Core Viewpoint - The company Ganhua Technology plans to acquire 65% of Xi'an Ganxin Technology Co., Ltd. for 388 million yuan, aiming to enhance its position in the optoelectronic imaging system sector and create new profit growth points in both military and civilian markets [1][2]. Group 1: Acquisition Details - Ganhua Technology will acquire 65% equity in Ganxin Technology for 388 million yuan, with the latter specializing in the R&D, production, and sales of optoelectronic imaging systems and microcircuit modules [1]. - Ganxin Technology reported revenue of 35.79 million yuan and a net profit of 12.42 million yuan from January to April this year, with total assets of 205 million yuan and owner’s equity of 100 million yuan as of April 30, 2025 [1]. - The assessed value of Ganxin Technology is 600 million yuan, reflecting an increase of 500% from its book equity [1]. Group 2: Performance Commitments - The performance commitments include a net profit of no less than 35 million yuan for 2025, a cumulative net profit of at least 85 million yuan from 2025 to 2026, and a cumulative net profit of no less than 150 million yuan from 2025 to 2027 [1]. - Ganxin Technology is also committed to R&D expenses of at least 10% of its annual revenue for 2025, increasing by 25% each subsequent year [1]. Group 3: Strategic Benefits - The acquisition will allow Ganhua Technology to enter the optoelectronic imaging system market, benefiting from trends in digitalization and intelligence in modern warfare [2]. - Ganhua Technology's subsidiary, Sichuan Shenghua Power Supply Technology Co., Ltd., is a leading supplier of special power supplies, and the complementary product lines with Ganxin Technology will enhance competitiveness in the power supply sector [2]. - The transaction is expected to create synergies in market demand information, order acquisition, and service assurance, thereby increasing market share [2]. Group 4: Management and Operational Enhancements - Ganhua Technology plans to leverage its experience in managing military subsidiaries to standardize operations at Ganxin Technology, improve management levels, and reduce operational costs [2]. - The company will assist in building a talent pipeline and enhancing the human resources system for Ganxin Technology, while utilizing capital market financing to support its development [2]. Group 5: Market Performance - As of August 14, Ganhua Technology's stock closed at 11.8 yuan per share, down 7.09%, with a total market capitalization of 5.15 billion yuan [3].

Market Overview - The ground weaponry sector experienced a decline of 5.72% on August 14, with Tianqin Equipment leading the drop [1] - The Shanghai Composite Index closed at 3666.44, down 0.46%, while the Shenzhen Component Index closed at 11451.43, down 0.87% [1] Individual Stock Performance - Tianqin Equipment (300922) closed at 27.99, down 11.23% with a trading volume of 175,700 shares and a transaction value of 518 million [1] - Jieqiang Equipment (300875) closed at 55.29, down 9.26% with a trading volume of 178,200 shares and a transaction value of 1.012 billion [1] - Beifang Changlong (301357) closed at 147.10, down 8.65% with a trading volume of 87,200 shares and a transaction value of 1.304 billion [1] - Great Wall Military Industry (601606) closed at 62.99, down 7.12% with a trading volume of 1,330,100 shares and a transaction value of 8.585 billion [1] - Ganhuakegong (000576) closed at 11.80, down 7.09% with a trading volume of 562,000 shares and a transaction value of 694 million [1] Capital Flow Analysis - The ground weaponry sector saw a net outflow of 4.646 billion from institutional investors, while retail investors contributed a net inflow of 3.708 billion [1] - The table indicates that Great Wall Military Industry had a net outflow of 1.551 billion, accounting for 18.07% of its capital [2] - Inner Mongolia First Machinery Group (600967) experienced a net outflow of 1.395 billion, representing 17.98% of its capital [2] - Zhongbing Hongjian (000519) had a net outflow of 471 million, which is 14.65% of its capital [2] - Northern Navigation (600435) saw a net outflow of 349 million, accounting for 19.36% of its capital [2]

Group 1 - Longhua New Materials' controlling shareholder plans to reduce holdings by up to 1% of the company's shares, amounting to a maximum of 4.3 million shares [1] - Qingdao Double Star reported a net loss of 186 million yuan in the first half of 2025, with revenue of 2.272 billion yuan, a year-on-year decrease of 0.31% [2] - Huakang Clean's controlling shareholder and chairman is under investigation and has been placed under detention, with the general manager temporarily taking over the chairman's responsibilities [4] Group 2 - Century Tianhong's controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling a maximum of 10.9837 million shares [5] - Caesar Travel's shareholder plans to reduce holdings by up to 3% of the company's shares, with a maximum of 16.0379 million shares through various methods [7] - Zhang Xiaoqin's shareholder plans to reduce holdings by up to 540,100 shares, representing 0.36% of the total share capital after excluding repurchased shares [9] Group 3 - Zhenlei Technology's controlling shareholder plans to transfer 8.3052 million shares, accounting for 3.88% of the total share capital [11] - Hangxin Technology's borrowings increased by 201 million yuan, exceeding 20% of the net assets at the end of the previous year [12] - Aileda's three executives plan to collectively reduce holdings by up to 149,100 shares [13] Group 4 - Iceberg Refrigeration reported a net profit of 79.5411 million yuan in the first half of 2025, a year-on-year increase of 1.29% [14] - Jindan Technology's director plans to reduce holdings by 1.5 million shares, accounting for 0.66% of the total share capital [15] - Heshun Technology's shareholder plans to reduce holdings by up to 655,300 shares, representing 0.82% of the total share capital [18] Group 5 - Tianshi Technology's shareholder plans to reduce holdings by up to 5.928 million shares, accounting for 3% of the total share capital [19] - Yuhuang Jinlead plans to raise up to 400 million yuan through a private placement to its controlling shareholder [20] - China Shenhua reported coal sales of 24.3 million tons in July, a year-on-year decrease of 5.5% [21] Group 6 - Jialitu's controlling shareholder plans to reduce holdings by up to 541,800 shares, representing 1% of the total share capital [22] - Wanlin Logistics' controlling shareholder and related parties plan to reduce holdings by up to 599,200 shares, accounting for 1% of the total share capital [23] - Xueqi Electric plans to acquire 65% of Hefei Shengbang's equity for 47.45 million yuan [24] Group 7 - Wantong Development plans to invest 854 million yuan to acquire 62.98% of Shuduo Technology [26] - Ganhua Science and Technology plans to acquire 65% of Xi'an Ganxin Technology for 388 million yuan [28]

Group 1 - The company announced plans to acquire 65% of Ganxin Technology for 388 million yuan [1] - Upon completion of the transaction, Ganxin Technology will become a subsidiary and be included in the company's consolidated financial statements [1] - Ganxin Technology specializes in military support research and production, focusing on the development, production, and sales of optoelectronic imaging systems and microcircuit modules [1] Group 2 - Ganxin Technology is a core supplier of optoelectronic imaging systems for key weaponry models in multiple countries, indicating a strong market position [1] - The company has a robust project pipeline, suggesting future growth potential [1]

Core Viewpoint - The company plans to acquire a 65% stake in Xi'an Ganxin Technology Co., Ltd. for 388 million yuan, which will make it a controlling subsidiary and included in the company's consolidated financial statements [1] Group 1: Acquisition Details - The acquisition involves Xi'an Ganhe Enterprise Management Partnership, Haikou Shengkong Enterprise Management Partnership, and Xi'an Jiaotong University Innovation Investment Fund Partnership [1] - After the transaction, the company will hold 65% of Ganxin Technology, while Yang Mu will retain 35% [1] Group 2: Business Focus - Ganxin Technology specializes in the research, development, production, and sales of optoelectronic imaging systems and microcircuit modules [1] - The main products of Ganxin Technology include optoelectronic imaging components, power modules, servo drive modules, and display control systems [1] - The acquisition allows the company to enter the optoelectronic imaging system sector and gain direct product capabilities in this field [1]

Core Viewpoint - The company plans to acquire a 65% stake in Xi'an Ganxin Technology Co., Ltd. for 388 million yuan, which will make it a controlling subsidiary and included in the company's consolidated financial statements [1] Group 1: Acquisition Details - The acquisition involves Xi'an Ganxin Technology, which is held by Yang Mu and several investment partnerships [1] - After the transaction, the company will hold 65% of Ganxin Technology, while Yang Mu will retain 35% [1] Group 2: Business Focus - Ganxin Technology specializes in the research, development, production, and sales of optoelectronic imaging systems and microcircuit modules [1] - The main products of Ganxin Technology include optoelectronic imaging components, power modules, servo drive modules, and display control systems [1] - This acquisition allows the company to enter the optoelectronic imaging system sector and gain direct product capabilities in this field [1]

Core Viewpoint - The company aims to enhance its profitability and promote sustainable development through the acquisition of a 65% stake in Xi'an Ganxin Technology Co., Ltd. for approximately RMB 388 million [2] Group 1: Acquisition Details - The company plans to acquire a total of 65% equity in Xi'an Ganxin Technology from Yang Mu and several investment partnerships [2] - Upon completion of the transaction, Xi'an Ganxin Technology will become a subsidiary of the company and will be included in the company's consolidated financial statements [2]

Group 1 - The company Ganhua Technology announced on August 13 that its 11th Board of Directors meeting was held on August 12, 2025, in Shanghai, where it reviewed the proposal to acquire 65% of Xi'an Ganxin Technology Co., Ltd. for cash [1] - The meeting was conducted both in-person and via remote voting [1] Group 2 - A report on sunscreen products revealed that the production cost is around 3 yuan, while retail prices can reach several tens of yuan, indicating a significant markup [1] - Factory owners in the sunscreen industry commented on the high profit margins, stating that several times the production cost is considered low in this sector [1]

本资产评估报告依据中国资产评估准则编制 金证（上海）资产评估有限公司 2025 年 7 月 30 日 广东甘化科工股份有限公司拟股权收购所涉及的 西安甘鑫科技股份有限公司股东全部权益价值 资产评估报告 金证评报字【2025】第 0427 号 （共一册，第一册） | 声 | 明 2 | | --- | --- | | 摘 | 要 3 | | 正 | 文 4 | | | 一、 委托人、被评估单位和其他资产评估报告使用人概况 4 | | | 二、 评估目的 8 | | | 三、 评估对象和评估范围 8 | | | 四、 价值类型 11 | | | 五、 评估基准日 12 | | | 六、 评估依据 12 | | | 七、 评估方法 14 | | | 八、 评估程序实施过程和情况 17 | | | 九、 评估假设 18 | | | 十、 特别事项说明 20 | | | 十一、 资产评估报告使用限制说明 22 | | | 十二、 资产评估报告日 22 | | 附 | 件 24 | 金证评报字【2025】第 0427 号 资产评估报告 三、本资产评估机构及资产评估师遵守法律、行政法规和资产评估准则，坚持独立、 客观和公正 ...

西安甘鑫科技股份有限公司 审计报告 司农审字|2025|25005270015 号 目 录 | 审计报告 | 1-3 | | --- | --- | | 资产负债表 | | | 利润表 | ର | | 现金流量表 | 3 | | 所有者权益变动表 . | 4-2 | | 财务报表附注 | 6-67 | 审计 报 告 司农审字[2025]25005270015 号 西安甘鑫科技股份有限公司全体股东: 一、审计意见 我们审计了西安甘鑫科技股份有限公司(以下简称西安甘鑫公司)财务报表, 包括 2024 年 12 月 31 日、2025 年 4 月 30 日的资产负债表，2024 年度、2025 年 1-4 月的利润表、现金流量表、所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了西安甘鑫公司 2024 年 12 月 31 日、2025 年 4 月 30 目的财务状况以及 2024 年度、2025 年 1-4 月的经营成果和现金流量。 西安甘鑫公司管理层(以下简称管理层)负责按照企业会计准则的规定编制 财务报表,使其实现公允反映,并设计、执行和维护必 ...