深圳通业科技股份有限公司 重大资产购买暨关联交易申请的审核 问询函之回复报告 独立财务顾问 深圳市福田区福田街道福华一路111号 二零二六年三月 深圳证券交易所： 贵所于 2026 年 1 月 13 日出具的《关于对深圳通业科技股份有限公司的重组 问询函》（创业板并购重组问询函〔2026〕第 1 号，以下简称"《审核问询函》"） 收悉，公司会同中介机构对《问询函》所列问题进行了逐项落实并回复，并对《深 圳通业科技股份有限公司重大资产购买暨关联交易报告书（草案）》进行了修订 和补充。公司现对问询函回复如下，请予审核。 如无特别说明，本回复报告中的简称或名词释义与重组报告书中的相同。 | 黑体（不加粗） | 问询函所列问题 | | --- | --- | | 宋体（不加粗） | 问询函所列问题的回复 | | 楷体（加粗） | 对重组报告书等申报文件的修改或补充披露 | 本审核问询函回复中的字体代表以下含义： | | | 问题 1 报告书显示，（1）本次交易采用收益法和资产基础法对标的公司股权价值进 行评估，评估基准日为 2025 年 7 月 31 日。采用资产基础法，标的公司所有者权 益账面价值为 26,155. ...

Group 1 - The stock price of Tongyi Technology (300960) has shown a fluctuating upward trend over the past 7 trading days from February 7 to February 13, 2026 [1] - The stock's 5-day price change is 5.10%, outperforming the Shanghai Composite Index, which has a 5-day change of 0.81% [1] - On February 9, the stock price surged by 4.23%, closing at 28.05 yuan on February 13, with a daily change of 1.19% [1] Group 2 - On February 13, the net outflow of institutional funds was 5.4161 million yuan, while retail investors saw a net inflow of 8.3342 million yuan [1] - Technically, the stock has recently broken through the 20-day moving average, and the MACD indicator shows a bullish trend [1] - Attention is needed on the upper resistance level of the Bollinger Bands at 28.37 yuan [1]

证券代码：300960 证券简称：通业科技 公告编号：2026-003 深圳通业科技股份有限公司 关于筹划重大资产重组的进展公告 本公司及全体董事保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 一、交易概述 深圳通业科技股份有限公司（以下简称"公司"）拟以现金方式购买北京 思凌科半导体技术有限公司（以下简称"思凌科"或"标的公司"）91.69%的 股权（以下简称"本次交易"），资金来源为自有及自筹资金。若本次交易能 够顺利实施完成，公司将持有思凌科 91.69%的股权，思凌科将成为公司的控股 子公司。 本次交易构成《上市公司重大资产重组管理办法》规定的重大资产重组。 本次交易不涉及公司发行股份，也不会导致公司控股股东和实际控制人发生变 更。公司将按照相关规定履行相关程序，编制、披露相关文件。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，本次交易构 成关联交易，具体内容详见《关于签署股权收购意向协议暨关联交易的公告》 （公告编号：2025-043）及《关于收购北京思凌科半导体技术有限公司 91.69 ...

证券代码：300960 证券简称：通业科技 公告编号：2026-002 深圳通业科技股份有限公司 关于筹划重大资产重组的进展公告 本公司及全体董事保证信息披露的内容真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司 自律监管指引第 2 号——创业板上市公司规范运作》等相关规定，本次交易构 成关联交易，具体内容详见《关于签署股权收购意向协议暨关联交易的公告》 （公告编号：2025-043）及《关于收购北京思凌科半导体技术有限公司 91.69% 股权进展暨签署<股权收购协议><业绩承诺及补偿协议>的公告》（公告编号： 2025-061）。 二、本次重大资产重组相关进展情况 公司于 2025 年 8 月 18 日披露了《关于筹划重大资产重组的提示性公告》 （公告编号：2025-042）、《关于签署股权收购意向协议暨关联交易的公告》 （公告编号：2025-043），拟收购思凌科 100%的股权。 一、交易概述 深圳通业科技股份有限公司（以下简称"公司"）拟以现金方式购买北京 思凌科半导体技术有限公司（以下简称"思凌科"或"标的公司"）91.69 ...

证券代码：300960 证券简称：通业科技 公告编号：2026-001 深圳通业科技股份有限公司 关于使用部分闲置自有资金进行现金管理的进展公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没 有虚假记载、误导性陈述或者重大遗漏。 一、 本次使用部分闲置自有资金进行现金管理的进展情况 | | | | | | | | 单位：人民币万元 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 | | | 产品 | | 预计年 化收益 | | | 是否 | | 号 | 受托方 | 产品名称 | 类型 | 金额 | 率/业绩 | 起息日 | 到期日 | 到期 | | | | | | | 比较基 | | | 赎回 | | | | | | | 准 | | | | | | 中国银 | 人民币结构性存 | 保本 | | 0.4% | | | | | 1 | 行深圳 | 款 | 浮动 | 3000 | 或 | 2025/12/1 | 2025/12/31 | 是 | | | 龙珠支 | 【CSDVY202514 | 收益 | | | | | | ...

Group 1 - The company, Tongye Technology (300960), is actively advancing its restructuring efforts to complete integration and unlock value as soon as possible [1] - Future considerations for dividends and reinvestment will be based on profitability and funding needs, aiming for a balance that supports steady development while actively rewarding shareholders [1] - The company emphasizes its commitment to safeguarding shareholder rights through its strategic decisions [1]

Core Insights - The railway transportation equipment sector experienced a 1.57% increase on January 12, with Langjin Technology leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Sector Performance - Langjin Technology (300594) closed at 23.72, up 12.15% with a trading volume of 105,800 shares [1] - Jinchuan Group (603680) closed at 17.82, up 6.83% with a trading volume of 145,500 shares [1] - Zhonghe Technology (000925) closed at 9.79, up 6.18% with a trading volume of 1,172,100 shares [1] - Shenzhou High-speed Railway (000008) closed at 3.21, up 4.22% with a trading volume of 1,807,900 shares [1] - Tianzhizhi New Materials (688033) closed at 8.69, up 3.58% with a trading volume of 646,800 shares [1] - Bidetech (605298) closed at 45.20, up 3.48% with a trading volume of 47,200 shares [1] - Xianghe Industrial (603500) closed at 12.56, up 2.87% with a trading volume of 94,100 shares [1] - Yonghui Electric (300351) closed at 19.09, up 2.52% with a trading volume of 224,300 shares [1] - Tongye Technology (300960) closed at 25.98, up 2.40% with a trading volume of 32,100 shares [1] - China Railway Signal & Communication (688009) closed at 5.68, up 2.16% with a trading volume of 451,200 shares [1] Capital Flow - The railway transportation equipment sector saw a net inflow of 85.024 million yuan from institutional investors, while retail investors experienced a net outflow of 38.8308 million yuan [1] - Major stocks like China CRRC (601766) had a net inflow of 81.3475 million yuan, while Shenzhou High-speed Railway (000008) had a net inflow of 66.1107 million yuan [2] - Retail investors showed significant outflows in several stocks, including Shenzhou High-speed Railway with a net outflow of 6.43381 million yuan [2]

Core Viewpoint - The acquisition of Beijing Silin Semiconductor Technology Co., Ltd. by Tongye Technology is a cross-industry merger, with a transaction price of 561 million yuan, despite Silin's current loss status and a high valuation premium of nearly four times its book value [1][3]. Group 1: Acquisition Details - Tongye Technology plans to acquire 91.69% of Silin for 561 million yuan, making Silin a subsidiary [1]. - The controlling shareholders of Tongye will transfer 6% of their shares to Silin's actual controller for a total of 188 million yuan [1]. - Silin has committed to achieving a cumulative net profit of no less than 175 million yuan from 2026 to 2028, with cash compensation required if this target is not met [4]. Group 2: Financial Performance of Silin - Silin's projected revenues for 2023 and 2024 are 259 million yuan and 277 million yuan, respectively, with net profits of 27.71 million yuan and 20.32 million yuan [2]. - However, in the first seven months of 2025, Silin reported a revenue of 125 million yuan but incurred a net loss of 3.25 million yuan [2]. Group 3: Valuation and Adjustments - The valuation of Silin's total equity is set at 612 million yuan, reflecting a 387.41% increase over its book value of 126 million yuan [3]. - The acquisition scale was reduced from 100% to 91.69% after negotiations, and the valuation was adjusted down from 670 million yuan to 612 million yuan [4]. Group 4: Financial Implications for Tongye - Tongye's cash and cash equivalents amount to 200 million yuan, indicating a funding gap for the 561 million yuan acquisition [6]. - Post-acquisition, Tongye's debt ratio is expected to rise from 37.53% to 66.95% [6]. Group 5: Strategic Rationale - The acquisition allows Tongye to enter the high-growth market of power IoT chips, which is supported by government policies and has strong technical barriers [6]. - There is potential for business synergy, as both companies serve similar large state-owned enterprises, allowing for integrated marketing and resource sharing [7].

Core Viewpoint - The rail transit equipment sector experienced a decline of 0.9% on December 30, with Tongye Technology leading the drop at -6.11% [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index rose to 13604.07, up 0.49% [1]. - The rail transit equipment sector saw a net outflow of 202 million yuan from main funds, while retail investors contributed a net inflow of 113 million yuan [2][3]. Group 2: Individual Stock Performance - Tongye Technology (300960) closed at 25.82, down 6.11% with a trading volume of 59,800 shares and a transaction value of 155 million yuan [2]. - Other notable declines included Tianzhixin Material (688033) at -4.25% and Jinchuan Heavy Industry (603680) at -3.93% [2]. - On the positive side, Tieda Technology (920541) increased by 0.83% to close at 13.38 [1]. Group 3: Fund Flow Analysis - Among individual stocks, the largest net inflow from main funds was seen in Times Electric (688187) at 3.968 million yuan, while the largest outflow was from Raylway (301016) at -677.74 million yuan [3]. - Retail investors showed a significant net inflow into Times Electric at 2.86% of its trading volume, despite overall sector outflows [3].

Core Viewpoint - Tongyi Technology plans to acquire 91.69% of Beijing Siling Semiconductor Technology Co., Ltd. for 561 million yuan, indicating a strategic move to enhance its technological capabilities and market position in the rail transit electrical equipment sector [1][2]. Group 1: Acquisition Details - The total assessed value of Siling's 100% equity is 612 million yuan, representing a 387.41% increase over its book net assets of 126 million yuan [1][3]. - Despite a loss of 3.253 million yuan in the first seven months of 2025 due to seasonal factors in power grid procurement, Siling's core products have entered the State Grid supply chain, achieving net profits of 27.7129 million yuan in 2023 and 20.318 million yuan in 2024 [1][4]. Group 2: Strategic Rationale - The acquisition is not a blind expansion but a precise layout based on technological synergy and market complementarity, as Tongyi Technology seeks new growth points amid slowing revenue growth [1][2]. - In the first three quarters of 2025, Tongyi Technology reported revenues of 294 million yuan and a net profit of 26.6136 million yuan, with revenue growth of 11.97% year-on-year but a net profit decline of 15.56% [1][3]. Group 3: Performance Commitments - To protect shareholder interests, a strict performance commitment and compensation agreement has been signed, requiring Siling to achieve a cumulative net profit of no less than 175 million yuan from 2026 to 2028, averaging approximately 58.33 million yuan per year, which is about double the net profits of 27.7129 million yuan in 2023 and 20.318 million yuan in 2024 [2][5]. - If performance targets are not met, compensation will be limited to the after-tax proceeds from the sale of all shares held by Siling in Tongyi Technology, which may be affected by stock price declines or dilution [5]. Group 4: Industry Context - The acquisition aligns with the trends of semiconductor localization and new infrastructure development, marking a strategic upgrade driven by technology for Tongyi Technology [2][5].