PNC(SH:603690) Mei Ri Jing Ji Xin Wen·2025-10-30 14:53Core Viewpoint - The acquisition plan by Zhichun Technology aimed at enhancing its semiconductor industry layout has been officially terminated after 8 months of planning due to failure to reach consensus on key transaction terms and changes in market conditions [1][2][5]. Group 1: Acquisition Details - Zhichun Technology intended to acquire 83.7775% of Guizhou Weidun Crystal Phosphorus Electronic Materials Co., Ltd. to expand its high-purity electronic materials business in the semiconductor sector [1][3]. - The acquisition was first disclosed on February 17, 2025, with a trading suspension initiated on the same day, followed by the announcement of the transaction plan on February 28, 2025 [3][4]. - The strategic significance of the acquisition was highlighted, as it was expected to enhance Zhichun Technology's core competitiveness and create synergies in business and customer resources [4][6]. Group 2: Reasons for Termination - The termination was attributed to the inability of the parties to agree on key transaction terms and the prolonged duration of the negotiation process, which led to changes in the market environment [2][5]. - Zhichun Technology emphasized that the decision to terminate the transaction was made after thorough research and communication with the transaction parties, ensuring the long-term interests of the company and its investors [6]. Group 3: Financial Performance - Following the termination announcement, Zhichun Technology reported a decline in its financial performance for Q3 2025, with revenue of 759 million yuan, down 31.74% year-on-year, and a net profit of 45.38 million yuan, down 61.91% year-on-year [6][7]. - For the first three quarters of 2025, the company recorded total revenue of 2.367 billion yuan, a decrease of 10.33% year-on-year, and a net profit of 84.70 million yuan, down 56.08% year-on-year [6][7]. - The company attributed the revenue fluctuations to the increasing scale of projects from its major clients in the integrated circuit sector [7]. Group 4: Future Outlook - Despite the failed acquisition, Zhichun Technology continues to advance its layout in the electronic materials sector, with the operation of its first domestic 12-inch wafer gas supply plant [7]. - The company has committed not to plan any major asset restructuring within one month following the termination of the acquisition [7].