证券日报网讯12月18日，上海贝岭（600171）在互动平台回答投资者提问时表示，上海贝岭存储芯片产 品布局包括EEPROM、NOR Flash。EEPROM已经完成IIC和SPI全系列产品布局，产品广泛应用于智能 电表、家电、工业控制等领域。2025年度，上海贝岭多款EEPROM产品通过第三方车规认证，并进入 主流汽车厂商。公司新推出的DDR5内存SPD芯片产品BL5118，可有效提升内存条与主板间的数据传输 效率与兼容性，实现实时温度监控、智能调节运行状态，并有效预防过热降频，可显著实现功耗降低。 公司依托在存储芯片领域的技术积淀与市场深耕于2025年推出NOR Flash产品，并将持续进行研发投 入，实现NOR Flash产品系列化。 ...

Core Viewpoint - Shanghai Beiling (600171) has confirmed its product layout in storage chips, including EEPROM and NOR Flash, indicating a strategic focus on these segments [1] Group 1: Product Development - The company has completed the full range of IIC and SPI products for EEPROM [1] - The current revenue proportion and gross margin level of the storage chip segment have not reached the conditions for separate disclosure [1]

Group 1 - The core viewpoint of the article is that Shanghai Beiling (600171.SH) has developed a product lineup for storage chips, including EEPROM and NOR Flash [1] - The company has completed the full range of IIC and SPI products for EEPROM [1] - Currently, the revenue proportion and gross margin level of the company's storage chip products do not meet the conditions for separate disclosure [1]

Core Viewpoint - The company is implementing a new stock incentive plan aimed at enhancing corporate governance, attracting and retaining talent, and aligning the interests of shareholders, the company, and core teams to ensure long-term development and strategic goals are met [3]. Group 1: Stock Incentive Plan Overview - The stock incentive plan will grant a total of 1,252,258 shares, representing 0.85% of the company's total equity as of the plan's announcement date [11]. - The plan includes a 60-month validity period, with specific performance targets set for the years 2026 to 2029, including revenue targets of 2.65 billion, 3 billion, 3.5 billion, and 4 billion respectively [33][34]. - The initial grant price for the restricted stock is set at 73.78 yuan per share, which is significantly lower than the average trading prices prior to the announcement [19][20]. Group 2: Implementation and Performance Metrics - The plan will be executed independently of previous incentive plans from 2021, 2022, and 2024, which are still active [3]. - Performance evaluation will be based on both company-level metrics (revenue targets) and individual performance assessments, with a clear structure for how stock grants will vest based on these evaluations [31][34]. - The company aims to ensure that the performance targets are challenging yet achievable, reflecting the company's growth strategy and market conditions [33][34]. Group 3: Eligibility and Distribution - The plan targets 116 individuals, accounting for 24.58% of the total workforce, excluding independent directors and major shareholders [15][16]. - The distribution of shares will be contingent upon meeting specific performance criteria, with a structured vesting schedule over the plan's duration [22][31]. - The plan includes provisions for adjusting the number of shares and grant prices in response to corporate actions such as stock splits or dividends [35][39].

从业务布局看，此次收购有助于普冉股份与SHM形成多维度协同。普冉股份主要产品包括NOR Flash、 EEPROM和MCU，而SHM专注于SLC NAND、eMMC、MCP等高性能存储器。双方产品线可形成互 补，构建完整的非易失性存储芯片解决方案。 此外，普冉股份收入主要来源于中国市场，SHM则拥有成熟的海外销售网络，业务覆盖亚洲、欧洲和 北美等多地，整合后有望提升全球市场渗透能力。 近日，普冉股份(688766)宣布对珠海诺亚长天存储技术有限公司(以下简称"诺亚长天")剩余49%股权的 收购计划，本次交易完成后，诺亚长天将成为公司全资子公司，SHM将成为上市公司全资孙公司。此 举旨在最终实现对诺亚长天及其子公司SHM的全资控股，从而在技术与市场上产生深度协同。 资料显示，SHM是一家注册在中国香港的半导体企业，专注于提供高性能2D NAND及衍生存储器产品 及方案，核心竞争力为固件算法开发、存储芯片测试方案、集成封装设计、存储产品定制。因其产品具 有高品质性能，已广泛应用于工业控制、家电安防、可穿戴、智能终端等领域。SHM凭借卓越的产品 能力和工程能力，其高性能产品在全球市场具有较强的竞争力。 同时，通过本 ...

Core Insights - The acquisition of the remaining 49% stake in Noah Changtian by Purun Co., Ltd. (688766.SH) reflects a strategic move to enhance its competitive edge in the storage chip market through mergers and acquisitions [1][2] - The goal is to achieve full ownership of Noah Changtian and its subsidiary SHM, facilitating deep technological and market synergies [1] Business Integration - The acquisition will enable Purun Co. to form multidimensional synergies with SHM, as Purun's main products include NOR Flash, EEPROM, and MCU, while SHM focuses on high-performance storage solutions like SLC NAND, eMMC, and MCP [2] - This complementary product line aims to create a comprehensive non-volatile storage chip solution [2] - Purun Co. primarily generates revenue from the Chinese market, whereas SHM has an established overseas sales network covering Asia, Europe, and North America, which is expected to enhance global market penetration post-integration [2] R&D and Market Response - The transaction is anticipated to allow Purun Co. to leverage SHM's valuable experience in system optimization, advanced packaging testing, and mass production management, significantly shortening new product development cycles and improving product performance [2] - This strategic integration marks a new phase for Purun Co. in consolidating its position in the storage chip sector, aiming for strong synergistic effects in technology products and global markets [2]

Core Viewpoint - The company, Purun Co., plans to acquire a 49% stake in Noah Changtian through a combination of issuing shares, convertible bonds, and cash payments, which will enhance its control over the subsidiary SHM and strengthen its position in the non-volatile memory market [1][5]. Group 1: Acquisition Details - Purun Co. intends to purchase the stake from Zhuhai Nuoyan, Yuanhe Puhua, and Hengqin Qiangke, with the goal of making Noah Changtian a wholly-owned subsidiary [1]. - The acquisition will allow Purun Co. to solidify its control over SHM, which is already a majority-owned subsidiary [1][5]. - The stock of Purun Co. will resume trading on December 9 following the announcement [1]. Group 2: Financial Performance - Purun Co.'s stock price has increased by 72.88% year-to-date [2]. - For the first three quarters of 2025, Purun Co. reported revenues of 1.433 billion yuan, a year-on-year increase of 4.89%, while net profit decreased by 73.73% to 59.05 million yuan [7]. - In Q3, the company achieved revenues of 527 million yuan, up 11.94% year-on-year, but net profit fell by 79.4% to 18.32 million yuan [7]. Group 3: Market Position and Product Synergy - SHM, the target company, is a semiconductor firm specializing in high-performance 2D NAND and related memory products, and is projected to be the fourth largest SLC NAND manufacturer globally in 2024 [5][6]. - The acquisition is expected to enhance Purun Co.'s product offerings and operational capabilities in the memory chip sector, as both companies operate within the same industry and have complementary product lines [6]. - The storage chip market is experiencing significant growth, driven by demand from emerging sectors such as AI and automotive electronics, with the SLC NAND market projected to grow from $2.31 billion in 2024 to $3.44 billion by 2029, reflecting a compound annual growth rate of 5.8% [7]. Group 4: Pricing and Demand Trends - The increase in NOR Flash prices is attributed to a dual-driven supply and demand relationship, with ongoing negotiations with downstream customers regarding price adjustments [8]. - There are signs of marginal recovery in overall industry demand, with some product prices improving compared to Q3 [8].

Group 1 - The company plans to acquire a 49% stake in Noah Changtian through a combination of issuing shares, convertible bonds, and cash payments, while also raising matching funds [1][2] - Upon completion of the transaction, the company will hold 100% ownership of Noah Changtian, which was established to acquire SHM and currently holds 100% of SHM's shares [2] - The transaction is not expected to constitute a major asset restructuring, reverse listing, or related party transaction [2] Group 2 - SHM specializes in high-performance 2D NAND and derivative memory products, including 2D SLC NAND, eMMC, and MCP, with established engineering centers in South Korea and Japan [3] - The company is one of the few chip design firms with product lines in NOR Flash, EEPROM, MCU, and VCM Driver, while Noah Changtian focuses on SLC NAND, eMMC, and MCP products, indicating high synergy in products, technology, and market [3] - This acquisition aligns with the company's strategy to strengthen its non-volatile memory product layout and enhance control over SHM, thereby improving profitability and risk resistance [3][4] Group 3 - The transaction supports the company's "Storage+" strategy and overseas business expansion, aiming for a dual-driven approach in both international and domestic markets [4] - The company intends to continue focusing on non-volatile memory chips while diversifying core products, leveraging synergies between MCU, Driver, and memory products to explore broader application scenarios [4] - As of November 24, the company's stock price was 124.49 yuan per share, with a total market capitalization of 18.4 billion yuan, reflecting a nearly 120% increase since June 3 [4]

Group 1 - The company, Purun Co., plans to acquire a 49% stake in Noah Changtian through the issuance of shares, convertible bonds, and cash payments, and will raise matching funds [2][3] - Following the transaction, Purun Co. will hold 100% ownership of Noah Changtian, which was established to acquire SHM and currently holds 100% of SHM's shares [3] - The transaction is not expected to constitute a major asset restructuring or related party transaction [3] Group 2 - SHM specializes in high-performance 2D NAND and derivative memory products, with a mature sales network globally and engineering centers in South Korea and Japan [5] - Purun Co. is one of the few chip design companies with product lines in NOR Flash, EEPROM, MCU, and VCM Driver, while Noah Changtian focuses on SLC NAND, eMMC, and MCP products, indicating high synergy between the two companies [5] - The acquisition aligns with Purun Co.'s "Storage+" strategy and aims to enhance its control over SHM, thereby improving its profitability and risk resistance [6] Group 3 - The company aims to solidify its position in the non-volatile memory product sector and will continue to focus on the non-volatile memory chip field post-transaction [6] - Purun Co. is committed to a dual strategy of "Storage" and "Storage+", seeking to expand its market presence in industrial and automotive sectors while developing MCU and analog products [6] - As of November 24, Purun Co.'s stock price was 124.49 yuan per share, with a total market capitalization of 18.4 billion yuan, reflecting a nearly 120% increase since June 3 [6]

Core Viewpoint - Puran Co. plans to acquire a 49% stake in Noah Changtian, with stock resuming trading on December 9 [2][3] Group 1: Acquisition Details - The acquisition will be financed through issuing shares, convertible bonds, and cash payments [3][5] - The transaction involves multiple parties, including Zhuhai Noyan Changtian Equity Investment Fund and Anhui Gaoxin Yuanhe Puhua Private Equity Fund [5] - After the transaction, Puran Co. will hold 100% of Noah Changtian, with no performance or impairment compensation commitments set [6] Group 2: Strategic Implications - The acquisition is expected to strengthen Puran Co.'s position in the non-volatile storage product market and enhance control over SHM [6][7] - The transaction aligns with the company's "Storage+" strategy and overseas business expansion goals [7] - Puran Co. aims to diversify its core product offerings while maintaining a focus on non-volatile storage chips [7] Group 3: Market Performance - As of November 24, Puran Co.'s stock price was 124.49 yuan per share, with a total market capitalization of 18.4 billion yuan, reflecting a nearly 120% increase since June 3 [7]