2025年6月，川土微召开股改创立大会，完成股份制改制，此举也被视为其迈向IPO的重要准备。 尽管本次与梦天家居重组失败，曲线冲A折戟，但川土微独立IPO之路得以重启。 对于本次重组终止的原因，梦天家居则解释，主要由于涉及事项较多，交易各方就核心条款经多次协商 和谈判后，仍未达成共识。 长江商报奔腾新闻记者 徐佳 筹划数日，梦天家居（603216.SH）跨界重组芯片公司告吹。 11月18日晚间，梦天家居公告称，公司终止筹划发行股份及支付现金的方式购买资产，同时实控人终止 筹划控制权转让事项。 此前，梦天家居因筹划通过发行股份及支付现金的方式收购上海川土微电子股份有限公司（以下简 称"川土微"）控制权，并募集配套资金，同时实控人余静渊正在筹划控制权转让事项，公司于11月6日 起停牌。 长江商报奔腾新闻记者注意到，宣布与梦天家居重组之前，川土微曾多次被传将要独立IPO。 据川土微官网披露，公司成立于2016年，是专注高端模拟芯片研发设计与销售的高科技公司，产品涵盖 隔离与接口、驱动与电源、高性能模拟三大产品线以及μMiC战略产品（micro-Module in Chip），目前 产品已广泛应用于工业控制、电源能源 ...

Core Viewpoint - Mengtian Home Group is planning two significant actions: acquiring a chip company and a change in control, with both disclosed in the same announcement, raising questions about the company's strategic direction [2][4]. Group 1: Acquisition Plans - Mengtian Home is preparing to acquire control of Shanghai Chuantou Microelectronics Co., Ltd. through a combination of issuing shares and cash payments, with the valuation of Chuantou Micro not yet finalized [2][3]. - Chuantou Micro, established in 2016, specializes in integrated circuit design and high-end analog chip development, with applications in various industries including industrial control and automotive electronics [3]. - This is not Mengtian Home's first venture into the chip industry, as it previously invested 70 million yuan in Chongqing Lingxin Microelectronics, becoming its second-largest shareholder [3]. Group 2: Control Change - The company's actual controller, Yu Jingyuan, is planning to transfer control, which is stated to be independent of the acquisition plans [4][6]. - Mengtian Home primarily engages in the design, production, and sales of customized wooden furniture, including doors and panels, and has not previously indicated intentions to shift its core business focus [4][5]. Group 3: Industry Context - The home furnishing industry is facing challenges due to a downturn in real estate and consumer spending, leading to revenue declines among major competitors [4][7]. - In contrast, Mengtian Home's performance has been relatively stable, with a revenue of 773 million yuan in the first three quarters of the year, down 2.93%, while net profit increased by 37.60% to 56.3 million yuan [5]. - The competitive landscape in the customized home furnishing sector is intensifying, with traditional furniture manufacturers increasingly entering the market, leading to a shift from price competition to a more complex competitive environment [7].