分红方面，思林杰A股上市后累计派现1.03亿元。近三年，累计派现7315.48万元。 融券方面，思林杰8月27日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，广州思林杰科技股份有限公司位于广东省广州市番禺区石碁镇亚运大道1003号2号楼 101,201,301,401,501，成立日期2005年4月21日，上市日期2022年3月14日，公司主营业务涉及嵌入式智 能仪器模块等工业自动化检测产品的设计、研发、生产及销售。主营业务收入构成为：嵌入式智能仪器 模块56.53%，自动化生产测试设备16.56%，其他15.14%，机器视觉产品11.33%，其他(补充)0.44%。 截至7月18日，思林杰股东户数4482.00，较上期增加0.40%；人均流通股9401股，较上期减少0.40%。 2025年1月-3月，思林杰实现营业收入3171.10万元，同比增长20.83%；归母净利润-1254.13万元，同比 减少546.94%。 8月27日，思林杰跌3.48%，成交额8275.11万元。两融数据显示 ...

Group 1 - The stock price of Slinjet is reported at 69.35 yuan, down 0.94 yuan from the previous trading day, with a trading volume of 7,786 hands and a transaction amount of 54 million yuan [1] - Slinjet's main business involves the research, production, and sales of embedded smart instrument modules, primarily used in consumer electronics testing [1] - The company plans to acquire 71% of Keke Electronics for 1.42 billion yuan, with a cash payment of 857 million yuan [1] Group 2 - Keke Electronics specializes in military-grade high-reliability micro-circuit modules, with a projected net profit of 100 million yuan for 2024, which is six times that of Slinjet's net profit for the same period [1] - Keke Electronics previously withdrew its IPO application and reported only 31% of its 2023 annual revenue in the first eight months of 2024, with a net profit of 14% and a decline in gross margin exceeding 15 percentage points [1] - The Shenzhen Stock Exchange issued a regulatory letter in March indicating that Keke Electronics had inflated R&D expenses during its IPO application process [1]

7亿商誉已超公司营收三倍。 作者 | 萧瑟 编辑 | 小白 "并购是一门艺术"，此言不虚。 因为并购远不止是数字和条款的堆砌，其融合了估值博弈、规则周旋、时机把握等多重因素，每一步 都充满了不确定性与创造性。 就以思林杰（688115.SH）收购青岛科凯电子研究所股份有限公司（"科凯电子"）为例，这笔交易自 2024年9月起开始筹划， 至今共发布过6版交易草案、经历过3次交易所问询，前后拉扯了近一年时 间。 随着思林杰在7月31日披露最新交易方案及问询回复，这次漫长的并购迎来关键进展，今日我们便聚 焦于此。 失意者联盟 先来看并购方思林杰，2022年在科创板上市，主营工业自动化检测仪器，主要产品为嵌入式智能仪器 模块、机器视觉产品、自动化生产测试设备等，下游集中于消费电子产线。 其中嵌入式智能仪器模块的收入贡献超过50%，是思林杰的核心产品。 | | | | 主营业务分行业情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 营业收入比 | 营业成本比 | 毛利率比上 | | 分行业 | 营业收入 | 营业成本 | 毛利率(%) | ...

Core Viewpoint - The "Apple concept" sector, particularly Chaoyang Technology, has experienced significant volatility due to changes in US-China tariff policies and promotional pricing strategies ahead of the "618" shopping festival, leading to increased investor scrutiny [1][6]. Company Summary - Chaoyang Technology reported a total revenue of 1.734 billion yuan in 2024, a year-on-year increase of 21.24%, while net profit decreased by 3.31% to 113 million yuan [2]. - The company's revenue breakdown shows that earphone products generated 1.22 billion yuan (70.36% of main business revenue), sound products contributed 236 million yuan (13.62%), and precision components accounted for 265 million yuan (15.27%) [2]. - Major clients include well-known brands such as A client, Samsung, and Xiaomi, with sales to the largest customer reaching 703 million yuan, representing 40.53% of total sales [2]. Institutional Investor Changes - There was a notable reduction in institutional investor holdings in Chaoyang Technology from the end of 2024 to the first quarter of 2025, with only four institutions remaining compared to thirteen previously [4][5]. - The largest institutional shareholder, Morgan Stanley, reduced its holdings from 357,200 shares to 225,200 shares, while other funds also decreased their stakes significantly [5]. Sector Performance - The "Apple concept" sector saw a rise prior to the recent downturn, influenced by tariff changes and promotional activities in the consumer market [6]. - Companies like Dongni Electronics and Yanmian Technology also faced challenges, with Dongni Electronics reporting a revenue of 1.981 billion yuan in 2024, a 7.86% increase, but a net profit of only 11.52 million yuan [8]. - Yanmian Technology's revenue heavily relies on the Apple supply chain, with 44.19% of its sales coming from its largest customer [9]. R&D and Future Outlook - Si Lin Jie, another player in the sector, achieved a revenue of 184.51 million yuan in 2024, a 10.09% increase, with a net profit growth of 69.99% [10]. - Despite the growth, Si Lin Jie reported a decrease in R&D investment from 52.08 million yuan to 49.24 million yuan, indicating potential concerns about future innovation capabilities [11].