Core Viewpoint - Chongqing New Aluminum Era Technology Co., Ltd. is progressing with its share issuance to acquire assets and raise supporting funds, with the target asset, Honglian Electronics, appraised at 1.31 billion yuan, reflecting a significant appreciation of 265.96% [1] Group 1: Asset Performance - The target asset, Honglian Electronics, is projected to achieve revenues of 1.105 billion yuan and 1.401 billion yuan in 2023 and 2024, respectively, representing a year-on-year growth of 26.79% [2] - Revenue from precision stamping and structural components has surged from 258 million yuan to 573 million yuan, marking a year-on-year increase of 122.22% [2] - The gross profit margins for the main business are reported at 29.35%, 30.75%, and 31.63% for the respective periods, consistently outperforming industry peers [2] Group 2: Customer Concentration and Foreign Revenue - The sales to the top five customers account for 59.99%, 58.73%, and 58.82% of total revenue, indicating a high customer concentration risk [3] - Foreign revenue has been increasing, with proportions of 52.13%, 54.69%, and 56.94% from 2023 to Q1 2025 [3] Group 3: Valuation and Market Comparison - The asset's valuation of 1.31 billion yuan is based on a discounted cash flow method, with a static price-to-earnings ratio of 12.88, lower than the industry average [4] - The asset's actual performance for January to August 2025 has exceeded expectations, with revenues of 1.004 billion yuan and net profits of 79.6036 million yuan, achieving annualized rates of 104.60% and 108.81%, respectively [4] Group 4: Risk Management - The assessment confirmed that the target asset has effective mechanisms in place to address risks related to customer structure, exchange rates, and production compliance [5] - The evaluation agency noted that the identified risks would not pose significant obstacles to the transaction, and the valuation has adequately considered various uncertainties [5]

Group 1: Company Overview and Market Position - The company focuses on R&D, production, and sales of aluminum alloy components for new energy vehicle battery systems, particularly battery box housings [2][4] - It has developed strong technical capabilities in high-performance aluminum alloy materials, digital extrusion control technology, and advanced FSW welding technology, positioning itself as an industry leader [2][5] - The company has a complete industrial chain covering upstream casting, midstream aluminum extrusion, and downstream processing, continuously optimizing its product structure [3][5] Group 2: Financial Performance and Cash Flow - The company reported a 68.82% year-on-year increase in revenue for the first half of the year, primarily due to increased orders for battery box housings [11] - Operating cash flow is sufficient, but the company plans to conduct a targeted issuance to fund acquisitions and optimize capital structure [4][6] - The company is preparing to disclose its Q3 earnings report on October 27, 2025 [6] Group 3: Acquisition Strategy - The company is in the process of acquiring Honglian Electronics, a leader in the consumer electronics sector, which will enhance its product offerings and market presence [3][9] - The acquisition aims to leverage Honglian's established customer base, including major brands like Dell and Lenovo, and to expand into emerging fields such as robotics and new energy vehicles [3][9] - The company is committed to complying with regulatory requirements during the acquisition process and will provide timely updates on its progress [11] Group 4: Market Challenges and Stock Performance - The company's stock price has been volatile, influenced by macroeconomic factors and market sentiment, despite stable operational performance [10][11] - Investors are encouraged to view stock fluctuations rationally, as they do not necessarily reflect the company's underlying performance [10][11] - The company is focused on long-term sustainable development and maintaining reasonable returns for investors [11]

证券日报网讯 新铝时代9月25日在互动平台回答投资者提问时表示，宏联电子深耕消费电子领域，主要 从事显示器支架及底座、精密冲压件及结构件产品的研发、生产及销售，作为该等细分领域的国内领军 企业和国家级专精特新"小巨人"企业，其客户资源丰富、技术水平成熟、市场份额稳固。宏联电子下游 核心客户包含戴尔、联想、小米、北美某全球知名电子企业等国际头部品牌。此外，宏联电子亦和多家 大型知名代工企业保持长期合作关系，如：富士康、纬创、冠捷、佳世达等。通过持续的研发投入，宏 联电子已在机器人、新能源汽车等新兴领域有所突破，获得客户的认证以及供应商资格。 （编辑 袁冠琳） ...

Core Viewpoint - New Aluminum Era's major asset restructuring application has been accepted, aiming to acquire 100% equity of Honglian Electronics for a transaction price of 1.22 billion yuan [1] Group 1: Transaction Details - New Aluminum Era plans to issue 23.0781 million shares, accounting for 13.83% of the total share capital post-transaction, at a price of 34.11 yuan per share [1] - The company intends to raise supporting funds from no more than 35 specific investors [1] Group 2: Business Expansion - Honglian Electronics specializes in the R&D, production, and sales of display stands, bases, precision stamping parts, and structural components [1] - The acquisition will expand New Aluminum Era's business scope and enhance its product offerings [1] Group 3: Financial Performance of Honglian Electronics - Honglian Electronics reported revenues of 1.105 billion yuan, 1.401 billion yuan, and 357 million yuan for the years 2023, 2024, and the first quarter of 2025, respectively [1] - The net profit attributable to the parent company for the same periods was 67.1047 million yuan, 102 million yuan, and 23.932 million yuan [1] Group 4: Strategic Objectives - The transaction aims to expand the consumer electronics business and improve the quality of the listed company [1] - It seeks to enhance the company's profitability and maximize shareholder value [1] - The acquisition is expected to create synergies and improve the overall competitiveness of the listed company [1]

8月14日晚间，新铝时代披露了重组草案，拟通过发行股份及支付现金的方式，向陈旺等19名交易对方 购买宏联电子100%股权，交易总对价为12.2亿元。 其中，新铝时代还是比亚迪新能源汽车铝合金电池盒箱体的第一大供应商，公司营收对后者也存在较高 依赖性。数据显示，2021年至2024年期间，比亚迪贡献的营收占比逐年攀升，分别达到70.42%、 78.87%和80.46%。 为了降低单一大客户依赖带来的风险，新铝时代近期还在持续拓展客户版图，已开拓吉利汽车、宁德时 代、欣旺达等新客户；并于7月底宣布设立三家子公司，进一步加码新能源汽车零部件业务布局。 从业务协同角度来看，新铝时代与宏联电子在产品品类、技术研发、客户资源和销售渠道、供应链整合 等多个方面都存在协同互补关系。 公开资料显示，宏联电子主要从事显示器支架及底座、精密冲压件及结构件产品的研发、生产及销售， 其产品主要应用于消费电子以及机器人、新能源汽车新兴领域，公司客户包括戴尔、富士康、吉利等品 牌。 着眼业绩层面，2023年至2025年一季度，宏联电子实现营业收入分别为11.05亿元、14.01亿元、3.57亿 元；归母净利润分别为6710.47万元、1. ...

Group 1 - The core point of the article is that Xin Aluminum Era plans to acquire 100% equity of Honglian Electronics for a total transaction price of 1.22 billion yuan, while raising supporting funds not exceeding 787 million yuan [1] - The transaction constitutes a major asset restructuring and related party transaction, but does not qualify as a restructuring listing [1] - Upon completion of the transaction, the company's main business scope will expand to include the research, production, and sales of display brackets and bases, as well as precision stamping parts and structural components [1] Group 2 - The acquisition is expected to enhance the company's business portfolio, broaden its product categories, and increase industry coverage [1] - The company anticipates forming a synergistic relationship with the target company in areas such as product categories, technology research and development, customer resources, sales channels, supply chain integration, and cost optimization [1] - The integration of both companies' research capabilities and customer resources is expected to effectively meet diverse customer needs and expand the overall sales scale of the company [1]