证券代码：688593 证券简称：新相微 公告编号：2025-088 上海新相微电子股份有限公司 关于公司子公司拟参与北京电子数智科技有限责任公司 增资项目的对外投资暨关联交易的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、对外投资基本情况 北京电子数智科技有限责任公司（以下简称"北电数智"或"目标公司"）在北京产权交易所（以下简 称"产交所"）挂牌《北京电子数智科技有限责任公司增资项目》，引入战略投资者。上海新相微电子股 份有限公司（以下简称"新相微"或"公司"）为把握人工智能技术革命与产业重构的机遇，在AI领域进行 积极稳步布局，拟通过战略性持股北电数智，构建双向赋能的产业协同生态。经公司第二届董事会战略 委员会第四次会议、第二届董事会审计委员会第八次会议、第二届董事会独立董事专门会议第六次会 议、第二届董事会第十一次会议、2025年第一次临时股东会审议通过，同意公司全资子公司上海新相技 术有限公司（以下简称"上海新相"或"新相技术"）以自有资金1亿元人民币（暂定）向北电数智进行增 资暨 ...

今年4月，就有媒体报道称，苹果公司一直致力于在2026年底前，将美国市场上的大部分iPhone产品在 印度的工厂生产完成，并且正在加快这些计划。 不过，据知情人士补充说，对于CG Semi公司而言，这或许只是"艰难征程的开始"，因为即便与苹果的 谈判进展顺利，CG Semi也必须通过苹果严格的质量标准才能最终达成交易。 该人士还表示："苹果已经在与其他几家公司就供应链的其他环节进行洽谈，最终能成为其供应商的公 司寥寥无几。" 美东时间周三，据外媒报道，苹果公司正在与印度芯片制造商进行初步商谈，计划为其 iPhone组装并 封装零部件。 此前，苹果与印度的工业合作主要集中在iPhone、AirPods等终端产品的最终组装环节。而最新的谈判 进展表明，苹果在印度的布局可能从现有的终端产品组装，进一步向上游延伸至更复杂的半导体封装领 域。 苹果与印度公司展开初步商谈 报道称，苹果公司与穆鲁加帕集团（Murugappa）旗下CG Semi半导体公司进行了会谈。该公司正在印 度古吉拉特邦桑南德(Sanand)地区建设一个半导体封测代工（OSAT）工厂。 这是苹果首次考虑在印度组装和封装部分芯片。报道还指出，目前尚不清楚 ...

责任编辑：栎树 分析人士指出，苹果iPhone的显示面板目前主要来自全球三大OLED面板制造商——三星显示、LG显示 和京东方。 美股频道更多独家策划、专家专栏，免费查阅>> 12月17日，美东时间周三，苹果公司正与印度芯片制造商穆鲁加帕集团旗下CG Semi公司商谈，计划在 印度工厂组装和封装部分芯片，可能为显示芯片。这是苹果首次考虑在印度进行芯片组装和封装，若协 议达成，对印度半导体产业意义重大。 ...

此前，苹果与印度的工业合作主要集中在iPhone、AirPods等终端产品的最终组装环节。 而最新的谈判进展表明，苹果在印度的布局可能 从现有的终端产品组装，进一步向上游延伸至更复杂的半导体封装领域。 苹果与印度公司展开初步商谈 以下文章来源于科创日报 ，作者刘蕊 科创日报 . 科创圈都在关注的主流媒体，上海报业集团主管主办，《科创板日报》出品。 美东时间周三，据外媒报道，苹果公司正在与印度芯片制造商进行初步商谈，计划为其 iPhone组装并封装零部件。 今年4月，就有媒体报道称，苹果公司一直致力于在2026年底前，将美国市场上的大部分iPhone产品在印度的工厂生产完成，并且正在加 快这些计划。 不过，据知情人士补充说，对于CG Semi公司而言，这或许只是"艰难征程的开始"，因为即便与苹果的谈判进展顺利，CG Semi也必须通 过苹果严格的质量标准才能最终达成交易。 该人士还表示："苹果已经在与其他几家公司就供应链的其他环节进行洽谈，最终能成为其供应商的公司寥寥无几。" 报道称，苹果公司与穆鲁加帕集团（Murugappa）旗下CG Semi半导体公司进行了会谈。该公司正在印度古吉拉特邦桑南德(Sanand ...

苹果公司没有立即回应媒体的置评请求。CG Semi则表示，公司不对市场猜测或与特定客户的讨论发表 评论，并称"当有具体事项可以分享时，我们将作出适当披露"。 将部分芯片后端制造环节移至印度的讨论，与此前苹果公司加速实现供应链多元化的宏观战略吻合。据 路透社今年4月报道，苹果的目标是到2026年底，将在美国销售的大部分iPhone转由印度工厂生产。 据媒体周三援引知情人士消息报道，苹果公司正与印度芯片制造商进行早期商谈，讨论为iPhone组装和 封装组件。这一动向表明，苹果在印度的布局可能从现有的终端产品组装，进一步向上游延伸至更复杂 的半导体封测领域。 此前苹果与印度的合作主要集中在iPhone、AirPods等终端产品的最终组装环节。 据称，苹果已与Murugappa集团旗下的CG Semi进行了会谈。该公司目前正在古吉拉特邦的萨纳恩德 （Sanand）建设一座外包半导体封测（OSAT）工厂。报道补充说，目前尚不清楚将在该工厂封装哪些 芯片，但很可能是用于iPhone的显示芯片。 苹果公司正探索在印度进行半导体组装和封装，这是其首次在该国涉足芯片制造的后端环节。 风险提示及免责条款 市场有风险，投资需谨慎。 ...

Group 1 - Apple is in early talks with Indian chip manufacturers to assemble and package chips for iPhones in India [1] - The discussions include a potential partnership with CG Semi, a subsidiary of the Murugappa Group, which is building a semiconductor packaging and testing factory in Sanand, Gujarat [1] - This marks Apple's first evaluation of the possibility of chip assembly and packaging in India, with a focus likely on display chips [1] Group 2 - Apple aims to produce a majority of iPhones sold in the U.S. at its Indian factories by the end of 2026, accelerating its plans in this direction [1]

Core Insights - The article highlights the rapid growth and development of the semiconductor industry in the Yangzhou Yiyang Economic Development Zone, showcasing its capabilities and achievements in producing power semiconductor devices [1][2]. Group 1: Industry Growth and Performance - The Yiyang Economic Development Zone has established itself as a core hub for the microelectronics industry, housing over 30 related enterprises and forming a complete industrial chain from chip design to manufacturing and testing [1][2]. - The semiconductor integrated circuit industry in the zone is projected to exceed 10.8 billion yuan in sales in 2024, accounting for 35% of the industrial sales, with an average annual growth rate of over 30% in the past three years [1]. - From January to November 2025, the industrial sales reached 12.45 billion yuan, marking a 29% year-on-year increase, with expectations to reach 15 billion yuan by the end of the year [1]. Group 2: Strategic Development Approaches - The development strategy focuses on the characteristics of the microelectronics industry, emphasizing "small but strong, small but beautiful, small but precise," and aims for deep cultivation of the industrial chain and full ecological empowerment [2]. - The zone employs a "chain leader" approach to consolidate industrial synergy and utilizes a dual-driven model of local cultivation and external investment to activate growth potential [2][4]. Group 3: Key Players and Innovations - Yangjie Technology, a leading company in the power semiconductor sector, has become a vertical leader in chip R&D, manufacturing, and testing, holding the largest market share in power diodes and rectifier bridges in China and globally [3]. - The company has over 900 R&D personnel and is recognized for its significant contributions to the industry, including being selected for the Ministry of Industry and Information Technology's excellent smart factory project [3]. Group 4: Investment and Infrastructure Development - The development zone has invested 2 billion yuan to enhance infrastructure, including the establishment of a microelectronics professional industrial park and a wastewater treatment plant [6]. - The zone has also implemented a "scene-based investment" strategy to attract projects that align with local market conditions, ensuring that new projects can land and develop successfully [5]. Group 5: Economic Impact and Future Outlook - The development zone achieved an industrial sales figure of 35.651 billion yuan from January to November, reflecting a 16.6% year-on-year growth, positioning it as the leading area in the Hanjiang District [7]. - The future focus will be on integrating the semiconductor industry chain and optimizing the business environment to establish a significant semiconductor and microelectronics production base in the Yangtze River Delta region [7].

Core Viewpoint - The acquisition of 51% stakes in Beitelai and Shanghai Tongtu by the company for 680 million yuan is a strategic move to transform into a technology group, leveraging the growing AI penetration and domestic semiconductor industry advancements [1] Group 1: Acquisition Details - The acquired companies, Beitelai and Shanghai Tongtu, are established leaders in their respective markets, providing a solid foundation for the acquisition's profitability [2] - Beitelai has a strong market position in fingerprint recognition chips, holding the top market share in smart lock applications, and has shown a turnaround in profitability with revenues of 166 million yuan and net profits of 17.73 million yuan for the first eight months of 2025 [2] - Shanghai Tongtu focuses on high-growth display processing and IP licensing, with its RISC-V architecture chip leading the high-end OLED smartphone market, achieving revenues of 105 million yuan and net profits of 18.88 million yuan in the same period [3] Group 2: Financial Performance and Risk Management - Both companies have established a virtuous cycle of "technical advantage - market share - profit growth," ensuring that the acquisition is not merely a technical concept [2] - Performance guarantees are in place, with cumulative net profits of no less than 150 million yuan for both companies from 2026 to 2028, providing a safety net for the investment [3] - The acquisition includes a performance incentive mechanism, rewarding the sellers for exceeding profit targets, thereby aligning their interests with the company's [3] Group 3: Strategic Synergy and Market Positioning - The acquisition aims to create a synergistic ecosystem, enhancing product complementarity and customer sharing, which is expected to drive revenue growth [4] - The integration of existing chip products with the new acquisitions will expand application scenarios into eight major fields, significantly increasing the product line [5] - The collaboration is projected to boost revenue growth by 7-10 percentage points, potentially adding 20-30 million yuan in revenue from customer synergies alone [6] Group 4: Market Opportunities and Product Development - The company benefits from a built-in market for its chips through its outdoor equipment sales, which can directly drive chip sales [7] - The focus on developing outdoor-specific chips will create differentiated products with no direct competition, enhancing the company's pricing power [8] - The dual approach of internal consumption and external market expansion effectively addresses the commercialization challenges faced by pure chip companies [8] Group 5: Long-term Growth Potential - The integration of chip technology with outdoor applications positions the company favorably in the market, aligning with current trends that favor technology and scenario integration [8] - The acquisition strengthens the company's dual business model of "outdoor + chips," enhancing its long-term growth potential and market competitiveness [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company announced two acquisitions in the chip sector, which are expected to enhance profit margins. The acquisitions involve purchasing 51% stakes in Shenzhen Better Life Electronics Technology Co., Ltd. for 321 million yuan and Shanghai Tongtu Semiconductor Technology Co., Ltd. for 357 million yuan. The performance commitment for both acquisitions is a cumulative profit of 150 million yuan from 2026 to 2028 [2][4] - The report highlights that Better Life is a leading design firm in the mixed-signal chip sector, with a focus on fingerprint recognition and touch chips, while Shanghai Tongtu specializes in IP technology licensing for image and video processing chips [3][4] - The acquisitions are expected to strengthen the company's position in the chip supply chain and expand its market reach into consumer electronics and industrial control sectors [4] Summary by Sections Event Overview - The company plans to use its own funds to acquire stakes in two semiconductor firms, with performance commitments indicating significant profit growth over the next few years [2] Analysis and Judgment - Better Life's revenue projections for 2024 and 2025 are 179 million yuan and 166 million yuan, respectively, with a focus on MCU chips as a growth driver. Shanghai Tongtu's revenue is projected to grow from 56 million yuan in 2024 to 105 million yuan in 2025, driven by demand for mobile display bridge chips [3] Investment Recommendations - The report anticipates that the outdoor industry will continue to grow, with the company focusing on enhancing product functionality and marketing efforts. The successful acquisition of G2 Touch is expected to provide additional growth opportunities in the automotive sector. The company has also launched several new outdoor smart products, which are expected to improve performance and market competitiveness [5] - The financial forecasts for 2025 to 2027 have been adjusted upwards, with revenue projections increasing to 2.011 billion yuan, 2.829 billion yuan, and 3.342 billion yuan, respectively. Net profit estimates have also been raised to 237 million yuan, 314 million yuan, and 376 million yuan for the same period [5][8]

Core Insights - Qingdao's virtual reality industry has achieved over 80% of the international market share in high-end VR display devices, with a continuous revenue growth rate exceeding 20% for three consecutive years [1] - The city has established itself as a national digital economy innovation hub, with over 140 companies in the VR industry and more than 70% of the country's research capabilities concentrated there, leading to a total industry scale surpassing 15 billion [1][7] - The integration of artificial intelligence and virtual reality is expected to create a trillion-dollar market opportunity, with companies like GoerTek focusing on AI glasses as the next significant terminal that may partially replace smartphones in the next 5 to 8 years [2][4] Industry Development - Qingdao's VR industry is characterized by a full-chain layout, open scenarios, and comprehensive services, aiming to become "China's Virtual Reality Capital" [1][8] - The establishment of the "Global R&D Center + Terminal Production Base" and the National Virtual Reality Innovation Center in Qingdao has strengthened the local VR ecosystem [2][3] - The city has introduced various support policies and established a 2,100-acre specialized industrial park, along with a 2.5 billion fund to enhance the VR industry ecosystem [7][6] Technological Integration - The convergence of virtual reality with AI, 5G, and spatial computing is accelerating, leading to new terminal products and applications across various sectors such as industrial manufacturing, healthcare, and urban governance [4][8] - Companies in Qingdao are focusing on developing AR+AI glasses and enhancing their technological capabilities to create a more integrated industry ecosystem [3][9] Challenges and Recommendations - The industry faces challenges in high-end core components and foundational development tools, necessitating a focus on self-sufficiency in technology [9][10] - Recommendations include strengthening technological breakthroughs, creating typical application scenarios, and fostering a collaborative innovation mechanism that integrates market demands with enterprise needs [9][10] Future Outlook - Qingdao aims to transition from a manufacturing base to an innovation hub by 2025, with the VR industry cluster expected to be recognized as a key digital industry cluster in Shandong Province [7][6] - The city is committed to maintaining strategic focus on innovation and technology development to ensure sustainable growth in the VR sector [11]