NAR(SZ:002825) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-16 04:45Core Viewpoint - Nar Holdings (002825.SZ) announced a plan to acquire at least 51% of Shanghai Filai Testing Technology Co., Ltd. for approximately 350 to 400 million yuan, leading to a stock price surge to 11.89 yuan per share [2][3]. Group 1: Acquisition Details - The acquisition involves a significant investment in Filai Testing, which specializes in semiconductor chip testing reliability solutions, with projected revenues of 123 million yuan and a net profit of 1.9 million yuan for the fiscal year 2024 [2]. - For the first half of 2025, Filai Testing reported revenues of 92.5 million yuan and a net profit of 2.3 million yuan, indicating strong growth potential [2]. - Nar Holdings aims to leverage existing resources and achieve synergies in cost control, market expansion, and production technology through this acquisition [2]. Group 2: Financial Commitments - The controlling shareholders of Filai Testing have committed to a net profit of no less than 28 million yuan, 36 million yuan, and 48.2 million yuan for the years 2025 to 2027, totaling at least 112.2 million yuan over three years [3]. - The company has a history of indirect investment in Filai Testing since August 2021, providing a foundational understanding of its operations and market dynamics [3]. Group 3: Market Context and Challenges - Nar Holdings' main business focuses on precision coating materials, raising questions about the potential for synergy with Filai Testing's operations [2]. - The company previously attempted to enter the semiconductor sector by pursuing a different acquisition, which was ultimately terminated due to a lack of consensus on investment matters [3].