证券代码：600246 证券简称：万通发展 公告编号：2025-067 持续亏损的情况下跨界收购数渡科技的商业合理性，以及是否对上市公司持续经 营能力产生不利影响，并充分提示风险。 2.关于标的公司估值。公告显示，2025 年 6 月末，数渡科技净资产为 6,460.09 万元，公司拟以 1 亿元增资认购数渡科技 9.09%的股权，认购完成后，拟以合计 7.54 亿元受让张立新、李建良等直接和间接持有的数渡科技 53.89%股权。公司 未披露本次交易采用的评估方法、评估过程等具体评估情况。请公司：（1）补充 披露对数渡科技增资和股权转让分别采用的评估方法、评估参数和对应依据、评 估过程、评估结果等，并结合标的公司历史融资情况，量化分析本次增资和股权 转让对应估值的差异和具体原因，以及与标的公司前期融资估值差异的原因和合 理性；（2）对比同类资产收购定价情况，说明本次交易估值的合理性和公允性； （3）结合本次交易的估值溢价率情况，说明未设置业绩承诺等保障中小股东利 益的安排是否合理。 3.关于交易的支付安排。公告显示，本次交易采用现金方式，分期支付交易 对价款 8.54 亿元，但未明确具体付款安排和时间点。20 ...

人民财讯8月11日电，万通发展（600246）8月11日晚间发布股票交易异动公告，公司正在筹划通过增资 及股权转让的方式取得北京数渡信息科技有限公司(简称"数渡科技")62.98%的股权，该公司截至目前尚 未盈利。该事项尚需经公司董事会审议，尚存在不确定性。除此之外，不存在其他应披露而未披露的重 大事项。 ...

2025年，万通发展股票连续两个交易日收盘价格涨幅偏离值累计达20%，属异常波动。公司自查显示生 产经营正常，正筹划取得数渡科技62.9801%股权，该事项尚需董事会审议且存在不确定性。2022 - 2024 年公司净利润持续为负，预计2025年半年度仍亏损。截至公告日，控股股东及其一致行动人质押股份占 持有总数97.17%，部分冻结，前期司法拍卖股份尚有294,074,371股流拍，后续处置不明。公司提醒投 资者注意二级市场交易、生产经营、重大事项进展和控股股东质押拍卖等风险，理性投资。 ...

2025年8月11日，北京万通新发展集团股份有限公司收到上海证券交易所《关于对公司筹划收购股权事 项的问询函》。公司拟8.54亿元取得北京数渡信息科技有限公司62.98%股权。上交所要求公司核实并披 露多项内容，包括交易合理性，如分析数渡科技持续亏损原因及公司跨界收购商业合理性；标的公司估 值，补充评估相关情况并说明估值合理性；交易支付安排，明确付款安排、评估对现金流影响等；内幕 交易，披露收购过程并自查内幕信息管理。公司将按要求回复并履行信披义务，提醒投资者注意风险。 ...

Market Overview - A-shares experienced a broad increase on August 11, with the Shanghai Composite Index reaching a new high for the year, marking six consecutive days of gains [1] - The Shanghai Composite Index rose by 0.34% to 3647.55 points, while the Shenzhen Component Index increased by 1.46% to 11291.43 points, and the ChiNext Index surged by 1.96% to 2379.82 points [1][2] - Total trading volume in the Shanghai and Shenzhen markets reached 18501 billion, an increase of 1135 billion from the previous day [1][2] Sector Performance PEEK Materials - The PEEK materials sector saw significant gains, with companies like Huami New Materials and Shuangyi Technology hitting the 20% daily limit up, and others like Zhongyan New Materials rising approximately 15% [6][8] - PEEK materials are recognized for their low density, high strength, and chemical stability, making them essential for lightweight humanoid robots, enhancing their performance and reliability [8] AI Industry Chain - Stocks in the AI industry chain were notably active, with companies like Weirgao and Dazhu Laser reaching the 20% limit up, and others like Tiancheng Technology and Luyiguangdian also showing strong performance [10][12] - The recent release of OpenAI's GPT-5 is expected to accelerate AI applications and commercialization, benefiting internet companies and enhancing the AI investment landscape [10][12] Lithium Mining - The lithium mining sector saw a collective rise, with companies like Ganfeng Lithium and Tianqi Lithium reaching their daily limit up, indicating strong market interest [14][16] - The expiration of mining permits for certain lithium projects is expected to impact domestic lithium carbonate production by nearly 12%, potentially leading to a tightening supply and higher lithium prices [16]

8月10日晚，万通发展（600246）发布公告，拟通过增资及股权转让合计投资8.54亿元取得北京数渡信息科技有限公司62.98%股权， 本次投资完成后，标 的公司成为上市公司的控股子公司， 并纳入上市公司合并报表。 数渡科技作为国内高速互连芯片设计领域的新锐，其技术路径与市场定位在国产替代浪潮中备受关注。 | 从天使轮估值到亿元级战略投资 数渡科技成立于2021年，早期便获得产业资本青睐。2022年10月，公司完成天使轮融资，投资方包括鹰盟资本、龙鼎投资、航天科工资产等机构。这一轮 融资为数渡科技奠定了技术研发的基础，使其能够组建核心团队并启动PCIe5.0交换芯片的预研工作。2023年1月，数渡科技再获A轮融资，龙鼎投资、九 域投资、嘉兴南湖国有集团等机构注资，推动产品进入工程样片阶段。2024年6月，盈富泰克参与的A+轮融资进一步加速了产品的量产准备。 令人唏嘘 的是本次数渡科技被收购距离其最近一次融资刚刚过去不到3个月，公司5月份刚刚拿到北京经开区产业升级基金以及青岛琮碧胡杨创业投资基金的合计 7000万元投资。 | # | 交易轮次 | 交易时间 | 交易金額 | 投资方 | 来源 | | --- | ...

Core Viewpoint - The company, Wantong Development, is planning to acquire a 62.9801% stake in Shudao Technology through a combination of capital increase and equity transfer, with a total transaction amount of approximately 854.45 million yuan [1][2]. Group 1: Acquisition Details - The acquisition will be completed in three steps: 1. A cash capital increase of 100 million yuan to acquire 9.09% of Shudao Technology's equity 2. A transfer of 605 million yuan to acquire 43.19% of equity from existing shareholders 3. A payment of 150 million yuan to acquire two partnership enterprises under Shudao Technology, indirectly controlling an additional 10.7% equity [1]. - Upon completion, Wantong Development will hold a total of 62.9801% of Shudao Technology's equity, making it the controlling shareholder [1]. Group 2: Strategic Importance - This transaction is seen as a critical opportunity for Wantong Development to enter the high-value digital chip sector, aligning with its strategic goal of transforming into a digital technology business [2]. - The integration of high-quality chip design assets is expected to create a second growth curve for the company, enhancing its development quality [2]. Group 3: Shudao Technology Overview - Shudao Technology specializes in high-speed interconnect chip design and ASIC chip customization services, with its core product being PCIe high-speed switch chips [2]. - The self-developed PCIe switch chip supporting the PCIe 5.0 protocol is currently in the customer introduction phase [2]. Group 4: Market Potential - The PCIe high-speed switch chip is essential for high-speed data transmission and device expansion, particularly in AI applications [3]. - The market outlook for Shudao Technology is promising, with a projected compound annual growth rate of 35% for domestic accelerated computing servers from 2025 to 2029 [3]. - The global market for PCIe switch chips is expected to reach 13.53 billion USD by 2030 [3]. Group 5: Financial Performance - Shudao Technology has not yet achieved profitability, with revenues of 15.81 million yuan, 32.38 million yuan, and 16.28 million yuan from 2023 to the first half of 2025, and net losses of 62.57 million yuan, 138 million yuan, and 35.98 million yuan during the same period [3]. - Wantong Development is also currently facing losses, with a total revenue of 115 million yuan in Q1 this year, a year-on-year increase of 51.21%, and a net profit loss of 35.26 million yuan, a year-on-year improvement of 44.76% [3].

Core Viewpoint - The company, Wantong Development, is planning to invest approximately 854.45 million yuan to acquire a 62.98% stake in Beijing Shudu Information Technology Co., Ltd. (Shudu Technology), marking a strategic move towards digital technology and high-value digital chip sectors [1][2]. Group 1: Investment Details - The investment will be executed through capital increase and equity transfer, with a board meeting scheduled for August 13 to review the investment [1]. - Upon completion of the investment, Shudu Technology will become a subsidiary of Wantong Development and will be included in the consolidated financial statements of the company [1]. Group 2: Business Focus of Shudu Technology - Shudu Technology specializes in high-speed interconnect chip design and development, providing ASIC chip customization services, with its core product being PCIe high-speed switching chips [1][2]. - The PCIe high-speed switching chip is essential for connecting devices and facilitating high-speed data transfer, widely used in servers, AI computing, and storage [1][2]. Group 3: Market Potential - The global PCIe switching chip market was valued at approximately $4.58 billion in 2022, with projections to reach $13.53 billion by 2030, reflecting a compound annual growth rate (CAGR) of 14.5% from 2022 to 2030 [2]. - The AI server sector is expected to be the fastest-growing downstream market for PCIe switching chips, with global AI server shipments projected to reach 1.65 million units in 2024, a 46% year-on-year increase [2]. Group 4: Domestic Market Dynamics - Currently, the domestic market for mid-to-high-end PCIe switching chips relies heavily on imports, with U.S. firm Broadcom dominating the AI server market [3]. - Domestic manufacturers, including Shudu Technology, are actively developing PCIe switching chips, indicating a push towards domestic substitution in the market [3]. - The transaction is expected to accelerate the process of domestic substitution for switching chips, supported by policies, market demand, and capital investment [3].

Group 1 - The core point of the article is that Wantong Development plans to invest approximately 854 million yuan to acquire a 62.98% stake in Beijing Shudu Information Technology Co., Ltd, which will become a subsidiary of the listed company after the investment is completed [1][2] - Shudu Technology, established on February 2, 2021, is a leading domestic high-speed interconnect chip company, primarily engaged in the design and research of high-speed interconnect chips and providing ASIC chip customization services [1] - The main product of Shudu Technology is PCIe high-speed switching chips, which are widely used in servers, AI computing, and storage fields [1] Group 2 - Wantong Development states that this transaction is a key opportunity to implement its development goals in the digital technology field and to enter the high-value digital chip sector [2] - After the completion of this transaction, the target company will become a controlled subsidiary of the listed company, opening a new growth curve in the field of new productive forces [2] - This transaction will inject high-quality chip design business assets into the listed company, aiding in the strategic transformation towards digital technology business and expanding new business growth points [2]

雷达财经 文|杨洋 编|李亦辉 8月10日，万通发展（600246）公告，公司正在筹划通过增资及股权转让的方式合计投资85,444.9341万元取得北京数渡信息科技有限公司62.9801%的股权。 本次投资完成后，标的公司将成为上市公司的控股子公司，并纳入上市公司合并报表。该投资事项不构成关联交易，也不构成重大资产重组。公司计划于 2025年8月13日召开董事会审议此事项。 公司参股公司42家，包括Vantone Investment Pte. Ltd.、天津和信发展有限公司、北京万通正远置业有限公司、天津万华置业有限公司、杭州万通时尚置业有 限公司等。 在业绩方面，公司2022年至2024年营业收入分别为4.22亿元、4.87亿元和4.95亿元，同比分别增长-48.09%、15.40%和1.59%。归母净利润分别为-3.23亿 元、-3.90亿元和-4.57亿元，归母净利润同比增长分别为-274.82%、-20.75%和-17.15%。同期，公司资产负债率分别为32.89%、32.03%和30.63%。 在风险方面，天眼查信息显示，公司自身天眼风险102条，周边天眼风险29690条，历史天眼风险15条，预警 ...