Tianshui Huatian Technology (SZ:002185) 21世纪经济报道·2025-11-21 06:29Core Viewpoint - The acquisition of Huayi Microelectronics by Huatian Technology reflects a strategic shift for a semiconductor company facing challenges after its failed IPO, highlighting a trend of companies opting for integration into larger industry players rather than pursuing independent listings [2][3]. Group 1: Background of Huayi Microelectronics - Huayi Microelectronics was once on a path to an independent IPO, with its valuation soaring to 4.8 billion yuan within six months, supported by a strong list of investors [2][6]. - Despite its promising position in the semiconductor power device sector, Huayi Microelectronics faced persistent losses, cash flow issues, and high inventory levels, leading to the withdrawal of its IPO application [6][7]. - From 2020 to 2022, Huayi Microelectronics' revenue grew from 847 million yuan to 1.157 billion yuan, but net profit plummeted from a peak profit of 88.13 million yuan to a loss of 43.2 million yuan [6][7]. Group 2: Financial Challenges - The company received over 100 million yuan in government subsidies from 2020 to 2022, which masked its profitability issues, as subsidies accounted for 112% and 37% of net profit in 2020 and 2021, respectively [6][7]. - Operating cash flow deteriorated from 174 million yuan in 2020 to -162 million yuan in 2022, indicating a weakening ability to generate cash [7]. - Inventory levels surged from 144 million yuan to 492 million yuan between 2020 and 2022, with a provision for inventory impairment reaching 49.95 million yuan in 2022, signaling potential sales slowdowns and product backlogs [7]. Group 3: Strategic Acquisition - Following the termination of its IPO plans, Huayi Microelectronics initiated a merger with Huatian Technology, which involves acquiring 100% of Huayi Microelectronics' shares through a combination of stock issuance and cash payment [10][11]. - This acquisition not only resolves Huayi Microelectronics' challenges but also indicates Huatian Technology's strategy to restructure its resources amid its own performance pressures [11]. - Huatian Technology's revenue grew by 15.81% in the first half of 2025, yet its net profit remained negative, highlighting the need for strategic moves like this acquisition to enhance competitiveness in the semiconductor market [11][12]. Group 4: Industry Trends - The shift from independent IPO aspirations to integration with larger firms reflects a broader trend in the semiconductor industry, where companies are increasingly seeking to achieve asset securitization and capital exit through mergers rather than standalone listings [3][12].