突发！688191，重大资产重组终止

Core Viewpoint - Zhiyang Innovation has decided to terminate its major asset restructuring plan due to the inability to reach an agreement on core terms with the counterpart, Shenzhen Lingming Photon Technology Co., Ltd. The company will now proceed with a cash investment of 300 million yuan in Lingming Photon instead [1][2]. Group 1: Termination of Major Asset Restructuring - Zhiyang Innovation announced the termination of its major asset restructuring plan, which involved acquiring control of Lingming Photon through stock issuance and other means [2][3]. - The decision to terminate was influenced by changes in the market environment, which prevented both parties from agreeing on key transaction terms [2][3]. - Following the termination, Zhiyang Innovation signed a Strategic Investment Intent Agreement to invest 300 million yuan in Lingming Photon through cash and potential equity purchase [2][3]. Group 2: Investment Details - The investment amount of 300 million yuan is expected to come from the company's own and raised funds, and it is not anticipated to constitute a major asset restructuring or related party transaction [2][3]. - Lingming Photon is valued between 2.7 billion yuan and 3 billion yuan, and after the investment, Zhiyang Innovation will hold approximately 9.09% to 10.00% of Lingming Photon’s shares [2][3]. Group 3: Strategic Importance - The investment is characterized as a strategic industrial investment aimed at strengthening the supply chain and enhancing research and development capabilities for Zhiyang Innovation [6]. - Zhiyang Innovation's product portfolio includes industrial models, intelligent perception terminals, and intelligent drones, which align with Lingming Photon’s technology and market [6]. - Lingming Photon is a provider of high-quality dToF (direct time-of-flight) sensor chips and systems, focusing on improving machine vision capabilities for various applications [6]. Group 4: Financial Performance of Lingming Photon - Lingming Photon is currently operating at a loss, with projected revenues of 51.38 million yuan in 2024 and 114 million yuan in 2025, alongside net losses of 92.97 million yuan and 53.50 million yuan for the same years [6][7]. - The total assets of Lingming Photon are expected to reach approximately 281.48 million yuan by the end of 2025, with owner equity projected at around 161.33 million yuan [7].