Core Viewpoint - The acquisition of 100% equity of Better Electronics by Yangjie Technology was abruptly terminated less than a month after receiving shareholder approval, primarily due to differences in business types, management styles, and corporate cultures between the two companies [1][2][3]. Group 1: Acquisition Details - Yangjie Technology announced the cash acquisition of Better Electronics for 2.218 billion yuan, with a significant valuation increase of 282.89% compared to its book value [3][4]. - The acquisition was initially approved by Yangjie Technology's board and shareholders within a short timeframe, highlighting the urgency and high expectations surrounding the deal [2][3]. - The termination of the acquisition was initiated by Better Electronics' actual controller and major shareholders, who cited substantial disagreements on future management and operational philosophies [2][3][4]. Group 2: Financial Implications - Yangjie Technology stated that the termination of the transaction would not result in any economic losses or adversely affect its strategic development and operations, as the share transfer and payment had not yet been executed [2][6][7]. - The complex performance guarantee mechanisms established for the acquisition, including a commitment for Better Electronics to achieve a net profit of no less than 555 million yuan from 2025 to 2027, have now been rendered void [8] . Group 3: Market Reaction - Following the announcement of the acquisition on September 11, Yangjie Technology's stock price rose significantly, peaking at 82.48 yuan, reflecting a more than 30% increase, and a year-to-date rise of over 70% [8].

Group 1 - Yangjie Technology announced the termination of the cash acquisition of 100% equity in Dongguan Better Electronics Technology Co., Ltd. due to a proposal from Better Electronics' actual controller and major shareholders [2][3] - The decision to terminate the acquisition was approved by the company's board of directors and supervisory board after reviewing the matter [2] - The termination was attributed to differences in business types, management styles, and corporate cultures between the two companies, leading to significant disagreements on future operational philosophies [2] Group 2 - Dongguan Better Electronics Technology Co., Ltd. specializes in the research, production, and sales of power electronic protection components, established on August 25, 2003 [4] - The company’s main products include overcurrent protection components and over-temperature protection components, with applications in various fields such as consumer electronics, home appliances, new energy vehicles, photovoltaic power generation, energy storage, and rail transportation [4] - Better Electronics is recognized as a leader in the domestic industry, focusing on high-end electronic and power circuit protection components, and has achieved multiple management system certifications [4]

Core Viewpoint - Yangjie Technology (300373.SZ) announced the termination of the acquisition of all shares of Better Electronics due to significant differences in business types, management styles, and corporate culture between the two companies, leading to disagreements on future operational philosophies and management approaches [1][2]. Group 1 - The actual controller and major shareholder of Better Electronics signed a notice to terminate the transfer of shares to Yangjie Technology, indicating a mutual agreement to end the transaction amicably without pursuing breach of contract claims [1]. - The purpose of Yangjie Technology's intended acquisition was to acquire 100% of Better Electronics' shares, which is now unachievable due to the termination of the share transfer [2]. - According to the share transfer agreement, if the acquisition does not reach 51% due to reasons not attributable to Yangjie Technology, the company has the right to terminate the transaction without being considered in breach of contract [2].

Core Viewpoint - The acquisition of Dongguan Better Electronics Technology Co., Ltd. by Yangjie Technology was abruptly terminated less than a month after receiving shareholder approval, primarily due to differences in business types, management styles, and corporate cultures between the two companies [1][3][4]. Summary by Sections Acquisition Details - Yangjie Technology announced a plan to acquire 100% of Better Electronics for 2.218 billion yuan, which was approved by shareholders on September 29 [1][3]. - The acquisition was notable for its high valuation, with an assessment showing a 282.89% increase in value compared to the book value of Better Electronics [4][8]. Termination Reasons - The termination was initiated by Better Electronics' actual controller and major shareholders, citing significant differences in future business philosophies and management approaches [1][3]. - The shareholders collectively held 39.35% of Better Electronics, making their withdrawal critical to the transaction's feasibility [3]. Financial Implications - Yangjie Technology stated that the termination would not result in any economic losses or adversely affect its strategic development or operations [2][6][7]. - The complex performance guarantee mechanisms established for the acquisition, including strict profit commitments and stock pledges, became void with the termination [8][9]. Company Response - Yangjie Technology's board of directors quickly convened to approve the termination of the acquisition [6]. - The company opted for a "peaceful separation," choosing not to pursue any breach of contract claims against Better Electronics' shareholders despite the existence of penalty clauses in the agreement [5][7].

Group 1: Acquisition Termination - Yangjie Technology announced the termination of the acquisition of 100% equity in Better Electronics, as the actual controller and major shareholder decided to withdraw from the transfer [1] Group 2: Shareholding Changes - Yunlu Co., Ltd. announced that shareholder and director Guo Keyun plans to reduce his stake by up to 3%, equivalent to no more than 3.6 million shares [2] - Guo Zhan Real Estate, a shareholder of Guo New Energy, intends to reduce its holdings by no more than 2.07%, which amounts to up to 40 million shares [3] - Li Aizhen, a significant shareholder of Power Diamond, plans to reduce his stake by up to 3%, which is approximately 763.35 thousand shares [4] - The National Integrated Circuit Industry Investment Fund plans to reduce its holdings in Hu Silicon Industry by no more than 2%, translating to up to 54.94 million shares [5] Group 3: Earnings Reports - Hemei Group reported a net profit of 61.75 million yuan for the third quarter, marking a year-on-year increase of 706.30%, with a revenue of 139 million yuan, up 53.35% [6] - Zhongtai Automobile reported a net loss of 223 million yuan for the first three quarters, with a revenue of 419 million yuan, reflecting a year-on-year growth of 8.98% [7] - Shengyi Electronics expects a net profit increase of 476% to 519% for the first three quarters, estimating a profit between 1.074 billion yuan and 1.154 billion yuan [8]

Major Events - Former Chairman of Beiyin Wealth Management, Fang Yi, has joined Huaxia Bank as Chief Risk Officer, pending regulatory approval [4] - Xilai Materials' subsidiary plans to invest 2 billion yuan in a semiconductor core component project, expected to generate over 1.5 billion yuan in annual output after reaching production [5][6] - Huatai Securities' subsidiary Huatai Futures has appointed Zhao Changtao as the new chairman [7] - Chuanfa Longmang's subsidiary plans to invest 366 million yuan in a 100,000 tons/year lithium dihydrogen phosphate project [8] - Huagong Technology is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] - Jiangsu Leili's actual controller has changed from Su Jianguo to both Su Jianguo and Su Da due to internal share transfers [10] - Electric Power Investment Energy has been unable to contact independent director Han Fang, but this does not affect the board's operation [11] - Qiaqia Food's subsidiary is establishing an investment company focused on the leisure food industry with a total investment of 4 billion yuan [12][13] - Steel Research High-tech plans to set up a wholly-owned subsidiary in Saudi Arabia with an investment of up to 138 million yuan [14] - Yangjie Technology has terminated the acquisition of 100% equity in Better Electronics due to differences in business types and management [15] Performance Reports - Youfa Group reported a 2320.53% increase in net profit for Q3, despite a 3.97% decline in revenue [16] - Zhuoyi Information's net profit increased by 2074.65% in Q3, with revenue growth of 2.52% [17] - North Navigation's Q3 net profit surged by 1681.27%, with a 52.12% increase in revenue [18] - Tianneng Heavy Industry's net profit grew by 1359.03% in Q3, driven by increased sales of tower tubes [19] - Te Yi Pharmaceutical's net profit rose by 985.18% in Q3, with significant growth in traditional Chinese medicine sales [20] - Hualgreen Bio's Q3 net profit increased by 619.37%, with a 35.24% rise in revenue [21] - Zhenlei Technology's net profit grew by 598.09% in Q3, supported by strong revenue growth [22] - Shengyi Electronics expects a net profit increase of 476% to 519% for the first three quarters of 2025 [23] - Glodon reported a 244.89% increase in Q3 net profit, despite a slight decline in revenue [24] - Yingli Co., Ltd. saw a 229.14% increase in Q3 net profit, with a 14.73% rise in revenue [25] - Guangkang Biochemical's Q3 net profit increased by 236.87%, despite a decline in revenue [26] - High-speed Electric's Q3 net profit rose by 242.35%, with a 44.51% increase in revenue [27] - Wide Special Materials reported a 213.65% increase in net profit for Q3, driven by improved gross margins [28] - Baofeng Energy's Q3 net profit increased by 162.34%, attributed to increased production capacity [29] - Sanfu Co., Ltd. reported a 162.25% increase in Q3 net profit, driven by improved profitability of potassium and silane products [30] - Wuku New Energy's Q3 net profit increased by 106.31%, despite a loss in the first three quarters [32] - Pioneering Technology's Q3 net profit grew by 94.01%, supported by a recovery in the household energy storage market [33] - Sanlife Guojian's net profit increased by 71.15% in Q3, driven by project collaboration and CDMO business growth [34] - BGI Genomics reported a loss of 120 million yuan in the first three quarters, despite revenue growth [35] - Rejing Bio reported a net loss of 10.9 million yuan in the first three quarters, impacted by industry policies [36] - Jiangshan Oupai reported a net loss of 51.58 million yuan in Q3, attributed to market downturns and increased competition [38] - Taiping Bird reported a net loss of 49.45 million yuan in Q3, due to declining revenue and increased inventory losses [39] - Zhongke Tongda reported a loss of 6.87 million yuan in the first three quarters, affected by project delays and market competition [40] - Wolong New Energy reported a loss of 579.7 thousand yuan in Q3, transitioning from profit to loss [41] Major Contracts - Jinggong Steel Structure signed a significant overseas project contract worth approximately 1.23 billion yuan [42][43] - New Beiyang's subsidiary won a 105 million yuan postal equipment outsourcing project [44] - Maipu Medical plans to sign product sales agency agreements with related parties, with estimated procurement amounts of 21.5 million yuan and 3.5 million yuan [45] Shareholding Changes - Yunlu Co., Ltd. shareholder Guo Keyun plans to reduce his stake by up to 3% [46] Financing - Xinda Securities has received approval from the CSRC to issue up to 10 billion yuan in technology innovation corporate bonds [47]

Core Viewpoint - Yangjie Technology (300373.SZ) reports that its overseas business maintains a high gross margin, and the revenue share from overseas markets is expected to continue increasing [1][3]. Group 1: Financial Performance - The company achieved a revenue of 5.348 billion yuan, representing a year-on-year growth of 20.89% [3]. - The net profit attributable to shareholders reached 974 million yuan, with a year-on-year increase of 45.51% [3]. - In the third quarter, revenue was 1.893 billion yuan, up 21.47% year-on-year, while net profit attributable to shareholders was 372 million yuan, reflecting a growth of 52.40% [3]. Group 2: Business Strategy and Market Position - The company focuses on research, production, and sales in the mid-to-high-end sectors of power semiconductor silicon wafers, chips, and device design, manufacturing, and packaging testing [3]. - Future revenue is expected to grow steadily, with gross margins remaining relatively stable [3]. - The SiC business is projected to maintain rapid growth, and overseas operations will be a key component of the company's globalization strategy, covering sectors such as consumer electronics, industrial applications, new energy, and automotive [3][4]. Group 3: Product Development and Investment Plans - The company is actively expanding its presence in the small signal, energy storage, and humanoid robot supply chains, with technologies in IGBT, MOSFET, ESD, and TVS applicable to motor drives and sensing systems [4]. - Future capital expenditures will focus on the second phase of the Vietnam factory, expansion of eight-inch wafers, and projects related to silicon carbide and IGBT modules [4]. - Industry experts believe that the company has a significant competitive advantage in the power semiconductor field due to its independent technology and capacity layout, with potential for further performance growth through ongoing R&D investment and global market expansion [4].

Group 1 - Yangjie Technology (300373) announced the termination of the cash acquisition of 100% equity in Dongguan Better Electronics Technology Co., Ltd. (Better Electronics) and related transactions, with all parties amicably terminating the relevant agreements without any breach of contract disputes [1][5] - The direct reason for the termination of the transaction came from Better Electronics, as the major shareholders expressed significant differences in business types, management styles, and corporate cultures during the transaction process, leading to disagreements on future operational philosophies [5] - Yangjie Technology stated that the core purpose of the transaction was to acquire 100% equity in Better Electronics, and the decision by Better Electronics' actual controller and major shareholders directly resulted in the failure to achieve this goal [5][6] Group 2 - Better Electronics specializes in power electronic protection devices, with core products designed to protect against overcurrent, overvoltage, and overheating, serving key sectors such as home appliances, consumer electronics, new energy vehicles, photovoltaics, and energy storage [6] - The company has three major brands: "Better Guardian," "ADLER," and "ASTM," with a product matrix covering over 200 series and more than 9,000 specifications, catering to high, medium, and low-end market demands [6] - Financially, Better Electronics achieved revenue of 837 million yuan and a net profit of 148 million yuan in 2024, continuing a growth trend in Q1 2025 with revenue of 218 million yuan and a net profit of 41.13 million yuan, indicating stable profitability [6][7] Group 3 - Better Electronics applied for listing on the ChiNext board in June 2023 but withdrew the application in August 2024, with a relatively dispersed shareholding structure and no controlling shareholder [7] - The acquisition plan included performance commitments from over 20 parties, represented by Liu Hanhao and Han Lu, to achieve a cumulative net profit of no less than 555 million yuan from 2025 to 2027 [7] - Yangjie Technology previously indicated that Better Electronics' protection components could complement its existing power device products, providing synergistic effects in end-use scenarios and aligning with the company's strategic development direction [7]

Core Viewpoint - Yangjie Technology has commenced mass production at its Vietnam MCC factory's first phase and is currently ramping up capacity for the second phase [1] Company Summary - The first phase of the Vietnam MCC factory officially started mass production at the beginning of the year [1] - The second phase of the factory is in the process of capacity ramp-up [1]

Core Viewpoint - Yangjie Technology (SZ 300373) announced the termination of the cash acquisition of 100% equity in Dongguan Better Electronics Technology Co., Ltd. during its board meeting held on October 23, 2025 [1] Company Summary - Yangjie Technology's revenue composition for the year 2024 is as follows: electronic components account for 97.65%, while other businesses make up 2.35% [1] - As of the report date, Yangjie Technology has a market capitalization of 40.3 billion yuan [1]