证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 10 月 09 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 五新隧装收购案获批,创远信科拟以 9 亿元内收购微宇天导 证券分析师 ——北交所收并购周跟踪第五期 （20250930） 投资要点： 联系人 科创板+创业板+北证并购跟踪：本期新披露 59 起股权交易事件，其中北交所 4 起。 本周期（指 2025.9.15-9.30）科创板+创业板+北证共发生 59 起新披露并购交易事件 （含收购股权、出售股权及增资事件等），交易总额为 94.5 亿元；25 项为收购事件， 其中 4 项是北交所公司发起；21 项为出售事件，13 项为增资事件。其中规模较大项 目包括：富临精工及宁德时代拟增资江西升华获其部分股权、新诺威拟收购巨石生物 29%股权、雅创电子拟收购欧创芯 40%股权及怡海能达 45%股权等等。从收购标的 业务领域来看，聚焦在新能源、生物医药、半导体、科学仪器等新兴产 ...

人民财讯9月28日电，今天，市场监管总局附加限制性条件批准是德科技有限公司收购思博伦通信公司 股权案。该案涉及全球通信测试产品重要供应商间的并购，交易将进一步增强是德科技在全球和中国境 内高速以太网测试产品市场、网络安全测试产品市场的控制力。市场监管总局在审查过程中，充分考虑 交易对相关市场竞争可能产生的不利影响，通过附加剥离存在严重竞争问题的相关业务等限制性条件， 维护相关市场原有竞争格局，消除交易可能产生的不利影响。 ...

Group 1 - The report highlights the encouragement of mergers and acquisitions (M&A) by policies, with two significant M&A events occurring in the past two weeks [3][11] - The report emphasizes the trend of M&A in the Beijing Stock Exchange (BSE), focusing on resource integration within the same group, external acquisitions in new productivity industries, and "strong chain and supplement chain" expansion [3][19] - As of September 21, 2025, a total of 35 significant investment and M&A events have been disclosed on the BSE [21] Group 2 - Chuangyuan Xinke plans to acquire 100% of Weiyu Tiandao's equity through a combination of issuing shares and cash payments, with the transaction expected to be completed by September 30, 2025 [4][24] - Weiyu Tiandao, fully controlling Hunan Weidao, specializes in satellite navigation technology and has received a silver award for its patent technology in 2025 [4][35] - Chuangyuan Xinke focuses on enhancing wireless testing instruments, primarily in 5G/6G communication, vehicle networking testing, and satellite internet testing [5][36] Group 3 - The report notes that the recent M&A activities are part of a broader trend where companies are increasingly engaging in strategic collaborations and M&A to enhance their competitive edge and market presence [12][18] - The report identifies that the characteristics of current M&A activities on the BSE include a focus on synergistic relationships with core business operations and a preference for cash acquisitions [19][39] - The report indicates that the integration of advanced manufacturing and modern service industries is a key area of focus for the BSE, aiming to promote high-quality economic development [18][39]

冯跃军强调，公司高度重视市值管理工作，将按照监管要求，结合公司实际情况，诚实守信、规范运 作、专注主业、稳健经营。通过及时、准确、完整、合规地开展信息披露工作，畅通与投资者的沟通渠 道，增进市场对公司的了解认知，努力为股东创造更大价值与长期的投资回报。 本次交流展示了创远信科在无线通信测试领域的技术积累和发展潜力，随着战略收购的推进和技术创新 的持续深化，公司未来发展前景值得期待。 2025年上半年，公司实现营业收入1.11亿元，同比增长18.44%；实现归属于上市公司股东的净利润 631.53万元，同比增长354.24%；经营活动产生的现金流量净额7617.78万元，同比增长1121.98%；毛利 率55.67%，同比增加1.47个百分点。这一业绩表现为公司全年发展奠定了坚实基础。 公司在"1+3"发展战略指引下，持续加大研发投入，重点布局毫米波测试、卫星互联网等技术。2025年 上半年发布了包括44GHz手持频谱分析仪、41GHz手持矢量信号发生器等新产品，并已获取销售订单。 公司还与信通院华东分院共同推进新一代6G通信+卫星互联网测试验证中心的建设工作，深入布 局"6G+AI"、"6G+卫星"两大重点技 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - In H1 2025, the company achieved operating revenue of 111 million yuan, representing a year-on-year growth of 18.44%, and a net profit attributable to the parent company of 6.3153 million yuan, reflecting a significant year-on-year increase of 354.24% [5] - The company maintains its profit forecast for 2025-2027, expecting net profits attributable to the parent company to be 19 million, 33 million, and 49 million yuan respectively, with corresponding EPS of 0.13, 0.23, and 0.34 yuan, leading to P/E ratios of 194.5, 113.5, and 76.1 times [5] - The company is optimistic about its R&D capabilities and anticipates that the commercialization of 5G-A will provide new growth opportunities [5] Financial Summary - As of September 17, 2025, the current stock price is 26.23 yuan, with a total market capitalization of 3.747 billion yuan and a circulating market capitalization of 2.725 billion yuan [3] - The company has a total share capital of 143 million shares, with 104 million shares in circulation and a turnover rate of 603.92% over the past three months [3] - The financial projections indicate a revenue of 270 million yuan in 2025, with a year-on-year growth of 16%, and a net profit of 19 million yuan, with a projected net profit margin of 7.1% [8][10]

今年4月25日晚间，创远信科披露的关联交易公告显示，公司2025年拟向关联方微宇天导提供房屋租 赁、代收物业费、代收水电费等服务，交易金额不超过300万元。同时，公司拟向微宇天导采购其主营 业务产品，交易金额不超过500万元，拟向微宇天导销售通信测试仪器等产品，交易金额不超过200万 元。 微宇天导成立于2015年11月2日，是创远信科实际控制人冯跃军控制的公司。当时披露的财务状况显 示，微宇天导截至2024年12月31日资产总额4.13亿元，净资产为2.75亿元（以上数据未经审计）。 创远信科在最新披露的公告中提示，本次交易目前正处于筹划阶段，交易各方尚未签署正式的交易协 议，具体交易方案仍在商讨论证中，尚存在不确定性。本次交易尚需公司董事会、股东会审议，并需经 监管机构批准，能否通过审批尚存在不确定性，敬请广大投资者注意投资风险。 创远信科（831961）9月15日晚间公告，公司拟以发行股份并支付现金方式购买上海微宇天导技术有限 责任公司（下称"微宇天导"）100%股权，并配套募集资金。经向北京证券交易所申请，公司股票自9月 16日起停牌，预计将于9月30日前复牌。 微宇天导官方微信号披露的信息显示，该公 ...

Core Viewpoint - Chuangyuan Xinke plans to acquire 100% equity of Shanghai Weiyu Tiandao Technology Co., Ltd. through a combination of share issuance and cash payment, with the actual controller of both companies being the same individual [1][2]. Group 1: Acquisition Details - The acquisition is currently in the planning stage, with no formal agreement signed yet, and it requires approval from the board, shareholders, and regulatory authorities [3]. - The stock of Chuangyuan Xinke will be suspended from trading starting September 16, with a planned resumption by September 30 [1]. Group 2: Company Background - Chuangyuan Xinke specializes in RF communication testing instruments and solutions, focusing on 5G/6G communication, vehicle networking testing, and satellite internet communication [2]. - Weiyu Tiandao is engaged in global satellite PNT, satellite internet communication, high-integration chip design, and AI technology development [2]. Group 3: Financial Performance - In the first half of 2025, Chuangyuan Xinke reported revenue of 111 million yuan, an increase of 18.44%, and a net profit attributable to shareholders of 6.32 million yuan, up 354.24%, although the non-recurring net profit was negative at -6.62 million yuan [4]. Group 4: Strategic Collaborations - Recently, Chuangyuan Xinke has been actively collaborating in the 6G and satellite fields, signing strategic cooperation agreements with various organizations to advance technology development and testing [4]. - The company expressed intentions to consider mergers, collaborations, or new project investments to accelerate business expansion and enter new markets [5].

创远信科(831961)9月15日晚间公告，公司拟以发行股份并支付现金方式购买上海微宇天导技术有限责 任公司（以下简称"微宇天导"）100%股权，并配套募集资金。经向北京证券交易所申请，公司股票自9 月16日起停牌，预计将于9月30日前复牌。 今年4月25日晚间，创远信科披露的关联交易公告显示，公司2025年拟向关联方微宇天导提供房屋租 赁、代收物业费、代收水电费等，交易金额不超过300万元。同时，公司拟向微宇天导采购其主营业务 产品，交易金额不超过500万元，拟向微宇天导销售通信测试仪器等产品，交易金额不超过200万元。 微宇天导成立于2015年11月2日，是创远信科实际控制人冯跃军控制的公司。当时披露的财务状况显 示：微宇天导截至2024年12月31日资产总额4.13亿元，净资产为2.75亿元（以上数据未经审计）。 创远信科在最新披露的公告中提示，本次交易目前正处于筹划阶段，交易各方尚未签署正式的交易协 议，具体交易方案仍在商讨论证中，尚存在不确定性。本次交易尚需公司董事会、股东会审议，并需经 监管机构批准，能否通过审批尚存在不确定性，敬请广大投资者注意投资风险。 微宇天导官方微信披露的信息显示，该公司是 ...

创远信科 20250819 摘要 创远信科 2025 年上半年营收 1.1 亿元，同比增长 18%，归母净利润 631 万元，同比大幅增长 350%，经营活动现金流净额 7,617 万元，同 比增长 1,121%，显示出强劲的增长势头。 公司持续高强度研发投入，上半年研发支出 7,306 万元，占营收比例高 达 65%，并积极进行海内外专利布局，累计申请海内外专利 536 项， 其中发明专利 370 项，海外专利 8 项，为未来发展奠定技术基础。 创远信科围绕卫星互联网、低空经济等新兴领域推出 44GHz 手持频谱 分析仪、41GHz 手持矢量信号源等新产品，并加入 IMT 2030 全球 6G 技术研发核心组，积极布局未来 6G 测试领域。 公司实施 2025 年员工持股计划，向 58 名核心员工授予 151 万股限制 性股票，并入选北证专精特新指数样本股，近三年股利支付率约 40%， 积极回报投资者，提升公司吸引力。 创远信科总部基地搬迁至创远科创园，引入全新 SMT 生产线和 X 光测试 仪、AOI 测试仪等质量品控设备，显著提升研发、生产制造和质量品控 能力，并积极参与进口替代项目。 Q&A 明专利 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 111 million yuan, representing a year-on-year increase of 18.44% [2] - The net profit attributable to shareholders was 6.3153 million yuan, showing a significant year-on-year growth of 354.24% [2] - The net cash flow from operating activities reached 76.1778 million yuan, marking a substantial year-on-year increase of 1121.98% [2] Strategic Development - The company continues to implement its optimized "1+3" development strategy, focusing on three main business areas: wireless communication testing centered on 5G/6G, vehicle networking testing, and communication testing related to satellite internet and low-altitude economy [2] - The company has been included in the North Exchange's specialized and innovative index, becoming one of the first stocks to be part of both the North Exchange 50 Index and the specialized and innovative "dual index" sample stocks [2] Industry Engagement - The company has joined the IMT-2030 (6G) promotion group, becoming an important member of this global 6G technology research core organization [3] - The IMT-2030 (6G) promotion group is established under the guidance of the Ministry of Industry and Information Technology, aiming to consolidate China's industry, academia, research, and application forces to promote the research of sixth-generation mobile communication technology and facilitate international exchanges and cooperation [3]