Core Viewpoint - The recent trend in the semiconductor industry, particularly in the analog chip sector, shows a surge in horizontal mergers and acquisitions (M&A), but several notable deals have been terminated due to disagreements on key terms and conditions [1][5][6]. Group 1: M&A Activity - SiRuPu (688536.SH) announced the termination of its major asset restructuring plan, leading to the resumption of its stock trading [1] - DiAoWei (688381.SH) held an investor briefing to announce the termination of its share purchase agreement for acquiring RongPai Semiconductor (Shanghai) Co., Ltd., due to a lack of consensus on the transaction terms [1] - A total of 9 horizontal M&A attempts have been initiated by 8 domestic analog chip manufacturers this year, including notable companies like SiRuPu, DiAoWei, and YaChuang Electronics [2][3]. Group 2: Reasons for M&A Termination - The primary reason for the termination of several M&A deals is the inability of the parties involved to reach an agreement on the transaction's core terms, such as pricing and performance commitments [5][6] - SiRuPu cited that the conditions for implementing a major asset restructuring were not fully mature as a reason for its deal's termination [5] - The semiconductor industry has experienced a significant influx of capital over the past decade, leading to inflated valuations, which, combined with economic adjustments, has made M&A transactions more challenging [5][6]. Group 3: Industry Characteristics and Trends - The analog chip industry is characterized by a long product lifecycle, a wide variety of chip types, and a low individual chip value, making it difficult for single companies to cover all product categories through self-research [4][7] - Horizontal M&A is seen as a key growth strategy for analog chip companies, allowing them to quickly acquire core technologies, R&D teams, and customer resources, thereby shortening development cycles and reducing market risks [3][4]. - The global analog chip market is dominated by companies like Texas Instruments (TI) and Analog Devices (ADI), which have successfully built comprehensive product lines through strategic acquisitions [6][7]. Group 4: Future Outlook - Despite the recent terminations, external M&A is still viewed as a crucial growth path for analog chip companies, with firms like Xinxiangwei indicating a commitment to combining organic growth with external development strategies [5][6]. - The Chinese analog chip sector has over 400 design companies, but there is a notable absence of domestically competitive large firms capable of global competition [6][7].

Core Viewpoint - Mergers and acquisitions are key strategies for strengthening the analog chip industry [5] Company Overview - DiAo Microelectronics focuses on the research, design, and sales of high-performance analog chips [3][8] - Rongpai Semiconductor also specializes in high-performance, high-quality analog chip design, research, and sales [3][8] Recent Developments - On October 20, DiAo Microelectronics announced the acquisition of Rongpai Semiconductor to enhance its analog chip portfolio [6] - However, on December 6, DiAo Microelectronics announced the termination of the acquisition due to disagreements on key terms and pricing [6][8] Financial Performance - For the first three quarters of 2025, DiAo Microelectronics reported total revenue of 457 million yuan, a year-on-year increase of 11.41% [3][8] - The company recorded a net loss attributable to shareholders of 24.28 million yuan, compared to a profit of 18.33 million yuan in the same period last year [3][8] - The non-recurring net loss was 56.50 million yuan, compared to a loss of 22.50 million yuan in the previous year [3][8] Product and Technology - Rongpai Semiconductor's products include digital isolators, isolation interfaces, isolation drivers, isolation sampling, and optical MOS, applicable in various fields such as automotive electronics, industrial control, new energy, smart meters, and smart home appliances [3][8] - The company has achieved breakthroughs in domestic isolation chips through its proprietary capacitive intelligent voltage divider technology (iDivider technology) [3][8] Market Position - As of December 5, DiAo Microelectronics' stock price was 24.23 yuan per share, with a total market capitalization of 6 billion yuan [4][9]

Core Viewpoint - The company, DiAo Micro (688381.SH), announced the termination of its plan to issue shares and pay cash for asset acquisition and fundraising, specifically regarding the acquisition of 100% equity in Rongpai Semiconductor [1][2]. Group 1: Transaction Details - The company held a board meeting on December 5, 2025, where it approved the termination of the asset acquisition and fundraising plan [1]. - The original plan involved acquiring 100% of Rongpai Semiconductor's equity through a combination of share issuance and cash payment, which was not classified as a major asset restructuring or related party transaction [1][2]. - The control structure of the company remains unchanged, with Ju Jianhong and Zhou Jianhua as the actual controllers [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of 526 million yuan, a year-on-year increase of 37.98%, but incurred a net loss attributable to shareholders of 47.07 million yuan, compared to a profit of 15.39 million yuan in the previous year [3]. - For the first three quarters of the current year, the company achieved a revenue of 457 million yuan, an 11.41% year-on-year increase, but reported a net loss of 24.28 million yuan, a decline of 232.46% compared to the same period last year [3]. - The company's cash flow from operating activities was negative, amounting to -76.16 million yuan in 2024, compared to -2.34 million yuan in the previous year [3].

荣湃半导体官网显示，公司专注于高性能、高品质模拟芯片的设计与研发， 公司产品包括数字隔离 器、驱动（Si/SiC MOSFET、IGBT）、接口（CAN、RS485、I2C）、采样（放大器、ADC）等。 北京商报讯（记者 马换换 王蔓蕾）12月6日，帝奥微（688381）披露公告称，公司终止原发行股份及支 付现金购买资产并募集配套资金事项。 帝奥微表示，本次交易自启动以来，公司积极组织交易各方推进本次交易，与交易对方就本次交易的可 行性、交易方案的核心条款等进行了多次论证和磋商，但最终就本次交易的交易方案、交易价格、业绩 承诺等核心条款未能达成一致意见。目前公司生产经营情况正常，本次交易终止不会对公司的生产经营 和财务状况造成重大不利影响，不存在损害公司及中小股东利益的情形。 公告显示，帝奥微原拟以发行股份及支付现金的方式购买荣湃半导体（上海）有限公司（以下简称"荣 湃半导体"）100%的股权同时募集配套资金。本次交易预计不构成重大资产重组，不构成关联交易，且 不构成重组上市。本次交易不会导致公司实际控制人发生变更。 ...

每经编辑｜陈鹏程 胡玲 1 中国证监会：将对优质机构适当松绑 适度打开资本空间与杠杆限制 中国证监会主席吴清12月6日表示，将着力强化分类监管、"扶优限劣"。对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间和杠杆限制，提 升资本利用效率。（央视新闻） 2 国家网信办就《网络数据安全风险评估办法（征求意见稿）》公开征求意见 12月6日，为规范网络数据安全风险评估活动，保障网络数据安全，促进网络数据依法合理有效利用，国家互联网信息办公室起草了《网络数据安全风险评 估办法（征求意见稿）》，现向社会公开征求意见。征求意见稿提出，处理重要数据的网络数据处理者应当每年度对其网络数据处理活动开展风险评估。重 要数据安全状态发生重大变化可能对数据安全造成不利影响的，应及时对发生变化及其影响的部分开展风险评估。鼓励处理一般数据的网络数据处理者至少 每3年开展一次风险评估。 3 中国驻美大使：两大背景板给中美经贸关系发展带来新的重要机遇 中国驻美国大使谢锋12月4日应邀出席由中国贸促会和美国子午线国际中心共同举办的中美经贸合作论坛并致辞。谢锋表示，看待和发展新时期中美经贸关 系，要把握好两大背景板。谢锋指出，第一块背 ...

Core Viewpoint - The company DiAo Microelectronics (688381) has decided to terminate the acquisition of 100% equity in Rongpai Semiconductor (Shanghai) Co., Ltd. and the related fundraising activities due to failure to reach consensus on key terms of the transaction [1][4]. Group 1: Transaction Details - The termination of the transaction was a result of multiple discussions regarding the feasibility, core terms, and pricing of the deal, where the parties could not agree on essential aspects such as transaction scheme and performance commitments [4]. - All parties involved have mutually agreed to terminate the transaction planning [4]. - The company has committed not to plan any major asset restructuring for at least one month following the announcement of the termination [4]. Group 2: Company Performance - For the first three quarters of 2025, DiAo Microelectronics reported total revenue of 457 million yuan, representing a year-on-year increase of 11.41% [5]. - The company recorded a net loss attributable to shareholders of 24.28 million yuan, compared to a profit of 18.33 million yuan in the same period last year [5]. - The company's net profit excluding non-recurring items was a loss of 56.50 million yuan, worsening from a loss of 22.50 million yuan in the previous year [5]. Group 3: Market Position - DiAo Microelectronics is a key partner in the Xiaomi ecosystem, with several of its products being utilized in Xiaomi's 5G terminal devices [5]. - Xiaomi Changjiang Industrial Fund holds a 3.5% stake in Rongpai Semiconductor and a 3.87% stake in DiAo Microelectronics [5]. - As of December 5, the company's stock closed at 24.23 yuan per share, with a total market capitalization of 6 billion yuan [6].

Core Viewpoint - The company, Diaowei (688381), announced the termination of its plan to acquire 100% equity of Rongpai Semiconductor due to failure to reach consensus on key terms of the transaction, including price and performance commitments [2][4]. Group 1: Transaction Details - The company initially intended to purchase Rongpai Semiconductor through a combination of issuing shares and cash, along with raising supporting funds [4]. - The termination was agreed upon after extensive discussions and negotiations with the transaction parties, aimed at protecting the interests of the company and its shareholders [4]. Group 2: Company Operations - The company stated that its current production and operational status remains normal, and the termination of the transaction will not have a significant adverse impact on its financial condition [5]. - Diaowei specializes in the research, design, and sales of high-performance analog chips, with a product range that includes signal chain analog chips and power management analog chips [5][6]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 457 million yuan, representing a year-on-year increase of 11.41%, while the net profit attributable to shareholders was a loss of 24.28 million yuan, a decline of 232.46% [7]. - The basic earnings per share for the same period were reported at -0.10 yuan [7]. Group 4: Market Position and Products - The company is recognized as one of the few suppliers capable of providing both low-power, high-precision operational amplifiers and high-voltage, high-precision operational amplifiers [6]. - Its products are widely used across various sectors, including mobile phones, computers, automotive, servers, smart wearables, smart home appliances, communication devices, and robotics [6].

Core Viewpoint - The company DiAo Microelectronics (帝奥微) has decided to terminate its plan to acquire 100% of Rongpai Semiconductor (荣湃半导体) and raise matching funds due to disagreements on key terms of the transaction [1][3]. Group 1: Transaction Details - The termination of the acquisition was a mutual decision after multiple discussions regarding the feasibility, core terms, and pricing of the transaction failed to reach an agreement [3]. - The company has committed to not planning any major asset restructuring for at least one month following the announcement of the termination [3]. Group 2: Company Performance - For the first three quarters of 2025, DiAo Microelectronics reported total revenue of 457 million yuan, representing a year-on-year increase of 11.41% [4]. - The company experienced a net loss attributable to shareholders of 24.28 million yuan, compared to a profit of 18.33 million yuan in the same period last year [4]. - The company's non-recurring net loss was 56.50 million yuan, worsening from a loss of 22.50 million yuan in the previous year [4]. Group 3: Company Background and Stakeholders - DiAo Microelectronics specializes in the research, design, and sales of high-performance analog chips, while Rongpai Semiconductor also focuses on high-performance, high-quality analog chip design and sales [3]. - Xiaomi's Changjiang Industrial Fund holds a 3.5% stake in Rongpai Semiconductor and also owns 3.87% of DiAo Microelectronics, indicating a strategic partnership within Xiaomi's ecosystem [4]. - DiAo Microelectronics has several products integrated into Xiaomi smartphones and other 5G terminal devices [4].

记者丨金珊 编辑丨黎雨桐 12月5日晚，帝奥微（688381）发布公告称，公司决定终止发行股份及支付现金购买荣湃半导 体（上海）有限公司100%股权并募集配套资金事项。 根据帝奥微公告，终止原因是此次交易自启动以来，公司与交易对方就交易的可行性、交 易方案的核心条款等进行了多次论证和磋商，但最终就交易方案、交易价格、业绩承诺等 核心条款未能达成一致意见。交易各方一致同意终止筹划此次交易。 公司承诺自本次终止公告披露之日起至少1个月内不再筹划重大资产重组事项。目前公司生产 经营情况正常，本次交易终止不会对公司的生产经营和财务状况造成重大不利影响。 公开资料显示，帝奥微是一家专注于从事高性能模拟芯片的研发、设计和销售的集成电路设 计企业。而荣湃半导体亦专注于高性能、高品质模拟芯片的设计、研发与销售。 2025年前三季度，帝奥微实现营业总收入4.57亿元，同比增长11.41%；归母净利润亏损 2428.19万元，上年同期盈利1833.14万元；扣非净利润亏损5649.91万元，上年同期亏损 2250.32万元。 值得注意的是，天眼查显示， 小米系资本小米长江产业基金 持有荣湃半导体3.5%的股权，同 时也是帝奥微的 ...

Core Viewpoint - The article discusses the termination of a significant acquisition by DiAo Microelectronics, which was intended to purchase 100% of Rongpai Semiconductor's shares and raise supporting funds through the issuance of shares and cash payments [1][3]. Company Overview - DiAo Microelectronics is focused on the research, design, and sales of high-performance analog chips, with a product range that includes signal chain analog chips and power management analog chips. The company has developed several advanced products and has obtained ISO9001 certification [4]. - Rongpai Semiconductor specializes in high-performance analog chip design and has developed unique technologies, including the iDivider technology, which has led to breakthroughs in domestic isolation chips [5]. Acquisition Details - The acquisition aimed to enhance DiAo Microelectronics' product offerings in the isolation chip category and leverage Rongpai Semiconductor's patented technologies and customer resources to improve market competitiveness [5]. - The termination of the acquisition was due to the inability to reach an agreement on key terms such as transaction price and performance commitments after multiple discussions [6]. Financial Impact - As of December 5, DiAo Microelectronics' stock price was reported at 24.23 CNY per share, with a total market capitalization of nearly 6 billion CNY [7]. The company stated that the termination of the acquisition would not have a significant adverse impact on its operational and financial status [6].