Core Viewpoint - The acquisition of Aola Co., Ltd. by Srypu is a strategic move in the context of the accelerating consolidation in the analog chip industry, aiming to create a strong partnership that leverages complementary strengths in various chip technologies [2][6][8] Group 1: Acquisition Details - Srypu announced plans to acquire control of Aola Co., Ltd. through a combination of share issuance and cash payments, with the stock suspension expected to last no more than 10 trading days [2] - Aola Co., Ltd. has previously attempted an IPO on the Sci-Tech Innovation Board in 2022 and sought acquisition by *ST Shuangcheng in 2024, but both efforts were unsuccessful [2][4] - The acquisition is seen as a response to the trend of consolidation in the analog chip industry, where companies are merging to enhance their market positions and product offerings [2][6] Group 2: Financial Performance - Aola Co., Ltd. reported revenues of 478 million yuan and 472 million yuan in 2022 and 2023, respectively, with net losses of 856 million yuan and 962 million yuan during the same periods; however, it turned profitable in the first half of 2024 with revenues of 538 million yuan and a net profit of 307 million yuan [3][4] Group 3: Market Context - The analog chip industry is characterized by a wide variety of products and long life cycles, making mergers and acquisitions a common strategy for growth [6] - Srypu has transformed from focusing solely on wireless communication to becoming a comprehensive platform covering multiple markets, including industrial, automotive, and consumer sectors [6][7] - Aola Co., Ltd. holds a 10.19% market share in the global de-jitter clock chip market and has established a significant partnership with ON Semiconductor for multi-phase power technology, valued at 144 million USD [7][8] Group 4: Strategic Synergies - The combination of Aola Co., Ltd.'s expertise in high-performance clock and power management chips with Srypu's product matrix in signal chain and power management is expected to create a strong alliance in the analog chip sector [8] - The collaboration is particularly promising in the AI domain, where the integration of both companies' technologies can provide comprehensive analog solutions for various applications [8]

近年来资本动作频频的宁波奥拉半导体股份有限公司（以下简称"奥拉半导体"），一次IPO、一次曲线 上市，却均未能圆梦A股。A股公司思瑞浦近日的一则重组停牌公告，将奥拉半导体及其掌门人王成栋 再度拉回聚光灯下，上市公司拟购买奥拉半导体股权。 思瑞浦近日宣布了一则重组停牌消息，正筹划以发行股份及/或支付现金的方式购买奥拉半导体股权并 募集配套资金，公司股票自11月26日起停牌，预计停牌时间不超过10个交易日。 今年以来，A股上市公司跨界并购半导体及公司上下游产业链之间并购不断，单看思瑞浦并购奥拉半导 体，也只是半导体行业并购整合浪潮中的一例。不过，奥拉半导体的资本往事，让这起并购的关注度颇 高。 据了解，奥拉半导体成立于2018年，主要从事模拟芯片及数模混合芯片的研发、设计和销售，时钟芯 片、电源管理芯片、传感器芯片等已实现量产销售，其中时钟芯片系该公司的拳头产品。 奥拉半导体成立后发展迅速，2020年和2021年营收规模接连跨上4亿元和5亿元台阶。2022年，王成栋顺 势推动奥拉半导体科创板IPO，招股书也在当年11月获得受理。不过，奥拉半导体的IPO之路却未能走 到最后，去年5月公司撤单，冲A折戟。 从IPO市 ...

思瑞浦 20251126 摘要 奥拉股份在时钟芯片领域已赶超国际龙头，去抖动指标优于竞争对手 30%-40%，并已成为国内核心通讯设备厂商的重要供应商，累计出货 超 1.4 亿颗，质量控制在 5DPPM 以下。 奥拉股份是国内首家获得 AMD 全套产品认证并进入其参考设计体系的 电源管理芯片企业，与安森美达成技术授权协议，向海外市场销售产品， 提升了笔记本电脑的续航能力。 奥拉股份聚焦高性能时钟、电源管理及 MEMS 传感器，致力于满足车规 和工业级别要求，并拓展消费类应用市场，逐步实现 MEMS 传感器量产 出货。 奥拉通过技术授权模式拓展海外市场，国内市场由奥拉品牌直接销售， 海外市场则通过合作伙伴品牌和供应链进行销售，加速产品进入海外市 场。 思瑞浦并购奥拉有助于提升硬科技属性，聚焦新质生产力方向，增强信 号链产品布局，扩展高壁垒蓝海品类，加快规模扩张并增加差异化竞争 力。 Q&A 请介绍一下奥拉股份的基本情况及其主要业务。 奥拉能够吸引 AMD 等国际龙头企业并快速建立合作，主要原因在于其卓越的 产品和技术能力。目前，奥拉是全球唯二通过 AMD 最新一代 CPU 平台（美杜 莎平台）认证并进入参考设计 ...

近年来资本动作频频的宁波奥拉半导体股份有限公司（以下简称"奥拉半导体"），一次IPO，一次曲线上市，却均未能圆梦A股。11月25日晚间，A股公司思 瑞浦（688536）的一则重组停牌公告将奥拉半导体及其掌门人王成栋再度拉回聚光灯下，上市公司拟购买奥拉半导体股权。 一年半之前，王成栋手握一家上市公司双成药业（即"*ST双成"），同时还推动着奥拉半导体IPO，有意打造资本系族。时过境迁，如今变了一幅光景，旗 下双成药业已被实施了退市风险警示，奥拉半导体去年IPO告败后，今年欲装入双成药业也未能成行。 IPO折戟、被"兄弟公司"并购告败，如今奥拉半导体走向被同行并购。对于王成栋而言，这步资本棋局可能已是其"下下策"。在这背后，究竟是投资人急于 退出的迫切需求，还是王成栋当下境况的不得已选择。 将被同行兼并 昔日招股书中的同行，如今成为收购公司的"买家"，这一幕发生在思瑞浦与奥拉半导体之间。 11月25日晚间，思瑞浦宣布了一则重组停牌消息，公司正在筹划以发行股份及/或支付现金的方式购买奥拉半导体股权并募集配套资金，公司股票自11月26 日起停牌，预计停牌时间不超过10个交易日。 今年以来，A股上市公司跨界并购半导体以 ...

半导体领域，并购队伍熙熙攘攘。 11月26日，模拟芯片龙头企业思瑞浦（688536.SH）停牌。前一日晚间，思瑞浦发布公告，公司正筹划 以发行股份及/或支付现金方式收购宁波奥拉半导体股份有限公司（以下简称"奥拉股份"）股权，并同 步募集配套资金，该交易可能构成重大资产重组。公告指出，本次交易不会导致公司实际控制人发生变 更，亦不构成重组上市。 根据安排，思瑞浦股票及可转债预计停牌时间不超过10个交易日。公告称，目前，思瑞浦初步确定的交 易对象包括Hong Kong Aura Investment Co.Limited等9名股东，合计持有奥拉股份86.12%的股权。停牌 期间，思瑞浦将持续与奥拉股份其他股东就交易意向进行协商。交易具体方案仍在进一步论证中，最终 将以各方正式签署的协议为准。 双成药业此前披露的数据显示，奥拉股份2022年、2023年分别实现营业收入4.78亿元和4.72亿元，净亏 损分别为8.56亿元和9.62亿元。不过，公司在2024年1–7月实现扭亏为盈，营业收入达5.38亿元，净利润 为3.07亿元。 （文章来源：国际金融报） 2023年6月，思瑞浦披露重组预案，拟以发行股份及支付现金方式 ...

Core Viewpoint - The company, Si Rui Pu Microelectronics Technology (Suzhou) Co., Ltd., is planning to acquire equity in Ningbo Aola Semiconductor Co., Ltd. through a share issuance and/or cash payment, which may constitute a significant asset restructuring according to regulations [1][4]. Group 1: Transaction Details - The transaction will not lead to a change in the actual controller of the company and does not constitute a restructuring listing [1]. - The company's stock will be suspended from trading starting November 26, 2025, for a period not exceeding 10 trading days [1][2]. - The convertible bonds of the company will also stop conversion on the same date [1][3]. Group 2: Financial Performance of Aola - Aola Semiconductor reported net losses of CNY 1.096 billion, CNY 856 million, and CNY 962 million from 2021 to 2023, totaling over CNY 2.9 billion in cumulative losses [4]. - In the first seven months of 2024, Aola achieved a net profit of CNY 307 million, indicating a turnaround [4]. - The company's IP licensing revenue accounted for 89.3% of its operating income during the same period, influenced by slow recovery in domestic chip demand [4]. Group 3: Technological Strength and Market Position - Aola has developed several clock chips widely used in 5G communication infrastructure, achieving performance levels comparable to leading global manufacturers [5]. - The company recently licensed its Vcore multi-phase power technology to ON Semiconductor for USD 144 million, marking international recognition of its technological capabilities [5]. - Si Rui Pu focuses on signal chain and power management chips and aims to enhance its competitive edge through this acquisition [5]. Group 4: Strategic Synergies - The acquisition is expected to create significant synergies in three dimensions: market sales complementarity, supply chain and process upgrades, and enhanced R&D capabilities [6][7]. - Si Rui Pu's established domestic sales team and Aola's overseas expansion experience will create a combined sales network [6]. - The integration will leverage Si Rui Pu's supply chain management and 12-inch COT wafer process to optimize Aola's product processes and reduce costs [7]. Group 5: Historical Context of Aola's Acquisition Attempts - Previous attempts by another A-share listed company, Shuangcheng Pharmaceutical, to acquire Aola were unsuccessful due to disagreements among shareholders regarding transaction expectations and costs [8].

Core Viewpoint - Sirepo plans to acquire a stake in Ningbo Aura Semiconductor Co., Ltd. through share issuance and/or cash payment, which may constitute a significant asset restructuring [2] Group 1: Acquisition Details - Sirepo's stock and convertible bonds will be suspended from trading starting November 26, 2025, for a period not exceeding 10 trading days [2] - The transaction involves nine shareholders, including Hong Kong Aura Investment Co. Limited, who collectively hold 86.12% of Aura's shares [2] Group 2: Aura Semiconductor's Performance - Founded in 2018, Aura focuses on the development of analog and mixed-signal chips, with product lines including clock chips, power management chips, sensor chips, and RF chips [3] - Aura has achieved significant revenue growth, with 2022 and 2023 revenues of 478 million and 472 million yuan, respectively, and a turnaround in 2024 with revenue of 538 million yuan and a net profit of 30.7 million yuan [3] - The company has successfully developed clock chips widely used in 5G communication infrastructure, achieving performance levels comparable to leading global manufacturers [3] Group 3: Strategic Collaboration and Synergies - The acquisition aims to enhance Sirepo's capabilities in data centers, AI servers, and 5G communications, particularly in providing comprehensive analog solutions for AI applications [5] - The collaboration will leverage Sirepo's domestic sales network and Aura's international expansion experience, creating a combined sales force [6] - Sirepo's supply chain management and 12-inch COT wafer technology will help Aura optimize product processes and reduce costs, particularly for its SPS products [6] - The integration will also facilitate resource sharing and capability enhancement between the two companies' R&D teams, leading to a strategic upgrade of their ecosystem [6]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company benefits from the AI industry trend, with continuous product launches contributing to robust growth in revenue and net profit for the first three quarters of 2025 [3][8] - The company is expected to achieve revenue of RMB 54.83 billion, RMB 74.22 billion, and RMB 93.07 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 22.11 billion, RMB 27.65 billion, and RMB 34.38 billion [5][7] Summary by Sections Stock Performance - The company's stock price has shown significant performance, with a year-to-date absolute return of 100.7% and a relative return of 77.8% compared to the Shanghai Composite Index [2] Financial Performance - For the first three quarters of 2025, the company reported revenue of RMB 40.58 billion, a year-on-year increase of 57.83%, and a net profit of RMB 16.32 billion, up 66.89% year-on-year [8] - The gross margin for the first three quarters was 61.46%, an increase of 3.34 percentage points year-on-year [8] Product Development - The company continues to lead in the DDR5 memory interface chip market, with sales of the third-generation RCD chip surpassing the second generation for the first time [8] - New products such as the CXL®MXC chip and clock chips are being introduced, with significant orders already in hand [8] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 68.5, 54.8, and 44.1 respectively, indicating a favorable growth outlook [5][10] - The company is expected to maintain a strong EBITDA growth trajectory, with estimates of RMB 2.06 billion, RMB 2.55 billion, and RMB 3.29 billion for 2025, 2026, and 2027 respectively [7][10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 149.60 CNY, based on a projected average PE of 80 times for comparable companies in 2025 [3][11]. Core Insights - The company's performance is driven by the iteration of DDR products, leading to significant year-on-year growth in revenue and net profit. The third quarter saw a revenue increase of 57% to 1.424 billion CNY and a net profit increase of 23% to 473 million CNY [10]. - The company is expected to continue benefiting from the ongoing upgrade of DDR products, with the DDR5 interface chips showing promising sales growth. The sales revenue from the third generation of DDR5 RCD chips has surpassed that of the second generation, indicating strong market demand [10]. - New product developments are progressing well, with the introduction of CXL® 3.1 memory expansion controller chips and advancements in clock chips and PCIe switch designs, which are anticipated to open new growth avenues for the company [10]. Financial Summary - The company's projected financials indicate a recovery and growth trajectory, with expected revenues of 5.546 billion CNY in 2025, representing a 52% year-on-year increase. The net profit attributable to the parent company is forecasted to reach 2.141 billion CNY, a 52% increase from the previous year [5][11]. - Key financial metrics show a gross margin improvement to 61.8% by 2025, with net profit margins expected to stabilize around 38.6% [5][11]. - The earnings per share (EPS) are projected to grow from 1.23 CNY in 2024 to 1.87 CNY in 2025, further increasing to 4.00 CNY by 2027 [5][11].

Core Insights - Ningbo Aola Semiconductor Co., Ltd. signed a multi-phase power technology licensing agreement with ON Semiconductor for a total amount of $144 million, allowing ON Semiconductor to sell Aola's products outside China while Aola retains all technology and patent ownership [1] - This agreement represents a new model of deep cooperation rather than a technology sale, with a market division established until the end of 2030, where Aola focuses on the mainland China market and ON Semiconductor on overseas markets [1] - The collaboration is seen as a pathway for Chinese companies to expand into international markets through intellectual property licensing, providing direct economic benefits and helping domestic firms accumulate international shipping records and quickly validate product performance [1] Company Developments - This is the second time Aola Semiconductor has licensed core technology to a U.S. semiconductor company in recent times, having previously reached a $270 million IP licensing agreement with SiTime for clock chips in 2023, indicating Aola's growing international competitiveness in clock and power management chip sectors [2] - Aola Semiconductor has been dedicated to the research and innovation of high-performance analog chips since its inception, with its first de-bounce clock chip successfully launched in 2018, breaking foreign monopolies and achieving large-scale applications in communication infrastructure such as 5G base stations and optical transmission network equipment [2] - The company's development reflects China's integrated circuit industry's commitment to independent innovation and active integration into the global market, with future plans to continue evolving towards becoming a platform-based analog integrated circuit design enterprise [2]