Core Viewpoint - Keda Control plans to acquire 51% of Changzhou Haituo Information Technology Co., Ltd. for 209.1 million yuan, marking the first acquisition of a New Third Board company by a North Exchange listed company [1][2][4] Financial Summary - As of December 31, 2024, Keda Control's total assets are approximately 186.74 billion yuan, with total liabilities of about 36.65 billion yuan, and net assets of around 150.09 billion yuan [1] - Keda Control's operating revenue for 2024 is projected to be approximately 145.50 billion yuan, an increase from 137.06 billion yuan in 2023 [1] Acquisition Details - The valuation of Haituo Technology's total equity as of December 31, 2024, is approximately 413 million yuan, with Keda Control's acquisition price representing a significant discount [2] - Haituo Technology specializes in integrated embedded, streaming media, AI, and machine vision solutions, primarily serving markets such as smart mining and military [2][3] Strategic Implications - The acquisition is expected to create synergies that enhance Keda Control's product performance, core competitiveness, and market share [3] - This transaction is seen as a milestone, demonstrating the North Exchange's role in supporting New Third Board companies and providing new pathways for IPO candidates [4] Performance Comparison - In terms of profitability, Haituo Technology is projected to outperform Keda Control in 2024, with a net profit of approximately 41.65 million yuan compared to Keda Control's 34.51 million yuan [5] - The acquisition is anticipated to significantly improve Keda Control's profitability post-transaction [5] Financial Commitments - The acquisition includes performance commitments from Haituo Technology, ensuring net profits of no less than 38 million yuan, 42 million yuan, and 46 million yuan for the years 2025 to 2027 [6] - Keda Control's cash reserves are limited, with only about 10.02 million yuan available as of the first quarter of 2025, raising concerns about financial pressure post-acquisition [6] Market Position - As of June 27, Keda Control's stock price is 29.6 yuan per share, with a total market capitalization of approximately 2.29 billion yuan [7]

Core Viewpoint - Yisiwei (Hangzhou) Technology Co., Ltd. is focusing on the IPO on the Sci-Tech Innovation Board, aiming to raise 1.214 billion yuan for its machine vision product industrialization base, R&D center, and working capital [1][6] Company Overview - Yisiwei specializes in the R&D, production, and sales of machine vision equipment for automotive manufacturing, providing solutions for various processes in vehicle and component manufacturing [3] - The company is recognized as a national key "little giant" enterprise, holding the largest market share in the domestic machine vision sector, successfully breaking the long-standing foreign monopoly and accelerating the digital transformation of domestic automotive manufacturing [3] Market Position - As of the end of 2024, Yisiwei's products are widely used by major automotive manufacturers, including FAW-Volkswagen, SAIC Volkswagen, and BYD, as well as international companies like Volvo and Rivian [4] - According to Frost & Sullivan, Yisiwei achieved a market share of 22.5% in China's automotive manufacturing machine vision products by 2024, surpassing foreign competitors and becoming the only Chinese company with annual revenue exceeding 100 million yuan in this field [4] Product Development - The company has developed over ten products that are applied across six major manufacturing processes: stamping, welding, painting, assembly, battery, and die-casting, establishing a comprehensive product range and application coverage [3] - Yisiwei holds 387 domestic and international authorized patents and 108 software copyrights, including 192 invention patents, 139 utility model patents, and 56 design patents as of December 31, 2024 [4] Financial Performance - Yisiwei's revenue from 2022 to 2024 was approximately 223 million yuan, 355 million yuan, and 392 million yuan, respectively, with net profits of approximately 6.4 million yuan, 61 million yuan, and 85 million yuan during the same period [5]

Core Viewpoint - Easy Vision (Hangzhou) Technology Co., Ltd. has submitted its prospectus for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 1.214 billion yuan for projects related to machine vision product industrialization, R&D center, and working capital [1][3]. Company Overview - Easy Vision focuses on the R&D, production, and sales of machine vision equipment for the automotive manufacturing sector, providing solutions for various manufacturing processes. The company is also expanding into rail transit maintenance and aviation sectors [3]. - As of the end of 2024, Easy Vision's products are utilized by major automotive brands including FAW-Volkswagen, SAIC Volkswagen, and BYD, among others [3]. Shareholder Structure - The controlling shareholder of Easy Vision is Yisi Siyuan Technology Co., Ltd., which holds 35.08% of the shares. The actual controller, Guo Yin, holds 12.27% directly and controls a total of 56.13% of the company through various entities [4][6]. - Guo Yin has a background in precision instruments and has been the executive director and general manager since the company's establishment [6]. Financial Performance - Easy Vision's revenue for 2022, 2023, and 2024 was approximately 223 million yuan, 354 million yuan, and 392 million yuan, respectively, with a significant revenue growth rate of 58.98% in 2023, which dropped to 10.58% in 2024 [10]. - The company's net profit for the same years was approximately 5.39 million yuan, 57.75 million yuan, and 84.33 million yuan, showing a remarkable compound annual growth rate of 295.66% [10]. Financial Metrics - Key financial metrics as of December 31 for 2022, 2023, and 2024 include total assets of 546.83 million yuan, 650.57 million yuan, and 703.56 million yuan, respectively. The net profit attributable to the parent company was 6.4 million yuan, 61.04 million yuan, and 85.46 million yuan [11]. - The company's gross margin was relatively high, with rates of 62.69%, 64.69%, and 65.49% for the respective years, outperforming the average gross margin of comparable companies [12][13]. Market Position - Easy Vision's main revenue source is the automotive manufacturing sector, contributing approximately 93.25% to 96.68% of its total revenue from 2022 to 2024 [10]. - The company is actively exploring new markets and applications, including rail transit maintenance and international expansion [10].