Tianshui Huatian Technology (SZ:002185) 中国基金报·2025-09-24 23:58Core Viewpoint - Huatian Technology is planning to acquire Huayi Microelectronics, which previously attempted an IPO that was terminated in June 2023. The transaction is expected to be an associated transaction but not a major asset restructuring [2][4]. Group 1: Transaction Details - Huatian Technology announced on September 24 that it is in the process of issuing shares and cash to purchase assets and raise supporting funds, which constitutes an associated transaction [2]. - The target company, Huayi Microelectronics, is a subsidiary of Huatian Technology's controlling shareholder, Tianshui Huatian Electronics Group [2]. - Huatian Technology has signed a "Share Acquisition Intent Agreement" with the main transaction counterparties [2]. Group 2: Huayi Microelectronics Background - Huayi Microelectronics is known for its research, design, packaging, testing, and sales of high-performance power devices, with a business strategy that integrates design and packaging testing [7]. - The company attempted to go public on the Sci-Tech Innovation Board in June 2023 but failed to respond to the first round of inquiries, leading to the termination of its IPO on June 7, 2024 [5][7]. Group 3: Financial Performance of Huayi Microelectronics - From 2020 to 2022, Huayi Microelectronics reported revenues of 847 million yuan, 1.16 billion yuan, and 1.157 billion yuan, with net profits of 41.63 million yuan, 88.13 million yuan, and a loss of 43.21 million yuan respectively [8]. - The company experienced a slight decline in revenue in 2022 and a significant net loss, with a non-recurring net profit loss of 75.48 million yuan [8]. Group 4: Huatian Technology's Financial Situation - Huatian Technology's revenue has shown slow growth from 12.1 billion yuan in 2021 to 14.46 billion yuan in 2024, while net profit has decreased from 1.416 billion yuan to 616 million yuan [10]. - The company's net profit heavily relies on government subsidies and tax incentives, with non-recurring net profit dropping from 1.1 billion yuan to 33.42 million yuan [10]. - In the first half of 2025, Huatian Technology reported a net profit of 227 million yuan, but continued to record losses when excluding non-recurring gains [12]. Group 5: Shareholder Information - As of June 30, 2025, Huatian Technology had over 400,000 shareholders, indicating a broad base of retail investors [15][16].