南方财经记者冯玉怡 珠海报道 近日，A股上市公司2025年半年报披露收官，珠海A股上市公司亦交出年中成绩单。 珠海芯片"双子星"延续高景气行情。炬芯科技受智能音箱、可穿戴设备等消费电子芯片在AIoT中的需 求回暖，同时该公司重点切入低功耗蓝牙、智能语音处理芯片，市场应用场景扩展，呈现成本控制改 善，毛利率回升。全志科技主攻智能终端、车载电子芯片，在智能汽车电子化浪潮中受益，其产品在国 产替代需求下渗透率提升，加上公司加大研发投入，推出高性能SoC芯片，较快抢占新兴市场。 另一专注于工业控制与智能制造相关芯片和系统解决方案的智迪科技，切中中国制造业数字化升级趋 势，公司在细分市场逐渐占据稳定地位，下游客户拓展顺利，收入结构优化。 今年上半年，珠海39家A股军团总体营收达1823.3亿元，同比增长6.2%，延续稳步扩张态势；归母净利 润174.0亿元，同比下降8.9%，显示盈利质量仍受行业周期与成本压力影响。与此形成鲜明对比的是， 经营性现金流净额暴增逾三倍，达428.66亿元，反映企业在资产盘活、收并购和运营改善中回笼资金的 力度不断增强。 这一组数字背后，是珠海产业结构与资本布局的深度调整，既有传统制造与地产 ...

近日，A股上市公司2025年半年报披露收官，珠海A股上市公司亦交出年中成绩单。 今年上半年，珠海39家A股军团总体营收达1823.3亿元，同比增长6.2%，延续稳步扩张态势；归母净利 润174.0亿元，同比下降8.9%，显示盈利质量仍受行业周期与成本压力影响。与此形成鲜明对比的是， 经营性现金流净额暴增逾三倍，达428.66亿元，反映企业在资产盘活、收并购和运营改善中回笼资金的 力度不断增强。 这一组数字背后，是珠海产业结构与资本布局的深度调整，既有传统制造与地产的周期考验，也有科技 与医药企业的高成长故事。从科技制造到医药健康，从能源装备到消费大健康，珠海上市公司正处在加 快国际化、推动并购重组与产业升级的关键期。 硬科技板块成增长引擎 根据珠海上市公司披露的半年报，南方财经记者统计发现，39家珠海上市公司营收同比增长6.1%。其 中，21家上市公司营收同比正增长，占比54%。营收规模最大的前10家公司分别为格力电器、华发股 份、纳思达、丽珠集团、珠海冠宇、汤臣倍健、珠海港、珠免集团、英搏尔、全志科技。 事实上，2024年以来珠海上市企业资本运作就呈现明显加快的趋势，其中尤以光通信和医药健康板块最 为活跃。 ...

Core Viewpoint - Nanrui Radar (688522) has shown significant growth in revenue and net profit, driven by increased contracts and efficient receivables management, while also pursuing strategic acquisitions to enhance its capabilities in radar chip design [3][4][10]. Group 1: Stock Performance - As of August 29, 2025, Nanrui Radar's stock closed at 48.88 yuan, up 3.36% from the previous week, with a market cap of 14.81 billion yuan [1]. - The stock reached a high of 50.98 yuan and a low of 47.0 yuan during the week [1]. Group 2: Shareholder Changes - As of June 30, 2025, the number of shareholders increased to 9,268, a rise of 27.01% from March 31, 2025, with an average holding of 32,700 shares per shareholder [2]. Group 3: Financial Performance - For the first half of 2025, Nanrui Radar reported a revenue of 155 million yuan, a year-on-year increase of 112.84%, and a net profit of 56.946 million yuan, up 866.97% [3][4]. - The second quarter alone saw a revenue of 96.705 million yuan, reflecting a 134.22% increase year-on-year, and a net profit of 35.281 million yuan, up 2027.66% [3]. Group 4: Strategic Initiatives - The company plans to acquire 100% of Tianjin Sigma Microelectronics to strengthen its radar chip design capabilities, with the acquisition application already accepted by the Shanghai Stock Exchange [4][11]. - Nanrui Radar is focusing on enhancing its core business, increasing market share, and managing receivables effectively to ensure timely cash flow [5]. Group 5: Dividend and Financial Strategy - The company announced a cash dividend of 0.5 yuan per 10 shares, totaling approximately 15.131 million yuan, which represents 26.57% of the net profit [11]. - The acquisition of Tianjin Sigma is valued at up to 370 million yuan, with a commitment for the target company to achieve a cumulative net profit of no less than 78 million yuan from 2025 to 2027 [11]. Group 6: Market Outlook - The company holds an optimistic view on the industry prospects driven by policies related to disaster reduction, water information technology, and the domestic production of air traffic control equipment [9].

Group 1: Core Objectives and Synergies - The acquisition aims to build self-research capabilities in chip technology, enhancing the company's competitiveness in the radar field [1] - The company has seen an increasing trend in chip procurement, with amounts of 17.21 million and 57.06 million yuan for 2023 and 2024 respectively, and quantities of 414,000 and 871,600 chips [2] - The target company's products, including optical sensors and MCU chips, will align with the company's self-research strategy, facilitating business integration and enhancing operational capabilities [3] Group 2: Pricing and Compliance - A differentiated pricing scheme has been established, considering investment costs and time, with external shareholders benefiting from market-based negotiations [4] - The target company's previous financing and repurchase agreements have been cleared, ensuring compliance with accounting standards and market comparability [4] Group 3: Performance Compensation and Stakeholder Interests - The transaction includes performance rewards to incentivize the management team, with cash rewards for exceeding profit commitments by 10% [5] - The deal structure balances cash and equity, with 50% of the consideration in shares and cash, ensuring stability for the management team and protecting minority shareholders [5] Group 4: Valuation and Market Comparison - The valuation of the target company is based on a 421.40% appreciation rate using the income approach, which aligns with the characteristics of the semiconductor industry [6] - The assessment methods and results are comparable to industry peers, reflecting the target company's operational model and growth stage [6]

近日，联合中和土地房地产资产评估有限公司就上海证券交易所对广东纳睿雷达科技股份有限公司发行 股份及支付现金购买资产并募集配套资金申请的审核问询函，发布了专项核查意见。此次回复详细阐述 了标的公司的估值依据、业绩预测的合理性以及市场法评估的相关细节。 标的公司估值：方法与合理性 本次交易以2024年12月31日为基准日，对标的公司采用收益法和市场法评估，最终采用收益法评估结果 37,060.00万元作为评估结论，评估增值率为421.40%。 在可比公司选择上，从上市时间、行业大类、公司规模等多维度筛选，最终选定中颖电子、思特威- W、芯朋微作为可比上市公司，可比交易案例则依据行业、业务、交易时间等筛选确定。标的公司评估 增值率处于可比交易合理区间，静态市盈率在剔除股份支付及减资利息影响后，与可比案例相比定价合 理。 收益法评估结论具合理性，因集成电路设计行业特性，收益法能反映企业无形资产价值及综合获利能 力，且标的公司经营稳定增长，收益预测稳健。 收益法评估：业绩预测与合理性 预测期内（2025 - 2029年），标的公司营业收入从14,486.11万元增长至24,235.89万元，复合增长率为 14.58%。 ...

Core Viewpoint - Guangdong Narui Radar Technology Co., Ltd. is planning to issue shares and pay cash to acquire 100% equity of Tianjin Sigma Microelectronics Co., Ltd. and raise supporting funds through a differentiated pricing scheme [1][2][3] Legal and Regulatory Framework - The law firm Guangdong Jingcheng Yueheng has been appointed as the legal advisor for the transaction, ensuring compliance with relevant Chinese laws and regulations, including the Company Law and Securities Law [1][4] - A supplementary legal opinion was issued in response to an inquiry from the Shanghai Stock Exchange regarding the transaction [2][3] Transaction Details - The transaction involves issuing shares and cash to acquire Tianjin Sigma Microelectronics, with a total valuation of 37 million yuan for the target company [9][15] - The transaction includes a differentiated pricing scheme based on investment costs, time, and agreement terms, allowing for varying valuations among different shareholders [9][12] Shareholder Dynamics - External shareholders, including Zhongxin Haihe and Junke No. 2, have agreed to a differentiated pricing arrangement, reflecting their investment costs and expected returns [11][16] - The pricing strategy aims to balance the interests of management shareholders and external investors, facilitating a quicker transaction process [14][16] Financial Performance and Market Context - The target company has shown significant growth, with a revenue increase of 42.83% in 2021 compared to 2020, and a net profit growth of 64.98% [15] - The global semiconductor market reached a record high of $555.9 billion in 2021, with China being the largest market, indicating a favorable environment for the transaction [15] Valuation and Pricing Analysis - The average premium for the transaction is 87.79% compared to discounted shareholders, while the overall asset pricing premium is 66.17%, which is within a reasonable range compared to market cases [15][16] - The pricing reflects a careful assessment of the target company's valuation, considering its operational performance and market conditions [15][16]

目 录 | 一、关于差异化定价和股东特殊权利…………………………… | 第 | 1—10 | 页 | | --- | --- | --- | --- | | 二、关于标的公司收入……………………………………………第 | | 10—38 | 页 | | 三、关于标的公司成本与毛利率…………………………………第 | | 38—48 | 页 | | 四、关于标的公司应收账款………………………………………第 | | 48—55 | 页 | | 五、关于标的公司存货……………………………………………第 | | 55—67 | 页 | | 六、关于股份支付…………………………………………………第 | | 67—77 | 页 | | 七、关于商誉………………………………………………………第 | | 77—81 | 页 | | 八、关于募集配套资金……………………………………………第 | | 81—89 | 页 | | 九、关于其他………………………………………………………第 | | 90—98 | 页 | | 十、资质证书复印件…………………………………………… 第 | | 99—102 | 页 | | 关于广东纳睿雷达科 ...

证券代码：688522 证券简称：纳睿雷达 公告编号：2025-062 号 公司本次交易事项尚需经上海证券交易所审核，并获得中国证券监督管理委员会 注册同意后方可实施，最终能否通过上海证券交易所审核，并获得中国证券监督管理 委员会同意注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情况，按 照相关规定和要求及时履行信息披露义务。敬请广大投资者理性投资，注意投资风险。 特此公告。 广东纳睿雷达科技股份有限公司 广东纳睿雷达科技股份有限公司董事会 关于发行股份及支付现金购买资产并募集配套资金申请 的审核问询函回复的公告 二〇二五年八月三十日 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、准确性和完整性承担法律责任。 广东纳睿雷达科技股份有限公司（以下简称"公司"）拟以发行股份及支付现金 的方式向周奇峰、李颖、天津好希望微电子技术合伙企业（有限合伙）等 12 名交易 对方购买天津希格玛微电子技术有限公司的 100%股权，并同时募集配套资金（以下 简称"本次交易"）。 公司于 2025 年 7 月 9 日收到上海证券交易所出具的《关于广东纳睿雷达科技股 ...

Core Viewpoint - The company Guangdong Narui Radar Technology Co., Ltd. plans to issue shares and pay cash to acquire 100% equity of Tianjin Sigma Microelectronics Technology Co., Ltd. while raising supporting funds, aiming to enhance its core technology and market competitiveness in the radar industry [1][11]. Group 1: Transaction Overview - The transaction involves issuing shares and paying cash to acquire the entire equity of Tianjin Sigma Microelectronics, with a total transaction price of 370 million yuan [11][12]. - The payment structure consists of 50% cash and 50% shares, with the share issuance price set at 42.93 yuan per share [11][16]. - The transaction is expected to be completed by August 2025, pending regulatory approvals [1]. Group 2: Impact on Business Operations - The acquisition will allow the company to integrate Tianjin Sigma's technology and supply chain resources, enhancing its capabilities in radar system development and maintaining a competitive edge in the market [21][22]. - The company specializes in active phased array radar technology and aims to expand its applications in various fields, including meteorology and public safety [21][22]. Group 3: Financial and Shareholder Implications - The company plans to raise up to 185 million yuan through the issuance of shares to no more than 35 specific investors, which will be used to cover cash payments for the acquisition [19][20]. - The transaction will not adversely affect the interests of the company and its minority shareholders, as the total payment will not exceed the assessed value of the acquired company [16][22]. - The shareholding structure will be adjusted post-transaction, with specific details on the distribution of shares among existing and new shareholders [21].

股票代码：688522 股票简称：纳睿雷达 上市地点：上海证券交易所 广东纳睿雷达科技股份有限公司 发行股份及支付现金购买资产并募集配套资金 报告书（草案）摘要（修订稿） 交易对方类型 交易对方名称 周奇峰、李颖、天津好希望微电子技术合伙企业（有限合 发行股份及支付 伙）、李志谦、深圳市聚仁诚长信息技术企业（有限合伙） 现金购买资产 等 12 名交易对方 发行股份募集配 不超过 35 名符合条件的特定投资者 套资金 独立财务顾问 二〇二五年八月 上市公司声明 本公司及全体董事、监事、高级管理人员保证重组报告书及本报告书摘要内 容的真实、准确、完整，对重组报告书及本报告书摘要的虚假记载、误导性陈述 或重大遗漏负相应的法律责任。 本公司控股股东、实际控制人及一致行动人、全体董事、监事、高级管理人 员承诺：如本次交易因涉嫌所提供或者披露的信息存在虚假记载、误导性陈述或 者重大遗漏，被司法机关立案侦查或者被中国证券监督管理委员会立案调查的， 在案件调查结论明确之前，将暂停转让在上市公司直接或间接拥有权益的股份， 并于收到立案稽查通知的两个交易日内将暂停转让的书面申请和股票账户提交 上市公司董事会，由董事会代其向证券交 ...