-○- 公司 -○- 行业均值 中证智能财讯盈新发展（000620）1月30日晚间披露2025年度业绩预告，预计2025年归母净利润亏损9.5亿元至12亿元，上年同期亏损5.33亿元；扣非净利润 亏损9.93亿元至12.54亿元，上年同期亏损7.06亿元；基本每股收益-0.16元/股至-0.2元/股。以最新收盘价计算，市净率（LF）约4.41倍，市销率（TTM）约 10.13倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 100 @ 20 7.53 0 142 4 8 දි 0:77 -50 -100 -138.23 -150 2022-06-30 2027-12-37 2020-12-37 ! 2021-06-30 2022-12-37 : 2023-12-37 J24-06-30 23-06-30 ; 2n- 资料显示，公司为一家集文旅景区开发运营、酒店管理、旅行社、房地产开发、建筑施工、物业服务、规划设计等多产业布局、具备多业态综合开发能力的 上市公司。 100 ହ 90 80 70 60 50 40 30 20 10 9:2 0 - 2020-12- ...

Core Viewpoint - The company, Yingxin Development, is making significant progress in its acquisition of Guangdong Changxing Semiconductor Technology Co., Ltd., aiming to acquire 60% of its shares for 520 million yuan, reflecting a premium of 520.69% over the assessed value, which indicates a strategic shift towards the semiconductor industry amidst declining performance in its core business [1][6]. Group 1: Acquisition Details - The acquisition price of 520 million yuan corresponds to a valuation of 9.27 billion yuan for 100% of Changxing Semiconductor, with a significant increase in revenue and profit reported by the target company [6][8]. - The acquisition was adjusted from an initial intention to acquire 81.8091% of the shares to 60% to mitigate risks and ensure the stability of the founding team, which is crucial for business continuity [1][2]. - The target company has shown impressive growth, with a revenue increase of 59% year-on-year and a net profit surge from 2.21 million yuan to 74.57 million yuan, indicating strong operational performance [6][8]. Group 2: Financial Performance - As of the third quarter of 2025, Yingxin Development reported a revenue of 1.169 billion yuan, a year-on-year decline of 48.38%, and a net loss of 486 million yuan, marking a staggering drop of 682% [2][9]. - The company is facing significant financial pressure, with cash reserves of 835 million yuan and substantial short-term and long-term debts totaling over 8.78 billion yuan and 11 billion yuan, respectively [6][9]. - The strategic shift towards semiconductor technology is seen as a response to the declining performance in its traditional real estate and tourism sectors, raising questions about the sustainability and rationale behind this transition [2][9]. Group 3: Market Reaction and Valuation - Following the acquisition announcement, the company's stock experienced a surge, reaching a historical high price-to-book ratio of approximately 4.45, reflecting market optimism about the strategic direction [4][6]. - However, the stock price quickly corrected, indicating a shift in market sentiment towards a more cautious evaluation of the acquisition's feasibility and the inherent risks associated with the semiconductor industry [1][4]. - The acquisition's high premium and the company's financial struggles have led to skepticism regarding the long-term benefits and the potential for actual synergy between the semiconductor and tourism sectors [10][11].

南财智讯1月30日电，盈新发展发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为亏损9.50亿元—12.00亿元；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润为亏损 9.93亿元—12.54亿元。本报告期，公司预计归属于上市公司股东的净利润为负，主要原因是：1、报告 期内，达到交付条件的房地产项目较少，结转房地产项目的收入金额较上年同期有所下降，结转毛利较 上年同期有所下降；2、报告期内，部分资产出现减值迹象，公司按照企业会计准则对可能发生减值损 失的资产拟计提减值准备。 ...

北京铜官盈新文化旅游发展股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 股票代码：000620 股票简称：盈新发展 公告编号：2026-006 一、本期业绩预告情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日 2、业绩预告类型：亏损 3、业绩预告表 | 项 目 | 本会计年度 | | 上年同期 | | | --- | --- | --- | --- | --- | | 归属于上市公司股东的净利润 | 亏损：95,000-120,000 | 万元 | 亏损：53,314.23 | 万元 | | 归属于上市公司股东扣除非经 常性损益后的净利润 | 亏损：99,300-125,400 | 万元 | 亏损：70,555.05 | 万元 | | 基本每股收益 | 亏损：0.16-0.20 元 | | 亏损：0.09 元 | | 二、与会计师事务所沟通情况 本次业绩预告相关财务数据是公司财务部门初步测算的结果，未经会计师事 务所审计。但公司已就本次业绩预告相关事项与会计师事务所进行了预沟通，公 ...

Core Viewpoint - Yingxin Development is seeking transformation by acquiring a 60% stake in Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million yuan, aiming to expand into the technology sector, particularly in NAND Flash chip packaging and testing [2][3][6]. Group 1: Acquisition Details - The acquisition price for the 60% stake in Changxing Semiconductor is set at 520 million yuan, with the company planning to use its own and raised funds for the purchase [2][3]. - Changxing Semiconductor has a strong background in NAND Flash chip packaging and testing, with established production capacity and technology [2][6]. - The valuation of Changxing Semiconductor shows a book value of 149 million yuan and an assessed value of 927 million yuan, indicating a significant appreciation of 520.69% [2][4]. Group 2: Financial Performance and Projections - Changxing Semiconductor's projected net profit for 2026 is at least 75 million yuan, with cumulative net profits of at least 155 million yuan for 2026 and 2027, and 240 million yuan for 2026 to 2028 [2][6]. - Yingxin Development reported a revenue decline of 48.38% in the first three quarters of 2025, with a gross margin of only 6.74% [9]. - The company aims to improve its business structure and asset mix through this acquisition, which is expected to enhance revenue and profitability [7][9]. Group 3: Strategic Rationale - The acquisition aligns with Yingxin Development's strategy to diversify into high-growth sectors like artificial intelligence and storage chips, mitigating risks associated with its current business operations [7][8]. - The transaction is anticipated to contribute positively to the company's revenue growth and overall financial performance [7][9]. - The company acknowledges the potential for goodwill arising from the acquisition, which will require impairment testing in future accounting periods [7].

Core Viewpoint - Yingxin Development is seeking to transform its business by acquiring a 60% stake in Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million yuan, aiming to expand into the technology sector and improve its financial performance [1][3][8]. Group 1: Acquisition Details - The acquisition price for the 60% stake in Changxing Semiconductor is set at 520 million yuan, with the company planning to use its own and raised funds for the purchase [1][3]. - Changxing Semiconductor has a strong background in NAND Flash chip packaging and testing, with established production capacity and technology [1][3]. - The valuation of Changxing Semiconductor shows a book value of 149 million yuan and an assessed value of 927 million yuan, resulting in a valuation increase of 777 million yuan, or 520.69% [1][4]. Group 2: Financial Performance and Projections - For the fiscal years 2024 and 2025, Changxing Semiconductor is projected to generate revenues of 406 million yuan and 646 million yuan, with net profits of 2.21 million yuan and 74.57 million yuan, respectively [3]. - The performance commitment includes a net profit of no less than 75 million yuan for 2026, and cumulative net profits of at least 155 million yuan for 2026 and 2027, and 240 million yuan for 2026, 2027, and 2028 [1][8]. Group 3: Current Challenges and Strategic Shift - Yingxin Development has faced significant revenue declines, with a 21.47% drop in 2024 and a 48.38% drop in the first three quarters of 2025 [9]. - The company reported a gross margin of only 6.74% for the first three quarters of 2025, indicating challenges in its current business model [2][10]. - The strategic shift towards technology, particularly in the semiconductor sector, is seen as a way to mitigate risks associated with its existing business operations [1][8].

Core Viewpoint - The A-share merger and acquisition (M&A) market remains active in early 2026, with over 297 disclosed M&A transactions, including 12 major asset restructurings as of January 28, 2026 [1]. Group 1: M&A Activity - Strategic emerging industries, particularly in semiconductors and artificial intelligence, are the core areas for listed companies' M&A activities [2]. - In January 2026 alone, several companies, including Yingxin Development, Kangxin New Materials, and Dinglong Co., announced plans for cross-industry mergers, indicating a trend of traditional manufacturing companies transitioning towards high-tech sectors [2][4]. - Notably, there have been at least eight disclosed cross-industry M&A cases this year, with four targeting semiconductor assets [4]. Group 2: Regulatory Scrutiny - Regulatory bodies have heightened scrutiny over cross-industry mergers, focusing on the authenticity of disclosures and the reasonableness of valuations [2][10]. - Companies like Kangxin New Materials and Fengfan Co. have received inquiry letters from regulators regarding their cross-industry M&A plans, highlighting concerns over speculative practices and high-risk transactions [2][10]. - The Shanghai Stock Exchange has raised questions about the feasibility of performance commitments made by companies involved in these transactions, particularly when historical performance has been poor [11][12]. Group 3: Financial Performance and Challenges - Many companies pursuing cross-industry mergers are facing challenges in their core business operations, with some reporting continuous losses [7][8]. - For instance, Yingxin Development and Han Jian Heshan have been struggling with profitability, prompting them to seek new growth avenues through M&A [7][8]. - The financial data of targeted companies, such as YB Semiconductor, shows significant projected losses, raising concerns about the viability of these acquisitions [4][11].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000609 | ST中迪 | 7.54 | -5.04% | 16.65万 | 1.29亿 | | 600340 | 化夏幸福 | 1.63 | -4.68% | 184.47万 | 3.05亿 | | 000608 | *ST阳光 | 3.23 | -4.15% | 25.04万 | 8322.59万 | | 600246 | 万通发展 | 13.05 | -3.48% | 75.98万 | 10.04亿 | | 600638 | 新黄浦 | 7.24 | -3.34% | 15.56万 | 1.14亿 | | 000036 | 保联控股 | 6.05 | -3.04% | 77.73万 | 4.72亿 | | 600736 | 苏州高新 | 7.32 | -2.79% | 75.97万 | 5.67亿 | | 002305 | *ST南置 | 2.24 | -2.61% | 27.90万 | 6305.90万 | | 600376 | 首开股 ...

Core Viewpoint - Yingxin Development (000620.SZ) has announced a plan to acquire 60% of Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million yuan, which will enhance its business capabilities in the semiconductor sector and improve its financial performance [1][3]. Financial Performance - For the fiscal years 2024 and 2025, Changxing Semiconductor is projected to generate revenues of 405.97 million yuan and 645.51 million yuan, respectively, with net profits of 2.21 million yuan and 74.57 million yuan [1][2]. - Yingxin Development reported a net loss attributable to shareholders of 533.14 million yuan for 2024, a significant decline compared to a profit of 351.90 million yuan in 2023, marking a 251.50% decrease [4][5]. Acquisition Details - The acquisition will be financed through cash and is expected to be completed after approval from the company's shareholders. It does not constitute a related party transaction or a major asset restructuring as per regulatory definitions [3]. - The valuation of Changxing Semiconductor was assessed using both asset-based and income approaches, with the income approach yielding a market value of 926.50 million yuan, indicating a substantial increase of 520.69% over the book value [2][3]. Strategic Implications - This acquisition aligns with Yingxin Development's strategy to integrate traditional business with emerging industries, particularly in the technology sector, thereby optimizing its revenue structure and enhancing profitability [3]. - The company aims to achieve a net profit of no less than 75 million yuan for the fiscal year 2026, with cumulative net profits of at least 155 million yuan for 2026 and 2027 combined [3].

（文章来源：每日经济新闻） 每经AI快讯，1月28日，房地产板块盘初冲高，盈新发展涨停，大悦城涨超9%，中洲控股、京能置业、 合肥城建、万科A、新大正跟涨。 ...