DORIGHT(SZ:300950) Da Zhong Ri Bao·2025-07-02 10:09Core Viewpoint - The acquisition of Haowei Technology by Degute is a significant strategic move aimed at leveraging digital capabilities to expand growth opportunities, rather than a short-term hedge against market fluctuations [2][3]. Group 1: Acquisition Details - Degute is an energy-saving and environmental protection equipment manufacturer, while Haowei Technology is an international software and IT service provider [2]. - The customer bases of both companies are largely different, with Degute focusing on heavy industry and Haowei on telecommunications, indicating a low overlap in clientele [2]. - The integration of both companies will require addressing the "technical gene conflict" to realize the potential synergies of the merger [2]. Group 2: Financial Performance - Degute has experienced significant fluctuations in its financial performance, with a reported revenue decline of 31.19% and a net profit drop of 53.24% in Q1 2025 [4]. - The decline in cash received from sales and services by 0.7% in 2024 contrasts with a 64.21% increase in revenue, indicating potential underlying issues in cash flow management [6]. - The net cash flow from operating activities decreased by 34.63%, raising concerns about the sustainability of reported profits [6]. Group 3: Market Reactions and Speculations - The announcement of the acquisition has sparked widespread interest among investors, with speculation about Haowei Technology potentially using this acquisition as a means to achieve a backdoor listing [3][4]. - Haowei Technology has a history of attempting to go public, having previously initiated IPO processes that did not materialize, which adds to the speculation surrounding this acquisition [4].