Amlogic(SH:688099) Hua Xia Shi Bao·2025-09-18 12:05Group 1 - The domestic semiconductor industry is experiencing a wave of mergers and acquisitions, with Jingchen Co., Ltd. planning to acquire 100% equity of Chip Micro Semiconductor for a total consideration of 316 million yuan [2][3] - Chip Micro Semiconductor is currently operating at a loss, with its core products not yet generating significant revenue, and the acquisition price represents a premium of over 500% compared to its audited net assets for 2024 [2][4] - Jingchen Co., Ltd. aims to enhance its technology stack in communication by integrating Chip Micro's capabilities, thereby expanding its existing SoC product matrix and strengthening its competitive position in the AIoT sector [3][4] Group 2 - Chip Micro Semiconductor, established in August 2021, has completed five rounds of financing and has developed six chip models for IoT and automotive applications, with one product already generating revenue [3][4] - Financially, Chip Micro reported zero revenue in 2024 and 679,300 yuan in the first half of the year, with net losses of 903.15 million yuan and 40.06 million yuan respectively [3][4] - The acquisition price of 316 million yuan reflects a 26.5% discount from Chip Micro's last financing valuation of 430 million yuan, despite a high premium based on its net assets [5][6] Group 3 - Jingchen Co., Ltd. reported a revenue of 3.33 billion yuan in the first half of the year, a year-on-year increase of 10.42%, and a net profit of 497 million yuan, up 37.12% [7] - The company is also planning an IPO in Hong Kong to enhance its capital strength and competitiveness, with ongoing discussions with intermediaries regarding the issuance [7][8] - The current trend in the semiconductor industry indicates accelerated consolidation, with leading companies expanding through acquisitions while smaller firms face increased competitive pressure [8][9]