华大九天“买买买”遇阻，芯和半导体IPO梦回

Core Viewpoint - The acquisition of Chip and Semiconductor by Huada Jiutian has failed, leading to a renewed focus on independent IPOs and the development of comprehensive EDA capabilities [2][4][10]. Group 1: Acquisition and IPO Dynamics - Huada Jiutian's attempt to acquire Chip and Semiconductor was announced in March, but the deal fell through due to disagreements on core terms [2][10]. - The initial acquisition plan was seen as a rational compromise in a challenging market environment, with Chip and Semiconductor previously pursuing an IPO [3][8]. - The recent policy changes in the Sci-Tech Innovation Board have increased the attractiveness of independent IPOs for Chip and Semiconductor, which is now reconsidering its strategic options [4][13]. Group 2: Financial Performance and Market Position - Chip and Semiconductor reported revenues of 106 million yuan and 265 million yuan for 2023 and 2024, respectively, with a net profit of -89.93 million yuan in 2023 and 48.13 million yuan in 2024 [5]. - Huada Jiutian is the largest domestic EDA company, with a comprehensive product line and a focus on developing its capabilities in digital design and wafer manufacturing [15][16]. Group 3: Industry Trends and Future Plans - The EDA industry is experiencing accelerated consolidation, with significant investments from the National Integrated Circuit Industry Investment Fund (Big Fund) expected to benefit the sector [4][21]. - Huada Jiutian plans to continue its investment strategy in the EDA field, focusing on both independent research and acquisitions to enhance its market position [19][24]. - The company has established two industry funds to support its acquisition strategy, indicating a proactive approach to capturing quality targets in the EDA market [23][24].