" [4] - The company has achieved a revenue of 419 million yuan in 2024, representing a year-on-year growth of 27.42%, with a significant contribution from EDA software licensing and semiconductor device testing systems [5] - The company has increased its R&D investment to 289 million yuan in 2024, accounting for 68.90% of its operating revenue, indicating a strong commitment to innovation and domestic substitution [6] Company Overview - The latest closing price of the company's stock is 27.66 yuan, with a total market capitalization of 12 billion yuan [3] - The company has a total share capital of 4.35 billion shares, with 1.78 billion shares in circulation [3] - The company has a debt-to-asset ratio of 20.0% and a negative price-to-earnings ratio of -125.73 [3] Financial Projections - The company is expected to achieve revenues of 525 million yuan, 658 million yuan, and 826 million yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 10 million yuan, 30 million yuan, and 64 million yuan [8][10] - The projected growth rates for revenue are 25.29%, 25.39%, and 25.46% for the years 2025, 2026, and 2027 respectively [10] - The company anticipates a significant improvement in net profit margins, with a projected net profit margin of 7.7% by 2027 [10]

Transaction Overview - Shanghai Gaolun Electronics Co., Ltd. plans to acquire 100% equity of Chengdu Ruicheng Chip Micro Technology Co., Ltd. and 45.64% equity of Naneng Microelectronics (Chengdu) Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds [1] - Upon completion of the transaction, both Chengdu Ruicheng Chip Micro Technology Co., Ltd. and Naneng Microelectronics (Chengdu) Co., Ltd. will become wholly-owned subsidiaries of the company [1] Progress of the Transaction - The company's stock was suspended from trading starting March 28, 2025, to facilitate the transaction process, with updates provided through official announcements [1][2] - On April 11, 2025, the company held board and supervisory meetings to approve the transaction proposal, and the stock resumed trading on April 14, 2025 [2] - As of May 10, 2025, the company reported that the transaction-related work is progressing in an orderly manner [2] Future Work Arrangements - The company is actively communicating with all parties involved in the transaction and has initiated due diligence with intermediary institutions [3] - Ongoing work includes auditing and evaluation related to the transaction, with a commitment to comply with relevant regulations and timely information disclosure [3]

证券代码：688206 证券简称：概伦电子 公告编号：2025-036 上海概伦电子股份有限公司 关于筹划发行股份及支付现金购买资产并募集配套 资金暨关联交易事项的进展公告 同日，经公司向上海证券交易所申请，公司股票（证券简称：概伦电子，证 券代码：688206）于 2025 年 4 月 14 日开市起复牌。具体内容详见公司于 2025 年 4 月 12 日在上海证券交易所网站（www.sse.com.cn）披露的《关于披露重组 预案暨公司股票复牌及一般风险提示性公告》（公告编号：2025-013）。 2025 年 5 月 10 日，公司披露了《关于筹划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事项的进展公告》（公告编号：2025-031），本次交易相 关工作正在持续有序推进中，具体内容详见公司在上海证券交易所网站 （www.sse.com.cn）披露的公告。 三、本次交易的后续工作安排 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相应的法律责任。 一、本次交易基本情况 上海概伦电子股份有限公司（以下简称"公司"或"概伦电子 ...

Core Viewpoint - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has notified major global EDA software suppliers, including Synopsys, Cadence, and Siemens EDA, to cease sales and technical support to China without permission, creating a significant opportunity for domestic EDA companies in China [2][3]. Group 1: Market Impact - The three major EDA firms hold approximately 80% market share in China, with Synopsys generating $1 billion in revenue from China, accounting for 16% of its total revenue, and Cadence generating $550 million, accounting for 12% [3]. - Following the BIS directive, Synopsys suspended its financial guidance for the third quarter and full year of fiscal 2025, halted sales and service activities in China, and prohibited Chinese customers from accessing its online support portal, resulting in a stock price drop of over 9.6% in two days [3][4]. Group 2: Domestic EDA Opportunities - Domestic EDA companies are expected to benefit from the situation due to their flexible pricing and strong policy support for domestic alternatives, leading to optimistic future development prospects [2][11]. - The integration of AI with EDA tools is seen as a potential path for domestic companies to "leapfrog" international competitors, as they can better adapt to new software and hardware frameworks without the burden of legacy technologies [9]. Group 3: Financial Performance of Domestic EDA Companies - Huada Jiutian reported a revenue of 1.222 billion yuan in 2024, a year-on-year increase of 20.98%, but its net profit dropped by 45.46% to 109 million yuan [7]. - Gekun Electronics achieved a total revenue of 419 million yuan in 2024, a year-on-year increase of 27.42%, but reported a net loss of 96 million yuan [7]. Group 4: Strategic Moves and Future Plans - Huada Jiutian is actively pursuing the acquisition of Chip and Semiconductor Technology to enhance its capabilities in advanced packaging and system-level design EDA [10]. - The company aims to complete the development and market promotion of integrated circuit design tools within three years and achieve full domestic replacement of EDA tools in the design, manufacturing, and testing sectors within five years [10].

科创50指数今日上涨0.45%，报收986.11点，科创板全日成交量23.15亿股，成交额769.28亿元，加权平 均换手率为1.37%。 证券时报·数据宝统计显示，今日可交易科创板股中，389只股收盘上涨，涨幅超过10%的有4只，涨幅 在5%至10%的有13只，收盘下跌的有182只。 科创板股换手率区间分布显示，换手率超过20%的有1只，换手率10%~20%的有7只，换手率5%~10%的 30只，换手率3%~5%的66只，换手率1%~3%的286只，换手率不足1%的有197只。 分行业看，今日换手率超5%的个股中，所属医药生物行业个股最多，有14只个股上榜；国防军工、通 信等紧随其后，分别有7只、5只个股上榜。 资金流向方面，高换手率个股中，有18股今日获主力资金净流入，净流入金额较多的有仕佳光子、皓元 医药、浩欧博，净流入金额分别为6732.82万元、6488.46万元、4619.98万元，净流出金额较多的有中无 人机、概伦电子、凯因科技，净流出金额分别为9402.33万元、8337.20万元、4234.02万元。 从杠杆资金动向看，高换手个股中，共23股近期获杠杆资金净买入，统计显示，截至6月3日，近5 ...

美国再度升级对华半导体技术封锁。日前，美国商务部工业和安全局（BIS）向全球三大EDA软件巨头—Cadence、Synopsys和Seimens EDA（简称"三巨 头"）发出通知，全面停止向中国出口芯片设计软件。 如果说材料和设备是"芯片之父"，那么EDA软件就是"芯片之母"。据机构测算，2024年全球EDA市场规模约为157.1亿美元，预计2026年将达到183.34亿美 元，从市场规模而言本身并不算大，但正是这个小小的环节，却能直接影响数千亿美元的半导体产业运转。 EDA（电子设计自动化）是利用计算机辅助设计软件完成集成电路芯片功能设计、验证及物理设计全流程的技术体系。作为晶圆制造的前置环节，EDA与 半导体材料和相关设备的重要性不相上下。 与此同时，国产EDA行业也走上了加速发展的快车道，尤其是随着概伦电子、华大九天先后发起并购，国产EDA企业的集中度进一步增加，相关覆盖业务 链也不断完善。 3月31日，华大九天公告披露，拟收购芯和半导体100%股权。4月11日晚，概伦电子公告称，拟通过发行股份及支付现金的方式取得锐成芯微100%股权及纳 能微45.64%股权。 停止向中国出口EDA软件，意味着美国开 ...

Core Insights - The U.S. has escalated its semiconductor technology blockade against China, focusing on the supply of EDA tools and IP cores, causing significant disruptions in the industry chain [1] - Domestic EDA companies are experiencing a surge in stock prices and demand, with firms like Huada Jiutian and Gai Lun Electronics accelerating their technological advancements through mergers and acquisitions [1][2] Group 1: Impact of U.S. Restrictions - The U.S. Department of Commerce has issued export restrictions to major EDA companies, including Synopsys, Cadence, and Siemens EDA, halting their supply of advanced EDA tools to China [2] - EDA tools are critical for chip design, and the supply disruption significantly impacts the entire chip design, manufacturing, and testing processes, particularly affecting digital chip design and advanced process development [2] - Approximately 90% of global EDA library resources are controlled by the aforementioned three companies, creating challenges for Chinese chip design firms in accessing mature IP libraries [2] Group 2: Opportunities for Domestic EDA Companies - Domestic EDA companies are seizing short-term market opportunities, with a notable increase in customer inquiries and orders [2] - Huada Jiutian reported a projected revenue of 1.22 billion yuan for 2024, reflecting a year-on-year growth of 20.98%, maintaining its leading market share among domestic firms [2] - Gai Lun Electronics has indicated that its product performance has surpassed some international competitors, lowering the barriers for user transition to domestic tools [2] Group 3: Challenges and Technological Gaps - Despite advancements in areas like analog circuits and memory design, high-end digital chip design and system-level verification still rely on international tools [3] - Experts highlight that EDA tool development requires long-term industry collaboration, and innovations in isolated tools cannot meet the comprehensive demands of the entire process [3] - Companies like Huada Jiutian and Gai Lun Electronics are making strategic acquisitions to enhance their capabilities, but significant technological gaps remain [3] Group 4: Mergers and Acquisitions Strategy - Mergers and acquisitions are becoming a strategic choice for domestic EDA companies to quickly address technological shortcomings [4] - Huada Jiutian has acquired several companies to build a comprehensive platform covering all design processes, while Gai Lun Electronics has integrated capabilities through multiple acquisitions [4] - Industry analysis suggests that the history of international EDA giants is marked by mergers, and domestic firms are following this trend to shorten the technology catch-up cycle [4] Group 5: Policy and Market Growth - Local governments are establishing EDA industry funds to promote the market application of domestic tools [4] - The domestic EDA market size is projected to grow from 12 billion yuan in 2023 to 44.56 billion yuan by 2026, driven by ongoing policy support [4] - Companies like Guangli Micro are expanding their global presence and investing in semiconductor industry funds to create a collaborative ecosystem from design to production [4] Group 6: Industry Collaboration - Domestic EDA companies need to deeply integrate with chip design firms and foundries to refine tool performance through practical projects [5] - Huada Jiutian has served nearly 700 clients across various design scenarios, while Gai Lun Electronics has established partnerships with international clients like Samsung and SK Hynix [5] - Analysts emphasize that expanding the user base will accelerate tool optimization, but full process replacement will require long-term investment [5]

证券代码：688206 证券简称：概伦电子 公告编号：2025-035 上海概伦电子股份有限公司 股票交易异常波动公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 上海概伦电子股份有限公司（以下简称"公司"）股票于 2025 年 5 月 29 日、5 月 30 日、6 月 3 日连续三个交易日内日收盘价格涨幅偏离值累计超过 30%。根据《上海证券交易所交易规则》《上海证券交易所科创板股票异常交易 实时监控细则》的有关规定，属于股票交易异常波动情形。 经公司自查并发函问询公司第一大股东 KLProTech H.K. Limited，截至 本公告披露日，除公司已披露信息外，确认不存在应披露而未披露的重大事项。 公司目前日常经营情况正常，未发生重大变化。 一、股票交易异常波动的具体情况 公司股票于 2025 年 5 月 29 日、5 月 30 日、6 月 3 日连续三个交易日内日收 盘价格涨幅偏离值累计超过 30%。根据《上海证券交易所交易规则》《上海证券 交易所科创板股票异常交易实时监控细则》的有关规定，属 ...

关于《上海概伦电子股份有限公司股票交易 异常波动问询函》的回函 上海概伦电子股份有限公司： 第一大股东(盖章):KLProTech H.K. Eimited 2025年6月3日 二、截至目前，本单位不存在处于筹划阶段的涉及贵公司的重大事项，包括但 不限于并购重组、股份发行、债务重组、业务重组、资产剥离和资产注入等重大 事项； 三、在本次股票交易异常波动期间，本单位不存在买卖贵公司股票的情形。 特此函复。 （本页以下无正文） (本页无正文,为《关于<上海概伦电子股份有限公司股票交易异常波动问 询函>的回函》之盖章页) 贵公司发出的《上海概伦电子股份有限公司股票交易异常波动问询函》已收 悉，经认真自查核实，现将有关问题回复如下： 一、截至目前，本单位不存在涉及贵公司的应披露而未披露的重大信息； ...

Core Viewpoint - The recent BIS requirement for EDA companies to suspend all business with Chinese clients is significant, but its actual impact may be limited due to the presence of numerous domestic EDA companies in China [1][4]. Group 1: EDA Market Overview - The global EDA market is dominated by three major companies, which account for over 70% of the market share, and even more than 80% in China [1][2]. - Despite the dominance of these three companies, there are over 60 domestic EDA companies in China, which is a surprising number that exceeds the total number of global EDA firms [2][3]. Group 2: Challenges for Domestic EDA - Domestic EDA tools have been developed, but their usability and effectiveness remain questionable, particularly in advanced process nodes [2][3]. - The EDA industry faces a paradox where tools that are less used tend to be of lower quality, making it difficult for new entrants to improve their offerings without substantial industry adoption [3][4]. Group 3: Implications of BIS Regulations - The BIS regulations could provide an opportunity for domestic EDA companies to gain traction as fabless companies in China may have no choice but to use local tools [4][5]. - However, the complete reliance on domestic technology without the ability to utilize imported technology could lead to significant setbacks for the Chinese semiconductor industry [5][6]. Group 4: Current State of Semiconductor Production - The current ability to design and produce chips in China relies heavily on imported equipment and materials, indicating that a complete decoupling from foreign technology is not feasible at this time [6][7]. - The use of imported EDA tools is critical for the success of Chinese fabless companies, as they require close collaboration with foundries for design verification [6][7]. Group 5: Long-term Concerns - There is a growing concern that the window for utilizing foreign technology is closing, which could pose a significant risk if domestic capabilities do not catch up in time [9][10]. - The industry must accelerate the development of domestic technologies while also finding ways to extend the use of imported technologies as long as possible [9][10].