炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券之星 跨界并购的消息往往是股价短期爆发的催化剂，但随着交易的正式终止，此前因预期而推高的股价可能 面临回调压力。从2025年12月3日至12月26日公司发布终止公告期间，金富科技股价区间跌幅达 29.84%。对于交易终止的原因，金富科技称，《收购意向书》签署后，公司积极推进股权收购相关工 作，同时交易双方就本次股权收购事项的交易方案及核心条款进行了多轮磋商，但因交易双方未能就交 易相关的关键条款达成一致意见，决定终止本次收购。 近期，金富科技（003018.SZ）公告称，终止对蓝原科技股权的收购，这场备受市场关注的跨界并购， 以交易双方未能就交易相关的关键条款达成一致意见画上句号。 证券之星了解到，金富科技上一次成功的并购发生在2021年，当时公司以1.27亿元的大手笔收购了翔兆 科技100%股权，一举将业务从单一的塑料瓶盖拓展至新型拉环盖领域，公司营收规模也从2021年的 6.59亿元增长至2024年的8.92亿元，然而，2025年前三季度营收与净利润的双降态势，凸显了其打造新 增长曲线的紧迫性。此次借助跨界并购切入高增长赛 ...

Core Viewpoint - Jinfu Technology's stock price dropped significantly after the termination of its acquisition of Guangdong Lanyuan Technology, highlighting the challenges in its growth strategy and the need for a second growth curve [1][3]. Group 1: Acquisition and Financial Impact - On December 26, Jinfu Technology announced the termination of its acquisition of Lanyuan Technology due to a lack of agreement on key terms, marking the end of a 34-day merger attempt [1]. - The company's stock fell to 15.81 yuan per share, a 42% decline from its peak of 27.31 yuan per share within a month [1][3]. - Jinfu Technology stated that the termination of the acquisition would not significantly impact its financial or operational status, and no party would bear responsibility for the termination [1]. Group 2: Business Strategy and Market Position - Jinfu Technology's main business focuses on plastic packaging for beverages and food, while Lanyuan Technology specializes in high-speed communication cables for AI servers and data centers, indicating a significant divergence in their core operations [3][4]. - The company has been exploring various possibilities for external growth, aiming to enhance its scale and business through acquisitions, as evidenced by its previous acquisition of Xiangzhao Technology in 2021, which contributed to revenue and profit growth [4]. - The competitive landscape in the plastic packaging industry is intensifying, with international giants dominating the high-end market and local brands capturing the mid-to-low-end segments [5]. Group 3: Financial Performance and Future Directions - Jinfu Technology reported a revenue of approximately 662 million yuan for the first three quarters of the year, reflecting a year-on-year decline of 9.12%, and a net profit of about 93.44 million yuan, down 19.45% year-on-year [5]. - The company has limited cash reserves, with approximately 201 million yuan in monetary funds as of the end of the third quarter [5]. - Experts suggest that Jinfu Technology should focus on upgrading its core plastic packaging business, exploring biodegradable materials, and expanding into high-value packaging sectors while ensuring that future acquisitions align with its main business [6].

Core Viewpoint - Jinfu Technology is planning to acquire at least 51% of Guangdong Lanyuan Technology, aiming to diversify its business and enhance profitability and competitiveness, despite the uncertainties surrounding the transaction [3][4][5]. Group 1: Acquisition Details - Jinfu Technology signed a Letter of Intent for the acquisition, with the final price to be determined based on due diligence and audit reports, and the exclusivity period lasting until December 20, 2025 [3]. - Lanyuan Technology, established in 2022, specializes in high-speed communication cables primarily used in AI servers and data centers, with a projected global market size of 1.9 billion by 2025 [3]. - The acquisition is seen as a high-risk, high-reward opportunity, with challenges related to business synergy between Jinfu Technology's plastic packaging and Lanyuan Technology's communication cable sectors [5][8]. Group 2: Financial Considerations - As of Q3 2025, Jinfu Technology reported a cash balance of approximately 201 million, indicating potential financial pressure from a cash acquisition [6]. - The company has faced declining revenues, with a reported revenue of about 662 million, down 9.12% year-on-year, and a net profit of approximately 93.44 million, down 19.45% year-on-year for the first three quarters of 2025 [7][8]. Group 3: Strategic Implications - Jinfu Technology is pursuing a dual strategy of developing its own business while exploring external growth opportunities, with the acquisition of Lanyuan Technology being a key part of this strategy [8]. - Experts suggest that while the acquisition may not have immediate synergies, the long-term investment value in high-speed communication cables is promising due to ongoing digitalization and infrastructure demands [8].

Core Viewpoint - Jinfu Technology's stock price has surged nearly 100% since the beginning of the year, despite a decline in revenue and net profit in the first three quarters of the year, indicating market optimism about its long-term growth potential [1][2]. Financial Performance - For the first three quarters of the year, Jinfu Technology reported revenue of approximately 662 million yuan, a year-on-year decrease of 9.12% [1][2]. - The company achieved a net profit attributable to shareholders of about 93.44 million yuan, down 19.45% year-on-year [1][2]. - The decline in performance is attributed to new production bases entering a ramp-up phase, leading to increased depreciation and amortization costs, as well as temporary production disruptions [1][2]. Market Position and Client Base - Jinfu Technology primarily serves major beverage companies such as JingTian, Coca-Cola, and Yanjing Group, with a high customer concentration [2][3]. - The company ranks fifth in revenue among eight industry peers, with its revenue of 662 million yuan, while the top company, Zijiang Enterprise, reported 7.82 billion yuan [3][4]. - In terms of net profit, Jinfu Technology ranks third, with a net profit of 93.44 million yuan, compared to Zijiang Enterprise's 966 million yuan [3]. Industry Trends - The demand for plastic bottle caps is driven by the significant growth in global bottled water, juice, and functional beverage consumption [3]. - The Chinese bottled water market has surpassed 100 billion yuan, leading to increased demand for standard 28mm bottle caps [3]. - There is a growing trend towards high-end, lightweight, and biodegradable caps due to the rising health consciousness among consumers [3]. Strategic Initiatives - Jinfu Technology is transitioning from plastic packaging to metal packaging, with plans to invest in new metal cap production lines [3][4]. - The company has reduced its investment commitments for several projects, including the plastic cap production base expansion, and is reallocating funds towards the metal cap project and the acquisition of Xiangzhao Technology [4][5]. - The acquisition of Xiangzhao Technology aims to enhance production capacity for new metal pull-ring caps, securing orders from clients like Yanjing Beer [5].

Core Viewpoint - Jinfu Technology's stock price has surged nearly 100% since January 1, despite poor financial performance in the first three quarters of 2025, indicating market optimism about its long-term growth potential and strategic partnerships with major clients like JingTian and Coca-Cola [1][5][6]. Financial Performance - For the first three quarters of 2025, Jinfu Technology reported revenue of approximately 662 million yuan, a year-on-year decline of 9.12%, and a net profit of about 93.44 million yuan, down 19.45% year-on-year [5]. - The decline in performance is attributed to new production bases entering a ramp-up phase, leading to increased depreciation and amortization costs, as well as temporary production disruptions [5]. Market Position and Client Base - Jinfu Technology primarily serves major beverage companies, with its top five clients contributing significantly to its revenue, although the proportion of sales to these clients has decreased [6]. - The company ranks fifth in revenue among eight industry peers, with its revenue of 662 million yuan, while the top competitor, Zijiang Enterprise, reported 7.82 billion yuan [7]. Strategic Initiatives - Jinfu Technology is transitioning from plastic packaging to metal packaging, with plans to invest in new projects and acquire 100% of Xiangzhao Technology to enhance its production capacity for new types of pull-ring caps [8]. - The company has reduced its investment commitments for several projects, indicating a strategic shift in focus towards metal cap production [8]. Industry Trends - The demand for plastic bottle caps is increasing due to the growth in bottled water and beverage consumption, with the bottled water market in China exceeding 100 billion yuan [7]. - The industry is experiencing a shift towards high-end products, driven by health-conscious consumer trends and the demand for lightweight and biodegradable caps [7].