格隆汇12月16日｜有投资者在互动平台向思瑞浦提问：贵司是信号链接芯片营收占比很高，是否有卫星 信号链接芯片？是否涉及商业航天领域？ 思瑞浦回复称，当前公司产品尚未直接应用于商业航天。公 司密切关注包括商业航天在内的新兴领域的技术趋势与市场机会，目前公司已着手开展抗辐射高可靠性 IP与工艺的研究与技术储备，凭借在工业智能制造、汽车电子智能化与电动化及高端通信设备等严苛应 用中所积累的技术能力和高可靠性的产品经验，为后续的产品开发奠定基础。 ...

格隆汇12月16日丨思瑞浦(688536.SH)在互动平台表示，当前公司产品尚未直接应用于商业航天。公司 密切关注包括商业航天在内的新兴领域的技术趋势与市场机会，目前公司已着手开展抗辐射高可靠性IP 与工艺的研究与技术储备，凭借在工业智能制造、汽车电子智能化与电动化及高端通信设备等严苛应用 中所积累的技术能力和高可靠性的产品经验,为后续的产品开发奠定基础。 ...

Core Viewpoint - A significant wave of merger and acquisition (M&A) terminations is occurring in the A-share market as the end of 2025 approaches, with at least 20 listed companies announcing the cessation of major asset restructuring plans within a month [1] Group 1: Industry Trends - The terminated M&A activities involve prominent sectors such as semiconductors, pharmaceuticals, chemicals, and information technology [1] - Notably, several semiconductor companies have recently halted their acquisition plans, indicating a trend within the industry [1] Group 2: Company-Specific Actions - Chipmaker Xinyuan Co. (688521.SH) announced on December 12 the termination of its acquisition of a 97.0070% stake in Xinlai Zhihong, citing discrepancies between the core demands of the target company's management and market conditions, policy requirements, and the interests of the company and its shareholders [1] - Haiguang Information (688041.SH) and Zhongke Shuguang (603019.SH) both announced on December 10 the termination of their absorption merger plan, stating that they could not reach an agreement on related transaction matters within the expected timeframe [1] - Other semiconductor firms, including SIRUI (688536.SH) and Diaomicro (688381.SH), have also recently declared the termination of their M&A restructuring efforts [1]

Core Viewpoint - The A-share market is experiencing a significant wave of merger and acquisition (M&A) terminations, particularly in the semiconductor sector, reflecting challenges in the current M&A environment due to macroeconomic changes and valuation disagreements [4][6]. Group 1: M&A Termination Overview - From November 13 to December 13, 2025, at least 20 listed companies announced the termination or suspension of major asset restructuring plans, with notable companies in the semiconductor, pharmaceutical, chemical, and information technology sectors [3][6]. - Semiconductor companies have been particularly affected, with significant terminations including the halted acquisition of 97.0070% of Chip Origin's shares by Chip Origin Co., which cited misalignment of core demands with market conditions [6][7]. Group 2: Reasons for Termination - The primary reasons for M&A terminations include failure to reach consensus on core terms, immature transaction conditions, and changes in the market environment [9][10]. - Valuation discrepancies are a common issue, with buyers seeking conservative valuations while sellers demand premiums, leading to difficulties in negotiations [10][11]. Group 3: Market Impact and Reactions - The termination of major deals has led to significant stock price movements, with companies like Huaguang Information and Zhongke Shuguang experiencing stock price drops following their termination announcements [6][10]. - The market has shown volatility, with stock prices of companies involved in M&A often fluctuating significantly before and after announcements, indicating a complex interplay between market conditions and M&A activities [11].

估值定价成并购"拦路虎" 并购潮起潮落。临近2025年末，A股市场掀起一波引人关注的并购重组"终止潮"。自11月13日至12月13 日，已有至少20家上市公司密集公告终止或停止实施重大资产重组计划，其中不乏芯片、医药、化工、 信息技术等热门行业的代表企业。 尤其引人注目的是，多家半导体领域上市公司在近期接连"刹车"——12月12日晚，芯原股份 （688521.SH）宣布终止收购芯来智融97.0070%股权，原因是"标的公司管理层及交易对方提出的核心 诉求及关键事项与市场环境、政策要求及公司和全体股东利益存在偏差"。紧随其后，海光信息 （688041.SH）与中科曙光（603019.SH）于12月10日同步公告终止吸收合并计划，称"交易相关事项无 法在预计时间内达成一致"。思瑞浦（688536.SH）、帝奥微（688381.SH）等半导体企业也在近期相继 宣告终止并购重组。 密集的终止公告不仅反映出当前并购市场面临的共同挑战，也折射出在宏观环境变化、市场估值定价与 产业整合深化的多重背景下，交易双方在估值、条款、整合预期等方面正经历艰难博弈。 半导体成并购终止"重灾区" 第一财经记者根据Wind数据及相关公司公 ...

Core Viewpoint - SIRUI's revenue has shown consistent growth, achieving a record high for six consecutive quarters, with a quarter-on-quarter increase of 10.29% in Q3 2025 [2] Group 1: Financial Performance - In Q3 2025, the company reported a quarter-on-quarter revenue growth of 10.29%, marking the sixth consecutive quarter of growth [2] - The gross profit margin has improved quarter-on-quarter, indicating a positive trend in overall operational quality [2] - For the first three quarters of 2025, the gross profit margin changes were primarily due to the consolidation of Chuangxin Micro, which has shown significant progress in product and market aspects [2] Group 2: Business Integration and Profitability - Chuangxin Micro's gross profit margin has steadily improved, exceeding 40% by the end of Q3 2025, reflecting enhanced business profitability [2] - The integration of Chuangxin Micro is expected to continue yielding positive results in terms of product and market advancements [2]

Core Viewpoint - The company, SiRuPu, has established a testing capacity through its own Suzhou testing center and partnerships with third-party testing facilities, ensuring overall testing demand is met [2] Group 1: Testing Capacity and Facilities - The Suzhou testing center focuses on wafer and finished chip testing and has completed its first phase, which is now operational and primarily serves the company's own product testing [2] - The Suzhou testing center has recently received the 2A-level green factory certification from the Suzhou Industrial Park, recognizing the company's achievements in green, low-carbon, and sustainable development [2] Group 2: Future Plans and Commitment - The company plans to continuously enhance its testing capabilities and delivery efficiency to provide high-quality and reliable products and services to its customers [2]

Core Viewpoint - The company has experienced rapid growth in its optical module business during the first three quarters, with a steady increase in market share among leading customers and the entry of new customers into volume production [2] Group 1: Business Performance - The optical module business has shown significant growth, with multiple high-value analog chip products achieving large-scale shipments [2] - The company has a high technical barrier and substantial value in its AFE products, which continue to gain market share among core customers [2] Group 2: Product Development - The company is transitioning its products from 400G to 800G and is also planning to develop higher-specification 1.6T products [2] - The expansion of high-value product lines is expected to become a new driver for the company's performance growth [2]

Core Viewpoint - The semiconductor sector experienced a decline of 1.55% on December 11, with SIRUI leading the drop, while the Shanghai Composite Index fell by 0.7% and the Shenzhen Component Index decreased by 1.27% [1] Group 1: Market Performance - The semiconductor sector's main stocks saw a net outflow of 4.646 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.934 billion yuan [2] - The overall market performance indicated a bearish trend, with significant declines in major indices [1] Group 2: Capital Flow - Institutional investors withdrew 4.646 billion yuan from the semiconductor sector, contrasting with a net inflow of 1.712 billion yuan from speculative funds [2] - Retail investors showed a positive sentiment with a net inflow of 2.934 billion yuan into the semiconductor sector [2]

Core Viewpoint - The recent trend in the semiconductor industry, particularly in the analog chip sector, has seen a surge in mergers and acquisitions (M&A), but several notable deals have been terminated due to disagreements on key terms and conditions [2][9][10]. Group 1: Company Actions - SiRuPu (688536.SH) announced the termination of its major asset restructuring plan, with its stock resuming trading the following day [1]. - DiAoWei (688381.SH) held an investor briefing to announce the termination of its share issuance for asset acquisition, citing a lack of consensus on the transaction terms among parties involved [1][2]. - The timeline for both SiRuPu and DiAoWei's M&A activities was notably short, with SiRuPu's acquisition attempt of Ningbo Aola Semiconductor taking only half a month from initiation to termination, and DiAoWei's acquisition of Rongpai Semiconductor taking just over two months [2]. Group 2: Industry Trends - The analog chip sector has experienced a wave of horizontal consolidation, with companies like Yachuang Electronics (301099.SZ) actively pursuing M&A opportunities [4][6]. - A total of 9 horizontal M&A attempts have been initiated by 8 domestic analog chip manufacturers this year, indicating a robust interest in consolidation within the industry [6]. - The trend of M&A in the analog chip industry is driven by the need to acquire core technologies, R&D teams, and customer resources, which can shorten development cycles and mitigate market risks [7][10]. Group 3: Challenges and Terminations - Several M&A attempts in the analog chip sector have been terminated this year, primarily due to parties failing to reach agreement on key transaction terms [9]. - The reasons for termination include the immaturity of conditions for major asset restructuring and disagreements on transaction pricing and core terms [9][10]. - The current economic cycle and capital market conditions have created challenges for M&A transactions, leading to difficulties in closing deals [9]. Group 4: Future Outlook - Despite the recent terminations, external M&A is still viewed as a critical growth path for analog chip companies, with firms like Xinxiangwei expressing intentions to continue pursuing both organic and external growth strategies [10]. - The global analog chip market is dominated by leaders like Texas Instruments (TI) and Analog Devices (ADI), which have successfully utilized M&A to build comprehensive product lines [12]. - The potential for creating a "Chinese version of TI" exists, as domestic companies seek to enhance their competitiveness through strategic acquisitions [12][13].