Core Viewpoint - The acquisition of Zhudian Semiconductor by Chip Origin Co., Ltd. (688521.SH) is progressing despite the termination of the acquisition of Xinlai Zhihong, aiming to enhance AI visual chip capabilities through strategic integration [2][11]. Group 1: Acquisition Details - Chip Origin has signed investment agreements with TianSui XinYuan and other investors to acquire a 97.89% stake in Zhudian Semiconductor for a total cash consideration of 930 million yuan, with TianSui XinYuan becoming the controlling entity post-transaction [2][3]. - Following the investment, Chip Origin will hold a 40% stake in TianSui XinYuan, becoming its largest shareholder and gaining control over the majority of the board seats [3][5]. - The investment consortium includes significant players such as Huaxin Dingxin and Guotou Xiandai, indicating strong state and local capital support for the semiconductor sector [3][4]. Group 2: Financial Performance - Chip Origin reported a revenue of 2.25 billion yuan and a net loss of 347 million yuan for the first three quarters of 2025, continuing a trend of losses over several years [6][7]. - The company has faced negative cash flow since mid-2022, with a net cash flow from operating activities of -390 million yuan for the first three quarters of 2025 [6][7]. - Zhudian Semiconductor also reported poor financial performance, with projected revenues of 385 million yuan and a net loss of 120 million yuan for 2024 [7][8]. Group 3: Strategic Implications - The acquisition is viewed as a strategic move to consolidate valuable technology assets at a reasonable valuation during a downturn in the industry, aiming for significant synergies in the future [8][10]. - The establishment of TianSui XinYuan as a special purpose vehicle (SPV) allows for risk isolation and governance optimization, facilitating the integration of multiple capital sources [5][6]. - The focus on AIASIC and RISC-V technologies positions Chip Origin to capitalize on emerging market opportunities, with plans to create a comprehensive platform integrating various IPs [10][12].

Group 1 - The company has a stake in Star Semiconductor, which focuses on 5G/6G communication technology, with products like satellite baseband chips applicable in satellite communication and IoT scenarios [1] - As a leading authorized distributor of electronic components in China, the company operates in mainland China, Hong Kong, Macau, Taiwan, and Southeast Asia, with a holding subsidiary in Taiwan [1] - The company supplies various components such as Murata's MLCC and silicon capacitors to customers in the optical module sector, while actively expanding its authorized distribution business for optical chips used in high-speed optical modules, having secured agency rights for products from Sony, Litrinium, and HiSilicon [1]

12月14日，作为全球领先的Fabless半导体设计公司豪威集成电路(集团)股份有限公司(简称：豪威集团)(603501.SH)通过港交所主板上市聆讯，UBS、CICC、 PASCHK、GFSHK为其联席保荐人。 公司以CMOS图像传感器（CIS）为核心产品，并拓展至显示与模拟解决方案，服务于智能手机、汽车、安防、医疗及AIoT等高增长领域。凭借深厚技术积 累与市场地位，尤其在图像传感器领域位列全球前三，公司展现强劲的财务表现与成长潜力，此次上市有望进一步巩固其全球竞争力。 三大板块协同深耕高增长赛道 公司业务围绕三大解决方案展开，持续推动技术迭代与市场拓展。核心业务为图像传感器解决方案，在智能手机CIS领域，豪威集团于2025年4月推出适用 于旗舰智能手机的OV50X图像传感器，通过搭载 LOFIC技术，在任何光照条件下可实现单次曝光HDR。 在汽车CIS领域，豪威集团相继推出采用 TheiaCel®技术的OX08D10 800万像素CIS、OX05D10 500万像素CIS、OX12A10 1200万像素CIS 及OX03H10 300万 像素CIS，能够满足新一代ADAS和自动驾驶的机器视觉要求。 当前 ...

今天分享的是：2025上市公司跨境并购典型案例汇编 报告共计：179页 【中国上市公司跨境并购图谱：全球化浪潮下的战略跃迁与整合智慧】 在全球经济格局深度调整与产业升级共振的大背景下，中国上市公司正以前所未有的广度与深度参与全球资源配置。近日，上 海证券交易所发布的一份涵盖16个典型案例的跨境并购汇编，清晰勾勒出中国企业从"产品出海"向"品牌出海"、"技术出海"乃 至"生态出海"迈进的战略轨迹。这些案例不仅是资本流动的记录，更是观察中国产业竞争力提升与全球化运营能力成熟的重要 窗口。 纵观这些并购案例，其核心驱动力已超越单纯的规模扩张，呈现出鲜明的战略导向性。企业出海并非盲目"抄底"，而是紧密围 绕补强技术短板、获取高端品牌、完善全球市场网络及构建完整产业链等战略目标展开。例如，万华化学通过分步收购匈牙利 BC公司，不仅一举成为全球MDI行业龙头，更完成了生产基地的全球化布局；豪威集团收购美国豪威科技，实现了在CMOS图 像传感器领域从追赶到领先的关键一跃；海尔智家通过系列并购GE家电、Candy等品牌，构建起覆盖全球主流市场的品牌矩阵 与研发销售网络。这种以我为主、精准卡位的并购逻辑，标志着中国企业的国际化 ...

Core Viewpoint - The article discusses the differences between chiplets and soft IP, emphasizing that while both can accelerate time-to-market, they serve different needs and come with distinct challenges in design, integration, and testing [2][20]. Group 1: Chiplet vs Soft IP - Chiplets can be seen as a new type of semiconductor IP, but they differ significantly from the current IP licensing ecosystem, particularly in design integration and verification [2][20]. - Chiplets can be either custom-designed or off-the-shelf, with two camps emerging: one that designs its own chiplets and another that sources components externally [2][20]. - The market for chiplets will coexist with custom chips, with many IP modules becoming off-the-shelf chips that system vendors can mix and match [2][20]. Group 2: Customization and Functionality - The key difference between chiplets and soft IP lies in their customizability; soft IP offers high configurability, while chiplets have fixed functionalities [6][20]. - Chiplets require careful management of startup processes and debugging, which are less of a concern with soft IP [6][20]. - The physical integration of chiplets presents unique challenges, such as managing signal integrity and power distribution, which are not as critical in soft IP [24][20]. Group 3: Testing and Supply Chain - Testing chiplets is more complex than testing soft IP, as chiplets are typically tested independently by suppliers, requiring integration into the overall system testing process [20][20]. - The supply chain for chiplets is more traditional and complex, closely tied to manufacturing nodes and foundries, which increases dependency on suppliers [20][20]. - Built-in self-test (BiST) technology is expected to become more prevalent to address the transparency issues associated with chiplets [22][20]. Group 4: Security and Integration Challenges - Security considerations for chiplets are more challenging than for soft IP, as chiplets have a larger attack surface due to their interconnections and shared resources [20][20]. - Each chip in a multi-chip system must coordinate its security measures, which can lead to inefficiencies if not managed properly [20][20]. - The physical design of chiplets must account for thermal management and signal integrity, requiring advanced modeling tools that go beyond those used for soft IP [24][20].

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 添加文末微信，加 异质异构集成产业 群 近日，ICCAD-Expo 2025 在成都中国西部国际博览城顺利举办，硅芯科技创始人兼首席科 学家赵毅博士受邀出席高峰论坛，并正式对外发布 "2.5D/3D EDA⁺新范式，重构先进封装 全流程设计、仿真与验证的协同创新"。系统阐述如何将先进封装工艺、 Chiplet互联、多芯 粒系统与EDA工程体系重新整合为一个可闭环的协同框架。 先进封装时代： EDA⁺新范式重构设计逻辑 赵毅博士指出，随着 AI、智能汽车、高带宽存储等应用推动算力需求攀升，先进封装已经从 后端封测环节转为前端系统架构设计。 伴随 2.5D/3D先进封装的快速产业化，多家工艺厂虽然已具备成熟的关键工艺能力，但在实 际用户端落地时，却普遍面临"工艺复杂、设计难以调用"的鸿沟；与此同时，大量 AI、边缘 计算与高带宽场景的设计公司也发现， 在跨工艺、跨介质的多芯粒布局布线、互联分析和系 统级可靠性验证方面，传统 EDA方法已经难以应对。 在此背景下，先进封装 EDA必须重构设计范式，形成跨工艺、跨芯粒、跨物理场的系统协 ...

12月9日唯捷创芯大宗交易一览 | 成交 | 成交 | 成交价 | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | 金额 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 | （万 | （元） | 溢价 | | | | 股） | 元） | | | | | | | | | （%） | | | | 30.00 | 930.00 | 31.00 | -19.08 | 中信建投证券股份有限公司成都市 | 中信建投证券股份有限公司成都市 | | | | | | 南一环路证券营业部 | 南一环路证券营业部 | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报•数据宝统计显示，唯捷创芯今日收盘价为38.31元，下跌1.01%，日换手率为0.85%，成交额为 1.33亿元，全天主力资金净流出560.62万元，近5日该股累计下跌0.57%，近5日资金合计净流出9505.42 万元。 两融数据显示，该股最新融资余额为1.44亿元，近5日减少4706.92万元，降幅为24.62%。（数据宝） （原标题：唯捷创芯大宗交易成交30.0 ...

在传统百货零售业增长普遍乏力的当下，谋求转型成为众多上市公司的共同选择。 近期，友阿股份跟更新重组草案，宣告其将迈出从商场柜台到半导体芯片的关键一步。公司计划以15.8 亿元的交易对价，收购深圳尚阳通科技股份有限公司100%股权，跨界切入功率半导体赛道。这一"跨 界"迅速引爆市场，股价数个涨停。然而，在这场交易究竟是困境中的自我救赎，还是一场暗藏玄机的 资本博弈？其近35倍的市盈率收购一个业绩剧烈波动的标的，且未设任何业绩补偿，引发了监管与市场 的深度问询。 根据评估报告尚阳通 100%股权评估值为 175，682.11 万元，经交易各方协商 一致同意，标的资产即尚 阳通 100%股权的交易价格为 158，000.00 万元。本次交易作价15.8亿元，对应尚阳通2024年4567万元 净利润，市盈率约34.59倍。 然而，估值的公允性必须结合标的资产的质量综合审视。尚阳通的业绩呈现"过山车"式波动：2022年净 利润达1.39亿元顶峰后便急速下滑，2024年净利润较2022年已暴跌67%。在业绩下滑通道中以超过30倍 的市盈率收购，其"公允性"的基础值得商榷。 本次交易最受争议的一点是，交易方案未设置任何业绩 ...

Core Insights - Nvidia's investment in Synopsys and collaboration with EDA tool providers highlights a shift in the semiconductor industry towards system-level optimization rather than just process competition [3] - The trend indicates that advanced packaging and EDA tools are becoming critical for enhancing performance and controlling costs in semiconductor design [3][13] - The local semiconductor industry is encouraged to leverage this paradigm shift to create opportunities for growth and innovation [3][15] Group 1: EDA+ Concept - The EDA+ framework proposed by Silicon Chip Technology aims to reconstruct the design, simulation, and verification processes for advanced packaging [7] - EDA+ is not merely an addition to traditional EDA tools but represents a comprehensive redesign focused on 2.5D/3D integration [7][13] - The 3Sheng Integration Platform serves as the foundational technology for EDA+, facilitating a complete engineering loop from system architecture to manufacturing verification [12] Group 2: Industry Trends - The semiconductor industry's shift towards advanced packaging is driven by the need for enhanced computational power and the limitations of Moore's Law [13] - EDA's role is evolving to become a critical link between design and manufacturing, necessitating a unified environment for considering various design factors [13][14] - Major players like TSMC and Nvidia are establishing partnerships to secure competitive advantages through deep integration of EDA and manufacturing processes [15] Group 3: Implementation and Value - EDA+ has already been implemented in several 2.5D/3D projects, significantly reducing design convergence time from three months to approximately ten days [14] - The platform is also exploring the development of reusable chiplet models, which will enhance collaboration across different manufacturers and technology nodes [14] - EDA+ provides a framework for deep industry collaboration, allowing for the transfer of manufacturing knowledge to the design phase and vice versa [14] Group 4: Opportunities for Local Industry - The local semiconductor industry can adopt a strategy of vertical and horizontal collaboration to compete with international giants [15] - Vertical collaboration involves strengthening the connections between different stages of the supply chain using platforms like EDA+ [15] - Horizontal collaboration focuses on cooperation among local EDA firms to cover the complex advanced packaging design process, potentially leading to a unified approach in the Chiplet and 3DIC markets [15][18]

公告指出，本次H股发行的认购对象仅限于符合相应条件的境外投资者，以及依据中国相关法律法规有权进行境外证券投资管理的境内证券经营机构、合 格境内机构投资者及其他符合监管规定的投资者。 本次募资所得款项净额将按照既定规划投入多个方向。其中约18%拟用于提升底层技术能力及工艺平台，约22%用于丰富产品组合并重点扩大汽车电子应 用领域，约25%用于扩展海外销售网络及市场推广，另有约25%将用于战略投资及并购以实现长期增长，剩余约10%用作营运资金及一般企业用途。公司 称，通过上述投入将进一步夯实技术与产品基础、加快国际化布局。 12月5日，纳芯微发布公告，明确公司境外发行股份（H股）的最终公开发行价格为每股116港元（不包括1%经纪佣金、0.0027%香港证券及期货事务监察 委员会交易征费、0.00565%香港联交所交易费及0.00015%香港会计及财务汇报局交易征费），本次H股预计于2025年12月8日在香港联合交易所有限公司 （以下简称"香港联交所"）主板挂牌并开始上市交易。 据悉，纳芯微于2025年11月28日正式启动香港上市招股程序，此次全球发售计划发行约1906.84万股H股，其中香港公开发售约190.69 ...