果链巨头百亿收购突然终止，高调筹划近3月

Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, which was aimed at enhancing its competitiveness in the precision structural components sector [1][2]. Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited from Luen Fung Commercial Holdings Limited for approximately HKD 10.4 billion (around RMB 9.5 billion) [1]. - The company stated that the termination was due to the inability to reach consensus on key terms after extensive due diligence and negotiations [1]. Strategic Implications - The acquisition was intended to deepen vertical integration and strengthen partnerships with leading clients, implicitly referring to major consumer electronics companies like Apple [2]. - Analysts noted that Apple often encourages core suppliers to pursue strategic acquisitions to streamline supply chains and reduce costs, which aligns with GoerTek's strategic goals [3]. Market Context - Mega Precision and Channel Well were previously key suppliers for Apple's mobile structure components and have become essential for Apple's watch business as well [3]. - The trend towards lightweight wearable devices has increased the demand for durable metal precision components, enhancing their value in Apple's product ecosystem [3]. Future Outlook - Despite the acquisition's termination, GoerTek remains committed to its long-term strategic goals, focusing on internal growth and diversified investments to enhance company value and shareholder returns [4]. - In the first half of 2025, GoerTek reported revenues of RMB 37.549 billion and a net profit of RMB 1.417 billion [5]. - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, with a market capitalization increase of approximately RMB 26.1 billion [5].