本周，南向资金净流入590.2亿港元。 慈星股份终止收购顺义科技75%股权 日前，慈星股份（300307）发布公告，公司原计划收购顺义科技75%股份，并拟向不超过35名特定投资者发行股票募集配套资金，经过进行多轮协商和谈 判后，公司与本次交易的部分交易对方就部分商业条款未达成一致意见，为维护公司全体股东长期利益，公司经审慎性考虑，决定终止本次重组事项。公 司承诺自终止本次交易事项公告披露后的一个月内，不再筹划重大资产重组事项。 慈星股份主要从事针织机械的研发、生产和销售，主要产品为智能针织机械设备，而此前计划收购的顺义科技是一家专业从事装备健康管理系统、智能检 测设备、维修保障设备及仿真模拟设备研发、生产与销售的企业。公司此前在公告中表示，此次交易目的包括推动上市公司优化产业布局，打造第二增长 曲线，将上市公司业务拓展至国防科技行业。 公司在机构调研活动中表示，受关税政策影响及终端消费需求影响，下游企业订单量短期内面临滞缓情况。此外，横机行业同质化竞争加剧，企业整体利 润空间不断受到压缩，行业发展格局面临深度调整。 2股获南向资金持股量环比翻倍 从持股量变化来看，本周30股获南向资金持股量环比增长均超10%， ...

Core Viewpoint - Cixing Co., Ltd. has terminated its acquisition of 75% of Shenyang Shunyi Technology Co., Ltd., marking the second failed acquisition attempt this year as part of its strategy to diversify into popular industries [1][3]. Group 1: Acquisition Attempts - The acquisition of Shunyi Technology was intended to enhance Cixing's capabilities in the defense technology sector and create a new growth curve for the company [3]. - Prior to the Shunyi Technology deal, Cixing attempted to acquire Wuhan Minsong New Technology Co., Ltd. but also terminated this deal due to failure to reach agreement on key commercial terms [4]. Group 2: Company Performance - In 2024, Cixing reported a revenue of 2.218 billion yuan, a year-on-year increase of 9.16%, and a net profit attributable to shareholders of 284 million yuan, up 148.82% [4]. - For the first quarter of the current year, Cixing achieved a revenue of 608 million yuan, reflecting a year-on-year growth of 2.73%, while the net profit dropped by 66.46% to 76.11 million yuan [4]. Group 3: Future Development Direction - Cixing plans to solidify its core business by developing specialized knitting machines and focusing on the smart knitting equipment industry, aiming to enhance technology levels and promote industry upgrades [5]. - The company is also exploring new growth areas in smart wearable technology and medical textiles [5].

【导读】未达成一致意见，慈星股份终止购买资产事项 中国基金报记者 李智 筹划近两个月的交易告吹。 8 月 1 日晚间， 慈星股份 宣布终止对沈阳顺义科技股份有限公 司（以下简称顺义科技） 75% 股份的收购事项。 慈星股份终止购买资产事项 慈星股份发布公告称，公司终止发行股份及支付现金购买资产并募集配套资金事项。 慈星股份表示，自筹划本次交易以来，公司严格按照相关法律法规及规范性文件要求，积极 组织交易各方推进本次重组工作。但经多轮协商和谈判后， 公司与本次交易的部分交易对方 就部分商业条款未达成一致意见 ，为维护公司全体股东长期利益，公司经审慎考虑，决定终 止本次重组事项。 慈星股份彼时表示，该次交易将推动上市公司优化产业布局，打造第二增长曲线。交易完成 后，公司业务将拓展至国防科技行业，积极进行装备健康管理系统和智能检测设备领域的技 术研究与前瞻布局，形成新的利润增长点，实现战略转型。 公开资料显示，慈星股份主要从事针织机械的研发、生产和销售，主要产品为智能针织机械 设备。慈星股份通过外延并购方式，分别于 2015 年、 2016 年切入自动化设备与项目集成 业务、移动互联网业务。 对于公司的未来发展方向 ...

【导读】未达成一致意见，慈星股份终止购买资产事项 筹划近两个月的交易告吹。8月1日晚间，慈星股份（300307）宣布终止对沈阳顺义科技股份有限公司（以下简称顺义科技）75%股份的收购事项。 慈星股份终止购买资产事项 慈星股份发布公告称，公司终止发行股份及支付现金购买资产并募集配套资金事项。 慈星股份表示，自筹划本次交易以来，公司严格按照相关法律法规及规范性文件要求，积极组织交易各方推进本次重组工作。但经多轮协商和谈判后，公 司与本次交易的部分交易对方就部分商业条款未达成一致意见，为维护公司全体股东长期利益，公司经审慎考虑，决定终止本次重组事项。 8月1日，慈星股份召开第五届董事会第十七次会议、第五届监事会第十七次会议，审议通过了《关于公司终止发行股份及支付现金购买资产并募集配套资 金事项的议案》，同意公司终止本次交易事项。 慈星股份表示，公司终止本次交易事项是经公司审慎研究和充分论证后作出的决定，不存在公司及相关方需承担相关违约责任的情形。目前，公司生产经 营正常，未来公司将继续围绕既定的战略目标有序开展各项经营管理工作，在合适的时机与条件下积极寻求更多的发展机会，持续提升公司经营业绩，切 实维护广大股东利益 ...

Group 1 - The company announced the termination of its plan to acquire 75% of Shenyang Shunyi Technology Co., Ltd. after two months of planning due to failure to reach agreement on certain commercial terms with some counterparties [1][2] - Shunyi Technology, established in 2012, is a high-tech enterprise specializing in the research, production, and sales of equipment health management systems and intelligent detection devices, primarily serving the national defense technology sector [2][3] - The acquisition was intended to diversify the company's business and enter the defense technology industry, creating a second growth curve and enhancing profitability and core competitiveness [2][3] Group 2 - The company faces growth bottlenecks in its traditional business, which is primarily focused on the production of computerized flat knitting machines, necessitating a transformation towards new productive forces [3] - The company aims to solidify its main business while exploring new growth points in smart wearable technology and medical textiles, as well as developing new machine types [3] - As of August 1, the company's stock price was 8.17 yuan per share, with a total market capitalization of 6.489 billion yuan [4]

Group 1 - Ningbo Cixing Co., Ltd. plans to acquire 75% of Shenyang Shunyi Technology Co., Ltd. through a combination of issuing shares and cash payment, with cash not exceeding 40% of the total transaction price [1] - The acquisition is part of the company's strategic plan to optimize its industrial layout and transition towards new productive forces, aiming to enhance its core competitiveness and profitability [1][4] - The target company operates in a high-growth sector related to defense technology, with significant market potential for its health management systems and intelligent detection equipment [1][4] Group 2 - The target company's projected revenues for 2023, 2024, and the first quarter of 2025 are approximately 283.92 million, 224.55 million, and 2.84 million yuan, respectively, with net profits of 27.72 million, 54.88 million, and a loss of 11.78 million yuan [3] - The target company has a strong technological advantage with 8 core technologies, 40 invention patents (including 7 defense patents), 28 utility model patents, and 81 software copyrights [4] - The target company is recognized as a national-level "little giant" enterprise, focusing on health management and intelligent detection in the defense technology sector [4] Group 3 - The share issuance price is set at 7.16 yuan per share, which is not less than 80% of the average trading price over the previous 120 trading days [5] - There will be a 12-month lock-up period for the shares acquired by the transaction counterparties, with additional lock-up arrangements based on performance commitments [5]

Group 1 - Cixing Co., Ltd. plans to acquire 75% of Shenyang Shunyi Technology Co., Ltd. through a combination of issuing shares and cash payment, and will raise supporting funds [2][5] - The transaction is expected to enhance Cixing's business portfolio by entering the defense technology sector, creating a second growth curve and increasing profit growth points [5][6] - Shunyi Technology specializes in health management systems and intelligent detection equipment for defense technology, with a focus on the trends of informationization and digitalization in defense equipment [5][6] Group 2 - Shunyi Technology reported a loss in the first quarter of this year, with projected revenues of 284 million yuan, 225 million yuan, and 2.84 billion yuan for 2023, 2024, and 2025 respectively, and net profits of 27.72 million yuan, 54.88 million yuan, and a loss of 11.78 million yuan [6][7] - The acquisition is part of Cixing's strategic plan to optimize its industrial layout and transition to new productive forces, aiming to enhance asset quality and risk resistance [7][8] - As of May 19, Cixing's stock price was 8.99 yuan per share, with a total market capitalization of 7.1 billion yuan [8]

Core Viewpoint - Ningbo Cixing Co., Ltd. is planning to issue shares and pay cash to acquire Shenyang Shunyi Technology Co., Ltd., leading to a suspension of its stock trading due to uncertainties surrounding the transaction [2] Company Overview - Cixing Co. was established in 2003 and listed on the Growth Enterprise Market in 2012, primarily engaged in the research, production, and sales of knitting machinery, with a focus on intelligent knitting equipment [2] - Shenyang Shunyi, founded in June 2012 with a registered capital of 60 million yuan, operates in software development, instrument manufacturing, and integrated circuit design, which are significantly different from Cixing's main business [2] Recent Acquisition Attempts - Cixing has a history of cross-industry acquisitions, including attempts to enter the internet sector in 2016, which resulted in significant goodwill impairment and losses in 2019 and 2020 [3] - In 2021, Cixing acquired a 35% stake in Northern Guangwei Technology Co., Ltd. for 140.1 million yuan but later sold it due to management integration challenges [3] - Cixing also invested 200 million yuan for a 12.5% stake in Wuhan Minsheng New Technology Co., Ltd. in December 2021, but the acquisition was terminated in February 2025 due to unmet terms [4] Market Context and Challenges - The textile machinery industry is facing cyclical fluctuations and technological pressures, prompting Cixing to seek new growth avenues through cross-industry mergers and acquisitions [6] - Despite an overall growth trend in 2024, the knitting machinery sector is experiencing intense competition, market saturation, and declining profit margins, compounded by rising labor costs and raw material price volatility [6] Strategic Implications - The frequent changes in acquisition targets raise questions about Cixing's strategic stability and long-term direction, potentially leading to resource dispersion and challenges in building core competencies [5] - Experts suggest that while cross-industry mergers can provide opportunities for diversification and access to new technologies and markets, they also carry risks related to cultural integration and operational synergy [7]

Group 1 - Cixing Co., Ltd. plans to acquire equity in Shenyang Shunyi Technology Co., Ltd. through issuing A-shares and cash payments, while also raising matching funds [1] - The acquisition is still in the planning stage, with significant uncertainties regarding the issuance of shares and cash payments [1] - Shenyang Shunyi, established in 2012, focuses on intelligent control technology and is recognized as a national high-tech enterprise and a key "little giant" enterprise [1] Group 2 - Cixing Co., Ltd. primarily engages in the research, production, and sales of intelligent knitting machinery, achieving a revenue of 2.218 billion yuan in 2024, a year-on-year increase of 9.16%, and a net profit of 284 million yuan, up 148.82% [2] - The company has previously attempted to diversify into other industries, such as its failed acquisition of Wuhan Minsheng New Technology Co., Ltd., which raised concerns about insider trading due to a significant stock price increase prior to the announcement [2] - Cixing Co., Ltd. has a history of costly acquisitions, including a 1 billion yuan investment in mobile internet companies in 2016, which led to substantial goodwill and subsequent losses in 2019 and 2020 [3] Group 3 - In its 2024 financial report, Cixing Co., Ltd. aims to expand its non-textile business while leveraging its strengths in artificial intelligence to explore new technological directions such as smart wearables and advanced medical textiles [3] - The company is actively seeking a second growth curve to ensure sustainable high-quality development [3]

Core Viewpoint - Cixing Co., Ltd. announced plans to acquire controlling interest in Shenyang Shunyi Technology Co., Ltd. and raise matching funds, following the termination of its previous acquisition of Wuhan Minsong [1][3][8]. Group 1: Acquisition Details - The acquisition involves issuing A-shares and cash to purchase controlling rights in Shenyang Shunyi, which focuses on intelligent control technology [3][5]. - The transaction is still in the planning stage, with preliminary agreements involving all or some shareholders, including Li Yingshun [3][4]. - Cixing expects to disclose the transaction plan within 10 trading days, by June 4 [4]. Group 2: Company Background - Shenyang Shunyi, established in June 2012, has a registered capital of 60 million yuan and is primarily owned by Li Yingshun, who holds 54.34% of the shares [4]. - The company is recognized as a national high-tech enterprise and a key "little giant" enterprise, focusing on high-end intelligent equipment manufacturing [5]. Group 3: Stock Performance - Cixing's stock experienced significant fluctuations, with a 9.10% increase year-to-date, closing at 8.99 yuan per share on May 19, with a total market capitalization of 7.1 billion yuan [1][12]. - Following the announcement of the failed acquisition of Wuhan Minsong, the stock price dropped over 13% in a single day [1][12].