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扬杰科技22亿现金“死磕”贝特电子,这家IPO失败公司有什么魅力?
Guo Ji Jin Rong Bao· 2025-09-12 13:28
Core Viewpoint - Yangjie Technology is set to acquire 100% equity of Better Electronics for a cash consideration of 2.218 billion yuan, indicating a significant premium over its previous valuation [1][3]. Group 1: Acquisition Details - The acquisition price of 2.218 billion yuan represents a premium of over 270% compared to Better Electronics' previous valuation [3]. - Better Electronics had previously been listed on the New Third Board and attempted an IPO in 2023, which was later withdrawn in 2024 [3][4]. - The company specializes in the research, production, and sales of power electronic protection components, including fuses and thermal protectors [3]. Group 2: Financial Performance - Better Electronics reported revenues of 449 million yuan, 561 million yuan, and 627 million yuan from 2021 to 2023, with net profits of approximately 33.92 million yuan, 90.25 million yuan, and 110 million yuan respectively [3][4]. - The company achieved a significant increase in net profit in 2022, with stable growth in 2024 and the first quarter of 2025, projecting net profits of 148.46 million yuan and 41.13 million yuan respectively [4][6]. - An earnings commitment has been set, requiring Better Electronics to achieve a total net profit of no less than 555 million yuan from 2025 to 2027 [4]. Group 3: Strategic Rationale - The acquisition is expected to enhance Yangjie Technology's product and technology portfolio, strengthening its position in the power electronics sector [5]. - The synergy between Yangjie Technology and Better Electronics is anticipated to improve customer offerings and competitive advantage in the market [5]. - Post-acquisition, Yangjie Technology expects to see significant growth in revenue and profitability metrics [6]. Group 4: Transaction Challenges - The acquisition process faced delays, initially planned as a share issuance and cash payment, which was later changed to a pure cash acquisition due to market conditions and negotiation challenges [7]. - The number of transaction parties was reduced from 67 to 6, indicating a streamlined approach to finalize the acquisition [7].
董承非大调仓!新买进扬杰科技、兔宝宝 减持芯朋微
Zhong Guo Ji Jin Bao· 2025-08-20 09:15
Group 1: Investment Activities - Dong Chengfei's private fund, Ruijun Asset, has newly invested in two companies: Yangjie Technology and Tubao, while reducing holdings in Chipon Micro [1][2][3] - Yangjie Technology was added to the top ten circulating shareholders list with a purchase of 2.5533 million shares, valued at approximately 133 million yuan, representing 0.47% of circulating shares [2] - Tubao was also newly acquired, with 6.068 million shares held, valued at around 59 million yuan, making it the ninth largest circulating shareholder [3] Group 2: Company Performance - Yangjie Technology reported a revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [2] - Tubao's revenue for the first half was 3.634 billion yuan, a decrease of 7.01%, while its net profit rose by 9.71% to 268 million yuan [3][4] - Chipon Micro achieved a revenue of 636 million yuan, a year-on-year increase of 40.32%, and a net profit of 90 million yuan, up 106.02% [4] Group 3: Market Performance - Yangjie Technology's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [2] - Tubao's stock price has decreased by about 8.8% year-to-date [4] - Chipon Micro's stock price has risen approximately 47% year-to-date [4]
董承非新买进扬杰科技、兔宝宝,减持芯朋微
Zhong Guo Ji Jin Bao· 2025-08-20 08:38
Core Viewpoint - Dong Chengfei, the chief research officer of Ruijun Asset, has made new investments in Yangjie Technology and Tubao, while reducing holdings in Chipon Micro [1][2]. Group 1: Investment Activities - Dong Chengfei's Ruijun Youfu No.1 private fund has newly invested in Yangjie Technology, acquiring 2.5533 million shares with a market value of 133 million yuan, accounting for 0.47% of the circulating shares [3][5]. - The fund also purchased 6.068 million shares of Tubao, with a market value of 59 million yuan, making it the ninth largest circulating shareholder [7][9]. - Holdings in Chipon Micro were reduced by 420,000 shares, bringing the total to 2.4158 million shares, with a market value of 135 million yuan [10]. Group 2: Company Performance - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit of 601 million yuan, up 41.55% [5]. - Tubao achieved a revenue of 3.634 billion yuan, a decline of 7.01%, but net profit rose by 9.71% to 268 million yuan [9]. - Chipon Micro's revenue for the first half of the year was 636 million yuan, reflecting a growth of 40.32%, with a net profit of 90 million yuan, up 106.02% [11]. Group 3: Market Trends - Yangjie Technology's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April [5]. - Tubao's stock has decreased by about 8.8% since the beginning of the year [9]. - Chipon Micro's stock price has risen by around 47% year-to-date [11].
董承非大调仓!
Zhong Guo Ji Jin Bao· 2025-08-20 08:23
Summary of Key Points Core Viewpoint - Dong Chengfei, Chief Research Officer of Ruijun Asset, has made new investments in Yangjie Technology and Tubao, while reducing holdings in Chipeng Microelectronics as of August 20, 2025 [1]. Group 1: Yangjie Technology - Dong Chengfei's Ruijun Youfu No. 1 private equity fund has newly entered the top ten circulating shareholders of Yangjie Technology, acquiring 2.5533 million shares with a reference market value of 133 million yuan, accounting for 0.47% of circulating shares [3][4]. - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, representing a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% [5]. - The company's stock price has risen approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [6]. Group 2: Tubao - Ruijun Youfu No. 1 private equity fund has also newly invested in Tubao, holding 6.068 million shares with a reference market value of 59 million yuan, making it the ninth largest circulating shareholder [8][9]. - Tubao reported a total revenue of 3.634 billion yuan in the first half of the year, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders was 268 million yuan, an increase of 9.71% [10]. - The stock price of Tubao has decreased by approximately 8.8% year-to-date [11]. Group 3: Chipeng Microelectronics - Ruijun Youfu No. 1 and No. 3 funds have reduced their holdings in Chipeng Microelectronics by 420,000 shares, bringing the total holdings down to 2.4158 million shares, with a reference market value of 135 million yuan [13]. - Chipeng Microelectronics achieved a revenue of 636 million yuan in the first half of the year, a year-on-year increase of 40.32%, and a net profit attributable to shareholders of 90 million yuan, up 106.02% [14].
董承非大调仓!
中国基金报· 2025-08-20 08:17
Core Viewpoint - The article discusses the recent investment activities of Dong Chengfei, the Chief Research Officer of Ruijun Asset, highlighting new positions in Yangjie Technology and Rabbit Baby, while reducing holdings in Chipeng Micro [2][9]. Group 1: Yangjie Technology - Dong Chengfei's Ruijun Youfu No. 1 private equity fund has newly entered the top ten circulating shareholders of Yangjie Technology, acquiring 2.5533 million shares with a reference market value of 133 million yuan, accounting for 0.47% of the circulating shares [5][6]. - Yangjie Technology reported a total revenue of 3.455 billion yuan in the first half of the year, a year-on-year increase of 20.58%, and a net profit attributable to shareholders of 601 million yuan, up 41.55% [7]. - The company's stock price has increased approximately 34% year-to-date, recovering from a drop to 37.59 yuan per share in April to around 58 yuan per share [7]. Group 2: Rabbit Baby - Ruijun Youfu No. 1 private equity fund has also newly invested in Rabbit Baby, holding 6.068 million shares with a reference market value of 59 million yuan, making it the ninth largest circulating shareholder [10][11]. - Rabbit Baby reported a revenue of 3.634 billion yuan in the first half of the year, a year-on-year decrease of 7.01%, while the net profit attributable to shareholders was 268 million yuan, an increase of 9.71% [12]. - The stock price of Rabbit Baby has declined approximately 8.8% year-to-date [13]. Group 3: Chipeng Micro - Ruijun Youfu No. 1 and No. 3 funds have reduced their holdings in Chipeng Micro by 420,000 shares, bringing the total holdings down to 2.4158 million shares, with a reference market value of 135 million yuan [15]. - Chipeng Micro achieved a revenue of 636 million yuan in the first half of the year, a year-on-year increase of 40.32%, and a net profit attributable to shareholders of 90 million yuan, up 106.02% [14].