深圳商报·读创客户端记者 宁可坚 11月17日，江阴市赛英电子股份有限公司（简称"赛英电子"）在北交所更新上市申请审核动态，公司已收到 第二轮审核问询函，问题主要涉及业绩稳定性及可持续性等。 报告期内，公司部分销量较大产品价格下降，且部分产品降价幅度超10%，公司个别客户2024年受车规产品 单价承压影响收入下跌，公司与客户结合铜价走势约定了价格传导机制。 北交所要求，说明报告期内价格传导机制的具体执行情况，并结合原材料和公司产品价格变化、公司定价决 策过程及主要考量因素等，进一步分析说明报告期内部分产品价格下降是否为公司主动调整，在原材料价格 上涨周期内是否实际具备价格传导能力。 赛英电子成立于2002年，是一家专业从事陶瓷管壳、封装散热基板等功率半导体器件关键部件研发、制造和 销售的高新技术企业。 公司为半导体厂商提供用于晶闸管、IGBT和IGCT等功率半导体器件的关键部件产品，最终应用于特高压输 变电、新能源发电、工业控制、新能源汽车、智算中心、轨道交通等行业。 北交所在问询函中要求，在招股说明书中进一步明确公司选择的具体上市标准。 记者翻阅招股书，关于公司选择的具体上市标准及分析说明： 根据《上市规则 ...

Core Viewpoint - The acquisition of 100% equity of Better Electronics by Yangjie Technology was abruptly terminated, raising market concerns, particularly after the disclosure of disciplinary actions by the Shenzhen Stock Exchange against Better Electronics for various violations during its IPO application process [2][3][4]. Group 1: Acquisition Details - Yangjie Technology announced a cash acquisition of Better Electronics for 2.218 billion yuan, but the deal was called off due to differences in business types, management styles, and corporate culture [7]. - The Shenzhen Stock Exchange publicly reprimanded Better Electronics and its executives for undisclosed financial irregularities, including a hidden "off-balance sheet" fund and inaccurate disclosures regarding performance commitments related to acquisitions [3][4][6]. Group 2: Regulatory Findings - Better Electronics failed to disclose an off-balance sheet fund with a balance of 703,300 yuan as of the end of 2023, which had inflows of 15.0943 million yuan and outflows of 14.373 million yuan during the reporting period [3][4]. - The company also did not accurately disclose performance commitments related to its acquisition of Dongguan Boyue Electronics, misleading the Shenzhen Stock Exchange during the IPO process [4][5]. Group 3: Company Background - Better Electronics, established in 2003, specializes in mid-to-high-end circuit protection components and has clients including Midea, Gree, and BYD [5]. - Yangjie Technology, founded in 2006, is a vertically integrated enterprise in the semiconductor industry, with a revenue exceeding 6 billion yuan in 2024 and a year-on-year growth of 20.89% in the first three quarters of 2025 [6][7].

Core Viewpoint - The article highlights the release of two international standards for power semiconductor devices, led by Xi'an Power Electronics Research Institute, marking China's first initiative in revising IEC standards in this field [1] Group 1: International Standards Development - The two international standards are managed by the International Electrotechnical Commission (IEC) Semiconductor Devices Committee [1] - The project was initiated in 2022, with Xi'an Power Electronics Research Institute's expert Wei Hongqi appointed as the project leader, collaborating with experts from Japan, Germany, and South Korea [1] - Since 2012, experts from Xi'an Power Electronics Research Institute have been proposing revisions to IEC standards, leading to the formal start of the revision work [1] Group 2: Research and Testing - The Xi'an Power Electronics Research Institute, along with three leading industry companies, conducted over a thousand related experimental verifications to develop a comprehensive international standard [1] - The institute has a history of producing China's first rectifiers and thyristors, establishing its significance in the power semiconductor device sector [1] Group 3: Contributions to Standardization - The Xi'an Power Electronics Research Institute serves as the domestic technical counterpart for three IEC committees related to power electronic systems and devices [1] - To date, the institute has led the formulation of 40 national standards in the field of power electronics, including 11 national standards specifically for power semiconductor devices, and nearly 70 industry standards [1]

Group 1: Company Performance and Strategy - The company is actively preparing promotional activities for the upcoming Mid-Autumn Festival and National Day [1] - As of June 30, 2025, the number of 7-ELEVEN convenience stores in Hunan reached 83 [5] - The company plans to establish a dual business model of "retail + semiconductor" through the acquisition of Shenzhen Shangyang Technology [14] Group 2: Acquisition Progress and Challenges - The acquisition of Shangyang Technology is currently progressing smoothly, with no substantial obstacles reported [12] - The deadline for responding to the inquiry letter from the Shenzhen Stock Exchange is set for October 2, 2025 [13] - The company is revising the response to the inquiry letter based on feedback from the Shenzhen Stock Exchange [10] Group 3: Shareholding and Financial Information - As of June 30, 2025, Central Huijin Asset Management holds a 2.21% stake in the company [6] - The company holds a 12.63% stake in Foshan Longshen Robotics [7] - The number of shareholders as of September 10, 2025, is 79,899 [11] Group 4: Future Plans and Collaborations - The company is collaborating with Changsha Guokong Capital and Tsinghua University to advance semiconductor technology and talent acquisition [5] - There are no current plans to change the company's name following the acquisition [2] - The company has not set performance commitments for the acquired entity but has made commitments regarding R&D expenditures and patent applications [12]

Core Viewpoint - The company reported strong financial performance in the first half of 2025, driven by growth in the semiconductor industry, particularly in automotive electronics and artificial intelligence sectors [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 3.455 billion yuan, a year-on-year increase of 20.58% - The net profit attributable to shareholders was 601 million yuan, up 41.55% year-on-year - The non-recurring net profit reached 559 million yuan, reflecting a year-on-year growth of 32.33% [1]. - In Q2 2025, the company reported revenue of 1.876 billion yuan, a year-on-year increase of 22.02% and a quarter-on-quarter increase of 18.79% - The net profit attributable to shareholders was 328 million yuan, up 34.40% year-on-year and 20.30% quarter-on-quarter - The non-recurring net profit was 305 million yuan, reflecting a year-on-year growth of 29.93% and a quarter-on-quarter growth of 19.70% [1]. Industry Trends - The semiconductor industry is experiencing a continuous uptrend, with significant growth in automotive electronics, artificial intelligence, and consumer electronics sectors [2][3]. - The demand for power semiconductors is expanding due to policies promoting consumption upgrades and the increasing need for high-performance computing and high-speed communication [3]. Product Development and Market Strategy - The company is focusing on high-value new product development and has increased R&D investments to enhance product competitiveness [2]. - The company is promoting products such as MOSFET, IGBT, and SiC in various markets, leading to a significant increase in overall orders and shipments [2][3]. - The first phase of the MCC factory in Vietnam has achieved full production and sales, with a yield rate of over 99.5% for the first two packaged products [3]. Investment in Advanced Technologies - The company is increasing investments in third-generation semiconductor technologies, particularly SiC, to meet future strategic development needs [4]. - The first production line for SiC automotive-grade power semiconductor modules has been successfully launched, with quality and process standards reaching domestic leading levels [4]. Future Outlook - The company expects continued growth in net profit, projecting 1.267 billion yuan, 1.526 billion yuan, and 1.801 billion yuan for 2025-2027, respectively [5]. - Earnings per share (EPS) are projected to be 2.33, 2.81, and 3.31 yuan per share for the same period, with price-to-earnings (PE) ratios of 27X, 23X, and 19X [5].

Core Viewpoint - Youa Co., Ltd. is undergoing significant stock price fluctuations following its announcement of acquiring 100% equity of Shenzhen Shangyangtong Technology Co., Ltd. for 1.58 billion yuan, aiming to pivot from traditional retail to the semiconductor sector [1][2][3]. Group 1: Stock Performance - On May 28, Youa's stock hit the daily limit up within 2 minutes of opening, while on May 29, it opened over 7% higher but closed down 1.82% at 6.47 yuan per share, with a trading range of 10.02% and a turnover rate of 20.70% [1]. Group 2: Acquisition Details - The acquisition of Shangyangtong, which focuses on high-performance semiconductor power devices, is valued at approximately 1.757 billion yuan, with a transaction price of 1.58 billion yuan. Youa plans to raise up to 550 million yuan to cover cash payments and related costs [1][2]. - Notably, the transaction does not include performance commitments, meaning Youa will bear the risks of any underperformance by Shangyangtong without compensation from the sellers [2]. Group 3: Financial Performance of Shangyangtong - Shangyangtong's revenue from 2020 to 2024 was 127 million yuan, 392 million yuan, 736 million yuan, 673 million yuan, and 606 million yuan, respectively, with net profits of -13.11 million yuan, 48.61 million yuan, 139 million yuan, 82.70 million yuan, and 45.67 million yuan. The company peaked in 2022 but has since seen a decline [2]. Group 4: Financial Performance of Youa - Youa's revenue from 2020 to 2024 was 2.329 billion yuan, 2.585 billion yuan, 1.813 billion yuan, 1.342 billion yuan, and 1.297 billion yuan, with net profits of 139 million yuan, 131 million yuan, 33.06 million yuan, 48.62 million yuan, and 28.01 million yuan, indicating significant performance pressure post-2021 [2]. Group 5: Strategic Shift - The acquisition represents Youa's strategic shift to diversify its business into the semiconductor industry, aiming to create a second growth curve. The company has also engaged in strategic partnerships to enhance its capabilities in this new sector [3].

Core Viewpoint - The company has signed a strategic cooperation framework agreement with Changsha Guokong Capital and Tsinghua Electronics Institute to enhance collaboration in the power semiconductor device sector, aiming to support its dual business strategy of "retail + semiconductor" for future growth [1] Group 1 - The agreement was signed on May 19, 2025, establishing a strategic partnership among the three parties [1] - The collaboration aims to leverage each party's technological, professional, and talent resources for in-depth cooperation in the power semiconductor field [1] - The initiative is intended to create a second growth curve for the company, aligning with its dual business strategy [1]