Core Viewpoint - Longyang Electronics is currently engaged in product validation and testing of its HVLP5 grade copper foil with customers, focusing on high-end market segments [1] Company Summary - Longyang Electronics (301389.SZ) is not competing in the HVLP3 grade copper foil market and below, as its production process does not have a cost advantage in this segment [1] - The company has a competitive edge in producing ultra-thin and ultra-flat copper foil, which is why it has chosen to enter the market starting with HVLP5 grade products [1] Industry Summary - The primary competitors in the HVLP5 copper foil market are mainly Japanese companies, indicating a competitive landscape dominated by established players [1]

Group 1: Company Overview and Market Position - 隆扬电子 is focusing on HVLP5 grade copper foil, currently in product validation and testing with clients, primarily competing against Japanese companies [2][3] - The company's production process involves vacuum magnetron sputtering, fine electroplating, and chemical and physical post-processing [2][3] Group 2: Product Impact and Competitive Landscape - The surface roughness of copper foil affects current loss; lower roughness leads to reduced losses, but overall performance also depends on other materials like fiberglass and resin [3] - 隆扬电子 does not compete in HVLP1-3 grade copper foil due to cost disadvantages, but has advantages in producing ultra-thin and ultra-flat copper foil [4] Group 3: Strategic Acquisitions - The acquisition of 51% of 威斯双联 aims to optimize supply chain management and reduce production costs, leveraging 威斯双联's expertise in polymer materials and absorbing wave materials [5] - Acquiring 70% of 德佑新材 is intended to enhance company performance, integrate advanced coating technologies, and expand product offerings in sectors like 3C consumer electronics and automotive electronics [6]

Core Viewpoint - Longyang Electronics (Kunshan) Co., Ltd. plans to acquire 70% of Suzhou Deyou New Material Technology Co., Ltd. for a total price of 770 million yuan, with 488 million yuan sourced from the company's raised funds and interest [1][3] Group 1: Acquisition Details - The acquisition will be executed in two steps: first, the company will acquire 70% of Deyou New Material for cash; second, after the performance commitment period, the company will acquire the remaining 30% [3] - Upon completion of the first step, Deyou New Material will become a subsidiary of Longyang Electronics, and after the full acquisition, it will be a wholly-owned subsidiary [3] Group 2: Financial Performance of Deyou New Material - Deyou New Material specializes in the research, production, and sales of composite functional materials, primarily for consumer electronics [4] - Projected revenues for Deyou New Material are 236.36 million yuan in 2023, 418.91 million yuan in 2024, and 73.98 million yuan in early 2025, with net profits of 25.88 million yuan, 93.50 million yuan, and 18.29 million yuan respectively [4] Group 3: Performance Commitments - The seller has committed to a cumulative net profit of no less than 315 million yuan for the first three fiscal years (2025-2027) [4] - For the second phase (2028-2030), the cumulative net profit should also be no less than 315 million yuan, but not exceed the actual net profit achieved in the first phase [5] Group 4: Valuation and Goodwill - The valuation of Deyou New Material shows a significant increase, with a valuation of 1.104 billion yuan for 100% equity, resulting in a 453.32% increase over book value [6] - The transaction will create approximately 579.67 million yuan in goodwill on Longyang Electronics' consolidated balance sheet [7] Group 5: Longyang Electronics' Performance - Longyang Electronics has experienced declining performance since its IPO in October 2022, with revenue and net profit decreasing by 12.11% and 14.58% respectively in 2022, and further declines of 29.51% and 42.7% in 2023 [7] - In 2024, revenue showed a slight increase of 8.51%, but net profit still declined by 15.02% [7]

Core Viewpoint - Longyang Electronics (Kunshan) Co., Ltd. plans to acquire 70% of Suzhou Deyou New Materials Technology Co., Ltd. for a cash consideration of 770 million yuan, with 488 million yuan sourced from the company's raised funds and interest [1][5]. Group 1: Acquisition Details - The acquisition will be executed in two phases: the first phase involves acquiring 70% of Deyou New Materials, making it a subsidiary, while the second phase will occur after the first performance commitment period, acquiring the remaining 30% [5][6]. - Deyou New Materials specializes in the research, production, and sales of composite functional materials, primarily serving the consumer electronics sector [5][8]. Group 2: Financial Performance and Commitments - Deyou New Materials is projected to achieve revenues of 236.36 million yuan in 2023, 418.91 million yuan in 2024, and 73.98 million yuan in early 2025, with net profits of 25.88 million yuan, 93.50 million yuan, and 18.29 million yuan respectively [5][8]. - The first performance commitment requires Deyou New Materials to achieve a cumulative net profit of no less than 315 million yuan over the years 2025 to 2027 [6][7]. Group 3: Valuation and Goodwill - The valuation of Deyou New Materials shows a significant increase, with a 453.32% premium over its book value, leading to a valuation of 1.104 billion yuan for 100% of the company [10]. - Following the acquisition, Longyang Electronics will recognize approximately 579.67 million yuan in goodwill, which may be subject to impairment if future performance does not meet expectations [11]. Group 4: Company Performance Context - Longyang Electronics has experienced declining performance, with revenue and net profit decreasing by 12.11% and 14.58% in 2022, and further declines of 29.51% and 42.7% in 2023, although a slight revenue increase of 8.51% is expected in 2024 [11].

Group 1: Mergers and Acquisitions Overview - During the period from June 23 to June 28, 2025, four listed companies announced new mergers and acquisitions, including Guotou Zhonglu, Shaoyang Hydraulic, Longyang Electronics, and Jianlong Micro-Nano, covering industries such as agriculture, machinery, electronics, and basic chemicals [1][6][9]. Group 2: Guotou Zhonglu - Guotou Zhonglu specializes in the production and sales of concentrated fruit and vegetable juices, with its main product being concentrated apple juice. The company operates on a B2B sales model and maintains long-term stable relationships with well-known beverage and food companies [1][6]. - The target company for this transaction is China Electronic Engineering Design Institute Co., Ltd., which has a registered capital of 9,242.74508 million yuan and was established on August 27, 1992 [1][6]. Group 3: Shaoyang Hydraulic - Shaoyang Hydraulic focuses on industrial transmission and high-end manufacturing, achieving domestic substitution of hydraulic products through independent research and technological innovation. In 2024, the R&D investment was 16,007,060.18 yuan, accounting for 4.56% of revenue [2][7]. - The company is planning to issue shares and pay cash to acquire a stake in Chongqing Xincheng Hangrui Technology Co., Ltd., which is expected to constitute a major asset restructuring [2][7]. Group 4: Longyang Electronics - Longyang Electronics primarily deals with electromagnetic shielding materials, with stable and significantly growing revenue. The company has a concentrated customer base among high-end brands, ensuring strong order support [2][7]. - The company plans to acquire 100% of Suzhou Deyou New Material Technology Co., Ltd. through cash payment, with funding sourced from part of the raised funds and its own capital [2][7]. Group 5: Jianlong Micro-Nano - Jianlong Micro-Nano is engaged in the research, production, sales, and technical services of molecular sieve adsorbents and catalysts in various fields, including industrial gas separation and renewable resources [3][8]. - The company is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment, aiming to create a closed-loop integration from material research and process design to end services [3][8].

根据《重组管理办法》等相关要求，公司董事会就本次交易中评估机构的独 立性、评估假设前提的合理性、评估方法选取与评估目的的相关性以及评估定价 的公允性发表如下意见： 1、评估机构的独立性 公司聘请中水致远作为本次交易的评估机构，承担本次交易的评估工作。评 估机构具有法定资格，评估机构及其经办评估师与公司、标的公司之间除本次交 易正常业务往来之外，不存在其他关联关系，也不存在除专业收费外的现实或可 预期的利益关系或冲突，评估机构具有独立性。 2、评估假设前提的合理性 评估机构和评估人员在评估报告中所设定的评估假设前提按照国家有关法 律、法规和规范性文件的规定执行，遵循了市场通用的惯例或准则，符合评估对 象的实际情况，评估假设前提具有合理性。 隆扬电子（昆山）股份有限公司董事会 关于评估机构的独立性、评估假设前提的合理性、评估方法与评估目 的的相关性以及评估定价的公允性的说明 隆扬电子（昆山）股份有限公司（以下简称"上市公司"或"公司"）拟通 过支付现金方式向杨慧达、温州慧德创业投资合伙企业（有限合伙）、荣婕、杨 慧明、上海茂之百企业管理合伙企业（有限合伙）、崔玉麟、管丹、张骏锦、胡 鹤一、陈余谦购买其所持有的苏州 ...

关于本次交易中不存在直接或间接有偿聘请 其他第三方机构或个人的说明 隆扬电子（昆山）股份有限公司（以下简称"上市公司"或"公司"）拟通 过支付现金方式向杨慧达、温州慧德创业投资合伙企业（有限合伙）、荣婕、杨 慧明、上海茂之百企业管理合伙企业（有限合伙）、崔玉麟、管丹、张骏锦、胡 鹤一、陈余谦购买其所持有的苏州德佑新材料科技股份有限公司（以下简称"德 佑新材"或"标的公司"）70%股权（以下简称"本次交易"）。根据《上市公司 重大资产重组管理办法》规定，本次交易将构成重大资产重组。 按照《关于加强证券公司在投资银行类业务中聘请第三方等廉洁从业风险防 控的意见》（证监会公告[2018]22 号）的规定，公司董事会就本次交易各类直接 或间接有偿聘请第三方机构或个人（以下简称"第三方"）的行为说明如下： 隆扬电子（昆山）股份有限公司董事会 2、聘请北京市金杜律师事务所作为本次交易的法律顾问； 3、聘请容诚会计师事务所（特殊普通合伙）作为本次交易的审计机构； 4、聘请中水致远资产评估有限公司作为本次交易的评估机构。 上述中介机构均为本次交易依法需聘请的证券服务机构，聘请行为合法合 规，符合《关于加强证券公司在投资银行类 ...

证券代码：301389 证券简称：隆扬电子 上市地点：深圳证券交易所 隆扬电子（昆山）股份有限公司 重大资产购买报告书（草案） | 标的资产 | 交易对方 | | --- | --- | | 苏州德佑新材料科技股份有限公司 | 杨慧达、温州慧德创业投资合伙企业 | | | （有限合伙）、荣婕、杨慧明、上海 | | 70%股权 | 茂之百企业管理合伙企业（有限合 | | | 伙）、崔玉麟、管丹、张骏锦、胡鹤 | | | 一、陈余谦 | 独立财务顾问 二零二五年六月 隆扬电子（昆山）股份有限公司 重大资产购买报告书（草案） 声 明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、上市公司声明 本公司及全体董事、高级管理人员保证本报告书及其摘要内容的真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，并对本报告书及其摘要内容的 真实性、准确性和完整性承担个别和连带的法律责任。 本次重大资产重组不属于行政许可事项，本次交易的生效和完成尚需取得公 司股东大会批准。股东大会是否批准本次交易存在不确定性，由此引致的风险提 请投资者注意。 请全体股东及其他公众投资者认真阅读有关本次重大资产重组的 ...

东吴证券股份有限公司 关于隆扬电子（昆山）股份有限公司 本次重组前十二个月内购买、出售资产的核查意见 隆扬电子（昆山）股份有限公司（以下简称"隆扬电子" 或"上市公司"） 拟通过支付现金方式向杨慧达、温州慧德创业投资合伙企业（有限合伙）、荣婕、 杨慧明、上海茂之百企业管理合伙企业（有限合伙）、崔玉麟、管丹、张骏锦、 胡鹤一、陈余谦购买其所持有的苏州德佑新材料科技股份有限公司（以下简称"德 佑新材"或"标的公司"）70%股权（以下简称"本次交易"）。根据《上市公司 重大资产重组管理办法》规定，本次交易将构成重大资产重组。 根据《上市公司重大资产重组管理办法》规定："上市公司在十二个月内连 续对同一或者相关资产进行购买、出售的，以其累计数分别计算相应数额。已按 照本办法的规定编制并披露重大资产重组报告书的资产交易行为，无须纳入累计 计算的范围。中国证监会对本办法第十三条第一款规定的重大资产重组的累计期 限和范围另有规定的，从其规定。交易标的资产属于同一交易方所有或者控制， 或者属于相同或者相近的业务范围，或者中国证监会认定的其他情形下，可以认 定为同一或者相关资产。" 经核查，上市公司在本次交易前十二个月内不存在 ...

东吴证券股份有限公司 关于本次交易符合《创业板上市公司持续监管办法（试行）》第十八 条和《深圳证券交易所上市公司重大资产重组审核规则》第八条规定 的核查意见 隆扬电子（昆山）股份有限公司（以下简称"隆扬电子" 或"上市公司"） 拟通过支付现金方式向杨慧达、温州慧德创业投资合伙企业（有限合伙）、荣婕、 杨慧明、上海茂之百企业管理合伙企业（有限合伙）、崔玉麟、管丹、张骏锦、 胡鹤一、陈余谦购买其所持有的苏州德佑新材料科技股份有限公司（以下简称"德 佑新材"或"标的公司"）70%股权（以下简称"本次交易"）。根据《上市公司 重大资产重组管理办法》规定，本次交易将构成重大资产重组。 综上，本次交易符合《创业板上市公司持续监管办法（试行）》第十八条和 《深圳证券交易所上市公司重大资产重组审核规则》第八条的规定。 （以下无正文） 持续监管办法（试行）>第十八条和<深圳证券交易所上市公司重大资产重组审 核规则>第八条规定的核查意见》之签字盖章页） 独立财务顾问主办人： 徐 振 宇 周 祥 东吴证券股份有限公司 年 月 日 （本页无正文，为《东吴证券股份有限公司关于本次交易符合<创业板上市公司 《创业板上市公司持续监管办法（ ...