Core Insights - The company reported a revenue of 461 million yuan for the first three quarters of 2025, a year-on-year decrease of 3.15%, while achieving a net profit attributable to shareholders of -3 million yuan, significantly reducing losses [1] - In Q3 2025, the company achieved a revenue of 179 million yuan, a year-on-year increase of 3.61% and a quarter-on-quarter increase of 12.13%, with a net profit attributable to shareholders of 6 million yuan, a year-on-year increase of 161.63% and a quarter-on-quarter increase of 39.46% [1] Revenue and Profitability - The most notable highlight of the quarter was the recovery in profitability, with a gross margin exceeding 30%, an increase of over 5 percentage points year-on-year, directly driving the net profit attributable to shareholders into positive territory and achieving profitability for two consecutive quarters [2] - Despite a decline in revenue year-on-year, the gross profit amount increased by over 15% in the first three quarters, supported by a simultaneous optimization of expenses, including a 12.83% year-on-year decrease in R&D expenses [2] Strategic Acquisition - The acquisition of Xinggan Semiconductor, a leading global supplier of high-performance sensor chips, aims to build a comprehensive system-level solution capability [3] - Xinggan Semiconductor possesses independent intellectual property and rich technical reserves in sensor devices, high-precision mixed-signal processing, and sensor packaging, serving downstream sectors such as new energy equipment, automotive terminals, and industrial automation [3] - Post-acquisition, the company will form a complete product system from current detection, motion sensing to power management, battery management, and motor drive, significantly enhancing product portfolio competitiveness [3] Investment Outlook - Revenue projections for 2025-2027 are estimated at 738 million, 909 million, and 1.121 billion yuan, respectively, with net profits attributable to shareholders of 15 million, 42 million, and 70 million yuan [4] - Corresponding EPS is projected at 0.22, 0.60, and 1.00, with PE ratios of 188.06, 68.81, and 40.92x, maintaining a "buy" rating [4]

Core Viewpoint - The announcement of a share transfer agreement between Anche Detection and SIRUI Technology marks a significant shift in control, with SIRUI set to become the new controlling shareholder of Anche Detection through a phased approach [1][2]. Group 1: Transaction Details - The transaction will occur in three phases: first, SIRUI will acquire 6.43% of shares from the current controlling shareholder, He Xian Ning; second, He will delegate voting rights for the remaining 13.57% shares to SIRUI, allowing it to control 20% of the voting rights; third, after the lock-up period, both parties will negotiate the transfer of the remaining shares [1]. - Following the completion of this transaction, SIRUI Technology will become the controlling shareholder of Anche Detection, but due to its own dispersed shareholding structure, the company will not have an actual controller [1]. Group 2: Company Background - SIRUI Technology, established in 2012, is a leading domestic smart sensor company with products spanning six major areas, including motion sensing and industrial-grade integrated sensing modules, widely applied in smart vehicles, consumer electronics, and industrial manufacturing [2]. - The company has a strong shareholder base, including state-owned enterprises and well-known investment funds, and is currently in the IPO guidance stage, making the acquisition of Anche Detection a crucial step in its capital strategy [2]. Group 3: Market Implications - The transaction is expected to create significant industrial synergies, with Anche Detection leveraging SIRUI's smart sensing technology to enhance automation and intelligence in its vehicle inspection equipment, while also expanding into new business areas like vehicle networking and smart transportation [2]. - The stock of Anche Detection has been suspended since July 29 and is set to resume trading on August 6, with market participants closely monitoring the stock's performance post-resumption [2]. - The success of SIRUI's IPO process and the business synergy with Anche Detection will be key factors influencing the long-term value of both companies [2].