Core Viewpoint - On February 2, 2025, Jingfeng Mingyuan's stock dropped by 10.57%, with a trading volume of 589 million yuan, indicating market volatility and investor sentiment concerns [1]. Financing Summary - On February 2, 2025, Jingfeng Mingyuan had a financing buy amount of 63.83 million yuan and a financing repayment of 42.70 million yuan, resulting in a net financing buy of 21.12 million yuan [1]. - As of February 2, 2025, the total financing and securities lending balance for Jingfeng Mingyuan was 246 million yuan, with the financing balance accounting for 1.86% of the circulating market value, indicating a high level compared to the past year [1]. - The securities lending data showed no shares were repaid or sold on February 2, 2025, with a remaining securities lending balance of 56,840 yuan, which is above the 90th percentile level for the past year [1]. Company Overview - Jingfeng Mingyuan Semiconductor Co., Ltd. was established on October 31, 2008, and listed on October 14, 2019. The company specializes in the design, research, and sales of semiconductor power management chips [1]. - The main revenue sources for Jingfeng Mingyuan include LED lighting driver chips (51.44%), motor control driver chips (26.21%), AC/DC power chips (17.56%), high-performance computing power chips (4.76%), and others (0.03%) [1]. Financial Performance - For the period from January to September 2025, Jingfeng Mingyuan achieved an operating income of 1.117 billion yuan, representing a year-on-year growth of 2.67%. The net profit attributable to shareholders was 23.33 million yuan, showing a significant year-on-year increase of 142.96% [2]. - As of September 30, 2025, the number of shareholders for Jingfeng Mingyuan was 8,574, an increase of 37.18% compared to the previous period, while the average circulating shares per person decreased by 27.11% to 10,269 shares [2]. Dividend Information - Since its A-share listing, Jingfeng Mingyuan has distributed a total of 388 million yuan in dividends, with 43.46 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 715,500 shares, an increase of 57,800 shares from the previous period [3]. - The top ten circulating shareholders included various funds, with notable changes such as a decrease in holdings for 嘉实科技创新混合 and 嘉实创新先锋混合 A [3].

Core Insights - The LED driver chip market in 2025 faces significant challenges due to intense competition and price pressures, leading to a situation of "increased revenue but no profit" for many companies [2][8] - There is a notable divergence in performance among major listed companies, with Jingfeng Mingyuan successfully reversing losses, while Fumanwei and Mingwei Electronics continue to struggle with losses, highlighting the differences in strategic paths during industry downturns [2][3] Performance Analysis - Jingfeng Mingyuan achieved a revenue of approximately 1.57 billion yuan, a year-on-year increase of 4.41%, and a net profit of 36 million yuan, a substantial increase of 208.92% from 2024, indicating a significant improvement in its core business profitability [3] - Mingwei Electronics is in a "revenue without profit" situation, with expected revenue between 660 million to 670 million yuan, a year-on-year growth of 8.66% to 10.31%, but a net loss of 45 million to 54 million yuan, with further losses in non-recurring profit [3] - Fumanwei anticipates revenue of 850 million to 870 million yuan, showing growth compared to 2024, but a net loss of 150 million to 190 million yuan, primarily impacted by inventory impairment losses and share-based payment expenses [3] Business Structure - Jingfeng Mingyuan has built a diversified product ecosystem through mergers and self-research, focusing on multiple areas including LED lighting, AC/DC, motor control, wireless charging, and automotive chips, achieving a dual-driven growth model [4] - Fumanwei has expanded into 5G RF chips, power management chips, and storage chips, but new business contributions are limited due to project delays, and it has attempted to raise prices for LED display products to mitigate cost pressures [5] - Mingwei Electronics focuses on LED driver chips with a "Fabless + self-built testing" model, emphasizing cost and delivery efficiency, but its single business structure limits profitability elasticity under price pressure [5] Technological Development - The intensified competition has prompted companies to increase technological investments, with process upgrades and cost control becoming key strategies [6] - Jingfeng Mingyuan has achieved mass production of its sixth-generation BCD-700V high-voltage process platform, enhancing its high-voltage technology advantage, while also reducing unit costs through new packaging solutions [6] - Mingwei Electronics is iterating products in line with Mini/MicroLED technology trends, but the overall price pressure in the industry has hindered the full realization of cost benefits from technological upgrades [6] - Fumanwei's R&D investment accounted for 21.98% of its revenue in 2024, but project delays have affected the efficiency of technology conversion, leading to a "high investment, low output" situation [6] Industry Trends and Company Strategies - The LED driver chip industry is experiencing a dual trend of "traditional market contraction and emerging demand rise," with Mini/MicroLED and automotive electronics becoming new growth points [7] - Jingfeng Mingyuan employs a strategy of "technology positioning and ecological layout," achieving breakthroughs in high-end markets while avoiding low-end price wars [7] - Fumanwei is addressing short-term pressures through price increases and accelerating project implementation, but it needs to optimize its revenue structure in the long term [7] - Mingwei Electronics focuses on its core business and technology, aiming to establish competitive advantages in niche areas through continued investment in new display technologies [7] Summary - 2025 marks a critical year of increasing divergence in the LED driver chip industry, with Jingfeng Mingyuan achieving profitability through diversified strategies, while Fumanwei faces challenges despite revenue growth, and Mingwei Electronics continues to incur losses due to its single business structure [8] - The competition is expected to intensify in 2026, with the commercialization of Mini/MicroLED and the demand for automotive electronics and high-performance computing power driving industry growth [8] - Companies need to strengthen their technological depth, product breadth, and integration within the supply chain to navigate the evolving landscape [8]

Core Viewpoint - The company, Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd., forecasts a significant improvement in its financial performance for the year 2025, projecting both revenue growth and a return to profitability compared to the previous year [2][4]. Financial Performance Forecast - The company expects to achieve approximately 1,570 million yuan in revenue for 2025, an increase of about 66.38 million yuan, representing a year-on-year growth of approximately 4.41% [2]. - The projected net profit attributable to the parent company is around 36 million yuan, marking a turnaround from a loss in the previous year, with an increase of approximately 69.05 million yuan, reflecting a year-on-year increase of about 208.92% [2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be around 18 million yuan, an increase of approximately 27.01 million yuan, indicating a year-on-year growth of about 299.79% [2]. Previous Year Performance - In 2024, the company reported a revenue of 1,503.62 million yuan, with a total profit of -5.28 million yuan and a net loss attributable to the parent company of -33.05 million yuan [4]. Reasons for Performance Changes - The improvement in performance is attributed to the ongoing positive trend in the company's main business, with revenue growth driven by an optimized product structure strategy, particularly in motor control driver chips and high-performance computing power supply chips [5]. - A decrease in share-based payment expenses due to the expiration of certain stock incentive plans and the completion of the acquisition of Nanjing Lingou Chuangxin Electronics Co., Ltd. contributed to the improved financial results [6]. - The increase in income from financial instruments held by the company positively impacted the net profit attributable to the parent company after deducting non-recurring gains and losses [7].

Group 1 - The company Jingfeng Mingyuan expects to achieve a turnaround in profitability for the fiscal year 2025, projecting a net profit attributable to shareholders of approximately 36 million yuan, compared to a loss in the previous year [1] - This represents an increase of about 69.05 million yuan year-on-year, reflecting a growth of approximately 208.92% [1]

证券代码：688368 证券简称：晶丰明源 公告编号：2026-011 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况 上海晶丰明源半导体股份有限公司 2025 年年度业绩预告 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。 一、 本期业绩预告情况 1、公司预计2025年度实现营业收入157,000.00万元左右，与上年同期（法定 披露数据）相比，将增加6,638.23万元左右，同比增长4.41%左右； 2、公司预计2025年度实现归属于母公司所有者的净利润与上年同期（法定 披露数据）相比，将实现扭亏为盈，实现归属于母公司所有者的净利润约为 3,600.00万元，与上年同期（法定披露数据）相比，将增加6,905.13万元左右，同 比增加208.92%左右； 3、公司预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利 润约为1,800.00万元左右，与上年同期（法定披露数据）相比，将增加2,700.95 万元左右，同比增加299.79%左右。 （三）本次业 ...

Group 1: Market Dynamics - 29 new private placement projects were added in the last two weeks, a 52.63% increase from the previous period, with 15 being competitive bids[4] - 12 projects were terminated, marking a 100% increase, while 7 projects were approved by the review committee, a decrease of 36.36%[4] - The total number of pending private placement projects stands at 647, with 90 having received approval, a slight decrease of 1 project[4] Group 2: Fundraising and Valuation - The total fundraising amount reached 1120.23 billion CNY, a staggering 3865.96% increase, driven by two projects exceeding 400 billion CNY[4] - The average pricing discount rate for competitive bids decreased to 14.42%, down 5.58 percentage points from the previous period[4] - The PE and PB ratios for Guoyan Platinum Industry are 28.35X and 2.43X, respectively, which are at 57.11% and 60.38% of the industry average[28] Group 3: Performance Metrics - The average absolute return for competitive bid projects that were unlocked for the first time was 49.87%, a decrease of 10.68 percentage points[4] - The average absolute return for pricing projects on the unlock date surged to 310.29%, an increase of over 100%[4] - The average industry beta contribution during the "issue-unlock" period was 41.94%, reflecting a decrease of 1.82 percentage points[4] Group 4: Risk Factors - Risks include slower-than-expected review progress for private placements, fluctuations in secondary market stock prices, and changes in the pricing environment for private placements[4]

Group 1 - The core point of the news is that Jingfeng Mingyuan is adjusting its acquisition plan for Sichuan Yichong Technology, which has been approved by the Shanghai Stock Exchange and is pending registration with the China Securities Regulatory Commission [2][4] - On January 27, 2026, Jingfeng Mingyuan's stock closed at 156.27 yuan, up 11.62%, with a turnover rate of 4.68% and a trading volume of 41,400 lots, amounting to a transaction value of 631 million yuan [1] - The company reported a net outflow of 253.77 thousand yuan from main funds, while retail investors experienced a net outflow of 1,032.68 thousand yuan, and speculative funds saw a net inflow of 1,286.45 thousand yuan on the same day [1][4] Group 2 - The company disclosed a draft report regarding the issuance of shares and cash payment for asset acquisition, which includes updates on the transaction process, performance commitments, and compensation arrangements [2] - The transaction involves acquiring 100% equity of Yichong Technology for a total price of 328,263.75 thousand yuan, with performance commitments and compensation arrangements set for the deal [2] - Yichong Technology's main business focuses on the research and design of high-performance analog chips and mixed-signal chips, with projected revenue growth of 45.02% and 47.04% for 2023 and 2024, respectively [2]

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages and price increases to a more widespread inflation across the electronics industry, driven by sustained high demand for AI computing and storage capabilities [1]. - It emphasizes the optimistic outlook for 2026 as a year of significant growth in domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing and the overseas supply chain for storage and computing [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39% over the past week, with optical electronics up by 3.21% and consumer electronics down by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the supply chain, leading to price increases across various components [1]. Semiconductor Developments - Alibaba's AI chip subsidiary, Pingtouge, is preparing for an independent IPO, indicating a strong trend towards domestic alternatives in computing chips [2]. - The report expresses confidence in the growth of domestic GPU and ASIC companies, such as Cambricon and Aojie Technology [2]. Storage Market Dynamics - NAND Flash prices have risen by 18% and DRAM prices by 33% in the past month, leading to increased cost proportions for PC manufacturers [3]. - Companies like Demingli and Jiangbolong are expected to see significant profit growth due to the ongoing storage cycle [3]. PCB Industry Insights - The report notes that rising raw material prices and increasing demand are positively impacting the performance of PCB upstream manufacturers [4]. - Companies such as Shenghong Technology and Jinan Guojiji are highlighted for their strong performance and market expectations [4]. Key Investment Recommendations - The report recommends several companies across different segments, including: - Optical Electronics: Lantech Optical, Aojie Technology, and others [1]. - Storage: Demingli, Jiangbolong, and others [3]. - PCB: Shengyi Technology and others [4]. - A focus on semiconductor companies like SMIC and Aojie Technology is also advised [9].

Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing up 0.18% at 4139.9 points, while the Shenzhen Component Index rose 0.09% and the ChiNext Index increased by 0.71% [1] - The total trading volume in the A-share market decreased to approximately 2.92 trillion yuan, down nearly 360 billion yuan from the previous day [1] - The Hong Kong stock market saw a strong rise, with the Hang Seng Index gaining over 1% [1] Semiconductor Sector - The semiconductor sector saw significant gains, with stocks like Shengke Communication and Dongxin Co. both hitting a 20% limit up, reaching new highs [4] - Other notable performers included Puran Co. with a nearly 15% increase and several companies like Guomin Technology and Jingfeng Mingyuan rising over 10% [4][5] - The semiconductor industry is experiencing a price increase trend, with companies like MediaTek announcing price adjustments and demand for AI-related products driving growth [6][7] CPO Concept - The CPO (Chip-on-Board) concept showed active trading, with stocks like Yuanjie Technology rising over 11% and reaching a historical high [9] - Other companies in this sector, such as Zhongci Electronics and Kecuan Technology, also saw significant gains [9][10] Gold Stocks - Gold-related stocks continued to perform strongly, with Silver and Nonferrous Metals hitting a limit up and achieving six consecutive gains [13] - Companies like Sichuan Gold and China Gold have also seen three consecutive days of limit up, with Zhaojin Gold rising over 60% in the past week [13][15] - Silver Nonferrous Metals reported a significant increase in stock price, although it warned of potential risks due to the rapid price rise [15]

股票代码：688368 股票简称：晶丰明源 上市地点：上海证券交易所 上海晶丰明源半导体股份有限公司 发行股份及支付现金 购买资产并募集配套资金报告书（草案） （注册稿） | | 交易对方 | | --- | --- | | | 名易冲科 技股东 | | | 50 | | | 海南玮峻思投资合伙企业（有限合伙）等 | | 项目 发行股份及支付 现金购买资产 募集配套资金 | | | 不超过 | 35 名符合中国证监会规定的特定投资者 | 独立财务顾问 签署日期：二〇二六年一月 根据《证券法》等相关法律、法规的规定，本次交易完成后，本公司经营与收益 的变化，由本公司自行负责，由此变化引致的投资风险，由投资者自行负责。投资者 在评价公司本次交易时，除本报告书内容以及与本报告书同时披露的相关文件外，还 应认真地考虑本报告书披露的各项风险因素。投资者若对本报告书存在任何疑问，应 咨询自己的股票经纪人、律师、会计师或其他专业顾问。 二、交易对方声明 本次重组的交易对方已就在本次交易过程中所提供信息和材料的真实、准确、完 整情况出具承诺函，保证其将及时提供本次重组相关信息，为本次交易事项所提供的 有关信息均真实、准确和完 ...