Core Viewpoint - The company has announced a differentiated cash dividend distribution plan for the first half of 2025, with a proposed cash dividend of 0.05 yuan per share (including tax) to all shareholders as of the record date [1][2][3]. Summary by Relevant Sections Dividend Distribution Plan - The company's board of directors approved the mid-term profit distribution plan during the annual shareholders' meeting on May 9, 2025, and the specific plan was ratified on August 25, 2025 [1][2]. - The total number of shares eligible for the dividend is 302,617,300 shares after excluding 378,306 shares held in the repurchase account, leading to a total cash dividend distribution of approximately 15.13 million yuan (including tax) [3][4]. Dividend Payment Dates - The ex-dividend date is set for September 16, 2025, and the cash dividend will be distributed on September 17, 2025 [1][2]. Taxation on Dividends - For individual shareholders holding unrestricted shares for over one year, the dividend income is exempt from personal income tax, while those holding for less than one year will not have tax withheld at the time of distribution [8][9]. - The actual cash dividend received by shareholders holding shares for less than one month will be 0.04 yuan per share after a 20% tax, while those holding between one month and one year will receive 0.045 yuan per share after a 10% tax [9][10]. Implementation Method - Shares held in the repurchase account will not participate in the dividend distribution, and dividends will be distributed through the China Securities Depository and Clearing Corporation Limited [6][7].

Group 1 - The company, Narui Radar, announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.05 yuan per share (tax included) [1] - The record date for the dividend is set for September 16, 2025, with the ex-dividend date and payment date both scheduled for September 17, 2025 [1]

中信证券股份有限公司 关于广东纳睿雷达科技股份有限公司差异化分红事项的核查意见 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）作为广东纳睿 雷达科技股份有限公司（以下简称"纳睿雷达"、"公司"）持续督导工作的保荐 人，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》"）《证券发行上市保荐业务管理办法》《上海证券 交易所上市公司自律监管指引第 7 号——回购股份》等有关法规和规范性文件的 要求，对纳睿雷达 2025 年半年度利润分配方案所涉及的差异化权益分派方案（以 下简称"本次差异化分红"）事项进行了核查，具体情况如下： 一、本次差异化分红的原因 公司于 2024 年 3 月 1 日召开了第二届董事会第三次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有资金通过上 海证券交易所交易系统以集中竞价交易方式回购公司已发行的部分人民币普通 股（A 股）股票，回购的股份将在未来适宜时机全部用于股权激励或员工持股计 划，回购股份的价格不超过人民币 57.25 元/股，回购股份的资金总额不低于人民 币 1,500 万元（含） ...

证券代码：688522 证券简称：纳睿雷达 公告编号：2025-064 号 广东纳睿雷达科技股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证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： 每股现金红利0.05元（含税） 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/9/16 | 2025/9/17 | 2025/9/17 | 一、 通过分配方案的股东会届次和日期 公司2025 年 5 月 9 日的2024年年度股东会审议通过了《关于提请股东会授权 董事会进行 2025 年度中期分红的议案》，授权董事会在符合利润分配条件下，可 以制定并实施具体的 2025 年中期利润分配方案。本次利润分配方案已经公司 2025 年 8 月 25 日召开的第二届董事会第十一次会议审议通过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国 ...

Core Insights - The overall revenue of 39 listed companies in Zhuhai reached 182.33 billion yuan in the first half of 2025, reflecting a year-on-year growth of 6.2%, while net profit attributable to shareholders decreased by 8.9% to 17.4 billion yuan, indicating ongoing pressure from industry cycles and cost factors [1][2] - Operating cash flow surged over threefold to 42.866 billion yuan, highlighting enhanced efforts in asset revitalization, mergers and acquisitions, and operational improvements [1] - The hard technology sector emerged as a key growth driver, with companies in semiconductor design, new energy, and high-end radar equipment showing significant performance improvements [2][3] Revenue and Profit Performance - Among the 39 listed companies, 21 reported positive revenue growth, accounting for 54% of the total [2] - The top ten companies by revenue included Gree Electric, Huafa Group, and Lijun Group, while the top ten by net profit growth featured Gree Electric and Lijun Group, among others [2] - The hard technology sector saw companies like Nairui Radar and Juchip Technology achieve double-digit growth in both revenue and net profit, indicating strong demand in high-growth industries [2][3] Industry Trends - The demand for AI computing power and domestic substitution has become pivotal in the tech industry, with a surge in global AI server and data center needs driving growth in related sectors [3] - Companies like Nairui Radar and Juchip Technology are benefiting from increased orders and market share, with Nairui Radar's revenue soaring by 112.84% and net profit by 458.11% [3][4] - The focus on digital transformation in manufacturing is evident, with companies like Zhidi Technology carving out stable positions in niche markets [3] Mergers and Acquisitions - Mergers and acquisitions have become a crucial strategy for Zhuhai companies to enhance competitiveness, particularly in the optical communication and pharmaceutical sectors [6] - Guangku Technology has executed several key acquisitions to strengthen its position in the optical components market, resulting in significant revenue and profit growth [6][7] - Lijun Group's acquisition of a Vietnamese company aims to bolster its international presence and enhance its product offerings, with overseas revenue contributing to its overall growth [7] Market Valuation - The hard technology sector in Zhuhai is receiving high valuations from the capital market, reflecting investor confidence in the growth prospects driven by AI and industrial upgrades [8] - As of September 3, 2025, 15 listed companies in Zhuhai had market capitalizations exceeding 10 billion yuan, with private enterprises showing the fastest growth [8]

Core Insights - The overall revenue of 39 listed companies in Zhuhai reached 182.33 billion yuan in the first half of 2025, representing a year-on-year growth of 6.2%, while net profit attributable to shareholders decreased by 8.9% to 17.4 billion yuan, indicating ongoing pressure from industry cycles and cost factors [1][2] - Operating cash flow surged over threefold to 42.866 billion yuan, reflecting enhanced efforts in asset revitalization, mergers and acquisitions, and operational improvements [1][2] - The hard technology sector emerged as a key growth driver, with companies in semiconductor design, new energy, and high-end radar equipment showing significant performance improvements [2][3] Revenue and Profit Performance - Among the 39 listed companies, 21 reported positive revenue growth, accounting for 54% of the total [2] - The top 10 companies by revenue included Gree Electric, Huafa Group, and Lijun Group, while the top 10 by net profit growth included Gree Electric and Lijun Group [2] - The hard technology sector saw companies like Narui Radar and Juchip Technology achieve double-digit growth in both revenue and net profit, highlighting the strong demand in high-growth industries [2][3] Industry Trends - The demand for AI computing power and domestic substitution has driven growth in the technology sector, particularly in AI servers and data centers [3] - Companies like Narui Radar and Juchip Technology benefited from increased orders and market share, with Narui Radar's revenue soaring by 112.84% and net profit by 458.11% [3][4] - The focus on digital transformation in manufacturing has allowed companies like Zhidi Technology to establish a stable position in their niche markets [3] Mergers and Acquisitions - Mergers and acquisitions have become a crucial strategy for Zhuhai listed companies to enhance competitiveness [5] - Light communication and healthcare sectors have been particularly active in capital operations since 2024, with companies like Guangku Technology executing multiple key asset acquisitions [6][7] - Lijun Group's acquisition of a majority stake in a Vietnamese company for approximately 1.587 billion yuan illustrates the push for international expansion and innovation [7] Market Valuation - The capital market has shown high valuations for Zhuhai's hard technology sector, with 15 companies having market capitalizations exceeding 10 billion yuan [8][9] - The fastest-growing companies in terms of market value include Dongxin He Ping and Guangku Technology, with significant year-to-date price increases [8][9]

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]

Core Viewpoint - The article discusses the valuation and performance forecast of Guangdong Narui Radar Technology Co., Ltd. in relation to its asset acquisition and fundraising application submitted to the Shanghai Stock Exchange, highlighting the methodologies used for valuation and the rationale behind them [1]. Valuation of Target Company: Methods and Rationale - The transaction is based on a valuation date of December 31, 2024, utilizing both income and market approaches, with the income approach yielding a valuation of 370.60 million yuan and an appreciation rate of 421.40% [2]. - Comparable companies were selected based on various criteria, including listing time, industry category, and company size, with Zhongying Electronics, Sitaiwei-W, and Chipone Micro selected as comparables [2]. - The valuation appreciation rate is within a reasonable range compared to comparable transactions, and the static price-earnings ratio is deemed reasonable after excluding the effects of share payments and capital reduction interest [2]. Income Approach Valuation: Performance Forecast and Rationale - For the forecast period (2025-2029), the company's revenue is projected to grow from 144.86 million yuan to 242.36 million yuan, reflecting a compound annual growth rate of 14.58% [3]. - Revenue growth is supported by demand in various sectors, including optical sensing chips benefiting from office upgrades and gaming needs, and MCU chips driven by domestic substitution and downstream demand [3]. - The gross profit margin is expected to be higher during the forecast period due to changes in product structure and cost reductions, with operating expenses decreasing due to scale effects [3]. Market Approach Valuation: Comparable Companies and Value Ratios - The selection criteria for comparable companies and transactions are deemed reasonable, despite some comparables not meeting all standards [4]. - The price-to-sales ratio was chosen as the value ratio due to its relevance in the integrated circuit design industry, where market value is less correlated with profitability [4]. - The liquidity discount rate was set at 30.60%, which is lower than the market average, indicating a cautious and reasonable approach [4]. Share Payments and Goodwill: Treatment and Analysis - The net profit commitment of the target company excludes share payment expenses, aligning with comparable transaction cases, and the assessment of share payment expenses is consistent with performance commitments [5]. - Following the transaction, goodwill will increase by 252.53 million yuan, representing 8.71%, 10.50%, and 309.85% of the total assets, net assets, and net profit of the listed company as of the end of 2024, respectively [5]. - The goodwill amount is calculated based on enterprise merger standards, with the target company's business recognized as a single asset group, and the valuation of intangible assets is deemed reasonable [5].

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]