历时8个月，这起“蛇吞象”终止，曾收8连板！明天开说明会！

Core Viewpoint - The termination of the acquisition of 100% of Xian Dao Electronics Technology Co., Ltd. by Guangzhi Technology Co., Ltd. marks a significant setback for the company, which had aimed to enhance its growth and profitability through this strategic move [1][3]. Group 1: Acquisition Details - Guangzhi Technology announced the termination of the acquisition after eight months of anticipation, citing prolonged restructuring planning, changes in the external environment, and failure to reach agreement on commercial terms with some counterparties [3]. - The acquisition was initially proposed in October 2024, with Guangzhi Technology planning to acquire Xian Dao Electronics, valued at 20 billion yuan, while its own market capitalization was only around 3 billion yuan [1][3]. - The acquisition was characterized as "snake swallowing an elephant" due to the significant disparity in valuations between the two companies [3]. Group 2: Business Synergy - Both companies operate along the industrial chain of "high-purity rare scattered elements - compound materials - precision devices," with Guangzhi Technology focusing on infrared materials and Xian Dao Electronics specializing in sputtering targets and evaporation materials [4][5]. - The strategic intent behind the acquisition was to enhance Guangzhi Technology's portfolio with higher growth and margin assets, aiming for deeper integration within the rare metal industry chain [6]. Group 3: Financial Performance - Guangzhi Technology has faced ongoing financial pressure, with its net profit excluding non-recurring items being negative for three consecutive years [6]. - In 2024, the company reported revenue of 1.455 billion yuan, a year-on-year increase of 43.82%, and a net profit of 12.26 million yuan, indicating a return to profitability, although the net profit excluding non-recurring items remained negative at -37.16 million yuan [6]. Group 4: Future Prospects - Following the termination of the acquisition, Guangzhi Technology stated that its production and operations would continue normally, and it would seek further development opportunities when conditions are favorable [7]. - Xian Dao Electronics, which had previously attempted an independent IPO, may now consider returning to the independent IPO path or seeking integration opportunities with other listed companies [7].