WINGTECH(SH:600745) Mei Ri Jing Ji Xin Wen·2025-11-06 14:21Core Viewpoint - Wentech Technology (600745.SH) is facing significant shareholder reductions amid the "Nexperia" semiconductor turmoil, with the second-largest shareholder planning to reduce holdings by up to 3% of the total share capital, despite the stock price increasing over 24% in the past month and a half [1][2][8]. Shareholder Reduction - On November 5, Wentech Technology announced that its major shareholder, Wuxi Guolian Integrated Circuit Investment Center (Limited Partnership), plans to reduce its holdings by up to 24,892,700 shares (2% of total share capital) through block trading and up to 12,446,400 shares (1% of total share capital) through centralized bidding, totaling a maximum reduction of 37,339,100 shares (3% of total share capital), valued at approximately 1.608 billion yuan based on the closing price of 43.08 yuan on November 5 [2][3][5]. - As of the end of Q3, Wuxi Guolian Integrated Circuit Investment Center held 7.77% of Wentech Technology's shares, making it the second-largest shareholder, with this planned reduction accounting for nearly 40% of its total holdings [5]. Financial Performance - In Q3, Wentech Technology reported a significant increase in net profit by 279.29%, amounting to 1.04 billion yuan, despite a 77.38% decline in revenue to 4.43 billion yuan [10][11]. - The semiconductor business, particularly Nexperia, has become the main revenue source for Wentech Technology, contributing 14.715 billion yuan in revenue and 2.297 billion yuan in net profit in 2024 [12]. Nexperia Situation - The ongoing turmoil surrounding Nexperia has raised concerns about the stability of Wentech Technology's semiconductor business, with potential risks to revenue, profit, and cash flow if control is not restored by the end of 2025 [12][16]. - Nexperia has faced significant operational disruptions due to political interference, leading to a warning from the European Automobile Manufacturers Association about potential production halts for car manufacturers [10][12].