【私募调研记录】耕霁(上海)投资调研晶丰明源

Core Insights - The private equity firm Gengji (Shanghai) Investment recently conducted a research on a listed company, Jingfeng Mingyuan, revealing significant growth in sales and net profit for the first half of 2025 [1] Financial Performance - Jingfeng Mingyuan achieved a sales revenue of 731 million yuan and a net profit of 15.76 million yuan, marking a year-on-year increase of 151.67% [1] - The overall gross margin improved to 39.60%, attributed to advancements in technology, supply chain management, and product structure optimization [1] Business Segments - Revenue from high-performance computing power chips surged by 419.81%, while revenue from motor control driver chips increased by 24.30% [1] - The company launched an intelligent automotive-grade MCU, indicating a strategic expansion into new product areas [1] - AC/DC power chip business experienced a slight decline, although progress was noted in the major and small appliance sectors [1] - LED lighting business revenue decreased by 15.02%, but the company is expanding its market presence in smart LED lighting products [1] Corporate Actions - The restructuring work for the acquisition of Sichuan Yichong is ongoing, with an expected delay of no more than one month for submitting the response [1]