业绩承压仍启并购！中英科技拟抛现金收购关联方方案，能否破局产业链寒冬？

Core Viewpoint - The company, Zhongying Technology, plans to acquire at least 51% of Changzhou Yingzhong Electric Co., Ltd. in a cash transaction, which is characterized as a family-related transaction due to the familial ties between the controlling parties of both companies [1][4]. Financial Performance - The company anticipates a significant decline in its 2025 net profit, projecting a decrease of over 90% year-on-year, with a net profit of between 1.8 million to 2.7 million yuan, and a loss of 5 million to 9 million yuan when excluding non-recurring items [3][5]. - In the first half of 2025, the company reported a revenue of 97 million yuan, a year-on-year decrease of 26.87%, and a net profit loss of 9.76 million yuan, marking a 174.18% decline [2]. Business Challenges - The company's main business, focused on communication and semiconductor packaging materials, is under significant pressure due to increased competition and technological advancements, leading to challenges in its core products [1][4]. - The emergence of low-cost VC heat sink technology has heightened the cost control requirements for companies in the industry [1]. Strategic Moves - To counteract the declining performance, the company is exploring new growth engines, including expansion into the renewable energy sector, as evidenced by the establishment of a subsidiary focused on energy storage [4]. - The acquisition of Yingzhong Electric is seen as a potential way to integrate related assets in the electrical equipment sector, aiming to enhance the company's overall competitiveness and operational scale [4][6]. Transaction Characteristics - The acquisition is sensitive due to its familial connections, with the controlling shareholders of Yingzhong Electric being closely related to the actual controller of Zhongying Technology [4][5]. - The cash acquisition will place additional strain on the company's already pressured cash flow, which reported a net cash flow from operating activities of only 6.62 million yuan in the first three quarters of 2025, a decline of 80.32% year-on-year [5].