ODM龙头计划入股晶圆代工企业晶合集成。 7月29日晚间，双方发布公告称，华勤技术拟以现金方式协议受让力晶创新投资控股股份有限公司（以 下简称"力晶创投"）持有的晶合集成约1.20亿股股份。转让价格为每股19.88元，总交易金额达23.93亿 元。 交易完成后，华勤技术将持有晶合集成6.00%的股份，超越美的创新投资有限公司，跃居晶合集成第四 大股东。而力晶创投的持股比例则将从19.08%降至13.08%。 公开资料显示，力晶创投是台湾晶圆大厂力积电的母公司，曾在晶合集成的成长过程中提供重要技术支 持。然而，伴随晶合集成的持续发展壮大，力晶创投却逐步寻求退出路径。此前于2024年12月，力晶创 投已通过询价转让方式减持晶合集成3009.20万股，套现约5.98亿元。 近年来，华勤技术的对外扩张步伐明显加快。除此次入股晶合集成外，2024年12月，该公司宣布以 28.50亿港元完成对易路达企业控股有限公司（以下简称"易路达"）80%股份的收购；2025年1月，又收 购了深圳豪成智能科技有限公司（以下简称"豪成智能"）75%的股权。 这一系列"买买买"动作背后，反映了华勤技术推动业务转型的战略意图。作为全球ODM ...

华勤技术（603296）（603296.SH）拟战略入股晶合集成（688249.SH）。 一家是ODM龙头，一家是国内第三大晶圆代工厂，本次交易受到市场各方关注。 根据公告，华勤技术基于对晶合集成长期投资价值的认可，与力晶创投（晶合集成股东）于2025年7月 29日签署《股份转让协议》，拟以现金方式协议受让力晶创投持有的晶合集成1.2亿股股份，占晶合集 成总股本的6.00%，转让价格为19.88元/股，转让总价为人民币23.93亿元。 7月30日，华勤技术方面向21世纪经济报道记者回应称，这是公司首次将产业触角延伸至半导体晶圆制 造领域，实现"终端产品+芯片制造"的垂直整合。本次交易完成后华勤技术将向晶合集成提名董事1名， 成为晶合集成重要战略股东及伙伴，这一战略布局不仅延续了华勤技术一直以来向产业链上游拓展和协 同的战略，更向产业链核心环节深入，将增强技术实力与产品竞争力，提高经营韧性与风险能力。 加强产业协同 公告显示，本次权益变动前，力晶创投持有晶合集成19.08%的股份，此次权益变动后，力晶创投将持 有晶合集成13.08%的股份，华勤技术持有晶合集成6%股份。 公开资料显示，华勤技术是全球领先的智能产 ...

Core Viewpoint - Huqin Technology plans to strategically invest in Jinghe Integrated Circuit, marking its first foray into the semiconductor wafer manufacturing sector, aiming for vertical integration of "end products + chip manufacturing" [2][4] Group 1: Transaction Details - Huqin Technology will acquire 120 million shares of Jinghe Integrated Circuit, representing 6% of its total share capital, at a price of 19.88 yuan per share, totaling 2.393 billion yuan [2][3] - Prior to this transaction, Lichip Venture held 19.08% of Jinghe Integrated Circuit's shares, which will decrease to 13.08% post-transaction [3] Group 2: Strategic Implications - The investment is intended to deepen resource integration and collaboration along the industry chain, enhancing Huqin Technology's overall competitiveness and market position [5] - Huqin Technology will nominate one director to Jinghe Integrated Circuit, becoming a significant strategic shareholder and partner [2] Group 3: Company Profiles - Huqin Technology is a leading global smart product platform company, providing end-to-end services from product development to operational manufacturing, and is a major supplier for well-known global tech brands [4] - Jinghe Integrated Circuit is the third-largest wafer foundry in China, producing various semiconductor chips widely used in consumer electronics [4] Group 4: Market Context - Huqin Technology's revenue for 2024 is projected to reach 109.9 billion yuan, with a market capitalization of 86 billion yuan, surpassing its competitor Wentai Technology [6] - The company expects a significant revenue increase of 110.7% to 113.2% year-on-year for the first half of 2025, driven by global digital transformation and the rise of artificial intelligence [6] Group 5: Industry Trends - The ODM/IDH market is transitioning, with a current penetration rate of about 40%, indicating substantial growth potential compared to the 80% penetration in the laptop industry [7] - Huqin Technology holds a leading market share of approximately 28% in the ODM/IDH sector, positioning it well for future growth [7]

Core Viewpoint - The recent surge in mergers and acquisitions (M&A) among companies listed on the Beijing Stock Exchange (BSE) indicates a strong trend towards industry chain integration and reflects the urgent need for companies to overcome development bottlenecks while aligning with supportive industrial policies and market trends [3][4]. Group 1: Recent M&A Activities - Donghe New Materials announced plans to acquire 51% of Anshan Fuyu Mining Sales Co., Ltd. for 255 million yuan, aiming to enhance raw material supply security and business expansion [4]. - Keda Control's acquisition of Haitu Technology marks a significant event as it is the first instance of a BSE company acquiring a New Third Board enterprise, with a transaction value of 209.1 million yuan for 51% equity [4][11]. - Iron Big Technology plans to invest 60 million yuan in Bear Robot, acquiring 37.69% equity, focusing on the autonomous driving market [5][7]. - Other notable acquisitions include Yish Precision's cash purchase of 51% of Tongyihe Precision Technology for up to 160 million yuan and Qingju Technology's acquisition of 45.12% of Beijing Qiushi Engineering Management Co., Ltd. for 22.5 million yuan [5][8]. Group 2: Characteristics of M&A Transactions - Cash has become the primary payment method for M&A transactions among BSE companies, with notable examples including Keda Control and Yish Precision using cash for their acquisitions [6]. - Recent M&A activities exhibit several characteristics: direct cash transactions, focus on new technologies and businesses, strong business synergies, and the acquisition of well-performing target companies [6][9]. - The M&A activities are primarily centered around core business areas, emphasizing business synergy to enhance industry chain layout [7]. Group 3: Strategic Implications - The acquisitions are seen as a means for companies to quickly diversify and optimize their business, enhancing core competitiveness and opening new revenue streams [6][10]. - Keda Control's acquisition of Haitu Technology allows for expanded market reach in military, petrochemical, and smart factory sectors, leveraging existing sales channels [7]. - Iron Big Technology's investment in Bear Robot aligns with its long-term development strategy, capitalizing on the growing autonomous driving market [7][9]. Group 4: Future Trends - Experts predict that the M&A trend among BSE companies will continue to focus on new technologies and robotics, with an expectation of increased activity in the latter half of the year [10]. - The integration of resources within the same group and the expansion into new production capacity industries are anticipated to be key directions for future M&A activities [10][11]. - The successful case of Keda Control acquiring Haitu Technology is viewed as a new paradigm for M&A among BSE companies, highlighting the collaborative potential between the New Third Board and BSE [11].

Core Viewpoint - The partnership between Huaqin Technology and Jinghe Integrated is expected to disrupt the industry chain dynamics, with Huaqin acquiring a 6% stake in Jinghe for 2.393 billion yuan, enhancing collaboration in the semiconductor sector [1][2]. Group 1: Company Overview - Huaqin Technology is a leading global smart product platform company, providing end-to-end services from product development to operational manufacturing, and is a major supplier for well-known domestic and international brands [2][4]. - Jinghe Integrated is a rapidly growing wafer foundry, ranked ninth globally among wafer foundries as of Q1 2025, and is the third-largest in mainland China, following SMIC and Hua Hong [5]. Group 2: Strategic Implications - The share transfer will allow Huaqin to nominate one director to Jinghe's board, indicating a deeper strategic partnership aimed at enhancing market opportunities and customer service [2][3]. - Huaqin's investment is based on confidence in Jinghe's future development and long-term investment value, aiming to integrate resources and enhance competitive positioning within the industry [4].

一个是手机、笔记本、服务器代工巨头，一个是冲进全球前十的晶圆代工新锐。华勤技术 （603296.SH，股价85.78元，市值871.31亿元）市值超870亿元，晶合集成（688249.SH，股价22.23元， 市值445.96亿元）市值约446亿元，两者"牵手"，能否搅动产业链格局？ 华勤技术承诺通过本次协议转让取得的晶合集成股份，以长期投资为目的，自交割日起36个月内不对外 转让。 7月29日晚间，华勤技术、晶合集成双双披露公告称，华勤技术与晶合集成股东力晶创投签署《股权转 让协议》，力晶创投拟将其持有的晶合集成6%股份转让给华勤技术，转让总价款为23.93亿元。本次股 份转让完成后，华勤技术将持有晶合集成6%股份，并将向其提名1名董事。记者注意到，当下，华勤技 术因代工英伟达H20服务器而广受市场追捧。两大巨头"牵手" 据了解，本次权益变动前，力晶创投持有晶合集成19.08%的股份，此次权益变动后，力晶创投将持有 晶合集成13.08%的股份，而华勤技术持有晶合集成6%股份。 封面图片来源：视觉中国-VCG211322973159 目前华勤技术市值大幅超过闻泰科技。截至7月29日收盘，华勤技术市值超870亿 ...

Core Viewpoint - Dalian Shengya (600593.SH) has announced a private placement of A-shares, with the entire subscription by Shanghai Tongcheng Enterprise Management Partnership, a subsidiary of Tongcheng Travel (0780.HK), at a price of 24.75 yuan per share, totaling approximately 9.56 billion yuan. This transaction will grant Tongcheng Travel indirect control over Dalian Shengya, which will maintain its existing management team's stability and independence [1]. Group 1: Company Overview - Dalian Shengya, established in 1994, is the only A-share listed company focused on the marine park concept in China, operating major attractions such as Dalian Shengya Ocean World and Harbin Polar Park [2]. - The company holds a unique position in the A-share market, making it a scarce investment target for those interested in the cultural tourism industry [2]. - Dalian Shengya's financial indicators show a healthy business with a non-recurring profit of 20.79 million yuan and 57.86 million yuan for 2023 and 2024, respectively, alongside a gross margin of 61.5% and 59.73% for the same years [4]. Group 2: Strategic Partnership - The private placement is seen as a significant turning point for Dalian Shengya, focusing on core business, enhancing industry chain integration, and improving profitability and development quality [3]. - The partnership with Tongcheng Travel is expected to leverage industry synergies and deepen resource integration, enhancing the company's profitability [3]. Group 3: Financial Performance - Dalian Shengya's revenue from its four main business segments in 2024 was as follows: 408.55 million yuan from scenic area operations, 60.51 million yuan from commercial operations, 28.55 million yuan from animal operations, and 7.50 million yuan from hotel operations, with scenic area operations accounting for 80.87% of total revenue [6]. - The animal operations segment, which includes breeding technologies for species like penguins and seals, generated approximately 28.55 million yuan in revenue, showing a year-on-year growth of 96.15% [5][6]. Group 4: Market Context - The recent regulatory frameworks, referred to as the "New National Nine Articles" and "Merger Six Articles," encourage listed companies to focus on their core businesses and enhance development quality through mergers and acquisitions [3].

Core Viewpoint - The recent surge in merger and acquisition (M&A) activities among companies listed on the Beijing Stock Exchange (BSE) indicates a strong trend towards industry chain integration, driven by both urgent business needs and supportive industrial policies [1][2][3]. M&A Activity Overview - The BSE has seen a notable increase in M&A transactions, with companies like Donghe New Materials planning to acquire a 51% stake in Anshan Fuyu Mining Sales Co., Ltd. for 255 million yuan [2]. - Keda Control's acquisition of Haitu Technology for 209.1 million yuan marks a significant milestone as the first case of a BSE company acquiring a New Third Board enterprise [2][3]. - Iron Technology announced an investment of 60 million yuan in Bear Robot, acquiring a 37.69% stake, focusing on the autonomous driving market [2][3]. Characteristics of Recent M&A Transactions - Cash has become the primary payment method for M&A transactions among BSE companies, with Keda Control and Easy Precision both utilizing cash for their acquisitions [4]. - Recent M&A activities exhibit several characteristics: direct cash payments, focus on new technologies and businesses, strong business synergies, and the acquisition of well-performing target companies [4][5]. - The acquisitions are primarily aimed at enhancing core business operations and expanding into new markets, which is crucial for companies in their growth phases [4][5]. Strategic Implications - The M&A activities are largely centered around core business areas, emphasizing business synergy and industry chain enhancement [5][6]. - Keda Control's acquisition of Haitu Technology allows for expanded market reach in sectors like military and petrochemical, leveraging existing sales channels [6]. - Iron Technology's investment in Bear Robot aligns with its long-term development strategy, focusing on the autonomous driving market [6][7]. Performance Commitments - Many recent acquisitions involve target companies with clear performance commitments, providing a degree of assurance for post-acquisition growth [7]. - Haitu Technology has committed to achieving net profits of no less than 38 million yuan, 42 million yuan, and 46 million yuan from 2025 to 2027 [7]. - Easy Precision's target, Tongyihe, has a similar performance commitment, ensuring a minimum cumulative net profit of 96 million yuan over three years [7]. Future Trends - Experts predict that the M&A focus for BSE companies will increasingly shift towards new technologies and robotics, with a steady acceleration in M&A activities expected in the latter half of the year [9][10]. - The integration of resources within the same group and the pursuit of new production capabilities through external acquisitions are anticipated to be key trends [9][10]. - The successful case of Keda Control acquiring Haitu Technology is seen as a new paradigm for future M&A activities on the BSE, highlighting the collaborative potential between the New Third Board and BSE [10].

Core Viewpoint - Goer Group plans to acquire 100% equity of two subsidiaries of Lianfeng Commercial Group for approximately HKD 104 billion (about RMB 95 billion), aiming to enhance its competitive edge in the precision structural components sector [2][3]. Group 1: Acquisition Details - The acquisition targets are Hong Kong Miya Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd., both of which have significant revenue and asset scales in the precision metal structure parts field [3]. - The two companies are expected to generate a combined revenue of approximately HKD 91.1 billion in 2024 (unaudited) [3]. - The acquisition is seen as a strategic move to improve vertical integration, enhance competitiveness, and deepen collaboration with leading industry clients [3][4]. Group 2: Financial Performance - In 2023, Goer Group reported a revenue of RMB 100.95 billion, a year-on-year increase of 2.41%, and a net profit of RMB 2.665 billion, up 144.93% [4]. - The company's three core business segments—precision components, intelligent acoustic systems, and smart hardware—contributed revenues of RMB 15.051 billion, RMB 26.296 billion, and RMB 57.199 billion, respectively, with gross margins of 21.51%, 9.47%, and 9.17% [4]. - The lower gross margins in the smart hardware and intelligent acoustic systems segments are attributed to reliance on external suppliers for structural components [4]. Group 3: Leadership and Wealth Changes - Jiang Bin, the leader of Goer Group, previously ranked as the richest person in Shandong, has seen his wealth decrease by over RMB 30 billion, with his family's net worth now at RMB 27.45 billion [5]. - Jiang Bin co-founded the company in 2001, and it has grown significantly, especially after entering Apple's supply chain, leading to a nearly 30-fold revenue increase from 2010 to 2021 [5]. - In April 2023, Jiang proposed a share buyback of between RMB 500 million and RMB 1 billion, aimed at employee stock ownership or equity incentives, reflecting confidence in the company's future [6][7].

Core Viewpoint - Angel Yeast is accelerating its upstream expansion by acquiring a 55% stake in Hohhot Shengtong Sugar Technology Co., Ltd. for 506 million yuan, despite a significant drop in the company's profit commitment for 2025 [1][4]. Group 1: Acquisition Details - The acquisition price of 506 million yuan is based on a valuation of 919 million yuan for Shengtong Sugar, reflecting a 63.80% increase over its net asset value of 561 million yuan [6]. - Shengtong Sugar's projected net profit for 2024 is 82.66 million yuan, but the commitment for 2025 is only 28.96 million yuan, indicating a 65% decline [1][5]. - The acquisition is expected to enhance Angel Yeast's production capacity and optimize its industrial structure, contributing to its long-term profitability and competitiveness [3][4]. Group 2: Strategic Importance - The acquisition aligns with Angel Yeast's strategy of vertical integration within the industry, as Shengtong Sugar is a well-supported entity by local government policies [3]. - Shengtong Sugar has a production capacity of 125,000 tons of edible sugar and 35,000 tons of molasses, which is a key raw material for yeast production [3]. - The expansion of Shengtong Sugar's planting area will further increase its molasses production capacity, benefiting Angel Yeast's operations [3]. Group 3: Financial Performance and Projections - Shengtong Sugar's revenue for 2024 is projected to be 602 million yuan, with a net profit of 82.66 million yuan, while the first quarter of 2025 is expected to generate 173.0 million yuan in revenue and 1.76 million yuan in net profit [4][5]. - The performance commitments for Shengtong Sugar from 2025 to 2027 are set at 28.96 million yuan, 75.86 million yuan, and 98.89 million yuan, respectively, with penalties for underperformance and rewards for exceeding targets [4].