TOREAD(SZ:300005) Bei Jing Shang Bao·2025-12-01 16:36Core Viewpoint - The acquisition of semiconductor assets by the outdoor equipment giant, Explorer (探路者), highlights the growing trend of A-share companies entering the semiconductor industry, with a focus on high-premium mergers and acquisitions [1][2]. Group 1: Acquisition Details - Explorer plans to invest a total of 678 million yuan to acquire 51% stakes in two semiconductor companies: Shenzhen Betel Electronics Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. [1][2] - The acquisition involves a high premium, with Shanghai Tongtu's valuation increasing by 2119.65% [1][2]. - The transaction does not constitute a related party transaction or a major asset restructuring, and it can be implemented after board approval [2]. Group 2: Company Profiles - Betel is a leading design company in the mixed-signal signal chain chip sector, ranking first in the smart lock fingerprint recognition field and holding strong positions in various other sectors [2]. - Shanghai Tongtu specializes in video compression, AMOLED display driving, and video processing technologies, with its IP successfully licensed to over 20 medium to large chip companies [3]. Group 3: Strategic Intent - The core purpose of the acquisition is to create a deep complementarity and comprehensive reinforcement with Explorer's existing chip business, enhancing its product range and customer base in the analog and mixed-signal chip market [5]. - The integration of Betel's technology and Shanghai Tongtu's IP resources is expected to accelerate technological upgrades and market expansion in Explorer's chip business [5]. Group 4: Financial Performance - Explorer's chip business revenue has shown an upward trend, with projected revenues of approximately 842.72 million yuan, 1.33 billion yuan, and 2.22 billion yuan from 2022 to 2024, representing 0.74%, 9.6%, and 13.97% of total revenue, respectively [4]. - In the first half of 2025, Explorer reported approximately 5.38 billion yuan in outdoor business revenue and about 1.15 billion yuan in chip business revenue [4]. Group 5: Market Context - The trend of A-share companies acquiring semiconductor assets is driven by policy support, industry cycles, technological integration needs, and strong market expectations for emerging technologies [3]. - The semiconductor IP-related industry is currently in a golden development period, characterized by technological innovation and market demand [3].