NAR(SZ:002825) Di Yi Cai Jing Zi Xun·2025-07-22 09:43Core Viewpoint - The acquisition plan of NAR Holdings (002825.SZ) to purchase Jiangxi Lanwei Electronics Technology Co., Ltd. has failed after six months of attempts due to a lack of consensus on investment terms and the absence of a formal investment agreement [1][2]. Group 1: Acquisition Details - NAR Holdings announced on July 21 that it would terminate the acquisition of Lanwei Electronics, which was intended to secure a 51% stake through equity transfer and capital increase [1][2]. - The acquisition was initially disclosed on January 22, with expectations of gaining control over Lanwei Electronics, a significant player in chip packaging and bonding technology [2][3]. - The termination of the acquisition will not adversely affect NAR Holdings' operational performance or financial status, as no actual funds were exchanged [2]. Group 2: Market Reaction - Following the announcement of the acquisition plan, NAR Holdings' stock price surged nearly 80%, reaching a peak of 12.35 yuan before experiencing a decline due to lack of updates on the acquisition progress [3][4]. - The stock price fell to 10.68 yuan as of July 22, reflecting a downward trend after the initial spike [3]. Group 3: Financial Performance and Growth Strategy - NAR Holdings has faced significant fluctuations in net profit over recent years, with revenue figures of 16.18 billion yuan, 14.87 billion yuan, and 19 billion yuan from 2022 to 2024, showing a growth rate of -7.98%, -8.09%, and 27.73% respectively [4][5]. - The company attempted to diversify its revenue streams by investing 38 million yuan in Dongguan Junhong Optical Materials Co., Ltd. in 2022, but this investment did not meet performance commitments, resulting in losses [4][5]. - The failure of the Lanwei Electronics acquisition signifies another setback in NAR Holdings' efforts to establish a second growth curve in the semiconductor materials sector [5].