赛晶科技(00580)发布公告，于2025年7月11日(交易时段后)，赛晶半导体及现有股东与投资者签署增资 协议，据此，赛晶半导体将发行及投资者将按认购价认购赛晶半导体的新增注册资本，合共相当于赛晶 半导体经扩大股权约9.00%，认购价将由投资者拟根据股权转让协议以转让湖南虹安全部股权予赛晶半 导体的方式偿付。增资协议交割后，赛晶半导体的注册资本将由4252.87万美元增加至4673.48万美元， 而公司于赛晶半导体的股权比例按经扩大基准计算将由约70.5406%降至约64.1918%。公司于赛晶半导 体的股权变化不会影响公司对其控制。根据增资协议拟向投资者发行新增注册资本后，赛晶半导体仍为 公司的附属公司。 于2025年7月11日(交易时段后)，赛晶半导体与投资者签署股权转让协议，据此，赛晶半导体将收购及 投资者将出售湖南虹安的全部股权，总代价为人民币1.8亿元，将由赛晶半导体拟根据增资协议以发行 相当于赛晶半导体经扩大股权约9.00%的新增注册资本予投资者的方式偿付。 赛晶半导体主要从事IGBT和碳化硅MOSFET器件的研发、生产与销售。上述产品的研发和生产需要不 断创新技术和投入专业技术人员，以及长期稳 ...

Core Insights - Richardson Electronics has entered a global technology partner agreement with Pakal Technologies to supply advanced 650V and 1200V silicon-based power switches, enhancing efficiency for customers worldwide [1][3] - Pakal Technologies has introduced the IGTO(t) - a new high-voltage silicon power semiconductor, which offers up to 30% lower conduction losses compared to modern IGBTs, making it suitable for various applications including electric vehicles and renewable energy systems [2][8] - The partnership aims to leverage Richardson Electronics' global reach and experience in launching high-performance power products to bring Pakal's innovative technology to market [3] Company Overview - Richardson Electronics, Ltd. is a global manufacturer specializing in engineered solutions, green energy products, and power conversion components, with over 50% of its products manufactured in the U.S. and Germany [4] - The company has a strong focus on providing specialized technical expertise and engineered solutions across various markets, including alternative energy, healthcare, and industrial sectors [4][6] - Pakal Technologies is a pioneering power semiconductor company based in San Francisco, known for its proprietary IGTO(t) architecture that supports next-generation electrification in multiple sectors [8]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 2025势银（银川）长时储能产业大会（7月14日-15日，宁夏·银川） 点此报名 重要会议： 2025势银绿氢产业大会（8月27-28日，江苏·无锡） 点此报名 添加文末微信，加 绿氢 群 近日，许继电气首个35MW柔性IGBT制氢电源项目成功落地。据悉，该项目是许继电气签约中船 （邯郸）派瑞氢科技有限公司35MW柔性IGBT制氢电源项目，也是今年国内单次招标数量最大的 柔性IGBT制氢电源项目。该产品可适用于绿电制氢，尤其适用弱并网或离网制氢系统。 值得一提的是，许继电气的供货设备为HBL200系列IGBT型制氢电源，先前已通过第三方检测、中 国电工技术学会产品鉴定，在中科院上海高等研究院PEM制氢试验系统、兰石集团绿氢制储用一 体化试验示范项目等项目中成功应用。 BC FF : III FIE China Electrical Equipment 股票代码:000400 文章 来源： 势银（TrendBank） H2 H2 ...

编号：2025-004 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | 其他继续磋商以现金方式购买资产及终止发行股份、支付现金购 | | | 买资产并募集配套资金事项投资者说明会 | | | 线上参与公司继续磋商以现金方式购买资产及终止发行股份、支付 | | 参与单位名称及人员姓名 | 现金购买资产并募集配套资金事项投资者说明会的全体投资者 | | 时间 | 2025年07月08日 15:00-16:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长梁勤 | | | 副董事长、副总裁刘从宁 | | | 副总裁、财务总监戴娟 | | | 董事长助理、董事会秘书范锋斌 | | | 交易对方代表 | | | 标的公司代表 | | | 独立财务顾问主办人 | | | 1.建议向全体股东以低于20元/股的价格每10股配售3股来解决 购买资产所需的资金 | | 投资者关系活动主要内容 | ...

特高压项目陆续落地，板块更新及核心推荐 20250707 摘要 特高压板块在经历三个季度的调整后，目前估值已降至 14-15 倍左右， 相较前期高点 30 倍估值，投资性价比显著提升，尤其考虑到两条直流 线路已获核准，行业逐步恢复活力。 2025 年以来，两条主要直流线路已获批，预计全年将有更多线路陆续 获批，包括五条直流、三条交流及扩建和背靠背工程，下半年或将进入 特高压线路密集核准期。 预计 2025 年特高压相关核心设备投资需求将超过 500 亿元，较去年的 300-400 亿元显著提升，受益于十四五期间国网规划建设的 24 交 14 直特高压线路。 未来几年，特高压建设强度预计保持强劲增长，十五期间预计每年新增 4-5 条直流线和 2-3 条交流线，相关核心公司订单量与业绩兑现性将逐 步提升。 许继电气在特高压直流推进过程中受益显著，其阀和控保设备在单条线 路投资中占比约 15%，中标份额约 20%-30%，预计 2025 年下半年特 高压板块收入和业绩将逐步兑现。 Q&A 特斯拉板块在去年（2024 年）9 月之后经历了哪些变化，导致其进入调整阶 段的原因是什么？ 去年（2024 年）9 月之后，特 ...

Core Viewpoint - The supplementary legal opinion addresses the inquiries raised by the Shenzhen Stock Exchange regarding Suzhou Goodwill Electronics Co., Ltd's application for a specific stock issuance, highlighting the company's financial performance and challenges in its semiconductor and photovoltaic silver paste businesses [2][3][4]. Financial Performance - The company's main business revenue for the reporting periods was 3.26 billion, 4.07 billion, with growth rates of 17.21%, 14.36%, 10.23%, and 10.75% respectively [3]. - The gross profit margins for the semiconductor and photovoltaic silver paste businesses have shown a downward trend, primarily due to significant increases in key raw material prices, particularly silver powder [3][4]. - The gross profit margins for integrated circuit packaging and testing products were recorded at 8.01%, -2.57%, -12.55%, and -0.19%, indicating a continuous negative trend since 2023 [3]. Customer Concentration - The sales amount to the top five customers accounted for 59.90%, 62.13%, 71.44%, and 66.93% of total sales revenue during the reporting periods [4]. - The company primarily employs a direct sales model supplemented by distribution, with distribution revenue contributing 14.02%, 11.70%, 8.47%, and 11.19% to total revenue [4]. Accounts Receivable and Bad Debt Provisions - The accounts receivable balances at the end of each reporting period were 749.03 million, 1.03 billion, 1.12 billion, and 973.91 million, with bad debt provisions of 30.13 million, 28.57 million, 80.41 million, and 78.45 million respectively [4][12]. - The increase in bad debt provisions in 2024 was primarily due to the company's consideration of debt restructuring agreements with major customers, leading to a provision rate of 13.85% for certain accounts [4][12]. Inventory and Prepayments - The company's inventory values at the end of each reporting period were 384.97 million, 473.14 million, and 471.76 million [4]. - The prepayment amounts at the end of each reporting period were 75.55 million, 78.51 million, and 79.99 million [4]. Fixed Assets and Utilization - The book value of fixed assets at the most recent reporting period was 666.61 million, with impairment provisions of 16.76 million [5]. - The company experienced underutilization of production capacity in its semiconductor discrete devices, integrated circuit packaging, and photovoltaic silver paste products, with some years showing utilization rates below 70% [5]. Research and Development Expenses - The company reported period expenses of 284.69 million, 146.09 million, 200.69 million, and 32.81 million, with financial expenses of -7.72 million, 10.28 million, 10.53 million, and 5.62 million [5]. - Sales expenses were primarily composed of salaries and promotional expenses, with promotional expenses recorded at 45.59 million, 52.41 million, 21.32 million, and 3.42 million [5]. Industry Context - The company operates in the semiconductor and photovoltaic sectors, facing challenges such as supply-demand imbalances and increased competition [10]. - The photovoltaic industry is particularly affected by external factors such as tariffs and sourcing policies, impacting the company's customer base and financial stability [10].

Core Viewpoint - Suzhou Guder Electronic Co., Ltd. is planning to raise funds through a specific issuance of A-shares to finance projects related to solar electronic paste production, small signal product packaging and testing, and the establishment of an innovation research institute, while also supplementing working capital [1][2][3]. Fundraising Projects - The funds raised will primarily be allocated to the following projects: 1. Annual production of 500 tons of solar electronic paste at Suzhou Jingyin New Materials Technology Co., Ltd. 2. Small signal product packaging and testing project 3. Establishment of the Guder (Suzhou) Innovation Research Institute 4. Supplementing working capital [3][18]. Industry Risks - The semiconductor industry in China is experiencing cyclical fluctuations, with 2023 sales reaching 1,669.66 billion yuan, a year-on-year increase of only 2.2%, marking the lowest growth rate in nearly a decade [3][5]. - The sales of semiconductor discrete devices reached 441.97 billion yuan, also reflecting a 2.2% year-on-year increase, while the integrated circuit packaging and testing sector saw a negative growth for the first time in ten years, with sales of 293.22 billion yuan [3][5]. - The company's semiconductor business revenue for 2023 was 1.002 billion yuan, a decline of 20.88% year-on-year [3][5]. Market Competition - The semiconductor discrete device and integrated circuit packaging and testing sectors in China are highly competitive, with major international players holding significant market shares. The domestic market is the largest globally, attracting more competitors, which may lead to increased market competition [6][7]. Solar Paste Industry - The solar paste industry is closely tied to the fluctuations in the photovoltaic sector, which has seen rapid growth due to supportive policies since 2014. However, international trade policies and market dynamics can adversely affect the demand for solar paste products [5][7]. - The company has established a leading market position in the solar paste industry, but increasing competition may impact its market share and profitability [7][9]. Financial Performance - The company reported revenues of 3,268.20 million yuan, 4,087.35 million yuan, and a declining profit trend over the reporting periods. The comprehensive gross margin has decreased due to cyclical fluctuations in the semiconductor and solar paste industries, changes in market supply and demand, and increased R&D investments [14][12]. - The company’s inventory and accounts receivable have shown significant balances, indicating potential risks related to inventory management and collection of receivables, which could adversely affect financial performance [12][13].

Core Viewpoint - In the first half of the year, 52 A-share companies reported their performance forecasts, with over 60% showing positive results, particularly in the electronics sector where companies like TaiLing Micro, XinDong LianKe, XinPeng Wei, and ChangChuan Technology saw median net profit growth exceeding 80%, with the highest reaching 267% [1] Group 1: TaiLing Micro (688591) - TaiLing Micro's performance surge is attributed to its innovative applications in AIoT, such as low-power Bluetooth chips for smart glasses, enhancing battery life from one charge per day to three [2] - The company secured significant orders from major retail chains by integrating multi-mode chips into electronic price tags, enabling seamless Bluetooth and Wi-Fi switching [2] - With local foundries prioritizing its production, TaiLing Micro's cost has decreased, and its gross margin has soared to 60% [2] Group 2: XinDong LianKe (688582) - XinDong LianKe has successfully penetrated the MEMS sensor market, traditionally dominated by foreign giants, by focusing on high-end applications like attitude sensors for commercial satellites and dynamic measurement for autonomous vehicles [4] - The company has received over 400 million yuan in orders for commercial aerospace and smart driving sectors in the first half of 2025, surpassing its total revenue for the previous year [4] - XinDong LianKe manages the entire process from chip design to packaging, ensuring production stability despite supply chain disruptions, achieving a gross margin of 85% [4] Group 3: XinPeng Wei (688508) - XinPeng Wei excels in the analog chip market, with its products integrated into various applications, including electric vehicle chargers and photovoltaic inverters [5][6] - The company reported a 70% revenue increase in industrial automation and automotive electronics sectors for the first half of 2025, driven by its versatile product strategy [6] - XinPeng Wei benefits from domestic chip policies, leading to a surge in orders for imported alternatives [6] Group 4: ChangChuan Technology (300604) - ChangChuan Technology has capitalized on the booming semiconductor testing equipment market, driven by the global demand for AI chips and HBM storage chips [8] - The company offers competitive pricing, with its testing machines being 30% cheaper than international counterparts while maintaining similar performance [8] - Following a successful fundraising of 3.1 billion yuan, ChangChuan Technology plans to double its production capacity for high-end testing machines, positioning itself strongly in the AI chip testing market [8] Group 5: Industry Insights - The success of these companies stems from their focus on niche markets like AIoT chips and MEMS sensors, allowing them to excel without directly competing with industry giants [9] - Many domestic firms are achieving performance levels comparable to international leaders while offering more attractive pricing [9] - Emerging sectors such as low-altitude economy, AI terminals, and electric vehicles are creating new growth opportunities in the semiconductor industry, benefiting early movers [9]

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公众号记得加星标⭐️，第一时间看推送不会错过。 按照AOS所说，今日宣布，已与美国商务部工业与安全局（BIS）达成和解，结束对其出口管制行为 的调查。根据和解协议，AOS同意一次性支付425万美元以解决指控。该和解不会影响AOS的持续业 务运营，并结束了美国政府长达五年多的调查，该调查并未引发任何刑事指控。AOS很高兴以仅涉及 有限行政出口管制指控的方式结束此案。 来源：内容编译自路透社 。 根据美国商务部周三发布的命令，芯片公司 Alpha and Omega Semiconductor (AOS) ，已同意支付 425 万美元（约3045万元人民被）与美国商务部达成和解，以解决其向中国华为技术有限公司运送物 品违反出口规定的行为。 该公司表示："这项决议不会影响AOS的持续业务运营，并结束了美国政府长达五年多的调查。AOS 很高兴以有限的行政出口管制指控结束此事。" AOS在今年早些时候提交给美国证券交易委员会（SEC）的文件中表示，美国当局自2019年以来一 直在调查其与华为的交易。该文件称，美国司法部已于2024年1月结束调查，且未提出任何指控，但 美国商务部的民事调查仍在进行中。 2025年4月16 ...