士兰微借国资“杠杆”，布200亿芯片“棋局”

Core Viewpoint - Company Silan Microelectronics is expanding its production capacity through a significant investment partnership with Xiamen Semiconductor and New Wing Technology, focusing on a 12-inch high-end analog integrated circuit chip manufacturing project with a total planned investment of 20 billion yuan [1][3][4]. Investment Details - The total investment for the 12-inch chip project is 20 billion yuan, divided into two phases, with a planned annual production capacity of 540,000 wafers [4][6]. - The company and its subsidiary Xiamen Silan Microelectronics will contribute a total of 1.5 billion yuan to the project, while Xiamen Semiconductor and New Wing Technology will contribute 1.5 billion yuan and 2.1 billion yuan, respectively [4][5]. - After the capital increase, Silan Microelectronics' shareholding in the project company, Silan Jihua, will decrease from 100% to 29.55%, and it will no longer consolidate Silan Jihua into its financial statements [5][9]. Strategic Rationale - Partnering with state-owned enterprises allows the company to share risks and ensure project stability while maintaining significant decision-making power through board representation [2][8][9]. - The company aims to leverage its integrated design and manufacturing capabilities to enhance its strategic positioning in the high-end analog integrated circuit market [6][10]. Historical Context - This investment follows a previous collaboration in 2024 for an 8-inch SiC power device chip manufacturing project, which also involved significant capital contributions from the same state-owned partners [7][10]. - The company has a history of raising funds through multiple rounds of financing to support its expansion strategy, indicating a strong growth ambition [11][12]. Financial Performance - The company's revenue has shown growth, increasing from 7.194 billion yuan in 2021 to an expected 11.22 billion yuan in 2024, although net profit has fluctuated significantly during the same period [13][14]. - In the first half of 2025, the company reported a revenue of 6.34 billion yuan, a year-on-year increase of 20.1%, with a substantial rise in net profit, indicating a potential recovery [14].