2024年和2025年1-5月，兴感半导体的营业收入分别为4,670.08万元、1,863.73万元，净利润分别为-1,286.45万 元、-416.02万元，归属母公司股东的净利润分别为-1,378.68万元、-423.79万元。 | 人民币) | | --- | | . . 单位: ケブ 70 | 中国经济网北京8月27日讯 必易微(688045.SH)昨日晚间披露关于拟以现金方式收购上海兴感半导体有限公司100%股 权的公告。 必易微拟以自有或自筹资金收购上海兴感半导体有限公司（以下简称"兴感半导体"）100%股权，本次交易对价为人 民币29,502.36万元。交易完成后，兴感半导体将成为公司全资子公司，纳入公司合并报表范围。 本次交易价款以现金方式支付，资金来源均为公司自有或自筹资金。公司资金储备较为充裕，将根据本次收购股权 的交易进展情况，合理安排收购款项及支付时间，有效控制资产负债规模，本次交易不会对公司财务状况和经营成果产 生重大不利影响。 本次事项不涉及关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资产重组。本次事项尚需提交公 司股东会审议，请广大投资者注意投资风险。 公告显示，经 ...

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].

| 人民币 | | --- | | 币种: | | 元 | | 单位: | | 主要会计数据 | 本报告期 (1-6月) | 上年同期 | 本报告期比上年 同期增减(%) | | --- | --- | --- | --- | | 营业收入 | 282,582,566.18 | 303,818,362.20 | -6.99 | | 利润总额 | -14,857,550.90 | -20,135,470.78 | 不适用 | | 归属于上市公司股东的净利润 | -8.814.575.64 | -10,609,389.42 | 不适用 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | -14.521,098.82 | -27,281,924.10 | 不适用 | | 经营活动产生的现金流量净额 | 4.151.761.03 | 7.355.680.74 | -43.56 | 中国经济网北京8月18日讯 必易微(688045.SH)近日发布2025年半年度报告。今年上半年，公司实现 营业收入2.83亿元，同比减少6.99%；归属于上市公司股东的净利润-881.46万元，上年同期为-1060.94万 元；归 ...

2Q2025 扭亏为盈，新业务多点开花 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 王矗 SAC 证书编号：S0160524090001 wangchu01@ctsec.com 相关报告 1. 《业绩稳健改善，新领域收入同比增长逾 50% 》 2025-01-18 2. 《3Q2024 收入稳健增长，经营状况不断 改善》 2024-10-29 3. 《2024Q2 收入环增，新品+新领域快速 成长》 2024-08-27 核心观点 必易微(688045) 证券研究报告 半导体 / 公司点评 / 2025.08.16 投资评级:增持(维持) | 基本数据 | 2025-08-15 | | --- | --- | | 收盘价(元) | 38.58 | | 流通股本(亿股) | 0.38 | | 每股净资产(元) | 19.66 | | 总股本(亿股) | 0.70 | 最近 12 月市场表现 -22% -3% 16% 34% 53% 72% 必易微 沪深300 上证指数 半导体 盈利预测 | [币种Table_FinchinaSimple] (人 ...

Core Points - The report details the fundraising activities and usage of funds by Shenzhen Biyimi Microelectronics Co., Ltd. for the first half of 2025, ensuring compliance with relevant regulations and protecting investor interests [1][2][4] Fundraising Overview - The company raised a total of RMB 95,201.58 million by issuing 17,262,300 shares at RMB 55.15 per share, with a net amount of RMB 86,077.79 million after deducting issuance costs [1] - As of June 30, 2025, the total actual received fundraising amount was RMB 879,222,196.04, with a remaining balance of RMB 218,892,997.78 in the fundraising account [2][4] Fund Usage and Surplus - Cumulative direct investment in fundraising projects amounted to RMB 395,212,306.06, with RMB 69,953,204.26 invested in the current period [2][4] - The company has permanently supplemented working capital with RMB 167,529,096.32 from excess fundraising, and repurchased shares worth RMB 47,364,750.01 [4][6] Fund Management - The company has established a dedicated account storage system for fundraising, ensuring compliance with laws and regulations, and has signed multiple tripartite and quadripartite supervision agreements with banks and underwriters [1][2] - As of June 30, 2025, there were no outstanding financial products held, and all idle funds were managed effectively to generate returns [4][6] Project Status and Adjustments - There were no changes to the fundraising investment projects as of June 30, 2025, and no external transfers or replacements of fundraising projects occurred [5][6] - The company has adjusted the internal investment structure and extended the expected operational dates for certain projects, including the power management series control chip development project and the motor drive control chip development project, to May 2027 [5][6] Compliance and Disclosure - The company has adhered to all relevant laws and regulations regarding the use and disclosure of fundraising, ensuring timely and accurate reporting of fundraising storage and usage [5][6]

Core Viewpoint - Jingfeng Mingyuan (688368) reported a slight decline in revenue for the first half of 2025, but achieved a significant turnaround in net profit compared to the previous year [1] Financial Performance - 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] Product Performance - Sales revenue from motor drive control chips reached 192 million yuan, representing a year-on-year growth of 24.30% [1]

Core Viewpoint - The report outlines the independent financial advisory opinion regarding the acquisition of 100% equity of Chengxin Microelectronics by Xidi Microelectronics through a combination of share issuance and cash payment, along with the fundraising of supporting funds. Group 1: Transaction Overview - Xidi Microelectronics plans to acquire 100% equity of Chengxin Microelectronics from four parties, including Cao Jianlin and Cao Songlin, through share issuance and cash payment [2][6]. - The total transaction price for the acquisition is set at 31,000 million RMB, with an estimated valuation of 31,100 million RMB for Chengxin Microelectronics, resulting in a premium rate of 214.37% [6][9]. - The transaction will involve issuing shares to no more than 35 specific investors to raise supporting funds, with a total fundraising amount not exceeding 9,948.25 million RMB [9][10]. Group 2: Financial Impact - Following the transaction, the total assets of Xidi Microelectronics are projected to increase by 24.16%, from 181,033.63 million RMB to 224,775.81 million RMB [17]. - The company's total liabilities are expected to rise significantly by 108.99%, from 24,151.42 million RMB to 50,473.57 million RMB [17]. - The transaction is anticipated to enhance the company's revenue by 36.20%, with projected operating income increasing from 54,551.06 million RMB to 74,297.37 million RMB [17]. Group 3: Share Structure and Control - Post-transaction, the total share capital of Xidi Microelectronics will increase from 410,319,336 shares to 425,819,336 shares, reflecting the issuance of 15,500,000 new shares [11][13]. - The control structure of the company will remain unchanged, with the actual controllers being Tao Hai and Tang Ya, despite the recent passing of a previous controller [14][15]. Group 4: Strategic Benefits - The acquisition will allow Xidi Microelectronics to rapidly absorb Chengxin Microelectronics' mature patent technologies, R&D resources, and sales channels, thereby expanding its product offerings in power management chips and other related fields [11][12]. - This strategic move is expected to enhance the company's market competitiveness and operational sustainability by broadening its technology and product layout [11].

Group 1 - The major shareholders of Biyimi (688045.SH) plan to reduce their holdings due to personal funding needs, with a total reduction of up to 1,396,756 shares, representing 2.00% of the total share capital [1] - The shareholder Suzhou Fangguang Phase II Venture Capital Partnership intends to reduce its holdings from July 29, 2025, to October 28, 2025, through both centralized bidding and block trading [1] - The shareholder Yuan Chengjun also plans to reduce his holdings by up to 698,378 shares, representing 1.00% of the total share capital, during the same period [1] Group 2 - As of the announcement date, Fangguang Phase II holds 7,143,000 shares, accounting for 10.23% of Biyimi's total share capital, while Yuan Chengjun holds 4,671,051 shares, accounting for 6.69% [2] - Both shareholders acquired their shares before Biyimi's initial public offering (IPO), which took place on May 26, 2023 [2] - Biyimi's IPO raised a total of 95,201.58 million yuan, with a net amount of 86,077.79 million yuan after deducting issuance costs, exceeding the original plan by 20,826.29 million yuan [2] Group 3 - The total issuance costs for Biyimi's IPO amounted to 9,123.79 million yuan, including underwriting fees of 7,185.03 million yuan and sponsorship fees of 94.34 million yuan [3]

Core Viewpoint - The article discusses the share transfer plan of Biyimi (688045.SH), where shareholder Yuan Chengjun intends to transfer 2,095,134 shares, representing 3.00% of the company's total equity, to institutional investors through a non-public inquiry transfer method [1][2]. Group 1: Share Transfer Details - Yuan Chengjun is transferring a total of 2,095,134 shares, which constitutes 3.00% of Biyimi's total share capital [1]. - The transfer is not conducted through centralized bidding or block trading, and the shares cannot be transferred by the acquirer within six months [1]. - The transfer is aimed at meeting Yuan Chengjun's personal funding needs, as he holds 6,766,185 shares, or 9.69% of the total shares, making him the third-largest shareholder [2]. Group 2: Company Financials and Shareholder Structure - Biyimi was listed on the Shanghai Stock Exchange on May 26, 2022, with an issuance of 17,262,300 shares at a price of 55.15 yuan per share [3]. - The total amount raised from the initial public offering (IPO) was 952.0158 million yuan, with a net amount of 860.7779 million yuan after deducting issuance costs [4]. - The company plans to use the raised funds for the development and industrialization of power management and motor drive control chips, as well as for the establishment of a research and development center [4].

Company Overview - Fengcai Technology Co., Ltd. (688279.SH) was established in 2011, focusing on the research, design, and sales of motor drive control chips, providing motor control solutions widely used in home appliances, industrial control, and automotive electronics [1] Financial Performance - Revenue is expected to grow significantly by 45.9% to 600 million yuan in 2024, with approximately 94% of revenue coming from mainland China and over 60% from microcontroller units (MCUs) [3] - Revenue growth is driven by demand expansion in multiple end markets, including a 19.64% increase in white goods sales and a 7.35% increase in automotive electronics, particularly for automotive-grade (BLDC) chips [3] - The industrial control sector, including servo and motor control, has seen more than a doubling in revenue from intelligent power modules (IPMs) [3] - Gross margin is projected to be 53.2% in 2024, remaining stable year-on-year due to product mix optimization and recovery in ASIC product margins [3] - In Q1 2025, gross margin is expected to be 52.5%, reflecting a slight decline due to increased marginal cost pressures and changes in sales structure [3] Profit and Expenditure - Net profit for 2024 is projected at 222.36 million yuan, a year-on-year increase of 27.2%, while Q1 2025 net profit is expected to be 50.41 million yuan, a slight decrease of 0.3% due to increased expenditures [4] - Stock incentive expenses have significantly increased, with adjusted net profit reaching 67.34 million yuan, a year-on-year increase of 29.7% [4] - R&D expenditure accounted for 20.5% of revenue in Q1 2025, a year-on-year increase of 81.4%, aimed at developing automotive-grade chips and industrial servo technologies [4] Balance Sheet - As of Q1 2025, net assets increased by 10% to 2.63 billion yuan, with cash and equivalents slightly declining to 520 million yuan, primarily used for R&D and incentive arrangements [5] - The company maintains a healthy financial structure with a current ratio of 24 and no interest-bearing debt [5] Cash Flow - Operating cash flow has improved for three consecutive years, with Q1 2025 cash flow increasing by 113% year-on-year to 56 million yuan, mainly due to increased cash receipts from sales [6] Competitive Advantages - The company specializes in high-margin BLDC motor control chips, with MCU revenue accounting for 67% and a gross margin exceeding 55% [7] - Strong customer relationships with leading clients such as Midea, Roborock, and Haier, resulting in a high customer concentration (over 55% from the top five clients) [7] - The company exhibits superior profitability with a gross margin consistently above 53% and a net margin exceeding 37%, significantly outperforming competitors like Zhongying Electronics [7] - Breakthroughs in automotive-grade chips, with compliance to AEC-Q100 and ISO 26262 safety standards, position the company favorably in the electric vehicle market [7] Investment Risks - High customer concentration poses dependency risks, with the top five clients accounting for 55.2% of sales in 2024 [8] - Product concentration is also a concern, with over 60% of revenue derived from MCU products, and the market growth rate for small appliances expected to slow [8] - Rapid technological advancements necessitate continuous R&D investment to maintain competitiveness, with R&D expenditure at 19% of revenue in 2024 [8] - Price competition in the semiconductor industry has led to a 35.7% decline in unit prices for key products from 2021 to 2023 [8] - R&D investment is slightly lower than peers, with 2024 R&D expenditure at 19.4%, compared to 24% for competitors [8]