7月8日，大富科技发布公告称，公司拟通过现金增资及股权受让的方式投资安徽云塔电子科 技有限公 司（以下简称"安徽云塔"），本次公司拟投资总额不超过1亿元，交易完成后以期持有安徽云塔不超过 20%股权。 本次交易拟采用先增资扩股后股权转让的交易模式，即先行与其他投资方一起对安徽云塔进行增资，之 后公司再受让安徽云塔部分老股，本次交易的投资总额为不超过人民币10,000.00 万元，其中增资金额 为5,500.00 万元，受让老股金额为不超过4,500.00 万元，在两步交易实施完成后，公司最终以期持有安 徽云塔不超过20%股权。 大富科技指出，安徽云塔承诺2025年至2028年期间，经审计的营业收入累计不低于83,000万元。经审计 的扣除非经常性损益后的净利润累计不低于8,000万元。若实际累计营业收入未达到承诺值的75%，则 视为业绩未达标，将自动触发股权回购条款。 同时，安徽云塔须在2029年12月31日前满足以下任一条件：成功向A股证券交易所（包括上交所、深交 所、北交所或其他各方认可的交易所）提交IPO申请并获受理；完成以不低于本次增资估值的并购交 易，且投资方所持股权全部实现退出。若上述条件均未达成 ...

大富科技（300134）公告，公司拟通过现金增资及股权受让的方式投资安徽云塔电子科技有限公司，投 资总额不超过1亿元，交易完成后持有安徽云塔不超过20%股权。安徽云塔专注于射频前端芯片及模组 产品研发与销售，总部位于安徽合肥高新区。安徽云塔目前尚未盈利，2025年1-3月营业收入1617.49万 元，净利润-526.04万元。 ...

纵深推进半导体行业发展战略 稳步推进收购事宜、持股比例跨越式提升 7月3日，经纬辉开公告称，公司拟以自有资金收购天津诺信源企业管理咨询合伙企业（有限合伙）（以 下简称"诺信源"）持有的公司参股公司诺思微5.7642%股权，股权转让价格为6917.04万元；收购庞慰持 有的诺思微6.6806%股权，股权转让价格为8016.72万元。 公告称，经纬辉开收购庞慰持有的诺思微6.6806%股权的第一批股权转让款按照合同约定，已于公告日 完成支付。其持有的股权已质押给公司，庞慰对诺思微的股东权益由公司享有。经纬辉开与诺信源签署 了投票权委托协议，并完成诺信源持有诺思微股权的股权质押，取得天津经济技术开发区市场监督管理 局出具的《股权出质设立登记通知书》。至此，经纬辉开合法持有投票权比例为34.5603%。 公告显示，本次交易定价以2025年6月12日郭芳昀持有的诺思微0.8336%的股权最终拍卖成交价格1001 万元为依据，诺思微估值为12亿元。 交易完成，经纬辉开直接持有诺思微26.64%股权，此外，公司还通过诺信源间接控制诺思微7.92%股 权，总持股比例由22.1155%跃升至34.5603%。全景网注意到，根据 ...

Core Viewpoint - The acquisition plan by Jingwei Huikai to purchase a 12.4448% stake in NuoSi (Tianjin) Micro Systems has faced strong opposition from the target company, raising significant market concerns [1][2] Group 1: Acquisition Details - Jingwei Huikai intends to use its own funds of 149 million yuan to acquire the stakes, with specific amounts of 69.17 million yuan and 80.17 million yuan for the respective holdings [1] - Upon completion of the transaction, Jingwei Huikai's direct and indirect shareholding in NuoSi Micro will increase from 22.1155% to 34.5603%, making it the largest shareholder [1] Group 2: NuoSi Micro's Response - NuoSi Micro issued a strong statement opposing the acquisition, claiming that the transfer of shares is illegal and that one of the transferors, NuoXin Yuan, is an employee stock ownership platform [2] - The company emphasized that the transfer was not approved by the partners' meeting, violating the partnership agreement [1][2] Group 3: Legal Implications - NuoSi Micro accused Jingwei Huikai and individual Pang Wei of "embezzlement," asserting that they proceeded with the share transfer despite knowing it lacked legal authorization [2] - The company plans to pursue all legal avenues, including administrative complaints, criminal reports, and civil lawsuits, indicating that the situation may escalate into a criminal dispute [2]

Group 1 - In the first half of 2025, 7 semiconductor companies that are still in the red managed to go public, which is a significant shift from the traditional capital market preference for profitable companies [1][2] - The introduction of the Sci-Tech Innovation Board in 2019 broke the previous profit requirement for IPOs, allowing companies with strong technology and promising sectors to list even without profits [2][3] - On February 17, 2023, the China Securities Regulatory Commission approved a third set of listing standards for the ChiNext board, enabling unprofitable companies with a projected market value of at least 5 billion yuan and recent revenue of at least 300 million yuan to go public [2] Group 2 - The 7 unprofitable companies are engaged in various high-tech fields, each facing significant financial challenges while pursuing innovation [5] - Moer Thread and Muxi Co. are focused on the GPU sector, requiring substantial investment for architecture innovation to compete with established players like NVIDIA [6] - Dapu Microelectronics specializes in storage control chips, aiming to support the domestic storage chip market amid rapid technological changes [7] - Shiya Technology is developing silicon-based OLED display chips for AR/VR devices, facing high costs in R&D and production [8] - Zhaoxin Integrated is tackling the CPU market, aiming to create a complete domestic computing platform despite significant challenges [9] - Shanghai Super Silicon is producing high-purity silicon wafers, a critical component in chip manufacturing, requiring extensive investment [10] - Angrui Micro focuses on RF front-end chips for 5G communication, needing innovation to compete in a complex market [11] Group 3 - The ability of these 7 companies to go public indicates government support for the semiconductor industry, highlighting the need for capital market involvement in achieving self-sufficiency in high-end chips and critical materials [12]

摩尔线程、沐曦股份：死磕 GPU 的难兄难弟 这俩兄弟都扎在 GPU 赛道，堪称行业 " 吞金兽 " 。现在 AI 大火，英伟达的 A100 、 H100 几乎垄断市 场，但咱们国产 GPU 想分杯羹，就得砸钱搞架构创新。像摩尔线程的 MTTS80 芯片，从流片到优化， 每一步都是千万级的投入；沐曦更是在高性能计算领域猛追，他们的产品要适配云计算、科学计算场 景，不仅得突破技术瓶颈，还得搭建生态，不亏才怪。 2025年上半年，177 家 IPO 企业里，竟然冒出 7 家还在亏钱的半导体公司。搁以前，这种事想都不敢 想，毕竟资本市场向来 " 嫌贫爱富 " ，但现在这事儿真就发生了。 关于这7家创始人情况、营收情况、申报相关就不再一一阐述，之前的文章都有涉及。 | 从 " 盈利硬指标 " 到 " 科创板破冰 " 以前 A 股 IPO 那可是卡着净利润红线，像咱们这行烧钱搞研发的主儿，没有三五年盈利根本别想上 市。直到 2019 年科创板杀出来，直接打破规矩 ——" 没盈利？只要技术够硬、赛道够热，照样能上市 融资！ " 这就好比给咱们半导体行业开了绿色通道。后来创业板、北交所也跟着放宽，现在亏损企业上 市不再是天 ...

Core Viewpoint - The company, Jingwei Huikai, plans to acquire a total of 12.44% equity in Nuo Si (Tianjin) Micro Systems Co., Ltd. (Nuo Si Micro) for approximately 14.93 million yuan, increasing its control from 22.12% to 34.56% [1][2][3] Group 1: Transaction Details - Jingwei Huikai will acquire 5.76% equity from Tianjin Noxinyuan Enterprise Management Consulting Partnership for 69.17 million yuan and 6.68% equity from Pang Wei for 80.17 million yuan [1][2] - The valuation of Nuo Si Micro is set at 1.2 billion yuan based on a recent auction price for a 0.83% stake, reflecting a 354.86% premium over its net asset value as of the end of 2024 [2] Group 2: Company and Industry Outlook - Nuo Si Micro is recognized as China's first FBAR production company, specializing in the design, research, development, manufacturing, and sales of RF front-end MEMS filter chips and modules, with stable operational growth [1][2] - The semiconductor industry is viewed positively by Jingwei Huikai, which has been actively investing in RF module chip research and industrialization projects [2] - Following a recent settlement with Broadcom, Nuo Si Micro has reduced operational uncertainties, indicating a favorable outlook for its business development [2]

证券代码：300782 证券简称：卓胜微 公告编号：2025-055 江苏卓胜微电子股份有限公司 关于 2025 年度向特定对象发行股票摊薄即期回报 及填补措施及相关主体承诺事项（修订稿）的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏卓胜微电子股份有限公司（以下简称"公司"或"卓胜微"）第三届董 事会第九次会议审议通过了关于公司向特定对象发行A股股票的相关议案、第三 届董事会第十二次会议审议通过了关于调整公司向特定对象发行A股股票的相 关议案。根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护 工作的意见》（国办发2013110号）、《国务院关于进一步促进资本市场健康发 展的若干意见》（国发201417号）和《关于首发及再融资、重大资产重组摊薄 即期回报有关事项的指导意见》（证监会公告201531号）等相关法律、法规和 规范性文件的要求，为保障投资者特别是中小投资者利益，公司就本次向特定对 象发行股票对即期回报摊薄的影响进行了认真分析，并制定了具体的摊薄即期回 报的填补措施，相关主体对公司填补回报措施能够得到切实履行作出了承诺，具 体 ...

证券代码：300782 证券简称：卓胜微 江苏卓胜微电子股份有限公司 方案论证分析报告 （修订稿） 二〇二五年七月 射频前端产业是集成电路行业中的重要组成部分，随着通信技术不断迭代，射频前 端需求日益丰富，射频前端芯片解决方案的定制化、集成化、模组化已逐渐成为产业趋 势。根据 QY Research 统计，2024 年全球射频前端模组市场约为 265.40 亿美元，未来有 望保持增长态势，主要受以下因素驱动： （1）庞大的智能手机市场为射频前端芯片市场提供了广阔的市场空间 移动智能终端产品是射频前端芯片的主要下游应用，智能手机是移动智能终端中普 及率最高、形态最多元、需求量最大的产品。2023 年以来，在经历库存积压、更换周期 长及技术创新瓶颈等因素后，全球智能手机市场出现回温信号。根据 Canalys 的统计， 机的迅速发展为智能手机行业提供了新的增长点。根据 IDC 的统计，2024 年全球智能手 机出货量同比增长 6.4%，达到约 12.4 亿部；IDC 在其发布的《2025 年中国智能手机市 场十大洞察》中提到，2023 年开始的换机周期有望在 2025 年延续，2025 年中国智能手 机市场出货量将 ...

Core Viewpoint - Fujian Fuliang Integrated Circuit Co., Ltd. has completed its Series A financing round, led by Xingzheng Innovation Capital, with participation from several industry partners. The funds will be used to expand production capacity, deepen research and development in compound semiconductor technology, and enhance the industrial chain collaboration [1][3]. Group 1: Company Overview - Fuliang Integrated was established in 2015 and is a state-controlled enterprise under Fujian Electronic Information Group, focusing on compound semiconductor wafer foundry services, covering second-generation (gallium arsenide) and third-generation (gallium nitride) semiconductor materials [3]. - The company currently operates the first mass production-level 6-inch gallium arsenide wafer production line in China, with a monthly capacity of 3,000 wafers, serving high-end applications in 5G communication, satellite communication, and national defense [3]. Group 2: Financing and Future Plans - The financing round aims to achieve three main objectives: expanding the existing gallium arsenide production line to increase monthly capacity to 6,000 wafers, initiating the construction of a gallium nitride wafer factory to enter the third-generation semiconductor market, and increasing R&D investment to develop higher frequency millimeter-wave chips and power devices [4]. - The investment from industry capital, including Zhaosheng Microelectronics, reflects recognition of Fuliang Integrated's technical strength and potential for collaboration in the gallium arsenide device foundry sector, particularly in the 5G RF chip area [4]. Group 3: Market Context - The compound semiconductor market is experiencing rapid growth, with increasing demand driven by the development of 5G, IoT, and electric vehicles. The penetration rate of gallium nitride in fast charging and electric vehicle applications is also rising quickly [4]. - Fuliang Integrated's financing will strengthen its production capacity and technical barriers, enhancing its competitiveness in the compound semiconductor foundry sector [4].