Core Viewpoint - Qingdao Zhiten Technology Co., Ltd. has officially initiated its A-share IPO process, with Huatai Haitong as the advisory institution, focusing on the fields of thick-film hybrid integrated circuits and high-end sensors [1][2]. Company Overview - Zhiten Technology was established in August 2015, with a registered capital of 9.98 million yuan, and its controlling shareholder, Liu Jun, holds a 44.88% stake [2]. - The company specializes in providing full-chain services for thick-film hybrid integrated circuits and high-end sensors, including design, manufacturing, sales, and service, with a focus on acceleration sensors and high-reliability integrated circuits for military and industrial applications [2][3]. Core Business and Achievements - Zhiten Technology's core operating entity, Qingdao Zhiten Microelectronics Co., Ltd., has over 20 years of experience in military model support and specializes in hybrid integrated circuits, high-reliability sensors, and inertial systems [3]. - The company has supported over 200 launch missions for the Long March series of rockets and commercial space units, demonstrating product reliability [4]. - Zhiten Microelectronics has developed over 260 high-temperature series products for deep earth exploration, overcoming key technical challenges in high-temperature chip design and low-power, low-noise operations [4]. Production and R&D Capabilities - The company operates an independent industrial park with a research and production area of 20,000 square meters, equipped with over 2,000 sets of mid-to-high-end production and research equipment [5]. - It has established a comprehensive production and testing system, including specialized areas for microelectronics and sensor production, SMT automation, and automated testing [5]. Market Context and Future Prospects - The current push for a strong aerospace nation and the rapid growth of the commercial aerospace industry in China are driving demand for high-reliability supporting products [6]. - The advancement in deep earth exploration and national defense modernization is creating significant market opportunities for high-end sensors and integrated circuits [6]. - The IPO process is expected to help Zhiten Technology expand production capacity and increase R&D investment, thereby consolidating its core technological advantages [6].

证券日报网讯12月17日，陕西华达（301517）在互动平台回答投资者提问时表示，华经微电子是航空、 航天、船舶、兵器、电子等多个行业电子元器件合格供应商。在航空和宇航行业，厚膜混合集成电路由 于其结构和设计的灵活性、小型化、轻量化、高可靠性、耐冲击和振动、抗辐射等特点，在机载通信、 雷达、控制系统。 ...

Overview - The core point of the news is that Shaanxi Huada Technology Co., Ltd. plans to issue shares to acquire 100% equity of Shaanxi Huajing Microelectronics Co., Ltd. and raise supporting funds through a related party transaction [1][9][20]. Transaction Details - The transaction involves issuing shares to acquire assets and raising supporting funds, with the issuance not contingent on the success of the fundraising [8][18]. - The transaction partners include Shaanxi Electronic Xijing Electric Group Co., Ltd., Shaanxi Technology Progress Investment Co., Ltd., and others [1][9]. - The shares will be issued at a price of 34.75 RMB per share, which is not lower than 80% of the average trading price over the previous 60 trading days [10][11]. Financial Implications - The transaction is expected to enhance the company's asset scale and profitability by integrating the operations of Huajing Microelectronics, which specializes in high-reliability electronic components [21][22]. - The company anticipates that the acquisition will broaden its product offerings and improve market competitiveness [22][23]. Regulatory and Approval Process - The transaction requires approval from the shareholders' meeting and must be reviewed by the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission [3][20]. - The company has committed to ensuring the accuracy and completeness of the information provided during the transaction process [2][24]. Impact on Shareholding Structure - The transaction will not change the controlling shareholder or the actual controller of the company, which remains Shaanxi Electronic Xijing Electric Group Co., Ltd. and the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [23][20]. Use of Proceeds - The raised funds will be used for project construction, supplementing working capital, and repaying debts, with specific amounts to be disclosed in the restructuring report [17][18].

Group 1 - The company Shaanxi Huada plans to acquire 100% equity of Shaanxi Huajing Microelectronics through a share issuance, with the stock resuming trading on August 26 [2][4] - The acquisition aims to enhance the company's product offerings in high-reliability electronic components, including thick film hybrid integrated circuits and power modules [4][6] - The share issuance price is set at 34.75 yuan per share, which is 80% of the average trading price over the last 60 trading days [4][6] Group 2 - Shaanxi Huajing Microelectronics reported revenues of 241 million yuan and 175 million yuan for 2023 and 2024, respectively, with net profits of 40.55 million yuan and 20.76 million yuan [4] - The transaction is expected to create synergies in product categories, technology development, customer resources, and sales channels between Shaanxi Huada and Shaanxi Huajing [6][7] - The restructuring is part of a broader strategy by Shaanxi Electronic Information Group to optimize its industrial layout and support high-quality development of its listed companies [7]

Core Viewpoint - Shaanxi Huada plans to enhance its R&D capabilities through the acquisition of 100% equity in Shaanxi Huajing Microelectronics, which is expected to boost its production value significantly by the end of 2024 [1][2]. Group 1: Acquisition Details - The acquisition involves issuing shares to purchase Shaanxi Huajing Microelectronics, which is currently held by several stakeholders, including Shaanxi Electronic Xijing Electric Group, the controlling shareholder of Shaanxi Huada [2]. - Shaanxi Huajing Microelectronics has a registered capital of 82.55 million and is recognized as a national "specialized, refined, distinctive, and innovative" small giant enterprise, with over 700 employees and more than 160 senior technical personnel [3]. Group 2: R&D Investment - Shaanxi Huada has maintained a high level of R&D investment, with R&D expenses reaching 42.09 million in 2024, representing a growth in R&D intensity compared to the previous year [7]. - In the first quarter of 2025, despite reporting a loss, the company increased its R&D expenses by 44.73% to 10.44 million, with an R&D expense ratio exceeding 12% [8]. Group 3: Financial Performance - In 2024, Shaanxi Huada's revenue was 630 million, and net profit was 46.64 million, reflecting a year-on-year decline of 26.03% and 40.80%, respectively [5]. - The company reported a revenue of 85.99 million in the first quarter of 2025, a decrease of 52.90% year-on-year, and a net loss of 18.44 million [5].

Core Viewpoint - Shaanxi Huada plans to acquire 100% equity of Shaanxi Huajing Microelectronics through a share issuance and raise matching funds, with stock suspension starting August 13 [2] Company Overview - Shaanxi Huajing Microelectronics, established from a state-owned factory in the 1960s, specializes in thick film hybrid integrated circuits and various electronic components, serving multiple industries including aerospace and military [2][3] - The company is located in Xi'an High-tech Industrial Development Zone, has a registered capital of 82.55 million yuan, and employs over 700 staff, including more than 160 senior technical personnel [2] - By the end of 2024, the company's output value is expected to exceed 380 million yuan, with advanced production lines for various electronic components [2] Industry Position - Shaanxi Huajing Microelectronics is recognized as a qualified supplier of military electronic components and holds several accolades, including being a national-level specialized and innovative "little giant" enterprise [3] - The company is a vice-chairman unit of the thick film hybrid integrated circuit industry association and has been recognized as a high-tech enterprise [3] Shareholding Structure - The major shareholders of Huajing Microelectronics include Shaanxi Electronic Xijing Electric Group, Henan Mohai Technology Development Center, Xi'an Juyuan Investment, and Shaanxi Provincial Industrial Investment, holding a combined 66.78% stake [3]

Core Viewpoint - Shaanxi Huada plans to acquire 100% equity of Shaanxi Huajing Microelectronics through a share issuance and raise matching funds, with stock suspension starting August 13 [1][2] Company Overview - Shaanxi Huajing Microelectronics, established from a state-owned factory in the 1960s, specializes in thick film hybrid integrated circuits and various electronic components, serving multiple industries including aerospace and military [1] - The company is located in Xi'an High-tech Industrial Development Zone, has a registered capital of 82.55 million yuan, and employs over 700 staff, including more than 160 senior technical personnel [1] - Expected output value by the end of 2024 is projected to exceed 380 million yuan [1] Industry Position - The company holds a provincial-level enterprise technology center and has received various national recognitions, including being a "little giant" enterprise and a national intellectual property advantage enterprise [2] - Shaanxi Huajing Microelectronics is a vice-chairman unit of the thick film hybrid integrated circuit industry association and is recognized as a high-tech enterprise [2] Shareholding Structure - Major shareholders of Huajing Microelectronics include Shaanxi Electronic Xijing Electric Group, Henan Mohai Technology Development Center, Xi'an Juyuan Investment, and Shaanxi Provincial Industry Investment Company, collectively holding 66.78% of the equity [2] - An intention agreement has been signed by these shareholders, while negotiations with other shareholders are ongoing [2]