Group 1 - The core point of the article is that Jingfeng Mingyuan (688368.SH) plans to transfer its 1.7778% stake in Shanghai Analog to Yachuang Electronics for a price of RMB 3.9832 million, after which the company will no longer hold any shares in Shanghai Analog [1] Group 2 - The transaction is part of the company's strategic planning and layout considerations [1]

Group 1 - The company, Jingfeng Mingyuan (688368.SH), announced a strategic decision to transfer its 1.7778% equity stake in Shanghai Analog to Yachuang Electronics for a price of RMB 3.9832 million [1] - Following the completion of this transaction, the company will no longer hold any equity in Shanghai Analog [1] - This decision is based on the company's development planning and strategic layout considerations [1]

Core Viewpoint - Shanghai Securities Regulatory Commission approved the merger and acquisition of Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. to acquire 100% equity of Yichong Technology, indicating compliance with restructuring conditions and information disclosure requirements [1][2]. Group 1: Transaction Details - The transaction involves issuing shares and cash to acquire Yichong Technology from 50 counterparties, with a total transaction price of 328,263.75 million yuan [2][3]. - The valuation of Yichong Technology was assessed at 329,000.00 million yuan using the market approach, resulting in an appraisal increase rate of 260.08% [3][4]. - The company plans to raise up to 180,000 million yuan through a private placement to fund the acquisition and related expenses, with a maximum of 25% of the raised funds allocated for working capital [4]. Group 2: Company Background - Jingfeng Mingyuan was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 14, 2019, with an initial public offering of 15.4 million shares at a price of 56.68 yuan per share [6]. - The company reported revenues of 1.079 billion yuan, 1.303 billion yuan, and 1.504 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of -206 million yuan, -91.26 million yuan, and -33.05 million yuan during the same period [7].

Core Viewpoint - The company plans to acquire 100% equity of Sichuan Yichong Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising matching funds [1] Group 1: Transaction Details - The Shanghai Stock Exchange's M&A Review Committee held a meeting on January 16, 2026, to review the company's transaction application [1] - The review committee announced that the transaction meets the restructuring conditions and information disclosure requirements [1] - The transaction is subject to approval from the China Securities Regulatory Commission for registration, which introduces uncertainty regarding the approval and the timeline for final registration [1]

证券代码：688368 证券简称：晶丰明源 公告编号：2026-005 董 事 会 2026 年 1 月 17 日 本次交易尚需经中国证券监督管理委员会同意注册后方可实施，能否取得同 意注册，以及最终完成注册的时间存在不确定性。 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 息均以公司指定信息披露媒体和上海证券交易所网站（www.sse.com.cn）发布的 公告为准。敬请广大投资者理性投资，注意投资风险。 特此公告。 上海晶丰明源半导体股份有限公司 上海晶丰明源半导体股份有限公司 关于发行股份及支付现金购买资产并募集配套资金事项 获得上海证券交易所并购重组审核委员会审核通过的公告 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、准确性和完整性依法承担法律责任。 上海晶丰明源半导体股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金方式购买四川易冲科技有限公司 100%股权，同时募集配套资金（以下 简称"本次交易"）。 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2026 年 1 月 16 日召开 2026 ...

Group 1 - The company plans to issue shares and pay cash to acquire 100% equity of Sichuan Yichong Technology and raise supporting funds [1] - The Shanghai Stock Exchange's restructuring committee has approved the transaction, deeming it compliant with restructuring conditions and information disclosure requirements [1] - The transaction still requires approval from the China Securities Regulatory Commission for registration, introducing uncertainty regarding the final registration and completion timeline [1]

Group 1 - The semiconductor sector experienced a strong rally on January 14, with notable stock increases: Zhaoxin Co. up over 14%, Jingfeng Mingyuan up over 12%, and Longxin Zhongke up nearly 10% [1] - The U.S. government approved Nvidia's export of its AI chip H200 to China, following a statement from former President Trump indicating that the government would allow such sales [1] - The U.S. Department of Commerce will oversee the approval and security review of these sales, with the U.S. set to collect approximately 25% fees from related transactions [1] Group 2 - Donghai Securities noted that global semiconductor demand is expected to improve by December 2025, with slight growth in PCs and smartphones, and rapid growth in TWS headphones, wearable devices, and smart home products [1] - AI servers and new energy vehicles are projected to maintain high growth rates, with demand potentially continuing to recover into January 2026 [1] - Companies like Broadcom and Micron reported significant growth in Q4 driven by AI, indicating that AI will remain a central narrative for the foreseeable future [1] Group 3 - There is a slight easing of U.S.-China tariff policies, as evidenced by the approval of Nvidia's H200 exports to China; however, high-pressure policies may persist in certain technology-intensive sectors [1] - The costs for industries reliant on U.S. imports may rise in the short term, but long-term prospects for domestic semiconductor production are expected to accelerate [1] - It is recommended to pay attention to leading companies in specific segments during market dips [1]

Core Viewpoint - The stock of Jingfeng Mingyuan has shown a mixed performance in recent trading, with a year-to-date increase of 7.28% but a slight decline over the past five days, indicating volatility in investor sentiment and market conditions [1]. Financial Performance - For the period from January to September 2025, Jingfeng Mingyuan reported a revenue of 1.117 billion yuan, reflecting a year-on-year growth of 2.67% [2]. - The net profit attributable to shareholders for the same period was 23.33 million yuan, which represents a significant year-on-year increase of 142.96% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jingfeng Mingyuan increased to 8,574, marking a rise of 37.18% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 27.11% to 10,269 shares [2]. Dividend Distribution - 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 several funds, with notable changes in holdings, such as a decrease in shares held by 嘉实科技创新混合 and 嘉实创新先锋混合 [3].

Core Viewpoint - The company Jingfeng Mingyuan announced a significant asset restructuring by acquiring 100% equity of Sichuan Yichong Technology Co., Ltd. for a total price of 3.283 billion yuan, which includes 2.033 billion yuan in share payment and 1.8 billion yuan in raised funds for transaction costs and working capital [1]. Group 1 - The acquisition will enhance Jingfeng Mingyuan's product portfolio in the mobile and ecological terminal sectors, particularly in wireless charging chips and battery management chips [2]. - The integration of Yichong Technology's automotive power management chips will complete Jingfeng Mingyuan's automotive product system, allowing for a more comprehensive product offering to downstream customers [2]. - The collaboration between Jingfeng Mingyuan's AC/DC power chips and Yichong Technology's protocol chips will create a complete adapter solution, while their motor control driver chips and Yichong's automotive high/low side driver products will form an integrated product solution [2].

Core Viewpoint - Jiangfeng Mingyuan (688368.SH) is acquiring 100% equity of Yichong Technology for a total price of 3.283 billion yuan, aiming to enhance its power management chip layout and accelerate its transformation into a platform semiconductor enterprise [1][2]. Group 1: Acquisition Details - The acquisition involves a combination of shares and cash, with 1.249 billion yuan in cash (38.05%) and 2.033 billion yuan in shares (61.95%), corresponding to an issuance price of 50.39 yuan per share, with approximately 40.35 million shares expected to be issued [2]. - To ensure funding for the transaction, Jiangfeng Mingyuan plans to raise up to 1.8 billion yuan through a private placement to no more than 35 specific investors, which will be used for cash payments, working capital, and intermediary fees [2]. Group 2: Valuation and Market Position - The transaction price of 3.283 billion yuan is supported by a professional assessment valuing Yichong Technology at 3.56 billion yuan, indicating a reasonable discount that protects the interests of the listed company and minority shareholders [3]. - Yichong Technology specializes in high-performance analog and mixed-signal chips, covering key areas such as wireless charging and automotive power management, which aligns with Jiangfeng Mingyuan's strategic goals [4]. Group 3: Financial Performance and Synergy - Jiangfeng Mingyuan reported a revenue of 1.117 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.67%, and a net profit of 23.33 million yuan, marking a turnaround from losses [5]. - The merger is expected to create strong synergies, enhancing Jiangfeng Mingyuan's market position and potentially placing it among the top five in the industry [5].