经济观察网近7个交易日内(2026年02月09日至02月13日)，思林杰股价呈现显著波动。02月09日股价大 幅上涨6.85%，收盘价50.25元，成交量为297.90万股，换手率达4.47%，单日振幅超7%；随后几个交易 日股价回调，02月13日收盘价48.87元，较02月09日高点回落约2.7%。资金流向显示，02月13日主力资 金净流入246.91万元，但近5日累计主力净流出109.46万元，反映短期资金分歧。同期，思林杰所属的机 械设备板块下跌0.96%，大盘指数表现疲软，个股波动部分受板块情绪拖累。 财报分析 近期事件 思林杰于2026年01月25日公告终止重大资产重组事项，终止收购科凯电子71%股份，该事件对市场情绪 的扰动在近7天内仍有延续性影响。交易对价从初始14.91亿元经三次下调至13.14亿元后最终终止，重组 折戟可能加剧了投资者对公司外延增长能力的担忧。近7日内虽无新重大事件公告，但01月26日至02月 13日区间股价累计下跌2.26%，显示事件余波未平。 以上内容基于公开资料整理，不构成投资建议。 思林杰在2026年01月23日发布2025年业绩预告，预计全年净利润亏损800万元至1 ...

Core Viewpoint - The acquisition of Cokai Electronics by Silin Jie has been terminated due to changes in market conditions and the complexity of the transaction, which involved multiple parties and a lengthy review process [1][5]. Group 1: Acquisition Details - Silin Jie announced the termination of the major asset restructuring plan to acquire Cokai Electronics, which was intended to be executed through a combination of share issuance and cash payment [1]. - The acquisition was initially proposed in September 2024, aiming to purchase 71% of Cokai Electronics from 23 parties [2]. - Cokai Electronics faced challenges in its IPO attempt, leading to its shift towards an acquisition strategy after its IPO application was withdrawn in April 2024 [2]. Group 2: Financial Performance and Valuation - In 2024, Silin Jie reported a net profit of 0.15 billion RMB, reflecting a year-on-year increase of 69.99%, while Cokai Electronics achieved a net profit of 1.00 billion RMB, which was six times higher than Silin Jie [3]. - The valuation of Cokai Electronics dropped significantly from 56.71 billion RMB during its IPO application to 18.52 billion RMB in the asset evaluation report, a decrease of 38.19 billion RMB [4]. Group 3: Market and Strategic Considerations - The acquisition raised concerns regarding the potential for synergy between the two companies, as their core businesses and customer bases were significantly different [3]. - Silin Jie primarily focuses on consumer electronics testing equipment, heavily reliant on the Apple supply chain, while Cokai Electronics has a high customer concentration, with over 99% of its revenue coming from its top five clients [3].

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]

Group 1 - The company, Silin Jie, stated that based on the regulations of the Shanghai Stock Exchange, the cumulative price deviation of its stock from January 19 to January 21, 2026, did not exceed 30%, indicating that it does not fall under the category of abnormal trading fluctuations [2]

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]

Group 1 - A significant number of A-share companies are reporting losses, with over 500 companies expected to post losses for 2025, reflecting a shift in the market where loss-making companies are disclosing their financials earlier than usual [1][3][22] - 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" [4][24] - The overall performance of A-share companies is under pressure, with 709 out of 1165 companies reporting declining performance, which is approximately 60% [1][22] Group 2 - The trend of loss-making companies disclosing their financials is seen as a sign of market rationalization, with companies aiming to manage expectations and release financial pressures [2][21] - The solar energy sector is facing significant challenges, with leading companies like Tongwei Co. and Longi Green Energy expected to report substantial losses due to overcapacity and price competition [6][24] - The real estate sector is also experiencing widespread losses, with over 30 A-share real estate companies reporting poor performance, and only a few showing positive results [7][25] Group 3 - Companies like Zhichun Technology and Siyuanjie are facing severe stock price declines following their loss announcements, indicating investor reactions to poor financial forecasts [12][30] - The overall market sentiment is expected to be negatively impacted in the short term due to the concentration of negative financial disclosures, but this could lead to improved market pricing efficiency in the long run [15][32] - The performance of A-share companies is anticipated to show a "total pressure, structural brilliance" pattern, with traditional industries like real estate and solar energy under significant strain [16][33][34]

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]

Group 1 - The acquisition deal planned by the company took 16 months to negotiate but was ultimately terminated after multiple adjustments to the proposal [1] - The initial proposal in January 2025 indicated a purchase price of 1.491 billion yuan for 71% of Keke Electronics, with 591 million yuan to be paid through share issuance and an additional fundraising of up to 500 million yuan [2] - The purchase price was subsequently reduced multiple times, first to 1.42 billion yuan in May 2025 and then to 1.314 billion yuan in October 2025, totaling a decrease of 180 million yuan within a year [3] Group 2 - Keke Electronics, established in July 1997, specializes in the research, production, and sales of high-reliability microcircuit modules, with a registered capital of 336.46 million yuan [6] - The company faced challenges, including a withdrawal of its IPO application in April 2024 after two rounds of inquiries from the Shenzhen Stock Exchange, leading to a decline in its performance in 2024 [7] - Financial data shows Keke Electronics' revenue from 2022 to 2024 was 272.37 million yuan, 307.56 million yuan, and 163.97 million yuan, with net profits of 162.79 million yuan, 166.98 million yuan, and 99.92 million yuan respectively [7] Group 3 - The company, located in Guangzhou, has been under dual pressure from performance decline and regulatory scrutiny, with a projected net loss of 11.5 million to 8 million yuan for 2025, representing a year-on-year decline of 152.38% to 175.30% [8] - The company received an administrative regulatory decision from the Guangdong Securities Regulatory Bureau due to issues related to undisclosed shareholding and improper use of raised funds, leading to corrective measures and warnings for senior management [8] - Following the termination of the acquisition, the company's stock price fell by 5.92% to 47.04 yuan per share, with a total market capitalization of 3.136 billion yuan as of January 26 [11]

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]