Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [3][14]. Core Views - The company is planning to acquire a stake in Rongpai Semiconductor, which is expected to enhance its product line and market expansion [5][14]. - Rongpai Semiconductor specializes in analog chip design, focusing on high-barrier markets such as new energy and automotive electronics, which aligns with the company's strategic goals [6][10]. - The acquisition, if successful, will complement the company's product offerings and accelerate its market penetration [5][14]. Summary by Sections Acquisition Details - The company is in the process of planning to acquire Rongpai Semiconductor through a combination of issuing shares and cash payments [5][10]. - Rongpai Semiconductor's products include digital isolators, drivers, interfaces, and sampling components, which are crucial for applications in electric vehicles and industrial control [6][10]. Financial Projections - The projected net profits for the company from 2025 to 2027 are estimated at 64 million, 90 million, and 128 million respectively, with corresponding P/E ratios of 109x, 77x, and 54x based on the stock price as of October 9, 2025 [5][14]. - The company's revenue is expected to grow significantly, with a forecasted increase in shipments by 40% year-on-year in the first quarter of 2025 [10]. Market Positioning - Rongpai Semiconductor aims to become a leading provider of high-performance analog integrated circuits, focusing on key clients and expanding its supply chain capabilities [10]. - The company is committed to enhancing its core competencies and transitioning from product advantages to cost advantages in the semiconductor market [10].

Core Viewpoint - The company DiAo Micro (688381) is planning to acquire the equity of Rongpai Semiconductor (Shanghai) Co., Ltd. through a combination of issuing shares and cash payment, with no change in actual control and not constituting a restructuring listing [1] Group 1: Acquisition Details - The acquisition involves signing a letter of intent with the main shareholder of Rongpai Semiconductor, Dong Zhiwei, but the valuation, transaction amount, and the ratio of shares to cash have not yet been determined [1] - The transaction may or may not constitute a major asset restructuring or related party transaction [1] Group 2: Target Company Overview - Rongpai Semiconductor, established in 2017, specializes in the design and development of high-performance analog chips, including digital isolators and isolation interfaces, with applications in various sectors such as photovoltaics, energy storage, and electric vehicles [2] - The company has developed unique technologies like the iDivider technology, which offers advantages over traditional isolation technologies in terms of power consumption, speed, and noise [2] Group 3: Market Focus and Growth - Rongpai Semiconductor has received several accolades, including being recognized as a "specialized, refined, distinctive, and innovative" enterprise in Shanghai and a national-level "specialized and innovative" small giant [3] - The company reported a 40% year-on-year increase in shipment volume in Q1 2025 and aims to deepen its focus on high-barrier markets such as energy and automotive electronics [3] Group 4: Industry Insights - Mergers and acquisitions are seen as a key strategy for growth in the analog chip industry, as single companies struggle to establish comprehensive competitiveness in a long-tail product market [4] - The acquisition is expected to create strong synergies between DiAo Micro and Rongpai Semiconductor in terms of product categories, technology, market resources, and supply chain integration [4]

Core Viewpoint - The company, DiAo Micro, announced a share buyback program, having repurchased a total of 6,100,000 shares, which represents 2.46% of its total share capital of 247,500,000 shares as of September 30, 2025 [2] Summary by Category - **Share Buyback Details** - DiAo Micro has repurchased 6,100,000 shares through centralized bidding [2] - This repurchase accounts for 2.46% of the company's total share capital [2] - The total share capital of the company is 247,500,000 shares [2] - **Timeline** - The share buyback program is set to continue until September 30, 2025 [2]

Core Viewpoint - The company, DiAo Micro (688381.SH), has announced a share buyback program, indicating a commitment to returning value to shareholders through capital management strategies [1] Group 1: Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 6.1 million shares, which represents 2.46% of its total share capital [1] - The highest price paid for the repurchased shares was 29.34 CNY per share, while the lowest price was 16.96 CNY per share [1] - The total amount spent on the share buyback reached 124 million CNY, excluding transaction fees such as stamp duty and commissions [1]

Group 1 - Company DiAo Micro (SH 688381) announced on October 9 that as of September 30, 2025, it has repurchased a total of 6.1 million shares through centralized bidding, accounting for approximately 2.46% of the total share capital of about 248 million shares, with a total expenditure of approximately RMB 124 million [1] - The highest repurchase price was RMB 29.34 per share, while the lowest was RMB 16.96 per share [1] - As of the report date, DiAo Micro's market capitalization is RMB 7 billion [3] Group 2 - For the fiscal year 2024, DiAo Micro's revenue composition is entirely from integrated circuits, accounting for 100% [2]

公司于 2024 年 12 月 2 日召开了第二届董事会第十一次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用 10,000 万元至 20,000 万元的自有资金及股票回购专项贷款以集中竞价交易方式回购公司股份， 回购价格不超过 41.68 元/股（含），主要用于员工持股计划或股权激励计划，回 购期限为自公司董事会审议通过本次回购股份方案之日起 12 个月内。具体详见公 司 于 2024 年 12 月 4 日 和 2024 年 12 月 12 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《关于以集中竞价交易方式回购公司股份方案的公告》、 《关于以集中竞价交易方式回购股份的回购报告书》。 二、回购股份的进展情况 证券代码：688381 证券简称：帝奥微 公告编号：2025-054 江苏帝奥微电子股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2024/12 ...

Core Viewpoint - The acquisition proposal by DiAo Micro (688381.SH) is fundamentally a strategic move to secure technology positioning in the semiconductor industry, aiming to enhance its product matrix and market competitiveness through the acquisition of Rongpai Semiconductor [1][4]. Group 1: Acquisition Details - DiAo Micro has signed a letter of intent to acquire shares from Rongpai Semiconductor's major shareholder, Dong Zhiwei, through a combination of "share issuance + cash payment" [1]. - Dong Zhiwei holds a 54.31% stake in Rongpai Semiconductor, which, if the transaction is completed, will make Rongpai a subsidiary of DiAo Micro [1]. - The transaction's financial terms, including the amount and share issuance ratio, have not yet been disclosed, but the valuation could reach several billion, considering the semiconductor industry's average acquisition valuation in 2025 [1][4]. Group 2: Market Context and Strategic Rationale - The Chinese analog chip market is projected to reach 317.58 billion in 2024, with over 80% of the market share held by foreign companies, particularly in high-end fields like isolation chips [4]. - Rongpai Semiconductor is recognized as the first domestic company to break through digital isolator technology, which significantly enhances its competitive edge in the market [4][8]. - The acquisition is seen as a necessary step for DiAo Micro to bridge the gap in automotive electronics, where its current market share is significantly lower compared to leading competitors [2][4]. Group 3: Growth Potential and Future Outlook - The isolation chip sector is expected to grow over 20% due to the rising demand from electric vehicles and energy storage [5]. - DiAo Micro's potential for profit growth post-acquisition is supported by the success of similar mergers, such as Changchuan Technology, which saw a ninefold increase in net profit after its acquisition [5]. - The acquisition aligns with national policies supporting semiconductor companies in strengthening their supply chains, indicating a favorable regulatory environment for such transactions [5]. Group 4: Company Profiles - DiAo Micro specializes in high-performance analog chip design, focusing on power management and signal chain chips, with a revenue of 306 million in the first half of 2025, reflecting a 15.11% year-on-year increase [7]. - Rongpai Semiconductor, established in 2017, focuses on high-performance analog chip design, including digital isolators and drivers, and has achieved significant breakthroughs in the isolation chip sector with its proprietary iDivider technology [8].

Core Viewpoint - The semiconductor industry is experiencing accelerated consolidation, highlighted by the acquisition plan of DiAo Microelectronics (688381.SH) to purchase all equity or control of Rongpai Semiconductor, which will enhance its position in the automotive electronics sector and fill gaps in its product offerings [2][3]. Group 1: Acquisition Details - DiAo Microelectronics announced a suspension of trading as it plans to acquire Rongpai Semiconductor through a combination of share issuance and cash payment [2]. - The acquisition will not change the control of DiAo Microelectronics, but the valuation and other core information of the target remain undetermined, making it unclear if the transaction constitutes a major asset restructuring [2]. Group 2: Strategic Implications - The acquisition of Rongpai Semiconductor will allow DiAo Microelectronics to enter the digital isolator market, a segment it has not previously engaged in, and strengthen its layout in the high-growth automotive electronics sector [3]. - DiAo Microelectronics has historically relied on the consumer electronics market, but the industry trend is shifting towards higher-performance applications in new markets such as electric vehicles and industrial automation [3]. Group 3: Market Position and Competition - As of June 30, 2025, DiAo Microelectronics' product applications are heavily reliant on the consumer electronics market, with mobile phones accounting for 32%, industrial control and security for 28%, and other segments making up the remainder [4]. - In contrast, leading competitors like Naxin Microelectronics (688052.SH) have a significant portion of their revenue from automotive electronics, with 36.88% in 2024, highlighting a competitive gap for DiAo Microelectronics in this high-growth area [4]. Group 4: Rongpai Semiconductor Background - Rongpai Semiconductor, established in 2017, is recognized for its digital isolator technology and has aimed for an IPO since its inception, but has not provided updates on this plan [5][6]. - The company has experienced a slowdown in financing activities, with no new funding rounds reported since September 2022, despite having raised capital from notable investors [5][6].

Company News - Guolin Technology plans to acquire 91.07% of Xinjiang Kailianjie Petrochemical Co., Ltd. for cash, which is expected to constitute a major asset restructuring. The funding will come from self-owned funds and bank loans [4][5] - Fulin Precision plans to jointly increase capital in its subsidiary Jiangxi Shenghua with CATL, with Fulin contributing 1 billion yuan and CATL contributing 2.563 billion yuan. This transaction is expected to constitute a major asset restructuring [6] - Baicheng Co., Ltd. intends to acquire 55% of Shanghai Canxi Engineering Equipment Co., Ltd. through a combination of share issuance and cash payment, which is not expected to constitute a major asset restructuring [7] - Diao Micro plans to acquire equity in Rongpai Semiconductor (Shanghai) Co., Ltd. through share issuance and cash payment, with the transaction's classification as a major asset restructuring yet to be determined [7] - Hubei Energy signed a cooperation agreement with Xiangyang City government to invest 26.7 billion yuan in clean energy projects during the 14th Five-Year Plan period [7] - Suochen Technology plans to acquire 60% of Likong Technology for 192 million yuan, which will become a secondary holding subsidiary post-transaction [8] - Sailis plans to purchase 10% of Shenzhen Yingwang Intelligent Technology Co., Ltd. from Huawei for 11.5 billion yuan, with all payments completed as of the announcement date [8] - Bohai Automobile intends to acquire multiple stakes in various companies through share issuance and cash payment, with a total transaction value of 2.728 billion yuan [9] - Hengwei Technology plans to acquire 75% of Shanghai Shuhang Information Technology Co., Ltd. through share issuance and cash payment, which is not expected to constitute a major asset restructuring [10] Industry News - The National Development and Reform Commission announced a new policy financial tool with a total scale of 500 billion yuan, aimed at supplementing project capital [2] - The Ministry of Water Resources reported that investment in water conservancy construction is expected to exceed 5.4 trillion yuan during the 14th Five-Year Plan, significantly higher than the previous plan [3] - The Ministry of Industry and Information Technology, along with other departments, released a work plan for the machinery industry, targeting an average annual revenue growth rate of around 3.5% from 2025 to 2026 [3]

Group 1: Major Asset Restructuring - Guolin Technology is planning a significant asset restructuring by acquiring 91.07% of Xinjiang Kailianjie Petrochemical Co., Ltd. for cash, which will give the company control over Kailianjie, making it a subsidiary [1][2] Group 2: Equity Purchases and Stock Suspension - Diaowei is planning to purchase equity in Rongpai Semiconductor through a combination of issuing shares and cash payments, leading to a stock suspension from September 29, 2025, for up to 10 trading days [3] - Bicheng Co. is also planning to acquire 55% of Shanghai Canxi Engineering Equipment Co., Ltd. through issuing shares and cash, with a stock suspension starting September 30, 2025, for up to 5 trading days [7] Group 3: Changes in Control - Shanhe Pharmaceutical Auxiliary announced a change in its controlling shareholder and actual controller to Wu Changhong due to the inheritance following the death of the previous controller, Yin Zhenglong [4] Group 4: Earnings Forecasts - Yinglian Co. expects a net profit of 34.5 million to 37.5 million yuan for the first three quarters of 2025, representing a year-on-year increase of 1531.13% to 1672.97%, driven by the fast-moving consumer goods metal packaging sector [5] - Dalian Heavy Industry anticipates a net profit of 474 million to 508 million yuan for the same period, reflecting a growth of 19.91% to 28.52% year-on-year, attributed to steady revenue growth [5] Group 5: Fundraising and Projects - Zhongcai Technology plans to raise up to 4.481 billion yuan through a private placement to fund projects related to low dielectric fiber cloth production and to repay government funds [8] - Luoxin Pharmaceutical is also looking to raise up to 842.4 million yuan for innovative drug research and development and facility upgrades [8] Group 6: Regulatory Actions - *ST Xingnong has been investigated by the China Securities Regulatory Commission for suspected information disclosure violations [9] - Other companies, including Youkeshi and Woton Technology, are also involved in various regulatory and investment activities, including share buybacks and strategic partnerships [10][14]