北交所并购专题报告第十四期：并购新范式：晶赛科技承债式并购峰华电子，逆周期整合石英晶振产能

Group 1 - The report highlights the positive signals in the M&A market starting from 2024, driven by policies such as the "New National Nine Articles" and "M&A Six Articles," which aim to support mergers and acquisitions for high-quality development of listed companies [3][11][19] - The Beijing Stock Exchange (BSE) is positioned as a primary platform for mergers and acquisitions of innovative small and medium-sized enterprises, focusing on sectors like advanced manufacturing and modern services to promote industrial transformation and economic growth [3][19] - As of December 28, 2025, the BSE has recorded 46 significant investment and merger events, indicating a growing trend in M&A activities [3][22] Group 2 - The case study of Jinsai Technology's acquisition of Fenghua Electronics illustrates a strategic move to consolidate industry resources, with Jinsai acquiring 100% of Fenghua for a nominal price of 1 RMB while assuming a debt of 41.87 million RMB owed to the original controlling shareholder [4][28] - Fenghua Electronics reported a revenue of 28.88 million RMB and a net loss of 6.18 million RMB for 2024, highlighting the challenges faced by the company prior to the acquisition [4][31] - Jinsai Technology, recognized as a "little giant" in the quartz crystal oscillator industry, has seen a recovery in its fundamentals, with a revenue increase of 9.73% year-on-year in the first three quarters of 2025 [41][45] Group 3 - The quartz crystal oscillator industry in China has experienced growth, with the market size increasing from 5.496 billion RMB in 2015 to 8.288 billion RMB in 2024, reflecting a compound annual growth rate of 4.67% [4][19] - Jinsai Technology's strategic initiatives include establishing a subsidiary in Thailand to enhance its international presence and meet overseas customer demands, indicating a proactive approach to market expansion [39][34] - The report emphasizes the importance of mergers and acquisitions as a means for companies to diversify and strengthen their core competencies, particularly in emerging industries [20][19]