证券代码：688458 证券简称：美芯晟 公告编号：2026-017 美芯晟科技（北京）股份有限公司 关于以股权收购及增资方式取得 上海鑫雁微电子股份有限公司 100%股权的进展公告 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。 一、交易情况概述 美芯晟科技（北京）股份有限公司（以下简称"公司"）于 2026 年 1 月 27 日召开第二届董事会第八次会议，审议通过了《关于以股权收购及增资方式取得 上海鑫雁微电子股份有限公司 100%股权的议案》，同意公司使用自有资金 12,500 万元收购上海鑫雁微电子股份有限公司（以下简称 "鑫雁微"）现有全部 1,000 万元注册资本，并以 3,500 万元认购鑫雁微新增 280 万元注册资本，交易完成后 合计取得标的公司 100%股权，本次交易金额合计为人民币 16,000 万元。交易完 成后，鑫雁微将成为公司全资子公司，纳入公司合并报表范围。具体内容详见公 司于 2026 年 1 月 29 日在上海证券交易所网站披露的《关于以股权收购及增资方 式取得上海鑫雁微电子股份有限公司 10 ...

Core Viewpoint - The ongoing semiconductor price increase is affecting consumer electronics, leading to price adjustments by major brands like OPPO and vivo, with the root cause being the rising costs of semiconductors and storage components [1][3]. Group 1: Price Increases in the Semiconductor Industry - The current price surge in semiconductors began with storage chips and has spread to various sectors, including power devices and wafer foundries, with price increases ranging from 10% to 80% among A-share companies [3]. - Major foundries like UMC and World Advanced are expected to raise their prices by up to 10% starting in April 2026 due to rising costs in equipment, raw materials, and labor [3][4]. - The price adjustments are driven by three main factors: explosive growth in AI server demand, structural tightness in 8-inch wafer capacity, and rising upstream material costs [4][5]. Group 2: Impact on Consumer Electronics - The price increases are now affecting consumer electronics, with brands like OPPO and vivo announcing price hikes for their products due to the sustained rise in semiconductor costs [1][6]. - Honor's CEO indicated that the memory price increase is a widespread industry issue, expected to persist for 2 to 3 years, impacting not just smartphones but also home appliances and automobiles [8]. - The cost of DRAM in televisions has risen from 2.5%-3% of the BOM cost to 6%-7%, putting pressure on brand profitability, especially for smaller companies [8]. Group 3: Future Outlook - The semiconductor price increase is anticipated to continue affecting the market, with IDC predicting that the structural shortage caused by competition between AI infrastructure and consumer electronics will last until at least 2026, possibly extending into 2027 [8][9]. - Companies across the supply chain, from chip suppliers to end brands, need to prepare for this long-term structural adjustment in pricing and supply dynamics [9].

Group 1: China Taiping (00966.HK) - Core conclusion highlights China Taiping as a century-old comprehensive insurance group controlled by the Ministry of Finance, with a focus on leading the industry in dividend insurance transformation and optimizing investment to release elasticity, supported by state-owned background and full-license synergy advantages, thus possessing both value and growth elasticity, initiating coverage with a "Buy" rating [2][7] - The company is a state-owned comprehensive insurance group with a clear management structure, where life insurance serves as the absolute cornerstone, accounting for 90.1% of segment profit in 2025H [7] - The total investment assets are expected to reach HKD 1.68 trillion by 2025H, with fixed-income assets as the base and significant room for equity increases [8] Group 2: China Ping An (601318.SH) - Core conclusion identifies China Ping An as a benchmark in comprehensive finance, leveraging a full-license layout to master customer data across domains, with AI enabling high synergy and efficiency optimization, creating core barriers in customer stickiness and value extraction, thus expected to initiate a new growth cycle, initiating coverage with a "Buy" rating [3][10] - The company operates a comprehensive financial ecosystem centered on life insurance, with multi-channel collaboration enhancing customer acquisition efficiency and contributing to the growth of new policy premiums [11] - High dividend yield provides strong certainty in returns, with a significant OCI asset proportion locking in stable cash flow while reducing short-term market volatility [11] Group 3: ShanGu Power (601369.SH) - ShanGu Power is a leading enterprise in turbine fans, with a robust traditional business and steady growth in compressed air energy storage and industrial gas sectors, expecting net profits of CNY 1.072 billion, 1.172 billion, and 1.284 billion from 2025 to 2027, with corresponding PE valuations of 19.5, 17.8, and 16.2 times, initiating coverage with a "Buy" rating [4][13] - The company is a leader in axial compressors, with a 100% share of China's total production in 2023, benefiting from high technical barriers and strong brand recognition [13][14] Group 4: Meixinsheng (688458.SH) - The company focuses on the smart sensing chip field, with expected revenues of CNY 5.55 million, 9.59 million, and 13.03 million from 2025 to 2027, and a projected net profit of -CNY 0.13 million, CNY 0.82 million, and CNY 2.01 million [5][16] - The optical sensors provide environmental perception and interaction capabilities, with some new products achieving internationally leading technical indicators, such as the optical tracking sensor used in Xiaomi's 17Ultra phone [16][17] - The company is actively expanding its product lines and has made significant progress with key domestic and international clients [17]

重要内容及风险提示： （一）标的公司效益不及预期的风险 标的公司核心产品涵盖磁传感器等。公司开展本次交易，旨在通过投资与业务合 作拓展产品种类，增强核心竞争力，推动业务持续成长。然而，受宏观经济形势、产 业政策导向、行业周期波动及市场环境变化等因素的影响，标的公司未来经营效益存 在不及预期的可能性。 （二）业务整合不达预期的风险 证券代码：688458 证券简称：美芯晟 公告编号：2026-016 美芯晟科技（北京）股份有限公司 关于收购上海鑫雁微电子股份有限公司100%股权事项 问询函的回复公告 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。 美芯晟科技(北京)股份有限公司（以下简称"美芯晟"、"上市公司"、"公司"） 收到上海证券交易所下发的《关于对美芯晟科技(北京)股份有限公司收购上海鑫雁微 电子股份有限公司100%股权事项的问询函》（上证科创公函【2026】0064号）（以 下简称"《问询函》"），根据《问询函》要求，公司对《问询函》所列问题进行了 认真核查，并作出如下回复，回复中涉及的上海鑫雁微电子股份有限公司（ ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company focuses on the smart perception chip sector, building a technology system that includes environmental perception, multi-modal fusion perception, and motion perception, with applications in smart home, industrial control, automotive electronics, and consumer electronics [1][5] - In 2025, the company achieved a revenue of 555 million yuan, a year-on-year increase of 37.35%, and a net profit attributable to the parent company of -14 million yuan, a reduction in losses by 78.41% [1] - The company has successfully launched optical tracking sensors in collaboration with major brands, achieving high precision in focus adjustment [2] - The company’s smart sensor revenue grew by 112.01% year-on-year, with a gross margin increase of 14.08 percentage points [2] - The wireless charging chip has been successfully used in AI smartphones, meeting efficiency and battery life demands, with a revenue growth of 58.48% year-on-year and a gross margin increase of 7.42 percentage points [2] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 555 million yuan, 959 million yuan, and 1.303 billion yuan respectively, with corresponding net profits of -13 million yuan, 82 million yuan, and 201 million yuan [3][4] - The company’s earnings per share (EPS) are projected to be -0.11 yuan in 2025, 0.74 yuan in 2026, and 1.81 yuan in 2027 [4] - The price-to-earnings (P/E) ratio is expected to improve from -341.7 in 2025 to 21.4 in 2027 [4]

Core Viewpoint - The recent surge in semiconductor prices, driven by AI server demand and capacity adjustments, indicates a robust growth phase for the industry, with various segments experiencing price increases due to both demand and cost pressures [1][3][4]. Group 1: Price Increases - Storage chip prices have reached historical highs due to increased demand from AI servers and adjustments in production capacity [1]. - Several chip design companies, including SiTewave and China Resources Microelectronics, have issued price increase notices, with adjustments typically ranging from 10% to 20%, and some as high as 50% [3]. - The price hikes are attributed to rising costs of raw materials and key precious metals, which have led to increased wafer fabrication and testing costs [3]. Group 2: Demand and Supply Dynamics - The demand side is characterized by a surge in high-end storage needs, particularly for HBM and DDR5, driven by AI servers, alongside a recovery in consumer electronics boosting general storage and analog chip demand [4]. - On the supply side, storage manufacturers have been reducing production capacity and optimizing inventory since last year, while the analog chip sector has seen healthy inventory levels after two years of destocking [4]. - The semiconductor industry is entering a phase of simultaneous volume and price increases, with high utilization rates in wafer fabrication and testing contributing to upward price pressures [4].

Core Viewpoint - The company, Meixinsheng, announced that it achieved an operating revenue of 555.1291 million yuan for the fiscal year 2025, representing a year-on-year growth of 37.35% [2] Group 1 - The operating revenue for 2025 is reported at 555.1291 million yuan [2] - The year-on-year growth rate of 37.35% indicates a significant increase in the company's financial performance [2]

Core Viewpoint - Meixinsheng (688458.SH) reported a significant increase in revenue for the fiscal year 2025, indicating strong business growth despite a net loss [1] Financial Performance - The company achieved an operating revenue of 555.13 million yuan, representing a year-on-year growth of 37.35% [1] - The net profit attributable to the parent company was a loss of 14.37 million yuan, which reflects a year-on-year reduction in losses by 78.41% [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, was a loss of 33.70 million yuan, showing a year-on-year reduction in losses by 63.80% [1]

Financial Performance - In 2025, the company achieved total revenue of 55,512.91 million RMB, representing a year-on-year growth of 37.35%[2] - The net profit attributable to the parent company was -1,437.13 million RMB, a reduction in losses by 78.41% compared to the previous year[6] - The gross margin improved by 10.59 percentage points, driven by significant revenue growth and enhanced operational efficiency[7] - The basic earnings per share were -0.13 RMB, an improvement from -0.61 RMB in the previous year[2] Segment Performance - Revenue from the smart sensor segment increased by 112.01%, with a gross margin increase of 14.08 percentage points, indicating strong market demand[7] - Revenue from the charging management chip segment grew by 58.48%, with a gross margin increase of 7.42 percentage points, highlighting the effectiveness of scale[7] Assets and Equity - Total assets at the end of the reporting period were 196,405.23 million RMB, a decrease of 1.65% from the beginning of the year[6] - The equity attributable to the parent company was 182,514.64 million RMB, down 3.39% from the start of the year[6] Strategic Initiatives - The company is actively expanding into multimodal visual sensors and magnetic sensors through investments and acquisitions, supporting its long-term strategy[7] - The company has made significant progress in expanding its customer base, achieving key advancements with several major clients[7]

Core Viewpoint - The company reported a significant increase in revenue and a substantial reduction in net loss for the fiscal year 2025, indicating a positive trend in financial performance driven by product line growth and improved gross margins [1] Financial Performance - The company achieved an operating revenue of 555.13 million yuan, representing a year-on-year growth of 37.35% [1] - The net profit attributable to the parent company was a loss of 14.37 million yuan, which reflects a year-on-year reduction in loss by 78.41% [1] - The overall gross margin improved by 10.59 percentage points [1] Product Line Growth - Revenue from smart sensors increased by 112.01% year-on-year [1] - Revenue from charging management chips grew by 58.48% year-on-year [1] Asset and Equity Status - As of the end of the reporting period, total assets amounted to 1.96 billion yuan, a decrease of 1.65% compared to the beginning of the year [1] - The equity attributable to the parent company was 1.83 billion yuan, down 3.39% from the start of the year [1]