KYLAND(SZ:300353) 2 1 Shi Ji Jing Ji Bao Dao·2025-11-03 06:38Core Viewpoint - Dongtu Technology (300353.SZ) has resumed trading and experienced a price increase of 6.72% on its first day back, with a market capitalization of 15.9 billion yuan. The company announced plans to acquire 100% of Gaoweike through a combination of share issuance and cash payment, aiming to enhance its capabilities in providing comprehensive industrial automation solutions [2][3]. Summary by Sections Acquisition Details - Dongtu Technology plans to acquire 100% of Gaoweike, a provider of industrial automation solutions, through issuing shares at a price of 18.56 yuan per share, which is 80% of the average stock price over the previous 120 trading days [2]. - The acquisition involves 43 transaction parties and aims to raise additional funds from no more than 35 specific investors [2]. Financial Performance - In the first three quarters of the year, Dongtu Technology reported revenue of 501 million yuan, a year-on-year decrease of 11.72%. However, the net profit attributable to shareholders improved to a loss of 148 million yuan, indicating a reduction in losses [2]. - Emerging business segments, such as smart controllers and industrial operating systems, saw revenue growth of 16.94% and 12.85% year-on-year, respectively [2]. Strategic Rationale - The acquisition is expected to facilitate deep integration in products, technology, and market presence, addressing Dongtu Technology's capability gaps in solution provision and transitioning from product offerings to comprehensive solution and service models [2][3]. - The company aims to evolve from being a control layer provider to a complete solution integrator by incorporating Gaoweike's capabilities [3]. Market Context - Dongtu Technology has been a strong performer in the secondary market, with its stock price increasing over 300% from July of the previous year to September of this year, and a year-to-date increase exceeding 100% prior to the acquisition announcement [3]. - Gaoweike has faced challenges in its IPO attempts, with three failed attempts since 2011, the latest being a withdrawal of its application in September 2024 [3]. Performance Assurance - To address concerns regarding the acquisition's benefits, Dongtu Technology has indicated that there will be a performance guarantee agreement, with details to be disclosed later. This includes a performance commitment and compensation agreement to clarify performance targets and compensation methods [4].