Core Viewpoint - The interview with the Secretary of the Board of Directors of Ruilian Technology highlights the company's leadership in industrial X-ray intelligent detection equipment and its commitment to innovation and AI integration in its operations [3][12]. Company Overview - Ruilian Technology, established in 2009, specializes in the research, production, and sales of industrial X-ray intelligent detection equipment and core components, with applications in integrated circuits, electronic manufacturing, and new energy batteries [3]. - The company was successfully listed on the Sci-Tech Innovation Board in March 2023, with the stock code 688531 [3]. - Ruilian Technology is recognized as a national key "little giant" enterprise, having achieved mass production of self-developed "micro-focus X-ray sources," breaking foreign monopolies and filling domestic gaps [3]. Financial Performance - In 2024, the company achieved operating revenue of 739.50 million yuan, a year-on-year increase of 25.89% [4]. - The net profit attributable to shareholders of the parent company was 143.30 million yuan, up 25.44% year-on-year [4]. - The net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was 96.17 million yuan, reflecting a significant year-on-year growth of 56.82% [4]. AI Integration and Applications - Ruilian Technology has established an AI-driven framework for its operations, focusing on data, algorithms, and computing power to enhance its X-ray detection capabilities [6][10]. - The company has successfully implemented AI applications in various sectors, including integrated circuit detection and new energy battery inspection, achieving high precision and speed in defect identification [8][9]. - An example of AI application includes a solution for a major automotive client, where the AI system achieved a 99.9% accuracy rate in detecting internal defects in large castings, significantly improving efficiency by over 20 times [9]. Competitive Advantage and Industry Impact - AI is expected to reshape the competitive landscape of the X-ray detection equipment industry by enhancing detection accuracy and efficiency, expanding application scenarios, and reducing production costs [10][11]. - Ruilian Technology has built a comprehensive AI intelligence system that maintains its leading position in the industrial X-ray AI intelligent detection technology field [11]. - The company invested 81.52 million yuan in R&D in 2024, accounting for 11.02% of its operating revenue, and registered 97 new IPs during the reporting period [11]. Governance and Ethical Standards - Ruilian Technology emphasizes the importance of technology ethics and data security, ensuring compliance with relevant laws and regulations while protecting customer privacy [12]. - The company has established strict information security management protocols and conducts regular training for employees to enhance awareness of information security [12].

Core Viewpoint - The acquisition of Zhuhai Jiuyuan by Rilian Technology is a significant step in implementing its "horizontal expansion and vertical deepening" development strategy, aimed at building an industrial testing platform enterprise [1]. Summary by Sections Acquisition Details - Rilian Technology announced the acquisition of 45% equity in Zhuhai Jiuyuan for 60.75 million yuan and an additional capital increase of 30 million yuan, resulting in a 55% controlling stake [2]. - The acquisition will be consolidated into Rilian Technology's financial statements following the completion of the transaction [2]. Company Profiles - Zhuhai Jiuyuan is a national high-tech enterprise specializing in the R&D, production, and sales of high-end new energy power conversion equipment and testing products, with strong technical capabilities in lithium battery performance testing and energy storage converters [3]. - Rilian Technology is a leading domestic provider of industrial X-ray intelligent detection equipment, with applications across integrated circuits, electronics manufacturing, and new energy batteries [3]. Financial Performance - In 2024, Rilian Technology achieved a revenue of 739 million yuan, a year-on-year increase of 25.89%, and a net profit of 143 million yuan, up 25.44% [3]. - Zhuhai Jiuyuan's projected revenues for 2023 and 2024 are 30.48 million yuan and 39.92 million yuan, respectively, with a gross margin exceeding 60%, indicating strong profitability potential for Rilian Technology [5]. Performance Commitments - The existing shareholders of Zhuhai Jiuyuan have waived their preemptive rights, and performance commitments have been established for the years 2025 to 2028, with minimum net profit targets set at 5 million yuan, 20 million yuan, 22.5 million yuan, and 25 million yuan, respectively [4]. - If performance exceeds targets, 40% of the excess will be awarded to the management team as performance incentives [5]. Strategic Implications - The acquisition is expected to create synergies in product development, market channels, and technology integration, enhancing Rilian Technology's competitiveness in the new energy power conversion and intelligent detection equipment sectors [5]. - Rilian Technology aims to continue its "horizontal expansion and vertical deepening" strategy, focusing on both organic growth and synergistic acquisitions to become a world-class industrial testing platform enterprise [5].

Core Viewpoint - Nichi Union Technology (688531.SH) aims to enhance its competitiveness through an acquisition of 55% stake in Zhuhai Jiuyuan Power Electronics Technology Co., Ltd. for a total price of 90.75 million yuan, making it a subsidiary of Nichi Union Technology [2][5] Group 1: Acquisition Details - The acquisition will be executed through equity purchase and capital increase, with Nichi Union using 60.75 million yuan for the purchase of 45% shares and an additional 30 million yuan for capital increase [5] - Zhuhai Jiuyuan specializes in high-end new energy power conversion equipment and testing products, complementing Nichi Union's existing business [2][5] - The transaction is expected to enhance Nichi Union's product structure and technical capabilities in the industrial testing field [2][9] Group 2: Financial Performance and Projections - Zhuhai Jiuyuan has a performance commitment to achieve a net profit of no less than 72.5 million yuan over the next three and a half years [3][6] - In 2023 and 2024, Zhuhai Jiuyuan is projected to generate revenues of 30.48 million yuan and 39.92 million yuan, with net profits of 11.14 million yuan and 15.51 million yuan respectively [6][7] - The overall valuation of Zhuhai Jiuyuan is estimated at 137 million yuan, with a significant premium of 391.78% [6] Group 3: Market Position and Growth - Nichi Union has seen a revenue increase of 52.37% and a net profit increase of 99.4% since its listing two years ago [3][10] - The company reported a revenue of 587 million yuan in 2023 and 739 million yuan in 2024, with net profits of 114 million yuan and 143 million yuan respectively [10] - In the first four months of 2025, Nichi Union secured new orders worth 436 million yuan, marking a year-on-year growth of 100.87% [4][11]