从基金十大重仓股角度 10月14日，晶丰明源跌5.05%，截至发稿，报108.00元/股，成交1.59亿元，换手率1.61%，总市值95.57 亿元。 资料显示，上海晶丰明源半导体股份有限公司位于中国(上海)自由贸易试验区申江路5005弄3号9-11层,2 号102单元，成立日期2008年10月31日，上市日期2019年10月14日，公司主营业务涉及拟半导体电源管 理类芯片的设计、研发与销售。主营业务收入构成为：LED照明驱动芯片51.44%，电机控制驱动芯片 26.21%，AC/DC电源芯片17.56%，高性能计算电源芯片4.76%，其他0.03%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，尚正基金旗下1只基金重仓晶丰明源。尚正研究睿选混合发起A（023397）二季度持有股数 8249股，占基金净值比例为6.8%，位居第七大重仓股。根据测算，今日浮亏损失约4.73万元。 责任编辑：小浪快报 尚正研究睿选混合发起A（023397）成立日期2025年2月1 ...

10月10日，晶丰明源跌5.13%，截至发稿，报111.53元/股，成交1.69亿元，换手率1.68%，总市值98.69 亿元。 资料显示，上海晶丰明源半导体股份有限公司位于中国(上海)自由贸易试验区申江路5005弄3号9-11层,2 号102单元，成立日期2008年10月31日，上市日期2019年10月14日，公司主营业务涉及拟半导体电源管 理类芯片的设计、研发与销售。主营业务收入构成为：LED照明驱动芯片51.44%，电机控制驱动芯片 26.21%，AC/DC电源芯片17.56%，高性能计算电源芯片4.76%，其他0.03%。 从基金十大重仓股角度 数据显示，太平基金旗下1只基金重仓晶丰明源。太平行业优选A（009537）二季度持有股数12.94万 股，占基金净值比例为6.69%，位居第四大重仓股。根据测算，今日浮亏损失约78.04万元。 太平行业优选A（009537）成立日期2020年9月1日，最新规模9337.23万。今年以来收益41.79%，同类 排名1274/4220；近一年收益47.59%，同类排名942/3852；成立以来收益18.58%。 太平行业优选A（009537）基金经理为林开盛。 截 ...

截至发稿，张志梅累计任职时间7年310天，现任基金资产总规模4.29亿元，任职期间最佳基金回报 121.21%， 任职期间最差基金回报-18.14%。 李睿累计任职时间235天，现任基金资产总规模1064.67万元，任职期间最佳基金回报44.59%， 任职期 间最差基金回报0.03%。 数据显示，尚正基金旗下1只基金重仓晶丰明源。尚正研究睿选混合发起A（023397）二季度持有股数 8249股，占基金净值比例为6.8%，位居第七大重仓股。根据测算，今日浮亏损失约4.97万元。 尚正研究睿选混合发起A（023397）成立日期2025年2月18日，最新规模1058.49万。成立以来收益 46.66%。 尚正研究睿选混合发起A（023397）基金经理为张志梅、李睿。 10月10日，晶丰明源跌5.13%，截至发稿，报111.53元/股，成交1.69亿元，换手率1.68%，总市值98.69 亿元。 资料显示，上海晶丰明源半导体股份有限公司位于中国(上海)自由贸易试验区申江路5005弄3号9-11层,2 号102单元，成立日期2008年10月31日，上市日期2019年10月14日，公司主营业务涉及拟半导体电源管 理类芯片 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-073 公司本次交易引用的经审计的财务报表截止日为 2024 年 12 月 31 日。根据 《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》第六十九条规定，重组报告书经审计的最近一期财务资料在财务报告截止 日后六个月内有效，本次交易涉及发行股份的，特别情况下可适当延长，但延长 时间至多不超过三个月。由于公司本次交易重组报告书中记载的财务资料于 2025 年 9 月 30 日已过有效期，需补充提交更新后财务数据。经公司申请，按照 《上海证券交易所上市公司重大资产重组审核规则》的相关规定，上交所对本次 交易中止审核。 本次交易中止审核事项不会对公司产生重大不利影响，公司将继续推进本次 交易相关事项。截至目前，公司正在积极与中介机构推进公司和标的公司的加期 审计事项，相关工作正在有序推进中，待审计工作完成且加期审计报告、备考报 告出具后，公司将及时向上交所补充提交加期审计资料，并申请恢复审核。 公司将严格按照相关法律法规的规定披露本次交易事项的进展情况。有关信 息均以公司在指定信息披露媒体和上海证券交易所网站(www. ...

Core Viewpoint - The company, Moer Technology, has successfully passed the IPO review by the Shanghai Stock Exchange, marking a rapid approval process for a domestic GPU leader in less than three months [1][3]. Group 1: Capital Raising and Use of Proceeds - Moer Technology plans to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [3]. - The company has a diverse shareholder base, including major internet companies like Tencent and ByteDance, as well as top venture capital firms and state-owned funds [3][5]. Group 2: Shareholding Structure - The shareholding structure is characterized by a combination of founder control and diverse capital participation, with founder Zhang Jianzhong holding 11.06% directly and controlling 36.36% of voting rights through various agreements [4]. - Employee stock ownership plans cover 724 employees, accounting for 64% of the total workforce, which is crucial for attracting and retaining top talent in the competitive chip industry [4]. Group 3: Strategic Partnerships and Collaborations - Moer Technology has established business partnerships with several listed companies to build a domestic GPU ecosystem, including collaborations with Weixing Intelligent and Runxin Technology for AI computing and GPU packaging [8]. - The company is also working with various suppliers for high-end components, indicating a strong integration within the industry [8]. Group 4: Financial Performance and Market Outlook - The company has reported cumulative losses of 5.276 billion yuan from 2022 to mid-2025, reflecting the high investment nature of the chip industry [10]. - The IPO is expected to test market recognition of domestic GPU enterprises, with projections indicating that the Chinese AI chip market could reach 13.4 trillion yuan by 2029, positioning Moer Technology to benefit from this growth [10].

重要内容提示： 证券代码：688368 证券简称：晶丰明源 公告编号：2025-072 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 441,775股。 上海晶丰明源半导体股份有限公司 本次股票上市流通总数为441,775股。 2024 年限制性股票激励计划首次授予第一个归属期归 属结果暨股份上市公告 本次股票上市流通日期为2025 年 10 月 9 日。 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。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，上海晶丰明源半导体股份有限公司（以下简称 "公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，公司已完成对 2024 年限制性股票激励计划（以下简称"本激励 计划"）首次授予部分第一个归属期的股份登记工作，具体情况如下： 一、本激励计划已履行的决策程序和信息披露情况 （1）2024 年 8 月 8 日，公司召开第三届董事会第十八次会议，审议通过了《关 于<公司 2024 年 ...

Group 1 - The company Jingfeng Mingyuan (688368.SH) reported a significant revenue increase of 419.81% in its high-performance computing power chip business for the first half of the year compared to the same period last year [1] - The company has successfully mass-produced and entered the scale sales stage for its entire range of products, including digital multi-phase controllers, DrMOS, POL, and Efuse [1] - New generation graphics card applications have been shipped in large quantities to multiple domestic and international customers [1] Group 2 - The company's self-developed first-generation 40V BCD process platform has achieved stable mass production [1] - The second-generation 40V BCD process platform's designed DrMOS products have significantly improved cost-performance and have entered mass production [1] - The research and development of the third-generation process is progressing, with chip design completed and mass production expected in 2026 [1]

Group 1 - The core viewpoint of the news is that Jingfeng Mingyuan's stock has seen a significant increase, with a rise of 5.64% to 109.60 CNY per share, and a total market capitalization of 9.65 billion CNY [1] - Jingfeng Mingyuan Semiconductor Co., Ltd. specializes in the design, research, and sales of semiconductor power management chips, with its main revenue sources being 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] - The company is located in the Shanghai Free Trade Zone and was established on October 31, 2008, with its listing date on October 14, 2019 [1] Group 2 - Taiping Fund has a significant holding in Jingfeng Mingyuan, with its Taiping Industry Selection A fund (009537) holding 129,400 shares, accounting for 6.69% of the fund's net value, making it the fourth-largest holding [2] - The Taiping Industry Selection A fund has achieved a year-to-date return of 34.92% and a one-year return of 85.74%, ranking 1387 out of 4220 and 860 out of 3814 in its category, respectively [2] - The fund manager, Lin Kaisheng, has been in position for 8 years and 140 days, with the fund's total asset size at 396 million CNY and a best return of 81.84% during his tenure [3]

Core Insights - The domestic production rate of analog chips for home appliances in China is projected to reach 65% by the end of 2024, with the overall domestic chip share in home appliances at 70-80% [4] - The domestic analog chip production rate is approximately 90%, while the power semiconductor devices exceed 70% [4] - Major domestic companies like Chipone Microelectronics, Jingfeng Mingyuan, and others are accelerating the replacement of imported analog chips, capturing a market share of 65% in power management chips [4] Group 1 - The domestic analog chips can meet the needs of ordinary home appliances, with a minimum of 60% share in major appliances like air conditioners and refrigerators [5] - The price of domestic chips is about 0.1-0.3 yuan, which is 15%-20% cheaper than imported counterparts, with similar performance [4][5] - Domestic companies are developing pure domestic chip solutions, and the anti-dumping investigation is expected to accelerate the domestic chip production process [5][6] Group 2 - The anti-dumping investigation aims to deter unfair competition from foreign companies leveraging their technological and market advantages [6] - The final market share of domestic chips will depend on comprehensive factors such as product performance, price, and service [6] - The domestic analog chip industry is expected to undergo a phase of competition, leading to a survival of the fittest scenario [5]

Core Viewpoint - The acquisition of Sichuan Yichong Technology Co., Ltd. by Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. for 3.28 billion yuan has sparked market attention due to its 260% premium and the fact that both companies are currently operating at a loss, raising questions about the potential success of this merger in the semiconductor industry consolidation wave [1][5]. Group 1: Acquisition Details - Jingfeng Mingyuan completed the acquisition through a combination of issuing shares and cash payment, with 2.033 billion yuan paid via a directed share issuance and 1.249 billion yuan covered by raised funds [2]. - The transaction price corresponds to an evaluation of Yichong Technology at 3.29 billion yuan, representing a 260.08% increase over its book net assets [2]. - Post-acquisition, Jingfeng Mingyuan's goodwill will significantly increase to 1.997 billion yuan, accounting for 35.56% of total assets and 62.10% of net assets [2]. Group 2: Financial Performance of Yichong Technology - Yichong Technology, recognized as one of the top three global wireless charging chip manufacturers, reported a revenue growth of 45.02% and 47.04% for 2023 and 2024, respectively [3]. - Despite its growth, Yichong has accumulated losses exceeding 1 billion yuan over the past two years, with a projected decline in gross margin from 36.59% to 31.88% in 2024 [3]. - The performance commitment for the charging chip segment includes net profit targets of 92 million, 120 million, and 160 million yuan for 2025-2027, while only revenue targets are set for other power management chip segments [3]. Group 3: Financial Performance of Jingfeng Mingyuan - Jingfeng Mingyuan has also faced losses, with net profits of -206 million, -91 million, and -33 million yuan from 2022 to 2024, although it achieved a profit of 15.76 million yuan in the first half of 2025 [4]. - The company’s operating cash flow has decreased by 53.97% year-on-year, indicating ongoing financial challenges [4]. - The acquisition is viewed as a strategic move to build a dual platform in "power management + signal chain," aiming to elevate sales to the top five in the industry [4]. Group 4: Industry Context and Future Outlook - The 3.28 billion yuan acquisition reflects a broader shift in the semiconductor industry from "scattershot innovation" to "ecological competition" [5]. - Successful integration of Yichong Technology's technology and channels could lead to a turnaround in performance for Jingfeng Mingyuan, while failure could result in significant challenges related to goodwill impairment and cash flow [5]. - As of September 2025, the transaction is pending approval from the securities regulatory authority, with multiple factors such as technological barriers, capital patience, and market cycles influencing the outcome [5].