OLYMPIC(SH:603920) Zheng Quan Zhi Xing·2025-08-10 16:12Summary of Key Points Core Viewpoint - Guangdong Shiyun Circuit Technology Co., Ltd. plans to invest 125 million yuan in Shenzhen New Voice Semiconductor Co., Ltd. through capital increase, acquiring a 3.8238% stake in the target company [1][3]. Transaction Overview - The total investment in Shenzhen New Voice Semiconductor will amount to 269 million yuan, with Shiyun Circuit contributing 125 million yuan [3][18]. - The investment aims to enhance the company's future profitability and strategically position itself in the high-tech segments of the electronic information industry [4][6]. Purpose and Rationale - The investment targets the filter market, which is crucial for 5G/6G communication, smart vehicles, and IoT applications, indicating a strong growth potential in a market with high technical barriers [5][6]. - New Voice Semiconductor specializes in the research, production, and sales of SAW and BAW filters, holding over 170 patents and being the first in China to achieve AEC-Q200 automotive certification [5][6]. Financial and Operational Context - New Voice Semiconductor's financials show total assets of approximately 320 million yuan and a high debt ratio of 76.73% as of the last audited report [13]. - The company reported a revenue of approximately 102 million yuan in the first half of 2025, reflecting a year-on-year growth of 25% [17]. Strategic Implications - The investment is expected to foster collaboration between Shiyun Circuit and New Voice Semiconductor, enhancing the development and application of new automotive filter solutions [5][6]. - The partnership aims to leverage Shiyun Circuit's resources in the automotive electronics sector to accelerate the market introduction of New Voice Semiconductor's automotive-grade filters [6][7]. Regulatory and Approval Process - The transaction has been approved by the board of directors and does not require further shareholder approval, as it does not constitute a major asset restructuring [2][8]. - The investment agreement is still pending formal signing, with subsequent registration and procedural uncertainties [3][18].