瞄准两家、放弃一家 与盈方微此前三次执着于子公司剩余股权收购的内部重组不同，此次并购呈现出"精准补位+风险分 散"的鲜明特征。 预案披露的交易框架中，两大核心标的上海肖克利与富士德中国虽同属半导体产业链分销环节，但业务 领域形成极强互补，且交易设计中"不互为前提"的条款，大幅降低了重组落地的整体风险。 作为此次并购的核心盈利引擎，上海肖克利的背景实力值得关注。该公司是成立于2005年的元器件分销 商，手握东芝、罗姆、村田等国际半导体巨头的授权资质，产品线覆盖MOS、IGBT、SiC等功率器件及 光耦、电容电阻等被动元件，下游深度绑定立讯精密、阳光电源、联合汽车电子等细分赛道龙头，业务 触角延伸至消费电子、汽车电子、工业新能源三大领域。 财务数据显示，上海肖克利已形成稳定盈利能力，2024年实现营收14.3亿元、净利润4512万元，2025年 前三季度净利润进一步飙升至5411万元，半年多业绩已超越上年全年，印证了其在功率半导体国产替代 与新能源需求爆发背景下的增长动能。 相较于上海肖克利的规模化分销能力，富士德中国则为盈方微开辟了高附加值的设备分销赛道。该公司 带有外资背景的企业，是日本富士贴片机、韩国高迎测 ...

Core Viewpoint - The company, Yingfang Micro, announced a significant asset restructuring plan to acquire 100% of Shanghai Xiaokeli Information Technology Co., Ltd. and 100% of Fujide China Co., Ltd. through share issuance and cash payment, aiming to enhance its semiconductor distribution business and market share [1][2]. Group 1: Acquisition Details - The acquisition involves two target companies: Shanghai Xiaokeli and Fujide China, with the former being an authorized distributor for major semiconductor brands like Toshiba and Rohm, and the latter focusing on electronic manufacturing and semiconductor packaging testing equipment [2]. - The share issuance price is set at 5.97 yuan per share, which is not less than 80% of the average trading price over the last 20 trading days prior to the board resolution announcement [1]. Group 2: Financial Performance of Target Companies - Shanghai Xiaokeli is projected to achieve revenues of 1.43 billion yuan and a net profit of 45.12 million yuan in 2024, with revenues of 1.289 billion yuan and a net profit of 54.11 million yuan in the first three quarters of 2025 [2]. - Fujide China is expected to generate revenues of 996 million yuan and a net profit of 18.91 million yuan in 2024, with revenues of 828 million yuan and a net profit of 28.34 million yuan in the first three quarters of 2025 [2]. Group 3: Company Background and Challenges - Yingfang Micro's main business includes electronic component distribution and integrated circuit chip R&D, with a history of attempting internal mergers that have faced challenges [3]. - Despite revenue growth of 17.62% year-on-year to 3.443 billion yuan in the first three quarters of 2025, the company reported a net loss of 43.34 million yuan, indicating ongoing profitability issues [3].