Core Viewpoint - The company, Diaowei (688381), announced the termination of its plan to acquire 100% equity of Rongpai Semiconductor due to failure to reach consensus on key terms of the transaction, including price and performance commitments [2][4]. Group 1: Transaction Details - The company initially intended to purchase Rongpai Semiconductor through a combination of issuing shares and cash, along with raising supporting funds [4]. - The termination was agreed upon after extensive discussions and negotiations with the transaction parties, aimed at protecting the interests of the company and its shareholders [4]. Group 2: Company Operations - The company stated that its current production and operational status remains normal, and the termination of the transaction will not have a significant adverse impact on its financial condition [5]. - Diaowei specializes in the research, design, and sales of high-performance analog chips, with a product range that includes signal chain analog chips and power management analog chips [5][6]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 457 million yuan, representing a year-on-year increase of 11.41%, while the net profit attributable to shareholders was a loss of 24.28 million yuan, a decline of 232.46% [7]. - The basic earnings per share for the same period were reported at -0.10 yuan [7]. Group 4: Market Position and Products - The company is recognized as one of the few suppliers capable of providing both low-power, high-precision operational amplifiers and high-voltage, high-precision operational amplifiers [6]. - Its products are widely used across various sectors, including mobile phones, computers, automotive, servers, smart wearables, smart home appliances, communication devices, and robotics [6].

Core Viewpoint - The company DiAo Microelectronics (帝奥微) has decided to terminate its plan to acquire 100% of Rongpai Semiconductor (荣湃半导体) and raise matching funds due to disagreements on key terms of the transaction [1][3]. Group 1: Transaction Details - The termination of the acquisition was a mutual decision after multiple discussions regarding the feasibility, core terms, and pricing of the transaction failed to reach an agreement [3]. - The company has committed to not planning any major asset restructuring for at least one month following the announcement of the termination [3]. Group 2: Company Performance - For the first three quarters of 2025, DiAo Microelectronics reported total revenue of 457 million yuan, representing a year-on-year increase of 11.41% [4]. - The company experienced 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 [4]. - The company's non-recurring net loss was 56.50 million yuan, worsening from a loss of 22.50 million yuan in the previous year [4]. Group 3: Company Background and Stakeholders - DiAo Microelectronics specializes in the research, design, and sales of high-performance analog chips, while Rongpai Semiconductor also focuses on high-performance, high-quality analog chip design and sales [3]. - Xiaomi's Changjiang Industrial Fund holds a 3.5% stake in Rongpai Semiconductor and also owns 3.87% of DiAo Microelectronics, indicating a strategic partnership within Xiaomi's ecosystem [4]. - DiAo Microelectronics has several products integrated into Xiaomi smartphones and other 5G terminal devices [4].

Core Viewpoint - The acquisition of Rongpai Semiconductor by Diaowei has been terminated due to failure to reach consensus on key terms such as transaction scheme, price, and performance commitments [1][6]. Group 1: Acquisition Details - Diaowei planned to acquire 100% equity of Rongpai Semiconductor through a combination of issuing shares and cash payment, along with raising supporting funds [3]. - The termination of the acquisition was approved during the second board meeting held on December 5, 2025, and the management was authorized to handle related matters [1][6]. Group 2: Company Profiles - Diaowei is focused on the research, design, and sales of high-performance analog chips, with products covering signal chain and power management analog chips [4]. - The company has developed various advanced products, including high-performance analog switches and low-power operational amplifiers, and has obtained ISO9001 certification [4]. - Rongpai Semiconductor specializes in high-performance analog chip design and has developed unique technologies, including the iDivider technology, which has led to breakthroughs in domestic isolation chips [5]. Group 3: Market Impact and Future Outlook - The termination of the acquisition is not expected to adversely affect Diaowei's production, operations, or financial status, and it does not harm the interests of the company or its minority shareholders [6]. - As of December 5, 2025, Diaowei's stock price was reported at 24.23 yuan per share, with a total market capitalization of nearly 6 billion yuan [7].

Core Viewpoint - The acquisition of Rongpai Semiconductor by Diaowei has been terminated due to failure to reach consensus on key terms such as transaction scheme, price, and performance commitments [1][6]. Company Overview - Diaowei Microelectronics (688381) focuses on the research, design, and sales of high-performance analog chips, covering signal chain and power management analog chips [4]. - The company has developed various advanced products, including high-performance analog switches and low-power operational amplifiers, and is certified with ISO9001 [4]. - Diaowei's products are widely used in smartphones, computers, automotive, servers, smart wearables, smart home appliances, communication devices, and robotics [4]. Acquisition Details - The initial plan was for Diaowei to acquire 100% of Rongpai Semiconductor's shares through a combination of issuing shares and cash payments, along with raising supporting funds [3]. - Rongpai Semiconductor specializes in high-performance analog chip design and has developed unique technologies, including the iDivider technology, which has led to breakthroughs in domestic isolation chips [5]. Rationale for Acquisition - The acquisition was seen as a key strategy for growth in the analog chip industry, allowing Diaowei to quickly expand its product offerings and enhance its competitive advantage by leveraging Rongpai's established technologies and customer resources [5]. Termination Reasons - The termination was a result of extensive discussions and negotiations that did not yield agreement on the core terms of the transaction [6]. - The company stated that the termination would not adversely affect its operational and financial status, ensuring the protection of shareholder interests [6]. Market Position - As of December 5, Diaowei's stock price was reported at 24.23 yuan per share, with a total market capitalization of nearly 6 billion yuan [7].

近日，图形处理器（GPU）设计企业摩尔线程智能科技于香港联合交易所主板完成上市。上市首日，该 公司股票交易活跃，股价较发行价出现显著上涨。根据市场数据，成功申购的投资者获得了可观的账面 收益。这一市场现象，引发了对于国产GPU芯片设计行业发展的关注与讨论。 | | 285mm | | 49mm | | --- | --- | --- | --- | | 12mm | | | | | | 摩尔线程(MOORE THREADS)MTT S80 | | | | 显卡核心 | 春晓 | 核心频率 | 1.8GHz | | 显存类型 | GDDR6 | 显卡功耗 | 255W | | 显存位宽 | 256bit | 推荐电源 | 650W以上 | | 供电接口 | CPU 8Pin | 输出接口 | 3*DP+1*HDMI | 一、 上市初期市场概况 该公司所处的集成电路设计行业，特别是GPU细分领域，具有技术密集、生态协同性强、市场前景广阔 等特点。 1. 市场需求持续扩张：全球智能化、数字化进程不断深入，从消费电子到企业级数据中心，对高性 能计算芯片的需求保持强劲增长，为行业提供了基本的市场容量支撑。 摩尔线程上市 ...

来源：市场资讯 （来源：国金证券第5小时） | 申购价格 | 所属行业 | 发行市盈率 | 行业最近一个月平 均静态市盈率 | | --- | --- | --- | --- | | 83.06元 | 计算机、通信 和其他电子设 | 不适用 | 58.25倍 | | | 各生 半小 | | | 出川上一 | | | 可比公司 | | | --- | --- | --- | --- | | 证券简称 | 市盈率 (倍) | 市值(亿元) | 近一月涨跌 | | 卓胜微 | -190.44 | 370.07 | -0.04% | | 唯捷创芯 | 972.07 | 165.20 | 4.35% | 公司主营业务介绍 公司是一家专注于射频、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。自成 立以来,公司通过持续的研发投入和技术积累,不断进行产品 高效迭代,为客户提供高性能、高可靠性、低功耗、高集成度 的射频及模拟芯片产品。 | | | 主要财务数据 | | | --- | --- | --- | --- | | | 20 ...

Group 1: New Stock Offerings - Two new stocks are available for subscription: Angrui Microelectronics (688790.SH) and Muxi Co., Ltd. (688802.SH) [1] - A new stock, Moer Thread (688795.SH), is set to be listed on the Sci-Tech Innovation Board [1] Group 2: Angrui Microelectronics - Angrui Microelectronics specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [2] - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [2] - Angrui Microelectronics ranks among the top three domestic RF front-end manufacturers based on revenue from transmission products [4][5] - The company has achieved breakthroughs in key core technologies and has successfully commercialized its 5G high-integration module technology with major smartphone brands [4] Group 3: Muxi Co., Ltd. - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the development of high-performance GPU chips and computing platforms [6] - The company aims to provide foundational computing power for various sectors, including AI, finance, transportation, and healthcare [6] - Muxi's revenue from its training and inference series GPU boards has significantly increased, while its revenue from IP licensing has decreased [10] - The company employs a combination of direct sales and distribution for its products, with a dedicated sales team for customer engagement [10] Group 4: Moer Thread - Moer Thread is recognized as the "first domestic GPU stock" and is often referred to as the "Chinese version of Nvidia" [11][12] - The company focuses on the research, design, and sales of GPUs and related products, targeting high-performance computing fields [12] - Moer Thread has established deep partnerships with operators, cloud service providers, and AI enterprises to enhance its market responsiveness [17] - The company has a high concentration of sales, with its top five customers accounting for 98.29% of its main business revenue [17]

——北京昂瑞微电子技术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 北京昂瑞微电子技术股份有限公司董事长、总经理钱永学先生 北京昂瑞微电子技术股份有限公司副总经理、财务负责人欧阳毅先生 北京昂瑞微电子技术股份有限公司董事会秘书张馨瑜女士 中信建投证券股份有限公司保荐代表人张悦先生 中信建投证券股份有限公司保荐代表人汪家富先生 北京昂瑞微电子技术股份有限公司 董事长、总经理钱永学先生致辞 尊敬的各位嘉宾、各位投资者和网友： 大家好！ 今天，是公司发展历程中的重要里程碑，更是新的起点。未来，昂瑞微将以此次登陆科创板为契机，持 续加大研发投入，深耕射频、模拟芯片核心领域，不断提升技术创新能力与产品竞争力，拓展在智能手 机、智能汽车、卫星通信、智能穿戴等多领域的应用场景，努力打造成为国际一流的集成电路设计企 业。同时，我们将严格遵守上市公司的规范运作要求，坚守诚信经营理念，积极履行信息披露义务，以 优异的经营业绩回报各位投资者的信任与支持，与全体股东、合作伙伴携手共进，为我国集成电路产业 的高质量发展添砖加瓦。 最后，再次感谢上证路演中心、上海证券报及中国证券网为本次活动提供的专业支持 ...

Core Viewpoint - The ICCAD-Expo 2025 recognized Wang Bo, the founder and CEO of Qingwei Intelligent, as the only recipient of the "Annual Entrepreneur in IC Design" award, highlighting his significant contributions to the industry [1][5]. Group 1: Event Overview - The ICCAD-Expo 2025, themed "Open Innovation, Achieve the Future," attracted over 2,000 companies and more than 6,300 industry experts, establishing itself as a key platform for technology trends and industry collaboration [3]. - The "Annual Entrepreneur in IC Design" award, initiated by the China Semiconductor Industry Association, aims to honor leaders who have made outstanding contributions in technology innovation and industry promotion [3][5]. Group 2: Award Significance - The award has been presented only nine times since its establishment in 2012, emphasizing its high standards and the rigorous selection process that evaluates candidates on their technological foresight and contributions to the domestic chip ecosystem [3][5]. - Wang Bo's recognition is seen as a continuation of the industry's evolution, marking a shift from "single-point breakthroughs" to "ecosystem building" and "architecture definition" [5][6]. Group 3: Wang Bo's Contributions - Wang Bo was acknowledged for his strategic vision and technical dedication, positioning him as a key driver of domestic AI chip innovation through reconfigurable computing architecture [6]. - Under his leadership, Qingwei Intelligent has successfully transitioned from technological breakthroughs to large-scale commercial applications, reinforcing the importance of core technology in international competition [6][7]. Group 4: Technological Advancements - Qingwei Intelligent's technology team showcased their strategic direction at the ICCAD conference, emphasizing their focus on non-GPU chip architecture and the successful deployment of AI models based on domestic chip architecture [7][8]. - The company has established a unique advantage in key areas such as domestic substitution and high computing power output, with their TX81 chip achieving significant performance improvements and cost reductions [9]. - Qingwei Intelligent has rapidly gained market traction, with over 20,000 orders for reconfigurable computing cards and a leading position in the domestic AI acceleration card shipment rankings [9].

Core Viewpoint - Ankai Micro (688620.SH) plans to acquire 85.79% of Sichao Technology (Nanjing) Co., Ltd. for 326 million yuan in cash, despite Sichao not being profitable yet, due to its technological accumulation in ultra-low power AIoT chips and synergies with Ankai Micro in various aspects [1][8] Group 1: Acquisition Details - The acquisition will be financed through a combination of self-owned funds and bank loans, raising concerns about Ankai Micro's financial sustainability given its ongoing losses and cash flow pressures [3][10] - Sichao Technology has not yet turned a profit, with projected revenues of 62.04 million yuan and 43.82 million yuan for 2024 and the first seven months of 2025, respectively, and net losses of 48.64 million yuan and 18.51 million yuan for the same periods [2][9] - The acquisition includes performance guarantees, where if the net profit during the commitment period (2026-2028) is negative, the founding shareholders must transfer remaining shares at zero cost [2][10] Group 2: Financial Context - As of Q3 2025, Ankai Micro has 310 million yuan in cash and short-term liabilities of 146 million yuan, indicating a tight liquidity situation [3][10] - The company has faced significant operational challenges since its IPO in June 2023, with declining revenues and profits, and negative operating cash flow [3][11] - Ankai Micro's planned fundraising of 925 million yuan has been partially allocated to operational liquidity, with 370 million yuan already invested in projects that have been delayed until 2027-2028 [11] Group 3: Market Position and Strategy - Sichao Technology, established in March 2019, focuses on high-performance, ultra-low power IoT chip design, targeting applications in smart wearables, health devices, smart homes, and industrial instruments [4][5][12] - The founding team of Sichao Technology consists of experienced professionals from the semiconductor industry, enhancing its credibility and potential for innovation [5][12] - Ankai Micro aims to leverage this acquisition to diversify its product offerings, enhance its R&D capabilities, and improve market competitiveness through shared resources and cost reductions [5][12] Group 4: Investment Dynamics - The acquisition features a differentiated pricing mechanism, where external investors sold their shares at a higher valuation compared to the founding team, who transferred shares at a lower price [6][13] - The external investors include notable venture capital firms, indicating strong backing and confidence in Sichao Technology's potential [6][13] - The outcome of this acquisition remains uncertain, with questions about whether it will catalyze Ankai Micro's transformation or merely serve as an exit strategy for investors [7][14]