Core Viewpoint - The major shareholder of Fudan Microelectronics (688385.SH) is set to change as Shanghai Fuxin Fangao Integrated Circuit Technology Co., Ltd. plans to transfer approximately 107 million shares to Shanghai Guosheng Group Investment Co., Ltd., making Guosheng Investment the new largest shareholder with a 12.99% stake [1][4]. Shareholder Change - The actual controller of Guosheng Investment is the Shanghai State-owned Assets Supervision and Administration Commission, which will take over as the largest shareholder of Fudan Microelectronics [2]. - The share transfer is priced at 48.20 yuan per share, representing a discount of approximately 15% compared to the closing price before the agreement [4][3]. Financial Details - The total transaction value is approximately 5.144 billion yuan [3][4]. - Fudan Microelectronics has faced pressure on its performance, with a reported revenue of about 3 billion yuan for the first three quarters of 2025, a year-on-year decline of 22.69% [3][8]. Business Overview - Fudan Microelectronics specializes in the design, development, testing, and provision of system solutions for ultra-large-scale integrated circuits, being one of the earliest and first listed integrated circuit design companies in China [3][4]. - The company has invested significantly in research and development, with R&D expenses amounting to 795 million yuan in the first three quarters of 2025, accounting for 26.29% of its revenue [7][8]. Market Performance - Following the announcement of the shareholder change, Fudan Microelectronics' stock price rose to 58.60 yuan per share, reflecting a 3.33% increase [5]. - Since the beginning of 2025, the stock price has increased by approximately 53% from 38.31 yuan per share [6].

据记者梳理，本次控制权变更通过"定增认购+表决权放弃"的组合模式实现。新疆兵新建通过全额认购 定增股份，将持有不超过公司总股本30%的股份，成为第一大股东。与此同时，施卫东则签署表决权放 弃协议，承诺自定增股票登记完成起36个月内，无条件放弃所持全部股份的提案权、表决权等非财产性 权利，且不得委托第三方行使。 值得一提的是，经德力股份向深圳证券交易所申请，公司股票自10月16日开市起复牌。 前海开源基金首席经济学家杨德龙在接受《证券日报》记者采访时表示，此次德力股份通过定增使控制 权发生变更，有利于优化公司治理结构，提升经营发展能力。对于投资者来说，短期可关注市场资金动 向，长期则需要观察公司业务发展方向以及业绩拐点信号。 随着定增落地，公司控股股东将变更为新疆兵新建，实际控制人将变更为第四师可克达拉市丝路金融发 展促进中心。 上海大学悉尼工商学院讲师王雨婷对《证券日报》记者表示，新疆兵新建背后的第四师可克达拉市丝路 金融发展促进中心，作为国资平台，其资源整合能力与产业布局思路将直接决定公司走向。 为巩固新疆兵新建控制权地位，在股票登记完成之日起18个月内，原公司实控人施卫东拟通过集中竞价 交易、大宗交易或者 ...

Core Viewpoint - Black Sesame is likely to be taken over by a state-owned enterprise, which may lead to a change in control and is expected to positively impact the company's internal control, funding, business, and market expansion [1][4]. Group 1: Company Background - Founded in 1984, Black Sesame is a large private enterprise group focused on the black sesame industry, including research, production, and sales of health products [3]. - Black Sesame was listed on the Shenzhen Stock Exchange in 1997 and is recognized as the first stock in China's black sesame industry [3]. - The largest shareholder, Guangxi Black Five Categories Food Group, currently holds a 30.25% stake in Black Sesame [3]. Group 2: Financial Performance - Black Sesame's revenue has declined for four consecutive years, with figures of 40.25 billion, 30.16 billion, 26.77 billion, and 24.65 billion from 2021 to 2024 [5]. - The company reported net profits of -1.09 million, -1.4 million, 4300 million, and 7800 million during the same period [5]. - In Q1 2025, revenue was 4.42 billion, a year-on-year decrease of 3.74%, with a net profit of 225 million, down 29.61% year-on-year [5]. Group 3: Challenges and Strategic Shifts - Black Sesame's core product, sesame paste, has seen a significant drop in sales, from 900.67 million units in 2015 to 562.68 million units in 2020 [5]. - The company has attempted multiple cross-industry ventures, including a 2.56 billion acquisition of a logistics park and a 7 billion acquisition of an e-commerce platform, both of which were later divested due to misalignment with core business [6]. - In 2023, Black Sesame announced a 35 billion investment in a battery storage project, which was subsequently paused due to market conditions [6]. - The company has decided to refocus on its core business, emphasizing health food products and the black sesame strategy [6]. Group 4: Potential Benefits from State-Owned Enterprise Involvement - The entry of a state-owned enterprise could enhance Black Sesame's financial strength, resource integration, and governance, addressing existing internal control issues [4][7]. - The state-owned enterprise may leverage its advantages in the cultural tourism and health sectors to promote product upgrades and market expansion for Black Sesame [7].