Core Viewpoint - The regulatory body is scrutinizing the rationale behind the acquisition of control over Springhui Instrument by Springhui Intelligent Control, particularly the consistency of the business logic in light of the company's previous relinquishment of control and subsequent reacquisition [1][2] Group 1: Company Background - Springhui Instrument, originally Shaoxing Automation, was established in 1994 and was previously a subsidiary of Springhui Group [1] - From 2002 to 2007, due to developmental challenges faced by Springhui Group and continuous losses at Springhui Instrument, the group gradually lost control through multiple equity transfers to management personnel [1] Group 2: Acquisition Details - Springhui Intelligent Control became the largest shareholder of Springhui Instrument in 2022 through equity transfer and targeted capital increase, and now plans to acquire the remaining shares for full control [1] - The acquisition is valued at 424 million yuan, reflecting an increase from the 210 million yuan valuation during the 2022 capital increase, attributed to improved profitability, increased non-operating assets, and changes in discount rates [2] Group 3: Strategic Rationale - The company claims the reacquisition is based on strategic synergy, as both companies operate in the instrumentation industry with upstream and downstream relationships [2] - The demand for sensors is expected to grow as the company transitions towards "smart gas" and "smart heating" solutions, enhancing the potential for complementary advantages and sustained profitability [2] Group 4: Financial Performance - Springhui Instrument's revenue for 2023 to 2025 is projected at 105 million yuan, 120 million yuan, and 100 million yuan, with net profits of 33.22 million yuan, 26.33 million yuan, and 25.08 million yuan, indicating stable profitability [2] - The company previously withdrew its IPO application for the Beijing Stock Exchange in 2023, citing strategic development considerations rather than deteriorating financial data [2]

值得一提的是，2025年上半年，春晖智控为韩国大成定制开发的带智能补水集成水路，已完成首批订单 交付，现客户反馈良好，为公司进入韩国市场的关键突破；同时，公司为意大利依玛定制开发集成水 路，已完成样品交付，等待客户确认，为公司进一步拓展欧洲市场奠定了基础。(厉平) 8月25日晚，春晖智控（300943）发布2025年半年度报告，公司在今年上半年实现营收2.55亿元，同比 增长0.95%；归母净利润2725.65万元，同比增长1.81%，展现了公司稳健的经营业绩。 春晖智控表示，公司与春晖仪表属于行业上下游，本次收购有利于增强业务协同，提升上市公司可持续 经营能力及稳定性。公司目前燃气领域的控制系统集成产品需要向上游采购压力传感器，供热领域的控 制系统集成产品需要向上游采购温度传感器，安装于集成产品中，再向下游客户销售。 半年报显示，春晖智控积极在绿色能源领域开展新产品研发及市场开拓工作，将以核电氢能为代表打造 公司电磁阀类业务的新增长极。目前，公司处于研发阶段的应用于核电厂的核电安全级电磁阀、核电反 应堆装卸料机电磁阀用线圈正在稳步推进中。 2025年3月，春晖智控发布公告，拟通过发行股份及支付现金方式购买参 ...