中国经济网北京1月8日讯 必易微(688045.SH)昨晚披露股东询价转让计划书称，本次拟参与必易微 首发前股东询价转让的股东为苑成军。本次询价转让股份的数量为698,379股，占公司总股本的比例为 1.00%，转让原因为自身资金需求。 | 序号 拟转让股东名称 拟转让股份数量 占总股本比例 占所持股份比例 | (股) | | 转让原因 | | --- | --- | --- | --- | | 苑成军 17.58% | 698,379 | 1.00% | 自身资金需求 | 本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过二级市场减持。受让方通过询 价转让受让的股份，在受让后6个月内不得转让；本次询价转让的受让方为具备相应定价能力和风险承 受能力的机构投资者。 出让方委托中信证券股份有限公司组织实施本次询价转让。股东与中信证券综合考虑股东自身资金 需求等因素，协商确定本次询价转让的价格下限，且本次询价转让的价格下限不低于发送认购邀请书之 日（即2026年1月7日，含当日）前20个交易日股票交易均价的70%。本次询价认购的报价结束后，中信 证券将对有效认购进行累计统计，依次按照价格优先、数量优先、时 ...

Core Viewpoint - The "14th Five-Year Plan" period is crucial for Fengcai Technology to achieve strategic leaps and industrial upgrades, transitioning from a specialized enterprise to an internationally leading motor drive control chip company [1][2] Group 1: Company Development - Fengcai Technology has deepened its technological moat, strategically restructured its business, and upgraded its capital platform over the past five years [1] - The company has become the first semiconductor enterprise to achieve dual listing on the A-share Sci-Tech Innovation Board and H-shares [1] - R&D investment has a compound annual growth rate exceeding 20% during the "14th Five-Year Plan" period, with multiple core technology indicators leading internationally [2] Group 2: Market Position and Product Development - The company is actively expanding into high-end fields such as automotive electronics, industrial servos, and robotics, with automotive-grade chips already in mass production and recognized by several Tier 1 suppliers [2] - Fengcai Technology has established a stable dividend mechanism, with cumulative cash dividends exceeding 30% of net profit since its listing, sharing growth with investors [2] Group 3: Future Outlook - In the next five years, the company aims to overcome key technological challenges by attracting top international talent and building a world-class R&D center for motor drive control chips [2] - Utilizing its A+H share capital platform, Fengcai Technology will explore domestic and international acquisition opportunities, striving to become a leader in the motor drive control chip and control system industry [2]

Core Viewpoint - The "14th Five-Year Plan" period is crucial for Fengcai Technology to achieve strategic leaps and industrial upgrades, transitioning from a specialized enterprise to an internationally leading motor drive control chip company [2] Group 1: Company Development - Fengcai Technology has deepened its technological moat, strategically restructured its business, and upgraded its capital platform over the past five years [2] - The company has become the first semiconductor enterprise to achieve dual listing on the A-share Sci-Tech Innovation Board and H-shares [2] - R&D investment has a compound annual growth rate of over 20% during the "14th Five-Year Plan" period, with multiple core technology indicators leading internationally [3] Group 2: Market Position and Strategy - The company is actively expanding into high-end fields such as automotive electronics, industrial servos, and robotics, with automotive-grade chips already in mass production and recognized by several Tier 1 suppliers [3] - Fengcai Technology has established a stable dividend mechanism, with cumulative cash dividends exceeding 30% of net profit since its listing, sharing growth with investors [3] - The company plans to introduce top international talent and build a world-class R&D center for motor drive control chips, aiming to overcome key technological challenges [3] Group 3: Future Outlook - Fengcai Technology will explore domestic and international acquisition opportunities leveraging its A+H share capital platform, striving to become a leader in the motor drive control chip and control system industry [3]

Core Viewpoint - The financial performance of Biyimi (必易微) in the first three quarters of 2023 shows a decline in revenue and net profit, indicating ongoing challenges for the company [1]. Financial Performance - In the first three quarters of 2023, Biyimi achieved operating revenue of 461 million yuan, a year-on-year decrease of 3.15% [1]. - The net profit attributable to shareholders was -2.793 million yuan, compared to -20.3793 million yuan in the same period last year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -13.4669 million yuan, an improvement from -42.3073 million yuan year-on-year [1]. - The net cash flow from operating activities was 21.5248 million yuan, a significant increase from -14.8522 million yuan in the previous year [1]. Future Projections - The projected net profits for 2023 and 2024 are -19.0727 million yuan and -17.1709 million yuan, respectively [2]. - The projected net profits after deducting non-recurring gains and losses for 2023 and 2024 are -58.5658 million yuan and -46.2823 million yuan, respectively [2]. IPO and Fundraising - Biyimi's initial public offering (IPO) raised a total of 952.0158 million yuan, with a net amount of 860.7779 million yuan after deducting issuance costs, exceeding the original plan by 208.2629 million yuan [3]. - The company intended to raise 652.515 million yuan for projects related to power management control chips, motor drive control chips, and the establishment of a research and development center [3]. Issuance Costs - The total issuance costs for Biyimi's IPO amounted to 91.2379 million yuan, including underwriting fees of 71.8503 million yuan and sponsorship fees of 0.9434 million yuan [4].

Core Insights - The company reported a revenue of 179 million yuan for Q3 2025, showing growth both year-on-year and quarter-on-quarter, with a gross margin exceeding 30%, an increase of over 5 percentage points compared to the previous year [1] - The net profit attributable to shareholders for the quarter was 6.02 million yuan, an increase of 15.79 million yuan compared to the same period last year, marking the second consecutive quarter of profitability [1] - The rapid development of AI technologies and applications in industrial robotics has driven new demand for power management chips, motor drive control chips, and battery management chips [1] Financial Performance - For the first three quarters of the year, the company achieved a net profit of 2.79 million yuan, reducing losses by 17.59 million yuan compared to the same period last year [1] - The gross profit increased by over 15% year-on-year due to continuous optimization of product structure and market expansion [1] Strategic Acquisition - In August, the company announced plans to acquire 100% of Shanghai Xingan Semiconductor Co., Ltd. for 295 million yuan [2] - Xingan Semiconductor specializes in high-performance sensor chip design, focusing on integrated sensor chips, particularly current sensors, with applications in energy, industrial control, new energy vehicles, and aerospace [2] - The acquisition will enhance the company's product portfolio, creating a comprehensive product system that includes current detection, motion sensing, power management, battery management, and motor drive solutions [2]

Core Insights - The company reported a revenue of 183 million yuan for Q3 2025, representing a year-on-year increase of 21.46% [2][3] - Net profit attributable to shareholders decreased by 17.89% to 50.73 million yuan in Q3 2025 [2][3] - For the first three quarters of 2025, total revenue reached 558 million yuan, up 28.88% year-on-year, while net profit attributable to shareholders fell by 9.01% to 167 million yuan [2][3] Financial Performance - Total revenue for Q3 2025 was 182,796,942.97 yuan, with a year-on-year increase of 21.46% [3] - The total profit for Q3 2025 was 52,308,161.65 yuan, showing a decline of 14.54% compared to the same period last year [3] - The net profit excluding non-recurring gains and losses for Q3 2025 was 45,935,923.66 yuan, down 10.90% year-on-year [3] Earnings and Cash Flow - Basic earnings per share for Q3 2025 were 0.46 yuan, a decrease of 31.34% [4] - The net cash flow from operating activities for the first three quarters of 2025 was 176 million yuan, an increase of 46.55% year-on-year, attributed to expanded sales and improved collection [4][5] - Research and development expenses totaled 38,820,117.14 yuan in Q3 2025, representing 21.24% of revenue, an increase of 4.71 percentage points [4] Company Overview - The company specializes in the research, design, and sales of motor drive control chips, with applications in smart home appliances, white goods, automotive electronics, and industrial control [4] - In July 2025, the company successfully issued H-shares and listed on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy [5]

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market events such as suspensions, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers, marked in red for easy identification [1] - The company has developed soft-pack semi-solid battery samples with small-scale delivery capabilities and has achieved breakthroughs in liquid-cooled containers for energy storage scenarios on the grid side [1] - The company collaborates with leading clients like Zhiyuan Robotics to provide customized main control boards for humanoid robots, which have achieved mass supply [1] - The company has successfully tested new products for motor drive control chips, focusing on AI chips, quantum technology, digital currency, and advanced packaging [1]

Group 1 - The core point of the news is that Biyimi (必易微) plans to acquire 100% equity of Shanghai Xingan Semiconductor Co., Ltd. for a cash consideration of RMB 295.02 million, which will make Xingan Semiconductor a wholly-owned subsidiary of Biyimi [1] - The acquisition will be funded through the company's own or raised funds, and the company has sufficient financial reserves to manage the payment schedule effectively [1] - The transaction does not involve related party transactions and does not constitute a major asset restructuring as per the regulations [1] Group 2 - The valuation of Xingan Semiconductor's total equity is assessed at RMB 301.00 million, with an appraisal increment of RMB 218.83 million, resulting in an appreciation rate of 266.33% [1] - For the first five months of 2024 and 2025, Xingan Semiconductor reported revenues of RMB 46.70 million and RMB 18.64 million, respectively, with net losses of RMB 12.86 million and RMB 4.16 million [2] - As of May 31, 2025, Xingan Semiconductor's total assets were RMB 625.42 million, total liabilities were RMB 162.28 million, and total equity was RMB 463.14 million [4] Group 3 - Biyimi was listed on the Shanghai Stock Exchange on May 26, 2022, with a total issuance of 17.26 million shares at a price of RMB 55.15 per share, but the stock is currently trading below its initial offering price [4] - The company raised a total of RMB 952.02 million from its initial public offering, with a net amount of RMB 860.78 million after deducting issuance costs [5] - In 2023 and 2024, Biyimi reported net losses attributable to shareholders of RMB 19.07 million and RMB 17.17 million, respectively [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][21]. Core Insights - The company achieved profitability in Q2 2025, driven by high-margin products and a broadening product portfolio, which opens up growth opportunities [1][6]. - The demand for AI terminals and the acceleration of domestic substitution are expected to benefit the company, as it continues to expand its product offerings [6][7]. - The company reported a revenue of 283 million yuan in H1 2025, a year-on-year decrease of 6.99%, but with a gross margin improvement to 29.58% [6][7]. Financial Performance Summary - **Revenue Forecast**: Projected total revenue for 2024A is 688 million yuan, increasing to 839 million yuan in 2025E, with a CAGR of 21.8% through 2027E [2][7]. - **Net Profit Forecast**: The company is expected to turn a profit with a net income of 9 million yuan in 2025E, growing to 75 million yuan by 2027E, reflecting a significant growth rate of 362.6% in 2026E [2][7]. - **Earnings Per Share (EPS)**: EPS is projected to improve from -0.25 yuan in 2024A to 1.08 yuan in 2027E [2][7]. Product and Market Development - The company is actively expanding its product matrix, including high-power fast charging and power supply applications, and has successfully entered the supply chain for international brands [6][7]. - The introduction of new products, such as specialized driver chips for micro-stepping motors, has seen significant growth, with a year-on-year increase of over 245% in motor driver control chip products [6][7]. - The company maintains a high R&D investment strategy, with a research expense ratio of 25.42% in H1 2025, focusing on markets such as home appliances and industrial power [6][7].

Financial Performance - In the first half of 2025, the company reported operating revenue of 283 million yuan, a decrease of 6.99% year-on-year [1][3] - The net profit attributable to shareholders was -8.81 million yuan, an improvement from -10.61 million yuan in the same period last year [1][3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -14.52 million yuan, compared to -27.28 million yuan in the previous year [1][3] - The net cash flow from operating activities was 4.15 million yuan, down 43.56% year-on-year [1][3] Future Projections - The projected net profit attributable to shareholders for 2023 and 2024 is -19.07 million yuan and -17.17 million yuan, respectively [3][4] - The projected net profit after deducting non-recurring gains and losses for the same years is -58.57 million yuan and -46.28 million yuan, respectively [3][4] Stock Market Information - The company went public on May 26, 2022, with an issuance of 17.26 million shares at a price of 55.15 yuan per share [4][5] - The stock is currently trading below its initial offering price, indicating it is in a state of decline [4] Fundraising Details - The total amount raised from the initial public offering was 952 million yuan, with a net amount of 860 million yuan after deducting issuance costs [5] - The funds are intended for the development and industrialization of power management control chips, motor drive control chips, and the establishment of a research and development center [5]