春节临近，安世半导体控制权僵局未见转圜，反而步入更为漫长的第二阶段。 2月11日晚间，闻泰科技公告称，阿姆斯特丹上诉法院企业法庭（以下简称"企业法庭"）于荷兰时间 2026年2月11日作出裁决。企业法庭经审理后，批准了启动正式调查的申请。企业法庭开展调查期间， 公司对安世的控制权仍然处于受限状态。 安世控制权受限，对闻泰科技的影响已从单一事件演变为系统性风险。 安世控制权长期受限，正在对闻泰科技形成多方位冲击。公司业绩预告显示，2025年全年预计亏损额为 90亿元至135亿元；与此同时，公司主体及债项信用评级近期遭遇下调。2月12日开盘，闻泰科技股价一 度触及跌停。 裁决致安世控制权"冻结期"延长 自2024年底宣布剥离产品集成业务之后，闻泰科技战略重心全面向半导体业务倾斜，而安世半导体正是 其半导体板块的核心载体。 闻泰科技公告显示，安世半导体是全球领先的分立与功率芯片IDM龙头厂商，是全球龙头的汽车半导体 公司之一，拥有近1.6万种产品料号。根据芯谋研究数据，2024年安世半导体位居全球功率分立器件营 收第三位，并稳居国内功率半导体公司第一名位置，荣获"中国半导体行业功率器件十强企业"称号。 然而，自20 ...

Core Viewpoint - The recent developments regarding the freezing of assets and control limitations of Anshi Semiconductor, a subsidiary of Wentai Technology, pose potential threats to the stability of the global semiconductor supply chain, prompting Wentai to urge Anshi Netherlands to respond constructively to restore control rights [2][3]. Group 1: Company Statements and Actions - Wentai Technology issued a statement on November 23, emphasizing the lack of substantial response from Anshi Netherlands despite Wentai's efforts to communicate and resolve control issues [2]. - The company highlighted that the Dutch Minister of Economic Affairs' suspension of the administrative order on November 19 reflects a recognition of the current issues, marking a step towards resolution [3]. - Wentai reiterated the need for the Dutch Ministry to comprehensively address the Anshi Semiconductor situation to restore Wentai's complete shareholder rights and legal control [3]. Group 2: Legal and Regulatory Context - The administrative order from the Dutch Ministry, issued in late September, restricted Anshi and its global subsidiaries from making any adjustments to assets, intellectual property, and personnel for one year [3]. - Despite the suspension of the administrative order, the emergency measures imposed by the Amsterdam court remain in effect, limiting Wentai's control over Anshi Semiconductor [4]. - The emergency measures include the suspension of Zhang Xuezheng from his role as an executive director and the management of Wentai's shares in Anshi by an independent third party [4]. Group 3: Financial Implications - Anshi Semiconductor reported revenue of approximately 14.7 billion yuan last year [4]. - Wentai Technology indicated that if control over Anshi is not restored by the end of 2025, the company may face risks of revenue, profit, and cash flow adjustments [4]. - Wentai criticized the Dutch government's actions as excessive intervention based on geopolitical biases, citing "national security" as the rationale for the operational freeze on Anshi Semiconductor [4].