Core Viewpoint - NAR Co., Ltd. is actively pursuing entry into the semiconductor sector by planning to acquire Shanghai Feilai Testing Technology Co., Ltd. shortly after a failed acquisition attempt of Jiangxi Lanwei Electronics Technology Co., Ltd. [1][4] Group 1: Acquisition Details - NAR Co. intends to acquire at least 51% of Feilai Testing, with the transaction amount estimated between 350 million to 400 million yuan [2] - The acquisition aims to establish a second growth curve for NAR Co., focusing on semiconductor equipment and components to create new profit growth opportunities [2][4] Group 2: Market Reaction - Following the announcement of the acquisition, NAR Co.'s stock price hit the daily limit up, closing at 11.89 yuan per share with a trading volume of 70.03 million yuan, resulting in a total market capitalization of 4.061 billion yuan [2] Group 3: Financial Performance - Feilai Testing is projected to generate revenues of approximately 123 million yuan and 92.46 million yuan for 2024 and the first half of 2025, respectively, with corresponding net profits of about 1.90 million yuan and 2.29 million yuan [3] - The acquisition includes performance commitments, with expected net profits for Feilai Testing set at no less than 28 million yuan, 36 million yuan, and 48.2 million yuan for the years 2025 to 2027, totaling at least 112 million yuan [3] Group 4: Historical Context - This is not NAR Co.'s first attempt to enter the semiconductor field; a previous acquisition of Lanwei Electronics was terminated due to a lack of consensus on the investment agreement [4] - NAR Co. has had significant fluctuations in net profit over recent years, with figures of approximately 61.66 million yuan, 352 million yuan, 100 million yuan, and 126 million yuan from 2021 to 2024 [4]

Core Viewpoint - NAR Co., Ltd. plans to acquire a controlling stake of at least 51% in Feilai Testing Technology Co., Ltd. for an estimated transaction amount of 350 million to 400 million yuan, aiming to expand into the semiconductor testing sector [1][4]. Group 1: Company Overview - Feilai Testing specializes in semiconductor chip testing reliability solutions and offers a full range of services from wafer to device testing, including various testing equipment [2][4]. - In 2024, Feilai Testing is projected to generate revenue of 123 million yuan with a net profit of 1.90 million yuan, resulting in a net profit margin of 1.54% [2]. - In comparison, Huafeng Measurement and Control, a leading domestic semiconductor testing equipment manufacturer, is expected to achieve revenue of 905 million yuan and a net profit of 334 million yuan, with a net profit margin of approximately 37% [2]. Group 2: Market Context - The packaging industry is shifting towards advanced packaging, which increases the requirements for testing equipment, posing challenges for back-end testing equipment manufacturers [2]. - Domestic manufacturers excel in testing and sorting but are relatively weaker in processes such as die bonding, cutting, grinding, and encapsulation [2]. Group 3: Strategic Rationale - The acquisition may be driven by the rising demand for optical modules due to AI, as NAR Co. is likely interested in Feilai Testing's optical chip production and testing assets [3][4]. - Feilai Testing has received multiple honors, including "National Specialized and Innovative Small Giant" and "High-tech Enterprise," and holds 45 patents as of December 2024 [3][4].

Core Viewpoint - Nar Holdings (002825.SZ) announced a plan to acquire at least 51% of Shanghai Filai Testing Technology Co., Ltd. for approximately 350 to 400 million yuan, leading to a stock price surge to 11.89 yuan per share [2][3]. Group 1: Acquisition Details - The acquisition involves a significant investment in Filai Testing, which specializes in semiconductor chip testing reliability solutions, with projected revenues of 123 million yuan and a net profit of 1.9 million yuan for the fiscal year 2024 [2]. - For the first half of 2025, Filai Testing reported revenues of 92.5 million yuan and a net profit of 2.3 million yuan, indicating strong growth potential [2]. - Nar Holdings aims to leverage existing resources and achieve synergies in cost control, market expansion, and production technology through this acquisition [2]. Group 2: Financial Commitments - The controlling shareholders of Filai Testing have committed to a net profit of no less than 28 million yuan, 36 million yuan, and 48.2 million yuan for the years 2025 to 2027, totaling at least 112.2 million yuan over three years [3]. - The company has a history of indirect investment in Filai Testing since August 2021, providing a foundational understanding of its operations and market dynamics [3]. Group 3: Market Context and Challenges - Nar Holdings' main business focuses on precision coating materials, raising questions about the potential for synergy with Filai Testing's operations [2]. - The company previously attempted to enter the semiconductor sector by pursuing a different acquisition, which was ultimately terminated due to a lack of consensus on investment matters [3].

Core Viewpoint - Nar Holdings (002825.SZ) has announced a plan to acquire at least 51% of Shanghai Filai Testing Technology Co., Ltd. for approximately 350 to 400 million yuan, which has led to a stock price surge to 11.89 yuan per share [1][2]. Group 1: Acquisition Details - The acquisition involves a strategic investment in Filai Testing, which specializes in semiconductor chip testing reliability solutions, offering comprehensive solutions from wafers to devices [1]. - Filai Testing reported a revenue of 123 million yuan and a net profit of 1.9043 million yuan for the fiscal year 2024, with a revenue of 92.4645 million yuan and a net profit of 22.9338 million yuan for the first half of 2025 [1]. - The acquisition aims to leverage existing resources for cost control, market expansion, and production technology synergies, although there are concerns about the actual realization of these synergies given the differing core businesses [1][2]. Group 2: Performance Commitments - The controlling shareholder of Filai Testing has committed to a net profit of no less than 28 million yuan, 36 million yuan, and 48.2 million yuan for the years 2025 to 2027, totaling at least 112.2 million yuan over three years [2]. - Nar Holdings has had prior indirect investments in Filai Testing since August 2021, providing them with foundational knowledge of the company's operations and market dynamics [2]. Group 3: Market Reaction and Historical Context - Following the announcement, Nar Holdings' stock price reached a limit-up, reflecting positive market sentiment towards the acquisition [1]. - This is not the first attempt by Nar Holdings to enter the semiconductor sector; a previous acquisition attempt of Jiangxi Lanwei Electronics was terminated in July 2025 due to a lack of consensus on investment matters [2].

公告显示，上海菲莱测试技术有限公司专注于半导体芯片测试可靠性解决方案，提供从晶圆、芯片到器 件的全形态方案，具体包括晶圆AOI设备、芯片测试机、COCO自动上下料设备、CoC老化系统、COB 测试机、Soc老化设备等，旗下拥有"FeedLiTech"自主品牌。 通过本次交易，目标公司将成为上市公司的控股子公司，本次交易系上市公司按照"大力发展新质生产 力"的指引，以维稳主营和开发新领域为发展方向，尝试进入半导体设备、设备零部件等领域，以获得 新的利润增长点及发展机会。 智通财经APP讯，纳尔股份(002825.SZ)公告，公司作为投资方与上海菲光管理咨询合伙企业(有限合 伙)、张华签订了《股权收购意向协议》，投资方以受让出售方所持上海菲莱测试技术有限公司股权的 方式投资目标公司。投资完成后，投资方将持有目标公司不低于51%的股权，取得目标公司的控制权。 交易金额预计为人民币3.5亿至4亿元左右。 ...

公告显示，上海菲莱测试技术有限公司专注于半导体芯片测试可靠性解决方案，提供从晶圆、芯片到器 件的全形态方案，具体包括晶圆AOI设备、芯片测试机、COCO自动上下料设备、CoC老化系统、COB 测试机、Soc老化设备等，旗下拥有"FeedLiTech"自主品牌。 纳尔股份（002825）(002825.SZ)公告，公司作为投资方与上海菲光管理咨询合伙企业(有限合伙)、张华 签订了《股权收购意向协议》，投资方以受让出售方所持上海菲莱测试技术有限公司股权的方式投资目 标公司。投资完成后，投资方将持有目标公司不低于51%的股权，取得目标公司的控制权。交易金额预 计为人民币3.5亿至4亿元左右。 通过本次交易，目标公司将成为上市公司的控股子公司，本次交易系上市公司按照"大力发展新质生产 力"的指引，以维稳主营和开发新领域为发展方向，尝试进入半导体设备、设备零部件等领域，以获得 新的利润增长点及发展机会。 ...