WINGTECH(SH:600745) Di Yi Cai Jing·2025-10-12 11:48Core Viewpoint - The semiconductor business of Wentech Technology (闻泰科技) is facing significant challenges due to a Dutch government directive and internal disputes within its subsidiary, Anshi Semiconductor (安世半导体) [1][3][4]. Group 1: Government Intervention - The Dutch government has issued a directive preventing Anshi Semiconductor and its global subsidiaries from making any adjustments to assets, intellectual property, or personnel for one year, effective from September 30, 2025 [3][4]. - This directive is aimed at "ensuring supply chain security," but Wentech Technology argues that the scope and severity of the restrictions exceed normal risk management practices, constituting an unreasonable external takeover of a normally operating business [4][6]. Group 2: Internal Disputes - Anshi Semiconductor is experiencing internal turmoil, with key executives, including the Chief Legal Officer and Chief Financial Officer, filing a request for an investigation into the company and seeking temporary measures from the court [3][4]. - The Dutch enterprise court has suspended the CEO of Anshi Semiconductor from his duties, appointing a foreign individual as a non-executive director with decisive voting rights [3][4]. Group 3: Financial Impact - Wentech Technology's semiconductor business generated a revenue of 14.715 billion yuan in 2024, with a gross profit margin of 37.47% and a net profit of 2.297 billion yuan [10]. - Anshi Semiconductor reached a revenue peak of 2.36 billion euros in 2022 and has contributed 130 million euros in corporate income tax to the Netherlands over the past five years [10][11]. Group 4: Strategic Importance - Anshi Semiconductor, acquired by Wentech Technology for over 20 billion yuan, is a crucial part of the company's business portfolio, focusing on discrete devices and logic devices [8][10]. - Following the acquisition, Anshi Semiconductor has risen in global rankings from 11th to 3rd among power discrete device companies, serving major clients like Bosch, Siemens, Samsung, and Apple [11]. Group 5: Broader Context - The current crisis faced by Wentech Technology is not only a test of the company's resilience but also a reflection of the challenges and opportunities arising from the restructuring of global trade rules amid geopolitical tensions [11].