Group 1 - Shenzhen Haimingrun Superhard Materials Co., Ltd. has disclosed its public transfer prospectus and its application for listing on the New Third Board has been officially accepted, with plans to list in the innovation layer [1][4] - Greenway Technology (301322) is a notable shareholder in Haimingrun, indicating its strategic investment in the industry [1][4] - The listing on the New Third Board is expected to enhance Haimingrun's market visibility and financing capabilities, supporting its R&D, market expansion, and capacity enhancement [4] Group 2 - Greenway Technology has been deeply involved in the field of electric vehicles for venues, with products widely used in various scenarios such as scenic spots and factories, gaining market recognition for high cost-effectiveness and quality [3] - To further expand its business boundaries and enhance core competitiveness, Greenway Technology has actively invested in the industry, establishing the Guangdong Greenway Technology Industry Investment Fund in partnership with Guangzhou Chuangyu Investment Management Co., Ltd. [3] - Haimingrun specializes in the R&D, manufacturing, and sales of polycrystalline diamond composite sheets (PDC) and is recognized as a national high-tech enterprise, with products applied in critical sectors like oil and gas drilling and mining [3]

Core Viewpoint - Greenway Technology's IPO raised 2.1 billion, but the company has faced continuous performance declines, stock price drop, and slow progress on fundraising projects. The effectiveness of the company's cross-industry restructuring remains uncertain [1]. Company Performance - Greenway Technology's revenue has consistently declined since its IPO, with decreases of 26.48%, 23.15%, and 0.06% for the years 2023, 2024, and the first quarter of 2025 respectively. Profit totals also fell by 15.08%, 46.33%, and 39.69% during the same periods [3][4]. - The company’s main product, golf carts, accounted for over 63% of its revenue in 2024, indicating a heavy reliance on a single product line [1]. Acquisition and Diversification - The company plans to acquire at least 51% of Jiangsu Damo Semiconductor Technology Co., which represents a significant shift from its core business of electric vehicles to the semiconductor sector [1][5]. - Damo Semiconductor is projected to generate 270 million in revenue and 65.11 million in net profit in 2024, but integrating this acquisition may not restore Greenway's revenue to pre-IPO levels [6][9]. Fundraising and Investment Strategy - Greenway Technology is establishing a 600 million yuan industry fund in partnership with Chuangyu Investment, with Greenway contributing 593 million yuan, representing 98.83% of the fund [12][14]. - The fund aims to leverage professional investment experience to identify suitable acquisition targets and enhance the company's business development [15]. Market Context - The A-share merger and acquisition market remains active, with supportive policies for cross-industry mergers aimed at facilitating corporate transformation and growth [2]. - The semiconductor equipment market is dominated by international giants, with domestic companies holding only about 5% market share, raising questions about the sustainability of Damo Semiconductor's profitability [8].