Core Viewpoint - The semiconductor industry is currently facing multiple pressures, including tightened IPO channels, increased competition, and a declining market environment, leading to survival challenges for mid-sized companies [2][3]. Group 1: Industry Challenges - The tightening of IPO channels has made financing increasingly difficult, with many companies struggling to meet performance metrics and revenue growth requirements [2]. - The semiconductor sector has entered a period of intense competition, particularly in the low-end chip market, where many small firms are facing existential threats [2][3]. - The industry is experiencing a "capital winter," characterized by increased IPO thresholds and reduced investment certainty in the primary market [2]. Group 2: Strategic Responses - Companies are actively seeking alternative paths to survival, including mergers and acquisitions, cross-industry collaborations, and attempts at "backdoor listings" [2][3]. - Mid-sized semiconductor firms are focusing on cost-cutting measures and building reserves to withstand cyclical risks while also exploring partnerships with listed companies [3]. Group 3: Case Study - Xirui Technology - Xirui Technology has faced multiple failed IPO attempts and is now pursuing a strategic acquisition to gain control of a listed company, which could provide a pathway to the capital market [4][5]. - The acquisition of Anche Detection by Xirui Technology allows it to become the controlling shareholder, potentially facilitating its entry into the capital market [6][9]. - This move is seen as a low-cost opportunity for Xirui Technology to secure a listing platform while addressing investor exit demands and ongoing financing needs [12]. Group 4: Case Study - Wantong Development - Wantong Development is investing 854 million yuan to acquire a majority stake in Shudao Technology, marking a significant step in its transition to the digital technology sector [13][16]. - Shudao Technology specializes in high-speed interconnect chips, which are critical for AI computing and data centers, aligning with market trends [17][20]. - The acquisition is expected to provide Wantong Development with new revenue streams and enhance its long-term growth prospects amid declining performance in its traditional real estate business [20]. Group 5: Case Study - Lvtong Technology - Lvtong Technology is acquiring a 51% stake in Damo Semiconductor, entering the semiconductor front-end measurement equipment sector to seek new growth engines [22][25]. - Damo Semiconductor has shown strong growth, with revenues increasing from 231 million yuan to 278 million yuan, indicating a robust market position [26]. - This acquisition aligns with the broader trend of domestic semiconductor equipment market growth, projected to reach 49 billion USD in 2024, driven by local supply chain replacements [27]. Group 6: Industry Trends - The semiconductor industry is witnessing a shift towards cross-industry mergers and acquisitions as companies seek to leverage external capital and resources for technological advancement [31][32]. - The contrast between successful cross-industry acquisitions and failed peer consolidations highlights the evolving landscape of the semiconductor sector [33][34]. - Companies must navigate valuation discrepancies, market risks, and technical integration challenges to achieve successful mergers and acquisitions [35].

Core Viewpoint - The company, Greenway Technology, is diversifying its business by acquiring a controlling stake in Damo Semiconductor, marking its entry into the semiconductor industry, which aligns with its long-term strategic planning and aims to overcome challenges in its core electric vehicle business [1][2]. Group 1: Company Overview - Greenway Technology, established in 2004, specializes in the research, production, and sales of electric vehicles, including golf carts and sightseeing cars [2]. - The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market in 2023, but has faced declining performance post-IPO [2]. Group 2: Financial Performance - In 2023, Greenway Technology reported a revenue of 1.083 billion yuan, a year-on-year decline of 13.82%, and a net profit of 264 million yuan, down 21.44% [2]. - The downward trend continued into 2024, with revenue dropping to 831 million yuan, a 23.15% decrease, and net profit falling to 142 million yuan, down 45.98% [2]. Group 3: Acquisition Details - Greenway Technology plans to invest 530 million yuan in Damo Semiconductor, acquiring 46.9167% of its equity for 450 million yuan and providing 80 million yuan for capital increase [1]. - Post-acquisition, Greenway Technology will hold a 51% stake in Damo Semiconductor, allowing it to consolidate the company into its financial statements [1]. Group 4: Damo Semiconductor Overview - Damo Semiconductor, founded in 2017, provides semiconductor front-end detection equipment solutions and has established a strong customer base, including major players like SMIC and TSMC [3]. - The company is projected to achieve revenues of 278 million yuan and a net profit of approximately 64.93 million yuan in 2024 [3]. Group 5: Performance Commitments - The acquisition agreement includes performance commitments for Damo Semiconductor, requiring audited net profits of no less than 70 million yuan, 80 million yuan, and 90 million yuan for the years 2025 to 2027, totaling at least 240 million yuan [3]. - If these performance targets are not met, the seller is obligated to provide cash compensation to Greenway Technology [3]. Group 6: Strategic Implications - The acquisition is expected to improve Greenway Technology's financial condition and enhance its profitability, provided Damo Semiconductor meets its performance commitments [4]. - However, the company acknowledges potential challenges in technology development, market expansion, and team integration as it enters the semiconductor sector [4].

Core Viewpoint - The article discusses the strategic acquisition by Lvtong Technology to diversify its business into the semiconductor equipment sector through the purchase of a stake in Damo Semiconductor, aiming to overcome challenges in its core electric vehicle business [6][9]. Group 1: Acquisition Details - Lvtong Technology plans to acquire a 46.92% stake in Damo Semiconductor for 450 million yuan and invest an additional 80 million yuan for a 7.6923% stake, totaling 530 million yuan [6]. - After the transaction, Lvtong Technology will hold a 51% stake in Damo Semiconductor, which is not classified as a major asset restructuring or related party transaction [6]. - Damo Semiconductor, established in 2017, specializes in semiconductor front-end measurement equipment and has supplied services to major companies like SMIC and TSMC [6][7]. Group 2: Financial Performance - Damo Semiconductor is projected to achieve revenues of 278 million yuan and a net profit of 64.93 million yuan in the fiscal year 2024, with a negative cash flow of 37.13 million yuan for the same period [7]. - The total equity value of Damo Semiconductor is assessed at 964 million yuan, indicating a value increase of over 300% [7]. - The performance commitment for Damo Semiconductor includes net profits of no less than 70 million yuan, 80 million yuan, and 90 million yuan for the years 2025, 2026, and 2027, respectively, totaling a minimum of 240 million yuan over three years [7]. Group 3: Strategic Context - Lvtong Technology has faced declining performance in its core electric vehicle business, with net profits dropping by 15.64% and 45.98% in 2023 and 2024, respectively [9]. - The company aims to explore new growth opportunities through investments and acquisitions, leveraging its IPO surplus funds of 1.696 billion yuan to finance the acquisition [9][10]. - In addition to the acquisition of Damo Semiconductor, Lvtong Technology has previously established an industrial fund to invest in sectors like new energy and advanced manufacturing [10].

Core Viewpoint - Greenway Technology (301322) is expanding into the semiconductor equipment sector through a cash acquisition of Damo Semiconductor, aiming to diversify its business and overcome challenges in its core electric vehicle segment [1][3][6]. Group 1: Acquisition Details - Greenway Technology plans to acquire a total of 46.92% equity in Damo Semiconductor for 450 million yuan and will invest an additional 80 million yuan to obtain 7.6923% equity, totaling 530 million yuan for a 51% stake [3]. - Damo Semiconductor, established in 2017, specializes in semiconductor front-end measurement equipment solutions, with its market segment accounting for approximately 13% of the overall semiconductor equipment market [3][4]. - Damo Semiconductor has supplied or provided services to major semiconductor companies such as SMIC, TSMC, and Global Foundries, indicating a strong customer base [3][4]. Group 2: Financial Performance - Damo Semiconductor is projected to achieve profitability in the fiscal year 2024, with expected revenues of 278 million yuan and a net profit of 64.93 million yuan [4]. - The company has a net asset value of 225 million yuan as of March 31, 2025, and its equity value is assessed at 964 million yuan, reflecting a value increase of over 300% [4]. Group 3: Strategic Rationale - The acquisition aligns with Greenway Technology's strategy to diversify its business and address declining performance in the electric vehicle sector, where net profits have decreased by 15.64% and 45.98% in 2023 and 2024, respectively [6]. - The company aims to leverage its IPO surplus funds, which amounted to 1.696 billion yuan, to finance this acquisition and explore new growth opportunities in strategic emerging industries [6][7].

Core Viewpoint - Greenway Technology (301322.SZ) plans to acquire at least 51% of Jiangsu Damo Semiconductor Technology Co., Ltd. to facilitate its industrial transformation into the semiconductor sector [2][4][8] Group 1: Acquisition Details - The acquisition will be executed through cash payment, with a framework agreement already signed between Greenway Technology and the stakeholders of Damo Semiconductor [4] - The final valuation of Damo Semiconductor will be determined by an assessment report and the formal acquisition agreement [4] - Damo Semiconductor specializes in integrated circuits and semiconductor wafer detection, collaborating closely with major companies like TSMC and SMIC [2][10] Group 2: Financial Performance - Greenway Technology has faced operational challenges in 2023, with revenue and net profit declining significantly compared to previous years [5][6] - From 2020 to 2022, the company's revenue grew from 558 million to 1.471 billion, and net profit increased from 52 million to 312 million, marking growth rates of 163.62% and 500% respectively [5] - However, in 2023 and 2024, the company reported revenues of 1.081 billion and 831 million, reflecting year-on-year declines of 26.48% and 23.15% [6][7] Group 3: Strategic Rationale - The acquisition is seen as a strategic move for Greenway Technology to diversify its business and create new profit growth points by entering the semiconductor industry [11] - Damo Semiconductor's projected net profit for 2024 is approximately 65.11 million, with a commitment to achieve net profits ranging from 75 million to 110 million from 2025 to 2027 [11]

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风 险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、 经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应 充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 广东绿通新能源电动车科技股份有限公司 Guangdong Lvtong New Energy Electric Vehicle Technology Co., Ltd. （东莞市洪梅镇河西工业区） 首次公开发行股票并在创业板上市 广东绿通新能源电动车科技股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与 之相反的声明均属虚假不实陈述。 招股说明书 保荐机构（主承销商） （福州市湖东路 268 号） 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值， ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风 险。创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、 经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应 充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 广东绿通新能源电动车科技股份有限公司 Guangdong Lvtong New Energy Electric Vehicle Technology Co., Ltd. （东莞市洪梅镇河西工业区） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招 股说明书作为投资决定的依据。 保荐机构（主承销商） （福州市湖东路 268 号） 广东绿通新能源电动车科技股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价 ...