探路者6.8亿收购双芯企：芯片版图再提速 打开增长新空间

Core Viewpoint - The acquisition of 51% stakes in Shenzhen Betel Electronics Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. for a total of 680 million yuan marks a significant strategic move for the company, transitioning from an outdoor equipment leader to a chip ecosystem builder, capitalizing on the domestic chip replacement trend [1][7]. Group 1: Acquisition Details - The total cash consideration for the acquisition is 680 million yuan, with Betel valued at 321.3 million yuan and Tongtu at 357 million yuan [1]. - The acquisition is seen as a critical step in the company's dual business strategy of "outdoor + chips," enhancing its existing chip business and seizing opportunities in the global chip market [1][7]. Group 2: Target Company Insights - Betel, established in 2011, specializes in a full signal chain of chip design, with a product matrix including touch chips, fingerprint recognition chips, dedicated MCUs, and wireless communication chips, achieving significant market penetration in various sectors [3]. - Betel's market share in fingerprint sensor chips for smart locks exceeds 35%, and it ranks among the top three in touch chips for laptops and smart wearables [3]. - Financially, Betel reported revenue of 166 million yuan and a net profit of 17.73 million yuan for the first eight months of 2025, with year-end revenue expected to exceed 250 million yuan [3]. Group 3: Financial Performance of Target Companies - Tongtu focuses on display processing technology based on RISC-V architecture, leading the domestic market in high-end mobile screen replacement [4]. - For the first eight months of 2025, Tongtu achieved revenue of 105 million yuan and a net profit of 18.89 million yuan, with full-year revenue projected at 160 million yuan [4]. Group 4: Strategic Synergy - The acquisition is not merely an expansion but a strategic alignment with the company's dual business model initiated in 2021, enhancing its design, packaging, and application capabilities in the chip sector [5]. - The complementary nature of products between the acquired companies and the existing operations will facilitate resource sharing and product resale opportunities [5][6]. - The acquisition will also bolster the company's technical capabilities by adding nearly 70 R&D personnel and over 230 new intellectual properties, creating a stronger competitive barrier [6].