Zhong Guo Ji Jin Bao·2025-12-01 14:48Core Viewpoint - The company, Tanshan, plans to further invest in the chip business by acquiring 51% stakes in two chip companies for a total of 678 million yuan, aiming to enhance its dual business strategy of "outdoor + chips" [2][8]. Group 1: Acquisition Details - Tanshan announced the acquisition of 51% stakes in Shenzhen Betel Electronic Technology Co., Ltd. for 321 million yuan and Shanghai Tongtu Semiconductor Technology Co., Ltd. for 357 million yuan [2][3]. - The valuation of both companies was based on the income approach, with Betel's appreciation rate at 363.26% and Tongtu's at 2119.65% [2][3]. Group 2: Financial Performance of Target Companies - Betel achieved a revenue of 166 million yuan and a net profit of 17.73 million yuan from January to August 2025, although it was still in a loss position for 2024 [3][5]. - Tongtu reported a revenue of 105 million yuan and a net profit of 18.89 million yuan for the same period, with projected revenues and profits for 2024 at 56.06 million yuan and 5.54 million yuan, respectively [5]. Group 3: Performance Commitments - Betel has committed to achieving a cumulative net profit of no less than 150 million yuan from 2026 to 2028, with cash rewards for exceeding targets [7]. - Tongtu's commitment is also set at a cumulative net profit of no less than 150 million yuan for the same period, with similar cash reward structures [7]. Group 4: Strategic Intent - The acquisition aims to create synergies with Tanshan's existing chip business, which includes touch chip design and MiniLED display driver IC design, to accelerate technological upgrades and market expansion [8][10]. - Tanshan's transition to a dual business model began in 2021 due to stagnation in its traditional outdoor business, which has seen declining revenues since its peak in 2015 [10][12]. Group 5: Current Business Performance - In the first half of 2025, Tanshan's outdoor business revenue decreased by 10.51% to 538 million yuan, while its chip business revenue grew by 66.56% to 222 million yuan, marking a significant increase [12]. - The chip business now accounts for 13.97% of the company's total revenue, reflecting a strategic shift towards this sector [12].