Zhong Guo Ji Jin Bao·2025-12-01 14:53Core Viewpoint - The company, Ternua, is expanding its 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 products and chips [1][2]. Acquisition Details - Ternua plans to acquire 51% of Shenzhen Betel Electronic Technology Co., Ltd. for 321 million yuan and 51% of Shanghai Tongtu Semiconductor Technology Co., Ltd. for 357 million yuan [1][2]. - Both acquisitions will be funded using the company's own funds and do not constitute related party transactions or major asset restructuring [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 [2][4]. - Shanghai 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 [4]. 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 [6]. - Shanghai Tongtu has a similar commitment for a cumulative net profit of no less than 150 million yuan over the same period, also with cash rewards for exceeding targets [6]. Strategic Intent - The acquisitions are intended to complement and strengthen Ternua's existing chip business, which includes touch chip design and MiniLED display driver IC design [7]. - The company aims to leverage the technologies and customer resources from the acquired firms to expand into consumer electronics, industrial control, and intelligent driving applications [7]. Historical Context and Transition - Ternua has been transitioning to a dual business model of outdoor products and chips since 2021, following a change in control and leadership [9][8]. - The outdoor business has faced challenges, with a revenue decline of 10.51% in the first half of 2025 compared to the previous year [11]. Current Business Performance - The chip business has shown growth, with a revenue of 222 million yuan in 2024, marking a significant increase of 66.56% year-on-year [11]. - The chip business now accounts for 13.97% of the company's total revenue [11].