账面现金剩2亿，交通巨头花5.61亿跨界半导体

Core Viewpoint - The article discusses the acquisition of Beijing Silin Semiconductor Technology Co., Ltd. by Tongye Technology, highlighting the high valuation despite Silin's current losses and the performance guarantees tied to the deal [1][6]. Group 1: Acquisition Details - Tongye Technology plans to acquire 91.69% of Silin for 561 million yuan, with a significant valuation premium of nearly four times its book value [1][6]. - Silin has committed to achieving a cumulative net profit of no less than 175 million yuan from 2026 to 2028, with cash compensation required if this target is not met [1][7]. - The acquisition price was adjusted down from 670 million yuan to 612 million yuan, reducing the immediate cash burden on Tongye Technology [7]. Group 2: Financial Performance of Silin - Silin's projected revenues for 2023 and 2024 are 259 million yuan and 277 million yuan, respectively, with net profits of 27.71 million yuan and 20.32 million yuan [5]. - However, in the first seven months of 2025, Silin reported a revenue of 125 million yuan but incurred a net loss of 3.25 million yuan [5][6]. Group 3: Strategic Rationale - The acquisition represents a cross-industry move, as Tongye Technology primarily operates in the rail transportation sector, while Silin focuses on IoT communication chip design [9]. - The integration of Silin's technology is expected to enhance Tongye's product offerings and reduce costs, leveraging synergies in customer bases and operational processes [11]. - Both companies serve major state-owned enterprises, allowing for potential collaboration in marketing and supply chain management [11].