NAR(SZ:002825) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-16 04:44Core Viewpoint - Nar Holdings (002825.SZ) has announced a plan to acquire at least 51% of Shanghai Filai Testing Technology Co., Ltd. for approximately 350 to 400 million yuan, which has led to a stock price surge to 11.89 yuan per share [1][2]. Group 1: Acquisition Details - The acquisition involves a strategic investment in Filai Testing, which specializes in semiconductor chip testing reliability solutions, offering comprehensive solutions from wafers to devices [1]. - Filai Testing reported a revenue of 123 million yuan and a net profit of 1.9043 million yuan for the fiscal year 2024, with a revenue of 92.4645 million yuan and a net profit of 22.9338 million yuan for the first half of 2025 [1]. - The acquisition aims to leverage existing resources for cost control, market expansion, and production technology synergies, although there are concerns about the actual realization of these synergies given the differing core businesses [1][2]. Group 2: Performance Commitments - The controlling shareholder of Filai Testing has 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 [2]. - Nar Holdings has had prior indirect investments in Filai Testing since August 2021, providing them with foundational knowledge of the company's operations and market dynamics [2]. Group 3: Market Reaction and Historical Context - Following the announcement, Nar Holdings' stock price reached a limit-up, reflecting positive market sentiment towards the acquisition [1]. - This is not the first attempt by Nar Holdings to enter the semiconductor sector; a previous acquisition attempt of Jiangxi Lanwei Electronics was terminated in July 2025 due to a lack of consensus on investment matters [2].