Core Viewpoint - The acquisition of Tongling Fenghua Electronics Co., Ltd. by Jinsai Technology for a nominal price of 1 RMB is overshadowed by the substantial debt of 41.87 million RMB that Jinsai must assume, raising questions about the strategic rationale behind the deal [2][3][5]. Financial Implications - Jinsai Technology's acquisition involves taking on 41.87 million RMB in debt, making the effective cost of the transaction significantly higher than the nominal price [4][5]. - As of September 30, 2025, Jinsai's cash reserves were only 33.65 million RMB, which is insufficient to cover the debt from the acquisition, despite a 533.48% increase from the beginning of the year [5][6]. - Fenghua Electronics has a total asset value of 56.97 million RMB and total liabilities of 62.69 million RMB, resulting in a negative net asset value of -5.72 million RMB, indicating it is a financially distressed company [5][6]. Strategic Rationale - The acquisition is positioned as a horizontal industry merger, aimed at resource integration to enhance Jinsai's competitiveness in the quartz crystal oscillator market, which aligns with its core business [6]. - Despite the financial burden, the acquisition allows Jinsai to gain existing production capacity and customer channels at a lower cost compared to building new facilities [6][7]. - The merger is seen as a potential strategy to increase market concentration by eliminating competition, which is a common approach among leading firms in a competitive industry [6][7]. Performance Concerns - Jinsai's profitability is under pressure, with a reported net profit of 7.96 million RMB for the first three quarters of 2025, reflecting a year-on-year decline of 6.39% [7]. - The integration of a loss-making subsidiary like Fenghua Electronics, which is projected to incur losses exceeding 6 million RMB, could negatively impact Jinsai's overall financial performance [7][10]. - Successful integration could lead to cost reductions and new growth opportunities, but failure to integrate could result in ongoing cash flow issues for Jinsai [10].

人民财讯12月26日电，晶赛科技(920981)12月26日公告，公司26日与安徽铜峰电子（600237）股份有限 公司签署《产权交易合同》，通过公开摘牌方式收购铜陵市峰华电子有限公司(简称"峰华电子")100%股 权，交易价格为1元，同时公司为峰华电子承担4187.17万元债务。 晶赛科技称，峰华电子是一家主要从事石英晶振产品生产、研发及销售的企业。此次交易是基于未来发 展和规划做出的审慎决策，有助于公司进一步拓展业务布局、增强市场竞争力。 ...

晶赛科技公告，为进一步整合行业资源，提升公司竞争力，公司通过公开摘牌方式收购铜陵市峰华电子 有限公司100%股权，并于2025年12月26日与安徽铜峰电子股份有限公司签署《产权交易合同》。本次 交易转让价款为1元人民币，同时公司为峰华电子承担4187.17万元债务，最终成交金额为4187.17万元。 峰华电子将成为公司全资子公司。 ...

（文章来源：证券日报） 证券日报网讯 12月19日晚间，晶赛科技发布公告称，公司第四届董事会第三次会议审议通过《关于通 过公开摘牌方式收购铜陵市峰华电子有限公司100%股权的议案》。 ...

Core Insights - The domestic market for high-end quartz crystal resonators is experiencing strong demand, prompting local manufacturers to expand production capacity and increase R&D investment to enhance their supply capabilities in the high-end market [1][10] - The quartz crystal resonator industry in China has grown from 5.496 billion yuan in 2015 to 8.288 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.67% [1][10] - Emerging applications in 5G communication, wearable electronics, automotive electronics, and the Internet of Things (IoT) are driving significant market opportunities for the quartz crystal resonator industry [1][10] Industry Overview - Quartz crystal components, known as crystal oscillators, are frequency control devices made from quartz crystals utilizing the piezoelectric effect [2][4] - The industry is categorized into quartz crystal resonators and oscillators, with further classifications based on frequency and packaging methods [2][4] Industry Policies - The Chinese government has increased policy support for the quartz crystal resonator industry, promoting new electronic components and smart manufacturing [7] - Key policies include the inclusion of new electronic components in the encouraged category of the 2024 Industrial Structure Adjustment Guidance Catalog and the 2025-2026 Action Plan for Stable Growth in the Electronic Information Manufacturing Industry [7] Industry Chain - The quartz crystal resonator industry chain consists of upstream raw materials (quartz sand, packaging materials), midstream manufacturing, and downstream applications (communication devices, consumer electronics) [6][8] Current Industry Development - Since 2018, Japanese companies have reduced capital expenditures, creating opportunities for Chinese manufacturers to expand in the quartz crystal resonator market [10] - From 2015 to 2024, China's production of quartz crystal resonators increased from 11.94 billion units to 23.298 billion units, with a CAGR of 7.71% [10] Competitive Landscape - The industry features a tiered competitive structure, with international giants leading the high-end market and domestic companies like Unisoc, Dongjing Electronics, and others gaining ground in mid to high-end segments [10][11] - Domestic companies are increasing R&D investments to enhance product consistency and reliability, narrowing the gap with international competitors [10] Development Trends - The industry is moving towards miniaturization, high frequency, low phase noise, and low aging rates to meet the demands of advanced applications [13][14][17] - Manufacturers are focusing on advanced packaging technologies and optimizing design processes to achieve these goals [13][14][17]

Core Viewpoint - Jinsai Technology announced an additional investment in Meijing Electronics (Thailand) Co., Ltd, increasing its registered capital to 70 million Thai Baht, with Jinsai holding an 80% stake [1] Group 1 - The additional investment amounts to 56 million Thai Baht from Jinsai Technology [1] - The remaining 14 million Thai Baht will be contributed by Hefei Jingweite Electronics Co., Ltd, which will hold a 20% stake [1]

Core Viewpoint - The A-share market's photoresist sector experienced a significant surge due to related rumors, indicating heightened investor interest and potential market movements in this industry [1] Company Summaries - Rongda Photoelectric saw its stock price increase by over 16% [1] - Guofeng New Materials and Xingye Co. both hit the 10% daily limit up [1] - Nanda Optoelectronics' stock rose by more than 9% [1] - Other companies such as Tongcheng New Materials, Jiaxian Co., Glinda, Aerospace Zhiguang, Gaomeng New Materials, and Jingsai Technology all experienced stock increases of over 6% [1] - Wavelength Optoelectronics, New Lai Materials, and Woge Optoelectronics saw their stock prices rise by over 5% [1]

Core Insights - Jinsai Technology (920981.BJ) released its Q3 2025 financial report on October 29, 2025, indicating a total of 4 institutional investors holding shares, amounting to 943,600 shares, which represents 1.23% of the total share capital [1] - The institutional holding ratio decreased by 0.21 percentage points compared to the previous quarter [1] Institutional Holdings - The institutional investors include Huatai Securities Co., Ltd. client credit trading guarantee securities accounts and Guosen Securities Co., Ltd. client credit trading guarantee securities accounts [1] - The total institutional holding ratio stands at 1.23% [1] Public Fund Holdings - Six public funds were disclosed this period, including Tongtai Vision Mixed A, Bosera Specialized New Theme Mixed A, and others [1] - These funds did not report any changes compared to the previous quarter [1]

Core Viewpoint - Jinsai Technology reported a mixed financial performance for the first three quarters of 2025, with revenue growth but a decline in net profit due to reduced interest income and increased late fees [1][2]. Financial Performance Summary - For the period of January to September 2025, Jinsai Technology achieved an operating revenue of approximately 426 million yuan, representing a year-on-year increase of 9.73%. However, the net profit attributable to shareholders was about 7.96 million yuan, down 6.39% year-on-year, with a non-recurring net profit decline of 10.68% [1]. - In the third quarter of 2025, Jinsai Technology's operating revenue reached 154 million yuan, showing a year-on-year growth of 21.55%. The net profit attributable to shareholders surged by 85.67% to 5.26 million yuan, while the non-recurring net profit increased by 105.48%, indicating a recovery in core profitability [2]. Company Overview - Jinsai Technology is a national-level specialized and innovative "little giant" enterprise established on January 20, 2005, focusing on the research, development, manufacturing, and sales of quartz crystal oscillators and their packaging materials [3]. Performance Trend Analysis - An analysis of the last three years of quarterly reports indicates that Jinsai Technology's year-on-year growth rates for both operating revenue and net profit have exhibited a "reverse V" shape [4].

第一章 总则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组织和行为， 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》）、《中国共产党章程》和其他有关规定，制定本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下简称 "公司"）。 公司系由铜陵市晶赛电子有限责任公司于 2016 年 11 月 18 日整体变更设立。公 司在铜陵市市场监督管理局注册登记，取得营业执照，统一社会信用代码为 91340700771114890E。 第三条 公司于 2021 年 10 月 26 日经中国证券监督管理委员会注册，向不特定 合格投资者公开发行人民币普通股 13,660,000 股，于 2021 年 11 月 15 日在北京证券 交易所上市。 安徽晶赛科技股份有限公司 章程 二〇二五年 1 | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股 份 | 4 | | 第四章 | 股东和股东会 | 7 | | 第五章 | 董事和董事会 | 20 | | 第六 ...