歌尔股份（002241）10月17日晚间公告，公司拟终止以104亿港元（折合人民币约95亿元）收购联丰商 业集团全资子公司米亚精密及昌宏实业100%股权的收购事项。 据公告，歌尔股份在筹划本次股权收购事项期间，积极推进项目，有序开展尽职调查、审计、评估等相 关工作，并与交易对方进行了多轮积极的沟通与协商，但因交易双方未能就交易相关的关键条款达成一 致意见，公司决定终止筹划本次股权收购事项。 原计划巩固精密结构件领域竞争力 简单回溯本次收购案。今年7月，歌尔股份抛出重磅收购案，拟以自有或自筹资金约104亿港元（折合人 民币约95亿元）收购香港联丰全资子公司Mega Precision Technology Limited（米亚精密科技有限公司） 及Channel Well Industrial Limited（昌宏有限公司）100%股权。 歌尔股份在此前披露的公告中提及，为满足公司战略发展需要，增强公司在精密结构件领域内的综合竞 争力，进一步深化公司的垂直整合能力，持续巩固与行业领先客户的合作，推动公司主营业务的长期健 康发展，公司决定实施本次收购。 然而，歌尔股份在最新公告中表示，公司在筹划本次股权收购事项期 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9][5]. Core Views - The company achieved a historical high in performance, turning losses into profits with a revenue of 304 million yuan, a year-on-year increase of 47.82%, and a net profit attributable to shareholders of 25.19 million yuan, a year-on-year increase of 171.65% [1][5]. - The product matrix is rapidly improving, transitioning from a single product company to a platform-based MEMS manufacturer, with significant growth potential and industry influence expected as the full range of physical sensors is completed [2][3]. Financial Performance - The pressure sensor segment generated sales revenue of 133.25 million yuan, up 67.05% year-on-year, becoming the core revenue source [2]. - The inertial sensor segment saw sales revenue of 19.76 million yuan, a year-on-year increase of 98.82%, laying the foundation for a complete inertial product matrix [2]. - The overall gross margin for the first half of the year was 31.64%, an increase of 10.21 percentage points year-on-year, with the second quarter gross margin reaching 36.16%, up 15.21 percentage points year-on-year [2]. Product Development - The MEMS product matrix has achieved a leap from point to surface, with three major product lines driving growth: acoustic sensors, pressure sensors, and inertial sensors [3]. - The company is expanding its product applications from smartwatches to smartphones in the pressure sensor area, enhancing gross margins through product upgrades [3][4]. - The company is focusing on high signal-to-noise ratio, low-power digital microphones for AI voice interaction, and is making advancements in next-generation products such as bone conduction acoustic sensors and six-dimensional force sensors [4]. Research and Development - R&D expenses reached 38.63 million yuan in the first half of 2025, with R&D personnel accounting for 33.52% of the workforce, indicating a strong commitment to innovation [4]. - The company has accumulated nearly 500 authorized patents and has over 700 patents pending, enhancing its capability for product iteration and new product development [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 653 million yuan, 818 million yuan, and 1.03 billion yuan respectively, with net profits expected to be 46.44 million yuan, 84.16 million yuan, and 133.43 million yuan [5][7].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The report highlights a significant increase in the company's performance, with a revenue growth of 47.8% year-on-year and a net profit growth of 171.7% to 0.25 billion RMB for the first half of 2025. The gross margin improved by 10.2 percentage points to 31.6% [3][7] - The company is making comprehensive advancements in AI sensor technology and has initiated R&D projects in three major sensor areas for humanoid robots, which are expected to drive future revenue growth [3][7] - Due to the substantial increase in gross margin and rapid growth in performance, the profit forecast for the company has been raised, with expected net profits of 0.68 billion RMB, 1.64 billion RMB, and 2.38 billion RMB for 2025-2027 [4] Financial Summary - The company reported a total revenue of 3.0 billion RMB for the first half of 2025, with a net profit of 0.25 billion RMB. The net profit margin increased to 8.4%, reflecting a year-on-year increase of 25.9% [7] - The revenue from the pressure product line reached 1.3 billion RMB, a year-on-year increase of 67.1%, while the inertial sensor revenue grew by 98.8% to 0.2 billion RMB [7] - The company has a total market capitalization of approximately 4.75 billion RMB, with an average trading volume of 109.69 million RMB over the past three months [2] Valuation Metrics - The expected earnings per share (EPS) for the company are projected to be 1.21 RMB, 2.92 RMB, and 4.25 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 70.1, 29.0, and 20.0 [4][6] - The company's main revenue is expected to grow from 373 million RMB in 2023 to 1.365 billion RMB in 2027, with a compound annual growth rate (CAGR) of 30.1% [6][8]

Core Viewpoint - The article discusses the recent strategic moves by Jiang Bin, the former richest man in Shandong, including the acquisition of two subsidiaries of Hong Kong's Lianfeng Commercial Group for approximately HKD 10.4 billion and the upcoming IPO of Goer Microelectronics in Hong Kong, aiming to enhance the company's competitiveness and market presence [5][7][10]. Group 1: Company Developments - Goer Microelectronics is preparing for its IPO in Hong Kong, which is expected to improve corporate governance and international market recognition [7][14]. - The acquisition of Mia Precision Technology and Changhong Industrial is intended to strengthen Goer's capabilities in precision structural components and deepen vertical integration [6][7]. - Goer Microelectronics has achieved a valuation of 20.5 billion RMB, making it the largest unicorn in Shandong [19]. Group 2: Financial Performance - Goer Microelectronics has reported revenues of approximately 3.12 billion RMB, 3.00 billion RMB, 4.54 billion RMB, and 1.12 billion RMB for the years 2022 to March 2025, with corresponding gross margins of 18.5%, 17.2%, 19%, and 20.6% [18]. - The company has invested over 900 million RMB in R&D over the past 39 months, resulting in 1,825 registered patents, including 738 invention patents [18][19]. - Despite revenue growth, net profits have declined, reaching approximately 326 million RMB, 289 million RMB, 309 million RMB, and 116 million RMB during the same period [18]. Group 3: Market Position - Goer Microelectronics is positioned as the fourth largest sensor provider globally and the largest acoustic sensor provider, benefiting from partnerships with major clients like Apple and Xiaomi [18][19]. - The article highlights the trend of major players in the Apple supply chain, including Goer, Lens Technology, and Luxshare Precision, moving towards Hong Kong listings to enhance their global strategies [20][22].

Group 1 - The core revenue of Jiangsu's digital economy core industries increased by 7.9% year-on-year in the first half of the year, outpacing the overall economic growth of Jiangsu [1] - From January to May, the revenue of internet and related services, as well as software and information technology services, grew by 16.8% and 14.3% respectively, contributing 2.4 percentage points to the growth of the service industry [1] - Key growth drivers include integrated circuit design, information system integration, and IoT technology services, which grew by 12.5%, 10.8%, and 36.4% respectively [1] Group 2 - Jiangsu's artificial intelligence-related industry has exceeded 400 billion yuan, ranking among the top in the country, with the industrial software industry chain accounting for over 20% of the national share [2] - The "East Data West Calculation" initiative has established a computing power scheduling center capable of executing 500 billion floating-point operations per second, equivalent to 14 billion people performing calculations for 113 years [2] - By 2025, Suzhou aims to have a total data center scale of 500,000 standard racks and computing power exceeding 15 EFLOPS, with an innovative cluster scale of 400 billion yuan [2] Group 3 - Jiangsu aims to become a pioneer in high-quality digital economic development through the establishment of innovation development pilot zones, creating breakthrough and demonstrative innovative development experiences [3] - A series of policies have been introduced to promote high-quality digital economic development, including the "Jiangsu Province Action Plan for Cultivating and Expanding Data Enterprises (2025-2027)" [3] - The "Jiangsu Province Three-Year Action Plan for High-Quality Development of the Digital Economy (2025-2027)" was issued in April, indicating a structured approach to digital economic growth [3] Group 4 - The establishment of pilot zones and the three-year plan are expected to inject new momentum into Jiangsu's digital economy, driving high-quality development [4]

Core Viewpoint - The article discusses the recent strategic moves by Jiang Bin, the former richest man in Shandong, including the acquisition of two subsidiaries of Hong Kong's Lianfeng Commercial Group for approximately HKD 10.4 billion, and the upcoming IPO of Goer Microelectronics in Hong Kong, which aims to enhance the company's competitiveness and market presence [6][7][19]. Group 1: Company Background and Development - Goer Microelectronics, a subsidiary of Goer Co., was established as part of the company's expansion into the microelectronics sector, initially starting with upstream components for electronic devices [9][10]. - The company has grown significantly since its founding in 2001, becoming a key player in the supply chain for major clients like Apple and Xiaomi, with a cumulative shipment of over 5 billion sensors [14][15]. - Goer Microelectronics is now recognized as a leading provider of intelligent sensing solutions, with a valuation of approximately 20.5 billion yuan, making it the largest unicorn in Shandong [12][15]. Group 2: Financial Performance and Market Position - The revenue of Goer Microelectronics from 2022 to March 2025 is projected to be approximately 3.121 billion yuan, 3.001 billion yuan, 4.536 billion yuan, and 1.12 billion yuan, with corresponding gross margins of 18.5%, 17.2%, 19%, and 20.6% [14]. - Despite a decline in net profit due to increased R&D and sales expenses, the company has invested over 900 million yuan in R&D over 39 months and holds 1,825 registered patents [15]. - Goer Microelectronics is expected to become the fourth largest sensor provider globally and the largest acoustic sensor provider by 2024 [15]. Group 3: Strategic Moves and Market Trends - The decision to split Goer Microelectronics for a Hong Kong IPO is part of a broader strategy among the "fruit chain" companies, which includes Goer Co., Lens Technology, and Luxshare Precision, to enhance their global presence and capital operations [19][20]. - The article highlights the trend of Chinese companies seeking international listings to facilitate global expansion, especially in a competitive market environment [20]. - The upcoming IPO of Goer Microelectronics is anticipated to be the second for Jiang Bin and his wife, further solidifying their wealth and influence in the industry [11][18].

Core Viewpoint - Goer Micro, a leading player in China's MEMS sensor industry, has recently re-applied for an IPO on the Hong Kong Stock Exchange after facing challenges in its previous listing attempts, aiming to enhance its market presence and capitalize on growth opportunities [1][3]. Company Overview - Goer Micro was established in 2017 as a subsidiary of Goer Group, focusing on MEMS research and development, with its roots tracing back to 2004 [1]. - The company was spun off from Goer Group in 2019, consolidating all MEMS-related businesses under Goer Micro, which laid a solid foundation for its future IPO [1]. IPO Journey - The IPO journey has been tumultuous, with the company initially planning to list in 2020 but later abandoning its A-share listing plan in 2024 due to various challenges [1][3]. - The decision to pursue a listing on the Hong Kong Stock Exchange in 2025 marks a strategic shift aimed at overcoming previous setbacks and seeking new growth avenues [1][3]. Market Performance - Goer Micro's revenue and profit have shown significant growth in 2024 and the first quarter of 2025, indicating a recovery from past performance issues [3]. - Despite the recovery, the company's profitability metrics, such as gross margin, remain lower than those of its industry peers, primarily due to the high revenue contribution from its acoustic sensor business, which has relatively lower margins [3][5]. Competitive Landscape - The global MEMS sensor market is highly competitive, with Goer Micro facing strong rivals like Bosch, Infineon, and STMicroelectronics, necessitating continuous improvement to secure a position in the mid-to-high-end market [5]. - In the acoustic sensor sector, competition from companies like AAC Technologies and Sensirion poses additional challenges for Goer Micro [5]. Strategic Goals - By choosing to list on the Hong Kong Stock Exchange, Goer Micro aims to enhance its international influence and expand its market share globally [5]. - A critical challenge for the company remains its dependency on major clients and suppliers, which it must address to achieve business diversification and supply chain autonomy in the future [5].

Core Viewpoint - The article highlights the recent developments of GoerTek Inc., including its significant acquisition and the IPO of its subsidiary, GoerTek Microelectronics, showcasing the entrepreneurial journey of its founder, Jiang Bin, and the company's growth trajectory in the MEMS and sensor market [2][3][5]. Group 1: Company Overview - GoerTek Inc. is a leading player in the "fruit chain" with a market capitalization exceeding 80 billion RMB [2]. - The company announced a major acquisition of two precision manufacturing companies for 10.4 billion HKD, marking its largest acquisition to date [2][11]. - GoerTek Microelectronics, a subsidiary focused on acoustic sensors, has submitted its IPO application to the Hong Kong Stock Exchange [2][5]. Group 2: Financial Performance - GoerTek Microelectronics achieved a revenue of 2.443 billion RMB and a net profit of 317 million RMB in 2019, ranking 9th globally in the MEMS industry [5]. - The company's revenue for 2022 was 3.121 billion RMB, with a net profit of 326 million RMB, but it faced a decline in 2023 [14][15]. - The revenue contribution from the sensor business was 78.5% in 2024, with acoustic sensors accounting for 74.1% of that [14]. Group 3: Market Position - GoerTek Microelectronics is the largest acoustic sensor provider globally, holding a market share of 43% in 2024, significantly ahead of its closest competitor [6]. - The company is also the largest smart sensor interaction solution provider in China, ranking fifth globally with a market share of 2.2% [6]. Group 4: Strategic Decisions - Jiang Bin, the founder, made strategic decisions early on to focus on high-quality products, which led to the company's success in the Bluetooth headset market [9]. - The company has undergone a strategic transformation to diversify its product offerings beyond acoustic sensors, including precision optical components and high-end equipment [11]. Group 5: IPO Journey - GoerTek Microelectronics faced challenges in its IPO journey, including a previous attempt to list on the ChiNext board that was ultimately withdrawn due to regulatory issues [22][24]. - The company has now shifted its focus to the Hong Kong market for its IPO, aiming to raise 300-500 million USD for product development and capacity expansion [26][27].

Core Viewpoint - Goer Microelectronics has submitted an IPO application to the Hong Kong Stock Exchange, marking a significant step in its strategy to transition from A-share to H-share listing, aiming to capitalize on opportunities in the smart terminal market and strengthen its position in the smart sensing interaction solutions industry [1][3]. Group 1: Company Overview - Goer Micro is a subsidiary of Goer Group, a leader in the electroacoustic industry, and specializes in smart sensing interaction solutions, particularly in acoustic sensors [1][4]. - The company has developed the UniSense platform, which integrates full-stack technical capabilities across various domains, enabling it to provide optimized smart sensing solutions based on customer needs [4]. Group 2: Market Position and Performance - As of 2024, Goer Micro is the largest smart sensing interaction solutions provider in China and the fifth largest globally, with a cumulative sensor shipment exceeding 5 billion units and a market share of approximately 4.3% [5][10]. - The company has maintained a strong revenue growth trajectory, with a compound annual growth rate (CAGR) of about 20.55% from 2022 to 2024, achieving revenues of 31.21 billion RMB, 30.01 billion RMB, and 45.36 billion RMB in those years [10][12]. Group 3: Revenue Breakdown - Sensors are the primary revenue source for Goer Micro, contributing 81.4%, 69.7%, 78.5%, and 80.8% of total revenue in 2022, 2023, 2024, and Q1 2025, respectively [6][10]. - The company is the leading provider of acoustic sensors globally, with a market share of approximately 43.0%, and has generated significant revenue from this segment [8][9]. Group 4: Client Relationships and Retention - Goer Micro has established stable relationships with major clients, with revenue from the top five clients accounting for 75.5%, 74.3%, 79.7%, and 80.5% of total revenue in the respective years [14][16]. - The company has a high client retention rate, with figures of 94%, 154%, 128%, and 146% across the reporting periods, indicating strong customer loyalty [16]. Group 5: Research and Development - Goer Micro has invested significantly in R&D, with expenditures of 2.59 billion RMB, 2.64 billion RMB, 3.26 billion RMB, and 674.31 million RMB over the reporting periods, totaling over 9 billion RMB [17][18]. - The company holds 1,825 patents, including 738 invention patents, making it the company with the most patents in the smart sensing interaction solutions industry in China [19]. Group 6: Future Outlook - The IPO in Hong Kong is expected to enhance Goer Micro's global customer coverage and service network, facilitating the integration of its UniSense platform with global industry partners and increasing its brand influence [19].

Core Viewpoint - Goer Microelectronics, a leading company in China's sensor industry, is preparing for an IPO in Hong Kong, aiming to enhance its financial strength and international visibility while facing challenges from market volatility and dependency on major clients [1][4]. Group 1: Company Overview - Goer Microelectronics holds a dominant market share of 43% in the global acoustic sensor market, making it the uncontested leader [1]. - The company is the fifth largest globally and the largest in China for smart sensing interactive solutions, as well as the fourth largest sensor provider worldwide [1]. - Since its inception in 2004, Goer Micro has expanded its product line to over 400 solutions, including acoustic sensors, pressure sensors, and SiP packaging modules [3]. Group 2: Financial Performance - In 2024, Goer Micro's revenue is projected to reach 4.536 billion yuan, with a net profit of 309 million yuan [3]. - Acoustic sensors account for 74.1% of the total revenue in 2024, highlighting the core business focus [3]. - The company has invested 326 million yuan in R&D for 2024 and holds 1,825 patents, including 738 invention patents, making it the company with the most patents in the industry in China [3]. Group 3: Market Context and Challenges - The sensor market is expected to grow significantly due to the explosion of AI-driven smart terminals, positioning Goer Micro favorably for its IPO [4]. - The company faces challenges such as reliance on the consumer electronics market, with approximately 60% of its revenue coming from major client Apple, and dependency on Infineon for high-end chip supplies [4]. - Goer Micro's successful IPO is seen as a representation of China's technological "invisible champions" and a demonstration of the country's innovative capabilities to the world [4].