BPSemi(SH:688368) Chang Jiang Shang Bao·2025-08-11 00:48Core Viewpoint - Jingfeng Mingyuan (688368.SH) has achieved a turnaround from loss to profit in the first half of 2025, reporting a net profit of 15.76 million yuan compared to a loss of 30.51 million yuan in the same period last year [1][3]. Financial Performance - The company reported a revenue of 731 million yuan in the first half of 2025, a slight decrease of 0.44% year-on-year [1][3]. - The overall gross margin for the main products reached 39.6%, an increase of 4.18 percentage points compared to the previous year [1][3]. Product Line Expansion - Jingfeng Mingyuan has diversified its product lines beyond traditional LED products, focusing on high-performance computing power chips, AC/DC power chips, and motor control driver chips [1][2]. - The revenue from LED lighting driver chips decreased to 51.46% of total revenue, while high-performance computing power chips saw a remarkable growth of 419.81% year-on-year [1][3]. - Sales revenue from motor control driver chips reached 192 million yuan, representing a year-on-year increase of 24.30% [1][3]. Strategic Acquisition - To enhance market competitiveness, Jingfeng Mingyuan initiated a major asset restructuring in October 2024, planning to acquire 100% of Yichong Technology through a combination of stock issuance and cash payment [4][5]. - Yichong Technology specializes in the development and sales of wireless charging chips, general charging chips, automotive power management chips, and other high-performance analog and mixed-signal chips [4][5]. Future Growth Potential - The acquisition is expected to create synergies between the two companies, allowing for a more comprehensive product offering and improved market competitiveness [5]. - Yichong Technology is currently in a growth phase, with revenues of 651 million yuan and 957 million yuan in 2023 and 2024, respectively, despite reporting losses [4][5]. - Performance commitments have been set for Yichong Technology, with net profits for the charging chip business expected to reach no less than 92 million yuan, 120 million yuan, and 160 million yuan from 2025 to 2027 [4][5].