公司于2026年1月29日发布2025年年度业绩预告，预计归属于上市公司股东的净利润为800万元至1000万 元，同比增长35.05%至68.81%。年度报告将提供最终审计数据，披露时间预计在2026年内，这将是验 证业绩表现的关键节点。 经济观察网根据公开信息，晶赛科技(股票代码：920981)有以下值得关注的事件，主要基于公司已披露 的公告和业务动向： 业绩经营情况 公司在业绩预告中表示，通过拓展行业优质客户和提升高端产品及小型化产品占比，石英晶振及封装材 料产销量实现双提升。后续需关注这些措施对盈利能力的持续影响，以及公司在汽车电子、高端制造等 领域的订单落地情况。 以上内容基于公开资料整理，不构成投资建议。 业务进展情况 ...

Group 1 - The company, Jingsai Technology, announced an expected net profit attributable to shareholders of 8 million to 10 million yuan for 2025, representing a year-on-year growth of 35.05% to 68.81% compared to 5.9237 million yuan in the previous year [2]

Group 1 - The core point of the article is that Jingsai Technology announced the completion of the registration change for its wholly-owned subsidiary, Tongling Fenghua Electronics Co., Ltd. [2] - The registration change was officially completed on January 27, 2026, and the company has obtained a business license issued by the Market Supervision Administration of Tongguan District, Tongling City [2]

Core Viewpoint - JingSai Technology announced a change in its signing registered accountants for the 2025 annual audit, with new appointees replacing two previous auditors due to work adjustments [2]. Group 1 - JingSai Technology received a notice from Rongcheng Accounting Firm regarding the change of signing registered accountants [2]. - The original signing registered accountants for the 2025 annual audit were Ning Yun, Tong Bo, and Yu Jintao [2]. - The new signing registered accountants for the 2025 annual audit are Ning Yun, Lu Yihong, and Xu Yajun [2].

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].

Core Viewpoint - Jinsai Technology (920981) has signed a contract to acquire 100% equity of Tongling Fenghua Electronics Co., Ltd. for 1 yuan, while also assuming a debt of 41.8717 million yuan [1] Group 1: Acquisition Details - The acquisition is conducted through a public bidding process [1] - The transaction price for the acquisition is set at 1 yuan [1] - Jinsai Technology will take on a debt of 41.8717 million yuan associated with Fenghua Electronics [1] Group 2: Company Profile - Fenghua Electronics primarily engages in the production, research, and sales of quartz crystal oscillator products [1] - The acquisition is part of Jinsai Technology's strategic decision to enhance its business layout and market competitiveness [1]

Core Viewpoint - The company aims to enhance its competitiveness by acquiring 100% equity of Tongling Fenghua Electronics Co., Ltd. through a public bidding process, with the transaction finalized at a total amount of 41.8717 million yuan [1] Group 1 - The acquisition agreement was signed on December 26, 2025, with Anhui Tongfeng Electronics Co., Ltd. [1] - The transfer price for the transaction is set at 1 yuan, while the company will assume a debt of 41.8717 million yuan for Fenghua Electronics [1] - Fenghua Electronics will become a wholly-owned subsidiary of the company following the acquisition [1]

Core Viewpoint - JingSai Technology announced the approval of a proposal to acquire 100% equity of Tongling Fenghua Electronics Co., Ltd. through public bidding [2] Group 1 - The acquisition is part of JingSai Technology's strategic expansion efforts [2] - The decision was made during the third meeting of the fourth board of directors [2] - This move indicates JingSai Technology's commitment to enhancing its market position in the electronics sector [2]

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]