半导体龙头，第一大股东拟变更

Core Viewpoint - Fudan Microelectronics, a leading domestic FPGA company, is undergoing a significant change in its major shareholder, with Guosheng Investment set to acquire a 12.99% stake from Fuxin Fangao, marking a shift in ownership while maintaining the company's non-controlling status [2][4][10]. 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 [6][5]. - The transfer will be executed in stages, with 30% of the payment due within five working days after the formal agreement is signed [7]. Background of the Transaction - The transfer is part of ongoing reforms in state-owned asset management, with Fudan University continuing to support Fudan Microelectronics in strategic cooperation and research initiatives [10][8]. - Guosheng Investment, a wholly-owned subsidiary of Shanghai Guosheng Group, has a strong presence in the integrated circuit sector, having invested in various technology companies [8]. Company Performance - Fudan Microelectronics reported a revenue of 3.024 billion CNY for the first three quarters of 2025, a year-on-year increase of 12.70%, while net profit decreased by 22.69% to 330 million CNY [12]. - The company achieved a significant revenue growth of 33.28% in Q3, reaching 1.186 billion CNY, with net profit soaring by 72.69% to 137 million CNY [12]. - R&D investment remains high, accounting for 28.99% of revenue, as the company advances its FPGA and RF-FPGA product lines [12]. Market Opportunities - The rapid development of AI technology is creating new market opportunities for FPGA chips, which are becoming integral to the "CPU+FPGA+GPU" architecture due to their superior power efficiency compared to GPUs [13].