背靠商业航天高景气赛道，陕西华达科技股份有限公司（以下简称"陕西华达"，301517.SZ）在2026年 开年迎来经营与资本运作的双重考验。 日前，陕西华达发布公告，正式宣布终止通过发行股份方式购买陕西华经微电子股份有限公司（以下简 称"华经微电子"）100%股权并募集配套资金的事项。 这意味着，筹划半年之久的产业链整合计划最终 折戟。与此同时，陕西华达披露的2025年度业绩预告显示，公司预计2025年全年归属于上市公司股东的 净利润为亏损5900万元至7900万元，同比由盈转亏，扣非后净利润亏损6500万元至8500万元。 一边是核心业务盈利承压，一边是外延扩张遇阻，身处军工电子与商业航天双风口的陕西华达，为何陷 入业绩与资本运作的双重困局？重组终止后，公司既定的战略布局将如何推进？ 中经记者 王登海 西安报道 业绩变脸 作为国内最早从事电连接器研发生产的企业之一，陕西华达主营业务为电连接器及互连产品的研发、生 产和销售，核心产品涵盖射频同轴连接器、低频连接器、射频同轴电缆组件等，广泛应用于航空航天、 武器装备、通信等国家战略性领域，是当前商业航天、军工电子等高景气赛道的核心配套商。 2023年10月，陕西 ...

Overview - The core point of the news is that Shaanxi Huada Technology Co., Ltd. plans to issue shares to acquire 100% equity of Shaanxi Huajing Microelectronics Co., Ltd. and raise supporting funds through a related party transaction [1][9][20]. Transaction Details - The transaction involves issuing shares to acquire assets and raising supporting funds, with the issuance not contingent on the success of the fundraising [8][18]. - The transaction partners include Shaanxi Electronic Xijing Electric Group Co., Ltd., Shaanxi Technology Progress Investment Co., Ltd., and others [1][9]. - The shares will be issued at a price of 34.75 RMB per share, which is not lower than 80% of the average trading price over the previous 60 trading days [10][11]. Financial Implications - The transaction is expected to enhance the company's asset scale and profitability by integrating the operations of Huajing Microelectronics, which specializes in high-reliability electronic components [21][22]. - The company anticipates that the acquisition will broaden its product offerings and improve market competitiveness [22][23]. Regulatory and Approval Process - The transaction requires approval from the shareholders' meeting and must be reviewed by the Shenzhen Stock Exchange and registered with the China Securities Regulatory Commission [3][20]. - The company has committed to ensuring the accuracy and completeness of the information provided during the transaction process [2][24]. Impact on Shareholding Structure - The transaction will not change the controlling shareholder or the actual controller of the company, which remains Shaanxi Electronic Xijing Electric Group Co., Ltd. and the Shaanxi Provincial State-owned Assets Supervision and Administration Commission [23][20]. Use of Proceeds - The raised funds will be used for project construction, supplementing working capital, and repaying debts, with specific amounts to be disclosed in the restructuring report [17][18].

Group 1 - The company Shaanxi Huada plans to acquire 100% equity of Shaanxi Huajing Microelectronics through a share issuance, with the stock resuming trading on August 26 [2][4] - The acquisition aims to enhance the company's product offerings in high-reliability electronic components, including thick film hybrid integrated circuits and power modules [4][6] - The share issuance price is set at 34.75 yuan per share, which is 80% of the average trading price over the last 60 trading days [4][6] Group 2 - Shaanxi Huajing Microelectronics reported revenues of 241 million yuan and 175 million yuan for 2023 and 2024, respectively, with net profits of 40.55 million yuan and 20.76 million yuan [4] - The transaction is expected to create synergies in product categories, technology development, customer resources, and sales channels between Shaanxi Huada and Shaanxi Huajing [6][7] - The restructuring is part of a broader strategy by Shaanxi Electronic Information Group to optimize its industrial layout and support high-quality development of its listed companies [7]