Group 1 - The core point of the news is that SMIC (中芯国际) plans to acquire a 49% stake in its subsidiary, SMIC North (中芯北方), which is a significant 12-inch wafer fab, to enhance its net profit [1][4]. - SMIC currently operates three 12-inch wafer fabs in Beijing, including SMIC Beijing, SMIC North, and SMIC Jingcheng, with SMIC North being crucial for profit contribution due to its mature process lines [2][3]. - SMIC North is primarily focused on 28nm and 45nm process lines, making it a key contributor to SMIC's net profit, with reported net profits of 2.02 billion yuan in 2021 and projected profits of 2.31 billion yuan, 460 million yuan, and 526 million yuan for 2022, 2023, and 2024 respectively [3][4]. Group 2 - The acquisition is still in the planning stage, with SMIC in discussions with potential investors, including the National Integrated Circuit Industry Investment Fund and other investment entities [5]. - The acquisition is expected to significantly boost SMIC's net profit attributable to shareholders, especially as SMIC North's production lines are nearing the end of their depreciation period [4]. - In contrast, SMIC Jingcheng is currently facing challenges with capacity ramp-up and depreciation, which may negatively impact the combined financial performance post-acquisition [4].

上市公司相关财务数据：25 年1-5 月累计实现营收188.39 亿元，毛利率为10.94%，净利润6.68 亿元，净 利率为3.55%，实现归母净利3.59 亿元，归母净利/净利润为54%，假设收购后25 年1-5 月归母净利/净利 润比例将提升至63%。 交易情况介绍：公司拟以现金13.79 亿元购买南京万优49%的股权，收购完成后，上市公司将直接和间 接持有南京万优75.01%的股权。本次收购南京万优100%股权交易对价为28.15 亿元，以南京万优24 年 净利润计算，估值为11.43X，以25 年1-5 月净利润年化计算，估值为8.29X。本次收购同时福建农开 发、漳州金万辰、王泽宁、张海国将向淮南盛裕实际控制人周鹏转让上市公司5.2714%的股权。我们认 为本次收购南京万优少数股权将进一步增厚归母净利，来优品品牌创始人周鹏等持有上市公司股权，与 公司形成较强绑定，有助于业务更好发展。 南京万优基本情况：主要覆盖华东、华北及华中地区， 24 年实现营收77.12 亿元，占上市公司收入比例 为23.86%， 24 年底门店数量为3041家，占上市公司门店数量的21.42%，24 年毛利率为13.3%， ...