TOREAD(SZ:300005) IPO日报·2025-12-04 10:08Core Viewpoint - The company, Tanshan Holdings Group Co., Ltd. (Tanshan), announced plans to acquire 51% stakes in Shanghai Tongtu Semiconductor Technology Co., Ltd. and Shenzhen Beitelai Electronics Technology Co., Ltd. for a total of 678 million yuan, indicating a strategic shift towards the semiconductor industry [1][2][9]. Group 1: Acquisition Details - Tanshan plans to use its own funds of 357 million yuan to acquire 51% of Shanghai Tongtu and 321 million yuan for 51% of Beitelai, totaling 678 million yuan [1][2]. - The acquisition values for the target companies are notably high, with Shanghai Tongtu's premium rate at 2119.65% and Beitelai's at 363.26% [9]. Group 2: Company Background and Transition - Tanshan, established in 1999 and listed in 2009, has faced declining revenues and profits since 2015, prompting a strategic shift towards the semiconductor sector under the leadership of its current chairman, Li Ming [12][13]. - The company is now operating under a dual business model of "outdoor + chips," with outdoor products still accounting for nearly 80% of total revenue [14]. Group 3: Financial Performance - In the first eight months of 2025, Beitelai reported revenues of 166 million yuan and net profits of 17.73 million yuan, showing year-on-year growth of 28% and 42% respectively [6]. - Shanghai Tongtu achieved revenues of 105 million yuan and net profits of 18.89 million yuan in the same period, indicating a significant increase compared to the previous year's net profit of 5.54 million yuan [8]. - However, Tanshan's overall financial performance has been under pressure, with a reported revenue decline of 13.98% to 953 million yuan and a net profit drop of 70.46% to 26.94 million yuan in the latest quarter [20]. Group 4: Market Challenges - The outdoor market is facing intense competition, leading to a decline in sales for Tanshan's outdoor products, with a reported revenue drop of 7.82% in the first half of 2025 [21][22]. - The company's chip business has not yet stabilized in profitability, with significant reliance on its Korean subsidiary, G2 Touch, which experienced an 80.23% drop in net profit due to exchange rate fluctuations [24].