Dioo Microcircuits (SH:688381) 中国基金报·2025-10-20 16:16Core Viewpoint - DiAo Micro plans to acquire 100% equity of Rongpai Semiconductor through a combination of issuing shares and cash payment, with the stock resuming trading on October 21 [2][5]. Group 1: Acquisition Details - The acquisition involves 16 shareholders, including Dong Zhiwei and Hubei Xiaomi Changjiang Industrial Fund, who collectively hold the 100% equity of Rongpai Semiconductor [5]. - Rongpai Semiconductor, established in 2017, focuses on high-performance analog chip design, development, and sales, with applications in automotive electronics, industrial control, new energy, smart meters, and smart home appliances [5]. - Xiaomi Changjiang, a significant shareholder of DiAo Micro, holds 3.87% of the company's shares as of September 26, 2025 [5][6]. Group 2: Company Performance - DiAo Micro reported a revenue of 306 million yuan for the first half of 2025, a 15.11% increase year-on-year, but recorded a net loss of 4.21 million yuan compared to a profit of 26.77 million yuan in the same period last year [7]. - Following the acquisition, Rongpai Semiconductor will become a wholly-owned subsidiary, enhancing DiAo Micro's positioning in the analog chip sector and expanding its downstream application areas [7]. Group 3: Industry Context - The analog chip market is characterized as a "long tail" product market, where single companies struggle to establish comprehensive competitiveness, making mergers and acquisitions a key strategy for growth [7]. - Recent trends show domestic companies accelerating mergers and acquisitions, with examples including Jiewate's investment in Xin Gang Hai An and Biyiwei's acquisition of Shanghai Xinggan Semiconductor [7]. - Analysts suggest that horizontal mergers can consolidate the market, promoting high-quality development of the analog chip industry [7].