记者丨 凌晨 编辑丨朱益民 日前，国内封测巨头华天科技（002185.SZ）发布公告，拟将同属华天电子集团旗下的"兄 弟"公司——华羿微电纳入麾下。 这起关联交易，表面是一次顺理成章的内部资产整合，但其背后，却清晰勾勒出一家半导体明 星企业在IPO折戟后的战略转向与必然归宿。 仅一年前，华羿微电还行走在独立冲击IPO的征途上。它曾备受资本追捧，估值在半年内飙升 至48亿元，阵容豪华的股东名单为其铺就了"IPO"红毯。 华羿微电主营业务覆盖半导体功率器件的研发、封测与销售。据中国半导体行业协会统计， 2021年及2022年，华羿微电销售规模位列中国半导体功率器件企业第13名，剔除IDM模式厂 商，该公司位列前五。 然而，亮眼的行业地位未能转化为稳健的财务表现。 然而，光鲜背后，其业绩持续亏损、现金流紧张、存货高企的隐忧难以掩盖。随着监管对半导 体企业"硬科技"成色与持续盈利能力审核的日趋严厉，华羿微电主动撤回上市申请，独立上市 之路遇阻。 IPO的失败，意味着资本退出通道的关闭。在此背景下，华天科技的并购预案犹如一场"及时 雨"，既为陷入退出困局的机构投资者提供了解决方案，也为华羿微电自身找到了一个现实的 资本 ...

华羿微电子IPO中止一年后，迎来了华天科技（002185）的并购。 华天科技发布公告称：拟通过发行股份及支付现金的方式向华天电子集团、西安后羿投资、芯天钰铂等27名交易对方购买标的公司华羿微电100%股份，并 募集配套资金。 这起估值48亿元的交易，不仅是陕西民营企业年内最大并购案，更折射出IPO收紧背景下，创投机构退出路径正在转向。 此次收购的核心是"同门整合"。 华羿微电子是华天科技控股股东天水华天电子集团的控股子公司，两者实际控制人均为肖胜利父子。华天集团持有华羿微电子64.95%的股权，同时持有华 天科技21.91%的股权。 2017年，华羿微电子成立，彼时西安奕材（688783）亦开始起步。华羿微电子核心业务为高性能功率器件研发、设计、封装测试、销售，形成"设计+封 测"双赛道布局，主要产品包括自有品牌以及封测产品。 虽然成立时间不久，但是背靠华天集团，华羿微电子发展迅速。根据中国半导体行业协会统计，2022年公司销售规模位列中国半导体功率器件企业第十三 名，如果剔除掉IDM模式的厂商，华羿微电子可以排到全国前五。在陕西省来说，其更是位列半导体功率器件企业首位。 对于华天科技来说，整合华羿微电，一方 ...

Core Viewpoint - The company plans to acquire 100% of Huayi Microelectronics through a combination of issuing shares and cash payments, aiming to enhance its capabilities in the semiconductor power device sector [1][2] Group 1: Acquisition Details - The acquisition involves 27 counterparties, including Huatiang Electronics Group and Xian Houyi Investment, with shares priced at 8.35 yuan per share [1] - The fundraising price for the accompanying funds will not be less than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing benchmark [1] Group 2: Huayi Microelectronics Overview - Huayi Microelectronics is recognized as a high-tech enterprise in China, specializing in power device R&D, packaging testing, reliability verification, and system solutions [1] - The company boasts a strong R&D team with international experience in semiconductor power device design and core packaging testing technology [1] - It has established integrated design and production capabilities supported by device design, wafer process R&D, and packaging testing technology [1] Group 3: Strategic Implications - The acquisition will allow the company to enhance its packaging testing business and expand its product offerings across various segments, including integrated circuits and discrete devices [2] - The company aims to develop its own brand of power devices for automotive, industrial, and consumer applications, creating a second growth curve and new revenue streams [2] - The company's securities are set to resume trading on October 17, 2025 [2]

Group 1 - Silicon carbide is becoming a core force in driving the development of new energy and industrial control sectors, highlighting its strategic significance and market value [1] - Hanxin Technology completed a new round of financing exceeding 200 million yuan, led by Xi'an High-tech Zone [1] - The financing will enable Hanxin Technology to establish a second headquarters in Xi'an, enhancing collaboration with local enterprises and universities, and accelerating the R&D and industrialization of silicon carbide core products [1][2] Group 2 - Zhongke Guangzhi announced the completion of the first batch of B-round financing, securing several million yuan from the Jin Niu District Jiazi Private Equity Fund Management Co., Ltd [2] - The funds will be used to develop a silicon carbide chip packaging equipment R&D and manufacturing center in Chengdu, focusing on high-precision fully automatic die bonding machines [2][3] - The high-precision fully automatic die bonding machine is a core product of Zhongke Guangzhi, designed for high-precision applications in power semiconductors, optical communications, and LEDs, significantly improving production efficiency and yield [3] Group 3 - Both companies are expected to achieve greater breakthroughs in silicon carbide technology R&D, product innovation, and industrialization, injecting continuous vitality into China's third-generation semiconductor industry [5]

Core Viewpoint - The article discusses the strategic acquisition plan of Huatians Technology to purchase shares of Huayi Microelectronics, highlighting the potential growth in the semiconductor industry, particularly in power devices for high-end applications like electric vehicles and industrial control [2][3][4]. Group 1: Acquisition Details - Huatians Technology is planning to issue shares and pay cash to acquire all or part of Huayi Microelectronics, with the transaction expected to be an associated transaction but not a major asset restructuring [2]. - The acquisition is subject to uncertainties, leading to a temporary suspension of Huatians Technology's stock trading, with a disclosure of the transaction plan expected within 10 trading days [3]. Group 2: Company Background - Huayi Microelectronics, a subsidiary of Huatians Group, focuses on the research, design, packaging, testing, and sales of semiconductor power devices, utilizing a "design + packaging" dual-driven model [3]. - The company has a significant market share in the domestic electric vehicle controller market, showcasing strong market competitiveness [3]. Group 3: Financial Performance - Huayi Microelectronics reported revenue growth from 847 million yuan in 2020 to 1.157 billion yuan in 2022, although net profits have fluctuated, with a loss recorded in 2022 [4]. - The performance volatility reflects the high investment and cyclical nature of the power device industry [4].

Core Viewpoint - The company, Tianshui Huatian Technology Co., Ltd., is planning to acquire Huayi Microelectronics Co., Ltd. through a share issuance and cash payment, which constitutes a related party transaction but does not qualify as a major asset restructuring [1] Group 1: Acquisition Details - The acquisition target, Huayi Microelectronics, is recognized as a leading domestic semiconductor company specializing in high-performance power devices, including research, design, packaging, testing, and sales [1] - Huayi Microelectronics employs a "design + packaging and testing" dual-driven business strategy, integrating device design with packaging and testing for collaborative development [1] Group 2: Financial Performance - Huayi Microelectronics reported revenues of 847 million, 1.16 billion, and 1.157 billion for the years 2020 to 2022, with net profits of 41.63 million, 88.13 million, and a loss of 43.21 million respectively [2] - The company's R&D investment was 33.73 million, 45.70 million, and 58.12 million from 2020 to 2022, with R&D expenditure as a percentage of revenue at 3.98%, 3.94%, and 5.03%, indicating a slight increase in 2022 [2] - In 2022, Huayi Microelectronics experienced a slight decline in revenue and a significant net loss, with a larger loss when excluding non-recurring items [2]

Core Viewpoint - Huatian Technology announced plans to issue shares and cash to acquire assets and raise supporting funds, involving a related party transaction with Huayi Microelectronics, a subsidiary of its controlling shareholder, Tianshui Huatian Electronics Group. The transaction is not expected to constitute a major asset restructuring or a reverse listing but is classified as a related party transaction [1]. Group 1: Transaction Details - The transaction involves Huayi Microelectronics, which has previously attempted an IPO but failed in June 2023. The company specializes in the research, production, and sales of semiconductor power devices [2][4]. - Huatian Technology has signed a share acquisition intention agreement with the main transaction counterparties and will suspend trading from September 25, 2025, with a plan to disclose the transaction scheme within 10 trading days [1]. Group 2: Financial Performance of Huayi Microelectronics - Huayi Microelectronics reported revenues of 847 million yuan, 1.16 billion yuan, and 1.16 billion yuan for the years 2020, 2021, and 2022, respectively. However, it experienced a net profit decline, with a loss of 43.21 million yuan in 2022 [4][5]. - The company’s financial struggles are evident, as it failed to respond to the first round of inquiries during its IPO process, leading to the termination of its IPO in June 2024 [2][4]. Group 3: Financial Performance of Huatian Technology - Huatian Technology's revenue grew from 12.1 billion yuan in 2021 to 14.46 billion yuan in 2024, but its net profit decreased from 1.416 billion yuan to 616 million yuan during the same period. The net profit, excluding non-recurring gains and losses, fell from 1.1 billion yuan to 33.42 million yuan, with a loss of 308 million yuan in 2023 [7][8]. - In the first half of 2025, Huatian Technology reported a net profit of 227 million yuan, but continued to incur losses when excluding non-recurring gains and losses [9][10]. Group 4: Government Support and Shareholder Information - Huatian Technology's financial performance heavily relies on government subsidies and tax incentives, which amounted to approximately 360 million yuan and 66.58 million yuan, respectively, in the first half of 2025 [11]. - As of June 30, 2025, Huatian Technology had over 400,000 shareholders, indicating a broad base of retail investors [14][16].

Core Viewpoint - The company reported a revenue of 517 million yuan and a net profit of 53.48 million yuan for the first half of 2025, indicating a strategic shift towards the semiconductor sector amidst a challenging retail environment [1] Group 1: Financial Performance - The company's revenue for the first half of 2025 was 517 million yuan, with a net profit of 53.48 million yuan [1] - The retail sector faced a decline, with a 2.3% decrease in the revenue index for large retail enterprises in the first quarter of 2025, marking seven consecutive years of decline [1] - The comprehensive department store and specialty store revenue fell by 27.64% year-on-year, while convenience store revenue decreased by 21.13% [1] Group 2: Strategic Developments - The company is pursuing a "dual main business" strategy, making significant progress in the semiconductor sector by acquiring 100% of Shenzhen Shangyangtong Technology, a leading domestic semiconductor power device company [2] - The acquisition positions the company to transition from traditional retail to the "hard technology" sector, with the semiconductor business expected to become a second growth curve [2] - A strategic cooperation agreement was signed with Changsha Guokong Capital and Tsinghua Tianjin Electronics Institute to enhance the company's innovation ecosystem [2] Group 3: Operational Improvements - The company has optimized its offline store operations, with 95 stores in total, including 6 outlet/shopping center stores and 83 convenience stores, adopting a "regional deep cultivation + light asset expansion" model [3] - Online platforms such as "Youa Overseas Purchase" and "Youa Weidian" achieved a transaction volume of 23.63 million yuan, indicating initial success in channel integration [3] - The convenience store sector maintained a competitive edge through unique supply chain resources, achieving single-store efficiency above industry levels [3] Group 4: Industry Insights - Analysts suggest that the company's transformation path offers insights for the industry, highlighting the importance of maintaining cash flow through refined operations during periods of deep adjustment in the retail sector [4] - The completion of the Shangyangtong acquisition is expected to initiate a new growth cycle for the company, combining retail and semiconductor operations [4]

Core Viewpoint - The company, Youa Co., is undergoing a strategic transformation by diversifying into the semiconductor industry while maintaining its core retail business, aiming to create a dual-main business model of "retail + semiconductor" [2][5][6]. Group 1: Company Background and Leadership - Youa Co. was historically a prominent player in the retail sector in Hunan, China, and is now led by CEO Hu Shuo, who has a strong academic background in physics and engineering from Tsinghua University and Oxford University [3]. - Hu Shuo emphasizes the importance of integrating traditional retail with emerging industries to achieve sustainable growth and innovation [2][3]. Group 2: Strategic Initiatives - The company plans to acquire 100% of Shenzhen Shangyangtong Technology Co., Ltd. for a transaction price of 1.58 billion yuan, aiming to enhance its capabilities in high-performance semiconductor power devices [5][6]. - Shangyangtong's products are utilized in various sectors, including new energy, automotive electronics, and consumer electronics, indicating a strong market potential for Youa Co. post-acquisition [5][6]. Group 3: Financial Performance and Projections - Shangyangtong reported revenues of 673 million yuan and a net profit of 82.7 million yuan in 2023, with projections showing a revenue of approximately 334 million yuan and a net profit of about 22.4 million yuan for the first half of 2025, reflecting a year-on-year growth of 28.1% and 66.9%, respectively [6][7]. - The acquisition price represents a significant discount compared to Shangyangtong's last post-investment valuation, indicating a strategic opportunity for Youa Co. to enter the semiconductor market [6]. Group 4: Collaborative Efforts - Youa Co. has entered into a strategic cooperation framework with Changsha Guokong Capital Management and Tsinghua University Tianjin Electronic Information Research Institute to establish a semiconductor-focused merger and acquisition fund [7][8]. - This collaboration aims to create a closed-loop system for technology research, industry incubation, and capital empowerment, facilitating innovation and sustainable growth in the semiconductor sector [7][8].

Core Insights - The company reported a revenue of 3.45 billion yuan, representing a year-on-year increase of 20.58% [3] - Net profit attributable to shareholders reached 601 million yuan, up 41.55% compared to the previous year [3] - The company has increased its investment in the third-generation semiconductor chip industry, particularly in SiC power devices [2] Financial Performance - Revenue for the reporting period was 3,454,861,057.06 yuan, compared to 2,865,255,202.25 yuan in the same period last year, marking a growth of 20.58% [3] - Net profit attributable to shareholders was 601,345,162.23 yuan, up from 424,843,451.68 yuan, reflecting a 41.55% increase [3] - The net profit after deducting non-recurring gains and losses was 559,030,742.52 yuan, a rise of 32.33% from 422,451,942.72 yuan [3] - The net cash flow from operating activities was 757,490,803.53 yuan, an increase of 43.43% from 528,137,435.41 yuan [3] - Basic and diluted earnings per share were both 1.12 yuan, up 43.59% from 0.78 yuan [3] - The weighted average return on equity was 6.63%, compared to 5.03% in the previous year [3] Industry Trends - The semiconductor industry continues to experience growth, particularly in automotive electronics, artificial intelligence, and consumer electronics, driving the company's main business growth [1] - The company has integrated lean production concepts into its power semiconductor production processes, enhancing operational efficiency through process optimization and cost management [1] Product Development - The company has increased its focus on third-generation semiconductor chips, particularly SiC MOS products, which have been upgraded from second to third generation [2] - The SiC chip factory has achieved product coverage for 650V, 1200V, and 1700V with resistance ranging from 13mΩ to 500mΩ [2] - The company has developed an automated production line for automotive power modules, capable of producing 168,000 three-phase bridge HPD modules annually [4] - Key technologies such as low parasitic inductance and direct water cooling have been researched for high power density and low thermal resistance applications [4] - The company has filed for 15 intellectual property rights during the reporting period, including 9 domestic invention patents [4]