闻泰科技： 44 亿 ODM 资产出售进入收尾 印度资产交割基本完成 1.61 亿尾款待结清

Core Insights - Wentech Technology has made significant progress in the asset sale of its ODM business to Luxshare Precision, with the core transfer of Indian assets completed, leaving only land ownership transfer pending [1] - The asset sale is part of a larger plan to divest 4.4 billion yuan worth of ODM assets, with most transaction payments already received, except for 161 million yuan in remaining payments [1] - The divested assets include 100% equity stakes in subsidiaries such as Kunming Wenshu and Huangshi Zhitong, as well as core business assets in Wuxi and India, marking a critical milestone in the transaction [1] Strategic Overview - The asset divestiture is a key move in Wentech's "amputation transformation," as its ODM business has been facing continuous losses, with a net loss of 447 million yuan in 2023 and an expanded loss of 850 million yuan in the first half of 2024 [2] - Following the sale, the company aims to focus on its semiconductor business, which has a gross margin exceeding 37% and is projected to contribute a net profit of 2.297 billion yuan in 2024 [2] - The completion of the transaction is expected to improve the company's financial health, reducing the debt-to-asset ratio by 5.95 percentage points and reversing cash flow from negative to positive, with net profit shifting from a loss of 2.8 billion yuan to a profit of 1.3 billion yuan [2] Future Outlook - The successful transfer of Indian assets signifies the final stage of Wentech's strategy to "say goodbye to ODM and focus on semiconductors," with plans to strengthen its core business in automotive-grade chips and maintain its leading position in the global power semiconductor industry [2] - The semiconductor business has already shown promising results, with revenue reaching 4.3 billion yuan in Q3 2025, marking a historical high for a single quarter, and automotive-grade products accounting for over 62% of revenue, establishing a solid foundation for future business expansion [2]