北京商报讯（记者 张君花）12月9日，探路者在投资者互动平台表示，公司并购的深圳贝特莱、上海通 途两家企业，其下游客户涵盖了华为、小米等知名企业，相关产品通过下游客户和供应链环节进入上述 品牌供应链，其产品服务的终端客户范围涵盖华为、小米等主流消费电子品牌商，以及国内外主流智能 门锁头部品牌。其中，上海通途聚焦视频IP授权与芯片业务，产品主要应用于包括华为、小米在内的智 能AI手机和新能源车企等端侧场景，在屏幕桥接芯片领域出货量处于行业前列；深圳贝特莱的产品覆 盖笔记本电脑、智能穿戴、智能家居等场景，其指纹识别芯片在智能门锁领域连续多年位居国内外行业 市占率头部，公司核心业务与产品优势将以国产替代及技术创新为目标，持续拓展合作机会。公司将严 格按照深交所相关规定，及时履行信息披露义务。 ...

证券日报网讯12月9日，探路者（300005）在互动平台回答投资者提问时表示，公司并购的深圳贝特 莱、上海通途两家企业，其下游客户涵盖了华为、小米等知名企业，相关产品通过下游客户和供应链环 节进入上述品牌供应链，其产品服务的终端客户范围涵盖华为、小米等主流消费电子品牌商，以及国内 外主流智能门锁头部品牌。其中，上海通途聚焦视频IP授权与芯片业务，产品主要应用于包括华为、小 米在内的智能AI手机和新能源车企等端侧场景，在屏幕桥接芯片领域出货量处于行业前列；深圳贝特 莱的产品覆盖笔记本电脑、智能穿戴、智能家居等场景，其指纹识别芯片在智能门锁领域连续多年位居 国内外行业市占率头部，公司核心业务与产品优势将以国产替代及技术创新为目标，持续拓展合作机 会。公司将严格按照深交所相关规定，及时履行信息披露义务，敬请关注公司后续公告。 ...

人民财讯12月9日电，探路者（300005）12月9日在互动平台表示，公司并购的深圳贝特莱、上海通途两 家企业，其下游客户涵盖了华为、小米等知名企业，相关产品通过下游客户和供应链环节进入上述品牌 供应链，其产品服务的终端客户范围涵盖华为、小米等主流消费电子品牌商，以及国内外主流智能门锁 头部品牌。其中，上海通途聚焦视频IP授权与芯片业务，产品主要应用于包括华为、小米在内的智能AI 手机和新能源车企等端侧场景，在屏幕桥接芯片领域出货量处于行业前列；深圳贝特莱的产品覆盖笔记 本电脑、智能穿戴、智能家居等场景，其指纹识别芯片在智能门锁领域连续多年位居国内外行业市占率 头部，公司核心业务与产品优势将以国产替代及技术创新为目标，持续拓展合作机会。 ...

Core Viewpoint - The company,探路者, is aggressively pursuing a dual business strategy of "outdoor + chips" by acquiring two semiconductor companies for a total of 678 million yuan, amidst concerns over high acquisition premiums and market reactions to its stock price [1][3][4]. Group 1: Acquisition Details - The company announced plans to acquire 51% stakes in Shenzhen Beitelai Electronics Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. for 3.21 billion yuan and 3.57 billion yuan respectively, totaling 6.78 billion yuan [1][3]. - The acquisition premiums are significant, with Beitelai's valuation increasing by 3.63 times and Tongtu's by 21.19 times, raising concerns about potential risks associated with high valuations [1][3][4]. - The acquisitions are expected to enhance the company's competitive position in the semiconductor industry, benefiting from the domestic substitution process [3][5]. Group 2: Leadership and Strategic Shift - Following the entry of new controlling shareholder Li Ming, who previously served as chairman of Unisoc, the company has shifted its focus to a dual business model, initiating multiple acquisitions in the semiconductor sector since 2021 [6][7]. - The original founders have significantly cashed out, with reports indicating they have sold shares worth over 1.4 billion yuan, leading to a perceived separation from the company's operational decisions [8][9]. - Li Ming's recent actions, including a substantial private placement to raise funds, indicate a strong commitment to the company's future despite market skepticism [10][11]. Group 3: Financial Performance and Market Challenges - The outdoor business still accounts for nearly 80% of the company's revenue but is experiencing a decline, with a reported 10.51% decrease in revenue for the first half of 2025 [14]. - The semiconductor business, identified as a second growth driver, has shown a dramatic slowdown in growth, with revenue growth dropping from 590.93% to 8.27% year-on-year [15]. - The company reported a net profit of 33 million yuan for the first three quarters of 2025, a 67.53% decline compared to the previous year, indicating ongoing financial challenges [16].

Core Viewpoint - The company, after the acquisition by new controlling shareholder Li Ming, is actively pursuing acquisitions in the semiconductor sector, with recent announcements to acquire stakes in two chip companies, but market reactions have been negative due to past acquisition performance concerns [1][3]. Acquisition Details - The company plans to invest 321.3 million yuan and 357 million yuan to acquire 51% stakes in Shenzhen Betel Electronics Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. respectively [1]. - The company has previously acquired three chip companies from 2021 to 2023, but the outcomes of these acquisitions have not been satisfactory [1][3]. Financial Performance of Target Companies - As of August 31, 2025, Betel and Tongtu have total assets of 276 million yuan and 103 million yuan, respectively, with net profits projected to be 33.7 million yuan, 47.7 million yuan, and 68.6 million yuan for Betel from 2026 to 2028 [6]. - For 2024 and the first eight months of 2025, Betel's revenues are projected at 179 million yuan and 166 million yuan, while Tongtu's revenues are expected to be 56.1 million yuan and 105 million yuan [6]. Market and Competitive Landscape - The semiconductor industry is experiencing intense competition, particularly in consumer electronics, which raises concerns about the performance of the acquired companies [7][8]. - The market for consumer chips is described as mature, with significant price competition and a lack of growth potential in lower-end chip segments [8]. Valuation and Premium Concerns - The acquisitions involve significant premiums, with Betel valued at 650.6 million yuan, representing a 363.26% increase over its net asset value, and Tongtu valued at 702.8 million yuan, reflecting a 2119.65% increase [10]. - The high valuation may lead to substantial goodwill and intangible asset recognition, which could pose risks if the acquired companies do not meet performance expectations [12][10]. Financial Position and Funding Challenges - The company is utilizing 678 million yuan of its own funds for the acquisitions, which exceeds 70% of its available cash [16]. - The company is also planning a private placement to raise 1.858 billion yuan to support liquidity, with potential risks associated with the timing and success of this fundraising effort [18]. Business Transition and Revenue Contribution - The company has been transitioning from its original outdoor brand focus to a dual business model that includes semiconductor operations, but the semiconductor segment still accounts for less than 20% of total revenue [19]. - In the first half of 2025, semiconductor revenue was approximately 112 million yuan, while outdoor apparel and footwear contributed over 76% of total revenue [19][20]. Performance of Acquired Companies - The financial performance of the three semiconductor subsidiaries has been disappointing, with significant losses reported by Beijing Xinneng and a sharp decline in profits for G2 Touch [21]. - The reliance on overseas markets has exposed the company to currency fluctuations, further complicating its financial stability [22].

Core Viewpoint - The company, Tanshan, has announced the acquisition of 51% stakes in Shenzhen Betel Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. for a total of 67,830 million yuan, aiming to enhance its chip business and market competitiveness [1][12]. Group 1: Acquisition Details - The company will acquire 51% of Shenzhen Betel Technology for 32,130 million yuan and 51% of Shanghai Tongtu for 35,700 million yuan, using its own funds [1][7]. - The acquisition of Betel will be completed in two phases, with the first phase involving the transfer of 12.96% of shares and the remaining 5.39% by January 31, 2026 [2]. - Shanghai Tongtu's acquisition will also be finalized with the other shareholders waiving their rights to purchase the shares [7][9]. Group 2: Financial Performance - Betel's revenue for 2024 and the first eight months of 2025 was 1.79 billion yuan and 1.66 billion yuan, respectively, with net profits of -25.19 million yuan and 17.73 million yuan [4]. - Shanghai Tongtu reported revenues of 560.57 million yuan for 2024 and 1.05 billion yuan for the first eight months of 2025, with net profits of 5.54 million yuan and 18.89 million yuan [9]. Group 3: Valuation and Commitments - The valuation of Betel was determined to be 650.6 million yuan, reflecting a 363.26% increase over its net asset value [6][11]. - Shanghai Tongtu's valuation was set at 702.78 million yuan, with a 2,119.65% increase over its net asset value [11]. - Both companies have performance commitments, with Betel expected to achieve net profits of at least 33.7 million yuan, 47.7 million yuan, and 68.6 million yuan for the years 2026, 2027, and 2028, respectively [7][11].

Core Viewpoint - The company, Explorer, has announced the acquisition of 51% stakes in Shenzhen Betlai Electronics Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd. for a total of 678.3 million yuan, aiming to enhance its chip business and expand its market presence in the semiconductor industry [1][8]. Group 1: Acquisition Details - The board of Explorer approved the acquisition of Betlai for 321.3 million yuan and Tongtu for 357 million yuan, using its own funds [1]. - The transactions do not constitute related party transactions or major asset restructuring, and they can be implemented upon board approval without needing a shareholder meeting [1]. Group 2: Betlai Overview - Betlai is a national high-tech enterprise specializing in analog-digital mixed signal chain chips, focusing on fingerprint recognition chips, touch chips, and dedicated MCU chips [2]. - The company has established itself as a leading chip design and solution provider in China, particularly in the fingerprint recognition sector, where it ranks first in the smart lock market [3][11]. Group 3: Tongtu Overview - Tongtu specializes in IP technology licensing and chip design, particularly in image and video processing, with applications in mobile AP chips, AMOLED driver chips, and automotive ADAS chips [4][5]. - The company has developed advanced technologies such as frame rate conversion and super-resolution, which are widely used in various consumer electronics [5][6]. Group 4: Strategic Importance of Acquisitions - The acquisitions are aimed at leveraging the rapid development of artificial intelligence, which requires high-precision and high-response sensing technologies as foundational elements for smart technology applications [8]. - By integrating Betlai's signal chain chip technology and Tongtu's IP resources, Explorer aims to enhance its product offerings and market competitiveness in the semiconductor sector [9][10]. Group 5: Market Expansion and Competitive Position - The acquisition will allow Explorer to expand its application markets, optimizing its customer structure and improving profitability by covering a broader range of consumer electronics and industrial control markets [10][11]. - Both Betlai and Tongtu are recognized leaders in their respective fields, which will significantly enhance Explorer's industry position and core competitiveness [11][12]. Group 6: Product and Technology Integration - The acquisition will enrich Explorer's product matrix by adding over 80 mature products and more than 230 intellectual property rights, including patents and software copyrights [12]. - The collaboration is expected to create synergies in market, customer, product, technology, and supply chain management, ultimately enhancing Explorer's profitability [12].

Core Viewpoint - The company, Tanshan Holdings Group Co., Ltd., plans to invest a total of 678 million yuan to acquire stakes in two chip companies, aiming to enhance its technology and market position in the semiconductor industry [1][2]. Group 1: Acquisition Details - Tanshan intends to spend 321 million yuan to acquire a 51% stake in Shenzhen Betel Electronic Technology Co., Ltd. [1] - The company also plans to invest 357 million yuan to acquire a 51% stake in Shanghai Tongtu Semiconductor Technology Co., Ltd. [1] Group 2: Company Profiles - Betel is a national high-tech enterprise focused on the design of analog-digital mixed signal chain chips, with products including fingerprint recognition chips, touch chips, and dedicated MCU chips [1]. - Shanghai Tongtu specializes in IP technology licensing and chip design, with applications in image and video processing, and has a strong presence in various chip markets including mobile AP chips and automotive ADAS chips [2]. Group 3: Strategic Objectives - The acquisitions aim to create a complementary relationship with Tanshan's existing chip business, enhancing its product range and customer base in the analog and mixed-signal chip market [2]. - The integration of Betel's technology will significantly expand Tanshan's capabilities in the signal chain chip sector, while Shanghai Tongtu's IP resources will bolster its competitiveness in display driving and video processing technologies [2]. - Overall, the company seeks to accelerate the technological upgrade and market expansion of its chip business, forming a more complete and robust semiconductor industry layout [2].

Core Viewpoint - The company, 探路者, has announced the acquisition of 51% stakes in two technology firms, 贝特莱 and 上海通途, for a total of 6.78 billion yuan, aiming to enhance its chip business and market competitiveness [2][7][8]. Group 1: Acquisition Details - The company will acquire 51% of 贝特莱 for 3.21 billion yuan, with the purchase funded by its own capital [2][6]. - The acquisition of 上海通途 will cost 3.57 billion yuan, also funded by the company's own resources [7][8]. - The acquisitions do not require shareholder meeting approval as they have been approved by the company's board [4]. Group 2: Company Profiles - 贝特莱 specializes in mixed-signal chain chips and solutions, focusing on fingerprint recognition and touch control chips, and is recognized as a leading chip design firm in China [5][6]. - 上海通途 is engaged in IP technology licensing and chip design, with expertise in image and video processing technologies, and its IP technology is widely used in various chip applications [7][8]. Group 3: Strategic Objectives - The acquisitions aim to create a strong synergy with the company's existing chip business, enhancing its product offerings in the analog and mixed-signal chip markets [8]. - The integration of 贝特莱's technology will expand the company's product dimensions and customer base, while 上海通途's resources will bolster its competitive edge in display and video processing technologies [8].

Core Viewpoint - The company,探路者控股集团股份有限公司, announced the acquisition of 51% stakes in two semiconductor companies, Shenzhen Beitelai Electronics Technology Co., Ltd. and Shanghai Tongtu Semiconductor Technology Co., Ltd., for a total of 6.78 billion yuan, aiming to enhance its chip business and market expansion [1][2]. Group 1: Acquisition Details - The company approved the acquisition of Shenzhen Beitelai for 321 million yuan and Shanghai Tongtu for 357 million yuan, both funded by its own resources [1]. - The valuation for both companies was based on the income approach, with Beitelai showing a value increase of 363.26% and Shanghai Tongtu showing a value increase of 2119.65% [1]. Group 2: Company Profiles - Shenzhen Beitelai is a national high-tech enterprise focused on mixed-signal chain chip design, specializing in fingerprint recognition chips, touch chips, and dedicated MCU chips, operating under a Fabless model [1]. - Shanghai Tongtu specializes in IP technology licensing and chip design, with a strong focus on image and video processing, and its IP technology is widely applied in various chip designs including mobile AP chips and automotive ADAS chips [2]. Group 3: Strategic Intent - The acquisitions are intended to create deep synergies with the company's existing chip business, integrating technologies, products, and customer resources to expand into consumer electronics, industrial control, and intelligent driving applications [2].