华泰联合证券有限责任公司 关于南京迪威尔高端制造股份有限公司 2023 年半年度持续督导跟踪报告 保荐机构名称：华泰联合证券有限责任公司 被保荐公司简称：南京迪威尔高端制造股份 有限公司 保荐代表人姓名：蒋坤杰 联系电话：025-83387734 保荐代表人姓名：卞建光 联系电话：025-83387729 根据《证券法》《证券发行上市保荐业务管理办法》和《上海证券交易所科 创板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以 下简称"华泰联合证券"或"保荐机构"）作为南京迪威尔高端制造股份有限公 司（以下简称"迪威尔"、"公司"或"发行人"）首次公开发行股票的保荐机 构，对迪威尔进行持续督导，并出具本持续督导跟踪报告： 一、保荐机构和保荐代表人发现的问题及整改情况 2023年6月29日，因发行人相关工作人员理解错误，误将募集资金账户中的 2,280.78万元划转至公司一般账户中。发行人经自查发现后于2023年8月7日将相 关资金转回至募集资金专户。 针对上述事项，保荐机构取得并核查了对应募集资金专户及误转出涉及的一 般账户在误转出期间（2023年6月29日至2023年8月7日）之间的银行对账 ...

Financial Performance - The company's operating revenue for the first half of 2023 reached ¥600.34 million, representing a year-on-year increase of 44.79%[27]. - Net profit attributable to shareholders was ¥81.06 million, up 42.60% compared to the same period last year[27]. - Basic earnings per share increased by 44.83% to ¥0.42, while diluted earnings per share also rose by the same percentage[25]. - The company's cash flow from operating activities improved significantly, attributed to better management of receivables and enhanced profitability[26]. - Total assets at the end of the reporting period were ¥2.30 billion, reflecting an increase of 8.17% from the previous year[27]. - The company's revenue, net profit, and net profit excluding non-recurring items increased by 44.79%, 42.60%, and 66.74% year-on-year, respectively, due to enhanced development of high value-added products and increased orders in the deep-sea sector[75]. - The company reported a total revenue of 35 million, with a significant increase from 14.96 million in the previous year, representing a growth of approximately 134%[53]. - The company reported a significant increase in net assets for its subsidiary, with total assets of ¥57,594.84 million and net assets of ¥52,041.58 million[85]. Research and Development - Research and development expenses accounted for 3.58% of operating revenue, a decrease of 1.02 percentage points from the previous year[25]. - The company has established long-term strategic partnerships with major oil and gas service companies, enhancing its market position[32]. - The company has made significant R&D investments, resulting in the establishment of 4 new group standards related to non-destructive testing and underwater equipment during the reporting period[42][45]. - The company is actively involved in the localization research of underwater oil and gas production systems and unconventional shale gas fracturing equipment, contributing to domestic industry development[43]. - The company has a total of 200 intellectual property applications, with 123 granted, reflecting its strong focus on innovation and technology advancement[46]. - The company has invested in a 350MN multi-directional forging hydraulic press to enhance manufacturing capabilities for critical components used in deep-sea and fracturing equipment, which will improve product quality and cost efficiency[41]. - The company is focusing on optimizing the forging and heat treatment processes for F22 steel, with an investment of $3,000,000.00 and cumulative investment of $2,309,090.04[52]. - The company is developing welding technology for underwater pipelines to address fatigue damage issues, with an investment of $5,000,000.00[52]. Risk Management - The company faces various risks including industry, geopolitical, market, and quality risks, which are detailed in the report[4]. - The company emphasizes the uncertainty of forward-looking statements regarding future plans and strategies, advising investors to be cautious[7]. - The company faces risks related to oil and gas industry demand fluctuations, geopolitical changes, and intensified market competition, which could impact future performance[71][72]. - The company's main raw material, special steel, accounts for approximately 65% of its main business costs, making it sensitive to price fluctuations[73]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the authenticity and completeness of the semi-annual report[5]. - The semi-annual report has not been audited, but the responsible persons have declared its accuracy and completeness[4][10]. - There are no violations of decision-making procedures regarding external guarantees[9]. - The company has not engaged in any non-operational fund occupation by controlling shareholders or related parties[8]. - There are no major related party transactions disclosed during the reporting period[119]. - The company has not reported any significant external investments or related transactions during the reporting period[120]. - The company has not disclosed any significant changes in the status of guarantees previously announced[121]. Shareholder Information - The company reported a lock-up period for shareholders, restricting the transfer of shares to no more than 25% of their total holdings annually during their tenure as directors[108]. - The company commits to not transferring or managing shares for 36 months post-IPO, with specific conditions for share lock-up periods[107]. - The company has established a policy to ensure that no more than 15% of shares can be transferred during the tenure of senior management[108]. - The company will ensure that any share reduction will not occur below the initial offering price, adjusting for any corporate actions[113]. - The company has committed to compensating any losses incurred by investors due to non-compliance with shareholding commitments[110]. Environmental and Social Responsibility - The company invested 91.6 thousand yuan in environmental protection during the reporting period[100]. - The company has established an HSE department and implemented measures to ensure compliance with environmental standards, with no penalties for environmental violations reported[104]. - The company has passed ISO14000 and OHSAS18000 certifications, ensuring adherence to environmental regulations[101]. Financial Stability - The company has not reported any overdue guarantees during the reporting period[123]. - The total amount of guarantees provided by the company, excluding guarantees for subsidiaries, is RMB 145.08 million, which accounts for 8.94% of the company's net assets[123]. - The company has not disclosed any significant changes in the use of raised funds during the reporting period[125]. - The company has a total of 194,667,000.00 in paid-in capital at the end of the reporting period[184]. - The total liabilities at the end of the reporting period are 1,675,583,441.89, indicating a stable financial position[177].

（一）审议通过《关于〈公司 2023 年半年度报告〉及其摘要的议案》 公司 2023 年半年度报告的编制和审议程序符合相关法律法规和《公司章程》等 内部规章制度的规定。公允的反应了公司 2023 年半年度的财务状况和经营成果等事 项，半年度报告编制过程中，未发现公司参与半年度报告编制和审议的人员有违反保 密规定的行为。监事会全体成员保证公司 2023 年半年度报告披露的信息真实、准确、 完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 具体内容详见同日刊载于上海证券交易所网站（www.sse.com.cn）的公司《2023 年半年度报告》及《2023 年半年度报告摘要》。 证券代码：688377 证券简称：迪威尔 公告编号：2023-019 南京迪威尔高端制造股份有限公司 第五届监事会第十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 南京迪威尔高端制造股份有限公司（以下简称"公司"）第五届监事会第十一次 会议于 2023 年 8 月 10 日以现场会议方式召开。本次会议的通知于 ...

证券代码：688377 证券简称：迪威尔 公告编号：2023-018 南京迪威尔高端制造股份有限公司 关于募集资金 2023 年半年度存放与使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资 金管理和使用的监管要求》和上海证券交易所《上海证券交易所科创板股票上市规 则》等有关规定，南京迪威尔高端制造股份有限公司（以下简称"公司"或"本公 司"）将对 2023 年半年度募集资金的存放与使用情况做如下专项报告： 一、募集资金基本情况 根据南京迪威尔高端制造股份有限公司（以下简称"公司"）股东大会决议， 并经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2020]1074 号 文核准，公司公开发行人民币普通股（A 股）48,667,000 股，每股发行价格为 16.42 元，募集资金总额为 799,112,140.00 元，扣除发行费用后募集资金净额为 723,876,362.74 元。上述资金于 2020 年 7 月 1 日经 ...

南京迪威尔高端制造股份有限公司 独立董事关于第五届董事会第十二次会议相关事项的 独立意见 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》")、《上海证券交易所科创板股 票上市规则》(以下简称"《上市规则》")、《上市公司独立董事规则》等法律、 法规以及《南京迪威尔高端制造股份有限公司章程》(以下简称"《公司章 程》"）、《南京迪威尔高端制造股份有限公司独立董事制度》等有关规定, 我们作为南京迪威尔高端制造股份有限公司(以下简称"公司")的独立董事, 在审阅公司第五届董事会第十二次会议相关事项后,基于独立客观的立场,本 着审慎负责的态度,对会议相关议案发表如下独立意见: 一、《公司 2023年半年度募集资金存放与使用情况的专项报告》的独立意 见 公司编制的《公司 2023 年半年度募集资金存放与使用情况的专项报告》真 实、准确、完整的反映了 2023年上半年公司募集资金的存放、使用和管理情况, 符合《上市公司监管指引 2 号 -- 上市公司募集资金管理和使用的监管要求》 等相关法律法规和规范性文件的要求,公司对募资资金的管理和使用合法合规, 不存在变相改 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥270,722,117.25, representing a year-on-year increase of 35.15% due to increased customer orders and sales revenue[5]. - The net profit attributable to shareholders for the same period was ¥30,465,615.40, showing a slight increase of 0.11% compared to the previous year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥29,434,784.71, reflecting a year-on-year increase of 23.30%[5]. - Total operating revenue for Q1 2023 reached ¥270,722,117.25, a 35% increase from ¥200,318,930.73 in Q1 2022[18]. - Net profit for Q1 2023 was ¥30,465,615.40, slightly up from ¥30,431,143.44 in Q1 2022, reflecting a marginal increase of 0.1%[19]. - The total profit for Q1 2023 was ¥34,848,514.90, slightly down from ¥35,212,424.06 in Q1 2022[19]. Research and Development - The total R&D investment for Q1 2023 was ¥9,419,167.11, which is an increase of 41.98% compared to the same period last year, primarily due to increased investment in deep-sea product development[6]. - Research and development expenses rose to ¥9,419,167.11, a 42.5% increase compared to ¥6,633,939.90 in Q1 2022[18]. Cash Flow and Liquidity - The cash flow from operating activities for the quarter was ¥55,389,650.79, with no applicable year-on-year comparison[5]. - Cash flow from operating activities generated a net inflow of ¥55,389,650.79, a significant improvement from a net outflow of ¥16,374,267.46 in Q1 2022[20]. - Cash and cash equivalents decreased to ¥276,824,039.72 from ¥336,094,866.41, a decline of about 17.6%[14]. - Cash and cash equivalents at the end of Q1 2023 totaled ¥193,846,047.68, up from ¥55,667,758.62 at the end of Q1 2022[21]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,391,024,178.75, representing a year-on-year increase of 3.90%[6]. - As of March 31, 2023, the total assets of the company amounted to ¥2,391,024,178.75, an increase from ¥2,301,361,531.84 at the end of 2022, reflecting a growth of approximately 3.9%[14][16]. - The company's total liabilities as of March 31, 2023, were ¥735,630,244.29, compared to ¥679,090,537.81 at the end of 2022, indicating an increase of about 8.3%[16]. - The total equity attributable to shareholders increased to ¥1,655,393,934.46 from ¥1,622,270,994.03, representing a growth of approximately 2.0%[16]. - The company's inventory increased to ¥423,230,040.87 from ¥413,989,018.88, showing a rise of approximately 2.9%[14]. - Accounts receivable decreased to ¥322,439,175.10 from ¥359,520,156.10, a reduction of about 10.3%[14]. Shareholder Information - The company had a total of 4,667 common shareholders at the end of the reporting period[10]. - The largest shareholder, Nanjing Diwei Industrial Co., Ltd., held 50,250,000 shares, accounting for 25.81% of the total shares[10]. Borrowings - The company's short-term borrowings were recorded at ¥133,000,000.00, a slight decrease from ¥134,119,602.78, indicating a reduction of about 0.8%[15]. - The long-term borrowings increased to ¥39,427,872.13 from ¥31,031,648.52, representing an increase of approximately 27.0%[16]. Earnings Per Share - The basic earnings per share for Q1 2023 was ¥0.16, unchanged from the previous year[5]. - The company reported a basic and diluted earnings per share of ¥0.16 for Q1 2023, unchanged from Q1 2022[19]. Financial Expenses - The company incurred financial expenses of ¥6,021,052.24 in Q1 2023, significantly higher than ¥1,259,088.80 in the same quarter last year[18]. Additional Notes - The company's total revenue and profit figures for Q1 2023 are not provided in the available documents, indicating a need for further details in future reports[17].

Financial Performance - The net profit attributable to the parent company's shareholders for 2022 was ¥121,462,580.80, with a cumulative undistributed profit of ¥449,558,286.44 at year-end[5]. - The proposed cash dividend for 2022 is ¥1.60 per 10 shares, totaling ¥30,867,635.52 (including tax) based on a total share capital of 194,667,000 shares[5]. - The cash dividend and share repurchase amount for 2022 accounted for 30.85% of the net profit attributable to shareholders of the listed company[5]. - The company repurchased shares amounting to ¥6,600,770.90 during the year[5]. - The company's operating revenue for 2022 was approximately CNY 982.82 million, representing an increase of 86.16% compared to CNY 527.94 million in 2021[23]. - The net profit attributable to shareholders for 2022 was CNY 121.46 million, a significant increase of 277.34% from CNY 32.19 million in 2021[23]. - The net profit after deducting non-recurring gains and losses reached CNY 107.41 million, up 471.71% from CNY 18.79 million in 2021[23]. - The company's total assets at the end of 2022 were CNY 2.30 billion, reflecting a 19.99% increase from CNY 1.92 billion at the end of 2021[23]. - The basic earnings per share for 2022 was CNY 0.56, a 270.59% increase compared to CNY 0.17 in 2021[24]. Research and Development - Research and development expenses accounted for 4.06% of operating revenue in 2022, down from 4.85% in 2021[24]. - The company has obtained 121 intellectual property rights, including 111 patents, indicating a strong focus on innovation and technology[35]. - The company's R&D investment for the year reached approximately ¥39.89 million, a significant increase of 55.71% compared to the previous year, although the ratio of R&D investment to revenue decreased by 16.29% to 4.06%[59]. - The company is committed to continuous R&D investment to meet the increasing performance requirements of its products, particularly in high-strength and low-temperature toughness[45]. - The company is focusing on research and development of new products, including a 350MN multi-directional extrusion system, which is expected to enhance product sensitivity and performance in the domestic market[62]. - The company has successfully developed new materials and manufacturing processes that integrate advanced technology from material selection to non-destructive testing[70]. Market Position and Strategy - The company has established long-term strategic partnerships with major oil and gas service companies such as TechnipFMC, SLB, and Baker Hughes, enhancing its market position in the deep-sea equipment sector[34]. - The company plans to continue expanding its market presence and enhancing its production capabilities to meet growing demand[25]. - The company is actively constructing a 350MN multi-directional double-action composite extrusion production line, which will enhance its manufacturing capabilities for high-end valve and piping components[38]. - The company is focusing on high-end products for deep-sea and unconventional oil and gas development, with an increasing proportion of deep-sea orders aligning with industry trends[53]. - The company aims to improve its manufacturing capabilities and product quality through continuous technological innovation and efficient customized operations[69]. Risks and Challenges - The company faces various risks including industry, market, international trade, and foreign exchange risks, as detailed in the risk factors section[4]. - The company faces risks related to new product development, including high costs and the potential for failure in meeting technical specifications required by clients in the oil and gas sector[78]. - The company is exposed to inventory impairment risks, although the risk is considered low due to existing sales contracts for special raw materials and products[82]. - The company has a direct material cost ratio of approximately 60%, making it vulnerable to fluctuations in the prices of key raw materials like special steel[80]. - The company exports 65% of its revenue, primarily in USD, exposing it to foreign exchange risks, particularly with the appreciation of the RMB leading to potential losses[81]. Corporate Governance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has not violated decision-making procedures for providing guarantees[8]. - The company has received a standard unqualified audit report from the accounting firm[5]. - The board of directors has approved the profit distribution plan, which will be submitted to the annual general meeting for review[6]. - The company has established a transparent performance evaluation and incentive mechanism for senior management to ensure accountability and effective governance[142]. Environmental and Social Responsibility - The company invested 18.97 million yuan in environmental protection during the reporting period[194]. - The company does not belong to the category of heavily polluting industries as defined by the government[195]. - There were no administrative penalties due to environmental issues during the reporting period[196]. - The company actively participates in social responsibility initiatives, including charitable donations and support for local farmers affected by natural disasters[192]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue growth of 25% based on current market trends and user acquisition strategies[156]. - The company plans to increase its marketing budget by 10% to enhance brand visibility and customer engagement[156]. - The company anticipates that high oil prices will maintain cash flow improvements for oil companies, leading to a new expansion cycle in exploration capital expenditures[112].

证券代码：688377 证券简称：迪威尔 公告编号：2023-008 南京迪威尔高端制造股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 投资者可于 2023 年 05 月 11 日(星期四)至 05 月 17 日(星期三)16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@nj-develop.com 进 行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 南京迪威尔高端制造股份有限公司（以下简称"公司"）已于 2023 年 4 月 21 日发布公司 2022 年度报告及 2023 年一季度报告，为便于广大投资者更全面深入地 了解公司 2022 年度及 2023 年一季度的经营成果、财务状况，公司计划于 2023 年 05 月 18 日上午 11:00-12:00 举行 2022 年度暨 2023 年第一季度业绩说明会，就投资 者 ...

2022 年第三季度报告 证券代码：688377 证券简称：迪威尔 南京迪威尔高端制造股份有限公司 2022 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 283,715,819.87 | 106.30 | 698,347,778.56 | 80.8 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 414.63 million, a 66.80% increase compared to CNY 248.58 million in the same period last year [20]. - Net profit attributable to shareholders reached CNY 56.84 million, up 194.02% from CNY 19.33 million year-on-year [20]. - The net profit after deducting non-recurring gains and losses was CNY 47.55 million, a significant increase of 413.70% compared to CNY 9.26 million in the previous year [20]. - Basic earnings per share rose to CNY 0.29, reflecting a 190.00% increase from CNY 0.10 in the same period last year [21]. - The weighted average return on equity increased by 2.54 percentage points to 3.81% compared to 1.27% in the previous year [21]. - The company reported a total revenue of 46 million, with a net profit of approximately 16.09 million, representing a significant increase compared to the previous year [42]. - The company achieved a revenue of 414.63 million yuan, representing a growth of 66.80% compared to the same period last year [63]. - The net profit attributable to shareholders reached 56.84 million yuan, marking a significant increase of 194.02% year-on-year [63]. - The net profit excluding non-recurring gains and losses was 47.55 million yuan, reflecting a remarkable growth of 413.70% compared to the previous year [63]. Financial Position - The company's total assets increased by 19.03% to CNY 2.20 billion from CNY 1.85 billion at the end of the previous year [20]. - Total current assets increased to CNY 1,347,063,458.85 from CNY 1,174,337,693.90, representing a growth of approximately 14.68% [131]. - Total non-current assets reached CNY 849,565,375.44, up from CNY 743,586,528.86, indicating an increase of around 14.25% [132]. - Total liabilities reached CNY 649,706,014.66, up from CNY 426,203,474.79, indicating a growth of around 52.52% [133]. - Shareholders' equity increased to CNY 1,546,922,819.63 from CNY 1,491,720,747.97, marking a growth of approximately 3.70% [133]. Cash Flow - The company reported a decrease in net cash flow from operating activities to -CNY 33.28 million, down 189.37% from CNY 37.24 million in the previous year [22]. - The net cash flow from operating activities turned negative at CNY -48,611,781.04, compared to a positive CNY 37,279,666.63 in the first half of 2021 [150]. - Cash inflow from financing activities was CNY 101,547,500.00, compared to CNY 130,174,081.01 in the first half of 2021 [151]. - The ending balance of cash and cash equivalents was CNY 83,878,282.99, compared to CNY 75,095,070.87 at the end of the first half of 2021 [151]. Research and Development - Research and development expenses totaled approximately ¥19.06 million, representing a 66.66% increase compared to ¥11.44 million in the same period last year, with R&D expenses accounting for 4.60% of operating income [37]. - The company has obtained a total of 109 patents, including 41 invention patents, and has participated in the formulation of 3 national standards and 4 industry standards [32]. - The company has made significant progress in the research and development of key components for underwater oil and gas drilling equipment, enhancing its competitive advantage in the global market [34]. - The number of R&D personnel increased to 116, accounting for 15.34% of the total workforce, with an average salary of 7.92 million [44]. Market and Orders - The company has seen an increase in high-value product orders, particularly in the deep-sea and fracturing sectors, indicating a shift from "parts" orders to "components" orders [29]. - The company received orders for 175 deep-sea oil and gas project components, including a bulk order for "deep-sea connectors" for underwater conditions at 3,000 meters in Brazil, with a long-term supply agreement in place [30]. - The company's main business revenue composition includes 46% from wellhead and Christmas tree components, 30% from deep-sea equipment components, 19% from fracturing equipment components, and 3% from drilling equipment components, with a 6% increase in the proportion of deep-sea and fracturing components compared to the same period last year [31]. Risks and Compliance - The company faced various risks including industry, geopolitical, market, and quality risks as detailed in the report [4]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties [9]. - The company has established an HSE department to improve environmental awareness and ensure compliance with national standards for emissions [86]. - The company has passed ISO14000 and OHSAS18000 certifications, indicating adherence to environmental management standards [84]. Corporate Governance - The financial report for the first half of 2022 has not been audited [5]. - The company has not disclosed any special arrangements for corporate governance during the reporting period [8]. - The company has not made any changes to its information disclosure practices during the reporting period [17]. - The company has not disclosed any new employee stock ownership plans or other incentive measures during the reporting period [82]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 6,501 [118]. - The company reported no changes in the total number of ordinary shares and capital structure during the reporting period [117]. - The company has a total of 50,250,000 restricted shares held by Nanjing Diwei Real Estate Co., Ltd., which will become tradable on July 8, 2023 [124]. - The company will limit share transfers to 25% of the total shares held within 4 years after the lock-up period [97]. Future Outlook - The company provided guidance for the next quarter, expecting revenue growth of 20% year-over-year [91]. - New product launches are anticipated to contribute an additional $50 million in revenue by Q3 2022 [92]. - Market expansion plans include entering three new international markets by the end of 2022 [91]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $200 million allocated for potential deals [92].