Core Viewpoint - The rapid development of downstream markets such as automotive, servers, and communications in China is driving a significant increase in the demand for multi-phase power supplies, which is becoming a notable growth market in the semiconductor sector. By 2024, the demand for multi-phase power supplies in China is expected to reach 22.0139 million sets, a year-on-year increase of 17.0%, with a market size of 11.342 billion yuan, a year-on-year increase of 20.0% [1][10]. Overview - Multi-phase power supplies convert electrical energy to higher or lower voltage, current, or power, primarily serving the power supply needs of high-load chips like CPUs and GPUs. The term "phase" refers to the number of parallel combinations of inductors and MOS power devices [2][5]. - A multi-phase power supply consists of a controller and several power stages, utilizing PWM (Pulse Width Modulation) technology to control output voltage and frequency, requiring high design and manufacturing standards [2][5]. Industry Chain - The upstream of the multi-phase power supply industry includes semiconductor materials, electronic components, and EDA tools. The midstream involves design, manufacturing, packaging, and testing, while the downstream applications include automotive, servers, desktop computers, communications, and consumer electronics [8][9]. Market Demand - The automotive sector is the largest demand market for multi-phase power supplies in China, expected to account for over 50% of the market by 2024. The automotive industry is a crucial pillar of the national economy, with China being the world's largest automobile producer for 16 consecutive years [9][10]. Competitive Landscape - The multi-phase power supply market is primarily dominated by overseas leaders such as TI, Infineon, and MPS. Domestic companies like Jingfeng Mingyuan, Silergy, and Jiewater are emerging players, with Jingfeng Mingyuan being the first domestic power chip company to enter NVIDIA's recommended supplier list [11][12]. Development Trends - The multi-phase power supply industry in China is accelerating its shift towards emerging markets such as AI computing and intelligent driving. In the server sector, the dependence on high-performance chips is increasing, making multi-phase power supplies essential for stable operation. In the automotive sector, the demand for high current power supply is driving upgrades to high integration solutions [14][15].

Core Insights - The AI industry faces significant challenges primarily related to power supply rather than chips or talent, highlighting the critical role of power management in AI servers [1] - The global AI server power market is projected to grow exponentially, from $7.4 billion in 2025 to $32.5 billion by 2027, with a compound annual growth rate (CAGR) of 110% [1] - Domestic manufacturers are increasingly entering the AI server power supply market, with current domestic replacement rates estimated at 10-20% [1] Market Trends - AI server power architecture is undergoing a transformation, with three key levels: power supply systems (UPS, HVDC, PDU), AC-DC conversion (PSU, PMC, BBU), and DC-DC conversion (PDB, VRM) [3] - The shift towards high-voltage direct current (HVDC) solutions is gaining momentum, improving system efficiency from 90-95% to 95-98% [3] - Centralized power architectures are being adopted, with PSU power increasing from 5.5kW to over 22kW, and output voltage rising from 48V to 400V [4] Technological Innovations - The use of wide bandgap semiconductor devices like SiC and GaN is becoming central to AI power design, offering higher switching frequencies and lower conduction losses compared to traditional silicon devices [4] - Companies like Jiehua and Chipone Micro are developing advanced power management solutions, including high-current multi-phase power supplies and digital power controllers [5][20] - The introduction of intelligent power stages (DrMOS) is addressing the increased power density requirements of AI servers, with products like Jiehua's 90A DrMOS achieving high efficiency and reliability [7] Company Developments - Jiehua is focusing on comprehensive analog chip solutions for AI servers, with products that have reached international advanced levels [5] - Chipone Micro has launched a series of power chips for AI servers, emphasizing efficiency and reliability in response to rising power density demands [20][22] - Jingfeng Mingyuan has entered the NVIDIA recommended supplier list and is expanding its high-performance computing power chip offerings, achieving significant revenue growth [24][26] Conclusion - The competition in AI is not only about algorithms and chips but also about efficiently and sustainably powering these computational giants, with the value of power management chips for AI servers being 3 to 5 times that of traditional servers [30] - The rise of intelligent power stages (DrMOS), multi-phase controllers, and hot-swappable eFuse as core components for AI servers is evident, with domestic manufacturers increasing their focus on these trends [31]

（文/罗叶馨梅）12月8日，晶丰明源（688368.SH）发布公告称，公司董事会近日收到董事、高级管理人员孙顺根的书面辞 职报告。孙顺根因个人原因申请辞去公司董事、副总经理职务，其辞职报告已根据《公司法》及《公司章程》自送达董事 会之日起生效。 公告显示，孙顺根辞任后，仍将继续担任公司核心技术人员，并兼任杭州晶丰明源半导体有限公司执行董事兼总经理、成 都晶丰明源半导体有限公司监事等职务。截至公告披露日，其直接持有公司股份6,275股，并通过海南晶哲瑞创业投资合伙 企业（有限合伙）间接持股。公司指出，其离任后仍将严格遵守减持规则及此前在IPO、并购及股权激励等事项中所作相 关承诺。 晶丰明源表示，孙顺根的辞任不会导致公司董事会人数低于法定最低人数，也不会影响董事会的正常运作。根据公司《董 事、高级管理人员离职管理制度》，孙顺根已完成相关工作交接，确保日常经营与技术管理平稳过渡。董事会对其在任期 间为公司规范运作和稳健发展所作贡献表示感谢。 在职工代表董事方面，公司于2025年12月8日召开职工代表大会，选举李宁为第三届董事会职工代表董事，任期自职工代 表大会选举之日起，至第三届董事会任期届满之日止。公告介绍，李 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-090 上海晶丰明源半导体股份有限公司 关于公司董事、高级管理人员离任暨选举职工代表董 事的公告 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、准确性和完整性承担法律责任。 重要内容提示： 孙顺根先生的辞任不会导致公司董事会成员人数低于法定最低人数，不会影 响公司董事会依法规范运作，其辞职报告自送达公司董事会之日起生效。 截至本公告披露日，孙顺根先生直接持有公司股份 6,275 股，并通过海南晶 哲瑞创业投资合伙企业（有限合伙）间接持有公司股份。孙顺根先生离任董事及 副总经理后将继续遵守《上海证券交易所科创板股票上市规则》《上市公司股东 减持股份管理暂行办法》《上海证券交易所上市公司自律监管指引第 15 号——股 东及董事、高级管理人员减持股份》等相关法律法规及公司首次公开发行股份、 发行股份及支付现金购买资产并募集配套资金、以及限制性股票激励计划等事项 所作的相关承诺。 孙顺根先生已根据公司《董事、高级管理人员离职管理制度》做好交接工作， 其辞任不会影响公司相关工作的正常运作。孙顺根先生在 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-089 上海晶丰明源半导体股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 12 月 8 日 （二） 股东大会召开的地点：中国（上海）自由贸易试验区申江路 5005 弄 3 号 9 层上海晶丰明源半导体股份有限公司第一会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 43 | | --- | --- | | 普通股股东人数 | 43 | | 2、出席会议的股东所持有的表决权数量 | 54,898,056 | | 普通股股东所持有表决权数量 | 54,898,056 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 62.6855 | | 例（%） | | | 普通股股东所持有表决权数量占公 ...

晶丰明源 2025 年第三次临时股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会 法律意见书 致：上海晶丰明源半导体股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受上海晶丰明源半导体股 份有限公司（以下简称"公司"）委托，指派律师现场见证公司 2025 年第三次 临时股东大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司股东会规则》（以下简称《股东会规则》）等法律、行政法规、规范 性文件及现行有效的《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，就本次股东大会的召集、召开程序、出席会议人员资格、召 集人资格、会议的表决程序、表决结果等事宜出具法律意见书。 本所律师特作如下声明： 1、本所律师仅对本次股东大会的召集、召开程序、出席会议人员资格、召 集人资格、会议的表决程序及表决结果的合法有效性发表意见，不对本次股东大 会所审议的议案内容和该等议案中所表述的事实或数据的真实性、准确性和完整 ...

然而，本次收购，易冲科技全部股份交易对价仅为32.82亿元，与2023年底的估值相比，倒挂严重。正 如《报告书》所述，综合考虑近期上市公司重组案例及同行业上市公司估值情况等，本次交易标的公司 100%股权评估值较难达到最后一轮融资估值水平，实现同股同价。 近日，交易对价达32.82亿元、增值率达260.08%的晶丰明源(688368.SH)对四川易冲科技有限公司(下 称"易冲科技")并购重组案，采用了"差异化定价""业务拆开对赌"等创新性条款。这些措施有利于满足不 同投资人的不同诉求，加快推动重组落地，但如何保证公平性、保护中小投资者利益、防止利益输送等 问题受到了上交所的高度关注。南都记者同时注意到，易冲科技还存在核心产品单价大幅下滑、多个重 要经销商信息披露模糊等事项。这场复杂的交易背后，众多谜题依旧待解。 并购标的估值泡沫埋隐患 2024年10月，晶丰明源一纸停牌公告，拉开了其对易冲科技并购重组的序幕。2025年11月中旬，公司连 续披露了最新的《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(下称《报告 书》)，及对上交所的《问询函回复》。 自2016年2月22日至2023年11月27 ...

Core Viewpoint - Sichuan Yichong Technology Co., Ltd. is a well-known company in the semiconductor industry, primarily engaged in charging chips and other power management chips, and is currently being acquired by Crystal Mingyuan [2] Group 1: Acquisition Details - The acquisition price for all shares of Yichong Technology by Crystal Mingyuan is set at 3.282 billion yuan [3] - Yichong Technology's net assets are audited at 984 million yuan, with identifiable intangible assets valued at an increase of 849 million yuan, leading to an additional goodwill of 1.661 billion yuan for Crystal Mingyuan post-acquisition [3] - The goodwill will require annual impairment testing, posing a risk to Crystal Mingyuan's profits if Yichong Technology's operational performance deteriorates [3] Group 2: Performance Guarantees - Crystal Mingyuan has signed a performance compensation agreement with several shareholders of Yichong Technology, stipulating profit guarantees for the charging chip business and revenue guarantees for the other power management chip business for the years 2025 to 2027 [4] - The profit guarantees for the charging chip business are set at 92 million yuan, 120 million yuan, and 160 million yuan for the respective years, while the revenue guarantees for the other power management chip business are set at 190 million yuan, 230 million yuan, and 280 million yuan [4] - If the performance targets are met at 90%, no compensation will be triggered, providing a buffer against potential fluctuations in operational performance [5] Group 3: Market Conditions - Yichong Technology's performance has been underwhelming, with revenues of 650 million yuan and 956 million yuan for 2023 and 2024, respectively, but net losses of 502 million yuan and 512 million yuan [6] - In the first five months of 2025, the company reported revenues of 476 million yuan, indicating a significant slowdown in growth, although it appears to have turned a profit with a net income of 42 million yuan [6] - The charging chip business achieved revenues of 391 million yuan with a gross margin of 40.61% in early 2025, but projections suggest a significant decline in net profit for the latter half of the year [6][7] Group 4: Pricing and Cost Dynamics - The unit price of charging chips decreased by 18.54% from 5.34 yuan to 4.35 yuan, while unit costs fell by 20.36%, indicating that the increase in gross margin is primarily due to reduced costs rather than improved pricing power [7] - The overall market dynamics suggest increased competition rather than a genuine recovery, as evidenced by the significant price drops [7] Group 5: Other Business Performance - The other power management chip segment also reported a gross margin of 21.07% in early 2025, a substantial increase, yet it still incurred a loss of 33 million yuan [10] - Despite a decrease in various expense ratios, the limited reduction in losses raises questions about the operational efficiency and financial health of this segment [10] - The potential overlap in operational resources between the two business segments could complicate the accurate assessment of performance metrics, impacting the reliability of the performance guarantees [10]

Core Viewpoint - The acquisition and restructuring case of Sichuan Yichong Technology Co., Ltd. by Jingfeng Mingyuan has raised industry concerns due to the ambiguous nature of its major clients and significant product return issues [4][5][10]. Client Information - Yichong Technology's largest clients in the past two and a half years are small-scale distribution companies with low registered capital and employee counts, leading to concerns about the transparency of client information [4][5]. - The sales model of Yichong Technology is primarily distribution-based, with over 70% of revenue coming from distributors in 2023 and 2024 [5]. - Shenzhen Yuchuangyi Electronic Technology Co., Ltd. was the largest client in 2023 and 2024, contributing revenues of 216 million and 211 million respectively, but dropped out of the top five clients in early 2025 [5][6]. Revenue Authenticity Concerns - The Shanghai Stock Exchange has requested detailed disclosures regarding the changes in major distributors and the authenticity of Yichong Technology's revenue, particularly concerning the three clients (C, D, E) that lack detailed information [5][6]. - The three clients, identified as Shenzhen Yuchuangyi, Nanjing Lingdi Information Technology Co., Ltd., and another unnamed client, have very small operational scales, raising questions about their ability to generate significant revenue for Yichong Technology [7]. Product Defects and Financial Impact - Yichong Technology faced significant inventory write-downs due to product defects, with a provision of 54.11 million for inventory depreciation reported by the end of 2024 [9]. - The A-series products, which are used in mobile phones from brands like Honor and Lenovo, experienced a failure rate of 0.01% to 0.1% due to design flaws, leading to a substantial return of 218.18 million units from Shenzhen Yuchuangyi [9][10]. - The financial impact of these defects resulted in nearly 50 million in inventory losses, highlighting the risks associated with the company's product quality and management practices [9][11]. Research and Development Trends - Yichong Technology has been reducing its R&D team size over the years, with the number of R&D personnel decreasing from 250 in 2023 to 230 by May 2025 [11]. - The R&D expense ratio has also declined significantly, indicating potential challenges in innovation and product development [11].

上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会 公司代码：688368 公司简称：晶丰明源 上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会会议资料 2025 年 12 月 1 上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会 目 录 | 上海晶丰明源半导体股份有限公司 2025 | 年第三次临时股东大会会议须知 3 | | --- | --- | | 上海晶丰明源半导体股份有限公司 2025 | 年第三次临时股东大会会议议程 5 | | 议案一：关于取消监事会并修订《公司章程》的议案 | 7 | | 议案二：关于修订及制定公司部分治理制度的议案 | 8 | 2 上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等 权利。股东及股东代理人参加股东大会应认真履行其法定义务，不得侵犯公司 和其他股东及股东代理人的合法权益，不得扰乱股东大会的正常秩序。 五、要求发言的股东及股东代理人，应提前在股东大会签到处进行登记， 大会主持人根据登记的名单和顺序安排发言。 会议进行中只接受股东及股东代理人发言或 ...