盈方微再谋并购：此前三次内部并购全部折戟 标的之一曾有盈利与大客户问题

Core Viewpoint - Yingfang Micro is planning a significant asset restructuring by acquiring controlling stakes in three semiconductor companies: Shiqing Intelligent, Shanghai Xiaokeli, and Fujide China, in response to its ongoing financial struggles despite revenue growth [1][10]. Group 1: Financial Performance and Challenges - Yingfang Micro has experienced excellent revenue growth, with year-on-year increases exceeding 17% for the first three quarters of 2024 and 2025, yet its profits have consistently declined, turning negative in 2023 with a net loss of 60.06 million yuan [1][10]. - The company has struggled with profitability since its listing, with its highest net profit barely exceeding 100 million yuan, and it faced a suspension of trading in April 2020 due to three consecutive years of negative net profits [2][11]. - After a series of failed attempts to acquire remaining stakes in its subsidiaries, Yingfang Micro is shifting its focus to external acquisitions as a means to recover financially [3][13]. Group 2: Previous Acquisition Attempts - Yingfang Micro's first attempt to restructure through the acquisition of 49% stakes in Huaxin Technology and World Style for 1.476 billion yuan was rejected by the China Securities Regulatory Commission in March 2022 due to concerns over shareholder rights [12]. - A second attempt in July 2023 also failed due to significant changes in market conditions and a lack of consensus on key terms among the parties involved [3][12]. - The third attempt in March 2024 was terminated after regulatory issues arose, including allegations of insider information leaks [3][12]. Group 3: Target Companies Overview - The three target companies for acquisition cover various segments of the semiconductor industry, including chip design, component distribution, and packaging testing services, indicating a complementary industrial chain [5][14]. - Shiqing Intelligent, established in 2018, focuses on edge intelligent interaction and signal processing chips and has received multiple rounds of investment from notable firms [15]. - Shanghai Xiaokeli, founded in 2005, specializes in component distribution across various sectors, including consumer electronics and automotive, and has previously sought an IPO [16][17]. - Fujide China, formed in 2006, was spun off from Schmidt Electronics Group and has historical significance in introducing key electronic assembly equipment to China [15].