芯片成为A股公司争相布局的新产业，无论是上下游兼并还是跨界，资本市场涌入的半导体标的资产不 断。12月1日晚间，户外装备巨头探路者（300005）披露了一则收购股权公告，公司拟合计斥资6.78亿 元收购两家半导体资产，即深圳贝特莱电子科技股份有限公司（以下简称"贝特莱"）51%股权、上海通 途半导体科技有限公司（以下简称"上海通途"）51%股权，意在加码公司芯片产业布局。颇为显眼的 是，两家标的公司均系高溢价并购，其中上海通途的增值率高达2119.65%。高溢价并购下，标的交易 对方也给出了较为可观的业绩承诺。 抛6.78亿元重磅并购 一则并购公告让探路者的股吧沸腾了，公司也拟收购热门资产芯片。 12月1日晚间，探路者披露公告称，拟以自有资金3.21亿元收购贝特莱51%的股份，还拟以自有资金3.57 亿元收购上海通途51%的股权。上述交易不构成关联交易，不构成重大资产重组。本次交易未达到股东 会议事范围，经公司董事会审议批准后即可实施。 资料显示，贝特莱成立于2011年，公司创始人为张弛、陈友波、胡荣花，张弛系公司董事长、总经理， 陈友波系公司董事、副总裁，胡荣花系公司董事、财务负责人，三人分别持有公司31. ...

芯片成为A股公司争相布局的产业，无论是上下游兼并还是跨界，资本市场涌入的半导体标的资产不断。12月1日晚间，户外装备巨头探路者（300005）披 露了一则收购股权公告，公司拟合计斥资6.78亿元收购两家半导体资产，即深圳贝特莱电子科技股份有限公司（以下简称"贝特莱"）51%股权、上海通途半 导体科技有限公司（以下简称"上海通途"）51%股权，意在加码公司芯片产业布局。颇为显眼的是，两家标的公司均系高溢价并购，其中上海通途的增值率 高达2119.65%。高溢价并购下，标的交易对方也给出了较为可观的业绩承诺。 抛6.78亿元重磅并购 一则并购公告让探路者的股吧沸腾了，公司也拟收购热门资产芯片。 12月1日晚间，探路者披露公告称，拟以自有资金3.21亿元收购贝特莱51%的股份，还拟以自有资金3.57亿元收购上海通途51%的股权。上述交易不构成关联 交易，不构成重大资产重组。本次交易未达到股东会议事范围，经公司董事会审议批准后即可实施。 两标的业绩承诺亮眼 超高溢价并购，两家标的公司交易对方给出的业绩承诺也颇为亮眼。 公告显示，此次并购均系高溢价，其中贝特莱以收益法的结果作为最终估值结论，经估值，被估值企业股东全部权 ...

Core Viewpoint - The recent ownership change of Changling Hydraulic has progressed, with the completion of the share transfer process, leading to a new control structure involving significant players in the semiconductor industry and state-owned enterprises [1][3][6]. Group 1: Ownership Change Details - On November 15, Changling Hydraulic announced the completion of the share transfer, with Hu Kangqiao and state-owned enterprises acquiring a combined 41.99% stake [1][3]. - The total transaction amount for the ownership change is approximately 20.88 billion yuan, with Hu Kangqiao's group contributing around 14.68 billion yuan for 29.99% of the shares [2][5][6]. - Following the transaction, the actual controllers of the company will include the Jiangyin High-tech Zone State-owned Assets Office, Hu Kangqiao, and Xu Lantao [2][6]. Group 2: Background of New Controllers - Hu Kangqiao, the new key figure, has a strong background in semiconductor design, having founded Corelink Interconnect and raised over 600 million yuan in funding from top investment firms [2][8][9]. - Corelink Interconnect specializes in mixed-signal chip design and has been recognized as a national-level "little giant" enterprise, indicating its significant role in the semiconductor industry [9][10]. Group 3: Financial Performance of Changling Hydraulic - Changling Hydraulic has faced declining financial performance since its IPO in 2021, with revenue fluctuating between 806 million yuan and 907 million yuan and net profit decreasing from 202 million yuan to 95 million yuan [12][13]. - Despite the financial struggles, the company has maintained a high dividend payout ratio, distributing 94 million yuan and 61 million yuan in cash dividends for 2024 and 2025, respectively [14].

Core Viewpoint - Jiangsu Changling Hydraulic Co., Ltd. has completed its ownership change, with the new controlling party being Hu Kangqiao and his associates from Qingdao, who will invest 2.113 billion yuan to acquire 41.99% of the voting rights through an innovative scheme of "agreement transfer + partial tender offer" [2][9]. Group 1: Ownership Change Details - The ownership change was prompted by the company's declining performance, with four consecutive years of revenue decline [3]. - Hu Kangqiao, a 37-year-old Tsinghua University graduate and founder of Core Interconnect Technology, will become the actual controller of Changling Hydraulic [2][6]. - The transaction received significant support from state-owned assets in Wuxi, which contributed 847 million yuan to facilitate Hu's acquisition [2][13]. Group 2: Financial Performance - Changling Hydraulic's revenue peaked between 2018 and 2020, with a maximum growth rate of 71.69% and a net profit increase of 118.73% [5]. - However, since its listing in 2021, the company has seen a decline in revenue from 907 million yuan in 2021 to 883 million yuan in 2024, with net profit dropping from 202 million yuan to 95 million yuan during the same period [5]. - In Q1 of this year, the company reported a revenue of 219 million yuan, a year-on-year decrease of 2.64%, and a net profit of 30.82 million yuan, down 7.63% year-on-year [5]. Group 3: Strategic Implications - The acquisition marks a significant crossover between the chip industry and traditional manufacturing, with potential for collaborative development [9][13]. - Core Interconnect Technology has established itself as a high-tech enterprise focusing on mixed-signal chip design, with over 1,000 chip models in mass production [8]. - The strategic partnership aims to leverage the technological advantages of both hydraulic manufacturing and chip design, raising questions about the potential for successful integration and growth [9][13].