Core Viewpoint - The acquisition of Beijing Silin Semiconductor Technology Co., Ltd. by Tongye Technology is a cross-industry merger, with a transaction price of 561 million yuan, despite Silin's current loss status and a high valuation premium of nearly four times its book value [1][3]. Group 1: Acquisition Details - Tongye Technology plans to acquire 91.69% of Silin for 561 million yuan, making Silin a subsidiary [1]. - The controlling shareholders of Tongye will transfer 6% of their shares to Silin's actual controller for a total of 188 million yuan [1]. - 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 [4]. 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 [2]. - 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 [2]. Group 3: Valuation and Adjustments - The valuation of Silin's total equity is set at 612 million yuan, reflecting a 387.41% increase over its book value of 126 million yuan [3]. - The acquisition scale was reduced from 100% to 91.69% after negotiations, and the valuation was adjusted down from 670 million yuan to 612 million yuan [4]. Group 4: Financial Implications for Tongye - Tongye's cash and cash equivalents amount to 200 million yuan, indicating a funding gap for the 561 million yuan acquisition [6]. - Post-acquisition, Tongye's debt ratio is expected to rise from 37.53% to 66.95% [6]. Group 5: Strategic Rationale - The acquisition allows Tongye to enter the high-growth market of power IoT chips, which is supported by government policies and has strong technical barriers [6]. - There is potential for business synergy, as both companies serve similar large state-owned enterprises, allowing for integrated marketing and resource sharing [7].

记者丨 彭新 编辑丨巫燕玲 A股又现跨界半导体并购。 其主营为电网通信芯片、光伏组件级电力电子芯片、无线通信芯片及模拟芯片等自研及产业 化，覆盖电力物联网、光伏新能源及工业物联网等市场领域。公司的客户群体主要为国家电网 等电网公司。 图源：IC p h o t o 财务数据显示， 2 023年至2024年，思凌科的营收分别为2.59亿元、2.77亿元，归母净利分别 为2771万元、2032万元。不过2025年1至7月，思凌科的营收为1.25亿元，但归母净利却变为 亏损，为-325万元。 12月28日晚，通业科技披露重组报告书（草案），公司拟收购北京思凌科半导体技术有限公司 （下称思凌科）91.69%股份，交易价格为5.61亿元。 本次交易完成后，通业科技将直接持有 思凌科91.69%股权，思凌科将成为其控股子公司。 同时，通业科技的控股股东、实际控制人及其一致行动人，拟向思凌科实际控制人控制的企业 转让公司6%股份，每股转让价格21.67元，转让总价款为1.88亿元。 值得关注的是， 思凌科仍处亏损阶段，但通业科技对思凌科给出了较高的估值溢价， 溢价幅 度接近四倍 。而思凌科则承诺，2026—2028年三年累 ...

若承诺业绩达成，将显著增厚通业科技整体利润。结合公司自身股权激励目标(2025-2027年营收目标5.3 亿元、5.9亿元、6.5亿元)，通业科技有望在2027年实现净利润超1亿元(考虑合并思凌科之后)，推动估值 回归合理区间。 思凌科业绩信心源于其参与国网下一代标准制定、持续中标、芯片自研降本等多重优势。通过剥离亏损 业务、聚焦电力物联网赛道，公司盈利结构已逐步优化。通业科技通过此次并购，不仅获得优质资产， 更通过科学的对赌与激励机制，为长期发展奠定制度基础。 为保障承诺履行，方案设置了业绩补偿与激励机制：若累计净利润低于承诺值的95%，思凌科原核心团 队需出让所持通业科技6%股份进行现金补偿。同时，公司还设立乐超额业绩奖励，激励管理层全力开 拓市场。 导语：思凌科核心团队承诺并购后三年累计净利润不低于1.75亿元，配套奖惩机制保障双方利益，为通 业科技（300960）未来业绩增长注入强心剂。 在近期通业科技发布的"拟收购思凌科91.69%股权"交易方案当中，思凌科原股东及核心团队承诺2025 年-2027年累计净利润不低于1.75亿元。以6.12亿元估值计算，对应平均市盈率约10.49倍，低于近期市 场同 ...

12月30日，世嘉科技发布公告，披露公司拟通过增资扩股及股权受让相结合的方式，以2.75亿元总价取 得光彩芯辰（浙江）科技有限公司（以下简称"光彩芯辰"）20%股权，同时计划未来进一步推进控股收 购。 本次交易由两部分组成：一是世嘉科技以27.2987元/股的价格，出资2.75亿元认购光彩芯辰1007.37万元 新增注册资本，对应13.2066%股权，其中部分资金计入注册资本，其余作为溢价计入资本公积金；二 是光彩芯辰创始股东嘉兴和同智能科技合伙企业（有限合伙）（以下简称"嘉兴和同"）以1元总价，向 世嘉科技转让其持有的6.7934%股权（对应518.19万元注册资本）。交易完成后，世嘉科技合计持有光 彩芯辰1525.56万元注册资本，持股比例达20%，光彩芯辰注册资本将从6620.43万元增至7627.80万元， 交易后估值为20.8229亿元。 资金支付方面，世嘉科技已预付8000万元增资款，剩余1.95亿元将在相关先决条件满足后10个工作日内 支付。增资款将专项用于光彩芯辰正常经营及研发活动。 光彩芯辰成立于2020年5月，注册资本6620.43万元，注册地址位于浙江省嘉兴市嘉善县，法定代表人为 鞠勇， ...

12月28日晚，通业科技披露重组报告书(草案)，公司拟收购北京思凌科半导体技术有限公司(下称思凌科)91.69%股份，交易价格为5.61亿元。 本次交易完成后，通业科技将直接持有思凌科91.69%股权，思凌科将成为其控股子公司。 同时，通业科技的控股股东、实际控制人及其一致行动人，拟向思凌科实际控制人控制的企业转让公司6%股份，每股转让价格21.67元，转让 总价款为1.88亿元。 弃全资改现金控股，通业科技（300960）5.61亿揽入思凌科，深度绑定1.75亿业绩。 A股又现跨界半导体并购。 值得关注的是，思凌科仍处亏损阶段，但通业科技对思凌科给出了较高的估值溢价，溢价幅度接近四倍。而思凌科则承诺，2026-2028年三年 累计净利润不低于1.75亿元，若未完成业绩，承诺方思凌企管必须进行现金补偿。 按照收益法评估，思凌科全部股权估值6.12亿元，较其1.26亿元的账面净资产增值387.41%，溢价幅度接近四倍。 相较于8月份披露的方案，通业科技此次推出的重组草案，在收购比例与标的估值两个核心维度上均作出了关键调整。 首先是收购规模的收缩。经与交易对方的多轮博弈并考量各方意愿，通业科技决定放弃原定的全资收 ...

资料图。 华夏幸福与中国平安往事 ： 从盟约到交锋 王琳 当2025年12月华夏幸福董事会 以 7 票反对 、1 票同意的悬殊表决，全盘 否决中国平安五项核 心提案，这场始于2018年的资本联姻，已经 沦为 一场激烈的 利益博弈 与交锋 。 从180亿元战略入股的 短暂 蜜月期，到业绩对赌破裂、债务危机爆发，再到预重整争议引发的 全面 对抗，七年纠葛见证了房地产行业从高速增长到风险暴露的周期 转换，既是 一家房企的 兴衰史，更折射了险资与房企深度绑定的风险困局 。 短暂的"蜜月期" 故事的起点，是房地产黄金时代末期的资本狂欢 。 2018年，国内 房地产市场虽已显露调整迹象，但华夏幸福凭借"产业新城"模式在环京区域 声名 鹊起，其拥有的 土地储备与产业运营能力，吸引了中国平安。中国平安 彼时 表示，入股主要 源于其看好公司未来长期的发展潜力，也以获得公司稳定股息分红，分享长期价值投资收益为 目的。 2018 年 至2019年 间 ，平安系两次出手，通过协议转让与增持累计斥资180亿元持有华夏幸福 25.25%股份，成为仅次于华夏控股的第二大股东。 为了保障投资安全 ，双方签订 了 业绩对赌协议：华夏幸福需在2 ...

Core Viewpoint - China Shenhua is set to acquire 12 companies from its controlling shareholder, China Energy Group, for a total of 133.598 billion RMB, marking the largest acquisition in A-share history. The payment will be made with 30% in newly issued shares and 70% in cash [1][5][53]. Group 1: Acquisition Details - The acquisition aims to resolve internal competition issues by consolidating companies with similar operations, thus streamlining management [1][48]. - The total coal resource will increase from 41.6 billion tons to 68.5 billion tons, a growth of 65% [2][49]. - The recoverable coal reserves will nearly double from 17.5 billion tons to 34.5 billion tons, representing a 98% increase [2][50]. - Annual coal production is expected to rise from 327 million tons to 512 million tons, a 57% increase [3][51]. Group 2: Financial Impact - The expected earnings per share for 2024 will increase from 2.97 RMB to 3.15 RMB, a growth of 6.1% [4][52]. - The acquisition will significantly enhance the company's asset quality and profitability, benefiting all shareholders [11][59]. Group 3: Transaction Significance - The transaction amount of 133.598 billion RMB surpasses previous notable A-share mergers, establishing a new record [5][53]. - The deal is part of a broader strategy to strengthen national energy security and optimize resource allocation within the industry [9][60]. Group 4: Next Steps - The acquisition proposal requires approval from the shareholders' meeting and regulatory bodies, including the Shanghai Stock Exchange and the China Securities Regulatory Commission, before implementation [5][54].

Core Viewpoint - The article discusses the turmoil faced by the cross-border e-commerce company "有棵树" (Youkeshu), highlighting its dramatic revenue drop and internal power struggles following a significant shift in ownership and management control [1][2]. Group 1: Company Overview - "有棵树" was once a leading cross-border e-commerce company with annual sales exceeding 5 billion yuan, but it is now experiencing an 81.33% decline in revenue, with a reported revenue of only 42.57 million yuan [2]. - The company underwent a major restructuring in September 2024, leading to the dilution of founder Xiao Siqing's shares to 3.28%, while new investor Wang Wei became the largest shareholder with 18% [2]. - The internal conflict has resulted in operational disruptions, including the failure to timely disclose the Q3 2025 earnings report [2]. Group 2: Industry Context - The rise and fall of "有棵树" reflect the broader fate of many cross-border e-commerce giants, which often experience rapid growth fueled by capital but face significant risks due to unsustainable business practices [3][11]. - The initial success of cross-border e-commerce companies was largely due to low-cost domestic supply chains, but the influx of capital shifted focus from sustainable growth to rapid expansion, leading to operational inefficiencies [11][12]. - The article notes a shift in the industry where sellers are now prioritizing profitability and efficient capital use over mere sales volume, indicating a maturation of the market [13]. Group 3: Financial Performance and Challenges - "有棵树" has struggled to meet performance targets set during its merger with Tianze Information, with a commitment to achieve net profits of 2.6 billion, 3.3 billion, and 4.1 billion yuan from 2018 to 2020, but only reported 1.08 billion yuan in 2017 [6]. - Other companies like 环球易购 (Global Easy Buy) faced similar challenges, ultimately leading to bankruptcy despite meeting profit targets, highlighting the risks associated with aggressive expansion strategies [7][10]. - The article emphasizes that many companies failed to complete their profit commitments, resulting in severe financial penalties and operational failures, as seen with 价之链 (Price Chain) [10]. Group 4: Future Outlook - The article suggests that the end of the "big seller" era is not the conclusion of the industry but rather a new beginning, as companies are now focusing on brand building, supply chain depth, compliance, and long-term value creation [12][13]. - The market is witnessing a transition where sellers are moving away from the unsustainable growth model driven by capital to a more stable and value-oriented approach [13].

12月16日晚间，广东扬山联合精密制造股份有限公司（证券简称"联合精密"）公告称，公司拟以1.938亿元的价格收购邱廷贵等11个交易对手方合计持有的 成都迈特航空制造有限公司（以下简称"迈特航空"）51%股权，并与交易对手方签署《股权转让协议》。本次交易完成后，迈特航空将成为公司控股子公 司。 以8月31日为评估基准日，用收益法评估的迈特航空股东全部权益价值评估值为3.84亿元，与账面股东全部权益1.93亿元相比评估增值1.91亿元，增值率为 98.61%。经交易各方协商，确定本次交易迈特航空51%股权的价格为1.938亿元。 迈特航空 为国家级专精特新"小巨人"企业 迈特航空成立于2010年，位于成都市郫都区，注册资本1497.59万元，是专业从事航空、航天标准件及结构件研发、制造、试验检测的国家级高新技术企 业、国家级专精特新"小巨人"企业，具备完整的标准件、结构件全工序加工制造、检测能力。公司实验检测中心通过了国家实验室（CNAS）认证，多种特 种工艺获得了Nadcap国际认证。迈特航空主要产品包括国标、航标、企标等标准件和结构件。 据悉，迈特航空法定代表人、董事长邱廷贵通过此次交易套现约1.04亿元， ...

Core Viewpoint - The article discusses the significant changes in the governance and operational challenges faced by Kanghua Biological (300841.SZ) following its change of control, highlighting a sharp decline in its core product's market performance and the pressures from performance commitments [2][4][10]. Group 1: Change of Control and Shareholder Actions - Kanghua Biological has undergone a change of control with major shareholders reducing their stakes during the transition period, leading to the company entering a state without a controlling shareholder [3][4]. - The fourth largest shareholder, Sichuan Development Securities Investment Fund Management Co., Ltd., reduced its stake from 6.22% to 5.91%, cashing out approximately 32.66 million yuan [3]. - The transfer of control involved the original controlling shareholder, Wang Zhentao, transferring 21.91% of shares to Wanke Xin Biological for a total consideration of 1.851 billion yuan [4]. Group 2: Board Restructuring and Management Changes - Following the change of control, Kanghua Biological completed a full overhaul of its board and executive team, with the new board consisting of 11 members, including 7 non-independent and 4 independent directors [5][7]. - Liu Dawei was elected as the new chairman, while Wang Zhentao became the vice chairman and legal representative [5][6]. Group 3: Financial Performance and Challenges - Kanghua Biological reported a significant decline in financial performance for the first three quarters of 2025, with revenue dropping by 20.78% to 840 million yuan and net profit decreasing by 53.41% to 189 million yuan [8]. - The company's core product, the freeze-dried human rabies vaccine, saw a drastic reduction in batch issuance by over 40%, primarily due to increased competition in the market [9]. - The company faces a performance commitment to achieve a net profit of at least 728 million yuan over 2025 and 2026, alongside a minimum of 260 million yuan in R&D expenses, which poses a significant challenge given its current performance pressures [10][11].