Core Viewpoint - Kangda New Materials Co., Ltd. has terminated its acquisition plan of Beiyi Semiconductor Technology Co., Ltd. after only two and a half months, reflecting challenges in its strategic transition to the semiconductor industry [1][9][10]. Group 1: Acquisition Details - On August 28, Kangda New Materials signed a letter of intent to acquire at least 51% of Beiyi Semiconductor, a high-tech enterprise focused on power semiconductor modules [7]. - The acquisition was intended to accelerate Kangda's strategic transition to the semiconductor industry and create a "third growth curve" [8]. - The acquisition process faced difficulties, leading to its abrupt termination on November 13, with the company citing "work progress not meeting expectations" and "lack of consensus" as reasons [9][10]. Group 2: Financial Performance - Kangda New Materials has faced significant financial challenges, including a substantial goodwill impairment that led to losses in the previous year [3][14]. - The company's revenue increased from 1.932 billion in 2020 to 2.793 billion in 2023, but net profit declined from 215 million to 30 million during the same period [13]. - By the end of 2024, revenue was projected to reach 3.101 billion, while net profit was expected to drop to -294 million, primarily due to goodwill impairment provisions [14][15]. Group 3: Capital Operations - Kangda has engaged in frequent capital operations, attempting to transition from traditional adhesive materials to the semiconductor sector [2][12]. - The company has made several acquisitions since 2018, including companies like Biko Technology and Crystal Technology, but has struggled with profitability, leading to goodwill impairments [13][19]. - Kangda has raised significant capital through multiple rounds of financing, totaling 1.88 billion, to support its growth initiatives [21].

Core Insights - Union Medical (688271) has recently obtained a design patent for a "Power Semiconductor Module," with the application number CN202530094765.5, authorized on October 28, 2025 [1] - The company has received a total of 251 patent authorizations this year, representing a decrease of 6.69% compared to the same period last year [1] - In the first half of 2025, Union Medical invested 766 million yuan in research and development, which is a year-on-year decrease of 7.21% [1] Company Overview - Union Medical has made investments in 21 companies and participated in 8,217 bidding projects [1] - The company holds a total of 890 trademark records, 5,527 patent records, and 107 copyright records [1] - Additionally, Union Medical has obtained 431 administrative licenses [1]

Group 1 - The semiconductor industry is a cornerstone of information technology, and the integration and upgrading of its supply chain is crucial for cultivating new productive forces. The introduction of the "merger and acquisition six guidelines" injects strong momentum into this process [1] - The "merger and acquisition six guidelines" encourage listed companies to actively engage in mergers and acquisitions related to strategic emerging industries and future industries, focusing on unprofitable asset acquisitions that help strengthen supply chains and enhance key technology levels [1] - Following the implementation of these policies, over 70% of newly disclosed asset acquisition restructurings in the Shenzhen market are in the new productive force industries, with the semiconductor sector being a core strategic emerging industry [1] Group 2 - Fulede (301297) exemplifies cross-industry integration, transforming from a cleaning service provider to a semiconductor materials manufacturer through the acquisition of Fulehua for 6.55 billion yuan, which holds a 19% market share in the AMB substrate market [2] - The acquisition involved 59 counterparties and utilized a combination of share issuance and targeted convertible bonds to meet diverse compensation requirements, expected to increase Fulede's earnings per share by over 50% post-transaction [2] - Robotech (300757) acquired the German company ficonTEC, specializing in semiconductor automation and precision testing equipment, which is expected to break international technology barriers and accelerate domestic production in electronic packaging [3] Group 3 - Since June 2025, cities like Zhuhai, Shanghai, Guangzhou, Hangzhou, and Shenzhen have introduced new policies to support the high-quality development of the semiconductor and integrated circuit industries, aiming to enhance China's global influence in this field [4] - Shenzhen's measures focus on "strengthening, stabilizing, and supplementing the chain," proposing ten specific actions to support the research and industrialization of third-generation semiconductor materials like GaN and SiC, along with a 5 billion yuan private equity fund [4] - These policy supports, combined with market-driven mergers and acquisitions, are accelerating the integration of the semiconductor supply chain and promoting deep integration of technological innovation and industrial upgrading [4]