卖衣服的也要卖芯片，探路者6.8亿跨界收购半导体

Core Viewpoint - The article discusses the recent strategic move by the company "探路者" (Trekking) to invest in the semiconductor industry, raising concerns about the lack of synergy between its outdoor products and the new chip business [4][18]. Group 1: Acquisition Details - The company plans to invest a total of 678 million yuan to acquire 51% stakes in two semiconductor companies [6]. - The first acquisition involves 321 million yuan for a 51% stake in 贝特莱 (Betel), a leader in fingerprint recognition chips, which reported a revenue of 166 million yuan and a net profit of 17.73 million yuan for the first eight months of 2025 [8]. - The second acquisition is for 357 million yuan for a 51% stake in 上海通途 (Shanghai Tongtu), focusing on image and video processing IP licensing, with a revenue of 105 million yuan and a net profit of 18.89 million yuan for the same period [8][9]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 953 million yuan, a year-on-year decline of 13.98%, and a net profit of 33.04 million yuan, down 67.53% [12][14]. - The decline in net profit is attributed to poor sales in the outdoor business and foreign exchange losses impacting the chip business [14]. Group 3: Shareholder Changes - The largest shareholder is 北京通域合盈投资管理有限公司 with a 7.80% stake, while the company's founders hold 5.43% and 4.78% respectively [16]. - Recent shareholding changes include a reduction in holdings by co-founder 王静, who decreased her stake from 5.17% to 4.67% through a series of share sales [18]. Group 4: Strategic Concerns - Analysts express skepticism about the company's ability to successfully manage both outdoor and semiconductor businesses simultaneously, highlighting the lack of synergy and the risk of resource dilution [18].