Jingfeng Mingyuan plans to raise 709 million yuan to invest in high-end power management chips, etc.

On May 4, Jingfeng Mingyuan announced that the company plans to issue convertible bonds to raise no more than 709 million yuan, which will be used for high-end power management chip industrialization projects, R&D center construction projects, and supplementary working capital.

It is reported that Jingfeng Mingyuan is one of the leading power management driver chip design companies in China. Its main business is the design, R&D and sales of analog semiconductor power management chips; its existing products include LED lighting driver chips, AC/DC power chips, motor control chips and DC/DC power chips.

In the 2022 annual report, Jingfeng Mingyuan pointed out that the company will actively promote product research and development and promotion in each product line. Among them, in terms of the LED lighting driver chip product line, Jingfeng Mingyuan will do a good job in product operations in the field of general LED lighting drivers, create cost advantages through optimization of process, design and packaging, and provide customers with more cost-effective products; in the field of intelligent LED lighting drivers, it will continue to carry out technological iterations of new products, and achieve further breakthroughs for high-end customers in the field of advantageous products.

In terms of performance, in the 2022 annual report, Jingfeng Mingyuan stated that in 2022, the company's downstream market was affected by the overall economy, and demand declined. In addition, after the semiconductor industry experienced a cyclical production capacity shortage in 2021, upstream production capacity loosened and the supply of raw materials increased, resulting in a significant increase in inventory in the channel. Due to the comprehensive impact of the above factors, the company's product sales revenue and profits during the reporting period dropped significantly compared with the same period last year.

Specifically, Jingfeng Mingyuan will achieve operating income of 1.079 billion yuan in 2022, a year-on-year decrease of 53.12%; net profit attributable to the parent company will be -206 million yuan, and non-net profit attributable to the parent company will be -307 million yuan.

+In the first quarter of 2023, Jingfeng Mingyuan achieved operating income of 265 million yuan, a year-on-year decrease of 12.18%; net profit attributable to the parent company was -60 million yuan, and non-net profit attributable to the parent company was -77 million yuan. It is reported that in the first quarter of 2023, Jingfeng Mingyuan’s operating income dropped by 12.18% compared with the same period last year, and the average unit price dropped by 33.23% compared with the first quarter of 2022. However, Jingfeng Mingyuan also pointed out that although the unit price of the product has declined compared with the same period last year, it has increased compared with the fourth quarter of 2022 and has basically returned to the historical conventional price; at the same time, the company's shipment volume increased by 31.52% compared with the same period last year.