Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, with the company unable to reach an agreement on key terms with the seller [1][2]. Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited, both wholly-owned subsidiaries of Luen Fung Commercial Holdings Limited, for approximately HKD 10.4 billion (around RMB 9.5 billion) [2]. - The acquisition was initially disclosed on July 22, 2025, with the aim of enhancing GoerTek's competitiveness in the precision structural components sector and deepening vertical integration capabilities [2][3]. Market Context - The failed acquisition is viewed as a common industry consolidation driven by the "Apple supply chain" logic, where Apple encourages core suppliers to make strategic acquisitions to streamline supply chains and reduce costs [4]. - Mega Precision and Channel Well were key suppliers for Apple's mobile structure components and later became essential for Apple's watch metal frames [4]. Industry Trends - The trend towards lightweight wearable devices is increasing the demand for durable metal precision components, which enhances their value in Apple's product ecosystem [4]. - GoerTek has established a first-mover advantage in integrating components for wearable devices, supplying major companies like Huawei, Samsung, Xiaomi, Meta, and Amazon [4]. Future Strategy - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, planning to pursue internal growth and diversified investment opportunities to enhance company value and shareholder returns [7]. - The company aims to transition from being a single component supplier to a subsystem integrator, similar to Luxshare Precision, thereby solidifying its position as a core supplier for Apple [6]. Financial Performance - In the first half of 2025, GoerTek reported revenues of RMB 37.549 billion and a net profit attributable to shareholders of RMB 1.417 billion [8]. - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, reaching a market capitalization of approximately RMB 109.2 billion, with a stock price increase of over 35% [8].

Core Viewpoint - The acquisition plan by GoerTek Inc. has been terminated after nearly three months of consideration, primarily due to the inability to reach an agreement on key terms with the transaction counterparties [1][2]. Group 1: Acquisition Details - The acquisition was initially disclosed on July 23, with an intended investment of approximately 10.4 billion HKD (around 9.5 billion RMB) to acquire 100% equity of two subsidiaries of Luen Fung Commercial Holdings Limited [2]. - The targeted subsidiaries are Mega Precision Technology Limited and Channel Well Industrial Limited, aimed at enhancing GoerTek's competitiveness in the precision components sector [2]. Group 2: Reasons for Termination - GoerTek stated that despite active due diligence, auditing, and negotiations, the parties could not agree on critical transaction terms, leading to the termination of the acquisition [2]. Group 3: Future Strategy - GoerTek emphasized its commitment to pursuing its strategic goals through organic growth and diversified investment and acquisition strategies to enhance long-term development quality and shareholder value [2].

【#果链巨头百亿收购中止#】10月17日，歌尔股份（002241.SZ）宣布终止筹划收购联丰商业集团有限 公司旗下两家全资子公司——米亚精密科技有限公司及昌宏实业有限公司的100%股权。对于收购案的 中止，歌尔股份在公告中解释称，"交易双方未能就交易相关的关键条款达成一致意见"。 ...

Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, primarily due to the inability to reach consensus on key terms with the transaction counterpart [1][2]. Group 1: Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited from Luen Fung Commercial Holdings Limited for approximately HKD 10.4 billion (around RMB 9.5 billion) [1]. - The acquisition was initially disclosed on July 22, 2025, with the aim of enhancing GoerTek's competitiveness in the precision components sector and deepening vertical integration capabilities [2][6]. Group 2: Strategic Implications - The acquisition was seen as a move driven by the "Apple supply chain" logic, aiming to strengthen GoerTek's position as a core supplier to major clients like Apple [2][4]. - If the acquisition had proceeded, GoerTek would have transitioned from being a single component supplier to a subsystem integration supplier, similar to Luxshare Precision, thereby solidifying its status as a key supplier for Apple [6]. Group 3: Market Performance - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, with a market capitalization increase of approximately RMB 26.1 billion, reaching a peak market value of over RMB 100 billion [7]. - As of October 17, the stock price was reported at RMB 31.2 per share, reflecting a cumulative increase of over 35% since the acquisition announcement [7]. Group 4: Future Outlook - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, planning to continue its development through internal growth and diversified investment opportunities [6].

记者丨 赵云帆 歌尔股份这场"告吹"的近百亿收购，也被市场认为又是一次常见的由"果链"逻辑主导的产业链并购。 天风国际知名苹果产业链分析师郭明錤曾指出，苹果通常会授意核心供应 商进行战略性收购，以模块化整合的方式，简化供应链结 构，并降低供应风险，同时降 低整个产业链成本，增加终端利润。 编辑丨黄剑 筹划近三个月，中国电声行业巨头歌尔股份的百亿并购，宣布终止！ 10月17日晚间，歌尔股份（002241.SZ）发布《关于终止筹划股权收购事项的提示性公告》，宣布终止筹划收购联丰商业集团有限 公司（Luen Fung Commercial Holdings Limited）旗下两家全资子公司——米亚精密科技有限公司（Mega Precision Technology Limited）及昌宏实业有限公司（Channel Well Industrial Limited）的100%股权。 对于收购案的中止，歌尔股份在公告中解释称，在积极推进尽职调查、审计、评估等工作，并与交易对方进行多轮沟通协商后，最 终" 交易双方未能就交易相关的关键条款达成一致意见 "。 该收购案于2025年7月22日晚首次披露， 歌尔股份发布公告称 ...

一桩筹划近三个月、涉及金额高达95亿元人民币（约104亿港元）的重磅收购案，意外按下了"终止 键"。 10月17日晚间，中国电声行业巨头歌尔股份（002241.SZ，股价31.20元，市值1104亿元）发布《关于终 止筹划股权收购事项的提示性公告》，宣布终止筹划收购联丰商业集团有限公司（Luen Fung Commercial Holdings Limited）旗下两家全资子公司——米亚精密科技有限公司（Mega Precision Technology Limited）及昌宏实业有限公司（Channel Well Industrial Limited）的100%股权。 该收购案于2025年7月23日首次披露，原计划旨在增强公司在精密结构件领域内的综合竞争力。对于终 止原因，歌尔股份在公告中解释称，在积极推进尽职调查、审计、评估等工作，并与交易对方进行多轮 沟通协商后，最终"交易双方未能就交易相关的关键条款达成一致意见"。 不过，10月18日，知情人士向《每日经济新闻》记者透露，此次终止收购或与尽调过程中发现跟标的资 产相关的问题且未能最终达成一致有关。 歌尔股份在公告中强调，本次终止收购是双方友好协商、审慎 ...

一桩筹划近三个月、涉及金额高达95亿元人民币（约104亿港元）的重磅收购案，意外按下了"终止键"。 10月17日晚间，中国 电声行业巨头歌尔股份（002241.SZ，股价31.20元，市值1104亿元）发布《关于终止筹划股权收购事项的提示性公 告》，宣布终止筹划收购联丰商业集团有限公司（Luen Fung Commercial Holdings Limited）旗下两家全资子公司——米亚精密科技有限 公司（Mega Precision Technology Limited）及昌宏实业有限公司（Channel Well Industrial Limited）的100%股权。 该收购案于2025年7月23日首次披露，原计划旨在增强公司在精密结构件领域内的综合竞争力。对于终止原因，歌尔股份在公告中解释 称，在积极推进尽职调查、审计、评估等工作，并与交易对方进行多轮沟通协商后， 最终"交易双方未能就交易相关的关键条款达成一 致意见" 。 不过，10月18日，知情人士向《每日经济新闻》记者透露， 此次终止收购或与尽调过程中发现跟标的资产相关的问题且未能最终达成 一致有关 。 从7月高调筹划到10月意外终止 歌尔股份近百 ...

每经记者｜彭斐 每经编辑｜段炼 陈星 10月17日晚间，中国电声行业巨头歌尔股份（002241.SZ，股价31.20元，市值1104亿元）发布《关于终止筹划股权收购事项的提示性公告》，宣布终止筹 划收购联丰商业集团有限公司（Luen Fung Commercial Holdings Limited）旗下两家全资子公司——米亚精密科技有限公司（Mega Precision Technology Limited）及昌宏实业有限公司（Channel Well Industrial Limited）的100%股权。 该收购案于2025年7月23日首次披露，原计划旨在增强公司在精密结构件领域内的综合竞争力。对于终止原因，歌尔股份在公告中解释称，在积极推进尽 职调查、审计、评估等工作，并与交易对方进行多轮沟通协商后，最终"交易双方未能就交易相关的关键条款达成一致意见"。 不过，10月18日，知情人士向《每日经济新闻》记者透露，此次终止收购或与尽调过程中发现跟标的资产相关的问题且未能最终达成一致有关。 歌尔股份在公告中强调，本次终止收购是双方友好协商、审慎研究后的结果，各方均无需承担法律责任，且预计不会对公司的经营业绩及财 ...

Core Viewpoint - The acquisition plan by GoerTek Inc. for the full ownership of Mia Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd. has been terminated due to the inability to reach an agreement on key terms between the parties involved [2][3]. Group 1: Acquisition Details - GoerTek planned to acquire the two companies for approximately HKD 104 billion (around RMB 9.5 billion) using its own or raised funds [2]. - The two target companies are registered in Hong Kong and are wholly owned by Hong Kong Lianfeng. Mia was established in 2007 with a registered capital of HKD 500 million, focusing on investment holding and precision metal parts trading, while Changhong was founded in 2004 with a registered capital of HKD 50 million, also focusing on investment holding [3]. - The combined unaudited revenue for the two companies for the fiscal year 2024 is approximately HKD 91.1 billion [3]. Group 2: Strategic Implications - The acquisition was expected to enhance GoerTek's vertical integration capabilities and improve its competitive edge in the precision structural components sector [4]. - The termination of the acquisition will not adversely affect GoerTek's operational performance or financial status, nor will it harm the interests of the company and its shareholders [3]. - GoerTek reported a net profit attributable to shareholders of RMB 1.417 billion for the first half of 2025, representing a year-on-year increase of 15.65%, while its revenue was RMB 37.549 billion, showing a year-on-year decrease of 7.02% [4].

Core Viewpoint - The acquisition plan by GoerTek Inc. for the full ownership of Mia Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd. has been terminated due to the inability to reach an agreement on key terms between the parties involved [1][2]. Group 1: Acquisition Details - GoerTek planned to acquire the two companies for approximately HKD 104 billion (around RMB 9.5 billion) [1]. - The two target companies are registered in Hong Kong and are wholly owned by Lianfeng Group [2]. - Mia was established in 2007 with a registered capital of HKD 500 million, focusing on investment holding and precision metal parts trading, while Changhong was founded in 2004 with a registered capital of HKD 50 million, also focusing on investment holding [2]. Group 2: Financial Impact - The termination of the acquisition will not adversely affect GoerTek's operational performance or financial status, and there are no damages to the interests of the company and its shareholders [2]. - The combined unaudited revenue of the two target companies for the fiscal year 2024 is approximately HKD 9.11 billion [2]. Group 3: Strategic Implications - The acquisition was intended to enhance GoerTek's vertical integration capabilities and strengthen its competitive position in the precision structural components sector [3]. - GoerTek's half-year report for 2025 indicated a net profit attributable to shareholders of RMB 1.417 billion, a year-on-year increase of 15.65%, while total revenue was RMB 37.549 billion, reflecting a year-on-year decrease of 7.02% [3].