投芯片！230亿A股出手

Core Viewpoint - The company Shiyun Circuit plans to invest 125 million yuan in Shenzhen Xinsong Semiconductor, which has a net asset of 21.2 million yuan and a valuation of 3 billion yuan [2][4]. Investment Details - Shiyun Circuit will acquire 3.8238% equity in Xinsong Semiconductor through capital increase with its own funds [2]. - The investment requires only board approval and does not need to go through a shareholders' meeting [4]. Company Profile - Xinsong Semiconductor specializes in the R&D, production, and sales of SAW (Surface Acoustic Wave) filters and BAW (Bulk Acoustic Wave) filters, holding over 170 authorized patents in China and the U.S. [6]. - The company has developed products that are supplied to major smartphone brands like Xiaomi, Honor, and Samsung [6]. Strategic Rationale - The investment aligns with Shiyun Circuit's strategy to establish a presence in high-tech segments of the electronic information industry, particularly in smart automotive and AIOT applications [6]. - The collaboration aims to promote the adoption of new vehicle-mounted filters and modular solutions, benefiting both companies [6]. Financial Overview - As of mid-2025, Xinsong Semiconductor's total assets and net assets are 458 million yuan and 21.2 million yuan, respectively, with a debt ratio of 95.37% [7][8]. - The company reported revenues of 227 million yuan and a net loss of 28.8 million yuan for 2024, with a worsening loss trend in the first half of 2025 [7][8]. Valuation Basis - The investment is based on a pre-investment valuation of 3 billion yuan, reflecting the company's product development progress and business growth since the last financing round [10]. - Xinsong Semiconductor achieved a revenue increase of 25% year-on-year in the first half of 2025, with a strong order backlog [10]. Company Background - Shiyun Circuit is primarily engaged in the production of PCBs (Printed Circuit Boards) and was listed on the Shanghai Stock Exchange in April 2017 [11]. - As of August 8, 2023, the company's market capitalization is 23.06 billion yuan [12].