格隆汇1月14日丨纳尔股份(002825.SZ)公布，公司拟向杨建堂、上海纳隽材料科技中心（有限合伙）、 上海百鸢材料科技中心（有限合伙）、苏州浚迈思元壹号创业投资合伙企业（有限合伙）发行股份及支 付现金购买其持有的南通纳尔33.5542%股权并募集配套资金。截至本预案签署日，本次交易相关的审 计、评估等工作尚未完成，相关资产的评估值及交易价格尚未确定。 本次交易后，上市公司预计将持有标的公司100%的股权，上市公司的主营业务范围不会发生变化。本 次交易有利于增强上市公司对标的公司的控制，有利于深化上市公司在汽车保护膜业务领域的战略布 局，提升上市公司在数码喷印材料、汽车保护膜及电子功能膜各细分业务的协同，提高上市公司资产质 量和盈利能力，提高对广大中小股东的回报。 ...

Core Viewpoint - NAR Co., Ltd. is acquiring a controlling stake in Feilai Testing Technology Co., Ltd. through a share purchase agreement, with an estimated transaction value of approximately 350 to 400 million yuan, which will enhance its industry layout and provide new growth opportunities in the semiconductor equipment sector [1][3]. Group 1: Investment Details - The investment will result in NAR holding at least 51% of Feilai Testing, thereby gaining control over the company [1]. - The expected revenue contribution from Feilai Testing to NAR's total revenue in 2024 is projected to be less than 50% [1]. - The financial metrics of Feilai Testing do not meet the criteria for a major asset restructuring as per regulatory standards [1]. Group 2: Feilai Testing Overview - Feilai Testing specializes in semiconductor chip testing reliability solutions, offering a comprehensive range of products including wafer AOI equipment and chip testers [2]. - The company has received multiple honors, including national-level "Little Giant" and high-tech enterprise designations, and holds 45 patents as of December 2024 [2]. - Feilai Testing's projected revenues for 2024 and the first half of 2025 are 123 million yuan and 92.46 million yuan, respectively, with net profits of 1.90 million yuan and 22.93 million yuan [2]. Group 3: Strategic Rationale - The acquisition aligns with NAR's strategic direction to diversify its business and leverage its financial stability and operational cash flow [3]. - NAR aims to enhance its presence in the semiconductor equipment sector, seeking new profit growth points through this acquisition [3]. - The company has prior indirect investment in Feilai Testing, providing it with foundational knowledge of the target's operations and market [3]. Group 4: Future Integration Plans - Post-acquisition, NAR plans to streamline Feilai Testing's management systems across sales, procurement, and R&D while ensuring operational stability [4]. - The integration aims to maximize resource utilization and achieve synergies in cost control, market expansion, and production technology [4]. - The goal is to enhance NAR's overall competitiveness through effective resource sharing and complementary advantages [4].