证券代码：688368 证券简称：晶丰明源 公告编号：2025-090 上海晶丰明源半导体股份有限公司 关于公司董事、高级管理人员离任暨选举职工代表董 事的公告 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、准确性和完整性承担法律责任。 重要内容提示： 孙顺根先生的辞任不会导致公司董事会成员人数低于法定最低人数，不会影 响公司董事会依法规范运作，其辞职报告自送达公司董事会之日起生效。 截至本公告披露日，孙顺根先生直接持有公司股份 6,275 股，并通过海南晶 哲瑞创业投资合伙企业（有限合伙）间接持有公司股份。孙顺根先生离任董事及 副总经理后将继续遵守《上海证券交易所科创板股票上市规则》《上市公司股东 减持股份管理暂行办法》《上海证券交易所上市公司自律监管指引第 15 号——股 东及董事、高级管理人员减持股份》等相关法律法规及公司首次公开发行股份、 发行股份及支付现金购买资产并募集配套资金、以及限制性股票激励计划等事项 所作的相关承诺。 孙顺根先生已根据公司《董事、高级管理人员离职管理制度》做好交接工作， 其辞任不会影响公司相关工作的正常运作。孙顺根先生在 ...

证券代码：688368 证券简称：晶丰明源 公告编号：2025-089 上海晶丰明源半导体股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 12 月 8 日 （二） 股东大会召开的地点：中国（上海）自由贸易试验区申江路 5005 弄 3 号 9 层上海晶丰明源半导体股份有限公司第一会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 43 | | --- | --- | | 普通股股东人数 | 43 | | 2、出席会议的股东所持有的表决权数量 | 54,898,056 | | 普通股股东所持有表决权数量 | 54,898,056 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 62.6855 | | 例（%） | | | 普通股股东所持有表决权数量占公 ...

晶丰明源 2025 年第三次临时股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会 法律意见书 致：上海晶丰明源半导体股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受上海晶丰明源半导体股 份有限公司（以下简称"公司"）委托，指派律师现场见证公司 2025 年第三次 临时股东大会（以下简称"本次股东大会"），并依据《中华人民共和国公司法》 （以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《上市公司股东会规则》（以下简称《股东会规则》）等法律、行政法规、规范 性文件及现行有效的《上海晶丰明源半导体股份有限公司章程》（以下简称《公 司章程》）的规定，就本次股东大会的召集、召开程序、出席会议人员资格、召 集人资格、会议的表决程序、表决结果等事宜出具法律意见书。 本所律师特作如下声明： 1、本所律师仅对本次股东大会的召集、召开程序、出席会议人员资格、召 集人资格、会议的表决程序及表决结果的合法有效性发表意见，不对本次股东大 会所审议的议案内容和该等议案中所表述的事实或数据的真实性、准确性和完整 ...

Core Viewpoint - The acquisition of Sichuan Yichong Technology Co., Ltd. by Crystal Clear Mingyuan involves a transaction price of 3.282 billion yuan, with a significant premium of 260.08%, raising concerns about fairness and investor protection [3][6][8] Group 1: Transaction Details - The acquisition price of 3.282 billion yuan is significantly lower than the estimated valuation of 4.58 billion yuan at the end of 2023, indicating a serious valuation discrepancy [5][10] - The transaction employs innovative terms such as "differentiated pricing" and "business split betting," aimed at addressing the diverse needs of investors [3][7] - The valuation of Yichong Technology has increased from approximately 100 million yuan to nearly 4.58 billion yuan over seven years, reflecting high investor interest [5][6] Group 2: Pricing Strategy - The differentiated pricing strategy offers varying buyout prices for different investors, with the highest price reaching 20.95 yuan per registered capital and the lowest at 12.03 yuan, a difference of 74.14% [7][11] - Financial investors are guaranteed a cash price that is at least equal to their investment cost, but the actual returns vary significantly among investors [7][9] - The average estimated price per share is 15.04 yuan per registered capital, with some investors facing substantial losses [7][9] Group 3: Concerns and Questions - The Shanghai Stock Exchange has raised questions regarding the fairness and rationale behind the differentiated pricing, particularly in relation to investor returns [8][12] - There are concerns about potential conflicts of interest and whether the pricing strategy disproportionately favors larger institutional investors over smaller ones [13][14] - The management's rationale for higher pricing for certain platforms, despite already high returns, raises questions about possible preferential treatment [12][13]

Core Viewpoint - Sichuan Yichong Technology Co., Ltd. is a well-known company in the semiconductor industry, primarily engaged in charging chips and other power management chips, and is currently being acquired by Crystal Mingyuan [2] Group 1: Acquisition Details - The acquisition price for all shares of Yichong Technology by Crystal Mingyuan is set at 3.282 billion yuan [3] - Yichong Technology's net assets are audited at 984 million yuan, with identifiable intangible assets valued at an increase of 849 million yuan, leading to an additional goodwill of 1.661 billion yuan for Crystal Mingyuan post-acquisition [3] - The goodwill will require annual impairment testing, posing a risk to Crystal Mingyuan's profits if Yichong Technology's operational performance deteriorates [3] Group 2: Performance Guarantees - Crystal Mingyuan has signed a performance compensation agreement with several shareholders of Yichong Technology, stipulating profit guarantees for the charging chip business and revenue guarantees for the other power management chip business for the years 2025 to 2027 [4] - The profit guarantees for the charging chip business are set at 92 million yuan, 120 million yuan, and 160 million yuan for the respective years, while the revenue guarantees for the other power management chip business are set at 190 million yuan, 230 million yuan, and 280 million yuan [4] - If the performance targets are met at 90%, no compensation will be triggered, providing a buffer against potential fluctuations in operational performance [5] Group 3: Market Conditions - Yichong Technology's performance has been underwhelming, with revenues of 650 million yuan and 956 million yuan for 2023 and 2024, respectively, but net losses of 502 million yuan and 512 million yuan [6] - In the first five months of 2025, the company reported revenues of 476 million yuan, indicating a significant slowdown in growth, although it appears to have turned a profit with a net income of 42 million yuan [6] - The charging chip business achieved revenues of 391 million yuan with a gross margin of 40.61% in early 2025, but projections suggest a significant decline in net profit for the latter half of the year [6][7] Group 4: Pricing and Cost Dynamics - The unit price of charging chips decreased by 18.54% from 5.34 yuan to 4.35 yuan, while unit costs fell by 20.36%, indicating that the increase in gross margin is primarily due to reduced costs rather than improved pricing power [7] - The overall market dynamics suggest increased competition rather than a genuine recovery, as evidenced by the significant price drops [7] Group 5: Other Business Performance - The other power management chip segment also reported a gross margin of 21.07% in early 2025, a substantial increase, yet it still incurred a loss of 33 million yuan [10] - Despite a decrease in various expense ratios, the limited reduction in losses raises questions about the operational efficiency and financial health of this segment [10] - The potential overlap in operational resources between the two business segments could complicate the accurate assessment of performance metrics, impacting the reliability of the performance guarantees [10]

Core Viewpoint - The acquisition and restructuring case of Sichuan Yichong Technology Co., Ltd. by Jingfeng Mingyuan has raised industry concerns due to the ambiguous nature of its major clients and significant product return issues [4][5][10]. Client Information - Yichong Technology's largest clients in the past two and a half years are small-scale distribution companies with low registered capital and employee counts, leading to concerns about the transparency of client information [4][5]. - The sales model of Yichong Technology is primarily distribution-based, with over 70% of revenue coming from distributors in 2023 and 2024 [5]. - Shenzhen Yuchuangyi Electronic Technology Co., Ltd. was the largest client in 2023 and 2024, contributing revenues of 216 million and 211 million respectively, but dropped out of the top five clients in early 2025 [5][6]. Revenue Authenticity Concerns - The Shanghai Stock Exchange has requested detailed disclosures regarding the changes in major distributors and the authenticity of Yichong Technology's revenue, particularly concerning the three clients (C, D, E) that lack detailed information [5][6]. - The three clients, identified as Shenzhen Yuchuangyi, Nanjing Lingdi Information Technology Co., Ltd., and another unnamed client, have very small operational scales, raising questions about their ability to generate significant revenue for Yichong Technology [7]. Product Defects and Financial Impact - Yichong Technology faced significant inventory write-downs due to product defects, with a provision of 54.11 million for inventory depreciation reported by the end of 2024 [9]. - The A-series products, which are used in mobile phones from brands like Honor and Lenovo, experienced a failure rate of 0.01% to 0.1% due to design flaws, leading to a substantial return of 218.18 million units from Shenzhen Yuchuangyi [9][10]. - The financial impact of these defects resulted in nearly 50 million in inventory losses, highlighting the risks associated with the company's product quality and management practices [9][11]. Research and Development Trends - Yichong Technology has been reducing its R&D team size over the years, with the number of R&D personnel decreasing from 250 in 2023 to 230 by May 2025 [11]. - The R&D expense ratio has also declined significantly, indicating potential challenges in innovation and product development [11].

上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会 公司代码：688368 公司简称：晶丰明源 上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会会议资料 2025 年 12 月 1 上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会 目 录 | 上海晶丰明源半导体股份有限公司 2025 | 年第三次临时股东大会会议须知 3 | | --- | --- | | 上海晶丰明源半导体股份有限公司 2025 | 年第三次临时股东大会会议议程 5 | | 议案一：关于取消监事会并修订《公司章程》的议案 | 7 | | 议案二：关于修订及制定公司部分治理制度的议案 | 8 | 2 上海晶丰明源半导体股份有限公司 2025 年第三次临时股东大会 四、股东及股东代理人参加股东大会依法享有发言权、质询权、表决权等 权利。股东及股东代理人参加股东大会应认真履行其法定义务，不得侵犯公司 和其他股东及股东代理人的合法权益，不得扰乱股东大会的正常秩序。 五、要求发言的股东及股东代理人，应提前在股东大会签到处进行登记， 大会主持人根据登记的名单和顺序安排发言。 会议进行中只接受股东及股东代理人发言或 ...

Core Viewpoint - The acquisition of Sichuan Yichong Technology Co., Ltd. by Crystal Source Mingyuan (688368.SH) for 3.282 billion yuan, with a value-added rate of 260.08%, involves innovative clauses such as "differentiated pricing" and "business split performance guarantees" to meet various investor demands, but raises concerns about fairness and protection of minority investors' interests [2][3]. Group 1: Acquisition Details - The acquisition price for all shares of Yichong Technology is set at 3.282 billion yuan, while the audited net assets on the purchase date were 984 million yuan, leading to an additional goodwill of 1.661 billion yuan for Crystal Source Mingyuan post-acquisition [3][4]. - The goodwill will require annual impairment testing, posing a risk to profits if Yichong Technology's operational performance deteriorates [3][4]. - A performance compensation agreement has been signed with several shareholders of Yichong Technology, establishing performance guarantees [4][5]. Group 2: Performance Guarantees - The performance compensation agreement stipulates that the net profits for Yichong Technology's charging chip business for the years 2025, 2026, and 2027 must not be less than 92 million yuan, 120 million yuan, and 160 million yuan, respectively [4]. - For the "other power management chip" segment, the required revenues for the same years are set at 190 million yuan, 230 million yuan, and 280 million yuan [4]. - If the performance targets are met at 90% or above, the compensation mechanism will not be triggered, providing a buffer against external economic fluctuations [5]. Group 3: Financial Performance of Yichong Technology - Yichong Technology's performance has been underwhelming, with significant losses reported in recent years despite revenue growth [6][8]. - In 2023 and 2024, the company reported revenues of 650 million yuan and 956 million yuan, respectively, but net losses of 502 million yuan and 512 million yuan [8]. - For the first five months of 2025, Yichong Technology achieved a revenue of 476 million yuan, indicating a slowdown in growth, with a net profit of 42 million yuan [8][9]. Group 4: Pricing and Cost Analysis - The unit price of charging chips has decreased significantly, with a drop of 18.54% from 5.34 yuan to 4.35 yuan per unit between 2024 and the first five months of 2025 [10]. - Despite a rise in gross margin due to reduced costs, the overall pricing pressure indicates a competitive market environment [10][11]. - The gross margin for the charging chip business improved to 40.61% in early 2025, but this was largely due to a significant drop in unit costs [10][11]. Group 5: Other Business Segments - The "other power management chip" segment also shows concerning performance, with a gross margin of only 21.07% in early 2025, despite a notable increase from the previous year [12][13]. - The overall financial metrics indicate that despite reduced expenses, the segment continues to operate at a loss, raising questions about operational efficiency and cost management [13][14].

上海晶丰明源半导体股份有限公司 募集资金管理办法 第一章 总 则 第一条 为了规范上海晶丰明源半导体股份有限公司（以下简称"公司"）募 集资金的管理和运用，切实保护投资者的利益，依据《中华人民共和国公司法》 《中华人民共和国证券法》《上海证券交易所科创板股票上市规则》《上海证券交 易所科创板上市公司自律监管指引第 1 号——规范运作》、中国证监会《上市公 司募集资金监管规则》等现行法律、法规及规范性文件及《上海晶丰明源半导体 股份有限公司章程》（以下简称"《公司章程》"）的规定，结合公司实际情况， 制定本办法。 第四条 公司的董事和高级管理人员应当勤勉尽责，督促公司规范运用募集 资金，自觉维护公司募集资金安全，不得参与、协助或纵容公司擅自或变相改变 募集资金用途。公司董事会应根据相关规定，及时披露募集资金的使用情况。 公司控股股东、实际控制人及其他关联人不得直接或者间接占用或者挪用公 司募集资金，不得利用公司募集资金及募集资金投资项目（以下简称"募投项目"） 获取不正当利益。 第五条 公司应当建立并完善募集资金存放、管理、使用、改变用途、监督 和责任追究的内部控制制度，明确募集资金使用的分级审批权限、决策程序 ...

上海晶丰明源半导体股份有限公司 独立董事工作细则 第一章 总 则 第六条 公司董事会成员中应当有三分之一以上独立董事，其中至少有一名会计专业 人士，会计专业人士是指具有较丰富的会计专业知识和经验，并至少符合以下条件之一： 第 1 页，共 10 页 （1） 具有注册会计师执业资格； （2） 具有会计、审计或者财务管理专业的高级职称、副教授职称或者博士学位； （3） 具有经济管理方面高级职称，且在会计、审计或者财务管理等专业岗位有 5 年以上全职工作经验。 第一条 为进一步完善上海晶丰明源半导体股份有限公司（以下简称"公司"、"本公 司"）治理结构，促进公司规范运作，切实保护股东利益，有效规避公司决策风险，促进 公司规范运作，现根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、《上市公司独立董事管理办法》（以下简称"《管理 办法》"）、《上海晶丰明源半导体股份有限公司章程》（以下简称"《公司章程》"）及其他有 关法律、法规和规范性文件制定本工作细则。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与本公司及主要股东、 实际控制人不存在直接或者间接 ...