探路者拟向两家一千万注册资金企业募资不超18.58亿元，“户外+芯片”双主业战略仍待考验

Core Viewpoint - The company, Tanshan (探路者), has adjusted its large-scale private placement plan, shifting the subscription targets from its controlling shareholder to two companies controlled by the same individual, with both having a registered capital of 10 million yuan each [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, Tanshan reported a revenue of 953 million yuan, a year-on-year decrease of 13.98% [1]. - The net profit for the same period was 33.037 million yuan, down 67.53% year-on-year [1]. - The company's net profit excluding non-recurring items was 26.937 million yuan, reflecting a decline of 70.46% year-on-year [1]. Group 2: Financial Position - As of September 30, 2025, Tanshan had cash and cash equivalents amounting to 764 million yuan and trading financial assets of 186 million yuan [1]. - The company had short-term borrowings of 10 million yuan and long-term borrowings of 100 million yuan [1]. Group 3: Fundraising and Strategic Considerations - If the private placement is successfully implemented, Tanshan is expected to raise over 1.858 billion yuan [2]. - Despite having sufficient funds on hand, the rationale behind raising such a large amount through private placement remains unclear, and there are questions regarding potential future acquisitions [2].