WINGTECH(SH:600745) Di Yi Cai Jing Zi Xun·2025-10-12 12:56Core Viewpoint - Wentech Technology's semiconductor business faces significant challenges due to a Dutch government order freezing operations and internal disputes among executives [1][10][12]. Group 1: Government Intervention - The Dutch government has issued a ministerial order preventing Wentech's subsidiary, Anshi Semiconductor, from making any adjustments to its assets, intellectual property, or operations for one year [10][12]. - Wentech claims that the government's actions are based on unfounded "national security" concerns and represent excessive geopolitical interference [1][10]. - The order is seen as a violation of EU principles of market economy and fair competition [1]. Group 2: Internal Disputes - Anshi's foreign executives have initiated legal proceedings to investigate the company, which has led to the suspension of the CEO appointed by Wentech [12][13]. - The Dutch court has appointed a foreign individual as a non-executive director with decisive voting rights, further complicating Wentech's control over Anshi [12][13]. Group 3: Financial Performance and Business Impact - In 2024, Wentech's semiconductor business generated revenue of 14.715 billion yuan, with a gross margin of 37.47% and a net profit of 2.297 billion yuan [17]. - 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 [17]. - Following Wentech's acquisition, Anshi has improved its global ranking in power discrete devices from 11th in 2019 to 3rd [17]. Group 4: Broader Industry Context - The current geopolitical climate poses challenges and opportunities for Chinese manufacturing, particularly in high-tech sectors [17]. - Wentech's global revenue reached 73.6 billion yuan in 2024, with overseas income accounting for 52.9 billion yuan, indicating its status as a global enterprise [18].