2025 年 12月 11日，上海飞乐音响股份有限公司（股票代码：600651，下称 "飞乐音响"）发布公告，披 露公司全资子公司公开挂牌转让所持有的联营企业上海日精仪器有限公司（以下简称"上海日精"）20% 股权进展。此次交易不仅为飞乐音响带来明确投资收益，更被视为公司优化资产结构、聚焦核心业务的 重要举措。 一、交易核心：1.04 亿元出让股权，预计实现 890 万元投资收益 经飞乐音响财务部门初步测算，本次交易预计可实现投资收益约 890 万元，将对公司财务状况及经营成 果产生积极影响，具体数据以后续经审计的财务报表为准。交易完成后，汽车电子将不再持有上海日精 任何股权，彻底退出该联营企业投资。 二、标的公司上海日精：长期亏损，非主业属性成转让关键 公开信息显示，上海日精成立于 1995 年 2 月 14 日，注册资本 1000 万美元且已实缴，核心业务为开 发、生产摩托车和汽车仪表电子遥控器及配件，同时涉及液晶显示器、电子零件的批发、进出口等配套 业务。在此次股权转让前，股权结构为香港易初日精有限公司持股 80%、汽车电子持股 20%。 不过，上海日精近年经营表现不佳，已处于持续亏损状态。据飞乐音响披 ...

Group 1 - The core viewpoint of the article is that Chengtian Weiye announced its semiconductor business products, which include packaging materials and specialized chip products [2] - The main products of the semiconductor business include carrier tapes, lead frames, and copper heat sink substrates, which are essential for semiconductor packaging applications [2] - The products primarily cater to packaging applications for MOSFET, SiC, and IGBT power modules [2]

Group 1: Company Overview - The company is one of the earliest entrants in the smart card industry, establishing a comprehensive end-to-end process for chip application development, module packaging, smart card R&D, production, sales, and terminal application development [1] - Smart card business accounts for approximately 60%-70% of total revenue, with expectations for stable revenue in this segment [1][2] Group 2: Semiconductor Business - Main products in the semiconductor business include carrier tapes, lead frames, and copper heat dissipation substrates, catering to the needs of MOSFET, SiC, and IGBT power modules [2] - The growth of the semiconductor packaging materials sector is driven by the rapid expansion of downstream power electronics applications, particularly in photovoltaic inverters, energy storage systems, and new energy vehicles [2] Group 3: Liquid Cooling Solutions - The company has developed a full-stack layout for liquid cooling products, including core components like liquid cooling plates and secondary system-level solutions [3] - The liquid cooling business is in an active market expansion phase, targeting major domestic server manufacturers and AI computing platform builders [3] Group 4: Strategic Partnerships - The company has formed a joint venture with superX to integrate strengths and expand the global AIDC cabinet liquid cooling product market, with the company holding a 25% stake [3] - The joint venture aims to design customized cabinet-level liquid cooling solutions, enhancing internal business synergy [3] Group 5: Technology and Innovation - The microchannel liquid cooling plate (MLCP) technology integrates traditional packaging heat dissipation structures with liquid cooling channels, significantly reducing thermal resistance and improving heat exchange efficiency [3] - The company is actively advancing MLCP sample testing and production line preparations, focusing on high heat flux density applications in AI servers and power modules [3] Group 6: Risk Management - The company acknowledges potential technical, market, and application validation risks associated with new business and product development [4] - It emphasizes the importance of rational investment and risk awareness among investors [4]

Core Viewpoint - The stock of Shanghai Feilo Acoustics Co., Ltd. experienced a significant increase, reaching a limit up of 9.96% on August 28, with a trading price of 7.62 yuan per share and a total market capitalization of 19.104 billion yuan [1] Company Overview - Shanghai Feilo Acoustics Co., Ltd. is located at 1001 Jiaxin Road, Jiading District, Shanghai, and focuses on three core business segments: smart hardware products, industrial intelligent solutions, and inspection and testing [1] - The smart hardware products segment includes automotive lighting, automotive electronics and electrical appliances, module packaging, chip testing services, and precision metal component manufacturing [1] - The company aims to become a leading provider of smart hardware and industrial intelligent solutions by enhancing technological research and market expansion for comprehensive quality and efficiency improvements [1] Financial Performance - For the period from January to March 2025, the company reported an operating revenue of 423 million yuan, a year-on-year decrease of 1.42% [1] - The net profit attributable to shareholders was 1.1887 million yuan, reflecting a significant year-on-year decline of 89.55% [1] - As of March 31, the number of shareholders was 60,200, with an average of 41,600 circulating shares per person [1]

Group 1 - The core business of the company includes three main segments: smart hardware products, industrial intelligent solutions, and inspection and testing [1] - The smart hardware products segment encompasses automotive lighting, automotive electronics, module packaging, chip testing services, and precision metal component manufacturing [1] - As of March 31, the number of shareholders for the company was 60,200, with an average of 41,600 circulating shares per person [2] Group 2 - For the first quarter of 2025, the company achieved operating revenue of 423 million yuan, a year-on-year decrease of 1.42% [2] - The net profit attributable to shareholders for the same period was 1.1887 million yuan, representing a significant year-on-year decrease of 89.55% [2] - On August 20, the company's stock reached a peak increase of 9.94%, with a trading volume of 667 million yuan and a turnover rate of 4.03%, resulting in a total market capitalization of 17.75 billion yuan [1]