Core Viewpoint - Huatian Technology (002185.SZ), a leading domestic semiconductor packaging company, resumed trading on October 17, with its stock price hitting the daily limit at 12.96 yuan per share, resulting in a market capitalization of 41.85 billion yuan. The company announced a plan to acquire 100% of Huayi Microelectronics through a combination of share issuance and cash payment, which is expected to enhance its business in power device packaging and testing [2][3]. Group 1 - The acquisition involves issuing shares at a price of 8.35 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [2]. - Huayi Microelectronics, a subsidiary of Huatian Electronic Group, focuses on the R&D, production, and sales of semiconductor power devices and is one of the few high-tech enterprises in China that integrates R&D design, packaging testing, reliability verification, and system solutions [2][3]. - The transaction is not expected to constitute a major asset restructuring or a restructuring listing but is classified as a related party transaction [2]. Group 2 - The acquisition is aimed at enhancing Huatian Technology's packaging and testing business, allowing it to cover various segments including integrated circuits and discrete devices, and to extend its own brand product development in power devices across automotive, industrial, and consumer levels [3]. - For the first half of 2025, Huatian Technology reported revenue of 7.78 billion yuan, a year-on-year increase of 15.81%, and a net profit of 226 million yuan, up 1.68% year-on-year [3]. - Huayi Microelectronics had previously applied for an IPO on the Sci-Tech Innovation Board but withdrew its application in July 2023, with its net profit facing challenges in recent years [3].

10月17日，国内半导体封装龙头华天科技（002185.SZ）复牌，股价涨停，报12.96元/股，市值为418.5 亿元。 申报IPO前，华羿微电净利一度承压。2020年至2022年，华羿微电归属于母公司股东的净利润分别为 4163.32万元、8813.40万元和-4320.92万元。此前的招股书显示，华羿微电拟融资11亿元，用于车规级 功率半导体研发及产业化项目、研发中心建设及第三代半导体功率器件研发项目和补充流动资金，其 中"补充流动资金"部分拟投入募集资金金额为3.6亿元。 消息面上，10月16日晚，华天科技公布收购预案，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。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 公告显示，本次发行股份及支付现金购买资产的股份发行价格为8.35元/股，不低于定价基准日前120个 交易日上市公司股票交易均价的80%。 据悉，华羿微电系华天电子集团控股子公司，后者亦为华天科技控股股东。本次交易预计不构成重大资 产重组，不构成重组上市，但构成关联交易。 （文章来 ...

智通财经记者注意到，华羿微电一度谋求科创板上市，其IPO申请于2023年6月30日获得受理，但因业 绩波动大、研发投入不足（部分年份低于4%）、进口设备依赖等因素，2024年6月7日其上市申请终止 审核。 公开资料显示，华羿微电成立于2017年6月28日，注册资金4.15亿元，为华天电子集团旗下专业从事半 导体功率器件研发设计、封测和销售的高新技术企业。该公司官网显示，其实施的各项目总投资58亿 元，建成达产后预计形成年产值不少于60亿元，年生产能力达120亿只，年上缴税金3亿元。 昨日晚间的公告显示，2023-2024年，华羿微电分别实现营收11.44亿元、13.83亿元，净利润-1.45亿元、 1879.94万元；2025年1-8月，华羿微电季度利润持续增长，其中，第三季度实现净利润预计超过3000万 元，环比增长超80%。 转自：智通财经 智通财经10月17日讯（记者 张校毓）集成电路封装企业华天科技（002185.SZ）计划收购控股股东华天 电子集团旗下华羿微电100%股权，以此将产业链向半导体功率器件设计领域延伸。智通财经记者注意 到，华羿微电曾有过冲刺科创板的经历，不过去年6月份，其IPO上市申请 ...

10月16日，立昂微盘中上涨2.16%，截至10:19，报33.10元/股，成交2.92亿元，换手率1.35%，总市值 222.22亿元。 资金流向方面，主力资金净流入144.15万元，特大单买入1041.80万元，占比3.57%，卖出788.90万元， 占比2.70%；大单买入5128.60万元，占比17.56%，卖出5237.35万元，占比17.93%。 立昂微今年以来股价涨33.63%，近5个交易日跌3.19%，近20日涨33.79%，近60日涨43.35%。 今年以来立昂微已经2次登上龙虎榜，最近一次登上龙虎榜为9月24日。 立昂微所属申万行业为：电子-半导体-半导体材料。所属概念板块包括：中芯国际概念、第三代半导 体、氮化镓、集成电路、半导体等。 截至6月30日，立昂微股东户数7.53万，较上期增加2.70%；人均流通股8911股，较上期减少2.63%。 2025年1月-6月，立昂微实现营业收入16.66亿元，同比增长14.18%；归母净利润-1.27亿元，同比减少 90.00%。 分红方面，立昂微A股上市后累计派现6.37亿元。近三年，累计派现3.42亿元。 机构持仓方面，截止2025年6月30日 ...

10月13日，立昂微涨5.1%，截至发稿，报33.78元/股，成交8.72亿元，换手率4.05%，总市值226.79亿 元。 截至发稿，华叶舒累计任职时间3年28天，现任基金资产总规模1.24亿元，任职期间最佳基金回报 22.06%， 任职期间最差基金回报10.93%。 资料显示，杭州立昂微电子股份有限公司位于浙江省杭州经济技术开发区20号大街199号，成立日期 2002年3月19日，上市日期2020年9月11日，公司主营业务涉及半导体硅片、半导体功率器件、化合物半 导体射频芯片。主营业务收入构成为：半导体硅片66.96%，半导体功率器件芯片25.09%，化合物半导 体射频和光电芯片7.12%，其他(补充)0.83%。 从基金十大重仓股角度 数据显示，光大保德信基金旗下1只基金重仓立昂微。光大保德信恒鑫混合A（013980）二季度减持 2000股，持有股数1.8万股，占基金净值比例为3.47%，位居第一大重仓股。根据测算，今日浮盈赚取约 2.95万元。 光大保德信恒鑫混合A（013980）成立日期2021年11月30日，最新规模690.11万。今年以来收益 16.88%，同类排名5081/8234；近一年收益 ...

闻泰科技(600745.SH)公告称，近期，公司子公司安世半导体以及安世半导体控股（合 称"安世"）收到荷兰经济事务与气候政策部下达的部长令（Order）和阿姆斯特丹上诉法 院企业法庭（简称"企业法庭"）的裁决。 荷兰时间2025年9月30日，荷兰经济事务与气候政策部对安世下达部长令（Order）， 要求安世及其下属所有子公司、分公司、办事处等全球30个主体对其资产、知识产权、 业务及人员等不得进行任何调整，有效期为一年。 目前安世日常经营仍在持续运转，但受上述部长令（Order）和企业法庭裁决的影响，短 期内将面临决策链条临时变更/延长、资源配置灵活度下降等情况，可能会对企业运营效 率形成一定影响。公司对安世的控制权暂时受限，公司作为股东的经济收益权仍不受影 响。公司股票及可转换公司债券将自10月13日开市起复牌，公司可转换公司债券"闻泰转 债"恢复转股。 10月12日晚间， 闻泰科技发布《 关于荷兰政府干预闻泰科技旗下安世半导体运营的严 正立场 》。 闻泰科技作为安世半导体（Nexperia）的控股股东，就荷兰经济事务部近期依据《物资 供应法》对安世半导体实施的行政指令，以及公司内部部分管理层发起的法律行 ...

Report Summary - The report presents the top ten convertible bonds for October 2025, along with an analysis of the issuing companies, including their business profiles, financial performance, and key attractions [13][23][35] Top Ten Convertible Bonds in October 2025 1. Zhongte Convertible Bond - Rating: AAA; 9 - month - end closing price: 112.896 yuan; Conversion premium rate: 85.92%; PE - TTM of the underlying stock: 13.22 [7][13] - Company: A globally leading specialized special - steel material manufacturer with a production capacity of about 20 million tons of special - steel materials per year. It has multiple production and raw - material bases, forming a strategic layout along the coast and rivers [13] - Financials: In 2024, revenue was 109.203 billion yuan (YoY - 4.22%), net profit attributable to shareholders was 5.126 billion yuan (YoY - 10.41%). In H1 2025, revenue was 54.715 billion yuan (YoY - 4.02%), net profit attributable to shareholders was 2.798 billion yuan (YoY + 2.67%) [13] - Key attractions: It is one of the world's most comprehensive special - steel enterprises in terms of variety and specification, with leading cost - control ability and potential for external expansion [14] 2. Shanlu Convertible Bond - Rating: AAA; 9 - month - end closing price: 119.346 yuan; Conversion premium rate: 48.74%; PE - TTM of the underlying stock: 4.08 [7][23] - Company: Mainly engaged in road and bridge construction and maintenance, and also expanding into other fields. It can provide one - stop comprehensive services [23] - Financials: In 2024, revenue was 71.348 billion yuan (YoY - 2.3%), net profit attributable to shareholders was 2.322 billion yuan (YoY + 1.47%). In H1 2025, revenue was 28.575 billion yuan (YoY + 0.26%), net profit attributable to shareholders was 1.029 billion yuan (YoY + 0.89%) [23] - Key attractions: It has the concept of "China - specific valuation", potential for improvement in various aspects under the debt - resolution background, and opportunities from regional infrastructure construction and the Belt and Road Initiative [24] 3. Hebang Convertible Bond - Rating: AA; 9 - month - end closing price: 126.41 yuan; Conversion premium rate: 21.55%; PE - TTM of the underlying stock: - 168.47 [7][35] - Company: With advantages in mineral resources and gas supply, it has completed a basic layout in the chemical, agricultural, and photovoltaic fields [35] - Financials: In 2024, revenue was 8.547 billion yuan (YoY - 3.13%), net profit attributable to shareholders was 31 million yuan (YoY - 97.55%). In H1 2025, revenue was 3.921 billion yuan (YoY - 19.13%), net profit attributable to shareholders was 52 million yuan (YoY - 73.07%) [35] - Key attractions: Its phosphate mines and salt mines have good profit - making potential, and the liquid methionine business is a major profit contributor [36] 4. Aima Convertible Bond - Rating: AA; 9 - month - end closing price: 128.513 yuan; Conversion premium rate: 38.62%; PE - TTM of the underlying stock: 13.41 [7][45] - Company: The leading enterprise in the electric two - wheeled vehicle industry, mainly engaged in R & D, production, and sales of electric two - wheeled vehicles [45] - Financials: In 2024, revenue was 21.606 billion yuan (YoY + 2.71%), net profit attributable to shareholders was 1.988 billion yuan (YoY + 5.68%). In H1 2025, revenue was 13.031 billion yuan (YoY + 23.04%), net profit attributable to shareholders was 1.213 billion yuan (YoY + 27.56%) [45] - Key attractions: It may benefit from government subsidies, new national standards, and potential improvement in gross margin [46] 5. Xingye Convertible Bond - Rating: AAA; 9 - month - end closing price: 120.859 yuan; Conversion premium rate: 29.02%; PE - TTM of the underlying stock: 5.43 [7][54] - Company: One of the first joint - stock commercial banks in China, evolving into a modern financial service group [54] - Financials: In 2024, revenue was 212.226 billion yuan (YoY + 0.66%), net profit attributable to shareholders was 77.205 billion yuan (YoY + 0.12%). In H1 2025, revenue was 110.458 billion yuan (YoY - 2.29%), net profit attributable to shareholders was 43.141 billion yuan (YoY + 0.21%) [54] - Key attractions: It has stable asset quality and scale growth [55] 6. Wentai Convertible Bond - Rating: AA -; 9 - month - end closing price: 128.918 yuan; Conversion premium rate: 20.93%; PE - TTM of the underlying stock: - 23.14 [7][66] - Company: A globally leading semiconductor enterprise adopting the IDM model, providing R & D, manufacturing, and testing services [66] - Financials: In 2024, revenue was 73.598 billion yuan (YoY + 20.23%), net profit attributable to shareholders was - 2.833 billion yuan (YoY - 339.83%). In H1 2025, revenue was 25.341 billion yuan (YoY - 24.56%), net profit attributable to shareholders was 474 million yuan (YoY + 237.36%) [66] - Key attractions: After focusing on the semiconductor business, it benefits from market recovery and has growth potential in the automotive and consumer electronics fields [67] 7. Chongyin Convertible Bond - Rating: AAA; 9 - month - end closing price: 121.778 yuan; Conversion premium rate: 31.87%; PE - TTM of the underlying stock: 5.88 [7][77] - Company: An early local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business scopes [77] - Financials: In 2024, revenue was 13.679 billion yuan (YoY + 3.54%), net profit attributable to shareholders was 5.117 billion yuan (YoY + 3.8%). In H1 2025, revenue was 7.659 billion yuan (YoY + 7%), net profit attributable to shareholders was 3.19 billion yuan (YoY + 5.39%) [77] - Key attractions: It can benefit from the development of the Chengdu - Chongqing economic circle, has stable asset - scale growth, and effective risk - control strategies [78] 8. Tianye Convertible Bond - Rating: AA +; 9 - month - end closing price: 120.562 yuan; Conversion premium rate: 48.06%; PE - TTM of the underlying stock: 146.42 [7][89] - Company: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [89] - Financials: In 2024, revenue was 11.156 billion yuan (YoY - 2.7%), net profit attributable to shareholders was 68 million yuan (YoY + 108.83%). In H1 2025, revenue was 5.16 billion yuan (YoY - 0.98%), net profit attributable to shareholders was - 9 million yuan (YoY - 228.22%) [89] - Key attractions: It may benefit from the price change of caustic soda and has plans for dividend increase and coal - mine projects [90] 9. Aorui Convertible Bond - Rating: AA -; 9 - month - end closing price: 126.412 yuan; Conversion premium rate: 40.56%; PE - TTM of the underlying stock: 22.72 [7][100] - Company: A company focusing on the R & D, production, and sales of complex APIs and preparations, with leading positions in multiple fields [100] - Financials: In 2024, revenue was 1.476 billion yuan (YoY + 16.89%), net profit attributable to shareholders was 355 million yuan (YoY + 22.59%). In H1 2025, revenue was 822 million yuan (YoY + 12.5%), net profit attributable to shareholders was 235 million yuan (YoY + 24.55%) [100] - Key attractions: It has a growing dealer network, expanding preparation products, and high - quality customer resources [101] 10. Yushui Convertible Bond - Rating: AAA; 9 - month - end closing price: 125.081 yuan; Conversion premium rate: 30.74%; PE - TTM of the underlying stock: 26.93 [7][108] - Company: The largest integrated water supply and drainage enterprise in Chongqing, with a stable monopoly position [108] - Financials: In 2024, revenue was 6.999 billion yuan (YoY - 3.52%), net profit attributable to shareholders was 785 million yuan (YoY - 27.88%). In H1 2025, revenue was 3.519 billion yuan (YoY + 7.16%), net profit attributable to shareholders was 458 million yuan (YoY + 10.06%) [108] - Key attractions: It has a high market share, is expanding business externally, and has effective cost - control measures [109]

"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 重要会议： 11 月 17-19 日，2025势银异质异构集成年会（浙江·宁波） 点此报名 11月19日-21日，2025势银显示技术与供应链产业年会（四川·成都） 点此报名 添加文末微信，加 异质异构集成产业 群 近日 ， 华天科技发布公告称正在筹划发行股份及支付现金购买资产并募集配套资金暨关联交易事项 。本次交易预计不构成重大资产重组，不 构成重组上市，但构成关联交易。 本次交易的标的公司为 华羿微电子股份有限公司 （以下简称华羿微电），为华天科技控股股东天水华天电子集团股份有限公司的控股子公司。 截至公告日，华天科技已与本次交易的主要交易对方签署了《股权收购意向协议》。 | 企业名称 | 华梁微电子股份有限公司 | | --- | --- | | 注册地址 | 西安经济技术开发区草滩生态产业园尚稷路8928号 | | 企业类型 | 其他股份有限公司(非上市) | | 注册资本 | 41.509.5832万元人民币 | | 统一社会信用代码 | 91610132MA6U621506 | | 法定代表人 | 肖智成 | | ...

Core Viewpoint - Huatian Technology is planning to acquire Huayi Microelectronics, with the stock suspension starting from September 25, and a transaction proposal expected within 10 trading days [1] Group 1: Acquisition Details - The acquisition target, Huayi Microelectronics, is a subsidiary of Huatian Technology's controlling shareholder and focuses on the R&D, production, and sales of semiconductor power devices [1] - The transaction is not expected to constitute a major asset restructuring but will be classified as a related party transaction [1] - Huayi Microelectronics previously attempted an IPO on the Sci-Tech Innovation Board but was unsuccessful, with its application terminated on June 7, 2024, after failing to respond to initial inquiries [1] Group 2: Financial Performance of Huayi Microelectronics - Huayi Microelectronics reported revenues of 847 million, 1.16 billion, and 1.157 billion yuan for the years 2020, 2021, and 2022, respectively [1] - The net profit attributable to the parent company for the same years was 41.63 million, 88.13 million, and a loss of 43.21 million yuan, indicating a significant decline in profitability in 2022 [1] Group 3: Financial Performance of Huatian Technology - Huatian Technology's revenues from 2021 to 2024 were 12.097 billion, 11.906 billion, 11.298 billion, and 14.462 billion yuan, with a growth rate of 44.32%, -1.58%, -5.10%, and 27.99% respectively [2] - The net profit attributable to the parent company for the same period was 1.416 billion, 754 million, 226 million, and 616 million yuan, with growth rates of 101.75%, -46.74%, -69.98%, and 172.29% [2] - In the first half of 2025, Huatian Technology achieved revenue of 7.78 billion yuan, a year-on-year increase of 15.81%, and a net profit of 227 million yuan, up 1.68% year-on-year [2] Group 4: Market Performance - As of September 24, Huatian Technology's stock price was 11.78 yuan per share, with a year-to-date increase of 1.99% and a total market capitalization of approximately 38 billion yuan [3]

Core Viewpoint - Huatian Technology is planning to acquire Huayi Microelectronics, which previously attempted an IPO that was terminated in June 2024. The acquisition is expected to involve issuing shares and cash payments, and it will be classified as a related party transaction but not a major asset restructuring [1][2]. Group 1: Acquisition Details - Huatian Technology has signed a share acquisition intention agreement with the main transaction counterpart [1]. - The acquisition is not expected to constitute a major asset restructuring or a restructuring listing [1]. Group 2: Target Company Background - Huayi Microelectronics specializes in the research, production, and sales of semiconductor power devices, and has previously attempted to list on the Sci-Tech Innovation Board [2][4]. - The company’s IPO was accepted in June 2023 but was terminated in June 2024 due to failure to respond to initial inquiries [2]. Group 3: Financial Performance of Huayi Microelectronics - Huayi Microelectronics reported revenues of 847 million yuan, 1.16 billion yuan, and 1.16 billion yuan from 2020 to 2022, with net profits of 41.63 million yuan, 88.13 million yuan, and a loss of 43.21 million yuan in the same period [4][5]. - The company experienced a slight revenue decline in 2022 and a significant net loss, with a non-recurring loss of 75.48 million yuan [4]. Group 4: Huatian Technology's Financial Performance - Huatian Technology's revenue has grown from 12.1 billion yuan in 2021 to 14.46 billion yuan in 2024, but net profit has decreased from 1.416 billion yuan to 616 million yuan in the same period [6][7]. - The company’s net profit heavily relies on government subsidies and tax incentives, with non-recurring profits dropping from 1.1 billion yuan to 334.2 million yuan [6][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 [8]. Group 5: Government Support - In the first half of 2025, Huatian Technology received government subsidies totaling approximately 360 million yuan and tax incentives of about 66.58 million yuan [9]. - The total other income from government support and tax benefits amounted to approximately 427 million yuan in the current period [9]. Group 6: Market Position - As of September 24, 2025, Huatian Technology's stock price was 11.78 yuan per share, with a market capitalization of around 38 billion yuan [9].