Core Viewpoint - Qin'an Co., Ltd. (603758) announced an earnings briefing on November 13, 2025, to discuss its performance and future prospects [1]. Group 1: Mergers and Acquisitions - The acquisition of Yigao Optoelectronics is expected to be consolidated into the company's financial statements as early as January next year, pending shareholder approval and certain conditions [2][7]. Group 2: Technology and Market Applications - Yigao Optoelectronics maintains a leading position in high-end vacuum coating technology, which is widely used in various products of major domestic consumer electronics brands [3][5]. - The technology is also being applied in automotive displays, with significant potential for demand in the automotive sector as the consumer electronics and automotive industries converge [4]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 991 million yuan, a year-on-year decrease of 16.89%, while the net profit attributable to shareholders was 131 million yuan, an increase of 2.6% [7]. - The third quarter alone saw a main revenue of 316 million yuan, down 23.84% year-on-year, and a net profit of approximately 50.84 million yuan, down 23.03% [7]. Group 4: Investment and Market Sentiment - In the last 90 days, two institutions have given a rating of "buy" for the stock [8]. - Recent financing data indicates a net outflow of 33.98 million yuan in financing over the past three months, with a decrease in financing balance [9].

Core Viewpoint - Qin'an Co., Ltd. aims to expand its industrial footprint through the acquisition of 99% equity in Anhui Yigao Optoelectronics Technology Co., Ltd. for a cash consideration of 885 million yuan, marking a high-premium acquisition with a valuation increase rate of 289.91% [1][3] Acquisition Details - The acquisition is structured as a cash payment for 99% equity of Yigao Optoelectronics, with a total transaction price of 885 million yuan [1][3] - The valuation of the target company is approximately 959 million yuan, with an assessed increase of about 713 million yuan [3] - The transaction involves differentiated pricing based on various factors, including initial investment costs and performance commitments [4] Strategic Intent - The acquisition is intended to create a dual-driven development model combining "automotive parts manufacturing" and "vacuum coating," establishing a "second growth curve" for the company [1][5] - The target company is positioned in the high-end vacuum coating sector, with applications in consumer electronics and automotive displays, aligning with industry trends towards electric and intelligent vehicles [5] Financial Performance - Yigao Optoelectronics has shown profitability, with revenues of 223 million yuan in 2024 and 66.34 million yuan in the first five months of 2025, alongside net profits of 65.94 million yuan and 17.18 million yuan respectively [6] - The shareholders of Yigao Optoelectronics have committed to achieving a cumulative net profit of no less than 240 million yuan over three years from 2025 to 2027 [6] Company Background - Qin'an Co., Ltd. specializes in manufacturing core components for automotive engines and transmissions, but has faced operational challenges in recent years, with fluctuating net profits [7] - The company reported a net profit of 173 million yuan in 2024, a year-on-year decline of 33.70%, and a revenue drop of 16.89% in the first three quarters of 2025 [7] - As of September 2025, the company maintains a low debt ratio of 11.22% and has sufficient cash flow of 1.051 billion yuan to support its strategic initiatives [2][7]

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Anhui Yigao Optoelectronics Technology Co., Ltd. for RMB 884.63 million, marking a strategic move into the high-end vacuum coating sector [2][4] Group 1: Transaction Details - The acquisition will be conducted through Qin'an's wholly-owned subsidiary, Chongqing Luling Mountain Stream Enterprise Management Co., Ltd. [2] - The transaction involves 12 existing shareholders of Yigao Optoelectronics, with performance commitments to achieve a cumulative net profit of no less than RMB 240 million over three years [2][3] - The transaction price is based on an asset evaluation report, with Yigao's total equity value assessed at RMB 959.4 million, reflecting an appreciation of RMB 713.34 million and a growth rate of 289.91% [3] Group 2: Company Profile - Yigao Optoelectronics is a national high-tech enterprise specializing in high-end vacuum coating, with products used in high-end mobile phones, smart wearable devices, and automotive display systems [3] - In 2024, Yigao is projected to achieve revenue of RMB 222.58 million and a net profit of RMB 65.94 million [3] Group 3: Strategic Implications - Post-acquisition, Yigao will become a subsidiary of Qin'an, contributing to the company's strategy of "external expansion and innovative development" [4] - The acquisition aims to create a dual-driven business model combining "automotive parts manufacturing" and "vacuum coating," enhancing market competitiveness through resource and technology synergies [4]

秦安股份（603758）11月11日晚间披露，公司拟通过全资子公司陆岭山溪以现金方式收购安徽亦高光电 科技有限责任公司（下称"亦高光电"）99%股权，交易金额为8.85亿元。交易完成后，亦高光电将成为 公司的控股公司并纳入合并报表范围。 亦高光电是一家专注于高端真空镀膜的国家级高新技术企业、安徽省专精特新企业，为各类显示及泛显 示类产品提供专业的表面处理方案。公司主要产品有超硬镀膜、超硬AR镀膜、NCVM颜色镀膜等，其 产品广泛应用于手机、智能穿戴设备、智能汽车、高端平板电脑等。 2024年度，亦高光电实现营业收入2.23亿元，净利润为6593.64万元。 此外，交易各方还就亦高光电商誉减值补偿等内容达成了约定。 值得一提的是，基于对秦安股份未来前景及投资价值的认可及自身业务发展需求，同时为绑定亦高光电 的经营管理层及核心人员达成业绩承诺，饶亦然与秦安股份实际控制人YUANMING TANG签订了《股 份转让协议》，拟受让上市公司2193.99万股股份，占公司总股本的5%，转让总价为3.03亿元。 按照约定，在业绩承诺期内及业绩补偿足额实施完毕前（以前述期限孰晚为准），除特别约定外，饶亦 然不得出售、质押、设 ...

Core Viewpoint - The company Qin'an Co., Ltd. plans to acquire 99% equity of Anhui Yigao Optoelectronics Technology Co., Ltd. for a cash consideration of 885 million yuan, aiming to enhance its business structure and drive growth through the integration of high-end vacuum coating operations [1] Group 1: Acquisition Details - The acquisition will be executed through the company's wholly-owned subsidiary, Chongqing Luling Mountain Stream Enterprise Management Co., Ltd. [1] - Upon completion of the transaction, Yigao Optoelectronics will become a subsidiary and be included in the consolidated financial statements of the company [1] - The company will assume joint liability for the payment of the transaction price and any penalties related to the acquisition [1] Group 2: Performance Commitment - The sellers have committed to achieving a cumulative net profit of no less than 240 million yuan over the three years from 2025 to 2027 [1] Group 3: Strategic Implications - The acquisition is expected to create a dual-driven business model combining "automotive parts manufacturing" and "vacuum coating," thereby establishing a "second growth curve" for the company [1] - This strategic move is aimed at injecting strong momentum for sustained high-quality development [1]

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Anhui Yigao Optoelectronics Technology Co., Ltd. for a cash consideration of 885 million yuan, aiming to enhance its business structure and drive growth through dual business segments [1] Group 1: Acquisition Details - The acquisition will be executed through the wholly-owned subsidiary Chongqing Luling Mountain Stream Enterprise Management Co., Ltd. [1] - Upon completion, Yigao Optoelectronics will become a controlling subsidiary and will be included in the consolidated financial statements of the company [1] - The company will assume joint liability for the payment of the transaction price and any penalties related to the acquisition [1] Group 2: Performance Commitment - The sellers have committed to achieving a cumulative net profit of no less than 240 million yuan over the three years from 2025 to 2027 [1] Group 3: Strategic Implications - The acquisition focuses on high-end vacuum coating business, which will create a dual-driven and synergistic business model combining "automotive parts manufacturing" and "vacuum coating" [1] - This strategic move is intended to establish a "second growth curve" and inject strong momentum for sustainable high-quality development [1]

格隆汇11月11日丨秦安股份(603758.SH)公布，2025年11月11日，公司及全资子公司陆岭山溪与亦高光 电、饶亦然先生、徐州亦高、远致星火、西藏华建、亦高运营管理、景程光电、长业亿立、君汇鑫亦、 穗满时时、清显科技、李俊华先生、尤俊衡先生签署《有关以支付现金方式购买安徽亦高光电科技有限 责任公司股权之交易协议》，公司拟通过全资子公司陆岭山溪支付现金的方式购买交易对方合计持有的 亦高光电99%股权，交易金额为人民币88,462.64万元。本次交易完成后，亦高光电将成为公司的控股公 司并纳入合并报表范围。秦安股份将对本次交易中陆岭山溪交易对价及违约金的支付承担连带责任。 公司为实现可持续发展，确立"外延发展，拓新致远"战略，本次交易将助力公司丰富产品矩阵，结合公 司自身汽车零部件业务与标的公司真空镀膜产品，构建双轮驱动格局，打造"第二增长曲线"。交易完成 后，公司与标的公司将在客户资源、销售渠道、品牌建设、技术研发等维度开展深度协同，切实落实本 次交易深化业务协同、提升市场竞争力的战略目标。 本次交易设置业绩承诺，业绩承诺方（指饶亦然先生、李俊华先生、尤俊衡先生、徐州亦高、亦高运营 管理、景程光电和清显 ...

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Yigao Optoelectronics for a cash consideration of RMB 884.6264 million, aiming to enhance its product matrix and market competitiveness through this strategic move [1][2]. Group 1: Transaction Details - The acquisition involves Qin'an Co., Ltd. and its wholly-owned subsidiary Luling Mountain Stream signing a transaction agreement with multiple parties [1]. - The total transaction amount is RMB 884.6264 million, and Yigao Optoelectronics will become a subsidiary included in the consolidated financial statements post-transaction [1]. - The transaction includes performance commitments, with the target company expected to achieve a cumulative net profit of no less than RMB 240 million over the years 2025, 2026, and 2027 [1]. Group 2: Strategic Implications - Yigao Optoelectronics is a leader in high-end vacuum coating technology, with applications in consumer electronics, automotive displays, and emerging technologies like electrochromic coatings [2]. - The acquisition aligns with the company's strategy of "external development and long-term expansion," aiming to create a "second growth curve" by integrating its automotive parts business with Yigao's vacuum coating products [2]. - Post-acquisition, the company plans to leverage synergies in customer resources, sales channels, brand building, and technology research and development to enhance market competitiveness [2].

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, attributed to intensified industry competition and reduced order deliveries, while net profit showed a significant increase due to cost management and reduced share-based payment expenses [1][2]. Financial Performance - The company achieved operating revenue of 680 million yuan, a year-on-year decrease of 13.2% - The net profit attributable to shareholders was 80.39 million yuan, a year-on-year increase of 30.0% - The net profit after deducting non-recurring items was 83.82 million yuan, a year-on-year decrease of 14.8% [1]. Operational Analysis - The comprehensive gross profit margin was approximately 21.9%, a year-on-year decline of 2.4 percentage points - Sales, management, and R&D expenses all decreased year-on-year, primarily due to reduced share-based payment expenses from the employee stock ownership plan - Total R&D investment was 24.35 million yuan, showing growth year-on-year, indicating continued commitment to technological innovation [1][2]. Business Development - The automotive parts business remains a solid foundation, with ongoing market adaptation and development - The company has optimized its customer structure, covering major domestic and international clients such as Changan Ford, Li Auto, and North American Ford [1][2]. New Projects and Innovations - The company secured multiple new project orders from clients like Changan Ford and Li Auto, with the North American Ford cylinder body project transitioning to mass production - The company is expanding into hybrid power engine core components and electric motor housings, achieving a strong market share in the plug-in hybrid vehicle sector [2]. - Cost reduction and efficiency improvements have been realized through initiatives like a 6MW distributed photovoltaic project and optimized natural gas combustion efficiency [2]. Strategic Acquisitions - The company initiated the acquisition of 99% equity in Anhui Yigao Optoelectronics to establish a dual business model of automotive parts and vacuum coating - Yigao Optoelectronics is a high-tech enterprise in the vacuum coating field, with leading ultra-hard coating technology applicable to high-end consumer electronics [3]. - The strategic layout includes the development of electrochromic coating technology for applications in AR/VR and automotive windows, potentially creating new revenue streams [3]. Sensor Technology Investment - The company is investing in the sensor industry, acquiring a 5% stake in MoXian Technology, a leader in flexible tactile sensors - Future plans include investing in 3-5 additional sensor companies to build a technology matrix focused on high-end sensor applications [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 205 million yuan, 285 million yuan, and 361 million yuan for 2025-2027, with corresponding EPS of 0.47, 0.65, and 0.82 yuan - The automotive parts business is expected to benefit from increased penetration of new energy vehicles, growing overseas orders, and cost reduction efforts, while the new vacuum coating business and sensor investments are anticipated to contribute positively to future performance [4].

Core Viewpoint - Qin'an Co., Ltd. has decided to terminate its previous plan to acquire 99% of Anhui Yigao Optoelectronics Technology Co., Ltd. through a combination of share issuance and cash payment, opting instead for a cash-only acquisition due to the inability to complete the share issuance before year-end [2][6]. Group 1: Acquisition Details - The original acquisition plan involved purchasing shares from 12 parties, including individuals and companies, through a combination of share issuance priced at 12.74 yuan per share and cash [4][5]. - The new plan will involve establishing a wholly-owned subsidiary to facilitate the cash acquisition, with the payment to be made in installments upon meeting certain conditions [5][6]. - The cash acquisition agreement has been signed with 11 major shareholders of Yigao Optoelectronics, while negotiations with one party are still ongoing [5][6]. Group 2: Financial Implications - The previous plan included raising additional funds for various purposes, including project construction and working capital, with a cap of 25% of the transaction price for working capital [7]. - Following the termination of the previous plan, the company has indicated that it will not pursue additional fundraising, although specifics will depend on future negotiations [7]. - As of mid-2025, Yigao Optoelectronics reported owner equity of 260 million yuan, with revenues of 105 million yuan, 254 million yuan, and 79 million yuan for the years 2023, 2024, and the first five months of 2025, respectively [8]. Group 3: Performance Guarantees - The transaction requires one of the parties, Rao Yiran, to purchase at least 5% of the company's shares from the controlling shareholder as a performance guarantee for obligations under the transaction [9]. - Changes in performance commitments have been noted between the new cash acquisition agreement and the previous plan [9].