日前，思林杰（688115.SH）发布公告称，经公司董事会审议，终止重大资产重组。 公告显示，思林杰原拟通过 发行股份及支付现金的方式购买科凯电子的股权同时配套募集资金。 备受外界关注的思林杰收购科凯电子一案，终于在2026年1月末按下了"停止键"。 思林杰表示，由于本次交易规模较大、涉及相关方较多，使得重大资产重组方案论证历时较长。公司综合考虑市 场环境较本次交易筹划初期已发生一定变化，决定终止本次交易事项并向上交所申请撤回本次交易事项的相关申 请文件。 南都·湾财社此前报道，根据重组报告书，2024年，思林杰归母净利润同比增长69.99%，才达到0.15亿元；而同期 科凯电子归母净利润则为1.00亿元，盈利能力超思林杰6倍，2023年时更是曾达到1.67亿元。同时，两家公司估值 也存在倒挂的情况。 来源：思林杰 这场"跨界"收购，在外界看来，系科凯电子"带病闯关"IPO失败后的"曲线上市"之举。 据悉，科凯电子的主营业务为高可靠微电路模块的研发、生产及销售，主要产品包括电机驱动器、光源驱动器、 信号控制器以及其他微电路产品。2023年6月，科凯电子向深交所递交招股书，企图冲刺IPO。当年7月13日进入 问 ...

Core Viewpoint - The acquisition attempt by Guangzhou Silin Jie Technology Co., Ltd. for Qingdao Kekai Electronics Research Institute Co., Ltd. has failed, with the independent financial advisor unable to reverse the situation [1] Group 1: Company Overview - Guangzhou Silin Jie Technology focuses on the development, production, and sales of industrial automation testing products, including embedded intelligent instrument modules and machine vision products [2] - The company anticipates a loss of 8 million to 11.5 million yuan in 2025, marking a shift from profit to loss compared to 2024 [2] - The stock price of Silin Jie experienced a significant increase, with four consecutive 20% daily limits, following the announcement of the acquisition of Kekai Electronics [2] Group 2: Acquisition Details - The acquisition involved a significant asset restructuring plan, where Silin Jie intended to acquire 71% of Kekai Electronics through a combination of share issuance and cash payment [4] - The independent financial advisor for the acquisition was Guolian Minsheng Securities, which failed to turn the situation around [4] Group 3: Kekai Electronics Background - Kekai Electronics, established in 1997, specializes in the research, production, and sales of high-reliability micro-circuit modules, primarily serving military applications [3] - The company faced challenges during its IPO process, including issues such as inflated R&D expenditures and poor internal controls, leading to regulatory warnings for its underwriters and auditors [3][5] Group 4: Financial Performance - Kekai Electronics reported revenues of 308 million yuan, 164 million yuan, and 119 million yuan for the years 2023, 2024, and the first half of 2025, respectively [5] - The net profits for the same periods were 167 million yuan, approximately 99.92 million yuan, and approximately 48.84 million yuan, with a significant decline attributed to changes in the military industry and customer demand [5] - The company has a high customer concentration, with over 99% of revenue coming from the top five clients, including 73.4% from a subsidiary of China Ordnance Industry Group [5] Group 5: Termination of Acquisition - The termination of the acquisition was attributed to the large scale of the transaction and changes in the market environment since the initial planning [6] - The chairman of Silin Jie indicated that the prolonged duration of the restructuring process and increased uncertainty in the transaction's progression were key factors in the decision to withdraw [6]

（文章来源：证券日报） 证券日报网1月28日讯 ，思林杰在接受调研者提问时表示，根据《上海证券交易所交易规则》《上海证 券交易所科创板股票异常交易实时监控细则》的有关规定，公司2026年1月19日-21日连续三个交易日内 日收盘价格涨幅偏离值累计未超过30%，不属于股票交易异常波动情形。 ...

Core Viewpoint - The company emphasizes the protection of the legitimate rights and interests of small and medium-sized investors, stating that the termination of the transaction will not adversely affect its main business operations, financial status, core technology development, or customer cooperation [2]. Group 1 - The company's production and operational status is normal, with performance continuing to improve steadily [2]. - The termination of the restructuring will not have a significant impact on the company's existing operations [2]. - The company will continue to focus on its main business and advance its established development strategy to create value for shareholders [2].

Group 1 - The company, Silin Jie, stated that it fulfills its information disclosure obligations in accordance with the law [2]

一些业绩"滑坡"的公司，遭遇投资者"用脚投票"。至纯科技（维权）（603690.SH）预计去年亏损3亿元 至4.5亿元，或出现上市以来的首次归母净利润亏损，消息披露后公司股票一度跌停。 亏损企业扎堆发公告，业绩预告披露为何"画风突变"？南开大学金融发展研究院院长田利辉对第一财经 称，这一现象折射出A股生态在发生深刻变革，亏损企业主动披露是市场理性化的表现。"受产业周期 等因素影响，部分行业行业处于深度调整期，企业选择尽早释放财务压力，本身也是一种审慎的预期管 理行为。"他说。 当前正值上市公司年报预告披露期，不同于以往的绩优股抢先发布业绩，今年财报季里，一批亏损公司 正在密集"交卷"。 1月26日晚间，百余家A股公司披露了2025年业绩预告，多家亏损公司在列。其中，大禹生物 （920970.BJ）、ST英飞拓（维权）（002528.SZ）等续亏；二六三（002467.SZ）、恒基达鑫 （002492.SZ）等首亏。 另据Wind统计，截至1月26日，共计1165家A股公司已披露2025年业绩预告，业绩下滑的有709家，占比 约六成，当期预计亏损的有500多家。从行业来看，预亏幅度较大的企业扎堆房地产、建筑行业 ...

Group 1 - A significant number of loss-making companies are disclosing their performance forecasts during the annual report season, contrasting with previous years where profitable companies led the announcements [1][2] - As of January 26, 1165 A-share companies have disclosed their performance forecasts, with approximately 60% (709 companies) reporting a decline in performance, and over 500 companies expected to incur losses [1][3] - The real estate and construction sectors are particularly affected, with companies like Huaxia Happiness expected to report losses between 16 billion to 24 billion yuan, making it the "loss king" [1][5] Group 2 - The trend of loss-making companies proactively disclosing their forecasts reflects a transformation in the A-share market, indicating a more rational market behavior [2][15] - The majority of companies facing performance declines are concentrated in the real estate, construction, and pharmaceutical sectors, with 53 companies expected to report losses exceeding 1 billion yuan [4][6] - The solar energy sector is also experiencing significant losses, with leading companies like Tongwei Co. and Longi Green Energy projecting substantial net profit losses [7][18] Group 3 - Following the disclosure of poor performance forecasts, stock prices of several companies have dropped significantly, with Yanghe Co. and Zhichun Technology experiencing notable declines [10][11] - The termination of acquisitions and restructuring efforts has further compounded the challenges for some companies, leading to sharp declines in their stock prices [14] - Investors are urged to adjust their stock selection logic, focusing on the quality of earnings and cash flow, as well as aligning investments with high-growth sectors [16][17]

经济导报记者 杨佳琪 这起筹划16个月的交易，在多次调整方案后，最终按下"终止键"。 多次下调交易对价 1 2024年9月24日，思林杰董事会审议通过，公司拟通过发行股份及支付现金方式，向王建绘、王建纲、王新和王科等23名交易对方收购科凯电子71%的股 份，并募集配套资金。 2025年1月披露的首版议案显示，思林杰拟以14.91亿元收购科凯电子71%股份，其中5.91亿元将以向交易对方发行股份的方式支付。同时，思林杰还计划 募集配套资金（总额不超过5亿元），用于支付交易的现金对价、中介机构费用等。 此次交易还设计了业绩承诺，科凯电子2025年到2028年经审计的归母净利润（扣除非经常性损益前后孰低）分别达9000万元、1.2亿元、1.5亿元、1.8亿 元，4年累计不低于5.4亿元。对于补偿义务，若2025、2028年低于承诺数即触发；2026、2027年若低于90%则触发。 彼时，思林杰表示，公司将与科凯电子在产品品类、销售渠道、研发资源等方面形成积极的互补关系，可实现业务与技术上的有效整合，有利于上市公司 整体战略布局和实施。 公告显示，科凯电子成立于1997年7月，注册资本33646.03万元，主营业务为 ...

Group 1 - The asset restructuring plan of the company has been terminated, leading to a temporary setback in its vision of "military industry + commercial aerospace" [1] - On January 25, 2026, the company announced the board's approval to terminate the issuance of shares and cash payment for asset acquisition, as well as to withdraw related application documents [1] - Prior to the termination announcement, the company issued a profit warning for 2025, forecasting a net loss of between 11.5 million to 8 million yuan, representing a year-on-year decline of 152.38% to 175.30% [1] Group 2 - Following the announcement of the termination, the company's stock price fell by 5.92% on January 26, closing at 47.04 yuan per share [1] - In the five trading days leading up to the announcement of the profit warning and termination of the share issuance plan, the stock experienced a significant decline, with a cumulative drop of 29.68% [1] - Initially, when the restructuring plan was announced, the company's stock surged over 150% within six days [1]

股价大幅收跌5.92% 筹划逾16个月，思林杰（688115）上市后首次并购重组宣告失败。思林杰1月25日晚间披露公告称，公司终止收购青岛科凯电子研究所股份有限公司（以下 简称"科凯电子"）71%股份并募集配套资金，这也意味着科凯电子曲线上市告败。受这一消息影响，1月26日，思林杰低开低走，最终收跌5.92%，收于 47.04元/股。重组终止背后，思林杰的业绩表现并不理想，公司预计2025年净利最高预亏1150万元。值得一提的是，2025年净利预亏也将成为公司上市后年 度净利首亏。 中关村物联网产业联盟副秘书长袁帅表示，一般而言，并购优质标的企业能为公司带来新的利润增长点，改善公司的经营状况和财务指标。终止重组通常意 味着公司失去了通过外延式扩张实现快速发展的机会。 恐迎上市后首亏 从基本面来看，思林杰业绩表现并不理想，公司预计2025年净利将出现亏损，恐迎来上市后首次年度亏损。 资料显示，思林杰2022年登陆A股市场，是一家专注于工业自动化检测领域的高新技术企业，主要从事嵌入式智能仪器模块等工业自动化检测产品的设计、 研发、生产及销售。 1月26日，思林杰低开1.8%，开于49.1元/股，开盘后公司股价保持 ...