Core Viewpoint - Biyi Microelectronics has signed an agreement to acquire 100% of Shanghai Xingan Semiconductor for 295 million yuan, marking a significant step in enhancing its semiconductor industry chain layout [1][9]. Company Overview - Biyi Microelectronics, established in 2014, specializes in high-performance analog and mixed-signal integrated circuits, focusing on power management, motor drive, and battery management technologies [4]. - The company provides comprehensive chip solutions and system integration services across various sectors, including energy and power, home appliances, industrial control, and smart IoT [4]. Acquisition Details - The acquisition of Xingan Semiconductor will allow Biyi Micro to integrate Xingan's unique technology in current sensors and signal chain chips, filling a strategic gap in Biyi Micro's sensing technology [6][8]. - Xingan Semiconductor has developed the SC783 series of integrated current sensor modules, which feature ultra-low wire resistance and high precision, successfully applied in high-end scenarios like photovoltaic inverters and charging stations [6]. Strategic Synergy - The combination of Biyi Micro's existing product lines in power management and Xingan's current detection and motion sensing technologies will create a rare complete smart control system product matrix in the industry [8]. - This synergy is expected to enhance Biyi Micro's competitiveness in high-end markets such as industrial automation and new energy vehicles, positioning it as one of the few domestic suppliers offering integrated solutions for current sensors, magnetic encoders, and core chips [8]. Market and Growth Potential - Biyi Micro anticipates a revenue of 688 million yuan in 2024, reflecting an 18.98% year-on-year growth, indicating confidence in the long-term development of the semiconductor industry [9]. - The acquisition is seen as a strategic move to capitalize on the growing demand for high-precision sensing and power control in sectors like new energy and industrial automation, helping Biyi Micro secure a technological advantage in the domestic market [9].

Core Viewpoint - The recent surge in the stock price of Biyimi (688045) is attributed to the announcement of a significant acquisition of 100% equity in Shanghai Xingan Semiconductor for approximately 295 million yuan, despite the target company currently being in a loss position [1][2]. Acquisition Details - Biyimi plans to acquire Xingan Semiconductor for about 295 million yuan, with a performance commitment from the seller to achieve a cumulative net profit of no less than 75 million yuan from 2026 to 2029 [2][3]. - The performance commitment includes annual net profit targets of 10 million yuan, 15 million yuan, 20 million yuan, and 30 million yuan for the respective years [2]. Financial Performance - Biyimi's financial performance has been mixed since its IPO in 2022, with revenues of approximately 526 million yuan, 578 million yuan, and 688 million yuan from 2022 to 2024, and net profits of 37.96 million yuan, -19.07 million yuan, and -17.17 million yuan respectively [3]. - In the first half of 2025, Biyimi reported revenues of about 283 million yuan, a year-on-year decrease of 6.99%, with a net loss of approximately 8.81 million yuan [3]. Valuation and Premium - The acquisition involves a high premium, with a valuation increase of 266.33% based on market assessment, compared to a 11.45% increase based on asset-based assessment [5][6]. - The market method was chosen for valuation due to its reflection of current market conditions and comprehensive earning potential, while the asset-based method was deemed less effective for high-tech, light-asset companies like Xingan Semiconductor [6]. Cash Position and Funding - Biyimi has approximately 293 million yuan in cash, indicating sufficient liquidity to fund the acquisition without adversely affecting its financial condition [7]. Strategic Benefits - The acquisition is expected to enhance Biyimi's product portfolio, particularly in current detection and motion sensing, and improve its competitive position through technology integration and supply chain optimization [8]. Market Reaction - Following the acquisition announcement, Biyimi's stock price reached a new high of 54.2 yuan per share, closing at 48.5 yuan with a market capitalization of approximately 3.387 billion yuan [9].

Core Viewpoint - The recent surge in the stock price of Biyimi (688045) is attributed to its announcement of a significant acquisition of 100% equity in Shanghai Xingan Semiconductor for approximately 295 million yuan, despite the target company currently being in a loss position [1][4][11]. Acquisition Details - Biyimi plans to acquire Xingan Semiconductor for about 295 million yuan, funded through its own or raised capital [4][9]. - The acquisition includes a performance commitment from the seller, promising a cumulative net profit of no less than 75 million yuan from 2026 to 2029 [4][5]. - Xingan Semiconductor reported revenues of approximately 46.7 million yuan and 18.6 million yuan for 2024 and the first five months of 2025, respectively, with corresponding net losses of about 13.8 million yuan and 4.2 million yuan [4][5]. Financial Performance - Biyimi's financial performance has been mixed, with revenues of 526 million yuan, 578 million yuan, and 688 million yuan from 2022 to 2024, but net profits showing a decline [4][5]. - In the first half of 2025, Biyimi reported revenues of approximately 283 million yuan, a year-on-year decrease of 6.99%, but a reduction in net losses [5]. Valuation Methodology - The acquisition utilized a market approach for valuation, resulting in a high premium of 266.33%, compared to a lower asset-based valuation [6][7]. - The market approach is deemed more reliable as it reflects current market conditions and the comprehensive earning potential of the target company [7]. Strategic Implications - The acquisition is expected to enhance Biyimi's product portfolio, particularly in current detection and motion sensing, creating a complete product system [10]. - The integration of both companies' market and customer advantages is anticipated to improve market positioning and supply chain efficiency [10]. Market Reaction - Following the acquisition announcement, Biyimi's stock price reached a new high of 54.2 yuan per share, closing at 48.5 yuan, reflecting a 7.25% increase on that day [11].

Core Viewpoint - The company Beiyiwei plans to acquire 100% equity of Shanghai Xingan Semiconductor for 295 million RMB to enhance its core business and expand its technological capabilities [1][4]. Group 1: Acquisition Details - The acquisition will be funded by the company's own or raised funds and will not involve related transactions or constitute a major asset restructuring [1]. - After the acquisition, Xingan Semiconductor will become a wholly-owned subsidiary of Beiyiwei and will be included in the consolidated financial statements [1]. - The acquisition aims to deepen the company's core business layout and enhance its system-level solution capabilities, particularly in high-precision integrated current sensors and magnetic encoder chips [4]. Group 2: Financial Performance of Xingan Semiconductor - Xingan Semiconductor is currently in a loss-making state, with a commitment to achieve a cumulative net profit of no less than 75 million RMB over four years [7][10]. - Financial data shows that Xingan Semiconductor had a revenue of 46.7 million RMB and a net loss of 12.86 million RMB in 2024, and for the first five months of 2025, it reported a revenue of 18.64 million RMB and a net loss of 4.16 million RMB [10]. - The valuation of Xingan Semiconductor's total equity is estimated at 301 million RMB, reflecting an increase of 219 million RMB and a growth rate of 266.33% [10]. Group 3: Beiyiwei's Financial Status - Beiyiwei has been experiencing continuous losses since its IPO in May 2022, with reported revenues of 578 million RMB and 688 million RMB for 2023 and 2024, respectively, and net losses of 19.07 million RMB and 17.17 million RMB [11]. - In the first half of 2025, Beiyiwei achieved a revenue of 283 million RMB, a year-on-year decrease of 6.99%, and a net loss of 8.82 million RMB, an increase of 16.92% compared to the previous year [13]. Group 4: Strategic Rationale - The acquisition is viewed as a strategic decision to integrate resources in products, technology, market, and supply chain, which is expected to create significant synergies and align with the company's long-term development plan [15]. - The main products of Xingan Semiconductor, including current sensors and magnetic sensors, target sectors such as energy and power, industrial control, automation, new energy vehicles, and aerospace, indicating substantial application potential and growth prospects [15].