QA(SH:603758) IPO日报·2025-09-23 00:52Core Viewpoint - Qin'an Co., Ltd. has decided to terminate the plan to acquire 99% of Anhui Yigao Optoelectronics Co., Ltd. through a share issuance and cash payment, opting instead for a cash purchase to enhance transaction efficiency and reduce costs [1][4]. Group 1: Transaction Details - The initial plan for the acquisition was disclosed in June, but the parties involved concluded that the share issuance method could not complete the transaction within the year [4]. - The decision to switch to a cash purchase aims to maintain the stability of Yigao's core team and allow for a quicker response to market demands [4]. - A transaction intention agreement was signed on September 17, 2025, with major shareholders of Yigao for the cash purchase of the company's entire equity [4][5]. Group 2: Company Background - Yigao was established on August 25, 2020, and specializes in the R&D, production, and sales of touch screens, coated conductive glass, and vacuum coating products [5]. - The company is led by its legal representative, Rao Yiran, who also holds executive positions in several related enterprises [5]. - Shenzhen Yuan Zhi Xing Huo Private Equity Fund is the second-largest shareholder with a 20.13% stake, controlled by the Shenzhen State-owned Assets Supervision and Administration Commission [5]. Group 3: Market Context and Performance - The demand for automotive display screens is increasing, expanding the market for Yigao's products, which could complement Qin'an's existing customer resources [6]. - Qin'an, founded in 1995 and listed on the Shanghai Stock Exchange in May 2017, primarily manufactures core components for automotive engines [6]. - In 2024, Qin'an reported a revenue of 1.6 billion yuan, a year-on-year decline of 8.04%, and a net profit of 173 million yuan, down 33.7%, marking the first dual decline since 2018 [6]. - For the first half of 2025, Qin'an's total revenue was 675 million yuan, a decrease of 13.18%, while the net profit attributable to shareholders was 80.39 million yuan, an increase of 29.97% [6].