背靠商业航天高景气赛道，陕西华达科技股份有限公司（以下简称"陕西华达"，301517.SZ）在2026年 开年迎来经营与资本运作的双重考验。 日前，陕西华达发布公告，正式宣布终止通过发行股份方式购买陕西华经微电子股份有限公司（以下简 称"华经微电子"）100%股权并募集配套资金的事项。 这意味着，筹划半年之久的产业链整合计划最终 折戟。与此同时，陕西华达披露的2025年度业绩预告显示，公司预计2025年全年归属于上市公司股东的 净利润为亏损5900万元至7900万元，同比由盈转亏，扣非后净利润亏损6500万元至8500万元。 一边是核心业务盈利承压，一边是外延扩张遇阻，身处军工电子与商业航天双风口的陕西华达，为何陷 入业绩与资本运作的双重困局？重组终止后，公司既定的战略布局将如何推进？ 中经记者 王登海 西安报道 业绩变脸 作为国内最早从事电连接器研发生产的企业之一，陕西华达主营业务为电连接器及互连产品的研发、生 产和销售，核心产品涵盖射频同轴连接器、低频连接器、射频同轴电缆组件等，广泛应用于航空航天、 武器装备、通信等国家战略性领域，是当前商业航天、军工电子等高景气赛道的核心配套商。 2023年10月，陕西 ...

Core Viewpoint - Shaanxi Huada plans to acquire 100% equity of Shaanxi Huajing Microelectronics through a share issuance and raise matching funds, with stock suspension starting August 13 [2] Company Overview - Shaanxi Huajing Microelectronics, established from a state-owned factory in the 1960s, specializes in thick film hybrid integrated circuits and various electronic components, serving multiple industries including aerospace and military [2][3] - The company is located in Xi'an High-tech Industrial Development Zone, has a registered capital of 82.55 million yuan, and employs over 700 staff, including more than 160 senior technical personnel [2] - By the end of 2024, the company's output value is expected to exceed 380 million yuan, with advanced production lines for various electronic components [2] Industry Position - Shaanxi Huajing Microelectronics is recognized as a qualified supplier of military electronic components and holds several accolades, including being a national-level specialized and innovative "little giant" enterprise [3] - The company is a vice-chairman unit of the thick film hybrid integrated circuit industry association and has been recognized as a high-tech enterprise [3] Shareholding Structure - The major shareholders of Huajing Microelectronics include Shaanxi Electronic Xijing Electric Group, Henan Mohai Technology Development Center, Xi'an Juyuan Investment, and Shaanxi Provincial Industrial Investment, holding a combined 66.78% stake [3]

Core Viewpoint - Shaanxi Huada plans to acquire 100% equity of Shaanxi Huajing Microelectronics through a share issuance and raise matching funds, with stock suspension starting August 13 [1][2] Company Overview - Shaanxi Huajing Microelectronics, established from a state-owned factory in the 1960s, specializes in thick film hybrid integrated circuits and various electronic components, serving multiple industries including aerospace and military [1] - The company is located in Xi'an High-tech Industrial Development Zone, has a registered capital of 82.55 million yuan, and employs over 700 staff, including more than 160 senior technical personnel [1] - Expected output value by the end of 2024 is projected to exceed 380 million yuan [1] Industry Position - The company holds a provincial-level enterprise technology center and has received various national recognitions, including being a "little giant" enterprise and a national intellectual property advantage enterprise [2] - Shaanxi Huajing Microelectronics is a vice-chairman unit of the thick film hybrid integrated circuit industry association and is recognized as a high-tech enterprise [2] Shareholding Structure - Major shareholders of Huajing Microelectronics include Shaanxi Electronic Xijing Electric Group, Henan Mohai Technology Development Center, Xi'an Juyuan Investment, and Shaanxi Provincial Industry Investment Company, collectively holding 66.78% of the equity [2] - An intention agreement has been signed by these shareholders, while negotiations with other shareholders are ongoing [2]