Core Viewpoint - The acquisition of Beijing Silin Semiconductor Technology Co., Ltd. by Tongye Technology is a cross-industry merger, with a transaction price of 561 million yuan, despite Silin's current loss status and a high valuation premium of nearly four times its book value [1][3]. Group 1: Acquisition Details - Tongye Technology plans to acquire 91.69% of Silin for 561 million yuan, making Silin a subsidiary [1]. - The controlling shareholders of Tongye will transfer 6% of their shares to Silin's actual controller for a total of 188 million yuan [1]. - Silin has committed to achieving a cumulative net profit of no less than 175 million yuan from 2026 to 2028, with cash compensation required if this target is not met [4]. Group 2: Financial Performance of Silin - Silin's projected revenues for 2023 and 2024 are 259 million yuan and 277 million yuan, respectively, with net profits of 27.71 million yuan and 20.32 million yuan [2]. - However, in the first seven months of 2025, Silin reported a revenue of 125 million yuan but incurred a net loss of 3.25 million yuan [2]. Group 3: Valuation and Adjustments - The valuation of Silin's total equity is set at 612 million yuan, reflecting a 387.41% increase over its book value of 126 million yuan [3]. - The acquisition scale was reduced from 100% to 91.69% after negotiations, and the valuation was adjusted down from 670 million yuan to 612 million yuan [4]. Group 4: Financial Implications for Tongye - Tongye's cash and cash equivalents amount to 200 million yuan, indicating a funding gap for the 561 million yuan acquisition [6]. - Post-acquisition, Tongye's debt ratio is expected to rise from 37.53% to 66.95% [6]. Group 5: Strategic Rationale - The acquisition allows Tongye to enter the high-growth market of power IoT chips, which is supported by government policies and has strong technical barriers [6]. - There is potential for business synergy, as both companies serve similar large state-owned enterprises, allowing for integrated marketing and resource sharing [7].

记者丨 彭新 编辑丨巫燕玲 A股又现跨界半导体并购。 其主营为电网通信芯片、光伏组件级电力电子芯片、无线通信芯片及模拟芯片等自研及产业 化，覆盖电力物联网、光伏新能源及工业物联网等市场领域。公司的客户群体主要为国家电网 等电网公司。 图源：IC p h o t o 财务数据显示， 2 023年至2024年，思凌科的营收分别为2.59亿元、2.77亿元，归母净利分别 为2771万元、2032万元。不过2025年1至7月，思凌科的营收为1.25亿元，但归母净利却变为 亏损，为-325万元。 12月28日晚，通业科技披露重组报告书（草案），公司拟收购北京思凌科半导体技术有限公司 （下称思凌科）91.69%股份，交易价格为5.61亿元。 本次交易完成后，通业科技将直接持有 思凌科91.69%股权，思凌科将成为其控股子公司。 同时，通业科技的控股股东、实际控制人及其一致行动人，拟向思凌科实际控制人控制的企业 转让公司6%股份，每股转让价格21.67元，转让总价款为1.88亿元。 值得关注的是， 思凌科仍处亏损阶段，但通业科技对思凌科给出了较高的估值溢价， 溢价幅 度接近四倍 。而思凌科则承诺，2026—2028年三年累 ...

12月28日晚，通业科技披露重组报告书(草案)，公司拟收购北京思凌科半导体技术有限公司(下称思凌科)91.69%股份，交易价格为5.61亿元。 本次交易完成后，通业科技将直接持有思凌科91.69%股权，思凌科将成为其控股子公司。 同时，通业科技的控股股东、实际控制人及其一致行动人，拟向思凌科实际控制人控制的企业转让公司6%股份，每股转让价格21.67元，转让 总价款为1.88亿元。 弃全资改现金控股，通业科技（300960）5.61亿揽入思凌科，深度绑定1.75亿业绩。 A股又现跨界半导体并购。 值得关注的是，思凌科仍处亏损阶段，但通业科技对思凌科给出了较高的估值溢价，溢价幅度接近四倍。而思凌科则承诺，2026-2028年三年 累计净利润不低于1.75亿元，若未完成业绩，承诺方思凌企管必须进行现金补偿。 按照收益法评估，思凌科全部股权估值6.12亿元，较其1.26亿元的账面净资产增值387.41%，溢价幅度接近四倍。 相较于8月份披露的方案，通业科技此次推出的重组草案，在收购比例与标的估值两个核心维度上均作出了关键调整。 首先是收购规模的收缩。经与交易对方的多轮博弈并考量各方意愿，通业科技决定放弃原定的全资收 ...

Core Viewpoint - The company, Tongye Technology, has established a unique competitive barrier in the domestic rail transit equipment market through a "product + service + technology" model, achieving significant revenue and profit growth in 2024 [1][5]. Financial Performance - In 2024, Tongye Technology reported a revenue growth of 18.31% year-on-year, reaching 425 million yuan, marking a historical high for the company [6][7]. - The net profit for 2024 increased by 37.1% year-on-year to 49.14 million yuan, with a net profit margin rising from 9.99% in 2023 to 11.58% in 2024 [7]. Market Position and Strategy - Tongye Technology is positioned as a key supplier for national railway and urban transit companies, benefiting from the dual-cycle growth in the rail transit industry, which includes both existing asset upgrades and new construction [7]. - The company plans to acquire Silin Technology for 670 million yuan, aiming to enter the rail transit power grid communication chip market, which is expected to provide a new growth avenue [2][8]. Product and Service Offering - The company has developed a comprehensive ecosystem of rail transit electrical products, including power supply, intelligent control, and motor products, serving various subsystems in trains [3][4]. - Tongye Technology's intelligent control products have seen a significant sales increase of 85.70% year-on-year, contributing to 21.57% of total revenue [6]. Technological Development - The company has established a robust core technology system with 92 patents and 26 software copyrights, enhancing its competitive advantage in the market [4]. - The acquisition of Silin Technology is expected to fill gaps in the company's smart network control product line, enhancing the technical value and competitiveness of its existing products [10]. Future Outlook - The rail transit industry is projected to continue growing, with significant demand for vehicle procurement driven by record-high transportation volumes and new metro line constructions [7]. - The strategic acquisition of Silin Technology is anticipated to break the company's previous business ceiling and allow it to share in the semiconductor industry's growth, particularly in the power energy chip sector [9][10].

Group 1 - The stock price of Tongye Technology closed at 35.38 yuan on August 19, down 2.27% from the previous trading day, with an opening price of 41.03 yuan and a trading range of 20.22% [1] - Tongye Technology's main business is the manufacturing of electrical equipment for rail transit, including electric control systems for locomotives and intelligent network control systems [1] - The company announced on the evening of August 18 that it plans to acquire 100% equity of Silin Technology Semiconductor for no more than 670 million yuan, with the target company specializing in grid communication chip design [1] Group 2 - Silin Technology achieved a net profit of 5.35 million yuan in the first seven months of 2025, and the target company has committed to a cumulative net profit of no less than 160 million yuan from 2026 to 2028 [1] - On August 19, the net outflow of main funds was 129 million yuan, with a cumulative net outflow of 145 million yuan over the past five trading days [1] - The company is part of sectors including transportation equipment, Guangdong sector, and specialized and innovative enterprises [1]