点击蓝字关注我们 长江商报记者 徐佳 因现有业务盈利能力较弱，经纬辉开（300120.SZ）将斥巨资收购涉足新领域。 日前，经纬辉开发布资产收购计划，拟以8.5亿元收购中兴系统技术有限公司（以下简称"中兴系统"）100%股权。交易完成之后，经纬辉开将进入专网通 信领域。 长江商报记者注意到，在当前现有业务竞争激烈，盈利能力较弱的背景下，经纬辉开寄希望于本次收购快速改善经营状况。2025年上半年，经纬辉开实现 营业收入12.75亿元，同比下降20.23%；归属于上市公司股东的净利润（以下简称"净利润"）1407.83万元，同比下降70.78%。 本次交易中，中兴系统各股东承诺，2025年至2027年，中兴系统累计实现的净利润不低于2.15亿元。 需要注意的是，本次交易中，中兴系统整体估值8.53亿元，较其账面净资产溢价约1077%。进入新领域，经纬辉开与中兴系统在未来发展中的协同效应能 否达到预期效果存在不确定性。 此外，全部以现金收购或将加重经纬辉开的财务压力。截至2025年6月末，经纬辉开资产总额47.09亿元，货币资金8.11亿元，资产负债率36.03%。 标的估值较净资产增值1077% 根据交易方案，经 ...

Core Viewpoint - The company, Jingwei Hikai, plans to acquire 100% equity of Zhongxing System Technology Co., Ltd. for 850 million yuan to enter the private network communication sector, aiming to improve its weak profitability in existing businesses [1][3]. Financial Performance - In the first half of 2025, Jingwei Hikai reported revenue of 1.275 billion yuan, a year-on-year decrease of 20.23%, and a net profit of 14.08 million yuan, down 70.78% year-on-year [1][5]. - The company's core business, including LCD modules and touch display modules, saw revenue declines of 0.3% and 14.29%, with gross margins of 19.01% and 17.96%, respectively [6]. Acquisition Details - The acquisition of Zhongxing System is valued at 853 million yuan, representing a premium of approximately 1077% over its net asset value [2][3]. - Zhongxing System is recognized as a national-level "little giant" enterprise and has a strong market position in specialized communication systems [2]. Strategic Rationale - The acquisition is seen as a strategic move to alleviate performance pressure from slow growth in existing product lines and to explore new growth opportunities in the private network communication market [3][5]. - The company anticipates potential synergies with Zhongxing System in customer resources and market expansion [3]. Financial Position - As of June 2025, Jingwei Hikai had total assets of 4.709 billion yuan and cash reserves of 811 million yuan, indicating that the cash acquisition may increase financial pressure [1][6]. - The company's debt ratio stood at 36.03%, with total liabilities of 1.697 billion yuan [7]. Market Reaction - Following the announcement of the acquisition plan, Jingwei Hikai's stock price surged, closing at 12.32 yuan per share, reflecting a 19.96% increase [8].

10月17日晚，经纬辉开发布公告，公司拟以现金方式收购中兴系统技术有限公司100%股权，转让价格 为8.5亿元。本次股权受让完成后，中兴系统将纳入公司合并报表范围。 资料显示，中兴系统主营业务为专网通信系统、工业互联产品和企业数字化全栈技术服务，已形成"设 计-研发-交付-运维"全业务链条覆盖能力。 经纬辉开的主营业务为液晶显示和触控显示模组、电磁线的研发、生产和销售，主要产品包括液晶显示 屏、液晶显示模组、电容式触摸屏、触控显示模组（全贴合产品）等。产品主要应用于车载显示、家居 电子、医疗器械、工业控制及电力等领域。 受此影响，10月20日，经纬辉开股价斩获"20cm"涨停，股价报收12.32元，最新市值为70.77亿元。 此次经纬辉开收购中兴系统与自身业绩增长乏力有关。在2022年-2024年，经纬辉开分别实现营业收入 27.00亿元、34.34亿元和32.61亿元；分别取得归母净利润3676.94万元、-2.89亿元以及2145.74万元。 对于此次交易，经纬辉开表示：受行业发展等多重因素影响，上市公司现有业务竞争激烈，成长空间有 限，盈利能力弱，本次收购是上市公司经营发展亟待战略转型的需要。收购中兴系 ...

中国经济网北京10月20日讯 经纬辉开(300120.SZ)今日股价涨停，截至发稿时报12.32元，涨幅 19.96%。 经纬辉开18日发布关于对外投资收购股权的公告。 公司拟与深圳银谷科技集团有限公司（以下简称"银谷科技"）、深圳市聚力弘创一号投资企业（有 限合伙）（以下简称"聚力弘创一号"）、深圳市聚力弘创二号投资企业（有限合伙）（以下简称"聚力弘 创二号"）签署《关于收购中兴系统技术有限公司100%股权的股权转让协议》（以下简称"股权转让协 议"），公司以现金方式收购深圳银谷科技集团有限公司、深圳市聚力弘创一号投资企业（有限合 伙）、深圳市聚力弘创二号投资企业（有限合伙）合计持有的中兴系统技术有限公司100%股权，股权 转让价格为8.5亿元。 中兴系统各股东承诺：中兴系统2025年度、2026年度、2027年度累计实现的净利润不低于21,500 万元。 本次股权受让完成后，公司将直接持有中兴系统100%股权，其将纳入公司合并报表范围。 受公司委托，中京民信（北京）资产评估有限公司对标的公司股东全部权益价值进行了评估，出具 了《天津经纬辉开光电股份有限公司拟收购股权涉及的中兴系统技术有限公司股东全部权益价 ...

Core Viewpoint - The acquisition of 100% equity in Zhongxing System Technology Co., Ltd. by Jingwei Huikai for 850 million yuan is a strategic move to address growth bottlenecks and seek transformation in response to intensified industry competition and macroeconomic challenges [1][4]. Group 1: Acquisition Details - Jingwei Huikai plans to acquire Zhongxing System from Shenzhen Yingu Technology Group and two investment partnerships for a total of 850 million yuan, with the transaction price based on an evaluation report valuing the company at approximately 852.87 million yuan [2][3]. - Zhongxing System, established in March 2013, is recognized as a national-level "little giant" enterprise and has a stable financial performance, with projected revenues of 1.055 billion yuan and net profits of 65.92 million yuan for 2024 [2][3]. Group 2: Performance Commitments - The sellers have committed to a cumulative net profit of no less than 215 million yuan from 2025 to 2027, with penalties for underperformance, ensuring accountability through cash compensation if targets are not met [3][4]. - The net profit calculation will be based on the consolidated financial statements, ensuring transparency through annual audits by a registered accounting firm [3]. Group 3: Strategic Rationale - The acquisition is seen as essential for Jingwei Huikai to overcome operational pressures and align with national industrial development directions, particularly in the strategic emerging industry of specialized network communications [4][5]. - Zhongxing System's expertise in smart transportation and energy sectors is expected to create synergies with Jingwei Huikai's existing semiconductor business, enhancing market reach and operational capabilities [4][5]. Group 4: Industry Outlook - The specialized network communication industry is experiencing diversified demand, with emerging applications in low-altitude economy, smart healthcare, and education, presenting new growth opportunities for Jingwei Huikai [5].

从标的公司质地来看，2024年以及2025年上半年，中兴系统实现营业收入分别约为10.55亿元、5.06亿 元；对应实现净利润分别约为6592.29万元、3169.91万元。相较于标的当下业绩表现，此次交易的业绩 承诺亮眼。中兴系统各股东承诺，中兴系统2025年度、2026年度、2027年度累计实现的净利润不低于 2.15亿元。 需要指出的是，在并购公告中，经纬辉开表示，本次收购股权的资金来源于自有资金或自筹资金。不 过，截至2025年上半年末，公司账上货币资金仅8.11亿元。 大手笔并购标的公司背后，今年上半年，经纬辉开营收、净利双降。财务数据显示，2025年上半年，公 司实现营业收入12.75亿元，同比下降20.23%；对应实现归属净利润约为1407.83万元，同比下降 70.78%。 北京商报讯（记者 马换换 王蔓蕾）上半年营收、净利双降的经纬辉开（300120）祭出并购大招，将目 光投向了专网通信领域。10月18日，公司披露公告称，拟以现金方式收购中兴系统技术有限公司（以下 简称"中兴系统"）100%股权，股权转让价格为8.5亿元。本次交易不构成关联交易，也不构成《上市公 司重大资产重组管理办法》规定 ...

Core Viewpoint - The company, Jingwei Huikai, announced a cash acquisition plan for 100% equity of Zhongxing System Technology Co., Ltd. for a total price of 850 million yuan, aiming to enter the high-growth private network communication sector [1][4]. Group 1: Acquisition Details - Jingwei Huikai plans to acquire Zhongxing System, which specializes in private network communication systems, industrial internet products, and comprehensive digital technology services [1]. - The acquisition will allow Jingwei Huikai to consolidate Zhongxing System's operations into its financial statements, enhancing its market position [1]. Group 2: Industry and Market Potential - The demand for private network communication is deepening and diversifying, with significant market opportunities in energy (smart grids), transportation (smart traffic), and industrial manufacturing (industrial internet) [2]. - Emerging scenarios such as low-altitude economy (drone communication) and smart healthcare (remote surgery) are expected to provide new growth points for private network communication [2]. - The Belt and Road Initiative and emerging markets are focusing on rail transit and smart city projects, presenting substantial international market opportunities for domestic solutions [2]. Group 3: Zhongxing System's Capabilities - Zhongxing System holds 28 authorized patents and 57 software copyrights, with core patents covering key technologies in private network communication [2]. - The company has achieved CMMI5 certification, indicating its high-level software development and project management capabilities, and has received industry recognition for its project delivery [2]. Group 4: Financial Commitments and Strategic Fit - Zhongxing System's shareholders have committed to a cumulative net profit of no less than 215 million yuan for the years 2025, 2026, and 2027 [4]. - The acquisition is expected to alleviate performance pressure from Jingwei Huikai's existing businesses, which face slow growth, by providing access to the high-growth private network communication sector [4]. - There are potential synergies between Jingwei Huikai's existing product range and Zhongxing System's capabilities, particularly in rail transit and industrial sectors [4]. Group 5: Strategic Synergies - The acquisition is anticipated to create significant synergies in the semiconductor field, enhancing Jingwei Huikai's market reach and technical capabilities in the communication industry [5]. - Zhongxing System's expertise in communication technology is expected to bolster Jingwei Huikai's strategic positioning in the semiconductor sector, promoting domestic alternatives in the RF front-end industry [5].

Core Viewpoint - The company, Jingwei Huikai, announced a cash acquisition plan for 100% equity of Zhongxing System Technology Co., Ltd. for 850 million yuan, aiming to enter the high-growth private network communication sector [2][6]. Group 1: Acquisition Details - Jingwei Huikai plans to acquire Zhongxing System for a total price of 850 million yuan, which will be fully consolidated into its financial statements post-acquisition [2]. - Zhongxing System specializes in private network communication systems, industrial internet products, and comprehensive digital technology services, covering the entire business chain from design to operation [2][3]. Group 2: Industry Position and Growth Potential - The private network communication industry is experiencing deepening and diversified demand, with significant market opportunities in sectors such as energy, transportation, and industrial manufacturing [3]. - Emerging scenarios like low-altitude economy and smart healthcare are creating new growth points for private network communication [3]. - Zhongxing System is recognized as a national-level "little giant" enterprise and has received various accolades, including the Guangdong Provincial Science and Technology Progress Award [2][4]. Group 3: Business Strategy and Synergies - The acquisition will allow Jingwei Huikai to enter the high-growth private network communication field, alleviating performance pressure from its existing businesses [6]. - There is potential for synergy between Zhongxing System's communication capabilities and Jingwei Huikai's semiconductor strategic layout, enhancing market reach and technological strength [6].

Core Viewpoint - The company Jingwei Huikai announced plans to acquire 100% equity of Zhongxing System Technology Co., Ltd. for 850 million yuan, aiming to enhance growth potential and profitability through synergies in the semiconductor sector [1][2]. Group 1: Acquisition Details - The acquisition involves cash payment of 850 million yuan for the equity held by Shenzhen Yingu Technology Group and two investment partnerships [1]. - Post-acquisition, Zhongxing System will be included in Jingwei Huikai's consolidated financial statements, with shareholders committing to a cumulative net profit of no less than 215 million yuan for the years 2025, 2026, and 2027 [1][2]. Group 2: Business Overview of Zhongxing System - Zhongxing System specializes in private network communication systems, industrial interconnection products, and comprehensive digital technology services, capable of handling complex interconnection needs for millions of devices [2]. - The projected revenue for Zhongxing System in 2024 is 1.055 billion yuan, with a net profit of 66 million yuan; for the first half of 2025, revenue is expected to be 506 million yuan with a net profit of 32 million yuan [2]. Group 3: Strategic Implications - The acquisition is expected to create significant synergies with Jingwei Huikai's existing semiconductor strategies, broadening market reach in related fields [2]. - Zhongxing System's talent, technology, and industrial capabilities are anticipated to support further development in the semiconductor sector and promote domestic substitution in the RF front-end industry [2].

Core Viewpoint - The company plans to acquire 100% equity of ZTE System Technology Co., Ltd. for a total price of 850 million yuan, which will enhance its presence in the high-growth private network communication sector [1][3]. Group 1: Acquisition Details - The acquisition involves cash payment for the total equity held by Shenzhen Yingu Technology Group Co., Ltd. and two investment partnerships [1]. - The shareholders of ZTE System have committed to achieving a cumulative net profit of no less than 215 million yuan for the years 2025, 2026, and 2027 [1]. Group 2: ZTE System's Business Overview - ZTE System specializes in private network communication systems, industrial interconnection products, and comprehensive digital technology services [2]. - The company has over 20 years of experience in the ICT field, providing a full business chain from design to operation and maintenance [2]. - ZTE System is recognized as a national-level specialized and innovative small giant enterprise and has received various accolades, including the Guangdong Provincial Science and Technology Progress Award [2]. Group 3: Strategic Implications of the Acquisition - The acquisition will allow the company to enter the high-growth private network communication sector, providing growth opportunities and alleviating performance pressure from its existing businesses [3]. - There is potential for synergy between ZTE System and the company in terms of customer resources, which could enhance sales in new fields such as rail transit and industrial enterprises [3]. - Post-acquisition, the company's brand, financing capabilities, and financial strength will empower ZTE System to better secure future business through bidding processes [3].