铭科精技拟将9000万元IPO募资转向并购 标的收入增长，销售、管理费用大减，净利却不升反降

Core Viewpoint - Mingke Technology (SZ001319) plans to change the use of part of its IPO funds from the "Qingyuan Mingke Automotive (New Energy) Parts Industrial Base Project" to acquire a 53.2530% stake in Anhui Shuangjun Intelligent Technology Co., Ltd. for a total price of 144 million yuan, with 90 million yuan from IPO funds and the remainder from the company's own funds [1][2][5] Group 1: Acquisition Details - The acquisition aims to enhance the company's core technology capabilities and market resources through external mergers and acquisitions, shifting from self-expansion to strategic growth [1] - Anhui Shuangjun has shown stable revenue growth, with projected revenues increasing from 180 million yuan in 2023 to nearly 320 million yuan in 2025, resulting in a valuation increase of 96.10% [1][3] - The acquisition will allow Mingke Technology to consolidate Anhui Shuangjun's operations into its financial statements, enhancing its position in the automotive manufacturing sector [2][3] Group 2: Financial Performance - Despite revenue growth, Anhui Shuangjun's net profit has remained relatively stable, with figures of 28.63 million yuan, 29.95 million yuan, and 28.12 million yuan from 2023 to 2025 [2][3] - The company has significantly reduced its management and sales expenses, with sales expenses dropping from 6.14 million yuan in 2023 to 2.87 million yuan in 2025 [2][3] - As of the evaluation date, Anhui Shuangjun's total equity value was assessed at 277 million yuan, compared to a book net asset value of 141 million yuan [3] Group 3: Previous Acquisitions - This is not the first external expansion for Mingke Technology, as it previously acquired Hiroshima Technology (Nanjing) Automotive Parts Co., Ltd. for 66.717 million yuan, which was completed in November 2025 [4] - Unlike Anhui Shuangjun, Hiroshima Technology was in a state of continuous losses prior to the acquisition, with a net loss of 6.89 million yuan in 2024 and an expanded loss of 15.54 million yuan in the first half of 2025 [4] Group 4: Financial Strategy - Mingke Technology explained that the change in fundraising project is aimed at optimizing the use of funds and addressing capability gaps in key automotive assembly processes and system solutions [5] - As of the end of Q3 2025, the company reported cash reserves of 232 million yuan, indicating sufficient investment capacity [5]