出品：新浪财经上市公司研究院 作者：光心 近期，晶晨股份发布公告，拟以现金方式收购芯迈微半导体（嘉兴）有限公司（下称"芯迈微"）100%股权，收购对价为人民币3.16亿元。交易完成后，芯迈微将成为公司全资子公司，纳入公司 值得注意的是，交易标的芯迈微成立于2021年8月，2024年营业收入还为0元，2025年上半年营业收入也仅有68万元，净利润亏损超4000万元。而本次收购较2024年末的经审计净资产溢价率 更加有趣的是，芯迈微创始人孙滇以0元价格转让了21.8035%的股权，该交易安排是出于何种考虑？ 成本法定价股东"保本退出" 创始人0元出让部分股权 据公告，此次收购以2024年9月A+轮融资的4.3亿元估值为基础，明确股东出资总额为人民币31，611万元的情况下，基于市场化交易原则折价至31，611万元。 通过这种简单的成本定价法，股东将索回此前出资的全部3.16亿元，且没有任何利息。 而具体到13位股东，包括创始人孙滇、两家员工持股平台、多家投资机构在内，由于初始出资额都不同，各自对应交易金额也有所差异。 具体来看，晶晨股份作为国内领先的无晶圆半导体系统设计厂商，为智能机顶盒、智能电视、无线连接及车载 ...

Synaptics (SYNA) Conference Summary Company Overview - **Company**: Synaptics - **Industry**: Semiconductor, specifically focusing on Internet of Things (IoT) and Edge AI technologies - **Key Personnel**: Rahul Patel (CEO), Ken Rizvi (CFO) Core Industry Insights - **Core IoT Focus**: Synaptics is positioning itself as a significant player in the core IoT space, leveraging its 40 years of experience and successful reinventions in the semiconductor industry [4][5] - **Wireless Connectivity**: The company has a strong wireless connectivity portfolio through licensing arrangements with Broadcom, focusing on high-performance, low-power solutions essential for core IoT applications [7] - **Edge AI Integration**: Synaptics is embedding edge AI capabilities into its processors, developed in collaboration with Google Research, which enhances the performance and efficiency of AI models on its platform [11][12] Financial Performance - **Growth Metrics**: - Overall business growth of 12% year-over-year for fiscal year 2025, with core IoT business growing over 50% year-over-year [18][19] - Earnings per share (EPS) grew by 61% in the same period, indicating strong profitability alongside revenue growth [24] - **Market Dynamics**: Channel inventories have returned to pre-COVID levels, suggesting a healthy demand environment moving forward [20][21] Product Development and Market Applications - **Processor Innovations**: The Astra processor is gaining traction in various applications, including video processing and audio systems, with significant design wins expected to drive future growth [13][14] - **Market Opportunities**: Anticipated growth in the PC market due to a refresh cycle, with approximately 400 million PCs needing upgrades, which could benefit Synaptics' market share [29][32] Competitive Landscape - **Differentiation from Competitors**: Synaptics does not compete directly with larger companies like Qualcomm and MediaTek, focusing instead on a different class of products that cater to edge applications, where 90% of applications could benefit from Synaptics' offerings [16] Strategic Direction - **M&A Philosophy**: The company is open to strategic acquisitions that can accelerate growth in core IoT, aiming to build comprehensive solutions rather than just selling individual components [35][38] - **Long-term Margin Goals**: Synaptics aims to maintain a long-term gross margin target of 57%, driven by product mix and the introduction of integrated solutions [39][40] Additional Considerations - **Automotive and Enterprise Markets**: The automotive market remains sluggish, while the enterprise market is recovering, with potential cyclical benefits from a PC refresh cycle and return-to-office trends [28][30] - **Foldable Technology Potential**: The anticipated launch of foldable smartphones could create new opportunities for Synaptics in the mobile touch market, potentially translating to significant unit sales [33] This summary encapsulates the key points discussed during the Synaptics conference, highlighting the company's strategic focus, financial performance, product innovations, and market dynamics.