Core Viewpoint - The MOSFET industry in China is experiencing significant growth driven by the demand from sectors such as consumer electronics, communication, industrial control, and automotive electronics, with a projected market size of 42.944 billion yuan in 2024, reflecting a year-on-year growth of 7.67% [1][11]. Industry Overview - MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) is a semiconductor device that controls current using electric fields, consisting of a metal gate, an insulating oxide layer, and a semiconductor substrate [2]. - The industry has evolved through four main stages, from initial development before 2010 to the current phase of domestic substitution, where local manufacturers are increasingly producing high-end products [4][5]. Industry Development History - The industry has transitioned from a pioneering phase before 2010 to a period of local alliances from 2011 to 2013, followed by structural reforms from 2014 to 2016, and now to a phase of domestic substitution since 2017 [4][5]. Industry Supply Chain - The upstream of the MOSFET industry includes raw materials and production equipment, while the midstream focuses on manufacturing, and the downstream applications span automotive electronics, consumer electronics, industrial control, and communication devices [7]. Market Size - The demand for MOSFETs is rising due to the proliferation of 5G technology, the boom in the electric vehicle market, and increasing industrial automation [11]. - The performance of silicon-based MOSFETs is improving, and third-generation semiconductor devices like SiC MOSFETs are being commercialized, enhancing charging efficiency and range for electric vehicles [11]. Key Companies' Performance - The competitive landscape of the MOSFET industry is characterized by dominance from overseas giants like Infineon and ON Semiconductor, while domestic firms such as Huazhu Microelectronics, Silan Microelectronics, and New Clean Energy are emerging as leaders [13]. - Huazhu Microelectronics reported a revenue of 2.355 billion yuan in Q1 2025, a year-on-year increase of 11.29%, with a net profit of 83 million yuan, up 150.68% [14]. - Silan Microelectronics achieved a revenue of 11.221 billion yuan in 2024, reflecting a growth of 20.14%, with R&D investment reaching 1.084 billion yuan, up 22.93% [16]. Industry Development Trends - The market size of the MOSFET industry is expected to continue expanding, particularly in the electric vehicle sector, where demand for high-performance MOSFETs is increasing [18]. - Technological innovation is accelerating, with third-generation semiconductor materials like SiC and GaN gaining traction, promising higher efficiency and performance [19][20]. - The trend of domestic substitution is strengthening, with local companies improving their competitiveness and reducing reliance on foreign products, while also integrating the supply chain [21].

Group 1 - The company plans to issue shares and pay cash to acquire a 72.33% stake in ChipLink Integrated Circuit Manufacturing (Shaoxing) Co., Ltd. from 15 transaction parties, including Shaoxing Binhai New Area ChipXing Equity Investment Fund Partnership and Shenzhen Yuan Zhi No.1 Private Equity Investment Fund Partnership [1][2] - The Shanghai Stock Exchange's M&A Review Committee approved the transaction on June 23, 2025, confirming that it meets restructuring conditions and information disclosure requirements [1][2] - The company has revised the restructuring report to reflect updates on decision-making processes and approval status, as well as to address risks related to high customer concentration and the feasibility of performance forecasts for the target company [2] Group 2 - The revised restructuring report includes updates on the decision-making process and approval status of the transaction, as well as supplementary financial information and operational status following the audit cutoff date [2] - The company conducted a thorough review and self-check of the draft report, making minor adjustments to expressions without affecting the restructuring plan [2]

华泰联合证券有限责任公司 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产 暨关联交易 之 独立财务顾问报告 （注册稿） 独立财务顾问 二〇二五年六月 华泰联合证券关于芯联集成发行股份及支付现金购买资产暨关联交易之独立财务顾问报告 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合"、"本独立财务顾问"） 接受芯联集成电路制造股份有限公司（以下简称"芯联集成"、"上市公司"或"公 司"）委托，担任本次发行股份及支付现金购买资产暨关联交易（以下简称"本 次交易"）的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制 作本独立财务顾问报告。 本独立财务顾问报告是依据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司重大资产重组管理办法》《上市公司并购重组财务顾问业务管理 办法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大 资产重组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的 监管要求》和《上海证券交易所上市公司重大资产重组审核规则》等法律法规及 文件的规定和要求，以及证券行业公认的业务标准、道德规范，经过审慎调查， 本 ...

之 补充法律意见书（二） 上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易 地址：上海市浦东新区银城中路 501 号上海中心大厦 11、12 层 电话：021-20511000 传真：021-20511999 邮编：200120 | | | 上海市锦天城律师事务所 补充法律意见书（二） 上海市锦天城律师事务所 关于芯联集成电路制造股份有限公司 发行股份及支付现金购买资产暨关联交易之 补充法律意见书（二） 案号：01F20233741 致：芯联集成电路制造股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受芯联集成电路制造股份 有限公司（以下简称"公司""上市公司"或"芯联集成"）的委托，并根据上 市公司与本所签订的《法律服务委托协议》，作为上市公司本次发行股份及支付 现金购买资产暨关联交易事项（以下简称"本次交易"）的特聘专项法律顾问。 本所已根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司重大资产重组管理办法》《上市公司监管指引第 9 号——上市公司筹划和实施 重大资产重组的监管要求》《上海证券交易所科创板股票上市规则》《上市公司 证券发 ...

证券代码：688469 证券简称：芯联集成 上市地：上海证券交易所 芯联集成电路制造股份有限公司 发行股份及支付现金购买资产 暨关联交易报告书（草案）摘要 （注册稿） | 项 目 | 名 称 | | --- | --- | | 购买资产交易对方 | 绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳 | | | 市远致一号私募股权投资基金合伙企业（有限合伙）、厦门辰 | | | 途华辉创业投资合伙企业（有限合伙）、厦门辰途华明创业投 | | | 资基金合伙企业（有限合伙）、厦门辰途华景创业投资基金合 | | | 伙企业（有限合伙）、珠海横琴强科二号股权投资合伙企业 | | | （有限合伙）、张家港毅博企业管理中心（有限合伙）、尚融 | | | 创新（宁波）股权投资中心（有限合伙）、井冈山复朴新世纪 | | | 股权投资合伙企业（有限合伙）、华民科文（青岛）创业投资 | | | 基金合伙企业（有限合伙）、无锡芯朋微电子股份有限公司、 | | | 广东导远科技有限公司、广东辰途十六号创业投资合伙企业 | | | （有限合伙）、广州辰途十五号创业投资基金合伙企业（有限 | | | 合伙）、锐石创芯（重庆）科技股 ...

证券代码：688469 证券简称：芯联集成 上市地：上海证券交易所 芯联集成电路制造股份有限公司 发行股份及支付现金购买资产 暨关联交易报告书（草案） （注册稿） | 项 目 | 名 称 | | --- | --- | | 购买资产交易对方 | 绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳 | | | 市远致一号私募股权投资基金合伙企业（有限合伙）、厦门辰 | | | 途华辉创业投资合伙企业（有限合伙）、厦门辰途华明创业投 | | | 资基金合伙企业（有限合伙）、厦门辰途华景创业投资基金合 | | | 伙企业（有限合伙）、珠海横琴强科二号股权投资合伙企业 | | | （有限合伙）、张家港毅博企业管理中心（有限合伙）、尚融 | | | 创新（宁波）股权投资中心（有限合伙）、井冈山复朴新世纪 | | | 股权投资合伙企业（有限合伙）、华民科文（青岛）创业投资 | | | 基金合伙企业（有限合伙）、无锡芯朋微电子股份有限公司、 | | | 广东导远科技有限公司、广东辰途十六号创业投资合伙企业 | | | （有限合伙）、广州辰途十五号创业投资基金合伙企业（有限 | | | 合伙）、锐石创芯（重庆）科技股份有 ...

芯联集成电路制造股份有限公司 关于发行股份及支付现金购买资产暨关联交易 报告书（草案）修订说明的公告 证券代码：688469 证券简称：芯联集成 公告编号：2025-034 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。 芯联集成电路制造股份有限公司（以下简称"公司"）拟发行股份及支付现 金购买绍兴滨海新区芯兴股权投资基金合伙企业（有限合伙）、深圳市远致一号 私募股权投资基金合伙企业（有限合伙）等 15 名交易对方合计持有的芯联越州 集成电路制造（绍兴）有限公司 72.33%股权（以下简称"本次交易"）。 上海证券交易所并购重组审核委员会（以下简称"上交所重组委"）于 2025 年 6 月 23 日召开 2025 年第 7 次并购重组审核委员会审议会议，对公司本次交易 的申请进行了审议。根据上交所重组委发布的《上海证券交易所并购重组审核委 员会 2025 年第 7 次审议会议结果公告》，本次会议的审议结果为：本次交易符合 重组条件和信息披露要求。 结合上交所并购重组审核委员会审核通过本次交易等实际情况，公司对《芯 联集成电路制 ...

Core Viewpoint - ChipLink Integration (688469.SH) is progressing with a significant acquisition of 72.33% equity in ChipLink Yuezhou, aiming to enhance its operational capacity and market position in the semiconductor industry [1][3]. Group 1: Acquisition Details - The acquisition involves issuing shares and cash to purchase 72.33% equity from 15 parties, with a total transaction price of 5.897 billion yuan [1]. - Following the acquisition, ChipLink Yuezhou will become a wholly-owned subsidiary, fully consolidating its shareholder equity into ChipLink Integration [1]. Group 2: Business Operations - ChipLink Yuezhou specializes in wafer foundry services for power devices, while ChipLink Integration is a leading global integrated circuit wafer foundry, with over 50% of its revenue from automotive-grade chips [2]. - ChipLink Yuezhou's SiC MOSFET shipments for automotive applications have ranked first in China for the past two years [2]. Group 3: Financial Performance - ChipLink Yuezhou's revenue surged from 13.7 million yuan in 2022 to 1.56 billion yuan in 2023, marking a growth of 1038% [3]. - ChipLink Integration's revenue has consistently increased from 270 million yuan in 2019 to 6.509 billion yuan in Q1 2025, with an overall growth exceeding 23 times over five years [3]. - Both companies are currently unprofitable, with ChipLink Yuezhou reporting net losses of 700 million yuan in 2022 and 1.116 billion yuan in 2023, while ChipLink Integration's cumulative net losses reached 7.564 billion yuan from 2019 to Q1 2025 [3]. Group 4: Research and Development - ChipLink Integration has invested heavily in R&D, with expenditures of 839 million yuan, 1.529 billion yuan, and 1.842 billion yuan from 2022 to 2024, totaling 4.21 billion yuan over three years [4]. - The R&D expense ratio has remained high at approximately 18.22% to 28.72% during the same period, indicating a strong commitment to innovation despite short-term profitability challenges [4].

Group 1 - The core point of the news is that the main funds in the Shanghai and Shenzhen markets experienced a net inflow of 7.138 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 323 million yuan [1] - A total of 233 stocks saw net inflows, while 355 stocks experienced net outflows [1] - On the Sci-Tech Innovation Board, 452 stocks rose, with one stock, Tai Lingwei, hitting the daily limit, while 126 stocks declined [1] Group 2 - The top three stocks with the highest net inflow of main funds are: Han's Laser with 362 million yuan, SMIC with 349 million yuan, and Tai Lingwei with 107 million yuan [2] - The stock with the highest net outflow was Guangda Special Materials, which saw a net outflow of 158 million yuan despite a price increase of 2.91% [1][2] - There are 62 stocks that have seen continuous net inflows for more than three trading days, with Sanyou Medical leading at 10 consecutive days [2] Group 3 - The main funds' inflow ranking shows that Han's Laser had an inflow rate of 6.40% and a price increase of 0.64% [2] - Other notable stocks include Kingsoft Office with an inflow of 101 million yuan and a price increase of 3.87%, and Wealth Trend with an inflow of 100 million yuan and a price increase of 17.84% [2] - A total of 114 stocks experienced continuous net outflows, with Bohui Technology leading at 24 consecutive days of outflow [2]

Core Viewpoint - The Shanghai Stock Exchange's M&A Review Committee has approved the asset purchase by ChipLink Integrated Circuit Manufacturing Co., Ltd., indicating that the transaction meets restructuring conditions and information disclosure requirements [1] Group 1: Transaction Details - ChipLink plans to acquire a 72.33% stake in ChipLink Yuezhou from 15 parties, including Binhai ChipXing and Yuan Zhi No.1, through a combination of issuing shares and cash payment [3][4] - The total transaction price for the 72.33% stake is approximately 589.66 million yuan, with an assessed value of 815.2 million yuan for 100% of ChipLink Yuezhou, reflecting a 132.77% increase in value [3][6] - The share issuance price is set at 4.04 yuan per share, with a total of approximately 1.31 billion shares to be issued [3] Group 2: Financial Performance of ChipLink Yuezhou - ChipLink Yuezhou reported revenues of 13.66 million yuan in 2022, 156.03 million yuan in 2023, and 179.80 million yuan for the first ten months of 2024 [6][7] - The net profit attributable to the parent company was -70.04 million yuan in 2022, -111.57 million yuan in 2023, and -86.78 million yuan for the first ten months of 2024, indicating ongoing losses [6][7] - The company is currently in a loss-making position and is not expected to achieve profitability in the short term, which may dilute immediate return indicators for the parent company [6]