FMSH(SH:688385) Zhong Guo Ji Jin Bao·2025-11-16 13:57Core Viewpoint - Fudan Microelectronics, a leading domestic FPGA company with a market value exceeding 40 billion CNY, announced that its largest shareholder, Shanghai Fuxin Fangao Integrated Circuit Technology Co., Ltd., will transfer its 106.73 million A-shares (12.99% of total shares) to Shanghai Guosheng Group Investment Co., Ltd., making Guosheng the new largest shareholder. This transaction will not significantly impact the company's management and does not involve a takeover bid [2][3]. Share Transfer Details - The share transfer involves 106.73 million A-shares at a price of 48.20 CNY per share, totaling 5.144 billion CNY, which represents a 15% discount compared to the previous closing price of 56.71 CNY [3]. - After the transfer, Fuxin Fangao will no longer hold any shares in Fudan Microelectronics, while Guosheng Investment is a wholly-owned subsidiary of Shanghai Guosheng Group, which is controlled by the Shanghai State-owned Assets Supervision and Administration Commission [4]. Background and Strategic Implications - The share transfer is part of ongoing reforms in state-owned asset management, characterized as necessary for the management of state assets [5]. - Fudan University will continue to support Fudan Microelectronics in strategic cooperation and collaborative research and development efforts post-transfer [6]. Company Performance and Market Position - Fudan Microelectronics, established in 1998, specializes in the design, development, and testing of large-scale integrated circuits, with a product line that includes security and identification chips, non-volatile memory, smart meter chips, and FPGA chips [7]. - For the first three quarters of 2025, the company reported revenues of 3.024 billion CNY, a year-on-year increase of 12.7%, while net profit attributable to shareholders decreased by 22.69% to 330 million CNY. Notably, Q3 revenue grew by 33.28% to 1.186 billion CNY, and net profit surged by 72.69% to 137 million CNY [7]. - The company maintains a high level of R&D investment, with R&D expenses accounting for 28.99% of revenue, focusing on advanced FPGA and RF-FPGA products [7]. Industry Outlook - The rapid development of AI technology is creating new market opportunities for FPGA chips, which are becoming an essential component in the "CPU + FPGA + GPU" architecture due to their superior power consumption compared to GPUs [8].