Core Viewpoint - Yangjie Technology is accelerating its industrial layout by acquiring 100% equity of Dongguan Better Electronics Technology Co., Ltd. for a cash consideration of 2.218 billion yuan, representing a premium acquisition with an estimated value increase of 270%-283% [1][2][3] Group 1: Acquisition Details - The acquisition price for Better Electronics is set at 2.218 billion yuan, and the transaction is expected to enhance Yangjie Technology's long-term development [1][2] - Better Electronics specializes in the research, production, and sales of power electronic protection components and has over 200 product series, covering various downstream sectors such as automotive electronics and consumer electronics [2][3] - The acquisition follows a previous attempt by Better Electronics to go public, which was withdrawn in August 2024 [2][3] Group 2: Financial Performance - Better Electronics reported revenues of 837 million yuan and 218 million yuan for the fiscal years 2024 and Q1 2025, respectively, with net profits of 148 million yuan and 41.13 million yuan [3] - As of March 2025, Better Electronics had total assets of 1.024 billion yuan and total liabilities of 434 million yuan, resulting in equity of 590 million yuan [3] Group 3: Strategic Implications - The acquisition is expected to create synergies in product categories, technology research and development, downstream customers, and sales channels, enhancing the overall competitiveness of Yangjie Technology [3] - The transaction includes performance commitments, with a target net profit of no less than 555 million yuan for Better Electronics from 2025 to 2027 [1][3] Group 4: Company Growth and Market Position - Yangjie Technology has been actively expanding its asset scale, growing from 1.331 billion yuan in 2015 to 14.27 billion yuan by the end of 2024 [5] - The company achieved record revenue of 3.455 billion yuan in the first half of 2025, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [6] - Yangjie Technology has a strong market position in several emerging segments, ranking among the top in the global power semiconductor market [5][6]

Core Viewpoint - Yangjie Electronics announced the acquisition of 100% equity of Better Electronics for a total price of 2.218 billion yuan, which will enhance its market position and product offerings in the semiconductor industry [6][10]. Group 1: Company Overview - Yangjie Electronics, established in 2000, is a vertically integrated manufacturer in the semiconductor discrete device sector, with a registered capital of 543 million yuan [9]. - The company’s product line includes discrete device chips, MOSFETs, IGBTs, power modules, SiC, rectifiers, and protection devices, serving various sectors such as automotive electronics, AI, clean energy, 5G communications, and consumer electronics [9]. - Better Electronics, founded in 2003, specializes in the R&D, production, and sales of power electronic protection components, with a registered capital of 102 million yuan [10]. Group 2: Financial Data - As of September 11, Yangjie Electronics had a total market capitalization of 35.5 billion yuan [10]. - Better Electronics reported total assets of approximately 1.007 billion yuan and net assets of about 538 million yuan for 2024, with an operating income of around 837 million yuan [13]. - The acquisition price of 2.218 billion yuan represents a significant premium over Better Electronics' net asset value, with an appraisal increase of 270.46% compared to the book value of 599 million yuan [15]. Group 3: Strategic Implications - The acquisition is expected to create synergies between Yangjie Electronics and Better Electronics, allowing for shared resources in R&D, management, and market access, which could lead to improved revenue and profitability for Yangjie Electronics [20]. - Better Electronics has established a strong market presence with over 200 product series and 9,000 specifications, catering to various application scenarios, which will complement Yangjie Electronics' existing product offerings [10][11].