Core Viewpoint - Huatian Technology has announced a non-public offering plan to acquire 100% of Huayi Microelectronics, aiming to enhance its packaging and testing business in the power device sector [1] Group 1: Acquisition Details - The company plans to purchase Huayi Microelectronics from 27 counterparties, including Huatian Electronics Group and Xian Houyi Investment, through a combination of share issuance and cash payment [1] - Huayi Microelectronics is recognized as one of the few high-tech enterprises in China that integrates research and development, packaging testing, reliability verification, and system solutions for power devices [1] Group 2: Strategic Implications - This acquisition will allow the company to quickly improve its packaging and testing business layout and expand its operations in the power device packaging and testing sector [1] - The integration will enable the company to offer a more comprehensive range of packaging and testing products across various segments, including integrated circuits and discrete devices [1] - Additionally, the company aims to extend its own brand product development, design, and sales in power devices, covering automotive, industrial, and consumer-grade products, thereby creating a second growth curve and new revenue streams [1]

【导读】华天科技拟收购华羿微电100%股权，标的公司曾申报科创板上市 华羿微电是国内少数集功率器件研发设计、封装测试、可靠性验证和系统解决方案等服务于一体的高新 技术企业。 业绩方面，2025年以来，标的公司华羿微电季度利润持续增长，其中，2025年三季度实现净利润预计超 过3000万元，环比增长超80%。结合有效的降本措施、产能利用率持续上升、稳定的客户合作关系及需 求情况，预计华羿微电业绩情况持续向好。 记者注意到，华羿微电此前冲击科创板IPO未果。上交所官网显示，华羿微电申报科创板IPO于2023年6 月30日获受理，2023年7月27日收到首轮问询，2024年6月7日IPO终止。 10月16日晚间，华天科技（002185.SZ）披露重组预案。公司将于10月17日开市起复牌。 重组构成关联交易 预案显示，华天科技拟以发行股份及支付现金的方式购买华天电子集团、西安后羿投资、芯天钰铂等27 名交易对方合计持有的华羿微电100%股份。 同时，上市公司拟向不超过35名特定投资者发行股份募集配套资金。其中，募集配套资金总额不超过本 次交易中以发行股份方式购买资产的交易价格的100%。募集配套资金发行股份数量不超过 ...

Core Viewpoint - The company plans to acquire 100% of Huayi Microelectronics through a combination of issuing shares and cash payments, aiming to enhance its capabilities in the semiconductor power device sector [1][2] Group 1: Acquisition Details - The acquisition involves 27 counterparties, including Huatiang Electronics Group and Xian Houyi Investment, with shares priced at 8.35 yuan per share [1] - The fundraising price for the accompanying funds will not be less than 80% of the average trading price of the company's stock over the 20 trading days prior to the pricing benchmark [1] Group 2: Huayi Microelectronics Overview - Huayi Microelectronics is recognized as a high-tech enterprise in China, specializing in power device R&D, packaging testing, reliability verification, and system solutions [1] - The company boasts a strong R&D team with international experience in semiconductor power device design and core packaging testing technology [1] - It has established integrated design and production capabilities supported by device design, wafer process R&D, and packaging testing technology [1] Group 3: Strategic Implications - The acquisition will allow the company to enhance its packaging testing business and expand its product offerings across various segments, including integrated circuits and discrete devices [2] - The company aims to develop its own brand of power devices for automotive, industrial, and consumer applications, creating a second growth curve and new revenue streams [2] - The company's securities are set to resume trading on October 17, 2025 [2]

Core Viewpoint - The company plans to acquire 100% of Huayi Microelectronics through a combination of issuing shares and cash payments, aiming to enhance its capabilities in the semiconductor power device sector [1][2] Group 1: Acquisition Details - The company intends to issue shares at a price of 8.35 yuan per share to finance the acquisition of Huayi Microelectronics [1] - The fundraising price for the additional capital will not be less than 80% of the average trading price of the company's shares over the 20 trading days prior to the pricing benchmark [1] Group 2: Huayi Microelectronics Overview - Huayi Microelectronics is recognized as one of the few high-tech enterprises in China that integrates power device R&D, packaging testing, reliability verification, and system solutions [1] - The company boasts a research team with international experience in semiconductor power device design and core packaging testing technology [1] - It has established a comprehensive design and production capability supported by device design, wafer process R&D, and packaging testing technology [1] Group 3: Strategic Benefits - The acquisition will allow the company to enhance its packaging testing business and expand its offerings across various segments, including integrated circuits and discrete devices [2] - The company aims to extend its own brand product development, design, and sales in power devices, targeting automotive, industrial, and consumer-grade products [2] - This move is expected to create a second growth curve and new revenue streams, thereby improving the company's core competitiveness [2] Group 4: Market Position - According to the Shaanxi Semiconductor Industry Association, Huayi Microelectronics is projected to lead in both revenue and market share among semiconductor power device companies in Shaanxi Province for the year 2024 [1]

每日经济新闻消息，近日，扬杰科技（300373.SZ）发布关于现金收购贝特电子100%股权暨关联交易的公 告。 扬杰科技拟支付现金购买东莞市贝特电子科技股份有限公司（以下简称"贝特电子"或"标的公司"）100%股 权（以下简称"本次交易"），本次交易以符合《中华人民共和国证券法》规定的评估机构出具的权益评估 价值为定价参考，最终确定整体转让价格为人民币221,800万元。本次交易完成后，贝特电子将成为上市公 司的全资子公司。 本次交易未构成重大资产重组。本次交易构成关联交易。本次交易事项尚需提交股东大会审议通过后实 施，关联股东在股东大会上对相关议案回避表决。 本次交易标的公司股东全部权益在评估基准日的评估价值为222,000.00万元，与母公司报表口径中股东全 部权益账面价值59,924.80万元相比，评估增值162,075.20万元，增值率为270.46%；与合并报表口径归属于 母公司的股东权益账面价值57,980.33万元相比，评估增值164,019.67万元，增值率为282.89%。 值得注意的是，本次交易设立了高额的业绩对赌条款。业绩承诺方承诺2025年~2027年贝特电子应实现的 合并报表口径下扣 ...

Core Viewpoint - The article discusses the recent acquisition of Better Electronics by Yangjie Technology, highlighting the ongoing trend of mergers and acquisitions in the A-share market, where companies are seeking growth through strategic acquisitions rather than IPOs [5][14]. Group 1: Acquisition Details - Yangjie Technology announced the acquisition of Better Electronics for approximately 2.218 billion yuan, with Better Electronics becoming a wholly-owned subsidiary post-transaction [7]. - Better Electronics, established in 2003, specializes in power electronic protection components, serving clients like Midea, Gree, and BYD, and has shown strong performance due to growth in the new energy and smart home sectors [7][8]. - The performance commitment for Better Electronics post-acquisition includes a net profit of no less than 5.55 billion yuan from 2025 to 2027 [7]. Group 2: Company Background - Yangjie Technology, led by Liang Qin, has transformed from a small trading company into a vertically integrated manufacturer in the semiconductor industry, with a current market value of approximately 360 billion yuan [10][12]. - Liang Qin, known as the "Iron Lady," has a background in electrical technology and has been pivotal in the company's growth, including significant investments in production capabilities during economic downturns [10][11]. Group 3: Market Trends - The article notes a significant increase in merger and acquisition activities, with over 1,502 listed companies disclosing 2,000 M&A-related announcements in the first half of the year, totaling over 1.4 trillion yuan [15]. - The trend of companies opting for acquisitions instead of pursuing IPOs is becoming more common, as seen with other companies like Himalaya and Hupu, which have also turned to M&A after failed IPO attempts [14][15]. - The current M&A market is characterized by flexible valuation approaches, as traditional metrics like price-to-earnings ratios may hinder potential deals [15].

近日，扬杰科技（300373.SZ）发布关于现金收购贝特电子100%股权暨关联交易的公告。 扬杰科技拟支付现金购买东莞市贝特电子科技股份有限公司（以下简称"贝特电子"或"标的公司"）100%股权（以下简称"本次交易"），本次交易以符合 《证券法》规定的评估机构出具的权益评估价值为定价参考，最终确定整体转让价格为人民币221,800万元。本次交易完成后，贝特电子将成为上市公司 的全资子公司。 本次交易未构成重大资产重组。本次交易构成关联交易。本次交易事项尚须提交股东大会审议通过后实施，关联股东在股东大会上对相关议案回避表决。 本次交易标的公司股东全部权益在评估基准日的评估价值222,000.00万元，与母公司报表口径中股东全部权益账面价值59,924.80万元相比，评估增值 162,075.20万元，增值率为270.46%；与合并报表口径归属于母公司的股东权益账面价值57,980.33万元相比，评估增值164,019.67万元，增值率为 282.89%。 值得注意的是，本次交易设立了高额的业绩对赌条款。业绩承诺方承诺2025年~2027年贝特电子应实现的合并报表口径下扣非归母净利润合计不低于5.55 亿元。 业 ...

Core Viewpoint - Yangjie Technology (300373.SZ) announced the acquisition of 100% equity of Dongguan Better Electronics Technology Co., Ltd. for RMB 2.218 billion, which will enhance its position in the power electronics sector and create synergies in product offerings and market reach [1][2]. Group 1: Acquisition Details - The acquisition price for Better Electronics is set at RMB 2.218 billion, and it will become a wholly-owned subsidiary of Yangjie Technology upon completion [1]. - Better Electronics specializes in power electronic protection components, with applications in automotive electronics, photovoltaics, and energy storage, serving major clients like Midea, Gree, and BYD [1]. - The shareholders of Better Electronics have signed a "unanimous action agreement," holding a combined 39.35% of the company's shares, with no controlling shareholder [1]. Group 2: Financial Performance - Better Electronics reported a revenue of RMB 837 million and a net profit of RMB 148 million for 2024, with a net profit of RMB 41.13 million in Q1 2025 [1]. - As of March 2024, Better Electronics had total assets of RMB 1.024 billion and equity of RMB 590 million [1]. Group 3: Valuation and Performance Metrics - The valuation of Better Electronics at the assessment date (March 31, 2025) is RMB 2.22 billion, representing a 270.46% premium over the book value of equity [2]. - The acquisition includes performance commitments, with a target net profit of no less than RMB 555 million from 2025 to 2027 [2]. Group 4: Strategic Implications - Yangjie Technology views the acquisition as a strategic move to enhance its product offerings in power electronics, creating synergies in product categories, technology development, and customer channels [2]. - The company aims to strengthen its competitive position in the power electronics industry through this acquisition [2]. Group 5: Company Performance - Yangjie Technology achieved a revenue of RMB 6.033 billion in 2024, a year-on-year increase of 11.53%, with a net profit of RMB 1.002 billion, up 8.50% [3]. - In the first half of 2025, the company reported a revenue of RMB 3.455 billion, a 20.58% increase year-on-year, and a net profit of RMB 601 million, up 41.55% [3]. - The stock price of Yangjie Technology has increased by 51.23% year-to-date, reflecting strong market performance [3].

Group 1 - Yangjie Technology announced a cash acquisition of 100% equity in Better Electronics for a total transaction amount of 2.218 billion yuan [1] - After the acquisition, Better Electronics will become a wholly-owned subsidiary of Yangjie Technology, enhancing the company's competitive edge in its main business through synergies in product categories, technology R&D, downstream customers, and sales channels [1] - Better Electronics specializes in the R&D, production, and sales of power electronic protection components and related accessories, with applications in automotive electronics, photovoltaics, and energy storage [1] Group 2 - As of March 2023, Better Electronics had total assets of 1.024 billion yuan and a book value of shareholders' equity of 599 million yuan, with an assessed total equity of 2.22 billion yuan, reflecting an increase of 1.64 billion yuan and a valuation increase rate of 282.89% [2] - Yangjie Technology's main business focuses on power device products, particularly over-voltage protection, which aligns with Better Electronics' product offerings in the power electronic protection component category [2] - Yangjie Technology is experiencing rapid growth, having established an integrated IDM power semiconductor supply chain, with products being adopted by leading customers in the new energy vehicle, AI server, and photovoltaic energy storage sectors [2]

Core Viewpoint - Yangjie Technology (300373.SZ) announced plans to acquire 100% equity of Dongguan Better Electronics Technology Co., Ltd. for a total transfer price of RMB 2.218 billion [1] Group 1: Transaction Details - After the transaction, Better Electronics will become a wholly-owned subsidiary of Yangjie Technology [2] - The transaction is classified as a related party transaction but does not constitute a major asset restructuring [2] - The transaction requires approval from the shareholders' meeting, with related shareholders abstaining from voting on relevant proposals [3] Group 2: Performance Commitment - A performance commitment is set for the period from 2025 to 2027, with a total net profit of no less than RMB 555 million after deducting non-recurring gains and losses [3] - The performance commitment parties will jointly establish a holding platform, Dongguan Beiju, which will acquire no less than RMB 716 million of Yangjie Technology's shares through bulk trading [3] - If the net profit exceeds the committed amount, 30% of the excess will be used to reward the management team of Better Electronics [3] Group 3: Valuation and Risks - The valuation of Better Electronics shows a significant increase, with an assessed value of RMB 2.22 billion compared to a book value of RMB 599 million, resulting in an increase of RMB 1.621 billion and a growth rate of 270.46% [4] - Better Electronics previously attempted an IPO but failed due to declining capacity utilization and sustainability concerns regarding its performance growth [4] - The company has no controlling shareholder, with a group of shareholders holding a combined 39.35% stake [4] Group 4: Financial Performance - For the fiscal year 2024 and the first quarter of 2025, Better Electronics reported revenues of RMB 837 million and RMB 218 million, respectively, with net profits of RMB 148 million and RMB 41.13 million [5] - As of March 31, 2024, Better Electronics had total assets of RMB 1.024 billion and equity of RMB 590 million [5] Group 5: Strategic Synergies - Better Electronics specializes in the R&D, production, and sales of power electronic protection components, with over 20 years in the industry and various accolades [5] - The acquisition is expected to enhance Yangjie Technology's product and technology portfolio, strengthen its market position in the power electronics sector, and create synergies in downstream customer relationships [6] - The collaboration will allow for shared R&D outcomes, improving Yangjie Technology's research capabilities and technical accumulation [6] Group 6: Market Reaction - As of September 11, Yangjie Technology's stock rose by 3.36%, closing at RMB 65.27 per share, with a total market capitalization of RMB 35.46 billion [7]