我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 近日，全球知名 芯片分销商文晔和大联大陆续发布9 月 及第三季度营收情况 。 大联大 9月营收 创历年同期次高，达 890.9亿元 （新台 币 ，下同） ，月增13%，年减15.69%； 文晔 9月份自结 合并营收约为 1,349亿元 ，年增约59.7%，月增约34.8%，创单月营收新高纪录。 本文将分析文晔和大联大近期营收的具体情况以及今年以来的表现。 0 1 大联大 低于 预期 文晔 超出 预期 受惠于生成式AI的迅速发展，带动相关传统及AI服务器、电源、PC、NB及内存产品的迭代升级， 以及电子元器件需求的增加等因素影响下， 大联大 控股2025年9月营收创 历年同期次高 ，达 890.9亿元，相比上月的788.2亿元， 月增13%，但年减15.69% 。 大联大 第三季度 营收为2,444.7亿元 ，若排除汇率影响，第三季度创下 单季历史新高 ， 但仍低 于法说会预估的中位数2550亿元。 汇率波动成为影响营收表现的主要因素 。大联大早前提出的 ...

当地时间10月8日，美国商务部工业与安全局 （ BIS ） 发布公告，将26家实体与3个地址加入实 体清单 （Entity List） 。其中包括 16家中国企业 和 3个中国香港地址 。原因是这些公司协助采购 了美国制造的电子元件，而这些元件被发现用于伊朗 部分 组织 所操作的无人机中。 来源 ： 美国 商务部 公告 值得注意的是，美国大型电子元件分销商—— 艾睿电子 （Arrow Electronics, Inc.） 位于中国大陆和 中国香港的子公司也被列入实体清单，分别是 Arrow China Electronics Trading Co., Ltd. 和 Arrow Electronics (Hong Kong) Co., Ltd. 根据路透社消息，艾睿电子在声明中表示，这些子公司"过去和现在都遵守出口管制法规及相关法 律"。 艾睿发言人John Hourigan在声明中说："我们正在与美国工业与安全局 （BIS） 就此次列名进行 讨论，一旦有进一步信息，我们将立即公布。在此期间，我们将努力将对合作伙伴供应链的影响降 到最低。" 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公 ...

来源：芯世相 刚刚，云汉芯城（上海）互联网科技股份有限公司（以下简称云汉芯城）在深圳证券交易所创业板正式上市。 其发行价格为 27.00 元/股，对应的发行人2024年扣除非经常性损益前后孰低的归属于母公司股东的净利润对应的摊薄后市盈率为20.91倍， 上市首日开盘价为120.00元，大涨344.44%。截至11点30分，总市值为83.28亿。 | 今 开 120.00 最 高 142.00 | | --- | | 昨 收 27.00 最 低 114.04 | | 成交额 11.54亿 总市值 83.28亿 | | 换手率 65.87% | 云汉芯城本次公开发行股票1,627.9025万股，其中公开发行新股1,627.9025万股，新股募集资金4.40亿元，发行后总股本6,511.6099万股。 作为业内知名元器件分销电商平台，云汉的成功上市对芯片分销行业为什么是件好事？云汉芯城到底是一家怎样的公司，它的商业逻辑是 什么？为什么说云汉还是资本化运作的高手，这些年它都做了些啥？ 在芯片分销行业做电商平台，云汉有哪些特点？ 01 云汉是一家怎样的公司? 云汉芯城是国内最早一批的电子元器件B2B电商企业，至今仍是芯 ...

Core Viewpoint - The successful listing of Yunhan Chip City on the Shenzhen Stock Exchange is a significant event for the chip distribution industry, showcasing the recognition of the "chip + internet" model and providing confidence to other companies in the sector [3][21]. Company Overview - Yunhan Chip City is one of the earliest B2B e-commerce companies for electronic components in China, founded by Zeng Ye in 2002, initially focusing on traditional chip trading before evolving into a well-known online platform [6][7]. - The company primarily engages in B2B sales of electronic components and PCBA services, with the former accounting for over 98% of its revenue [7][8]. - As of December 31, 2024, Yunhan had over 696,500 registered users and 54,000 paying users in 2022 [7]. Business Model - Yunhan operates as a distributor for larger distributors, catering to small and medium-sized distributors or end customers, focusing on small-batch, diverse, and fast-delivery orders [8][9]. - The average order amount in 2024 was approximately 3,900 yuan, with a large customer base leading to a healthy business cycle despite individual customer sizes being small [10]. Financial Performance - Yunhan's revenue from 2021 to 2024 was 3.836 billion, 4.333 billion, 2.637 billion, and 2.577 billion yuan, respectively, with net profits of 161 million, 135 million, 78.59 million, and 88.38 million yuan [10]. - During the chip shortage from 2020 to 2022, Yunhan achieved a compound annual growth rate of 68.08%, reaching peak revenue in 2022 [11]. - Despite a decline in performance starting in 2023, Yunhan's revenue showed signs of recovery in 2025, with a 17.82% year-on-year increase in main revenue [11][12]. Capitalization Strategy - Yunhan has been adept at capital operations, starting its financing activities as early as 2014, attracting investments from various institutions and local government support [13][14]. - The company has completed multiple rounds of financing, with significant investments from early backers like Liyuan Information and Shenzhen Innovation Investment [14][15]. - The ownership structure has evolved, with Zeng Ye remaining the largest shareholder, controlling over 30% of the shares post-IPO [18]. Market Impact - The listing of Yunhan is expected to enhance financing channels for chip distributors, allowing for more aggressive business expansion and potential acquisitions to integrate the supply chain [21].

Core Viewpoint - The article discusses the acquisition activities of Yachuang Electronics, highlighting its strategy to enhance control over semiconductor design and distribution companies, specifically through the acquisition of stakes in Ouchuangxin and Yihainengda, aiming for full ownership and increased market competitiveness [3][5][8]. Acquisition Details - Yachuang Electronics announced plans to acquire 40% of Ouchuangxin and 45% of Yihainengda, with the total transaction amounting to approximately 3.17 billion yuan [3][5]. - Prior to the acquisition, Yachuang held 60% of Ouchuangxin and 55% of Yihainengda, indicating a strategic move to consolidate its holdings [5][8]. Financial Overview - The acquisition prices are set at 200 million yuan for Ouchuangxin and 117 million yuan for Yihainengda, with a combination of share payments and cash [5][17]. - Yachuang's revenue for 2024 is projected to reach approximately 3.61 billion yuan, reflecting a 46.14% increase from 2023 [9][14]. Business Strategy - The company emphasizes a dual strategy of organic growth and external acquisitions to enhance operational efficiency and competitive edge in the semiconductor distribution and design sectors [8][10]. - Yachuang's distribution business remains dominant, accounting for 90% of its revenue, while its self-developed IC design contributes only 9.65% [8][14]. Market Position - The acquisitions are expected to strengthen Yachuang's market position in various sectors, including automotive electronics, industrial applications, and consumer electronics [7][12]. - The company has been actively pursuing acquisitions, having completed six asset transactions in the past year, indicating a robust growth trajectory [11][12]. Performance Metrics - Yachuang's revenue growth in the first half of the year reached 125.7%, driven by the expansion of its electronic component distribution business [14]. - The self-developed IC segment has shown steady performance, with sales reaching approximately 15 million yuan, primarily in automotive applications [14][13]. Industry Context - The semiconductor distribution industry is experiencing a valuation adjustment, with recent acquisitions reflecting lower PE multiples, suggesting a shift in market dynamics [17]. - The overall market for semiconductor distributors is showing signs of recovery, with Yachuang leading in revenue growth compared to peers [14][17].

Core Viewpoint - The article discusses the challenges faced by sales and procurement professionals in the chip distribution industry, emphasizing the need for effective strategies to identify genuine opportunities and manage client relationships to enhance sales performance [1][2][10]. Group 1: Sales Challenges - Sales professionals often encounter clients who inquire about prices without making purchases, leading to frustration and wasted efforts [1][10]. - There is a common issue where salespeople provide numerous quotes but fail to secure any orders, indicating a need for better client assessment [10][12]. - The article highlights the importance of understanding the true value and potential of clients rather than blindly quoting prices [10][12]. Group 2: Procurement Issues - Procurement professionals face pressure from competitors who can match or undercut their pricing, creating a challenging environment for securing orders [2][20]. - There is a lack of alternative sourcing channels beyond well-known platforms, which limits procurement options [2][20]. - The article points out that procurement teams often struggle with high workloads and insufficient orders, leading to dissatisfaction [2][20]. Group 3: Personal Experience and Insights - The author shares a personal journey from a procurement background to entrepreneurship, highlighting the evolution of skills and knowledge gained over years in the industry [3][4][5]. - The transition from traditional procurement roles to establishing a new business model in the chip distribution sector is discussed, emphasizing the importance of adapting to market changes [5][6]. - The author reflects on the significance of time management and data analysis in improving procurement efficiency and decision-making [4][6]. Group 4: Course Offerings - A course titled "Chip Distribution Money-Making Practical Camp" is introduced, focusing on practical strategies for identifying opportunities and managing risks in sales [9][22]. - The course aims to teach participants how to analyze client needs, understand market dynamics, and navigate the complexities of the chip distribution landscape [9][22]. - Specific topics include customer classification, negotiation tactics, and risk management strategies to enhance sales outcomes [9][22].

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 艾睿电子 （Arrow Electr onics， 简称"艾睿"） 于 当地时间9月16日宣布，公司总裁兼首席执行官 Sean Kerins 正式卸任，由董事会成员 William "Bill" Austen 临时接任 CEO 一职。 此次人事变动具体发生了什么，卸任以及临时接任的CEO是什么背景？艾睿今年以来的财务表现 又如何？ 01 上任三年 艾睿CEO卸任 艾睿 于 当地时间9月16日宣布，公司董事会成员 William "Bill" Austen被任命为临时总裁兼首 席执行官，即日起生效。 William Austen 将接替 Sean Kerins，后者已于9月16日卸任公司董事、总裁兼首席执行官职 务。 如今， Sean Kerins 在发给全球员工的内部邮件中写道："在 Arrow Electronics 度过近18个精 彩的年头后，我决定卸任。能够领导这家伟大的公司，是我职业生涯中最荣耀的经历。"他特别感 谢了 Arrow 的员工、客户 ...

Group 1 - The core viewpoint of the article is that 商络电子 is acquiring a controlling stake in 立功科技 to enhance its market position and expand its business operations in the semiconductor distribution sector [7][24]. - 商络电子 announced on September 15 that its subsidiary, 畅赢控股, plans to acquire 88.79% of 立功科技 for a total transaction price of 709 million RMB, with an adjustment cap of 133 million RMB [3][10]. - The acquisition is currently in the information disclosure phase and requires approval from the shareholders' meeting and regulatory bodies before completion [14]. Group 2 - 立功科技, established in 1999, provides chip solutions for industrial and automotive electronics, with a revenue of 1.887 billion RMB in 2019, where 83.25% came from IC value-added distribution [19][20]. - 商络电子 is a leading electronic component distributor in China, with a diverse product range and a significant customer base, having transitioned from passive to active component distribution [21][22]. - The acquisition aims to complement the authorized agency lines of both companies, enhance product offerings, and improve market competitiveness and profitability [24][25]. Group 3 - The merger will consolidate customer resources, increasing the attractiveness to original manufacturers and reducing operational risks [25]. - The integration of supply chain management and operational synergies is expected to lower costs and improve efficiency [26].

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 近日，全球芯片分销商TOP2文晔和大联大陆续发布8月份财报： 大联大 8月营收创历年同期次高 达 788.2亿元（新台币，下同） ，月增3%，年减7.1%； 文晔 8月合并营收达 1,000.86亿元 ，月增6.5%，年增22.7%。 本文将分析文晔和大联大近期营收的具体情况以及今年以来的表现。 01 与7月相比 大联大、文晔，营收皆上涨 受惠生成式AI迅速发展，推动相关传统及AI服务器、电源、PC、NB及存储器迭代更换等电子零组 件需求增加等因素影响下，大联大控股2025年8月营收创历年同期次高达 788.2亿元 ，相较上月 新台币765.6亿元， 月增3% ，相较去年同期新台币848.5亿元， 年减7.1% 。 在此前 法说会 上 ， 大联大 展望 三季度 ，以新台币29.5元兑1美元为汇率假设基础，预估营收 将落在 2,450亿至2,650亿元间 ，约季减2.1%至季增5.8% ，毛利率 3.7-3.9%， 营益率 为 1.91-2.09% 。 ...

Company Overview and Performance - The company reported a revenue of 35.16 million yuan from its IoT product design and manufacturing business and 0.2899 million yuan from its chip customization business in the first half of 2025 [3] - The company’s various business segments are developing healthily and in an orderly manner according to its established strategy, resulting in performance growth [3] Financial and Operational Insights - The company faces a structural cash flow gap due to short delivery cycles from upstream manufacturers and fluctuating demand from downstream customers, which has negatively impacted cash flow [4] - The increase in short-term borrowings is primarily related to business development and funding needs, particularly in the automotive electronics and new energy sectors [4] - The company has assessed its bad debt provision based on the aging structure of accounts receivable, indicating a low risk of bad debts as most accounts are within six months [4] Business Layout and Development - The company has established long-term partnerships with suppliers as a core authorized distributor for MediaTek and Nordic, providing technical support [5] - In the AI industry chain, the company has collaborated with domestic manufacturers in the GPU field, achieving initial results [5] - The company has made significant investments in the automotive and new energy sectors, with related businesses accounting for over 20% of its distribution business structure [5] - The company has formed scalable product solutions in emerging fields such as industrial control and automotive electronics, with products already applied in relevant areas [5] Industry Environment and Outlook - The industry environment is cautiously optimistic, with good development in Chinese manufacturing, presenting numerous opportunities for the company as an upstream supplier [6] - The rapid implementation of AI technology is expected to bring new opportunities to the industry [6] - The chip industry is anticipated to enter a rapid consolidation phase in the coming years, enhancing service capabilities through scaled development [6]