证券代码：688368 证券简称：晶丰明源 公告编号：2026-012 上海晶丰明源半导体股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 事项获得中国证监会同意注册批复的公告 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。 上海晶丰明源半导体股份有限公司（以下简称"公司"）拟通过发行股份及 支付现金方式购买四川易冲科技有限公司 100%股权，同时募集配套资金（以下 简称"本次交易"）。 公司于 2026 年 2 月 13 日收到中国证券监督管理委员会出具的《关于同意上 海晶丰明源半导体股份有限公司发行股份购买资产并募集配套资金注册的批复》 （证监许可〔2026〕282 号）（以下简称"中国证监会批复文件"）。中国证监会 批复文件的主要内容如下： "一、同意你公司向海南玮峻思投资合伙企业（有限合伙）发行 4,633,369 股股份、向成都市智合聚信企业管理中心（有限合伙）发行 2,709,942 股股份、 向海南锦聚礼合企业管理中心（有限合伙）发行 1,718,746 股股份、向成都市智 合聚成企业管理中心（有限 ...

Core Viewpoint - The stock price of Jingfeng Mingyuan increased by 3.29% on February 12, 2026, closing at 139.54 yuan, influenced by multiple factors including performance turnaround, capital speculation, and sector sentiment [1] Financial Performance - The company announced on January 30 that it expects a net profit attributable to shareholders of 36 million yuan for 2025, marking a turnaround from losses, with a non-recurring net profit of 18 million yuan, representing a 299.79% year-on-year increase [2] - For the first three quarters of 2025, revenue reached 1.117 billion yuan, a year-on-year growth of 2.67%, and the net profit attributable to shareholders was 23.33 million yuan, up 142.96% year-on-year, with the third quarter net profit at 7.57 million yuan, reflecting a 131.81% increase [2] - The turnaround is primarily attributed to product structure optimization and improved gross margins, supported by a recovery in global demand for simulation chips and increased utilization rates in domestic wafer foundries [2] Capital and Technical Analysis - On February 11, there was a net outflow of 17.32 million yuan in main funds, but on February 12, main funds turned to a net inflow of 0.78 million yuan, with retail funds showing a net inflow of 203.94 million yuan, indicating short-term fluctuations in capital sentiment [3] - Despite the performance improvement, the company's price-to-earnings ratio stands at 277.02, significantly higher than the semiconductor industry average, with the stock price having declined by 8.02% from its peak on January 28 [3] - Institutional holdings have seen adjustments, with Jia Shi Fund reducing its holdings by 1.2532 million shares in the third quarter, while other funds like Huaxia Pansheng Mixed Fund continue to hold significant positions [3] Sector Performance - On February 12, the semiconductor sector index rose by 2.43%, and the simulation chip concept sector increased by 2.20%, indicating a recovery in overall industry sentiment [4] - On September 13, 2025, China initiated an anti-dumping investigation against U.S. simulation chips, with the investigation period ending in September 2026, leading to long-term expectations for accelerated domestic substitution, although short-term speculation remains strong [4] Future Development - The company currently has a high valuation level, with LED lighting driver chips accounting for 51.44% of its main business, indicating limited growth potential in traditional areas [5] - Attention should be paid to the actual performance in the 2025 annual report and the progress of product structure optimization [5]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company is expected to achieve a revenue of 1.57 billion yuan in 2025, representing a year-on-year growth of 4.41%, with a net profit of 36 million yuan, up 208.92% year-on-year [5][6] - The company plans to acquire 100% equity of Easy Charge Technology to enhance business synergy, focusing on high-performance analog chips and mixed-signal chips, which will improve product offerings and market competitiveness [6][7] Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 1.57 billion, 2.20 billion, and 3.01 billion yuan respectively, with net profits of 36 million, 210 million, and 400 million yuan [7][9] - The company’s gross margin is expected to increase, driven by an optimized product mix, particularly in motor control driver chips and high-performance computing power supply chips [6][9] - The company’s asset-liability ratio stands at 38.7%, indicating a stable financial structure [4][10]

Group 1 - The core point of the news is that Jingfeng Mingyuan's stock has experienced a decline of 10.89% over the past four days, with a current price of 135.18 yuan per share and a market capitalization of 11.963 billion yuan [1] - Jingfeng Mingyuan Semiconductor Co., Ltd. specializes in the design, research and development, 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%), and high-performance computing power chips (4.76%) [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 - According to data from the top ten heavy stocks of funds, Huaxia Fund holds a significant position in Jingfeng Mingyuan through the Huaxia Pansheng Mixed Fund (LOF), which has 43,200 shares, accounting for 7.1% of the fund's net value [2] - The Huaxia Pansheng Mixed Fund (LOF) has experienced a floating loss of approximately 76,100 yuan today and a total floating loss of 714,400 yuan during the four-day decline [2] - The fund was established on May 31, 2017, with a current scale of 70.3578 million yuan and has achieved a year-to-date return of 12.78% [2]

证券研究报告：电子 电子 | 公司点评报告 发布时间：2026-02-11 股票投资评级 买入 |维持 个股表现 2025-02 2025-04 2025-07 2025-09 2025-11 2026-02 -17% -6% 5% 16% 27% 38% 49% 60% 71% 82% 93% 晶丰明源 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 136.94 | | --- | --- | | 总股本/流通股本（亿股）0.89 | / 0.89 | | 总市值/流通市值（亿元）121 | / 121 | | 52 周内最高/最低价 | 170.59 / 80.84 | | 资产负债率(%) | 38.7% | | 市盈率 | -360.37 | | 第一大股东 | 胡黎强 | 公司发布 2025 年业绩预告，预计 2025 年实现营业收入 15.7 亿，同比增长 4.41%%；归母净利润 0.36 亿元，同比上升 208.92%。 l 投资要点 营收稳步增长，盈利能力持续提升。2025 年公司业务保持良好 发展态势，实现营业收入 15.7 亿，同比增长 4.41%%；归母 ...

Core Viewpoint - On February 2, 2025, Jingfeng Mingyuan's stock dropped by 10.57%, with a trading volume of 589 million yuan, indicating market volatility and investor sentiment concerns [1]. Financing Summary - On February 2, 2025, Jingfeng Mingyuan had a financing buy amount of 63.83 million yuan and a financing repayment of 42.70 million yuan, resulting in a net financing buy of 21.12 million yuan [1]. - As of February 2, 2025, the total financing and securities lending balance for Jingfeng Mingyuan was 246 million yuan, with the financing balance accounting for 1.86% of the circulating market value, indicating a high level compared to the past year [1]. - The securities lending data showed no shares were repaid or sold on February 2, 2025, with a remaining securities lending balance of 56,840 yuan, which is above the 90th percentile level for the past year [1]. Company Overview - Jingfeng Mingyuan Semiconductor Co., Ltd. was established on October 31, 2008, and listed on October 14, 2019. The company specializes in the design, research, and sales of semiconductor power management chips [1]. - The main revenue sources for Jingfeng Mingyuan include 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]. Financial Performance - For the period from January to September 2025, Jingfeng Mingyuan achieved an operating income of 1.117 billion yuan, representing a year-on-year growth of 2.67%. The net profit attributable to shareholders was 23.33 million yuan, showing a significant year-on-year increase of 142.96% [2]. - As of September 30, 2025, the number of shareholders for Jingfeng Mingyuan was 8,574, an increase of 37.18% compared to the previous period, while the average circulating shares per person decreased by 27.11% to 10,269 shares [2]. Dividend Information - Since its A-share listing, Jingfeng Mingyuan has distributed a total of 388 million yuan in dividends, with 43.46 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the sixth-largest circulating shareholder, holding 715,500 shares, an increase of 57,800 shares from the previous period [3]. - The top ten circulating shareholders included various funds, with notable changes such as a decrease in holdings for 嘉实科技创新混合 and 嘉实创新先锋混合 A [3].

Core Insights - The LED driver chip market in 2025 faces significant challenges due to intense competition and price pressures, leading to a situation of "increased revenue but no profit" for many companies [2][8] - There is a notable divergence in performance among major listed companies, with Jingfeng Mingyuan successfully reversing losses, while Fumanwei and Mingwei Electronics continue to struggle with losses, highlighting the differences in strategic paths during industry downturns [2][3] Performance Analysis - Jingfeng Mingyuan achieved a revenue of approximately 1.57 billion yuan, a year-on-year increase of 4.41%, and a net profit of 36 million yuan, a substantial increase of 208.92% from 2024, indicating a significant improvement in its core business profitability [3] - Mingwei Electronics is in a "revenue without profit" situation, with expected revenue between 660 million to 670 million yuan, a year-on-year growth of 8.66% to 10.31%, but a net loss of 45 million to 54 million yuan, with further losses in non-recurring profit [3] - Fumanwei anticipates revenue of 850 million to 870 million yuan, showing growth compared to 2024, but a net loss of 150 million to 190 million yuan, primarily impacted by inventory impairment losses and share-based payment expenses [3] Business Structure - Jingfeng Mingyuan has built a diversified product ecosystem through mergers and self-research, focusing on multiple areas including LED lighting, AC/DC, motor control, wireless charging, and automotive chips, achieving a dual-driven growth model [4] - Fumanwei has expanded into 5G RF chips, power management chips, and storage chips, but new business contributions are limited due to project delays, and it has attempted to raise prices for LED display products to mitigate cost pressures [5] - Mingwei Electronics focuses on LED driver chips with a "Fabless + self-built testing" model, emphasizing cost and delivery efficiency, but its single business structure limits profitability elasticity under price pressure [5] Technological Development - The intensified competition has prompted companies to increase technological investments, with process upgrades and cost control becoming key strategies [6] - Jingfeng Mingyuan has achieved mass production of its sixth-generation BCD-700V high-voltage process platform, enhancing its high-voltage technology advantage, while also reducing unit costs through new packaging solutions [6] - Mingwei Electronics is iterating products in line with Mini/MicroLED technology trends, but the overall price pressure in the industry has hindered the full realization of cost benefits from technological upgrades [6] - Fumanwei's R&D investment accounted for 21.98% of its revenue in 2024, but project delays have affected the efficiency of technology conversion, leading to a "high investment, low output" situation [6] Industry Trends and Company Strategies - The LED driver chip industry is experiencing a dual trend of "traditional market contraction and emerging demand rise," with Mini/MicroLED and automotive electronics becoming new growth points [7] - Jingfeng Mingyuan employs a strategy of "technology positioning and ecological layout," achieving breakthroughs in high-end markets while avoiding low-end price wars [7] - Fumanwei is addressing short-term pressures through price increases and accelerating project implementation, but it needs to optimize its revenue structure in the long term [7] - Mingwei Electronics focuses on its core business and technology, aiming to establish competitive advantages in niche areas through continued investment in new display technologies [7] Summary - 2025 marks a critical year of increasing divergence in the LED driver chip industry, with Jingfeng Mingyuan achieving profitability through diversified strategies, while Fumanwei faces challenges despite revenue growth, and Mingwei Electronics continues to incur losses due to its single business structure [8] - The competition is expected to intensify in 2026, with the commercialization of Mini/MicroLED and the demand for automotive electronics and high-performance computing power driving industry growth [8] - Companies need to strengthen their technological depth, product breadth, and integration within the supply chain to navigate the evolving landscape [8]

Core Viewpoint - The company, Shanghai Jingfeng Mingyuan Semiconductor Co., Ltd., forecasts a significant improvement in its financial performance for the year 2025, projecting both revenue growth and a return to profitability compared to the previous year [2][4]. Financial Performance Forecast - The company expects to achieve approximately 1,570 million yuan in revenue for 2025, an increase of about 66.38 million yuan, representing a year-on-year growth of approximately 4.41% [2]. - The projected net profit attributable to the parent company is around 36 million yuan, marking a turnaround from a loss in the previous year, with an increase of approximately 69.05 million yuan, reflecting a year-on-year increase of about 208.92% [2]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be around 18 million yuan, an increase of approximately 27.01 million yuan, indicating a year-on-year growth of about 299.79% [2]. Previous Year Performance - In 2024, the company reported a revenue of 1,503.62 million yuan, with a total profit of -5.28 million yuan and a net loss attributable to the parent company of -33.05 million yuan [4]. Reasons for Performance Changes - The improvement in performance is attributed to the ongoing positive trend in the company's main business, with revenue growth driven by an optimized product structure strategy, particularly in motor control driver chips and high-performance computing power supply chips [5]. - A decrease in share-based payment expenses due to the expiration of certain stock incentive plans and the completion of the acquisition of Nanjing Lingou Chuangxin Electronics Co., Ltd. contributed to the improved financial results [6]. - The increase in income from financial instruments held by the company positively impacted the net profit attributable to the parent company after deducting non-recurring gains and losses [7].

Group 1 - The company Jingfeng Mingyuan expects to achieve a turnaround in profitability for the fiscal year 2025, projecting a net profit attributable to shareholders of approximately 36 million yuan, compared to a loss in the previous year [1] - This represents an increase of about 69.05 million yuan year-on-year, reflecting a growth of approximately 208.92% [1]

证券代码：688368 证券简称：晶丰明源 公告编号：2026-011 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日 （二）业绩预告情况 上海晶丰明源半导体股份有限公司 2025 年年度业绩预告 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。 一、 本期业绩预告情况 1、公司预计2025年度实现营业收入157,000.00万元左右，与上年同期（法定 披露数据）相比，将增加6,638.23万元左右，同比增长4.41%左右； 2、公司预计2025年度实现归属于母公司所有者的净利润与上年同期（法定 披露数据）相比，将实现扭亏为盈，实现归属于母公司所有者的净利润约为 3,600.00万元，与上年同期（法定披露数据）相比，将增加6,905.13万元左右，同 比增加208.92%左右； 3、公司预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利 润约为1,800.00万元左右，与上年同期（法定披露数据）相比，将增加2,700.95 万元左右，同比增加299.79%左右。 （三）本次业 ...