经济观察报·2025-12-10 12:50Core Viewpoint - The termination of the merger between Haiguang Information and Zhongke Shuguang indicates a temporary halt to the previously envisioned "vertical integration" strategy through capital ties, raising investor interest in how the two industry leaders will reshape their business relationships and competitive strategies in an increasingly competitive computing power industry [1][8]. Group 1: Merger Termination Details - The proposed merger between Haiguang Information (688041.SH) and Zhongke Shuguang (603019.SH) was announced to be terminated after six months of planning, with the announcement made on December 9 [2][4]. - Following the announcement, Zhongke Shuguang's stock price fell to a limit down of 90.12 yuan per share, with a total market value of 131.86 billion yuan, while Haiguang Information's stock price remained relatively stable at 218.50 yuan per share, with a market value of 507.87 billion yuan [2]. - The reasons for the termination included significant changes in market conditions and the complexity of the transaction, which involved multiple parties and perspectives, leading to an inability to reach a consensus on the merger terms [5][6]. Group 2: Market Environment and Business Strategy - The market environment has changed significantly since the initial planning of the merger, with both companies experiencing substantial fluctuations in their stock prices, complicating the agreed-upon exchange ratio and transaction price [5][6]. - Despite the termination, both companies are expected to maintain their roles as important business partners, with Haiguang Information continuing as an independent chip supplier and Zhongke Shuguang retaining flexibility in its supply chain choices [8][9]. Group 3: Future Collaboration and Financial Performance - Future collaborations between Haiguang Information and Zhongke Shuguang will focus on system-level product applications, leveraging Zhongke Shuguang's strengths in advanced technologies such as super-node computing and data center solutions [9]. - Both companies reported strong financial performance for the first three quarters of 2025, with Zhongke Shuguang achieving a revenue of 8.804 billion yuan (up 9.49%) and Haiguang Information reporting a revenue of 9.49 billion yuan (up 54.65%) [10]. - Haiguang Information's R&D investment reached 2.93 billion yuan, reflecting a 35.38% increase, indicating a commitment to advancing its core processing technology [10].