Core Viewpoint - The acquisition of a 51% stake in Hefei Shengwen Information Technology Co., Ltd. by Jingye Intelligent (688290.SH) from its controlling shareholder, Hangzhou Xingzhiyuan Holdings Co., Ltd., has raised regulatory scrutiny due to the high premium involved in the transaction, which is valued at 2.15 billion yuan with a premium rate of 464.97% [1][6]. Group 1: Acquisition Details - Jingye Intelligent plans to acquire 51% of Hefei Shengwen for 108 million yuan in cash, which will make Hefei Shengwen a subsidiary of Jingye Intelligent [3][4]. - The controlling shareholder, Hangzhou Xingzhiyuan, acquired the same stake in Hefei Shengwen for only 100 million yuan in May 2024, indicating a profit of 8 million yuan from this transaction [1][6]. - Hefei Shengwen reported revenues of 11.74 million yuan and a net loss of 10.35 million yuan in the first eight months of 2025, raising questions about the feasibility of the performance commitments made by Hangzhou Xingzhiyuan [1][9]. Group 2: Financial Performance - In the first half of 2025, Jingye Intelligent achieved revenues of 110 million yuan, a year-on-year increase of 16.15%, but net profit and non-recurring net profit decreased by 55.3% and 19.51%, respectively [2][9]. - The financial performance of Hefei Shengwen shows a concerning trend, with a total revenue of 48.85 million yuan in 2024 and a net profit of 7.99 million yuan, followed by a significant loss in 2025 [9][10]. - Hefei Shengwen has made performance commitments to achieve non-recurring net profits of at least 1 million yuan, 1.7 million yuan, and 2.2 million yuan for the years 2025 to 2027, totaling no less than 49 million yuan [9]. Group 3: Strategic Implications - The acquisition is seen as a strategic move for Jingye Intelligent to enhance its presence in the military and defense sectors, aiming to integrate special robots and intelligent information systems [8]. - The company is currently facing a bottleneck in revenue growth, with fluctuating financial results since its listing in April 2022 [8].

合肥盛文专注于要地工程信息化与智能化产品的研发、生产及销售，核心产品涵盖国产自主可控的智能 化平台、智能周界安防系统、卫星反演系统、电磁场仿真评估系统以及密闭空间保障装备等，具备较强 的技术自主性和系统集成能力。同时，合肥盛文正在全面实施"一主三翼"业务战略，其中一主为综合信 息系统，三翼为智能伪装、重要目标防护和风电厂址电磁影响评估。 本次收购旨在加速公司在军工领域的战略布局与业务拓展。双方将通过深化特种机器人与智能化信息系 统的融合，在客户、市场、技术、产品和运营等方面形成多重协同效应，进一步提升公司在军工领域业 务的综合竞争力，推动公司业绩增长。 格隆汇9月29日丨景业智能(688290.SH)公布，为促进资源和产业整合，进一步优化产品布局，提升公司 市场竞争力，公司拟以自有资金通过现金支付的方式收购行之远持有的合肥盛文51%股权。以2025年8 月31日为评估基准日，合肥盛文100%股权的评估值为人民币21,500万元，本次评估增值率为464.97%。 经交易各方协商一致，合肥盛文51%股权交易价格为人民币10,800万元。 ...