Core Viewpoint - The acquisition of Anchek Detection by Xirui Technology has been finalized, with Xirui set to become the controlling shareholder by acquiring 20% of the voting rights, paving the way for its core assets to enter the capital market [2][4]. Group 1: Acquisition Details - Xirui Technology plans to acquire 6.43% of Anchek Detection's shares from its actual controller, He Xian Ning, and will subsequently be entrusted with an additional 13.57% of voting rights after the lifting of the share lock-up [2][4]. - The acquisition is similar to the recent acquisition of Weichuan New Materials by Zhiyuan, indicating a trend of financing entities acquiring listed companies [2]. Group 2: Company Background - Xirui Technology is a MEMS sensor company that has not yet achieved profitability, but its six-axis IMU has seen significant demand in popular sectors like drones [2][10]. - The company has faced challenges in its IPO attempts, with a valuation reaching 6 billion yuan and a recent divestment of its magnetic sensing business to raise nearly 700 million yuan for the acquisition [2][10]. Group 3: Market Reaction - Anchek Detection's stock surged by 11.87% prior to the acquisition announcement, indicating market anticipation and positioning [2]. - Following the resumption of trading, Anchek Detection's stock hit the daily limit up of 20%, reflecting investor enthusiasm for the acquisition and the potential of Xirui Technology's business [2]. Group 4: Industry Context - The MEMS sensor market is characterized by high technical barriers and has been dominated by foreign companies, but domestic alternatives are emerging [12]. - The automotive sector is the largest application market for MEMS, accounting for over 40% of global sales, with high-end vehicles typically equipped with 30-50 MEMS sensors [12]. - Despite the growth potential in various sectors, the MEMS industry has seen relatively slow growth over the past two years, with competition intensifying and profit margins declining for leading companies [13][15].

Core Viewpoint - Goer Micro, a leading player in China's MEMS sensor industry, has recently re-applied for an IPO on the Hong Kong Stock Exchange after facing challenges in its previous listing attempts, aiming to enhance its market presence and capitalize on growth opportunities [1][3]. Company Overview - Goer Micro was established in 2017 as a subsidiary of Goer Group, focusing on MEMS research and development, with its roots tracing back to 2004 [1]. - The company was spun off from Goer Group in 2019, consolidating all MEMS-related businesses under Goer Micro, which laid a solid foundation for its future IPO [1]. IPO Journey - The IPO journey has been tumultuous, with the company initially planning to list in 2020 but later abandoning its A-share listing plan in 2024 due to various challenges [1][3]. - The decision to pursue a listing on the Hong Kong Stock Exchange in 2025 marks a strategic shift aimed at overcoming previous setbacks and seeking new growth avenues [1][3]. Market Performance - Goer Micro's revenue and profit have shown significant growth in 2024 and the first quarter of 2025, indicating a recovery from past performance issues [3]. - Despite the recovery, the company's profitability metrics, such as gross margin, remain lower than those of its industry peers, primarily due to the high revenue contribution from its acoustic sensor business, which has relatively lower margins [3][5]. Competitive Landscape - The global MEMS sensor market is highly competitive, with Goer Micro facing strong rivals like Bosch, Infineon, and STMicroelectronics, necessitating continuous improvement to secure a position in the mid-to-high-end market [5]. - In the acoustic sensor sector, competition from companies like AAC Technologies and Sensirion poses additional challenges for Goer Micro [5]. Strategic Goals - By choosing to list on the Hong Kong Stock Exchange, Goer Micro aims to enhance its international influence and expand its market share globally [5]. - A critical challenge for the company remains its dependency on major clients and suppliers, which it must address to achieve business diversification and supply chain autonomy in the future [5].

Investment Rating - The report does not explicitly state an investment rating for the MEMS sensor industry Core Insights - The MEMS sensor market in China is projected to grow from 448.71 billion RMB in 2018 to 1,158.13 billion RMB by 2027, with an overall optimistic growth outlook [6][11] - The growth rate for the MEMS sensor market is expected to fluctuate, with a notable decline in 2023 estimated at -7.61%, followed by a recovery in subsequent years [6][11] - The MEMS sensors account for 74% of the overall MEMS industry, indicating a significant portion of the market's growth is driven by this segment [6] Market Size Overview - The market size for MEMS sensors from 2018 to 2027 is detailed as follows: - 2018: 448.71 billion RMB - 2019: 530.85 billion RMB - 2020: 654.19 billion RMB - 2021: 740.41 billion RMB - 2022: 872.1 billion RMB - 2023E: 805.72 billion RMB - 2024E: 893.41 billion RMB - 2025E: 981.74 billion RMB - 2026E: 1,071.05 billion RMB - 2027E: 1,158.13 billion RMB [6][11] Growth Influencing Factors - Consumer confidence index is projected to recover from a negative impact in 2023 (-20%) to a positive outlook by 2027 (55%) [14] - The number of patents in the core digital economy industries is expected to increase significantly, with a growth rate reaching 60.97% by 2027, indicating strong innovation potential [16] - Policy support for the MEMS sensor industry is anticipated to grow, with a projected increase from 22.4% in 2023 to 45.19% by 2027, reflecting ongoing governmental backing [20] Growth Impact Rate - The growth impact rate is calculated as a weighted average of consumer confidence, patent growth, and policy support, indicating a positive influence on the MEMS sensor market [23] - The growth impact rate is expected to be minimal in 2023 (0.37%) but is projected to increase significantly in the following years, reflecting the cumulative positive effects of the aforementioned factors [23]