Core Viewpoint - Kangda New Materials (康达新材) has signed a Letter of Intent for Acquisition to acquire at least 51% of Beiyi Semiconductor, aiming to gain control over the company, which specializes in power semiconductor modules [1][2] Group 1: Acquisition Details - The acquisition is in the preliminary planning stage, with significant uncertainties regarding the transaction details, which will require further negotiation and compliance with legal and regulatory procedures [1] - The overall valuation of Beiyi Semiconductor will be determined by an assessment report and the formal acquisition agreement [1] - The transaction is not expected to constitute a major asset restructuring as defined by relevant regulations [1] Group 2: Beiyi Semiconductor Overview - Beiyi Semiconductor, established in December 2020, focuses on the R&D, production, packaging, testing, sales, and service of new power semiconductor modules [2] - The company’s main products include IGBT, PIM, and IPM components, applicable in sectors such as electric vehicles, industrial control, robotics, photovoltaic, wind power, and energy storage [2] - Beiyi Semiconductor operates a 16,500 square meter IGBT module production base with nine fully automated and semi-automated packaging lines, equipped with over 170 advanced domestic and international devices [2] Group 3: Strategic Intent and Impact - The acquisition aligns with Kangda New Materials' strategy of integrating "new materials + electronic technology," aiming to enhance its semiconductor industry presence and optimize its business structure [2][3] - The transaction is expected to bring new revenue and profit growth opportunities, enhancing the company's profitability and sustainability [2] - Kangda New Materials plans to leverage its existing semiconductor materials business to accelerate its strategic transformation towards the semiconductor industry [3]

Core Viewpoint - Alpha and Omega Semiconductor (AOS) has agreed to pay $4.25 million to settle allegations of unauthorized shipments to Huawei, marking the end of a five-year investigation by the U.S. government [1][2]. Group 1: Settlement Details - AOS will pay $4.25 million to resolve allegations of violating export regulations by shipping 1,650 power controllers and related components to Huawei without authorization in 2019 [1][2]. - The settlement does not affect AOS's ongoing business operations and concludes a lengthy investigation that did not result in any criminal charges [2]. Group 2: Compliance and Operations - AOS has emphasized its commitment to complying with all applicable regulatory requirements, including export control regulations, and has strengthened its processes and policies to ensure ongoing compliance [2]. - The company believes that its core values and compliance culture will support its strategic efforts to expand its customer base and product offerings [2]. Group 3: Company Overview - AOS is headquartered in Sunnyvale, California, with operations in the U.S. and Asia, and has a wafer manufacturing facility in Hillsboro, Oregon [2]. - The company designs, develops, and globally supplies a wide range of power semiconductor devices, including power MOSFETs, SiC, IGBT, and power management ICs [2][3]. Group 4: Product Applications - AOS's product portfolio targets high-volume applications such as personal computers, graphics cards, data centers, AI servers, smartphones, consumer and industrial motor control, televisions, lighting, and automotive electronics [4].

FORTIOR TECH Fortior Technology(Shenzhen)Co., Ltd. 峰岹科技(深圳)股份有限公司 ﹙於中華人民共和國註冊成立的股份有限公司﹚ 股份代號：1304 全球發售 獨家保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 Fortior Technology(Shenzhen)Co., Ltd. 峰岹科技深圳 ( 股份有限公司 ) Fortior Technology(Shenzhen)Co., Ltd. 峰岹科技(深圳)股份有限公司 重要提示 閣下如對本招股章程任何內容有任何疑問，應諮詢獨立專業意見。 Fortior Technology (Shenzhen) Co., Ltd. 峰岹科技（深圳）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 | 全球發售項下發售股份數目 | ： | 16,299,500股H股（視乎發售量調整權及超額配 | | --- | --- | --- | | | | 股權行使與否而定） | | 香港發售股份數目 | ： | ...

Core Viewpoint - The company reported a revenue of 3.391 billion yuan in 2024, a year-over-year decrease of 7.44%, and a net profit of 508 million yuan, down 44.24%, which was below the expected 630 million yuan [1] - The decline in revenue was primarily due to price reductions in the downstream new energy vehicle sector and inventory destocking in the photovoltaic industry, alongside increased depreciation pressure from new production lines and higher R&D investments [1] Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 919 million yuan, representing a year-over-year increase of 14.22% but a quarter-over-quarter decrease of 5.84%, with a net profit of 104 million yuan, down 36.22% year-over-year but up 22.94% quarter-over-quarter [1] - The revenue from IGBT modules accounted for over 90% in 2024, with industrial, new energy, and home appliance sectors contributing 32%, 59%, and 8% respectively, showing year-over-year changes of -14%, -6.8%, and +34.2% [2] Group 2: Market and Product Strategy - The new energy vehicle sector showed resilience with a revenue growth of 26.7%, exceeding 3 million units in installed capacity and over 40% growth in shipments, particularly in Europe with significant deliveries to Tier 1 customers [2] - The company plans to optimize its product structure in 2025, focusing on increasing shipments of automotive-grade IGBT modules and silicon carbide (SiC) modules, while actively expanding into new business areas such as IPM and MCU [1][3] Group 3: Future Outlook - For 2025, the company aims to deepen its high-end strategy with a focus on automotive-grade power modules, leveraging collaborations with major automotive manufacturers and expanding its global footprint [3] - The company has acquired 80% of Meiken Semiconductor, which specializes in the white goods sector, to create a comprehensive smart power solution [3] Group 4: Valuation and Projections - The target price is set at 88.97 yuan, maintaining a "buy" rating, with revenue forecasts for 2025 and 2026 adjusted down by 9% and 12% to 4.078 billion yuan and 4.851 billion yuan respectively, and a new forecast for 2027 at 5.684 billion yuan [4] - The net profit forecasts for 2025 and 2026 have been reduced by 24% and 22% to 620 million yuan and 810 million yuan respectively, with a new forecast for 2027 at 1.04 billion yuan [4]