Core Viewpoint - Mergers and acquisitions are key strategies for strengthening the analog chip industry [5] Company Overview - DiAo Microelectronics focuses on the research, design, and sales of high-performance analog chips [3][8] - Rongpai Semiconductor also specializes in high-performance, high-quality analog chip design, research, and sales [3][8] Recent Developments - On October 20, DiAo Microelectronics announced the acquisition of Rongpai Semiconductor to enhance its analog chip portfolio [6] - However, on December 6, DiAo Microelectronics announced the termination of the acquisition due to disagreements on key terms and pricing [6][8] Financial Performance - For the first three quarters of 2025, DiAo Microelectronics reported total revenue of 457 million yuan, a year-on-year increase of 11.41% [3][8] - The company recorded a net loss attributable to shareholders of 24.28 million yuan, compared to a profit of 18.33 million yuan in the same period last year [3][8] - The non-recurring net loss was 56.50 million yuan, compared to a loss of 22.50 million yuan in the previous year [3][8] Product and Technology - Rongpai Semiconductor's products include digital isolators, isolation interfaces, isolation drivers, isolation sampling, and optical MOS, applicable in various fields such as automotive electronics, industrial control, new energy, smart meters, and smart home appliances [3][8] - The company has achieved breakthroughs in domestic isolation chips through its proprietary capacitive intelligent voltage divider technology (iDivider technology) [3][8] Market Position - As of December 5, DiAo Microelectronics' stock price was 24.23 yuan per share, with a total market capitalization of 6 billion yuan [4][9]

每经AI快讯，12月8日，纳芯微(02676.HK；688052.SH)正式在香港联合交易所主板挂牌上市，成功构 建"A+H"双资本平台。截至收盘，纳芯微港股收跌4.31%，市值报243亿元。纳芯微创始人、董事长、 CEO王升杨表示，港股上市不仅是一次业务发展的里程碑，更是公司全球叙事的起点。公司将以此次上 市为锚，持续加大底层技术投入、扩展产品组合、完善海外销售与市场体系，并推动全球化运营能力跃 升，为客户与合作伙伴提供长期价值。 ...

Group 1 - On December 5, two major GPU IPOs, Moole Technology and Muxi Co., attracted significant market attention, with Moole Technology's stock opening at 650 yuan, reflecting a rise of over 500% [1] - Muxi Co. issued 40.1 million shares at a price of 104.66 yuan per share, representing 10.02% of the total post-issue share capital [1] - Angrui Micro also launched its IPO quietly, with a share price of 83.06 yuan, indicating a competitive landscape among these high-tech companies [1] Group 2 - Moole Technology is recognized as the "Chinese version of Nvidia," focusing on developing full-featured GPUs for AI, digital twins, and scientific computing, having launched four generations of GPU architectures [1] - Muxi Co. specializes in the research, design, and sales of full-stack high-performance GPU chips and platforms, becoming one of the few domestic companies mastering high-performance GPU technology [2] - Angrui Micro is a national-level specialized enterprise focusing on RF and analog integrated circuit design, with projected revenues of 2.101 billion yuan in 2024, ranking among the top three domestic RF front-end manufacturers [2] Group 3 - Financially, Moole Technology reported revenues of 0.46 million yuan in 2022, projected to reach 7.02 million yuan by mid-2025, but has not yet achieved profitability [3] - Muxi Co. showed revenues of 42.64 million yuan in 2022, with a significant increase to 743.07 million yuan by 2024, but also reported net losses [3] - Angrui Micro's revenues grew from 923.04 million yuan in 2022 to 2.101 billion yuan in 2024, with a compound annual growth rate of 50.88%, yet it also faced net losses [4]

Group 1: Company Overview - Nanbaichuan, established in 2007, focuses on the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1][3] - The company has developed a strong customer network, including major domestic new energy vehicle manufacturers and battery producers, with over 300 product projects delivered and more than 200 vehicle models adapted [3] Group 2: Financial Information - Nanbaichuan's IPO price is set at 22.63 CNY per share, with an institutional offering price of 23.01 CNY, and a market capitalization of 18.95 billion CNY [2] - The company plans to raise 5.70 billion CNY for a new production project and 1.50 billion CNY for working capital [2] Group 3: Market Position and Risks - Nanbaichuan is one of the earliest companies to engage in the development of thermal management systems for power batteries, establishing a competitive edge through strategic partnerships, particularly with CATL [3] - The company has a significant reliance on CATL, with sales to CATL accounting for over 44% of its revenue from 2022 to Q1 2025, which poses a risk if CATL's demand decreases [4] Group 4: Competitor Overview - Youshun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, positioning itself as a leading player in the optical communication sector [5][8] - The IPO price for Youshun is set at 51.66 CNY per share, with a market capitalization of 31 billion CNY, and it aims to raise funds for various chip development projects [5][7]

Group 1: Company Overview - Nanbaichuan, established in 2007, focuses on thermal management products for new energy vehicle batteries, fuel vehicle power systems, and energy storage batteries, with key products including battery liquid cooling plates and engine radiators [1][3] - The company was one of the first to develop battery thermal management systems and has established strategic partnerships with major players like CATL, becoming a primary supplier for several leading new energy vehicle manufacturers [3][4] Group 2: Market Position and Financials - As of 2024, Nanbaichuan is projected to hold a market share of approximately 12.16% in the battery liquid cooling plate segment, indicating a leading position in this niche market [3] - The company has completed over 300 product projects and adapted more than 200 vehicle models, showcasing its extensive client network and operational scale [3] Group 3: Customer Dependency and Risks - Nanbaichuan has a significant reliance on CATL, with sales to CATL and its affiliates accounting for over 44% of its revenue from 2022 to Q1 2025, highlighting a potential risk if CATL's demand decreases [4] Group 4: Youshun Co., Ltd. Overview - Youshun Co., Ltd. specializes in the research, design, and sales of optical communication front-end transceiver chips, positioning itself in the upstream segment of the semiconductor industry [4][10] - The company is recognized as a "national champion" in the optical communication sector, with its core products achieving significant market share both domestically and globally [10] Group 5: Financial Performance and Market Share - Youshun's products have entered mainstream domestic module manufacturers and telecom operators, establishing a leading position in the 10Gbps and below product segment, with a projected market share of first in China and second globally by 2024 [10] Group 6: Control Risks - Youshun faces control risks due to its actual controllers holding a significant portion of voting rights, which may lead to potential changes in control that could adversely affect business operations and management stability [11]

Core Viewpoint - The news highlights the IPOs of two companies, Nabichuan and Youxun, focusing on their business models, market positions, and financial metrics, indicating potential investment opportunities in the automotive and semiconductor sectors. Group 1: Nabichuan (301667.SZ) - Nabichuan, established in 2007, specializes in thermal management products for electric vehicle batteries, fuel vehicle power systems, and energy storage batteries, with key products including battery liquid cooling plates and engine radiators [1][3] - The IPO price is set at 22.63 CNY per share, with an institutional offering price of 23.01 CNY, and a market capitalization of 18.95 billion CNY [2] - The company has a significant reliance on CATL, with sales to CATL accounting for 53.73% of revenue in 2022, indicating a risk due to dependency on a single major customer [4] - Nabichuan's market share in battery liquid cooling plates is projected to reach approximately 12.16% by 2024, positioning it as a leader in this niche market [3] Group 2: Youxun (688807.SH) - Youxun focuses on the research, design, and sales of optical communication front-end transceiver chips, positioning itself upstream in the semiconductor supply chain [5] - The IPO price is set at 51.66 CNY per share, with an institutional offering price of 52.90 CNY, and a market capitalization of 31 billion CNY [6] - Youxun is recognized as a "national champion" in the optical communication sector, with its core products achieving significant market share, ranking first in China and second globally in the 10Gbps and below segment [9] - The company plans to allocate 4.68 billion CNY (57.82%) of its raised funds towards the development and industrialization of next-generation access network and high-speed data center chips [8]

纳百川成立于2007年，公司总部位于温州市泰顺县。公司专注从事新能源汽车动力电池热管理、燃油汽 车动力系统热管理及储能电池热管理相关产品的研发、生产和销售，主要产品包括电池液冷板、电池集 成箱体、燃油汽车发动机散热器、加热器暖风等。 12月8日，可申购创业板的纳百川（301667）(301667.SZ)与科创板的优迅股份(688807.SH)。 | 今日申购 | | | | | --- | --- | --- | --- | | 301667.SZ 纳百川 | | | | | 发行价(元/股) | 机构报价(元/股) | 市值(亿元) | 所属行业 | | 22.63 | 23.01 | 18.95 | 汽车制造业 | | 发行市盈率 | 行业市盈率 | 可比公司 | 可比公司动态市盈率 | | 28.70 | 28.71 | 三花智控 银轮股份 | 46.98 34.48 | | | | 方盛股份 | 89.01 | | 业绩情况 | | | | | 0 0 | | | COOL | | 募集资金投资方向 | 拟投入募集资金金额 (亿元) | 出 | | --- | --- | --- | | 纳百川（滁州 ...

路演嘉宾合影 ——厦门优迅芯片股份有限公司首次公开发行股票并在科创板上市网上投资者交流会精彩回放 出席嘉宾 厦门优迅芯片股份有限公司董事长 柯炳粦先生 厦门优迅芯片股份有限公司董事、总经理 柯腾隆先生 厦门优迅芯片股份有限公司董事会秘书、财务总监 杨 霞女士 中信证券股份有限公司保荐代表人 戴五七先生 中信证券股份有限公司保荐代表人 马 锐先生 厦门优迅芯片股份有限公司 董事长柯炳粦先生致辞 尊敬的各位嘉宾、各位网友： 大家好！ 今天非常高兴能与大家一起，就厦门优迅芯片股份有限公司首次公开发行股票并在科创板上市进行沟通 与交流。在此，我谨代表公司，向长期关心和支持优迅股份发展的广大投资者和各界朋友表示衷心的感 谢！并向参加今天网上交流的朋友们表示诚挚的欢迎！ 最后，预祝本次网上路演取得圆满成功，谢谢大家！ 中信证券股份有限公司 保荐代表人戴五七先生致辞 尊敬的各位嘉宾、各位网友： 大家好！ 非常荣幸能在网上和广大投资者就厦门优迅芯片股份有限公司首次公开发行股票并在科创板上市进行交 流。在此，我谨代表本次发行的保荐人和主承销商中信证券，向出席今天路演的各位嘉宾与投资者朋友 致以最热烈的欢迎和最衷心的感谢！ 优迅 ...

昂瑞微公告显示，本次网上发行有效申购户数为512.92万户，有效申购数量为173.14亿股，网上发行初 步中签率为0.02299243%。因网上发行初步有效申购倍数约为4349.26倍，超过100倍，决定启动回拨机 制，将199.10万股从网下回拨到网上。回拨后，网下最终发行1393.43万股，占扣除最终战略配售数量后 发行总量的70%；网上最终发行数量为597.20万股，占扣除最终战略配售数量后发行总量的30%，网上 发行最终中签率为0.03449153%。 昂瑞微本次科创板IPO发行股份数量为2488.29万股，全部为公开发行新股，发行价格为83.06元/股，预 计募集资金总额为20.67亿元。 昂瑞微披露，本次IPO战略配售获得多家重磅投资者鼎力加盟。联想、北汽、广和通（300638）、保隆 科技（603197）、中保投及银华基金等知名产业及金融机构(或通过下属机构)均已参与。 公开信息显示，昂瑞微是一家专注于射频、模拟领域的集成电路设计企业，是国家级专精特新重点"小 巨人"企业。公司主要从事射频前端芯片、射频SoC芯片及其他模拟芯片的研发、设计与销售。 12月7日，同日开启申购的两只芯片巨头——沐曦股 ...

Core Viewpoint - Angrui Microelectronics Technology Co., Ltd. (Angrui Micro) is set to launch its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a planned fundraising of approximately 2.067 billion yuan [1][3]. Financial Overview - Angrui Micro's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately 0.923 billion yuan, 1.695 billion yuan, 2.101 billion yuan, and 0.843 billion yuan respectively, while net profits for the same periods are approximately -0.290 billion yuan, -0.450 billion yuan, -0.0647 billion yuan, and -0.0403 billion yuan [4]. - The company expects its revenue for 2025 to be between 1.905 billion yuan and 2.275 billion yuan, reflecting a year-on-year change of -9.32% to 8.26% [7]. Fundraising Allocation - The planned fundraising of 2.067 billion yuan will be allocated as follows: 1.096 billion yuan for the R&D and industrialization upgrade of 5G RF front-end chips and modules, 0.408 billion yuan for RF SoC R&D and industrialization upgrade, and 0.563 billion yuan for the construction of the headquarters and R&D center [5]. Business Focus - Angrui Micro specializes in integrated circuit design, focusing on RF and analog fields, and primarily develops and sells a full range of RF front-end chip products for smart mobile terminals and RF SoC chips for the Internet of Things [3]. Shareholder Structure - The company has no controlling shareholder, with the actual controller being Qian Yongxue, who holds 3.8578% directly and controls 62.4309% of the voting rights through various mechanisms [8][9]. Legal and Compliance Issues - Angrui Micro is currently facing scrutiny due to its indirect shareholder, Mumen Group, being involved in an illegal fundraising case. The company asserts that it and its related parties have not participated in any illegal activities related to this case [9][10].