Core Viewpoint - Hualing Cable (001208.SZ) announced the termination of its acquisition of Hunan Xingxin Aerospace New Materials Co., Ltd. after nearly 10 months of planning, leading to a significant drop in its stock price [2][4]. Group 1: Acquisition Details - Hualing Cable's acquisition plan for Xingxin Aerospace was seen as a substantial move in the commercial aerospace sector, given Xingxin's role as a key supplier of high-temperature resistant materials for various space missions [3][4]. - The termination was due to unresolved differences in key terms such as valuation and payment methods, despite ongoing negotiations [4][5]. - Analysts suggest that such valuation and payment discrepancies are common in emerging industries like commercial aerospace and semiconductors, highlighting the need for better communication and flexible payment structures [4][6]. Group 2: Market Reaction - Following the announcement, Hualing Cable's stock price fell to 24.11 yuan, a 10% drop, and opened at 22.86 yuan the next day, reflecting a 5.18% decrease [5]. - Prior to the acquisition's termination, Hualing Cable's stock had seen significant gains, with a 60% increase over a short period, reaching a high of 31.90 yuan [5][6]. - Despite the recent decline, the stock price remains 78.59% higher than its closing price of 13.50 yuan on December 10, 2025 [5]. Group 3: Financial Performance - Hualing Cable's total revenue has shown stable growth, increasing from 2.543 billion yuan in 2021 to 4.158 billion yuan in 2024, with a net profit of 109 million yuan in 2024, up 26.1% year-on-year [5][6]. - For the first three quarters of 2025, total revenue reached 3.376 billion yuan, an 8.6% increase year-on-year, with a net profit of 92 million yuan, up 6.7% [6]. - The company's gross profit margin has declined from 18.44% in 2021 to 11.58% in the first three quarters of 2025, indicating pressure on profitability [6]. Group 4: Future Prospects - Despite the acquisition's failure, Hualing Cable remains committed to exploring opportunities in the commercial aerospace sector and has plans for further acquisitions [2][7]. - The company has already established a presence in the aerospace field, providing specialized cables for various aerospace applications [7][8]. - Hualing Cable has announced another acquisition plan to purchase 70% of Anhui San Zhu Intelligent Technology Co., Ltd., indicating ongoing expansion efforts [8].
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