相较于申报稿，赛英电子上会稿"特别风险提示"新增"募集资金投资项目新增产能无法消化及未达预期效益风险"。据了解，该公司此次拟募投项目达产后， 将新增1200万片平底型封装散热基板与600万片针齿型封装散热基板产能。同时，项目竣工后的每年需要新增折旧摊销1212.26万元。 | 代码 | 874558 | 简称 | 赛英电子 | | --- | --- | --- | --- | | 公司全称 | 江阴市赛英电子股份有限公司 | 受理日期 | 2025-06-27 | | 审核状态 | 上市委会议通过 | 更新日期 | 2025-12-19 | | 保荐机构 | 东吴证券股份有限公司 | 保存代表人 | 孙虎,夏建阳 | | 会计师事务所 | 中汇会计师事务所(特殊普通合伙) | 签字会计师 | 吴丽莉,杨扬,周磊 | | 律师事务所 | 江苏世纪同仁律师事务所 | 签字律师 | 宋雨到,杨琳 | | 评估机构 | 天源资产评估有限公司 | 签字评估师 | 陈健,陆学南 | 来源：公告 公开资料显示，黄振宇，1983年出生，拥有EMBA教育背景。2006年6月至2019年7月，黄振宇担任上海盛景销售总监；201 ...

据悉，赛英电子是专业从事陶瓷管壳和封装散热基板等功率半导体器件关键部件研发、制造和销售的国 家高新技术企业。公司IPO于2025年6月27日获得受理，并于当年7月24日进入问询阶段。 此次冲击上市，赛英电子拟募集资金约2.7亿元，扣除发行费用后，拟投资于功率半导体模块散热基板 新建生产基地及产能提升项目、新建研发中心项目、补充流动资金。 北京商报讯（记者 马换换 李佳雪）近期，北交所官网显示，江阴市赛英电子股份有限公司（以下简 称"赛英电子"）IPO将于12月19日上会迎考。 ...

我国专家作为项目负责人，与来自日本、德国、韩国的专家，对标准中的术语和定义、测试方法和条件 等内容进行多次研讨，国内技术团队更是进行了上千次相关试验验证，确保标准内容结构严谨、内容完 备。 整流二极管和晶闸管都是基础半导体器件，不仅广泛应用在手机充电器、灯光调节、吸尘器调速、电磁 炉功率控制等家用电器中，也广泛应用于电动汽车及其充电桩、新能源发电、新型电力系统、智能电 网、工业自动化以及航空航天等领域。 在全球能源转型和科技竞争加剧的背景下，该两项国际标准解决了标准技术内容长期与产品发展不匹 配、不适应问题，提升了大功率半导体器件(例如用于"西电东送"高压直流输电工程)测试的适用性和可 操作性，将成为全球制造商、用户及第三方检测机构进行产品研发、检测和应用的重要依据，有助于提 升我国电力电子产业整体技术和质量水平。 12月11日，记者从市场监管总局获悉，近日，国际电工委员会(IEC)发布由我国牵头修订的两项功率半 导体器件领域关键国际标准《半导体器件第2部分：分立器件整流二极管》(IEC60747—2:2025ED4.0)和 《半导体器件第6部分：分立器件晶闸管》(IEC60747—6:2025ED4.0)。 ...

记者11日从市场监管总局获悉，国际电工委员会（IEC）近日发布由我国牵头修订的两项功率半导体器 件领域关键国际标准《半导体器件第2部分：分立器件整流二极管》《半导体器件第6部分：分立器件晶 闸管》。 这两项国际标准解决了标准技术内容长期与产品发展不匹配、不适应问题，提升了大功率半导体器件测 试的适用性和可操作性，将成为全球制造商、用户及第三方检测机构进行产品研发、检测和应用的重要 依据，有助于提升我国电力电子产业整体技术和质量水平。 整流二极管和晶闸管都是基础半导体器件，不仅广泛应用在手机充电器、灯光调节、吸尘器调速、电磁 炉功率控制等家用电器中，还广泛应用于电动汽车及其充电桩、新能源发电、新型电力系统、智能电 网、工业自动化以及航空航天等领域。 （文章来源：新华网） 据介绍，这是我国深度参与功率半导体器件国际标准化工作的重要突破，为全球电能转换与控制技术的 规范化、产业化注入"中国智慧"。 ...

Core Viewpoint - Jiangyin Saiying Electronics Co., Ltd. is undergoing a second round of review for its IPO application on the Beijing Stock Exchange, with inquiries focusing on the stability and sustainability of its performance [1][2]. Company Overview - Established in 2002, Saiying Electronics specializes in the R&D, manufacturing, and sales of key components for power semiconductor devices, including ceramic shells and packaging heat dissipation substrates [1]. - The company provides critical components for semiconductor manufacturers, which are ultimately applied in various industries such as ultra-high voltage transmission, renewable energy generation, industrial control, new energy vehicles, intelligent computing centers, and rail transportation [1]. IPO Details - The company plans to issue 10.8 million shares to raise 270 million yuan, which will be used for the construction of a new production base for power semiconductor module heat dissipation substrates, a new R&D center, and to supplement working capital [3][4]. - The total investment for the new production base and capacity enhancement project is approximately 2.33 billion yuan, with 2.17 billion yuan expected to be raised from the IPO [4]. Financial Performance and Projections - For 2023 and 2024, the company's net profit attributable to the parent company is projected to be 55.07 million yuan and 73.72 million yuan, respectively, with weighted average return on net assets of 24.36% and 25.14%, meeting the listing requirements [2]. - The company has experienced a decline in sales scale for ceramic shells and accessories in the power grid sector due to factors such as the progress of project bidding and the number of ongoing projects [2][3]. Market Conditions and Risks - The company has faced price declines of over 10% for some of its larger volume products, and certain clients are expected to see revenue drops due to pressure on vehicle regulation product prices [3]. - The Beijing Stock Exchange has requested clarification on the execution of the price transmission mechanism in relation to raw material price changes and the company's pricing decisions [3][5]. Capacity and Utilization - The company must address concerns regarding whether the new capacity from the fundraising projects can be adequately absorbed by the market and whether there is a risk of idle fixed assets [5]. - Comparisons with peer companies indicate a decline in capacity utilization rates, with Guokong Electronics dropping from 99.63% in 2022 to 76.32% in 2023 [4][5].

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].