佳华科技6亿并购数盾科技 复盘当日股价高开低走

Core Viewpoint - Jiahua Technology is undergoing a significant asset restructuring by acquiring 90% of Shudun Technology through a combination of share issuance and cash payment, aiming to enter the billion-dollar data security market after five consecutive years of losses [1][4]. Group 1: Company Performance - Jiahua Technology achieved a peak revenue of 681 million yuan and a net profit of 177 million yuan in 2020, but has since seen a decline in performance, with revenue dropping from 486 million yuan in 2021 to 300 million yuan in 2024, and a cumulative net loss exceeding 700 million yuan [1][5]. - In the first three quarters of 2025, Jiahua's revenue fell by 30.72% year-on-year to 166 million yuan, with net losses widening to 67.24 million yuan, leaving approximately 53 million yuan in cash [1][5]. Group 2: Acquisition Details - The acquisition of Shudun Technology is seen as a crucial move for Jiahua, with Shudun expected to generate 405 million yuan in revenue and have total assets of 1.476 billion yuan in 2024, both exceeding Jiahua's figures for the same period [5][6]. - Shudun Technology, established in 2002, is one of the first companies in China to receive commercial password certification from the National Cryptography Administration, holding over 40 commercial password product certificates, 68 invention patents, and 130 software copyrights [5][6]. Group 3: Market Potential - The data security market in China is projected to exceed 10 billion yuan for the first time in 2024, reaching 11.85 billion yuan, with forecasts suggesting it could approach 100 billion yuan by 2025 [6]. - If Jiahua successfully integrates Shudun Technology, it could transition from a pure IoT company to a provider of integrated "data + security" solutions, although challenges in technology integration, channel collaboration, and cultural alignment remain [6].