以下文章来源于东四十条资本 ，作者张雪 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 圣邦需要新故事。 作者丨张雪 来源丨东四十条资本 2025年以来，半导体行业的并购案在A股公告栏里几乎是周更。这种活跃性不仅给早期机构提供了一 个安全快速的退出通道，也加速了半导体行业的整合和进化。 10月13日，一笔并购浮出水面，模拟芯片龙头圣邦股份收购亿存芯半导体77.54%股份，并且在近日 完成了工商变更。由于并购规模未达强制披露标准，本次交易没有价格、没有公告，被收购的公司亿 存芯也是名不见经传，也没有进行过一次对外融资。 即便如此，当日圣邦股份股价依然大涨5.77%，收盘市值达到528亿元。 张家口走出的芯片大佬 圣邦股份跟很多早期半导体公司一样，是由一个技术专家带队，实现国产突破的故事。 创始人张世龙1966年出生于河北张家口，90年代在国内完成本科学习后，他选择赴美深造，获得博 士学位。毕业后，张世龙留在了美国，并加入了德州仪器工作，担任电子设计工程师，同时兼任质量 评审委员会委员且两届轮值主席。 作为电子设计专家，张世龙拥有多项发明专利和宝贵 ...

晨会纪要 证券研究报告 2025 年 10 月 21 日 核心结论 分析师 【宏观】他山之石：美股和日股慢牛的因与果 本文通过分析美国和日本"慢牛"股市的特征，发现即使绝对经济增速中枢 下行，但是股市未必会受到影响。相较之下，产业结构的升级更新推动的企 业盈利上行、货币政策短期和长期的调整带来的正面效应，以及分红回购的 稳定加强居民企业财富效应，能对冲经济和通胀下行带来的风险溢价。 【有色金属】紫金矿业（601899.SH）2025 年三季报业绩点评：黄金板块 盈利能力持续增强，单季度业绩再创新高 我们预计 2025-2027 年公司 EPS 分别为 1.94、2.41、2.60 元，PE 分别为 16、13、12 倍，维持"买入"评级。 【电子】聚辰股份（688123.SH）动态跟踪：eSSD 需求放量，配套 VPD 或打开 EEPROM 成长空间 我们预计聚辰股份 25/26/27 年营收分别为 13.17/17.83/23.91 亿元，归母净 利润分别为 4.50/6.32/8.67 亿元。考虑 VPD 芯片潜在需求，结合可比公司 估值，给予聚辰股份 2025 年 67 倍 PE，对应目标市值 301. ...

Core Viewpoint - The semiconductor industry is experiencing significant merger and acquisition activity, exemplified by the acquisition of 77.54% of Yicun Semiconductor by Shengbang Co., which highlights the industry's consolidation and evolution [5][6]. Group 1: Company Overview - Shengbang Co. was founded by Zhang Shilong, who returned to China after studying in the U.S. and aimed to fill the domestic gap in the analog chip market [8][9]. - The company has expanded its product line from operational amplifiers and LDOs to cover a wide range of applications, partnering with TSMC for high-quality production [8][9]. - Shengbang Co. became the first A-share listed company focused on analog chip design in China, abandoning plans for overseas listing in favor of domestic growth [9]. Group 2: Financial Performance - In 2021, Shengbang Co. achieved significant financial growth, with revenue and net profit increasing by 87.07% and 142.41%, respectively, reaching a market cap of over 900 billion [10]. - However, from 2022 to 2024, the company faced declining revenue and net profit due to a downturn in the global semiconductor market and weak demand in downstream sectors [10][11]. - The 2025 mid-year report showed revenue of 1.819 billion, a 15.37% increase, but net profit growth slowed to 12.42%, with a notable decline in non-recurring net profit [13][14]. Group 3: Strategic Moves - Shengbang Co. is actively investing in high-growth emerging applications, with a focus on automotive electronics, AI, and renewable energy, while increasing R&D spending to 5.08 billion, representing 27.9% of total revenue [15][16]. - The recent acquisition of Yicun Semiconductor aims to enhance Shengbang's product matrix in storage chips, addressing the growing demand for automotive-grade storage solutions [18]. - The company is also seeking to list in Hong Kong, indicating a need for a compelling narrative to attract investors amid competition from established global players [19].

Core Insights - The semiconductor industry has seen a surge in M&A activity since 2025, providing early investors with a quick exit and accelerating industry consolidation [1] - On October 13, 2023, leading analog chip company Shengbang Co. announced the acquisition of 77.54% of Yicun Semiconductor, completing the business change recently [1] - Despite the acquisition not meeting mandatory disclosure standards, Shengbang's stock rose by 5.77%, closing with a market capitalization of 52.8 billion yuan [1] Company Background - Shengbang Co. was founded by Zhang Shilong, a technology expert who returned to China in 2003 to target the domestic analog chip market [2][3] - The company initially focused on industrial applications and partnered with TSMC for high-quality production [2] - Shengbang became the first A-share listed company focused on analog chip design in 2017, capitalizing on China's booming electronics market [3] Business Expansion - Since its listing, Shengbang has expanded through acquisitions, including the purchase of Dalian Alpha and stakes in various semiconductor companies [4] - In 2021, Shengbang achieved significant financial growth, with revenue and net profit increasing by 87.07% and 142.41%, respectively [4] - However, from 2022 to 2024, the company faced declining revenue and profit due to a downturn in the global semiconductor market [4] Product Portfolio and Market Position - Shengbang's product offerings are known for diversity and specialization, covering signal chain and power management sectors [5] - As of mid-2025, the company had released over 5,200 sales items and planned to launch over 6,600 models across 36 product categories [5] - According to Frost & Sullivan, Shengbang ranked first among Chinese manufacturers and sixth globally in the analog chip sector in 2024, with a compound annual growth rate of 26.2% from 2014 to 2024 [5] Financial Performance and Challenges - Shengbang's 2025 mid-year report showed revenue of 1.819 billion yuan, a year-on-year increase of 15.37%, but with a significant slowdown in growth [6] - Net profit reached 201 million yuan, up 12.42%, but the non-recurring net profit declined by 14.98% [6] - The company's net asset per share decreased from 8.76 yuan to 7.64 yuan, indicating a reduction in financial strength [6] R&D and Strategic Moves - Shengbang invested 508 million yuan in R&D in the first half of 2025, accounting for 27.9% of total revenue, adhering to a minimum investment threshold set by its founder [7] - The company has made several small-scale acquisitions to address existing gaps, including the recent acquisition of Yicun and a previous purchase of a power management chip manufacturer [7] Future Outlook - The acquisition of Yicun, which specializes in high-performance non-volatile memory, aims to fill gaps in Shengbang's product matrix and capitalize on rising demand in automotive and industrial automation sectors [8] - Shengbang is preparing for a potential listing in Hong Kong, seeking to enhance its market narrative amid increasing competition from established global players [9] - Recent acquisitions and potential entry into Tesla's supply chain signal a new growth trajectory for Shengbang, as it aims to leverage the domestic semiconductor market's evolving landscape [9]

证券代码：688766 证券简称：普冉股份 公告编号：2025-064 经据中国证券监督管理委员会于2021年06月22日出具的《关于同意普冉半导 体（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕2111 号），普冉半导体（上海）股份有限公司（以下简称"公司"）获准向社会公开 发行人民币普通股905.7180万股，每股发行价格为人民币148.90元，本次发行募 集资金总额为134,861.41万元，扣除不含税发行费用人民币10,306.87万元后， 实际募集资金净额为人民币124,554.54万元，上述资金已全部到位。立信会计师 事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了审验， 并于2021年08月16日出具了《验资报告》（信会师报字[2021]第ZF10839号）。 公司截至2025年6月30日募投项目及募集资金存放与实际使用情况详见公司 于2025年8月22日在上海证券交易所网站的《普冉半导体（上海）股份有限公司 | 截至本公告披露日，公司首次公开发行募集资金专户开立情况如下： | | | | | | | | | --- | --- | --- | --- | ...

Core Viewpoint - The company, 聚辰股份, reported strong financial performance in the first half of 2025, achieving record-high revenues and profits, driven by growth in various product segments, particularly in memory module supporting chips and automotive EEPROMs [1][2][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 575 million yuan and a net profit attributable to shareholders of 205 million yuan, marking year-on-year growth of 11.69% and 43.50% respectively [1]. - The second quarter revenue reached 314 million yuan, exceeding 300 million yuan for the first time, with a quarter-on-quarter growth of over 20% [1]. Product Development and Market Position - The company has established itself as one of the few suppliers qualified to directly provide memory module supporting chips to major manufacturers, with a comprehensive product lineup covering DDR2/3/4/5 SPD and TS chips [2]. - Rapid growth in DDR5 SPD revenue has been a significant driver for the company's revenue expansion and profitability improvement [2]. AI and High-Performance Computing - The demand for AI servers has led to significant upgrades in memory configurations, with mainstream AI servers requiring over 20 DDR5 memory modules, creating new growth opportunities for SPD and TS chips [3]. - The rise of AI PCs and the introduction of LPCAMM2 memory modules are expected to further increase demand for DDR5 SPD chips [3]. Consumer Electronics and Automotive Market - The company holds a leading market share in EEPROM chips for consumer electronics, with successful applications in AI glasses and other smart devices [4]. - As the only domestic supplier of a full range of automotive EEPROM chips, the company has successfully penetrated key overseas markets and expanded its market share among leading automotive electronics Tier 1 suppliers [5]. Industrial Applications - The company has a strong presence in the industrial applications market, with its high-performance industrial-grade EEPROM chips widely used in automation, digital energy, and communication sectors [6]. - The demand for high-performance storage chips is expected to grow as the manufacturing industry undergoes digital transformation [6]. R&D Investment - The company significantly increased its R&D investment, exceeding 100 million yuan in the first half of 2025, accounting for nearly 18% of operating revenue, with a notable increase in R&D personnel [8]. - The second quarter R&D investment reached 62 million yuan, reflecting a more than 50% quarter-on-quarter growth [8].

本次事项无需提交股东大会审议。 一、募集资金基本情况 经据中国证券监督管理委员会于2021年06月22日出具的《关于同意普冉半导 体（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕2111 号），公司获准向社会公开发行人民币普通股905.7180万股，每股发行价格为人 民币148.90元，本次发行募集资金总额为134,861.41万元，扣除不含税发行费用 人民币10,306.87万元后，实际募集资金净额为人民币124,554.54万元，上述资金 已全部到位。立信会计师事务所（特殊普通合伙）对公司本次公开发行新股的资 金到位情况进行了审验，并于2021年08月16日出具了《验资报告》（信会师报字 [2021]第ZF10839号）。详细情况请参见公司已于2021年08月20日披露于上海证 券交易所网站（www.sse.com.cn）的《首次公开发行股票科创板上市公告书》。 普冉半导体（上海）股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 了第二 ...

证券代码：688766 证券简称：普冉股份 公告编号：2025-052 普冉半导体（上海）股份有限公司 关于部分募投项目结项并将节余募集资金 永久补充流动资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 普冉半导体（上海）股份有限公司（以下简称"公司"或"本公司""普冉股份"） 于2025年7月29日召开第二届董事会第十九次会议、第二届监事会第十九次会议， 审议通过了《关于部分募投项目结项并将节余募集资金永久补充流动资金的议 案》，同意公司将募集资金投资项目（本文简称"募投项目"）"基于存储芯片的 衍生芯片开发及产业化项目"予以结项，并将结余募集资金用于永久补充公司流 动资金。公司保荐机构中信证券股份有限公司（以下简称"中信证券"）对本事项 出具了明确的核查意见。该事项无需提交公司股东大会审议。现将相关情况公告 如下： 一、 募集资金基本情况 经据中国证券监督管理委员会于2021年06月22日出具的《关于同意普冉半导 体（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2021〕2111 号），公司获准 ...

Group 1 - The company, Puran Co., Ltd. (688766.SH), has released a voluntary performance forecast for the first half of 2025, expecting revenue of approximately 905 million yuan, an increase of about 8.98 million yuan or 1.00% year-on-year [1] - The forecasted net profit attributable to the parent company for the first half of 2025 is approximately 40 million yuan, a decrease of about 95.98 million yuan or 70.58% year-on-year [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be around 26 million yuan, a decrease of about 125.44 million yuan or 82.83% year-on-year [1] Group 2 - Puran Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 23, 2021, with an issuance of 9,057,180 shares at a price of 148.90 yuan per share [2] - The total funds raised from the initial public offering amounted to approximately 1.35 billion yuan, with a net amount of about 1.25 billion yuan, exceeding the original plan by approximately 900 million yuan [2] - The company planned to use the raised funds for projects related to flash memory chip upgrades, EEPROM chip upgrades, and headquarters base and cutting-edge technology research and development [2]