Group 1 - The core point of the article highlights the recent decline in the stock price of Nar Holdings, which dropped by 5.04% to 11.68 CNY per share, with a trading volume of 312 million CNY and a turnover rate of 10.29%, resulting in a total market capitalization of 3.989 billion CNY [1] - Nar Holdings, established on November 9, 2005, and listed on November 29, 2016, specializes in the research, production, and sales of digital printing materials and automotive protective films, with its main business revenue composition being 63.98% from digital printing materials, 29.55% from automotive functional films, 4.45% from optical and electronic functional films, and 2.02% from other sources [1] Group 2 - From the perspective of major fund holdings, one fund under Xinhua Fund has a significant position in Nar Holdings, specifically the Xinhua Active Value Flexible Allocation Mixed A (001681), which held 123,200 shares in the second quarter, accounting for 1.95% of the fund's net value, making it the fourth-largest holding [2] - The Xinhua Active Value Flexible Allocation Mixed A (001681) fund was established on December 21, 2015, with a latest scale of 57.4815 million CNY, achieving a year-to-date return of 7.51% and a one-year return of 14.88%, ranking 6206 out of 8160 and 4770 out of 8026 respectively, with a cumulative return of 40.78% since inception [2]

Market Overview - As of October 20, the Shanghai Composite Index closed at 3863.89 points, up 24.14 points, with a gain of 0.63% [1] - The Shenzhen Component Index closed at 12813.21 points, up 124.27 points, with a gain of 0.98% [1] - The ChiNext Index closed at 2993.45 points, up 58.09 points, with a gain of 1.98% [1] Stock Performance - A total of 53 A-shares had a turnover rate exceeding 20%, with C Dao Sheng reaching over 50% [1] - C Dao Sheng's closing price was 25.96 yuan, with a turnover rate of 57.83% and a decline of 12.53% [1] - Matrix Co. closed at 26.65 yuan, with a turnover rate of 43.42% and an increase of 2.38% [1] - Yunhan Chip City closed at 164.31 yuan, with a turnover rate of 39.89% and a decrease of 1.02% [1] - Other notable stocks include: - Haichuang Ruitong: 54.38 yuan, 37.40% turnover, 0.15% increase [1] - Jianfa Zhixin: 29.30 yuan, 36.97% turnover, 4.46% increase [1] - Feiwo Technology: 45.78 yuan, 34.92% turnover, 20.00% increase [1] Additional Notable Stocks - Chuling Information: 25.98 yuan, 33.92% turnover, 12.42% increase [1] - Changjiang Nengke: 17.56 yuan, 32.65% turnover, 5.03% decrease [1] - Huifeng Diamond: 39.32 yuan, 32.03% turnover, 29.98% increase [1] - Lanfeng Biochemical: 8.05 yuan, 31.49% turnover, 4.62% decrease [1] - Shandong Molong: 7.04 yuan, 30.78% turnover, 3.83% increase [1]

Core Viewpoint - Nar Co., Ltd. experienced a decline of 3.75% in its stock price, with a trading volume turnover rate of 26.58% and a total transaction amount of 872 million yuan, indicating significant market activity and volatility [2] Trading Activity - The stock was listed on the Shenzhen Stock Exchange due to its turnover rate reaching 26.58%, with institutional investors net buying 8.904 million yuan [2] - The top five trading departments accounted for a total transaction amount of 193 million yuan, with a buying amount of 92.397 million yuan and a selling amount of 101 million yuan, resulting in a net selling of 8.6095 million yuan [2] - Among the trading departments, four institutional special seats were involved, with a total buying amount of 54.9471 million yuan and a selling amount of 46.0432 million yuan, leading to a net buying of 8.904 million yuan [2] Fund Flow - The stock saw a net outflow of 26.753 million yuan in principal funds, with a significant outflow of 27.1812 million yuan from large orders, while small orders saw a net inflow of 0.4282 million yuan [2] - Over the past five days, the net inflow of principal funds amounted to 58.0063 million yuan [2]

三、是否存在应披露而未披露信息的说明 证券代码：002825 证券简称：纳尔股份 公告编号：2025-057 上海纳尔实业股份有限公司 关于公司股价异常波动的公告 本公司全体董事、高级管理人员保证公告内容真实、准确和完整，并对公 告中的虚假记载、误导性陈述或者重大遗漏承担责任。 一、股票交易异常波动情况 上海纳尔实业股份有限公司（以下简称"公司"或"本公司"）股票交易价 格连续 2 个交易日（2025 年 10 月 16 日、2025 年 10 月 17 日）收盘价格涨幅偏 离值累计超过 24.27%，根据《深圳证券交易所交易规则》等有关规定，属于股 票交易异常波动的情形。 二、公司核实相关情况的说明 针对公司股票异常波动，公司董事会对有关事项进行了核实，有关情况说明 如下： 1/3 1. 公司前期披露的信息不存在需要更正、补充之处； 2. 公司目前经营情况正常，不存在内外部经营环境发生重大变化的情形； 3. 近期公共媒体未报道可能或已经对本公司股票交易价格产生较大影响的未 公开重大信息； 4. 公司于 2025 年 10 月 16 日披露了《关于签订股权收购意向协议的公告》（公 告编号：2025-056）（ ...

Core Viewpoint - NAR Co., Ltd. plans to acquire at least 51% of Shanghai Feilai Testing Technology Co., Ltd. for an estimated transaction amount of 350 to 400 million yuan, aiming to enhance its strategic layout and business expansion in the semiconductor equipment sector [1][3]. Group 1: Acquisition Details - The acquisition involves NAR Co., Ltd. signing a share acquisition intention agreement with Shanghai Feiguang Management Consulting Partnership and Zhang Hua [1]. - The transaction is expected to provide NAR with control over Feilai Testing, a high-tech enterprise specializing in semiconductor chip testing reliability solutions [3]. Group 2: Company Profile of Feilai Testing - Feilai Testing is headquartered in Shanghai and has manufacturing bases in Wuxi and Nantong, recognized as a national-level "little giant" enterprise [3]. - The company offers a comprehensive range of solutions from wafer to device, including equipment like wafer AOI devices, chip testers, and aging systems, under its own brand "FeedLiTech" [3]. Group 3: Financial Projections - Feilai Testing is projected to achieve a revenue of 123 million yuan and a net profit of 1.9 million yuan in 2024, with further growth expected in 2025 [3]. - The performance commitment includes net profits of no less than 28 million yuan, 36 million yuan, and 48.2 million yuan for the years 2025 to 2027, totaling at least 112 million yuan [3]. Group 4: Strategic Implications - This acquisition reflects NAR's strategic shift from precision coating materials manufacturing to high-end equipment manufacturing and core semiconductor sectors, aiming to cultivate new growth drivers and enhance production capabilities [3].

Market Overview - The plastic sector experienced a decline of 1.47% on October 17, with Qide New Materials leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Notable gainers in the plastic sector included: - N Daosheng (601026) with a closing price of 29.68, up 396.32% [1] - Henghe Precision (300539) at 54.97, up 11.05% [1] - Cangzhou Mingzhu (002108) at 4.26, up 10.08% [1] - Major decliners included: - Qide New Materials (300995) at 44.11, down 6.19% [2] - Xingye Co. (603928) at 15.30, down 5.26% [2] - Dongcai Technology (601208) at 17.53, down 4.78% [2] Capital Flow - The plastic sector saw a net inflow of 257 million yuan from institutional investors and 274 million yuan from retail investors, while retail investors had a net outflow of 532 million yuan [2][3] - Key stocks with significant capital flow included: - N Daosheng (601026) with a net inflow of 701 million yuan from institutional investors [3] - Cangzhou Mingzhu (002108) with a net inflow of 105 million yuan [3] - Henghe Precision (300539) with a net inflow of 62 million yuan [3]

Core Viewpoint - NAR Co., Ltd. is making a strategic move into the semiconductor sector by acquiring a controlling stake in Shanghai Feilai Testing Technology Co., Ltd. for approximately 350 to 400 million yuan, aiming to create a new growth curve for the company [1][3][6]. Group 1: Acquisition Details - The company plans to invest between 350 million to 400 million yuan to acquire at least 51% of Feilai Testing, which specializes in semiconductor chip testing reliability solutions and is already profitable [1][3]. - Feilai Testing's net assets are reported at 211 million yuan, with a total valuation of 750 million yuan, indicating a premium of approximately 255.45% [4]. - The target company has a profit commitment from the seller, ensuring a cumulative net profit of no less than 112 million yuan from 2025 to 2027 [1][8]. Group 2: Financial Performance - NAR Co., Ltd. has experienced slow growth in its core business, with revenue increasing from 549 million yuan in 2016 to 1.9 billion yuan in 2024, while net profits have also seen modest growth [7]. - In the first half of 2025, the company reported revenues of 972 million yuan and a net profit of 115 million yuan, reflecting a year-on-year increase of 4.10% and 79.15%, respectively [7]. - Feilai Testing achieved revenues of 123 million yuan and 92.46 million yuan in 2024 and the first half of 2025, with corresponding net profits of 1.90 million yuan and 22.93 million yuan [8]. Group 3: Strategic Rationale - The acquisition is part of NAR Co., Ltd.'s strategy to diversify its business and overcome growth limitations in its traditional precision coating materials sector [7][8]. - The company previously attempted to enter the semiconductor packaging materials market but terminated a deal with another company due to a lack of consensus [8]. - By acquiring Feilai Testing, NAR aims to quickly establish a second growth curve and break through existing business constraints [1][6].

Core Viewpoint - NAR Co., Ltd. plans to enter the semiconductor sector by acquiring at least 51% of Shanghai Feilai Testing Technology Co., Ltd. for approximately 350 million to 400 million yuan, which has led to a significant increase in its stock price [2][4][14]. Group 1: Acquisition Details - The acquisition involves a high premium, with Feilai Testing's total asset valuation at 750 million yuan, representing an increase of approximately 255.45% [3][6]. - Feilai Testing, established in May 2018, specializes in semiconductor chip testing reliability solutions and has already achieved profitability, reporting a net profit of 22.93 million yuan in the first half of 2025 [3][7][11]. - The transaction is expected to provide NAR with control over Feilai Testing, allowing it to enter the semiconductor equipment and components market [6][8]. Group 2: Financial Performance - NAR's revenue has shown growth from 549 million yuan in 2016 to 1.9 billion yuan in 2024, but the growth rate has been slow, with net profits also increasing at a sluggish pace [9]. - In the first half of 2025, NAR reported revenues of 972 million yuan and a net profit of 115 million yuan, marking a year-on-year increase of 4.10% and 79.15%, respectively [9][11]. - The company has previously attempted to find new growth avenues, including investments in other companies, but faced challenges with profitability in those ventures [10][11]. Group 3: Strategic Intent - The acquisition is part of NAR's strategy to create a second growth curve and overcome the limitations of its existing business model [5][12]. - The company aims to leverage this acquisition to explore new profit growth opportunities in the semiconductor industry [8][12].

Core Viewpoint - NAR Co., Ltd. is actively pursuing entry into the semiconductor sector by planning to acquire Shanghai Feilai Testing Technology Co., Ltd. shortly after a failed acquisition attempt of Jiangxi Lanwei Electronics Technology Co., Ltd. [1][4] Group 1: Acquisition Details - NAR Co. intends to acquire at least 51% of Feilai Testing, with the transaction amount estimated between 350 million to 400 million yuan [2] - The acquisition aims to establish a second growth curve for NAR Co., focusing on semiconductor equipment and components to create new profit growth opportunities [2][4] Group 2: Market Reaction - Following the announcement of the acquisition, NAR Co.'s stock price hit the daily limit up, closing at 11.89 yuan per share with a trading volume of 70.03 million yuan, resulting in a total market capitalization of 4.061 billion yuan [2] Group 3: Financial Performance - Feilai Testing is projected to generate revenues of approximately 123 million yuan and 92.46 million yuan for 2024 and the first half of 2025, respectively, with corresponding net profits of about 1.90 million yuan and 2.29 million yuan [3] - The acquisition includes performance commitments, with expected net profits for Feilai Testing set at no less than 28 million yuan, 36 million yuan, and 48.2 million yuan for the years 2025 to 2027, totaling at least 112 million yuan [3] Group 4: Historical Context - This is not NAR Co.'s first attempt to enter the semiconductor field; a previous acquisition of Lanwei Electronics was terminated due to a lack of consensus on the investment agreement [4] - NAR Co. has had significant fluctuations in net profit over recent years, with figures of approximately 61.66 million yuan, 352 million yuan, 100 million yuan, and 126 million yuan from 2021 to 2024 [4]

Core Viewpoint - NAR Co., Ltd. plans to acquire at least 51% of Shanghai Feilai Testing Technology Co., Ltd. for an estimated amount of 350 to 400 million yuan, aiming to enhance its strategic layout and business expansion in the semiconductor equipment sector [1][3]. Group 1: Acquisition Details - The acquisition will not constitute a major asset restructuring, and there are no related party relationships involved [1]. - The investment is part of NAR's cross-industry investment initiative to enrich its industrial structure and enhance its capabilities in emerging business layouts [1][4]. Group 2: Target Company Overview - Feilai Testing specializes in semiconductor chip testing and reliability solutions, with main products including wafer AOI equipment, chip testers, aging systems, and automated loading and unloading equipment [3]. - The company has received various honors, including being recognized as a national-level "Little Giant" and a high-tech enterprise, and has accumulated 45 patent authorizations by the end of 2024 [3]. Group 3: Financial Performance and Projections - Feilai Testing is projected to achieve revenues of 123 million yuan and a net profit of 1.9 million yuan in 2024, with expected revenues of 92.46 million yuan and a net profit of 22.93 million yuan in the first half of 2025 [3]. - The profit commitments for 2025 to 2027 are set at no less than 28 million yuan, 36 million yuan, and 48.2 million yuan, totaling at least 112 million yuan [3]. Group 4: Strategic Implications - The acquisition is a significant step for NAR in implementing its strategy of "vigorously developing new quality productivity," allowing it to enter the semiconductor equipment and components field [3][4]. - NAR aims to leverage Feilai Testing's R&D capabilities and market resources to create new profit growth points and enhance efficiency across R&D, procurement, and sales systems [3][4].