Core Insights - The company "探路者" (Trekking) is making a significant move into the semiconductor industry by investing nearly 700 million yuan to acquire 51% stakes in two chip companies, indicating a strategic shift from its traditional outdoor equipment business [1][2] - The semiconductor business has shown promising growth, with projected revenue reaching 222 million yuan in 2024, accounting for nearly 14% of total revenue, a notable increase from 133 million yuan in 2023 [2] Group 1: Company Strategy - Trekking has initiated a dual business strategy focusing on both outdoor equipment and semiconductor products, which is clearly outlined by its recent acquisitions and fundraising efforts [1] - The company previously acquired Beijing Chip Energy for 260 million yuan in 2021 and invested 378 million yuan in Jiangsu Dingmo for touch control chips and infrared imaging [2] Group 2: Leadership and Management - The transition into the semiconductor sector is led by a seasoned industry professional, who has held significant positions in major chip companies, bringing both technical and managerial expertise to Trekking [2] - Under this leadership, the company has successfully turned around its financial performance, moving from long-term losses to profitability in the semiconductor segment [2] Group 3: Market Context - The semiconductor industry is characterized by high costs and long development cycles, suggesting that not all companies can successfully navigate this transition without substantial expertise and resources [2] - The current trend of various companies entering the semiconductor space highlights a competitive landscape, where only those with solid foundations and strategic planning are likely to succeed [2]