Core Viewpoint - The company, United Precision (001268.SZ), plans to enhance its performance growth through an acquisition of 51% stake in Chengdu Mite Aviation Manufacturing Co., Ltd. for 193.8 million yuan, marking a strategic move into a new business area [1][4]. Group 1: Acquisition Details - The acquisition aims to diversify revenue streams and reduce reliance on existing high-concentration customers, particularly in the home appliance sector [1][9]. - Mite Aviation, established in 2010, is a national high-tech enterprise specializing in the R&D and manufacturing of aerospace standard parts and structures, with a valuation of 384 million yuan [3][4]. - The deal includes performance commitments, with Mite Aviation expected to achieve a net profit of no less than 56 million yuan from 2025 to 2027 [2][4]. Group 2: Financial Performance - For the first three quarters of 2025, United Precision reported a revenue of 597 million yuan, a year-on-year increase of 10.37%, and a net profit attributable to shareholders of 59.54 million yuan, up 18.57% [8]. - The company's gross profit margin and net profit margin improved to 22.29% and 9.97%, respectively, compared to the previous year's figures [8]. - Mite Aviation's financial data shows revenues of 161 million yuan and 83.72 million yuan for 2024 and the first eight months of 2025, respectively, with net profits of 22.68 million yuan and 0.31 million yuan [5]. Group 3: Strategic Implications - The acquisition is seen as a critical step for United Precision to reduce its dependency on major clients like Midea Group, which accounted for 65.68% of its sales [9]. - The integration of Mite Aviation's capabilities with United Precision's manufacturing expertise is expected to enhance operational efficiency and core competitiveness in the aerospace defense sector [9]. - The company is actively seeking to expand its customer base and product applications, including refrigerator compressors and automotive parts, to mitigate market concentration risks [1][9].

Core Viewpoint - Guangdong Yangshan United Precision Manufacturing Co., Ltd. plans to acquire 51% equity of Chengdu Mite Aviation Manufacturing Co., Ltd. for 193.8 million yuan, making Mite Aviation a subsidiary after the transaction [1][2]. Group 1: Acquisition Details - The valuation of Mite Aviation's total equity as of August 31 was 384 million yuan, showing an increase of 191 million yuan (98.61%) compared to the book value of 193 million yuan [2]. - The acquisition price for the 51% stake in Mite Aviation is set at 193.8 million yuan [2]. - Mite Aviation's legal representative and chairman, Qiu Tinggui, will retain 43.62% of the shares post-transaction, having cashed out approximately 104 million yuan from the sale of 25.62% of his shares [5]. Group 2: Company Profile - Mite Aviation, established in 2010, is a national high-tech enterprise and a "little giant" recognized for its specialization and innovation, focusing on the R&D, manufacturing, and testing of aviation and aerospace standard parts [4]. - The company has a registered capital of 14.9759 million yuan and is located in Chengdu, Sichuan Province [4]. - Mite Aviation's main products include various standard parts and structural components, with certifications from CNAS and Nadcap for its testing center and special processes [4]. Group 3: Financial Performance - In 2024, Mite Aviation reported revenues of 161 million yuan, with a total profit of 24.77 million yuan and a net profit of 22.68 million yuan [5]. - However, in the first eight months of 2025, Mite Aviation's revenue dropped to 83.72 million yuan, with a total profit of -852,700 yuan and a net profit of only 30,940 yuan, indicating significant operational fluctuations [5]. - The company’s cash flow from operating activities was negative at -1.99 million yuan during the same period [5]. Group 4: Performance Commitment - Qiu Tinggui and other shareholders have committed to achieving a minimum net profit of 5.6 million yuan over three years, with specific annual targets of 500,000 yuan for 2025, 1.8 million yuan for 2026, and 3.3 million yuan for 2027 [9]. - If the actual net profit falls short of the commitments, the shareholders are obligated to compensate the difference in cash [9]. Group 5: Strategic Rationale - The acquisition is expected to enhance the company's participation in the aerospace defense sector, leveraging Mite Aviation's capabilities in aviation component R&D and manufacturing, which align with the company's precision manufacturing strengths [13].

Group 1 - The company, United Precision (001268.SZ), announced its intention to acquire a 51% stake in Chengdu Mite Aviation Manufacturing Co., Ltd. to explore new business areas and cultivate profit growth points [1] - Mite Aviation is a high-tech enterprise specializing in the research and manufacturing of aerospace standard parts and structural components, equipped with a complete military qualification system and full-process capabilities [1] - The main products of Mite Aviation include national standards, military standards, and aviation standards parts and structural components [1]