长江商报消息 ●长江商报记者 汪静 近来的A股市场，以"易中天"为代表的CPO概念股爆火，其中，邹支农家族控制的天孚通信 （300394.SZ）表现亮眼。 目前，邹支农家族间接持有天孚通信37.95%股份，为天孚通信的实控人。以此计算，三个月内，其持 股市值暴涨431.76亿元。 据了解，千禧年初，光纤连接的重要部件氧化锆陶瓷套管几乎被日本京瓷、NGK等企业垄断，邹支农 与朱国栋、欧洋一同创立了天孚通信，并在2006年成功优化出稳定的烧结工艺，生产出的陶瓷套管在光 洁度、尺寸精度等指标上，不仅达到国际标准，还在耐高温性能上实现了突破。2015年，天孚通信上 市。 从2005年的小厂房到如今全球光通信领域的知名企业，邹支农用二十年时间，践行了 "技术领先"的创 业初心。如今，AI狂奔之下，邹支农能否带领天孚通信再创新的辉煌？值得期待。 做"追光者"攻坚光通信壁垒 公开资料显示，上世纪60年代，邹支农出生于江西，1987年考入吉林工业大学机械设计专业，1991年毕 业后因成绩优异被推荐至吉林省四平市鼓风机厂工作，担任技术科工程师。1995年，27岁的邹支农决定 投身商海，在四平创立大众电脑公司。 六年的商业历程， ...

每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 （记者 胡玲） 截至发稿，天孚通信市值为1006亿元。 每经AI快讯，天孚通信（SZ 300394，收盘价：129.35元）8月25日晚间发布公告称，公司第五届第八次 董事会会议于2025年8月22日以现场与通讯相结合的方式召开。会议审议了《关于公司2025年半年度报 告及摘要的议案》等文件。 2025年1至6月份，天孚通信的营业收入构成为：光通信元器件占比98.91%，其他业务占比1.09%。 ...

Core Viewpoint - The article discusses the recent turmoil faced by Wantong Development, particularly the detention of its actual controller and chairman, Wang Yihui, which has raised concerns about the company's ongoing transformation efforts and its recent acquisition plans [5][12][15]. Group 1: Company Developments - On August 18, 2023, Wantong Development announced that its chairman, Wang Yihui, was detained by the Beijing Public Security Bureau, although the investigation is reportedly unrelated to the company's daily operations [5][6]. - Following the news, Wantong Development's stock price hit the daily limit down, becoming the only non-ST stock to do so on that day [9]. - The company had recently announced plans to acquire a chip company, intending to spend over 800 million yuan, which now faces uncertainty due to Wang's absence [11][15]. Group 2: Acquisition Details - Wantong Development planned to acquire a 62.98% stake in Beijing Shuduo Information Technology Co., Ltd. for 854 million yuan, despite the target company having a valuation significantly higher than its net assets [16][19]. - The acquisition raised concerns due to the high premium, with Shuduo Technology's valuation being over 18 times its net asset value [19]. - Shuduo Technology has reported cumulative revenues of approximately 64 million yuan and losses of about 236 million yuan over the past two and a half years, with a debt ratio of 80.45% [19]. Group 3: Financial Performance - Wantong Development's revenue has been declining, with reported revenues of 422 million yuan, 487 million yuan, and 495 million yuan from 2022 to 2024, alongside increasing losses [46]. - The company's real estate sales and rental income accounted for 99.41% of its total revenue in 2024, indicating that its transition to high-tech sectors has not yet succeeded [48]. - Despite efforts to diversify, the company continues to rely heavily on its real estate foundation for survival [48].

Core Viewpoint - Beijing Wantong New Development Group Co., Ltd. (600246.SH) has faced setbacks in its cross-industry plans following the termination of a merger and acquisition (M&A) plan, with a recent announcement of overdue financial assistance amounting to $43.19 million [1][10]. Financial Assistance and M&A Plans - The overdue financial assistance of $50 million was intended for equity acquisition, aiming to transition into the optical communication industry [1][3]. - The financial assistance was provided to Source Photonics (Chengdu) Co., Ltd., with the goal of acquiring shares in Source Photonics Holdings [3][10]. - The M&A plan involved a cash purchase of at least 51% of Source Photonics, which was expected to constitute a significant asset restructuring [3][7]. Board Opposition and Regulatory Scrutiny - Two board members opposed the financial assistance and M&A proposals, citing insufficient time for review [2][4]. - The board meeting to approve these plans was held just three days after the notice was sent, raising concerns about the rushed decision-making process [2][3]. - Regulatory authorities raised questions regarding the company's capability to integrate assets and operate in the new industry, as well as potential speculative motives behind the plans [6][9]. Financial Details and Performance Metrics - The proposed acquisition price for 60.16% of Source Photonics was approximately $324 million, with funding sources split between self-funding (40%) and external financing (60%) [7][9]. - As of April 2024, Source Photonics had total assets of approximately ¥2.372 billion and total liabilities of about ¥1.734 billion [8]. - Source Photonics' revenue for 2022 and 2023 was ¥1.501 billion and ¥1.293 billion, respectively, with net profits of ¥125 million and a loss of ¥17.49 million [8]. Termination of M&A Plan - The M&A plan was ultimately terminated due to changes in the external environment and disagreements on certain commercial terms among the parties involved [9]. - Despite the failure of the M&A plan, the company stated that it gained experience for future technology industry layouts [9]. Overdue Financial Assistance - The overdue financial assistance was split into two payments, with only $6.81 million of the principal repaid by May 31, 2024, leaving $43.19 million overdue [10][12]. - The financial assistance was considered a critical part of the M&A plan, and the company initiated arbitration against the involved parties due to the overdue amount [12][13].