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 ...

Group 1: Market Dynamics - 29 new private placement projects were added in the last two weeks, a 52.63% increase from the previous period, with 15 being competitive bids[4] - 12 projects were terminated, marking a 100% increase, while 7 projects were approved by the review committee, a decrease of 36.36%[4] - The total number of pending private placement projects stands at 647, with 90 having received approval, a slight decrease of 1 project[4] Group 2: Fundraising and Valuation - The total fundraising amount reached 1120.23 billion CNY, a staggering 3865.96% increase, driven by two projects exceeding 400 billion CNY[4] - The average pricing discount rate for competitive bids decreased to 14.42%, down 5.58 percentage points from the previous period[4] - The PE and PB ratios for Guoyan Platinum Industry are 28.35X and 2.43X, respectively, which are at 57.11% and 60.38% of the industry average[28] Group 3: Performance Metrics - The average absolute return for competitive bid projects that were unlocked for the first time was 49.87%, a decrease of 10.68 percentage points[4] - The average absolute return for pricing projects on the unlock date surged to 310.29%, an increase of over 100%[4] - The average industry beta contribution during the "issue-unlock" period was 41.94%, reflecting a decrease of 1.82 percentage points[4] Group 4: Risk Factors - Risks include slower-than-expected review progress for private placements, fluctuations in secondary market stock prices, and changes in the pricing environment for private placements[4]

Group 1 - The core point of the news is that Jingfeng Mingyuan is adjusting its acquisition plan for Sichuan Yichong Technology, which has been approved by the Shanghai Stock Exchange and is pending registration with the China Securities Regulatory Commission [2][4] - On January 27, 2026, Jingfeng Mingyuan's stock closed at 156.27 yuan, up 11.62%, with a turnover rate of 4.68% and a trading volume of 41,400 lots, amounting to a transaction value of 631 million yuan [1] - The company reported a net outflow of 253.77 thousand yuan from main funds, while retail investors experienced a net outflow of 1,032.68 thousand yuan, and speculative funds saw a net inflow of 1,286.45 thousand yuan on the same day [1][4] Group 2 - The company disclosed a draft report regarding the issuance of shares and cash payment for asset acquisition, which includes updates on the transaction process, performance commitments, and compensation arrangements [2] - The transaction involves acquiring 100% equity of Yichong Technology for a total price of 328,263.75 thousand yuan, with performance commitments and compensation arrangements set for the deal [2] - Yichong Technology's main business focuses on the research and design of high-performance analog chips and mixed-signal chips, with projected revenue growth of 45.02% and 47.04% for 2023 and 2024, respectively [2]

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The report highlights a transition from structural shortages and price increases to a more widespread inflation across the electronics industry, driven by sustained high demand for AI computing and storage capabilities [1]. - It emphasizes the optimistic outlook for 2026 as a year of significant growth in domestic hard technology, driven by innovations in AI smartphones, AI glasses, and foldable screens [1]. - The report recommends focusing on companies involved in self-controllable manufacturing and the overseas supply chain for storage and computing [1]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.84%, while the electronics sector increased by 1.39% over the past week, with optical electronics up by 3.21% and consumer electronics down by 0.69% [1][13]. - Global AI computing and storage demand continues to drive resource competition within the supply chain, leading to price increases across various components [1]. Semiconductor Developments - Alibaba's AI chip subsidiary, Pingtouge, is preparing for an independent IPO, indicating a strong trend towards domestic alternatives in computing chips [2]. - The report expresses confidence in the growth of domestic GPU and ASIC companies, such as Cambricon and Aojie Technology [2]. Storage Market Dynamics - NAND Flash prices have risen by 18% and DRAM prices by 33% in the past month, leading to increased cost proportions for PC manufacturers [3]. - Companies like Demingli and Jiangbolong are expected to see significant profit growth due to the ongoing storage cycle [3]. PCB Industry Insights - The report notes that rising raw material prices and increasing demand are positively impacting the performance of PCB upstream manufacturers [4]. - Companies such as Shenghong Technology and Jinan Guojiji are highlighted for their strong performance and market expectations [4]. Key Investment Recommendations - The report recommends several companies across different segments, including: - Optical Electronics: Lantech Optical, Aojie Technology, and others [1]. - Storage: Demingli, Jiangbolong, and others [3]. - PCB: Shengyi Technology and others [4]. - A focus on semiconductor companies like SMIC and Aojie Technology is also advised [9].

Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing up 0.18% at 4139.9 points, while the Shenzhen Component Index rose 0.09% and the ChiNext Index increased by 0.71% [1] - The total trading volume in the A-share market decreased to approximately 2.92 trillion yuan, down nearly 360 billion yuan from the previous day [1] - The Hong Kong stock market saw a strong rise, with the Hang Seng Index gaining over 1% [1] Semiconductor Sector - The semiconductor sector saw significant gains, with stocks like Shengke Communication and Dongxin Co. both hitting a 20% limit up, reaching new highs [4] - Other notable performers included Puran Co. with a nearly 15% increase and several companies like Guomin Technology and Jingfeng Mingyuan rising over 10% [4][5] - The semiconductor industry is experiencing a price increase trend, with companies like MediaTek announcing price adjustments and demand for AI-related products driving growth [6][7] CPO Concept - The CPO (Chip-on-Board) concept showed active trading, with stocks like Yuanjie Technology rising over 11% and reaching a historical high [9] - Other companies in this sector, such as Zhongci Electronics and Kecuan Technology, also saw significant gains [9][10] Gold Stocks - Gold-related stocks continued to perform strongly, with Silver and Nonferrous Metals hitting a limit up and achieving six consecutive gains [13] - Companies like Sichuan Gold and China Gold have also seen three consecutive days of limit up, with Zhaojin Gold rising over 60% in the past week [13][15] - Silver Nonferrous Metals reported a significant increase in stock price, although it warned of potential risks due to the rapid price rise [15]

股票代码：688368 股票简称：晶丰明源 上市地点：上海证券交易所 上海晶丰明源半导体股份有限公司 发行股份及支付现金 购买资产并募集配套资金报告书（草案） （注册稿） | | 交易对方 | | --- | --- | | | 名易冲科 技股东 | | | 50 | | | 海南玮峻思投资合伙企业（有限合伙）等 | | 项目 发行股份及支付 现金购买资产 募集配套资金 | | | 不超过 | 35 名符合中国证监会规定的特定投资者 | 独立财务顾问 签署日期：二〇二六年一月 根据《证券法》等相关法律、法规的规定，本次交易完成后，本公司经营与收益 的变化，由本公司自行负责，由此变化引致的投资风险，由投资者自行负责。投资者 在评价公司本次交易时，除本报告书内容以及与本报告书同时披露的相关文件外，还 应认真地考虑本报告书披露的各项风险因素。投资者若对本报告书存在任何疑问，应 咨询自己的股票经纪人、律师、会计师或其他专业顾问。 二、交易对方声明 本次重组的交易对方已就在本次交易过程中所提供信息和材料的真实、准确、完 整情况出具承诺函，保证其将及时提供本次重组相关信息，为本次交易事项所提供的 有关信息均真实、准确和完 ...

股票代码：688368 股票简称：晶丰明源 上市地点：上海证券交易所 上海晶丰明源半导体股份有限公司 发行股份及支付现金 购买资产并募集配套资金报告书（草案） 摘要（注册稿） | | 交易对方 | | --- | --- | | | 名易冲科 技股东 | | | 50 | | | 海南玮峻思投资合伙企业（有限合伙）等 | | 项目 发行股份及支付 现金购买资产 募集配套资金 | | | 不超过 | 35 名符合中国证监会规定的特定投资者 | 独立财务顾问 签署日期：二〇二六年一月 声 明 本部分所述词语或简称与本报告书摘要"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及本公司全体董事及高级管理人员保证上市公司及时、公平地披露信息， 保证本报告书及其摘要内容的真实、准确、完整，不存在虚假记载、误导性陈述或者 重大遗漏，保证本报告书摘要所引用的相关数据的真实性和合理性，并对所提供信息 的真实性、准确性、完整性负相应的法律责任。 如本次交易所披露或提供的信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司 法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，不转让在该上 市公司拥有权益的股份，并 ...

FANGDA PARTNERS http://www.fangdalaw.com 上海市方达律师事务所 关于上海晶丰明源半导体股份有限公司 发行股份及支付现金购买资产并配套募集资金的 补充法律意见书（五） 1、 2026 年 1 月 1 中国上海市石门一路288号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座24楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于上海晶丰明源半导体股份有限公司 发行股份及支付现金购买资产并配套募集资金的补充法律意见书（五） 致：上海晶丰明源半导体股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法律 执业资格的律师事务所，本所受上海晶丰明源半导体股份有限公司（以下简称"上 市公司"或"晶丰明源"）的委托，担任晶丰明源以发行股份及支付现金的 ...

华泰联合证券有限责任公司 关于上海晶丰明源半导体股份有限公司 发行股份及支付现金 购买资产并募集配套资金 之 独立财务顾问报告 （注册稿） 签署日期：二〇二六年一月 独立财务顾问 上海晶丰明源半导体股份有限公司发行股份及支付现金购买资产并募集配套资金之独立财务顾问报告（注册稿） 独立财务顾问声明和承诺 华泰联合证券有限责任公司（以下简称"华泰联合"、"本独立财务顾问"）接受上 海晶丰明源半导体股份有限公司（以下简称"晶丰明源"、"上市公司"或"公司"）委 托，担任本次发行股份及支付现金购买资产并募集配套资金（以下简称"本次交易"） 的独立财务顾问，就该事项向上市公司全体股东提供独立意见，并制作本独立财务顾 问报告。 本独立财务顾问核查意见是依据《中华人民共和国公司法》、《中华人民共和国证 券法》、《上市公司重大资产重组管理办法》、《上市公司并购重组财务顾问业务管理办 法》《公开发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重 组》《上市公司监管指引第 9 号——上市公司筹划和实施重大资产重组的监管要求》和 《上海证券交易所上市公司重大资产重组审核规则》等法律法规及文件的规定和要求， 以及 ...

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。 1 | | 章节 | 修订情况 | | --- | --- | --- | | 第九章 | 管理层讨论与分析 | 更新标的公司财务报告截止日后经营情况 | | 第十二章 | 风险因素分析 | 更新本次交易审批风险、标的公司未能实现业绩承诺及补偿 | | | | 覆盖比例较低的风险 | 证券代码：688368 证券简称：晶丰明源 公告编号：2026-010 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 报告书（草案）（注册稿）修订说明的公告 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 1 月 16 日收到上海证券交易所出具的《上海证券交易所并购 重组审核委员会 2026 年第 2 次审议会议结果公告》，审议结果为：本次交易符合 重组条件和信息披露要求。公司于 2026 年 1 月 10 日披露了《上海晶丰 ...