截至2026年1月9日收盘，晶丰明源（688368）报收于123.07元，较上周的115.43元上涨6.62%。本周， 晶丰明源1月7日盘中最高价报132.99元，股价触及近一年最高点。1月5日盘中最低价报114.52元。晶丰 明源当前最新总市值108.91亿元，在半导体板块市值排名118/170，在两市A股市值排名1900/5182。 本周关注点 公司公告汇总 标的公司主要从事无线充电芯片、通用充电芯片、汽车电源管理芯片等高性能模拟芯片的研发与销售。 业绩承诺方承诺其充电芯片业务2025年至2027年净利润分别不低于9,200万元、12,000万元和16,000万 元。 本次交易构成重大资产重组，不构成关联交易，不构成重组上市。目前交易尚需获得上交所审核通过及 中国证监会同意注册，实施与否及实施时间存在不确定性。公司将按规定持续披露进展情况。 公司公告汇总：晶丰明源拟以32.83亿元收购四川易冲科技100%股权。 公司公告汇总：标的公司承诺2025年至2027年净利润分别不低于9,200万元、12,000万元和16,000 万元。 公司公告汇总：本次交易构成重大资产重组，尚需上交所审核及证监会注册。 上海晶 ...

转自：智通财经 《科创板日报》1月10日讯（记者 郭辉）模拟和混合信号芯片龙头晶丰明源，在1月9日晚间发布收购易 冲科技100%股权的重大资产重组草案（上会稿），并根据上交所发布的审核意见及落实函，对其发行 股份及支付现金购买资产并募集配套资金报告书草案进行了修订。 交易对方基本情况部分，更新交易对方存续期与锁定期匹配情况； 管理层讨论与分析部分，新增标的公司财务报告截止日后经营情况，更新上市公司对拟购买 资产的整合管控安排。 公告显示，本次交易方案调整不涉及交易对方的变更、标的资产的变更以及新增或调增配套募集资金， 本次交易方案调整不构成方案重大调整。 公告显示，本次交易价格定为32.83亿元。具体交易方案来看，晶丰明源拟以现金方式支付12.49亿元， 占交易对价的38.05%；以发行股份的方式支付20.33亿元，占交易对价的61.95%，发行价格为50.39元/ 股，预计发行股份数量约为4035.24万股。 与此同时，晶丰明源拟向不超过35名特定投资者非公开发行股份募集配套资金，总额不超过18亿元，募 集资金将用于支付本次交易现金对价、补充流动资金及支付中介机构费用。 按市场法评估，以2025年5月31日 ...

当日晚间，晶丰明源发布公告称，相较公司于2025年12月16日披露的《上海晶丰明源半导体股份有限公 司发行股份及支付现金购买资产并募集配套资金报告书（草案）（修订稿）》，《重组报告书（上会 稿）》主要修订情况如下： 1月9日晚间，模拟和混合信号芯片龙头晶丰明源公告称，公司于1月9日收到上交所出具的《关于上海晶 丰明源半导体股份有限公司发行股份及支付现金购买资产并募集配套资金的审核中心意见落实函》。根 据相关法律、法规及上交所有关规定，上交所对公司本次交易的申请文件进行了审核，并要求公司及时 提交重组报告书（上会稿）。 同日晚间，晶丰明源发布重大资产重组草案（上会稿），公司拟通过发行股份及支付现金的方式向玮峻 思等50名交易对方购买其合计持有的易冲科技100%股权，并募集配套资金。本次交易构成重大资产重 组。 Wind数据显示，1月9日，晶丰明源收报123.07元/股，最新市值为109亿元。 修订重大资产重组草案 同日晚间，晶丰明源发布重大资产重组草案（上会稿），公司拟通过发行股份及支付现金的方式向玮峻 思等50名交易对方购买其合计持有的易冲科技100%股权，并募集配套资金。本次交易构成重大资产重 组。 公告显 ...

Wind数据显示，1月9日，晶丰明源收报123.07元/股，最新市值为109亿元。 修订重大资产重组草案 1月9日晚间，模拟和混合信号芯片龙头晶丰明源公告称，公司于1月9日收到上交所出具的《关于上海晶 丰明源半导体股份有限公司发行股份及支付现金购买资产并募集配套资金的审核中心意见落实函》。根 据相关法律、法规及上交所有关规定，上交所对公司本次交易的申请文件进行了审核，并要求公司及时 提交重组报告书（上会稿）。 同日晚间，晶丰明源发布重大资产重组草案（上会稿），公司拟通过发行股份及支付现金的方式向玮峻 思等50名交易对方购买其合计持有的易冲科技100%股权，并募集配套资金。本次交易构成重大资产重 组。 当日晚间，晶丰明源发布公告称，相较公司于2025年12月16日披露的《上海晶丰明源半导体股份有限公 司发行股份及支付现金购买资产并募集配套资金报告书（草案）（修订稿）》，《重组报告书（上会 稿）》主要修订情况如下： 同日晚间，晶丰明源发布重大资产重组草案（上会稿），公司拟通过发行股份及支付现金的方式向玮峻 思等50名交易对方购买其合计持有的易冲科技100%股权，并募集配套资金。本次交易构成重大资产重 组。 公告显 ...

人民财讯1月9日电，晶丰明源(688368)1月9日公告，公司拟通过发行股份及支付现金的方式向海南玮峻 思投资合伙企业(有限合伙)(简称"玮峻思")等50名交易对方购买其合计持有的四川易冲科技有限公司(简 称"易冲科技")100%股权，并募集配套资金。交易价格为32.83亿元，其中，股份对价20.33亿元。募集 配套资金18亿元，用于本次交易的现金对价、支付中介机构费用、补充流动资金等。易冲科技主要从事 无线充电芯片、通用充电芯片、汽车电源管理芯片、AC/DC及协议芯片等高性能模拟芯片及数模混合 信号芯片的研发、设计和销售。 ...

转自：合肥高新发布 伏达半导体成立于2017年，是一家专注于无线充电和有线快充技术研发的半导体设计公司，主营产品包 括无线充电芯片、有线快充芯片、汽车电源管理芯片及定制化模组等，现已广泛应用于智能手机、智慧 家居、汽车电子、工业电子等领域，客户涵盖国内外一线手机品牌厂商、汽车零部件供应商等。 据"合肥高新发布"微信公众号消息，伏达半导体（合肥）股份有限公司（以下简称"伏达半导体"）正式 向安徽证监局提交IPO辅导备案登记，这是合肥高新区2025年第四家启动IPO辅导备案的企业。 ...

Core Viewpoint - Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its asset acquisition and fundraising plan, detailing the differentiated pricing mechanism, the unprofitable status of the target assets, and the asset-based valuation method [1] Differentiated Pricing Mechanism - The total transaction price is 3.283 billion yuan for 100% equity of the target company, with 50 transaction parties categorized into financial investors and management/employee shareholding platforms, using different pricing logic [2] - Financial investors can choose from three payment methods: 100% equity, 100% cash, or a mix of 50% equity and 50% cash, with pricing based on investment costs and a projected unit price of 15.04 yuan per registered capital [2] - Management and employee platforms have negotiated different prices, with the highest cash price at 106 million yuan corresponding to a share price of 18.38 yuan per registered capital [2] Profit Forecast for Target Assets - The target company is expected to achieve a net profit of 93.1 million yuan in 2025, following losses of 502 million yuan and 512 million yuan in 2023 and 2024, respectively [3] - Key growth drivers include an increase in revenue from the charging chip business to 886 million yuan with a gross margin of 36.08% [3] - Sensitivity analysis indicates that a 5% decrease in gross margin would reduce net profit to 37.82 million yuan, while a 5% increase in expense ratio would lower it to 37.43 million yuan, still maintaining profitability [3] Asset Group Valuation Dispute - The target company is divided into two asset groups: charging chips and other power management chips, with the charging chip business valued using the income method, showing a 264% increase in value [4] - The charging chip business is projected to generate 886 million yuan in revenue and 922.155 million yuan in net profit by 2025, while the other power management chip business is valued using the asset-based method, showing a 130.32% increase [4] - The asset group classification complies with accounting standards, and the cash flow from the charging chip business has been independently profitable since 2023 [4] Investor Protection Measures - Multiple safeguards have been established to address uncertainties regarding the target assets, including performance commitments from seven parties for net profits and revenue targets from 2025 to 2027 [5] - The lock-up period for performance commitment parties has been extended until the profit announcement date, and the controlling shareholder has voluntarily locked shares until the performance commitment period ends [5] - Following the transaction, the total assets of Jingfeng Mingyuan will increase to 5.459 billion yuan, with an 80.93% increase in revenue scale and an enhanced product line in power management chips [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company has shown a steady revenue growth for eleven consecutive quarters, with a total revenue of 2.38 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 25.34%. However, the net profit attributable to the parent company decreased by 29.66% to 191 million yuan due to accelerated R&D project expansion [5] - In Q3 2024, the company achieved a revenue of 910 million yuan, a year-on-year increase of 40.26% and a quarter-on-quarter increase of 15.97%. The net profit attributable to the parent company was 69 million yuan, up 2.82% year-on-year and 15.78% quarter-on-quarter [5] - The company is actively investing in R&D, with R&D expenses amounting to approximately 459 million yuan in the first three quarters, representing a R&D expense ratio of 19.28%, an increase of nearly 4 percentage points year-on-year [5] Company Overview - The latest closing price of the company is 42.24 yuan, with a total share capital of 426 million shares and a market capitalization of 18 billion yuan [4] - The company has a debt-to-asset ratio of 15.3% and a price-to-earnings ratio of 58.67 [4] Financial Forecast - The projected revenues for 2025, 2026, and 2027 are 3.31 billion yuan, 4.21 billion yuan, and 5.30 billion yuan, respectively. The net profits attributable to the parent company are expected to be 310 million yuan, 450 million yuan, and 630 million yuan for the same years [7][9] - The company is expected to maintain a growth rate of 28.78% in 2025, 27.29% in 2026, and 25.94% in 2027 for its revenue [9] R&D and Market Position - The company is focusing on diversifying and platforming its development, particularly in automotive electronics, AI, and industrial sectors. It has launched multiple chip products in energy storage, photovoltaics, and communication fields [6] - In the automotive sector, the company is developing power management and drive chips, with products already in mass production for various applications [6]

Core Viewpoint - The acquisition of Sichuan Yichong Technology Co., Ltd. by Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd. for 3.28 billion yuan has sparked market attention due to its 260% premium and the fact that both companies are currently operating at a loss, raising questions about the potential success of this merger in the semiconductor industry consolidation wave [1][5]. Group 1: Acquisition Details - Jingfeng Mingyuan completed the acquisition through a combination of issuing shares and cash payment, with 2.033 billion yuan paid via a directed share issuance and 1.249 billion yuan covered by raised funds [2]. - The transaction price corresponds to an evaluation of Yichong Technology at 3.29 billion yuan, representing a 260.08% increase over its book net assets [2]. - Post-acquisition, Jingfeng Mingyuan's goodwill will significantly increase to 1.997 billion yuan, accounting for 35.56% of total assets and 62.10% of net assets [2]. Group 2: Financial Performance of Yichong Technology - Yichong Technology, recognized as one of the top three global wireless charging chip manufacturers, reported a revenue growth of 45.02% and 47.04% for 2023 and 2024, respectively [3]. - Despite its growth, Yichong has accumulated losses exceeding 1 billion yuan over the past two years, with a projected decline in gross margin from 36.59% to 31.88% in 2024 [3]. - The performance commitment for the charging chip segment includes net profit targets of 92 million, 120 million, and 160 million yuan for 2025-2027, while only revenue targets are set for other power management chip segments [3]. Group 3: Financial Performance of Jingfeng Mingyuan - Jingfeng Mingyuan has also faced losses, with net profits of -206 million, -91 million, and -33 million yuan from 2022 to 2024, although it achieved a profit of 15.76 million yuan in the first half of 2025 [4]. - The company’s operating cash flow has decreased by 53.97% year-on-year, indicating ongoing financial challenges [4]. - The acquisition is viewed as a strategic move to build a dual platform in "power management + signal chain," aiming to elevate sales to the top five in the industry [4]. Group 4: Industry Context and Future Outlook - The 3.28 billion yuan acquisition reflects a broader shift in the semiconductor industry from "scattershot innovation" to "ecological competition" [5]. - Successful integration of Yichong Technology's technology and channels could lead to a turnaround in performance for Jingfeng Mingyuan, while failure could result in significant challenges related to goodwill impairment and cash flow [5]. - As of September 2025, the transaction is pending approval from the securities regulatory authority, with multiple factors such as technological barriers, capital patience, and market cycles influencing the outcome [5].

Core Viewpoint - The company reported a slight decline in revenue but achieved a significant turnaround in net profit, indicating resilience in a challenging market environment [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 731 million yuan, a year-on-year decrease of 0.44% [1] - The net profit attributable to shareholders was 15.76 million yuan, compared to a loss of 30.51 million yuan in the same period last year [1] - The comprehensive gross margin for the main business reached 39.6%, an increase of 4.18 percentage points year-on-year [2] Group 2: Product and Market Development - The company has optimized its product structure, with the revenue share of motor control driver chips increasing by 5.23 percentage points year-on-year, and revenue from this segment rising by 24.3% [2] - The high-performance computing power supply chip business saw a remarkable revenue increase of 419.81% year-on-year, driven by the adaptation of DrMOS products to market demands [2] Group 3: Strategic Initiatives - To enhance product layout and market competitiveness, the company initiated a major asset restructuring in October 2024, planning to acquire 100% equity of Yichong Technology through a combination of share issuance and cash payment [2] - Yichong Technology specializes in the research, design, and sales of high-performance analog chips and mixed-signal chips, including wireless charging chips and automotive power management chips [2][3] - The company believes that the acquisition will create synergies in product categories, customer resources, technical accumulation, and supply chain management [3]