Summary of Key Points Core Viewpoint The company, Jiahe Intelligent Technology Co., Ltd., is changing the use of raised funds from its convertible bond issuance to acquire all partnership interests in beyerdynamic GmbH & Co. KG, a well-known high-end audio equipment manufacturer, due to the current macroeconomic environment and market uncertainties affecting its original investment projects. Group 1: Fundraising and Investment Projects - The company raised a total of RMB 1,004 million through the issuance of 10,040,000 convertible bonds, with a net amount of RMB 993.91 million after deducting issuance costs [1][4][6] - The original investment projects included the production of 5 million bone conduction headphones, 9 million smartwatches, and 4.5 million smart glasses, which were initially planned to be operational by January 10, 2026 [4][9] - Due to changes in the macroeconomic environment and uncertainties in international trade, the company has postponed the operational date of these projects to January 10, 2028 [4][9] Group 2: Change in Fund Usage - The company plans to use RMB 70.4 million of the uninvested raised funds and its interest income to acquire all partnership interests in beyerdynamic GmbH & Co. KG [6][8] - The acquisition is expected to enhance the company's market competitiveness in the high-end audio sector and align with its strategic goals of high-end manufacturing and brand operation [12][14] Group 3: Financial Impact and Projections - The acquisition is projected to generate RMB 892 million in revenue for the company in 2026, with a gross margin exceeding 50% and a net margin over 10% [12][31] - The transaction is anticipated to significantly improve the company's financial metrics compared to the original investment projects, which had lower expected profitability [12][31] Group 4: Strategic Rationale - The acquisition of beyerdynamic is seen as a strategic move to accelerate the company's transition towards high-end, branded products, enhancing its global market presence [13][30] - The integration of beyerdynamic's established brand and technology is expected to complement the company's existing product lines and manufacturing capabilities, fostering innovation and market expansion [15][32][33]

Summary of Key Points Core Viewpoint The company intends to change the use of funds raised from the issuance of convertible bonds in 2024 to acquire all limited partnership interests in beyerdynamic GmbH & Co. KG, a well-known high-end audio equipment manufacturer, instead of investing in previously planned projects. Group 1: Fundraising and Usage - The company plans to issue 10,040,000 convertible bonds at a face value of 100 yuan each, raising a total of 1,004,000,000 yuan, with a net amount of 993,911,555.61 yuan after deducting issuance costs [2][5]. - The original fundraising was intended for projects including the production of 5 million bone conduction headphones, 9 million smartwatches, and 4.5 million smart glasses, along with supplementary working capital [2][5]. - As of the date of the review, the total investment amount for the projects was 117,388.40 million yuan, with 99,391.16 million yuan already invested [4][5]. Group 2: Change of Fund Usage - The company proposes to use 70,400.00 million yuan of the uninvested funds and their interest income for the acquisition of beyerdynamic GmbH & Co. KG [6][7]. - The change in project implementation is due to the complex macroeconomic environment and the need to maximize shareholder value [10][27]. - The acquisition is expected to generate significant revenue, with projections indicating 892 million yuan in revenue for 2026 and a gross margin exceeding 50% [10][27]. Group 3: Strategic Rationale - The acquisition aligns with the company's long-term strategic goals of enhancing high-end manufacturing and brand operation, facilitating a dual growth trajectory [11][26]. - The company aims to leverage beyerdynamic's established market position and technological expertise to enhance its competitive edge in the high-end audio sector [12][28]. - The transaction is seen as a critical step towards achieving a more diversified product and technology portfolio, thereby accelerating global market expansion [29][30]. Group 4: Financial Assessment - The valuation of beyerdynamic GmbH & Co. KG was assessed at 88,800.00 million yuan, with a significant increase in value compared to the company's book equity [22][23]. - The initial purchase price for the acquisition is set at 12,200.00 million euros, with adjustments based on the final financial conditions at the time of closing [24][30]. - The company plans to fund the acquisition through the reallocation of raised funds, with any shortfall covered by self-raised or self-owned funds [30][31].

Core Viewpoint - Jiahe Intelligent announced the acquisition of German company beyerdynamic GmbH & Co. KG for an initial price of €12.2 million (approximately RMB 1 billion), aiming to enhance its market presence and operational capabilities in the high-end audio equipment sector [1][4]. Group 1: Acquisition Details - Jiahe International, a wholly-owned subsidiary of Jiahe Intelligent, signed a purchase agreement for all limited partnership interests and shares of BD KG, along with shareholder loans [4]. - The acquisition is subject to the completion of auditing and evaluation of the target company, as well as approval from domestic regulatory authorities for foreign investment [4]. Group 2: Company Profile and Market Position - BD KG is a well-known high-end audio equipment manufacturer with a product line that includes professional headphones, gaming headsets, and wireless audio devices, catering to diverse market needs [1][5]. - The company has a strong sales network across Europe, the United States, and China, and is recognized for its audio technology and German manufacturing quality [5]. Group 3: Financial Performance - In 2024, BD KG is projected to achieve a net profit of €8.543 million and revenue of €84.451 million, recovering from a net loss of €5.051 million and revenue of €72.449 million in 2023 [5][7]. - Jiahe Intelligent reported a revenue of RMB 2.467 billion in 2024, a year-on-year increase of 3.76%, but a significant decline in net profit by 68.85% to RMB 41 million [7]. Group 4: Strategic Benefits - The acquisition is expected to enhance Jiahe Intelligent's brand revenue scale and operational capabilities, while BD KG's products and technology will complement Jiahe's product line, increasing its market share in the professional headphone sector [9].

Core Insights - The gaming and esports market is experiencing significant growth, particularly in regions like Riyadh, while Shenzhen remains a manufacturing hub for consumer electronics [1][2] - Cross-border e-commerce platforms like SHEIN are facilitating a surge in demand for consumer electronics, with search volumes in some overseas markets increasing by 40% this year [1] - Companies are investing heavily in research and development, with one Shenzhen-based gaming accessory brand allocating at least 10% of its sales revenue annually to innovation [1] Group 1 - The esports market is thriving, with strong consumer demand driven by young populations in overseas markets [1][2] - Seasonal promotions and events, such as Ramadan and back-to-school sales, are boosting sales for electronic products [2] - Brands are focusing on compliance and localized marketing strategies when choosing cross-border platforms to enhance their global presence [2][3] Group 2 - Cross-border e-commerce is accelerating the entry of new consumer electronics products and brands into international markets [3] - Shenzhen's electronic industry is not only dominant domestically but also possesses strong potential for global expansion [3] - The upcoming inaugural esports Olympic Games is expected to further stimulate growth in the esports industry [2]

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