近日，中芯国际、华虹半导体、晶和集成传来了密集的动作。 2025年12月29日晚，中芯国际公告称，公司拟向国家集成电路基金等5名中芯北方股东发行股份购买其 所持有的标的公司49%股权，交易价格406亿元。本次交易完成后，中芯国际将持有中芯北方100%的股 权，中芯北方将成为公司的全资子公司。 值得注意的是，中芯国际对中芯北方的收购并非孤例。 1月1日，华虹公司公告称，计划通过发行股份方式，向华虹集团等 4 名交易对方购买其合计持有的华力 微 97.4988% 股权，交易价格（不含募集配套资金金额）82.68亿元，并拟向不超过 35 名符合条件的特 定对象发行股票募集配套资金。本次交易完成后，华虹公司将全控华力微。 到了1月4日，晶合集成宣布总投资355亿元的晶合集成四期项目正式启动建设，新厂房将落户合肥新 站，持续发挥厂区集聚效应，为提升国内半导体产业技术和供应链自主化水平再次贡献力量。 短短数日，近850亿资本密集进场。 01 三大晶圆厂动作，背后各有深意 中芯国际 交易标的中芯北方成立于2013年7月，是中芯国际与北京市政府共同投资设立的12英寸晶圆制造基地。 初始股权结构中，中芯国际持股51%，大基金一 ...

华虹半导体(01347)涨超4%，截至发稿，涨4.23%，报88.65港元，成交额32.27亿港元。 华泰证券指出，以2024年数据进行备考测算：利润端，华力微作为优质晶圆代工资产，其注入或将立竿 见影地增厚业绩。备考归母净利润预计从3.8亿元增长151%至9.6亿元，带动EPS从0.22元增长127%至 0.50元，盈利能力或实现跨越式提升；资产端，若考虑配套融资，公司将引入约76亿元现金"活水"，公 司总资产/归母净资产或增厚16%/21%，大幅充实流动性并助力产线升级。 消息面上，华虹公司近期宣布拟斥资82.68亿元收购华力微97.4988%的股权，并募集配套资金不超过 75.56亿元。通过本次交易，华虹公司与华力微之间在65/55nm、40nm的同业竞争得到实质性解决。整 合完成后，华虹公司将新增3.8万片/月的65/55nm、40nm产能，12英寸晶圆代工产能规模将得到进一步 提升。 ...

1月2日消息，拉升近8%，报80.05港元，成交额5.18亿港元。 消息面上，华虹半导体发布多份公告表示，公司拟通过发行股份方式向华虹集团等4名交易对方购买其合计持有的华力微97.4988%股权，并拟向不超过35名 符合条件的特定对象发行股票募集配套资金。此次交易对价为82.68亿元人民币，拟配套募集资金75.56亿元人民币。 此次交易聚焦双方重合的65/55nm、40nm工艺节点对应的业务与资产，交易完成后将解决历史形成的同业竞争问题，优化公司治理结构与业务独立性，符合 监管要求与资本市场预期。作为特色工艺平台覆盖最全面的晶圆代工企业，华虹公司通过此次整合将直接纳入华力微的12英寸晶圆代工生产线与成熟工艺平 台，公司产能规模将实现持续增长。 编辑/melody ...

此次交易聚焦双方重合的65/55nm、40nm工艺节点对应的业务与资产，交易完成后将解决历史形成的同 业竞争问题，优化公司治理结构与业务独立性，符合监管要求与资本市场预期。作为特色工艺平台覆盖 最全面的晶圆代工企业，华虹公司通过此次整合将直接纳入华力微的12英寸晶圆代工生产线与成熟工艺 平台，公司产能规模将实现持续增长。 华虹半导体(01347)拉升逾8%，截至发稿，涨7.54%，报79.9港元，成交额3.89亿港元。 消息面上，华虹半导体发布多份公告表示，公司拟通过发行股份方式向华虹集团等4名交易对方购买其 合计持有的华力微97.4988%股权，并拟向不超过35名符合条件的特定对象发行股票募集配套资金。此 次交易对价为82.68亿元人民币，拟配套募集资金75.56亿元人民币。 ...

此次交易聚焦双方重合的65/55nm、40nm工艺节点对应的业务与资产，交易完成后将解决历史形成的同 业竞争问题，优化公司治理结构与业务独立性，符合监管要求与资本市场预期。作为特色工艺平台覆盖 最全面的晶圆代工企业，华虹公司通过此次整合将直接纳入华力微的12英寸晶圆代工生产线与成熟工艺 平台，公司产能规模将实现持续增长。 消息面上，华虹半导体发布多份公告表示，公司拟通过发行股份方式向华虹集团等4名交易对方购买其 合计持有的华力微97.4988%股权，并拟向不超过35名符合条件的特定对象发行股票募集配套资金。此 次交易对价为82.68亿元人民币，拟配套募集资金75.56亿元人民币。 华虹半导体(01347)拉升逾8%，截至发稿，涨7.54%，报79.9港元，成交额3.89亿港元。 ...

Group 1: TCL Technology - TCL Technology's registered capital increased from approximately 187.8 billion to about 208 billion RMB, with an increase of over 20 billion RMB [2][3]. - In the first half of the year, TCL Technology achieved revenue of 855.60 billion RMB, a year-on-year growth of 6.65%, and a net profit attributable to shareholders of 18.83 billion RMB, representing a year-on-year increase of 89.26% [4]. - The semiconductor display business generated revenue of 575.51 billion RMB, with a year-on-year growth of 15.38% and a gross margin of 20.30% [5]. Group 2: Crystal Integration - Crystal Integration announced that its subsidiary, Hefei Wanchip Integrated Circuit Co., Ltd., will undergo a capital increase, with the controlling shareholder Hefei Construction Investment Holding Group Co., Ltd. contributing 30 billion RMB [6][7]. - Following the capital increase, the registered capital of Hefei Wanchip will rise from 95.89 billion to 124.29 billion RMB [7]. - Crystal Integration will see its shareholding ratio decrease from 43.75% to 33.75%, but it will remain the largest shareholder of Hefei Wanchip [9].

Core Viewpoint - The M&A market in the Sci-Tech Innovation Board is experiencing significant growth driven by policy incentives and industrial demand, with a notable shift from valuation-driven to industry-driven mergers and acquisitions [1][6]. Group 1: M&A Activity and Trends - As of September 18, 2025, over 70 new M&A transactions have been disclosed, with strategic emerging industries like electronics, new energy, and biomedicine becoming hotspots [2]. - In August 2025 alone, there were 7 major asset restructuring or capital increase acquisition cases, with the semiconductor sector being the dominant player, accounting for 5 of these cases [2]. - Major semiconductor companies like SMIC and Huahong are optimizing their capacity layout through acquisitions, focusing on technology complementarity and capacity synergy rather than mere scale expansion [2]. Group 2: Financial and Policy Environment - The revised M&A regulations by the China Securities Regulatory Commission in May 2025 have significantly shortened the review time for high-quality large-cap company acquisitions and relaxed financial and payment conditions [5]. - The introduction of DeepSeek AI in early 2025 has revitalized the high-tech sector and positively impacted the overall economic environment, facilitating M&A activities [3]. Group 3: Strategic Focus and Future Outlook - The current wave of M&A is characterized by a shift from "valuation-driven" to "industry-driven," with companies focusing on core business and enhancing competitive advantages through industrial chain integration [6]. - The Sci-Tech Innovation Board's M&A activity is positively correlated with the performance of the secondary market, as evidenced by the 41.04% increase in the Sci-Tech 50 Index this year [6]. - Future trends in M&A are expected to include an expansion of cross-border acquisitions and deeper vertical integration in sectors like AI chips and automotive semiconductors, driven by both policy and market incentives [6].

Core Viewpoint - Huahong Company experienced a significant stock price increase, opening up over 18% on September 1, with a trading volume of 3.16 billion yuan and a turnover rate of 8.89% [2] Group 1: Company Announcement - On August 31, Huahong Company announced a plan to acquire 97.4988% equity of Shanghai Huahong Microelectronics (Huahong Micro) from its controlling shareholder and three other parties through a combination of issuing shares and cash [3][4] - The total asset value of the target company is estimated at 7.58 billion yuan as of June 2025 [3] Group 2: Strategic Benefits - The transaction is expected to enhance the asset quality and profitability of Huahong Company, benefiting minority shareholders [4] - Both Huahong Company and Huahong Micro possess complementary manufacturing processes, which will improve the 12-inch wafer foundry capacity and provide a wider range of technical solutions for customers [4] - The integration of R&D resources and core technology sharing is anticipated to foster innovation and strengthen competitive advantages in logic and specialty processes [4]

Core Viewpoint - The company plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy, accelerate overseas business development, and improve its competitive edge and brand image [2] Financial Performance - In 2023 and 2024, the company achieved revenues of 7.244 billion and 9.249 billion yuan, respectively, with a year-on-year growth of 27.69% in 2024 [3] - Net profits for the same years were approximately 119 million and 482 million yuan, reflecting a significant year-on-year growth of 304.65% in 2024 [3] - For the first half of the year, the company reported operating revenue of 519.85 million yuan, an increase of 18.21% year-on-year, and a net profit of 231.99 million yuan, up 19.07% year-on-year [4] Business Segmentation - The main business revenue for the first half of the year was 512.98 million yuan, with revenue contributions from process nodes as follows: 55nm (10.38%), 90nm (43.14%), 110nm (26.74%), and 150nm (19.67%) [4] - From an application product perspective, the revenue contributions were: DDIC (60.61%), CIS (20.51%), PMIC (12.07%), MCU (2.14%), and Logic (4.09%) [4] Research and Development - The company invested 694.82 million yuan in R&D in the first half of the year, a 13.13% increase year-on-year, accounting for 13.37% of total revenue [5] - The company has made significant progress in R&D, achieving mass production of new products such as 40nm high-voltage OLED display driver chips and 28nm logic chips [5] Shareholder Changes - In July, the company announced that Huakin Technology would acquire approximately 120 million shares, representing 6% of the total share capital, at a price of 19.88 yuan per share, totaling around 2.4 billion yuan [5][6] - Following the transaction, Huakin Technology will become the fourth largest shareholder, committing to hold the shares for at least 36 months [6][7] Strategic Intent - Huakin Technology expressed confidence in the company's future and aims to deepen resource integration and explore collaboration opportunities in various projects to enhance overall competitiveness [7] - The partnership is expected to facilitate the company's products entering the supply chain of high-performance computing and smart terminal sectors [7]

Core Viewpoint - Huahong Semiconductor is planning a significant acquisition to resolve competition issues related to its IPO by purchasing controlling stakes in Shanghai Huahong Microelectronics, which operates assets that compete with Huahong's own facilities [2][5]. Group 1: Acquisition Details - The acquisition involves the purchase of equity corresponding to the assets of Huahong Micro's Wafer Fab 5, which operates in the 65/55nm and 40nm technology nodes, currently in the process of being separated [5][6]. - The transaction is still in the planning stage, with discussions ongoing with potential partners, including Huahong Group and the Big Fund II [6][7]. Group 2: Financial Performance - In Q2 2025, Huahong Semiconductor reported revenue of $566 million, a year-on-year increase of 18.3%, and a net profit of $7.95 million, up 19.2% from the previous year [3][9]. - The company's wafer foundry revenue reached $541 million in Q2 2025, accounting for 95.6% of total sales, with 12-inch wafer foundry revenue at $334 million, representing 59% of total sales [10]. Group 3: Capacity and Utilization - Huahong's production capacity utilization reached 108.3% in Q2 2025, indicating strong demand for its services [4][11]. - The acquisition of Wafer Fab 5 is expected to significantly enhance Huahong's 12-inch wafer capacity, which is crucial for meeting increasing market demand [6][12].