二、监事会会议审议情况 经与会监事表决，审议通过了如下议案： 证券代码：688368 证券简称：晶丰明源 公告编号：2025-086 上海晶丰明源半导体股份有限公司 第三届监事会第三十二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 上海晶丰明源半导体股份有限公司（以下简称"公司"）第三届监事会第三 十二次会议于 2025 年 11 月 18 日以电子邮件、专人送达等方式通知了全体监事， 会议于 2025 年 11 月 21 日以现场会议方式召开。 会议由监事会主席李宁先生主持，会议应参加表决监事 3 人，实际参加表决 监事 3 人。本次监事会会议的召集和召开程序符合有关法律、行政法规、部门规 章、规范性文件和《上海晶丰明源半导体股份有限公司章程》（以下简称"《公司 章程》"）的规定，作出的决议合法、有效。 会、修订<公司章程>、修订及制定公司部分治理制度的公告》。 特此公告。 上海晶丰明源半导体股份有限公司 监 事 会 2025 年 11 月 22 日 （一）审议通过《关于取消监事 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-085 上海晶丰明源半导体股份有限公司 第三届董事会第三十五次会议决议公告 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。 一、董事会会议召开情况 上海晶丰明源半导体股份有限公司（以下简称"公司"）第三届董事会第三 十五次会议于 2025 年 11 月 18 日以电子邮件、专人送达等方式通知了全体董事， 会议于 2025 年 11 月 21 日以现场与通讯结合方式召开。 会议由董事长胡黎强先生主持，会议应参与表决董事 7 人，实际参与表决董 事 7 人。本次董事会会议的召集和召开程序符合有关法律、行政法规、部门规章、 规范性文件和《上海晶丰明源半导体股份有限公司章程》（以下简称"《公司章 程》"）的有关规定，作出的决议合法、有效。 二、董事会会议审议情况 经与会董事表决，审议通过了如下议案： （一）审议通过《关于取消监事会并修订<公司章程>的议案》 表决结果：同意 7 票，反对 0 票，弃权 0 票。 具 体 内 容 详 见 公 司 于 2025 年 11 月 ...

Group 1 - The core point of the news is that Jingfeng Mingyuan's stock price has dropped by 5.41%, currently trading at 88.32 yuan per share, with a total market capitalization of 7.815 billion yuan [1] - The company, Shanghai 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] Group 2 - From the perspective of fund holdings, Shangzheng Fund has one fund heavily invested in Jingfeng Mingyuan, specifically the Shangzheng Research Selected Mixed Fund A (023397), which increased its holdings by 3,156 shares in the third quarter, now holding 11,400 shares, accounting for 7.31% of the fund's net value [2] - The fund has a current scale of 16.4659 million yuan and has achieved a return of 26.58% since its inception [2] Group 3 - The fund managers of Shangzheng Research Selected Mixed Fund A are Zhang Zhimei and Li Rui, with Zhang having a tenure of 7 years and 352 days, managing assets totaling 253 million yuan, and achieving a best return of 121.21% during her tenure [3] - Li Rui has a tenure of 277 days, managing assets of 18.0713 million yuan, with a best return of 28.73% during his tenure [3]

Core Viewpoint - The stock of Jingfeng Mingyuan has experienced fluctuations, with a recent decline of 2.05%, while the company shows a year-to-date increase of 8.13% in stock price [1] Financial Performance - For the period from January to September 2025, Jingfeng Mingyuan achieved a revenue of 1.117 billion yuan, representing a year-on-year growth of 2.67% [2] - The net profit attributable to shareholders for the same period was 23.33 million yuan, showing a significant year-on-year increase of 142.96% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 8,574, up by 37.18% from 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 is the sixth largest circulating shareholder, holding 715,500 shares, an increase of 57,800 shares from the previous period [3] - Other notable institutional shareholders include Jiashi Technology Innovation Mixed Fund and Jiashi Innovation Pioneer Mixed Fund, with varying changes in their holdings [3]

证券代码：688368 证券简称：晶丰明源 公告编号：2025-084 上海晶丰明源半导体股份有限公司 关于收到上海证券交易所恢复审核发行股份及支付现金购 买资产并募集配套资金通知的公告 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（以下简称"标的公司"）100%股权， 同时募集配套资金（以下简称"本次交易"）。 公司于 2025 年 5 月 13 日向上海证券交易所（以下简称"上交所"）提交了 本次交易的申请文件，于 2025 年 6 月 20 日收到上交所《关于受理上海晶丰明源 半导体股份有限公司发行股份购买资产并募集配套资金申请的通知》（上证科审 （并购重组）〔2025〕17 号），于 2025 年 7 月 3 日收到上交所《关于上海晶丰明 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申请的审 核问询函》（上证科审（并购重组）〔2025〕21 号）（以下简称"审核问询函"）， 并于 2025 年 ...

Core Viewpoint - Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. plans to acquire Sichuan Yichong Technology Co., Ltd. to enhance its platform layout in the analog chip sector through product synergy and customer resource integration [1] Integration Management Plan - The integration plan covers five dimensions: business, assets, finance, personnel, and organization [2] - Business integration focuses on complementary product matrices and shared customer resources, with a joint launch of a 140W fast charging solution and future development of "MCU + driver" solutions in automotive electronics [2] - Financial management will unify the financial systems of both companies, ensuring compliance through regular audits [2] - Personnel stability will be maintained during the performance commitment period, with the core management team of Yichong Technology remaining intact [2] Differentiated Performance Commitment - The performance commitment includes differentiated assessment indicators for two major business segments: charging chips and other power management chips [3] - For charging chips, net profit commitments for 2025-2027 are set at no less than 92 million, 120 million, and 160 million yuan respectively [3] - For other power management chips, revenue commitments for the same period are set at no less than 190 million, 230 million, and 280 million yuan respectively [3] - The compensation trigger conditions are set at 90% of the committed net profit or revenue, with a maximum compensation amount covering 90% of the after-tax share price [3] Historical Acquisition Effectiveness - Jingfeng Mingyuan has accelerated its layout in the power management chip sector through external acquisitions, with a total transaction value of 945 million yuan since 2020 [4] - Acquired companies have shown steady performance growth, with Lingou Chuangxin's 2024 revenue increasing by 69.11% and net profit by 83.37% [4] Synergy Focus Areas - The transaction's synergy value is detailed in three areas: technical complementarity, customer sharing, and R&D integration [5] - The company's 40V medium-voltage BCD process platform is expected to reduce unit costs for Yichong's automotive chips by 15%-20% [5] - Shared customers in consumer electronics include Honor, Lenovo, and Vivo, while automotive electronics have introduced companies like BYD and Changan [5] - Joint development of mixed-signal SoC architecture aims to enhance the integration and reliability of power management chips for smart terminals [5] - The transaction's asset valuation is set at 3.283 billion yuan, with share payments accounting for 61.9% and a share issuance price of 50.39 yuan per share [5]

Group 1 - The core point of the article is that Jingfeng Mingyuan (SH 688368) held its 34th meeting of the third board of directors on November 12, 2025, to review documents including the proposal for signing a supplementary agreement related to asset purchase [1] - For the year 2024, Jingfeng Mingyuan's revenue composition is heavily weighted towards integrated circuits, accounting for 99.94% of total revenue, while other businesses contribute only 0.06% [1] - As of the time of reporting, Jingfeng Mingyuan has a market capitalization of 9.2 billion yuan [2]

Core Viewpoint - Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its asset acquisition and fundraising plan, detailing the differentiated pricing mechanism, the unprofitable status of the target assets, and the asset-based valuation method [1] Differentiated Pricing Mechanism - The total transaction price is 3.283 billion yuan for 100% equity of the target company, with 50 transaction parties categorized into financial investors and management/employee shareholding platforms, using different pricing logic [2] - Financial investors can choose from three payment methods: 100% equity, 100% cash, or a mix of 50% equity and 50% cash, with pricing based on investment costs and a projected unit price of 15.04 yuan per registered capital [2] - Management and employee platforms have negotiated different prices, with the highest cash price at 106 million yuan corresponding to a share price of 18.38 yuan per registered capital [2] Profit Forecast for Target Assets - The target company is expected to achieve a net profit of 93.1 million yuan in 2025, following losses of 502 million yuan and 512 million yuan in 2023 and 2024, respectively [3] - Key growth drivers include an increase in revenue from the charging chip business to 886 million yuan with a gross margin of 36.08% [3] - Sensitivity analysis indicates that a 5% decrease in gross margin would reduce net profit to 37.82 million yuan, while a 5% increase in expense ratio would lower it to 37.43 million yuan, still maintaining profitability [3] Asset Group Valuation Dispute - The target company is divided into two asset groups: charging chips and other power management chips, with the charging chip business valued using the income method, showing a 264% increase in value [4] - The charging chip business is projected to generate 886 million yuan in revenue and 922.155 million yuan in net profit by 2025, while the other power management chip business is valued using the asset-based method, showing a 130.32% increase [4] - The asset group classification complies with accounting standards, and the cash flow from the charging chip business has been independently profitable since 2023 [4] Investor Protection Measures - Multiple safeguards have been established to address uncertainties regarding the target assets, including performance commitments from seven parties for net profits and revenue targets from 2025 to 2027 [5] - The lock-up period for performance commitment parties has been extended until the profit announcement date, and the controlling shareholder has voluntarily locked shares until the performance commitment period ends [5] - Following the transaction, the total assets of Jingfeng Mingyuan will increase to 5.459 billion yuan, with an 80.93% increase in revenue scale and an enhanced product line in power management chips [5]

关于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 申请的审核问询函的回复 （修订稿） 独立财务顾问 签署日期：二〇二五年十一月 上海证券交易所： 按照贵所下发的《关于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申请的审核问询函》（上证科审（并购重组）〔2025〕 21 号）（以下简称"审核问询函"）的要求，上海晶丰明源半导体股份有限公 司（以下简称"公司"、"上市公司"或"晶丰明源"）及相关中介机构就审核 问询函所提问题进行了认真讨论分析，现将相关回复说明如下。 本审核问询函回复（以下简称"本回复"）中的报告期指 2023 年、2024 年 及 2025 年 1-5 月；除此之外，如无特别说明，本回复所述的词语或简称与重组 报告书中"释义"所定义的词语或简称具有相关的含义。在本回复中，若合计数 与各分项数值相加之和在尾数上存在差异，均为四舍五入所致。本回复所引用的 财务数据和财务指标，如无特殊说明，指合并报表口径的财务数据和根据该类财 务数据计算的财务指标。 | 审核问询函所列问题 | 黑体（加粗） | | --- | --- | | 审核问询函所列问题 ...

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） （修订稿） | 发行股份及支付 | 海南玮峻思投资合伙企业（有限合伙）等 50 名易冲科 | | --- | --- | | 现金购买资产 | 技股东 | | 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：二〇二五年十一月 项目 交易对方 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）（修订稿） 声 明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事、监事及高级管理人员保证上市公司及时、公平地披露 信息，保证本报告书及其摘要内容的真实、准确、完整，不存在虚假记载、误导性陈 述或者重大遗漏，保证本报告书所引用的相关数据的真实性和合理性，并对所提供信 息的真实性、准确性、完整性负相应的法律责任。 如本次交易所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司 法机关立案侦查或者被中国证监会立案调查的，在 ...