每经AI快讯，有投资者在投资者互动平台提问：公司持有南京麦豆不到4%的股权，但麦豆的技术和上 市公司有极强整合效应，市场麦豆TC，公司TB，表面上互相独立，但实际上也有极强的整合效应。请 问公司为何不把麦豆纳入上市公司？麦豆在体外发展，其实是占用公司的技术和市场资源。 （记者 王晓波） 麦澜德（688273.SH）9月17日在投资者互动平台表示，公司目前持有南京麦豆健康科技有限公司（以 下简称"麦豆健康"）少量股权，同时麦豆健康是我公司家用产品的经销商。麦豆健康作为独立法人主 体，其技术研发和市场拓展均遵循独立自主原则，不存在占用上市公司核心资源的情形。未来是否纳入 上市公司体系，需综合评估业务协同性、合规要求及全体股东利益。公司高度重视业务资源优化，会持 续关注家用市场发展。 ...

Core Viewpoint - The acquisition of 71% stake in military enterprise Qingdao Kekai Electronics by Silin Jie (688115.SH) has faced significant regulatory scrutiny and market skepticism, highlighting challenges in business synergy, compliance, and the feasibility of the deal amidst a declining industry environment [2][4][9]. Group 1: Acquisition Details - The total transaction value for the acquisition is 1.42 billion yuan, with cash payment of 857 million yuan and stock payment of 563 million yuan [3]. - The share issuance price is set at 16.74 yuan per share, significantly lower than the current market price of approximately 71 yuan, indicating a potential substantial profit for the sellers [3]. Group 2: Business Synergy Concerns - The initial claim of business synergy based on both companies being in the "electronic industry" has shifted to a justification of being "upstream and downstream" partners, raising questions about the validity of this classification [4][5]. - Silin Jie primarily operates in industrial automation and is heavily reliant on the Apple supply chain, while Kekai Electronics focuses on military applications, creating a fundamental conflict in customer bases and operational compatibility [5][6]. Group 3: Compliance and Innovation Concerns - Kekai Electronics' innovation credentials are under scrutiny, as its R&D investment from 2021 to 2023 totaled 39.04 million yuan, barely meeting the minimum requirement of 5% of revenue [7][8]. - The data supporting Kekai's R&D claims has been flagged for inaccuracies by regulatory bodies, casting doubt on the integrity of the information used to justify the acquisition [8]. Group 4: Financial Performance and Industry Outlook - Kekai Electronics has committed to achieving a net profit of 90 million yuan in 2025, amidst a projected revenue drop of 46.4% in 2024 compared to 2023, raising concerns about the feasibility of these targets [9][10]. - The broader military industry is experiencing a downturn, with many comparable companies also reporting revenue and profit declines, indicating systemic challenges that could impact Kekai's performance [10].