Core Viewpoint - Shenzhen Guangyun Da Optoelectronic Technology Co., Ltd. (referred to as "Guangyun Da") is seeking new growth points through acquisitions amid a change in controlling shareholder and a decline in performance, having planned two cash acquisition deals totaling nearly 600 million yuan within less than a year [1][4]. Acquisition Details - Guangyun Da has completed the acquisition of Chengdu Lingxuan Precision Machinery Co., Ltd. (referred to as "Lingxuan Precision"), becoming its controlling shareholder with a 36.4652% equity stake and 71.4652% voting rights [1][4]. - The acquisition was executed at a high premium of approximately 485.96%, with the total valuation of Lingxuan Precision set at 660 million yuan, leading to a cash payment of 241 million yuan for the 36.4652% stake [4][3]. Financial Performance of Lingxuan Precision - Lingxuan Precision, established in 2008, specializes in providing key precision components and processing services for aerospace and weaponry sectors, with a registered capital of 23.95844 million yuan [5]. - Financial data indicates strong profitability, with projected revenues of 135 million yuan and 85.1968 million yuan for 2024 and the first half of 2025, respectively, and net profits of 36.1074 million yuan and 21.9999 million yuan [5][6]. Guangyun Da's Recent Performance - Guangyun Da has faced significant financial challenges, reporting its first annual loss in 2024, with a net loss of 27.3666 million yuan, despite stable revenue growth from 888.7 million yuan in 2020 to 1.118 billion yuan in 2024 [10]. - In 2025, the loss further expanded, with a net profit of -52.448 million yuan for the year-to-date, reflecting a 261.78% year-on-year decline, while revenue increased by 23.13% to 965 million yuan [11][10]. Strategic Direction - Guangyun Da aims to deepen its involvement in the aerospace manufacturing sector, with the acquisition of Lingxuan Precision aligning with its strategy to enhance operational performance and profitability in this area [7]. - The company has also engaged in another acquisition of 56.03% of Shenzhen Yilian Infinite Technology Co., Ltd. for 352 million yuan, indicating a proactive approach to growth through acquisitions [11][12].

Group 1 - Guangyun Da plans to acquire 36.47% equity of Chengdu Lingxuan Precision Machinery Co., Ltd. for 241 million yuan, gaining control with a total of 71.47% voting rights post-transaction [1] - Lingxuan Precision provides key precision components and processing services for aerospace and weaponry sectors, with major products including missile warhead components and aircraft parts [1] - The valuation of Lingxuan Precision's total equity is 664 million yuan, reflecting an appreciation rate of 485.96% [1] Group 2 - Lingxuan Precision has committed to achieving audited net profits of no less than 55 million yuan, 70 million yuan, and 88 million yuan for the years 2026 to 2028, indicating an average annual growth rate exceeding 20% [2] - Guangyun Da's acquisition will expand its product and service range in the aerospace manufacturing sector, enhancing its business segment and creating new profit growth points [2] - The aerospace manufacturing segment currently operated by Guangyun Da's subsidiary, Tongyu Aviation, recorded revenue of 97.38 million yuan in the first half of the year, a year-on-year increase of 16.35% [2] Group 3 - Guangyun Da's main business also includes laser application services, intelligent equipment, and laser products, with laser application services generating 242 million yuan in revenue, a 6.65% increase year-on-year [3] - The company is actively extending its industrial chain, having announced the acquisition of 56% of Shenzhen Yilian Infinite Technology Co., Ltd. for 352 million yuan, focusing on network equipment development and sales [3] - This acquisition aims to integrate the company's intelligent equipment manufacturing business within the electronic manufacturing industry chain and expand its export capabilities [3]