Xin Lang Cai Jing·2025-12-02 01:49Core Viewpoint - The termination of the acquisition deal between Guokewai and SMIC reflects the complexities of industry consolidation, strategic considerations of companies, and a rational return of the capital market [1] Group 1: Transaction Termination - The acquisition aimed to acquire 94.366% of the shares of SMIC Ningbo, a key player in high-end BAW filter manufacturing technology, but was halted due to a lack of consensus on transaction-related matters [2] - Financial data revealed that SMIC Ningbo has been in a continuous loss state, with cumulative losses exceeding 1.8 billion yuan from 2023 to Q1 2025, despite its technical scarcity [2] - Guokewai's financial situation is also concerning, with a revenue decline of 2.50% year-on-year to 1.172 billion yuan in the first three quarters of 2025 and a net profit drop of 89.42% [2] Group 2: Market Reaction - Following the termination announcement, Guokewai's stock price did not experience significant fluctuations, indicating that the market had anticipated this outcome [3] - In Q3 2025, Guokewai reported a revenue increase of 22.6% year-on-year to 431 million yuan, with a nearly 60% reduction in loss compared to Q2, suggesting a gradual recovery in its main business [3] - The company invested 518 million yuan in R&D in the first three quarters, accounting for 44.24% of its revenue, highlighting its focus on innovation [3] Group 3: Industry Insights - The termination of the acquisition serves as a case study for semiconductor industry consolidation, emphasizing that technological synergy does not guarantee commercial success [4] - Financial health is crucial in determining the limits of consolidation, especially during industry downturns, where acquiring loss-making assets can negatively impact the acquirer's performance [4] - While Guokewai avoided high-risk integration, it also missed a strategic opportunity to enter the chip manufacturing sector quickly, necessitating a focus on R&D and business recovery in the short term [4]