帝奥微收购荣湃半导体背后，“小米系”资本浮出水面

Core Viewpoint - The acquisition of Rongpai Semiconductor by Diaowei marks a significant consolidation in the analog chip industry, enhancing Diaowei's competitive edge in the market [1][2]. Group 1: Acquisition Details - Diaowei plans to acquire 100% of Rongpai Semiconductor through a combination of issuing shares and cash payments, while also raising additional funds from specific investors [2]. - Following the acquisition, Rongpai Semiconductor will become a wholly-owned subsidiary of Diaowei, with the stock price of Diaowei rising by 5.66% to 29.70 yuan per share on the day of the announcement [2]. - The share issuance price for the acquisition has been preliminarily set at 19.84 yuan per share, subject to regulatory approval [2]. Group 2: Financial Performance - Rongpai Semiconductor has shown rapid revenue growth, achieving revenues of 61.10 million yuan and 99.08 million yuan for 2023 and 2024, respectively, although it has reported net losses that are narrowing [3]. - In the first half of 2025, Diaowei reported revenues of 51.99 million yuan with a net loss of 8.23 million yuan, indicating ongoing challenges despite revenue growth [4][9]. Group 3: Strategic Implications - The acquisition will allow Diaowei to quickly enter the isolator chip market and enhance its product offerings by integrating Rongpai's established technologies and resources [4]. - Diaowei has recently launched a new eUSB2 repeater product, further strengthening its position in the high-speed interface chip sector [5]. Group 4: Xiaomi's Involvement - Xiaomi Changjiang Industrial Fund holds shares in both Diaowei and Rongpai Semiconductor, having invested approximately 89.56 million yuan in Diaowei since 2020 [6][8]. - The fund's involvement may indicate a strategic partnership, as Diaowei is also a key supplier for Xiaomi [8].