Core Viewpoint - Guangdong Narui Radar Technology Co., Ltd. plans to acquire 100% equity of Tianjin Sigma Microelectronics Technology Co., Ltd. through a combination of issuing shares and cash payment, while also raising supporting funds for this transaction [1][6]. Group 1: Transaction Details - The company received an inquiry letter from the Shanghai Stock Exchange regarding the application for the acquisition and fundraising, and has made necessary revisions and disclosures in response [2][7]. - The audit benchmark date for the transaction has been updated to June 30, 2025, and the company has revised the transaction report accordingly [3][10]. - The board of directors approved the revised report and the related audit reports, which were conducted by Tianjian Accounting Firm [10][11]. Group 2: Board Meeting - The board meeting was held on November 27, 2025, with all five directors present, and the meeting complied with relevant laws and regulations [5][6]. - The board unanimously approved the proposal to revise the acquisition report and its summary, with no votes against or abstentions [6][8]. - The proposal regarding the approval of the updated audit report and review report was also unanimously approved by the board [10].

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 | | 二〇二五年十一月 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 ...

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） | | （修订稿） | | --- | --- | | 交易对方类型 | 交易对方名称 | | 发行股份及支付 | 周奇峰、李颖、天津好希望微电子技术合伙企业（有限合伙）、 | | 现金购买资产 | 李志谦、深圳市聚仁诚长信息技术企业（有限合伙）等 12 名 | 独立财务顾问 交易对方 发行股份募集配 套资金 不超过 35 名符合条件的特定投资者 请全体股东及其他公众投资者认真阅读有关本次交易的全部信息披露文件， 做出谨慎的投资决策。 本次交易完成后，本公司经营与收益的变化，由本公司自行负责；因本次交 易引致的投资风险，由投资者自行负责。 投资者在评价本次交易时，除本报告书及其摘要内容以及与本报告书同时披 露的相关文件外，还应认真考虑本报告书及其摘要披露的各项风险因素。投资者 若对本报告书及其摘要存在任何疑问，应咨询自己的股票经纪人、律师、专业会 计师或其他专业顾问。 1-1-1 交易对方声明 本次交易的交易对方已出具承诺，将及时向上市公司提供本次重组相 ...

关于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 之回复报告 独立财务顾问 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十一月 上海证券交易所： 广东纳睿雷达科技股份有限公司（以下简称"公司""上市公司"或"纳睿 雷达"）收到贵所于 2025 年 7 月 9 日下发的《关于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》（上证科审 （并购重组）〔2025〕23 号）（以下简称"问询函"），公司已会同中信证券股份 有限公司（以下简称"中信证券""独立财务顾问"）、广东精诚粤衡律师事务所 （以下简称"精诚粤衡律师""律师"）、天健会计师事务所（特殊普通合伙）（以 下简称"天健会计师""审计机构"）、联合中和土地房地产资产评估有限公司（以 下简称"联合中和评估""评估机构"）进行了认真研究和落实，并按照《问询函》 的要求对所涉及的问题进行了回复，现提交贵所，请予审核。 除非文义另有所指，本问询函回复中的简称与《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）》（以下简称"报 ...

Major Announcements - Glacier Network plans to sign an exclusive overseas agency agreement with Chengdu Time Race Technology Co., Ltd., a 14% owned affiliate, for the promotion and operation of "Magic War" [3] - Nairui Radar intends to acquire 100% equity of Tianjin Sigma Microelectronics Technology Co., Ltd. through a combination of share issuance and cash payment [4] - Howie Group's wholly-owned subsidiary, Shaoxing Wehao, plans to invest 200 million yuan in a private equity fund, holding an 18.39% stake [5] - Hekang New Energy's subsidiary received a government subsidy of 6 million yuan, accounting for 58.27% of the company's latest audited net profit attributable to shareholders [6] - Yanzhou Coal Mining plans to acquire 100% equity of a high-end support manufacturing company for 345 million yuan, constituting a related party transaction [7] Termination of Cooperation - Jincheng Pharmaceutical has decided to terminate its intention to cooperate with Dutch company Giskit regarding the exclusive commercialization rights of ExEm® Foam in China due to lack of substantial progress in negotiations [9] Mining License Acquisition - Hunan Gold's subsidiary Xinshao Siwei has obtained a mining license for the Xinshao County Tanxi Tungsten Mine, with an annual production capacity of 990,000 tons [10] Share Buybacks - Visionox has initiated a share buyback of 1.6607 million shares for approximately 15 million yuan, with a maximum price of 14.8 yuan per share [11] - Koli completed a share buyback amounting to 10.9949 million yuan, acquiring 845,700 shares at prices between 12.89 and 13.13 yuan per share [12] - Maide Medical's chairman proposed a share buyback plan with a total amount between 20 million and 40 million yuan [13] Shareholding Changes - Funeng Technology's shareholder plans to reduce its stake by up to 1.6816%, totaling no more than 20.551 million shares [14] - Aerospace Hongtu's director intends to sell up to 5,000 shares due to personal financial needs [15] Project Wins - Anhui Construction has won two projects with a total bid price of 2.603 billion yuan, with the company's share being approximately 600 million yuan [16][17]

Major Events - Glacier Network plans to sign an exclusive overseas agency agreement with Chengdu Time Race Technology Co., Ltd., a company in which it holds a 14% stake, for the promotion and operation of "Magic War" [4] - Nairui Radar intends to acquire 100% equity of Tianjin Sigma Microelectronics Technology Co., Ltd. through a combination of issuing shares and cash [5] - Howey Group's wholly-owned subsidiary, Shaoxing Wehao, plans to invest 200 million yuan in a private equity fund [6][7] - Hekang New Energy's subsidiary received a government subsidy of 6 million yuan, accounting for 58.27% of the company's latest audited net profit attributable to shareholders [8] - Yanzhou Coal Mining plans to acquire 100% equity of a high-end support manufacturing company for 345 million yuan, constituting a related party transaction [9] - Jincheng Pharmaceutical has decided to terminate its intention to cooperate with Dutch company Giskit regarding exclusive commercialization rights for a drug in China due to lack of substantial progress [10] - Hunan Gold's subsidiary obtained a mining license for tungsten, magnetite, and silver with an annual production capacity of 990,000 tons [11] Share Buybacks - Visionox completed its first share buyback of 1.6607 million shares for approximately 15 million yuan, with a maximum price of 14.8 yuan per share [12] - Koli completed a share buyback of 10.9949 million yuan, acquiring 845,700 shares at prices between 12.89 and 13.13 yuan per share [13][14] - Maide Medical's chairman proposed a share buyback plan with a total amount between 20 million and 40 million yuan [15] Shareholding Changes - Funeng Technology's shareholder plans to reduce its stake by up to 1.6816%, totaling approximately 20.551 million shares [16] - Aerospace Hongtu's director plans to reduce his holdings by 5,000 shares due to personal financial needs [17] Major Contracts - Anhui Construction won two projects with a total bid price of 2.603 billion yuan, with the company's share being approximately 600 million yuan for each project [18]

Core Viewpoint - Guangdong Narui Radar Technology Co., Ltd. plans to acquire 100% equity of Tianjin Sigma Microelectronics Technology Co., Ltd. for a transaction price of 370 million yuan, aiming to enhance radar-specific chip design capabilities and establish a self-controlled chip technology system [1][2] Transaction Background - Narui Radar currently relies on purchasing general-purpose chips for phased array radar, with chip costs accounting for 23%-29% of the total machine cost. As the next-generation digital phased array radar technology evolves, the chip cost proportion is expected to rise to 30%-50% [2] - The target company possesses mature technology reserves in optoelectronic sensors and MCU chips, with its ADC/DAC intellectual property matrix aligning with radar chip demands [2] Synergy Effects - Post-acquisition, self-developed chips are expected to enhance product competitiveness in terms of cost and performance. For instance, the price of MCU chips is projected to drop over 50% from 15 yuan to 3 yuan per unit [3] - Key performance parameters of the next-generation radar using self-developed chips are anticipated to improve significantly, including a 46.5% increase in peak power and an 8.6% reduction in system noise figure [3] R&D Progress - The target company has delivered MCU chip samples for testing, with plans for small batch verification within six months. Projects for ADC and DAC chips are underway, with a total investment of 140 million yuan planned for radar-specific chip R&D [4] - The core team of the target company has over 20 years of chip design experience, facilitating a feasible collaboration with Narui Radar's technical team [4] Valuation and Integration - The transaction price of 370 million yuan is significantly lower than the historical valuation of 1.05 billion yuan, reflecting changes in the semiconductor investment environment [5] - Management shareholders will lock in 78% of their shares for 36 months, with performance commitments set for 2025-2027 [5] Industry Benchmarking - The acquisition positions Narui Radar to transition from purchasing general-purpose chips to custom chip design, addressing gaps in radar-specific chip capabilities and laying the groundwork for expansion into new areas such as 5G communication and satellite radar [6] Independent Financial Advisor Opinion - CITIC Securities believes the transaction will help the listed company reduce core component procurement costs and acquire key technologies, with the transaction price deemed fair [7]

Group 1 - The core point of the article is that Nairui Radar announced a board meeting to discuss the revision of its asset acquisition report and its financial performance for 2024, indicating a strong focus on its radar manufacturing business [1][2] - Nairui Radar's revenue composition for 2024 shows that 99.94% of its income comes from radar and supporting equipment manufacturing, while other businesses contribute only 0.06% [1] - As of the latest update, Nairui Radar's market capitalization stands at 11.4 billion yuan [2]

联合中和土地房地产资产评估有限公司 关于上海证券交易所 《关于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》回复 之专项核查意见 联合中和土地房地产资产评估有限公司 二〇二五年十一月 上海证券交易所： 联合中和土地房地产资产评估有限公司（以下简称"评估机构"或"联合中 和评估"）接受广东纳睿雷达科技股份有限公司（以下简称"上市公司"、或"纳 睿雷达"）的委托，担任纳睿雷达本次发行股份及支付现金购买资产（以下简称 "本次交易"）的资产评估机构。纳睿雷达于 2025 年 7 月 9 日收到贵所下发的 《关于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》（上证科审（并购重组）〔2025〕23 号）（以下简称"问 询函"），联合中和评估会同上市公司及其他中介机构就问询函所提问题进行了认 真研究和落实，并按照《问询函》的要求对所涉及的问题进行了回复，现提交贵 所，请予审核。 除非文义另有所指，本问询函回复中的简称与《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）》（以下简称"重 组报告书"）中的释义 ...

中信证券股份有限公司 关于 签署日期：二〇二五年十一月 声 明 本声明所述词语或简称与本独立财务顾问报告"释义"所述词语或简称具 有相同含义。 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 之 独立财务顾问报告 （修订稿） 独立财务顾问 中信证券受纳睿雷达的委托担任本次交易的独立财务顾问。根据《公司法》 《证券法》《重组管理办法》《发行管理办法》《26 号格式准则》《上市公司 并购重组财务顾问业务管理办法》等法律、法规的有关规定，按照证券行业公 认的业务标准、道德规范，本着诚实信用、勤勉尽责精神，遵循客观、公正的 原则，在认真审阅相关资料和充分了解本次交易行为的基础上，本独立财务顾 问就本次交易的相关事项出具本独立财务顾问报告。 本独立财务顾问声明如下： 1、本独立财务顾问与本次交易所涉及的交易各方不存在利害关系，就本次 交易发表意见是完全独立的； 2、本独立财务顾问报告所依据的文件、材料由本次交易的相关各方向本独 立财务顾问提供。相关各方已承诺在本次交易过程中所提供的信息真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏。本独立财务顾问不承担由 此引起的任何风险责任； 3 ...