综艺股份高溢价收购遭问询背后：吉莱微业绩承诺陷“画饼”疑云

Group 1 - The core transaction involves a control deal valued at 220 million yuan for a 45.28% stake in Jilaiwei, a company specializing in power semiconductor chips, which has a market share of only 5.09% in the thyristor sector [1][2] - Jilaiwei's projected revenue for 2024 is 256 million yuan with a net profit of 16 million yuan, significantly smaller than its competitor JieJie Microelectronics, and far behind Yangjie Technology's 6 billion yuan revenue [1][2] - The company has experienced a drastic revenue decline in the photovoltaic application sector, with a 60% drop, and a 10% decrease in medical equipment revenue, indicating weak risk resilience [1] Group 2 - The valuation of Jilaiwei appears inflated, with a premium exceeding 122% as the company's net assets are only 198 million yuan for 2024 [2] - A suspicious share buyback was initiated just before the investment, with plans to repurchase 21.01% of shares from six institutional shareholders, raising concerns about potential arbitrage opportunities [2] - The claimed "synergy" between the existing low-margin businesses of Zongyi Co. and Jilaiwei's power semiconductor technology lacks concrete plans for technical integration or customer resource sharing, suggesting a lack of substance in the transaction [2]