振华科技：全资子公司振华新云吸收合并振华红云

Core Viewpoint - The company announced a board meeting on October 23, 2025, to approve the absorption merger of its wholly-owned subsidiary, Zhenhua Xinyun, with another wholly-owned subsidiary, Zhenhua Hongyun, aimed at optimizing corporate structure and improving operational efficiency [1] Group 1 - The merger is intended to streamline the corporate structure, reduce management costs, and enhance operational efficiency [1] - Zhenhua Xinyun focuses on the development, production, sales, and processing of electronic components and related electronic products [1] - Zhenhua Hongyun specializes in the processing, production, sales, and services of piezoelectric ceramic electronic components [1] Group 2 - Upon completion of the merger, Zhenhua Hongyun will cancel its independent legal status, and its assets, debts, and business will be inherited by Zhenhua Xinyun [1] - The merger does not constitute a related party transaction and does not involve a major asset restructuring, thus no shareholder meeting approval is required [1]