12月5日晚，帝奥微（688381）发布公告称，公司决定终止发行股份及支付现金购买荣湃半导体（上海）有限公司 100%股权并募集配套资金事项。 根据帝奥微公告，终止原因是此次交易自启动以来，公司与交易对方就交易的可行性、交易方案的核心条款等进行了 多次论证和磋商，但最终就交易方案、交易价格、业绩承诺等核心条款未能达成一致意见。交易各方一致同意终止筹 划此次交易。 公司承诺自本次终止公告披露之日起至少1个月内不再筹划重大资产重组事项。目前公司生产经营情况正常，本次交 易终止不会对公司的生产经营和财务状况造成重大不利影响。 公开资料显示，帝奥微是一家专注于从事高性能模拟芯片的研发、设计和销售的集成电路设计企业。而荣湃半导体亦 专注于高性能、高品质模拟芯片的设计、研发与销售。 2025年前三季度，帝奥微实现营业总收入4.57亿元，同比增长11.41%；归母净利润亏损2428.19万元，上年同期盈利 1833.14万元；扣非净利润亏损5649.91万元，上年同期亏损2250.32万元。 值得注意的是，天眼查显示，小米系资本小米长江产业基金持有荣湃半导体3.5%的股权，同时也是帝奥微的股东，持 有其3.87%的股份。此 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨金珊 编辑丨黎雨桐 12月5日晚，帝奥微（688381）发布公告称，公司决定终止发行股份及支付现金购买荣湃半导体（上 海）有限公司100%股权并募集配套资金事项。 值得注意的是，天眼查显示，小米系资本小米长江产业基金持有荣湃半导体3.5%的股权，同时也是帝 奥微的股东，持有其3.87%的股份。此外，帝奥微是小米生态链中的重要合作伙伴。帝奥微的多款产品 已应用于小米手机等5G终端设备。 截至12月5日收盘，帝奥微报24.23元/股，总市值60亿元。 责任编辑：凌辰 根据帝奥微公告，终止原因是此次交易自启动以来，公司与交易对方就交易的可行性、交易方案的核心 条款等进行了多次论证和磋商，但最终就交易方案、交易价格、业绩承诺等核心条款未能达成一致意 见。交易各方一致同意终止筹划此次交易。 公司承诺自本次终止公告披露之日起至少1个月内不再筹划重大资产重组事项。目前公司生产经营情况 正常，本次交易终止不会对公司的生产经营和财务状况造成重大不利影响。 公开资料显示，帝奥微是一家专注于从事高性能模拟芯片的研发、设计和销售的集成电路设计企业。而 荣 ...

记者丨金珊 编辑丨黎雨桐 12月5日晚，帝奥微（688381）发布公告称，公司决定终止发行股份及支付现金购买荣湃半导 体（上海）有限公司100%股权并募集配套资金事项。 根据帝奥微公告，终止原因是此次交易自启动以来，公司与交易对方就交易的可行性、交 易方案的核心条款等进行了多次论证和磋商，但最终就交易方案、交易价格、业绩承诺等 核心条款未能达成一致意见。交易各方一致同意终止筹划此次交易。 公司承诺自本次终止公告披露之日起至少1个月内不再筹划重大资产重组事项。目前公司生产 经营情况正常，本次交易终止不会对公司的生产经营和财务状况造成重大不利影响。 公开资料显示，帝奥微是一家专注于从事高性能模拟芯片的研发、设计和销售的集成电路设 计企业。而荣湃半导体亦专注于高性能、高品质模拟芯片的设计、研发与销售。 2025年前三季度，帝奥微实现营业总收入4.57亿元，同比增长11.41%；归母净利润亏损 2428.19万元，上年同期盈利1833.14万元；扣非净利润亏损5649.91万元，上年同期亏损 2250.32万元。 值得注意的是，天眼查显示， 小米系资本小米长江产业基金 持有荣湃半导体3.5%的股权，同 时也是帝奥微的 ...

Summary of the Conference Call for Xintongwei (New Tongwei) Q3 2025 Company Overview - **Company**: Xintongwei - **Industry**: Consumer Electronics, Power Supply, and Semiconductor Key Points and Arguments Financial Performance - **Q3 2025 Revenue**: 242 million yuan, a year-on-year decrease of approximately 5% and significant fluctuations compared to the previous quarter [2][4] - **Revenue Breakdown**: - Home appliances: 60% (approximately 147 million yuan) - Standard power supplies: approximately 40 million yuan - Industrial and automotive power supplies: 55 million yuan [2][4] - **Net Profit**: Achieved a record high for a single quarter since establishment, exceeding 87 million yuan, driven by the industrial power supply sector [3] Market Dynamics - **Home Appliance Market**: Expected gradual recovery in Q4, but small appliance market performance may not meet previous years' levels. Annual sales target adjusted to 1.1-1.2 billion yuan [2][10] - **Impact of Promotions**: Sales decline in small appliances attributed to the 618 promotion leading to pre-stocked inventory [5][6] Profitability and Margins - **Gross Margin**: Slight increase, with a comprehensive gross margin of 37% as of September, aiming for a long-term target of 45% [2][7] - **Net Profit Margin**: Target set at 15% [2][7] Inventory Management - **Inventory Value**: 390 million yuan, with 10% as raw materials, 35% as finished products, and the remainder as semi-finished and online re-manufactured products [7] - **Inventory Turnover Goal**: Optimizing turnover days to 150 days [7] M&A Strategy - **M&A Plans**: Actively evaluating potential acquisition opportunities, focusing on power supply and motor system sectors, with a goal of completing at least one acquisition annually [2][8][9] Future Growth Plans - **Market Focus**: Plans to deepen engagement in three segments: home appliances, fast charging calibration, and industrial & automotive sectors [10] - **R&D Expansion**: Plans to expand the R&D team to over 500 personnel, focusing on high-quality talent acquisition [4][15] Product Development - **New Product Launches**: Significant growth in fast charging calibration with over 30% increase in shipment volume, and plans for new generation protocols and chips [11] - **Industrial Sector Growth**: Industrial power supply sales exceeded 55 million yuan, with continuous growth and new product launches planned [12] Challenges and Opportunities - **Seasonal Effects**: Seasonal impacts on white goods, particularly air conditioning, noted as a challenge [5][10] - **Export Market**: Anticipated stable growth in appliance exports, with China’s manufacturing capabilities playing a crucial role [14] Long-term Vision - **3-5 Year Development Goals**: Aiming for a 30% increase in personnel and focusing on product development in established markets [26] - **Technological Advancements**: Emphasis on enhancing technical capabilities and maintaining competitive advantages through talent acquisition [16][27] Conclusion - Xintongwei is navigating a challenging market environment with strategic adjustments in revenue targets, a focus on R&D and M&A, and a commitment to long-term growth in key sectors. The company remains optimistic about future opportunities despite current market fluctuations.

Core Viewpoint - The article discusses the acquisition plan of Chip Origin Microelectronics (芯原股份) to purchase a 97.0070% stake in Chip Lai Technology (芯来科技) through a combination of issuing shares and cash payment, indicating a significant asset restructuring without being classified as a related party transaction or a reverse listing [1]. Group 1: Acquisition Details - The acquisition involves 31 parties, including Chip Lai Technology's founders, and the share issuance price is set at 106.66 yuan per share, which is 80% of the average trading price over the previous 20 trading days [1]. - Chip Lai Technology, established in 2018, specializes in semiconductor IP design and services, focusing on RISC-V CPU IP, with over 300 authorized clients globally [5]. Group 2: Financial Performance - For the years 2023 to 2025, Chip Lai Technology reported revenues of 69.46 million yuan, 77.94 million yuan, and 6.16 million yuan, with net losses of 31.79 million yuan, 44.02 million yuan, and 21.16 million yuan respectively [6]. - The company is close to breakeven when excluding share-based payment impacts, with a gross margin exceeding 90% for its semiconductor IP licensing services [6]. Group 3: Risks and Challenges - The acquisition carries goodwill impairment risks due to it being a merger of entities under different control, necessitating annual impairment testing [7]. - Chip Origin Microelectronics has shown declining financial performance, with revenues of 2.679 billion yuan, 2.338 billion yuan, and 2.322 billion yuan from 2022 to 2024, alongside increasing net losses [11]. Group 4: Strategic Implications - The acquisition is expected to enhance the synergy between Chip Lai Technology and Chip Origin Microelectronics, improving the latter's core processor IP and CPU IP capabilities, thereby strengthening its market competitiveness [10].

Group 1: Recent Mergers and Acquisitions in the Semiconductor Industry - Domestic chip companies are actively pursuing mergers and acquisitions, with notable transactions including Jiewa's acquisition of a stake in New Port Coast (Beijing) Technology Co., Ltd. for a total price of 418 million yuan, resulting in a 35.3677% ownership stake [2] - Jiewa aims to enhance its product portfolio and competitiveness in the analog integrated circuit sector through this investment, particularly in power management and signal chain chips [2] - Starry Technology announced the acquisition of 53.3087% of Shanghai Furui Kun Microelectronics Co., Ltd. for approximately 210 million yuan, marking a strategic move in the AI SoC chip design field [4][5] Group 2: Company Profiles and Strategic Goals - New Port Coast specializes in high-speed mixed-signal IC design and is recognized for its core competencies in clock chip design, with applications in communication infrastructure and consumer electronics [2] - Furui Kun, established in 2014, focuses on Bluetooth chip design and has been recognized as a national-level "little giant" enterprise, boasting a strong technical team and a comprehensive R&D capability [5][6] - Starry Technology's acquisition of Furui Kun is expected to synergize existing technologies and enhance capabilities in low-power and reliable connectivity, aiming to transition from a chip supplier to a smart IoT solution provider [7] Group 3: Industry Consolidation and Future Prospects - Huahong and SMIC are also engaging in significant acquisitions, with Huahong planning to acquire 97.4988% of Shanghai Huali Microelectronics Co., Ltd. to enhance its wafer foundry capacity and product offerings [9][10] - SMIC is in the process of acquiring a 49% minority stake in SMIC North, which is expected to consolidate its operations and improve profitability by bringing previously held assets back under its control [11][12] - The consolidation efforts in the semiconductor industry are aimed at enhancing technological capabilities, optimizing production processes, and increasing market share [10][12]