10月10日，晶丰明源跌5.13%，截至发稿，报111.53元/股，成交1.69亿元，换手率1.68%，总市值98.69 亿元。 资料显示，上海晶丰明源半导体股份有限公司位于中国(上海)自由贸易试验区申江路5005弄3号9-11层,2 号102单元，成立日期2008年10月31日，上市日期2019年10月14日，公司主营业务涉及拟半导体电源管 理类芯片的设计、研发与销售。主营业务收入构成为：LED照明驱动芯片51.44%，电机控制驱动芯片 26.21%，AC/DC电源芯片17.56%，高性能计算电源芯片4.76%，其他0.03%。 从基金十大重仓股角度 数据显示，太平基金旗下1只基金重仓晶丰明源。太平行业优选A（009537）二季度持有股数12.94万 股，占基金净值比例为6.69%，位居第四大重仓股。根据测算，今日浮亏损失约78.04万元。 太平行业优选A（009537）成立日期2020年9月1日，最新规模9337.23万。今年以来收益41.79%，同类 排名1274/4220；近一年收益47.59%，同类排名942/3852；成立以来收益18.58%。 太平行业优选A（009537）基金经理为林开盛。 截 ...

截至发稿，张志梅累计任职时间7年310天，现任基金资产总规模4.29亿元，任职期间最佳基金回报 121.21%， 任职期间最差基金回报-18.14%。 李睿累计任职时间235天，现任基金资产总规模1064.67万元，任职期间最佳基金回报44.59%， 任职期 间最差基金回报0.03%。 数据显示，尚正基金旗下1只基金重仓晶丰明源。尚正研究睿选混合发起A（023397）二季度持有股数 8249股，占基金净值比例为6.8%，位居第七大重仓股。根据测算，今日浮亏损失约4.97万元。 尚正研究睿选混合发起A（023397）成立日期2025年2月18日，最新规模1058.49万。成立以来收益 46.66%。 尚正研究睿选混合发起A（023397）基金经理为张志梅、李睿。 10月10日，晶丰明源跌5.13%，截至发稿，报111.53元/股，成交1.69亿元，换手率1.68%，总市值98.69 亿元。 资料显示，上海晶丰明源半导体股份有限公司位于中国(上海)自由贸易试验区申江路5005弄3号9-11层,2 号102单元，成立日期2008年10月31日，上市日期2019年10月14日，公司主营业务涉及拟半导体电源管 理类芯片 ...

Group 1 - The core viewpoint of the news is that Jingfeng Mingyuan's stock has seen a significant increase, with a rise of 5.64% to 109.60 CNY per share, and a total market capitalization of 9.65 billion CNY [1] - Jingfeng Mingyuan Semiconductor Co., Ltd. specializes in the design, research, and sales of semiconductor power management chips, with its main revenue sources being LED lighting driver chips (51.44%), motor control driver chips (26.21%), AC/DC power chips (17.56%), high-performance computing power chips (4.76%), and others (0.03%) [1] - The company is located in the Shanghai Free Trade Zone and was established on October 31, 2008, with its listing date on October 14, 2019 [1] Group 2 - Taiping Fund has a significant holding in Jingfeng Mingyuan, with its Taiping Industry Selection A fund (009537) holding 129,400 shares, accounting for 6.69% of the fund's net value, making it the fourth-largest holding [2] - The Taiping Industry Selection A fund has achieved a year-to-date return of 34.92% and a one-year return of 85.74%, ranking 1387 out of 4220 and 860 out of 3814 in its category, respectively [2] - The fund manager, Lin Kaisheng, has been in position for 8 years and 140 days, with the fund's total asset size at 396 million CNY and a best return of 81.84% during his tenure [3]

数据显示，太平基金旗下1只基金重仓晶丰明源。太平行业优选A（009537）二季度持有股数12.94万 股，占基金净值比例为6.69%，位居第四大重仓股。根据测算，今日浮盈赚取约61.99万元。 太平行业优选A（009537）成立日期2020年9月1日，最新规模9337.23万。今年以来收益18.94%，同类 排名2394/4222；近一年收益62.34%，同类排名1319/3798；成立以来亏损0.53%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 9月11日，晶丰明源涨5.02%，截至发稿，报100.27元/股，成交1.33亿元，换手率1.54%，总市值88.29亿 元。 太平行业优选A（009537）基金经理为林开盛。 资料显示，上海晶丰明源半导体股份有限公司位于中国(上海)自由贸易试验区申江路5005弄3号9-11层,2 号102单元，成立日期2008年10月31日，上市日期2019年10月14日，公司主营业务涉及拟半 ...

Core Viewpoint - The article discusses the aggressive acquisition strategy of the domestic analog chip manufacturer, Jingfeng Mingyuan, which plans to acquire the loss-making wireless charging chip company, Yichong Technology, for 3.283 billion RMB (approximately 457 million USD), representing a premium of 260% over its market value. This move is part of Jingfeng Mingyuan's broader strategy to expand its product portfolio and enhance competitiveness despite facing financial losses in recent years [3][20]. Group 1: Acquisition Strategy - Since its establishment in 2008, Jingfeng Mingyuan has been actively pursuing acquisitions, with four notable deals since 2020, including the planned acquisition of Yichong Technology [4][5]. - The acquisition amounts have increased significantly over the years, indicating a growing ambition to strengthen the company's market position [5][6]. - The founder, Hu Liqiang, has emphasized that acquisitions are essential for growth and will continue to be pursued based on strategic needs [5][6]. Group 2: Financial Performance - Jingfeng Mingyuan has faced financial challenges, reporting net losses of 206 million RMB, 91 million RMB, and 33 million RMB from 2022 to 2024, respectively [21][22]. - Despite the losses, the company achieved a revenue of 1.503 billion RMB in 2024, a year-on-year increase of 15.38%, although it still reported a net loss [22][23]. - The company's R&D expenses increased significantly, reaching 400 million RMB in 2024, which contributed to the ongoing losses [22][23]. Group 3: Market Position and Challenges - Jingfeng Mingyuan's revenue from LED lighting driver chips decreased from 72.3% in 2023 to 57.76% in 2024, reflecting increased competition and price declines in the market [18][19]. - The company is diversifying into AC/DC power chips and motor control chips, which are seen as new growth areas, with AC/DC revenue increasing by 39.64% in 2024 [18][19]. - The competitive landscape in the analog chip industry is intensifying, with many companies pursuing similar acquisition strategies to enhance their product offerings [29].

Group 1 - The core point of the news is that Jingfeng Mingyuan's stock price dropped by 5.06% to 103.04 CNY per share, with a trading volume of 244 million CNY and a turnover rate of 2.66%, resulting in a total market capitalization of 9.073 billion CNY [1] - Jingfeng Mingyuan Semiconductor Co., Ltd. is located in the China (Shanghai) Free Trade Zone and was established on October 31, 2008, with its listing date on October 14, 2019 [1] - The company's main business involves the design, research and development, and sales of semiconductor power management chips, with revenue composition as follows: LED lighting driver chips 51.44%, motor control driver chips 26.21%, AC/DC power chips 17.56%, high-performance computing power chips 4.76%, and others 0.03% [1] Group 2 - From the perspective of fund holdings, one fund under Taiping Fund has a significant position in Jingfeng Mingyuan, with Taiping Industry Select A (009537) holding 129,400 shares, accounting for 6.69% of the fund's net value, ranking as the fourth-largest holding [2] - The fund has a current scale of 93.3723 million CNY and has achieved a year-to-date return of 25.59%, ranking 1625 out of 4222 in its category, and a one-year return of 70.05%, ranking 1055 out of 3776 [2] - The fund manager, Lin Kaisheng, has been in position for 8 years and 115 days, with the best fund return during his tenure being 71.95% and the worst being -12.31% [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a revenue of 731 million yuan for the first half of 2025, a slight decrease of 0.44% year-on-year, while the net profit attributable to shareholders increased by 151.67% to approximately 16 million yuan [4] - The gross margin improved to 39.59%, up by 4.16 percentage points year-on-year, driven by cost reduction and efficiency improvements [5] - The revenue from motor control driver chips increased by 24.30%, with its revenue share rising by 5.23 percentage points year-on-year [5] - The high-performance computing power chip business saw a significant revenue increase of 419.81%, with shipment volume growing by 121.49% [6] - The company expects revenues of 1.62 billion, 1.92 billion, and 2.28 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 40 million, 150 million, and 220 million yuan [7] Company Overview - The latest closing price of the company's stock is 91.87 yuan, with a total market capitalization of 8.1 billion yuan [3] - The company has a total share capital of 88 million shares, with a debt-to-asset ratio of 38.7% [3] - The company’s largest shareholder is Hu Liqiang [3]

Group 1 - The stock price of Jingfeng Mingyuan is reported at 90.72 yuan, down 1.25% from the previous trading day, with a trading range of 89.51 to 91.98 yuan and a transaction volume of 227 million yuan [1] - Jingfeng Mingyuan operates in the semiconductor industry, focusing on the research and sales of LED lighting driver chips, primarily used in the LED lighting sector [1] - On August 11, eight funds participated in a research activity regarding Jingfeng Mingyuan, and the company reported a net profit growth of 151.67% year-on-year for the first half of the year [1] Group 2 - The main capital outflow for Jingfeng Mingyuan on that day was 12.71 million yuan, with a cumulative net outflow of 42.17 million yuan over the past five days [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has turned a profit in the first half of the year, with a significant revenue increase of 24% quarter-on-quarter in Q2. The revenue for the first half of 2025 reached 731 million yuan, with a net profit attributable to the parent company of 15.76 million yuan, marking a turnaround from losses. The gross margin improved by 4.2 percentage points to 39.59% [1][4]. - The demand for LED lighting driver chips is under pressure, while high-performance computing power chips continue to grow significantly, with revenue for these chips increasing by 419.81% year-on-year [2][4]. - The company has successfully launched a smart automotive MCU and achieved breakthroughs in high-performance computing power chips, with several products entering mass production and significant sales to both domestic and international clients [3][4]. Financial Summary - The company's revenue for 2025 is projected to be 1.618 billion yuan, with a net profit of 92 million yuan, reflecting a substantial increase of 377.2% year-on-year. The earnings per share are expected to be 1.04 yuan [5][27]. - The gross margin is expected to improve to 39% in 2025, with a net asset return (ROE) projected at 6.8% [27][5]. - The company has a market capitalization of 7.898 billion yuan, with a closing price of 89.70 yuan [6][5].

Core Viewpoint - Jingfeng Mingyuan (688368.SH) has achieved a turnaround from loss to profit in the first half of 2025, reporting a net profit of 15.76 million yuan compared to a loss of 30.51 million yuan in the same period last year [1][3]. Financial Performance - The company reported a revenue of 731 million yuan in the first half of 2025, a slight decrease of 0.44% year-on-year [1][3]. - The overall gross margin for the main products reached 39.6%, an increase of 4.18 percentage points compared to the previous year [1][3]. Product Line Expansion - Jingfeng Mingyuan has diversified its product lines beyond traditional LED products, focusing on high-performance computing power chips, AC/DC power chips, and motor control driver chips [1][2]. - The revenue from LED lighting driver chips decreased to 51.46% of total revenue, while high-performance computing power chips saw a remarkable growth of 419.81% year-on-year [1][3]. - Sales revenue from motor control driver chips reached 192 million yuan, representing a year-on-year increase of 24.30% [1][3]. Strategic Acquisition - To enhance market competitiveness, Jingfeng Mingyuan initiated a major asset restructuring in October 2024, planning to acquire 100% of Yichong Technology through a combination of stock issuance and cash payment [4][5]. - Yichong Technology specializes in the development and sales of wireless charging chips, general charging chips, automotive power management chips, and other high-performance analog and mixed-signal chips [4][5]. Future Growth Potential - The acquisition is expected to create synergies between the two companies, allowing for a more comprehensive product offering and improved market competitiveness [5]. - Yichong Technology is currently in a growth phase, with revenues of 651 million yuan and 957 million yuan in 2023 and 2024, respectively, despite reporting losses [4][5]. - Performance commitments have been set for Yichong Technology, with net profits for the charging chip business expected to reach no less than 92 million yuan, 120 million yuan, and 160 million yuan from 2025 to 2027 [4][5].