跨界收购！美克家居切换赛道进军算力领域

Core Viewpoint - Meike Home (600337) is planning a strategic transformation by acquiring 100% equity of Shenzhen Wande Technology Co., Ltd. in the computing power sector through a combination of shares and cash, while also raising matching funds not exceeding 100% of the transaction price [1][5][27] Group 1: Transaction Details - The acquisition will be executed through issuing shares and cash payments to specific investors, with the total number of shares issued not exceeding 30% of the company's total share capital prior to the transaction [5][9] - The specific transaction price is yet to be determined, pending the completion of auditing and evaluation work [6][9] - The transaction is expected to constitute a related party transaction but will not be classified as a major asset restructuring or restructuring listing [5][8] Group 2: Financial Performance of Wande Technology - Wande Technology reported revenues of 45.98 million yuan, 46.81 million yuan, and 76.29 million yuan for the years 2023, 2024, and the first nine months of 2025, respectively, with net profits of 3.98 million yuan, 6.78 million yuan, and 18.35 million yuan during the same periods [14][15] - As of September 30, 2025, Wande Technology's total assets were 145 million yuan, with total liabilities of 55 million yuan and shareholders' equity of 89.45 million yuan [15] Group 3: Strategic Shift and Market Position - Meike Home is strategically shrinking its traditional furniture business, which has been experiencing continuous losses, and is exploring new industries supported by national policies [10][27] - The acquisition aims to leverage Wande Technology's expertise in high-speed copper cables and intelligent loopback testing modules to provide competitive interconnect solutions for servers and network devices [10][11] - The move into the computing power sector represents a significant shift from Meike Home's traditional focus on mid-to-high-end wooden furniture [11][27] Group 4: Market Context and Future Outlook - The market analysis indicates that the transition from furniture to computing power is a substantial leap for Meike Home, with the potential for the acquisition to be a critical self-rescue strategy amid ongoing losses [27] - Investors are advised to closely monitor the subsequent transaction evaluation, performance commitments, and the successful implementation of matching fundraising [27]