【私募调研记录】致顺投资调研晶丰明源

Group 1 - The core viewpoint of the news is that Zhishun Investment has conducted research on a listed company, Jingfeng Mingyuan, revealing significant growth in sales and profits for the first half of 2025 [1] Group 2 - Jingfeng Mingyuan achieved a sales revenue of 731 million yuan and a net profit of 15.76 million yuan in the first half of 2025, representing a year-on-year growth of 151.67% [1] - The company's gross margin improved to 39.60%, attributed to process iteration, supply chain management, and product structure optimization [1] - Revenue from high-performance computing power supply chips increased by 419.81%, while revenue from motor control driver chips grew by 24.30% [1] - The company launched an intelligent automotive-grade MCU, although the AC/DC power supply chip business saw a slight decline, it made progress in the major and small appliance sectors [1] - The LED lighting business experienced a revenue decline of 15.02%, but the market layout for smart LED lighting products has expanded [1] - Jingfeng Mingyuan's acquisition of Sichuan Yichong is progressing, with the resubmission expected to be delayed by no more than one month [1]