Core Viewpoint - Qin'an Co., Ltd. aims to expand its industrial footprint through the acquisition of 99% equity in Anhui Yigao Optoelectronics Technology Co., Ltd. for a cash consideration of 885 million yuan, marking a high-premium acquisition with a valuation increase rate of 289.91% [1][3] Acquisition Details - The acquisition is structured as a cash payment for 99% equity of Yigao Optoelectronics, with a total transaction price of 885 million yuan [1][3] - The valuation of the target company is approximately 959 million yuan, with an assessed increase of about 713 million yuan [3] - The transaction involves differentiated pricing based on various factors, including initial investment costs and performance commitments [4] Strategic Intent - The acquisition is intended to create a dual-driven development model combining "automotive parts manufacturing" and "vacuum coating," establishing a "second growth curve" for the company [1][5] - The target company is positioned in the high-end vacuum coating sector, with applications in consumer electronics and automotive displays, aligning with industry trends towards electric and intelligent vehicles [5] Financial Performance - Yigao Optoelectronics has shown profitability, with revenues of 223 million yuan in 2024 and 66.34 million yuan in the first five months of 2025, alongside net profits of 65.94 million yuan and 17.18 million yuan respectively [6] - The shareholders of Yigao Optoelectronics have committed to achieving a cumulative net profit of no less than 240 million yuan over three years from 2025 to 2027 [6] Company Background - Qin'an Co., Ltd. specializes in manufacturing core components for automotive engines and transmissions, but has faced operational challenges in recent years, with fluctuating net profits [7] - The company reported a net profit of 173 million yuan in 2024, a year-on-year decline of 33.70%, and a revenue drop of 16.89% in the first three quarters of 2025 [7] - As of September 2025, the company maintains a low debt ratio of 11.22% and has sufficient cash flow of 1.051 billion yuan to support its strategic initiatives [2][7]

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Anhui Yigao Optoelectronics Technology Co., Ltd. for RMB 884.63 million, marking a strategic move into the high-end vacuum coating sector [2][4] Group 1: Transaction Details - The acquisition will be conducted through Qin'an's wholly-owned subsidiary, Chongqing Luling Mountain Stream Enterprise Management Co., Ltd. [2] - The transaction involves 12 existing shareholders of Yigao Optoelectronics, with performance commitments to achieve a cumulative net profit of no less than RMB 240 million over three years [2][3] - The transaction price is based on an asset evaluation report, with Yigao's total equity value assessed at RMB 959.4 million, reflecting an appreciation of RMB 713.34 million and a growth rate of 289.91% [3] Group 2: Company Profile - Yigao Optoelectronics is a national high-tech enterprise specializing in high-end vacuum coating, with products used in high-end mobile phones, smart wearable devices, and automotive display systems [3] - In 2024, Yigao is projected to achieve revenue of RMB 222.58 million and a net profit of RMB 65.94 million [3] Group 3: Strategic Implications - Post-acquisition, Yigao will become a subsidiary of Qin'an, contributing to the company's strategy of "external expansion and innovative development" [4] - The acquisition aims to create a dual-driven business model combining "automotive parts manufacturing" and "vacuum coating," enhancing market competitiveness through resource and technology synergies [4]

秦安股份（603758）11月11日晚间披露，公司拟通过全资子公司陆岭山溪以现金方式收购安徽亦高光电 科技有限责任公司（下称"亦高光电"）99%股权，交易金额为8.85亿元。交易完成后，亦高光电将成为 公司的控股公司并纳入合并报表范围。 亦高光电是一家专注于高端真空镀膜的国家级高新技术企业、安徽省专精特新企业，为各类显示及泛显 示类产品提供专业的表面处理方案。公司主要产品有超硬镀膜、超硬AR镀膜、NCVM颜色镀膜等，其 产品广泛应用于手机、智能穿戴设备、智能汽车、高端平板电脑等。 2024年度，亦高光电实现营业收入2.23亿元，净利润为6593.64万元。 此外，交易各方还就亦高光电商誉减值补偿等内容达成了约定。 值得一提的是，基于对秦安股份未来前景及投资价值的认可及自身业务发展需求，同时为绑定亦高光电 的经营管理层及核心人员达成业绩承诺，饶亦然与秦安股份实际控制人YUANMING TANG签订了《股 份转让协议》，拟受让上市公司2193.99万股股份，占公司总股本的5%，转让总价为3.03亿元。 按照约定，在业绩承诺期内及业绩补偿足额实施完毕前（以前述期限孰晚为准），除特别约定外，饶亦 然不得出售、质押、设 ...

格隆汇11月11日｜秦安股份(603758.SH)公告称，公司拟通过全资子公司重庆陆岭山溪企业管理有限公 司以现金方式收购安徽亦高光电科技有限责任公司99%股权，交易金额为8.85亿元。交易完成后，亦高 光电将成为公司的控股公司并纳入合并报表范围。标的公司在高端真空镀膜领域技术领先，其超硬镀膜 已应用于国内消费电子头部品牌高端手机、穿戴设备系列，并加速向全系列手机、智能穿戴设备和高端 平板电脑等领域渗透；其AR镀膜已应用于多款智能汽车车载显示系统，为智能座舱提供光学解决方 案。本次交易设置业绩承诺，业绩承诺方承诺标的公司在2025-2027年三年累计实现净利润不低于2.4亿 元。 ...

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Yigao Optoelectronics for a cash consideration of RMB 884.6264 million, aiming to enhance its product matrix and market competitiveness through this strategic move [1][2]. Group 1: Transaction Details - The acquisition involves Qin'an Co., Ltd. and its wholly-owned subsidiary Luling Mountain Stream signing a transaction agreement with multiple parties [1]. - The total transaction amount is RMB 884.6264 million, and Yigao Optoelectronics will become a subsidiary included in the consolidated financial statements post-transaction [1]. - The transaction includes performance commitments, with the target company expected to achieve a cumulative net profit of no less than RMB 240 million over the years 2025, 2026, and 2027 [1]. Group 2: Strategic Implications - Yigao Optoelectronics is a leader in high-end vacuum coating technology, with applications in consumer electronics, automotive displays, and emerging technologies like electrochromic coatings [2]. - The acquisition aligns with the company's strategy of "external development and long-term expansion," aiming to create a "second growth curve" by integrating its automotive parts business with Yigao's vacuum coating products [2]. - Post-acquisition, the company plans to leverage synergies in customer resources, sales channels, brand building, and technology research and development to enhance market competitiveness [2].

Core Viewpoint - The announcement from Lens Technology indicates strong market demand for new products following the release of major clients' new devices, leading to increased production and hiring efforts [1] Group 1: Company Performance - Lens Technology reported that the market response to new device launches exceeded expectations, resulting in robust customer order demand [1] - The company has expanded its workforce to nearly 170,000 employees to meet the increased production needs [1] - Multiple institutions have raised their annual sales forecasts for new devices, anticipating further sales growth due to seasonal demand and promotional activities [1] Group 2: Industry Trends - The upcoming sales peak, along with government subsidies and channel incentives, is expected to drive new device sales growth [1] - As a long-term core supplier of exterior and structural components for major clients, the company stands to benefit from increased demand and market share, as well as innovations like ultra-hard coatings and 3D glass covers [1]

Core Viewpoint - The company reported a decline in revenue for the first half of 2025, attributed to intensified industry competition and reduced order deliveries, while net profit showed a significant increase due to cost management and reduced share-based payment expenses [1][2]. Financial Performance - The company achieved operating revenue of 680 million yuan, a year-on-year decrease of 13.2% - The net profit attributable to shareholders was 80.39 million yuan, a year-on-year increase of 30.0% - The net profit after deducting non-recurring items was 83.82 million yuan, a year-on-year decrease of 14.8% [1]. Operational Analysis - The comprehensive gross profit margin was approximately 21.9%, a year-on-year decline of 2.4 percentage points - Sales, management, and R&D expenses all decreased year-on-year, primarily due to reduced share-based payment expenses from the employee stock ownership plan - Total R&D investment was 24.35 million yuan, showing growth year-on-year, indicating continued commitment to technological innovation [1][2]. Business Development - The automotive parts business remains a solid foundation, with ongoing market adaptation and development - The company has optimized its customer structure, covering major domestic and international clients such as Changan Ford, Li Auto, and North American Ford [1][2]. New Projects and Innovations - The company secured multiple new project orders from clients like Changan Ford and Li Auto, with the North American Ford cylinder body project transitioning to mass production - The company is expanding into hybrid power engine core components and electric motor housings, achieving a strong market share in the plug-in hybrid vehicle sector [2]. - Cost reduction and efficiency improvements have been realized through initiatives like a 6MW distributed photovoltaic project and optimized natural gas combustion efficiency [2]. Strategic Acquisitions - The company initiated the acquisition of 99% equity in Anhui Yigao Optoelectronics to establish a dual business model of automotive parts and vacuum coating - Yigao Optoelectronics is a high-tech enterprise in the vacuum coating field, with leading ultra-hard coating technology applicable to high-end consumer electronics [3]. - The strategic layout includes the development of electrochromic coating technology for applications in AR/VR and automotive windows, potentially creating new revenue streams [3]. Sensor Technology Investment - The company is investing in the sensor industry, acquiring a 5% stake in MoXian Technology, a leader in flexible tactile sensors - Future plans include investing in 3-5 additional sensor companies to build a technology matrix focused on high-end sensor applications [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 205 million yuan, 285 million yuan, and 361 million yuan for 2025-2027, with corresponding EPS of 0.47, 0.65, and 0.82 yuan - The automotive parts business is expected to benefit from increased penetration of new energy vehicles, growing overseas orders, and cost reduction efforts, while the new vacuum coating business and sensor investments are anticipated to contribute positively to future performance [4].

Core Viewpoint - Qin'an Co., Ltd. announced a restructuring plan to acquire 99% equity of Yigao Optoelectronics, aiming to enhance its product matrix and create a dual business model for growth [4][6]. Group 1: Acquisition Details - The acquisition will be conducted through a combination of issuing shares and cash payments to 12 parties, including individuals and companies [4]. - The specific transaction price is yet to be determined, but it is expected not to constitute a major asset restructuring [4]. - Yigao Optoelectronics is projected to contribute nearly 40% to Qin'an's net profit in 2024, indicating a significant performance enhancement from the acquisition [4]. Group 2: Financial Performance of Yigao Optoelectronics - Yigao Optoelectronics reported revenues of 105 million yuan in 2023, 254 million yuan in 2024, and 78.92 million yuan in the first five months of 2025 [7]. - The net profits for the same periods were 29.92 million yuan, 67.10 million yuan, and 19.49 million yuan, respectively [7]. Group 3: Strategic Implications - The acquisition is expected to broaden Qin'an's product offerings, allowing it to provide a more comprehensive range of products to downstream customers, thereby increasing customer loyalty [6]. - The integration of automotive components and vacuum coating products aims to establish a dual-driven business model, creating a "second growth curve" for the company [6]. - The transaction is anticipated to enhance the asset scale, operating income, and net profit levels of Qin'an [6]. Group 4: Historical Performance of Qin'an Co., Ltd. - Since its listing in May 2017, Qin'an's revenue has fluctuated, with 2024 revenue projected at 1.6 billion yuan, up from 1.223 billion yuan in 2017 [10]. - The company's net profit has shown minimal growth, increasing from 180 million yuan in 2017 to an estimated 200 million yuan in 2024, with several years experiencing declines and losses [10]. Group 5: Market Position - As of June 27, prior to the suspension, Qin'an's market capitalization was 7.231 billion yuan, with shares set to resume trading on July 11 [10].

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Yigao Optoelectronics, aiming to enhance its product matrix and create a dual business model for growth [2][8][9]. Group 1: Acquisition Details - The acquisition will be executed through a combination of issuing shares and cash payments to 12 transaction parties [5]. - The specific transaction price is yet to be determined, but it is not expected to constitute a major asset restructuring [5]. - Yigao Optoelectronics is projected to contribute nearly 40% to Qin'an's net profit in 2024, indicating a significant performance enhancement from the acquisition [5]. Group 2: Financial Performance of Yigao Optoelectronics - Yigao Optoelectronics reported revenues of 105 million yuan in 2023, 254 million yuan in 2024, and 78.92 million yuan in the first five months of 2025 [9]. - The net profits for the same periods were 29.92 million yuan, 67.10 million yuan, and 19.49 million yuan respectively [9]. - The company's total assets increased from 3.19 billion yuan in 2023 to 5.23 billion yuan by May 31, 2025 [10]. Group 3: Qin'an Co., Ltd. Performance Overview - Since its listing in May 2017, Qin'an's revenue has fluctuated, with 2024 revenue projected at 1.6 billion yuan compared to 1.22 billion yuan in 2017 [12]. - The company's net profit has shown minimal growth, from 180 million yuan in 2017 to an estimated 200 million yuan in 2024, with several years of decline and losses in between [12]. - As of June 27, 2023, Qin'an's market capitalization was 7.231 billion yuan [14].

Core Viewpoint - Qin'an Co., Ltd. plans to acquire 99% equity of Anhui Yigao Optoelectronics Co., Ltd. through a combination of share issuance and cash payment, aiming to strategically enter the high-end vacuum coating industry, which has high growth potential and good profitability [1][2][3] Group 1: Acquisition Details - The acquisition involves 12 counterparties, with the share issuance price set at no less than 80% of the average trading price over the previous 20 trading days, which is 12.74 yuan per share [1] - Qin'an Co. intends to raise matching funds not exceeding 100% of the transaction price for the asset acquisition [1] Group 2: Business and Market Position - Qin'an Co. is currently a primary supplier of core components for engine and transmission systems, with a production capacity of one million units annually [1] - The company aims to cultivate a second growth curve by expanding into the high-end vacuum coating sector, which is aligned with global trends in automotive electrification and intelligence [2] Group 3: Yigao Optoelectronics Overview - Yigao Optoelectronics specializes in high-end vacuum coating, with products applicable in consumer electronics, smart vehicles, and industrial displays [2] - The company's advanced coating technologies have been adopted by leading domestic brands in high-end smartphones and wearable devices, with applications expanding into smart automotive displays [2] Group 4: Strategic Benefits - The transaction is expected to enhance Qin'an Co.'s business structure and market reach, improving its overall risk resistance [3] - Post-acquisition, the company plans to leverage synergies in customer resources, sales channels, brand development, and technology research and development with Yigao Optoelectronics [3] Group 5: Performance Commitments - The counterparties have made performance commitments for Yigao Optoelectronics, with net profits projected to be no less than 70 million yuan, 80 million yuan, and 90 million yuan for the years 2025, 2026, and 2027 respectively, totaling a minimum of 240 million yuan over three years [3]