300005，拟收购两家芯片公司控制权

Core Viewpoint - The company, Tanshan, is planning to further invest in the chip business by acquiring 51% stakes in two chip companies for a total of 678 million CNY, aiming to enhance its dual business strategy of "outdoor + chips" [1][2][12]. Summary by Sections Acquisition Details - Tanshan announced the acquisition of 51% stakes in Shenzhen Betel Electronic Technology Co., Ltd. for 321 million CNY and Shanghai Tongtu Semiconductor Technology Co., Ltd. for 357 million CNY [1][5]. - The valuations for both companies were based on the income approach, with Betel's appreciation rate at 363.26% and Tongtu's at 2119.65% [5]. Financial Performance of Target Companies - Betel achieved a revenue of 166 million CNY and a net profit of 17.73 million CNY from January to August 2025, although it was still in a loss position for 2024 [7]. - Tongtu reported a revenue of 105 million CNY and a net profit of 18.89 million CNY for the same period, with 2024 revenues and profits at 56.06 million CNY and 5.54 million CNY, respectively [9]. Performance Commitments - Betel has committed to achieving a cumulative net profit of no less than 150 million CNY from 2026 to 2028, with cash rewards for exceeding targets [11]. - Tongtu's commitment is also set at a cumulative net profit of no less than 150 million CNY for the same period, with similar cash reward structures [11]. Strategic Intent - The acquisitions are intended to complement Tanshan's existing chip business, which includes touch chip design and MiniLED display driver IC design, and to accelerate technology upgrades and market expansion [13][16]. - Tanshan has been transitioning to a dual business model since 2021, driven by a change in control and the need to address stagnation in its traditional outdoor business [14]. Business Performance Trends - In the first half of 2025, Tanshan's outdoor business revenue decreased by 10.51% to 538 million CNY, while its chip business revenue grew by 66.56% to 222 million CNY, marking a significant increase [16]. - Despite the growth in the chip sector, Tanshan's overall revenue fell by 13.98% to 953 million CNY in the first three quarters of 2025, with a net profit decline of 67.53% [16].