Core Viewpoint - The acquisition plan of NAR Holdings (002825.SZ) to purchase Jiangxi Lanwei Electronics Technology Co., Ltd. has failed after six months of attempts due to a lack of consensus on investment terms and the absence of a formal investment agreement [1][2]. Group 1: Acquisition Details - NAR Holdings announced on July 21 that it would terminate the acquisition of Lanwei Electronics, which was intended to secure a 51% stake through equity transfer and capital increase [1][2]. - The acquisition was initially disclosed on January 22, with expectations of gaining control over Lanwei Electronics, a significant player in chip packaging and bonding technology [2][3]. - The termination of the acquisition will not adversely affect NAR Holdings' operational performance or financial status, as no actual funds were exchanged [2]. Group 2: Market Reaction - Following the announcement of the acquisition plan, NAR Holdings' stock price surged nearly 80%, reaching a peak of 12.35 yuan before experiencing a decline due to lack of updates on the acquisition progress [3][4]. - The stock price fell to 10.68 yuan as of July 22, reflecting a downward trend after the initial spike [3]. Group 3: Financial Performance and Growth Strategy - NAR Holdings has faced significant fluctuations in net profit over recent years, with revenue figures of 16.18 billion yuan, 14.87 billion yuan, and 19 billion yuan from 2022 to 2024, showing a growth rate of -7.98%, -8.09%, and 27.73% respectively [4][5]. - The company attempted to diversify its revenue streams by investing 38 million yuan in Dongguan Junhong Optical Materials Co., Ltd. in 2022, but this investment did not meet performance commitments, resulting in losses [4][5]. - The failure of the Lanwei Electronics acquisition signifies another setback in NAR Holdings' efforts to establish a second growth curve in the semiconductor materials sector [5].

Core Viewpoint - The company, Huilv Ecology, is experiencing significant growth in its performance due to the synergistic effects of its dual business model, which includes landscaping and optical communication, following the acquisition of Wuhan Junheng Technology [1][2]. Financial Performance - For the first half of 2025, Huilv Ecology expects a net profit attributable to shareholders of between 36 million to 49 million yuan, representing a year-on-year increase of 34.92% to 83.64% [1]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 30 million to 42 million yuan, showing a year-on-year growth of 52.70% to 113.77% [1]. - Compared to the first half of 2024, the net profit before restructuring was 12.96 million yuan, indicating a growth rate of 177.82% to 278.14% [1][2]. Strategic Acquisition - The significant performance improvement is primarily attributed to the completion of the acquisition of Wuhan Junheng Technology in February 2025, which has enhanced the optical communication business's contribution [2][3]. - Wuhan Junheng, a high-tech enterprise established in 2012, specializes in optical module product development and manufacturing, with a revenue of 667 million yuan and a net profit of 69.67 million yuan in 2024 [2]. Research and Development Investment - In the first quarter of 2025, the company's R&D expenses surged to 6.86 million yuan, exceeding the total for the entire year of 2024, reflecting a 599.92% increase year-on-year [1][3]. - The R&D focus includes innovation in plant genetics and resource utilization of landscaping waste, supporting the transition of traditional landscaping to a more technology-driven and eco-friendly approach [2][3]. Production Capacity Expansion - Following the acquisition, Wuhan Junheng received substantial financial support, alleviating long-standing funding pressures, and has expanded its production facilities to meet the growing market demand for silicon optical products [3][4]. - A new factory in Ezhou is expected to be completed in the second half of 2025, which will enhance production capacity and product line expansion, particularly for high-speed products [3][4].

Core Viewpoint - New Xunda (300518.SZ) is selling its entire stake in Huali Technology (301011.SZ) to enhance liquidity due to unsatisfactory results from its dual business strategy [1][2] Group 1: Asset Management - New Xunda plans to sell all shares of Huali Technology, having previously acquired 402,000 shares for 52.26 million yuan in 2018, becoming the third-largest shareholder [2][3] - As of June 17, 2023, New Xunda holds 294,250 shares of Huali Technology, representing 2.01% of its total issued shares, with a potential cash-out value of approximately 88.83 million yuan [2][4] - The company has executed three reduction plans for Huali Technology shares since 2023, indicating a strategic shift to focus on core business and improve asset liquidity [4][5] Group 2: Financial Performance - New Xunda has reported consecutive losses in 2023 and 2024, totaling 513 million yuan over three years of dual business operations [6][7] - The revenue from the new energy business in 2024 was only 1.76 million yuan, accounting for 1.09% of total revenue, reflecting a 50.42% year-on-year decline [6][7] - The company’s total revenue dropped significantly from 5.15 billion yuan in 2022 to 2.5 billion yuan in 2023 and further to 1.61 billion yuan in 2024, with net losses of 255 million yuan and 316 million yuan respectively [6][7] Group 3: Strategic Shift - New Xunda is transitioning its strategy from "live e-commerce" to "direct e-commerce," facing increased competition and declining sales in the live channel [7] - The company has incurred significant asset impairment losses of 173 million yuan, contributing to its financial struggles [7] - Despite the dual business model, the new energy sector has not yet provided substantial revenue support, indicating a need for reevaluation of the business strategy [6][7]