北交所策略专题报告 北 交 所 研 究 北 交 所 策 略 专 题 报 开 源 相关研究报告 《北交所医药投资地图：布局小而美 的创新药、高端器械与稳健仿制三大 方 向 — 北 交 所 行 业 主 题 报 告 》 -2025.12.10 《布局减速机赋能机器人产业，3D 打 印+新能源高成长性赛道放量可期— 北交所首次覆盖报告》-2025.12.10 《筑牢新三板"塔基"，多角度发掘专 精特新中小企业—新三板掘金双周报 第一期》-2025.12.9 发行股份及支付现金+配套募集资金，创远信科微宇天导重组方案出炉 ——北交所并购专题报告第十三期 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所是中小企业并购重组首选地，前期并购事宜推进中 从新"国九条"到"并购六条"，2024 年起，并购重组市场迎来了诸多积极信号。 产业整合、跨界并购，为产业发展注入了新的动力。2025 年 10 月 29 日，中共 北京市委金融委员会办公室制定《北京市关于助力并购重组促进上市公司高质量 发展的意见》，意见涵盖六条核心内容，其中特别提到发挥证券交易场所并购重 ...

Investment Rating - The industry investment rating is "Recommended" [2] Core Insights - As of December 12, 2025, the North Exchange 50 Index increased by 2.79%, outperforming the Sci-Tech Innovation 50 Index, the ChiNext Index, and the CSI 300 Index by 1.08, 0.06, and 2.87 percentage points respectively. Over the past year, the North Exchange 50 Index has risen by 17.46%, outperforming the CSI 300 Index by 3.74%, but underperforming the Sci-Tech Innovation 50 Index and the ChiNext Index by 15.98 and 21.90 percentage points respectively [4][22] - The average daily trading volume of North A-shares reached 19.5 billion yuan this week, a 41% increase from the previous week, accounting for 1.00% of the total A-share trading volume. The average turnover rate of the North Exchange 50 this week was 2.62% [4][22] - Among the 19 industries in the North Exchange, 14 saw an increase, while 5 experienced a decline. The top three performing industries were Beauty and Personal Care, Nonferrous Metals, and Communications, with increases of 11.52%, 9.48%, and 3.29% respectively [4][22][32] Summary by Sections Market Performance - The North Exchange 50 Index has shown strong performance, with significant increases in both weekly and yearly metrics [4][22] - The liquidity in the North Exchange has improved, with a notable increase in trading volume and turnover rates [4][22] Company Updates - Chuangyuan Xinke plans to acquire 100% of Weiyu Tiandao for 886 million yuan, focusing on satellite navigation testing technology [6][10] - The acquisition is structured as a combination of cash and stock issuance, with performance commitments for the acquired company set for the years 2025 to 2027 [11] - Key companies such as Kaiyuan Technology, Wantong Hydraulic, and Gebijia will be added to the North Exchange 50 Index effective December 15, 2025 [12] Individual Stock Performance - The top three stocks in the North Exchange this week were Tianli Composite, Dapeng Industrial, and Chicheng Co., with weekly increases of 117.21%, 51.12%, and 40.74% respectively [27][28] - The North Exchange 50 constituent stocks also saw significant movements, with Tianli Composite, Jinbo Biological, and Su Axis Co. leading the gains [29]

Core Viewpoint - The company plans to acquire 100% equity of Weiyu Tiandao from 14 trading parties through a combination of share issuance and cash payment, with a transaction price of 886 million yuan [1] Group 1: Company Overview - Weiyu Tiandao is focused on innovations in satellite navigation testing technology [1] - The company has subsidiaries recognized as specialized and innovative small and medium-sized enterprises in Hunan Province [1] Group 2: Business Directions - Weiyu Tiandao operates in two main business areas: positioning, navigation, and timing (PNT) simulation testing, and navigation electromagnetic environment testing [1] - The company develops autonomous and controllable satellite navigation simulation testing instruments and holds a series of core patented technologies [1] Group 3: Product Offerings - The company provides a range of products including satellite navigation simulators, low-orbit satellite simulators, satellite signal acquisition and playback devices, and interference signal generators [1] - It also offers testing system solutions for satellite positioning, navigation, and timing [1] Group 4: Transaction Details - The acquisition constitutes a significant asset restructuring for the company [1]

M&A Overview - A total of 59 new disclosed equity transactions occurred in the period from September 15 to September 30, 2025, with a total transaction value of 9.45 billion RMB[3] - Among these, 25 were acquisition events, with 4 initiated by companies listed on the Beijing Stock Exchange (BSE)[10] - Major projects included significant investments in emerging industries such as new energy, biomedicine, semiconductors, and scientific instruments[10] Recent Acquisitions - Four new acquisition events were reported, including Huaitong New Materials planning to acquire 51% of Baoding Sanyuan, and Chuangyuan Xinke proposing to acquire 100% of Weiyu Tiandao for up to 900 million RMB[15] - The acquisition of Weiyu Tiandao is expected to constitute a major asset restructuring and is focused on expanding capabilities in satellite testing[5] Financial Performance - Weiyu Tiandao achieved revenue of 211.25 million RMB and a net profit of 51.65 million RMB in 2024, with an estimated PE ratio of no more than 17.4 times based on the acquisition price[30] - The acquisition is anticipated to enhance Chuangyuan Xinke's capabilities in integrated testing solutions for communication and navigation[27] Market Trends - The BSE is witnessing a trend towards vertical expansion, business upgrades, and market expansion, particularly in high-growth sectors like new energy and advanced manufacturing[42] - The integration of technology and business models is expected to drive innovation and enhance competitive advantages in the market[33]