“关键条款”谈不拢，金富科技跨界并购告吹

Core Viewpoint - Jinfu Technology (003018.SZ) announced the termination of its acquisition of Lanyuan Technology due to the inability to reach consensus on key terms, adding uncertainty to its strategic transformation efforts [1][4]. Group 1: Acquisition Attempt - Jinfu Technology planned to acquire at least 51% of Lanyuan Technology, a company focused on high-speed cable development and production, which serves major clients like Nvidia and Amazon [2][8]. - Following the announcement of the acquisition plan, Jinfu Technology's stock surged, achieving a cumulative increase of 94.9% over seven consecutive trading days [11]. - The acquisition was intended to mark Jinfu Technology's entry into the AI infrastructure sector, diverging from its traditional packaging business [10]. Group 2: Financial Performance - Jinfu Technology's revenue for the first three quarters of 2025 was 660 million yuan, reflecting a year-on-year decline of 9.12% [14]. - The company's net profit attributable to shareholders decreased by 19.45% to approximately 93.44 million yuan, with a more significant drop in the net profit excluding non-recurring items, which fell by 23.99% [6][14]. - The decline in performance was attributed to increased depreciation costs from new production facilities and temporary production disruptions during equipment relocations [15]. Group 3: Market Position and Future Outlook - Jinfu Technology's previous successful acquisition of Xiangzhao Technology in 2021 helped diversify its product offerings, but it still faces significant competition in the packaging industry [5][14]. - The company aims to continue expanding its product categories and explore various possibilities for growth, indicating a commitment to external growth strategies [7][15].