广东纳睿雷达科技股份有限公司（以下简称"纳睿雷达"）近日披露重大资产重组问询函回复报告，公司 拟通过发行股份及支付现金方式收购天津希格玛微电子技术有限公司（以下简称"标的公司"）100%股 权，交易作价3.7亿元。此次收购旨在拓展雷达专用芯片设计能力，构建自主可控的芯片技术体系，将 雷达系统开发从"部件级集成"提升至"芯片级协同"，以应对下一代数字相控阵雷达对核心元器件的需 求。 交易背景：芯片自主化成雷达技术升级关键 公告显示，纳睿雷达当前主要通过外购通用芯片生产相控阵雷达，芯片成本占整机成本的23%-29%。随 着下一代数字相控阵雷达技术演进，ADC/DAC等芯片用量将大幅上升，预计芯片成本占比将提升至 30%-50%。标的公司在光电传感器、MCU芯片等领域拥有成熟技术储备，其ADC/DAC知识产权矩阵与 雷达芯片需求存在共通性，可通过技术延伸应用于雷达系统。 研发进展：MCU芯片已送样测试 多项目同步推进 合作研发方面，标的公司已向纳睿雷达交付MCU芯片样品，完成常温功能测试，正在进行高低温及可 靠性验证，预计6个月内进入小批量验证阶段。ADC芯片项目已完成立项，DAC芯片处于立项前评估阶 段，射频多功 ...

Core Viewpoint - Nanrui Radar (688522) has shown significant growth in revenue and net profit, driven by increased contracts and efficient receivables management, while also pursuing strategic acquisitions to enhance its capabilities in radar chip design [3][4][10]. Group 1: Stock Performance - As of August 29, 2025, Nanrui Radar's stock closed at 48.88 yuan, up 3.36% from the previous week, with a market cap of 14.81 billion yuan [1]. - The stock reached a high of 50.98 yuan and a low of 47.0 yuan during the week [1]. Group 2: Shareholder Changes - As of June 30, 2025, the number of shareholders increased to 9,268, a rise of 27.01% from March 31, 2025, with an average holding of 32,700 shares per shareholder [2]. Group 3: Financial Performance - For the first half of 2025, Nanrui Radar reported a revenue of 155 million yuan, a year-on-year increase of 112.84%, and a net profit of 56.946 million yuan, up 866.97% [3][4]. - The second quarter alone saw a revenue of 96.705 million yuan, reflecting a 134.22% increase year-on-year, and a net profit of 35.281 million yuan, up 2027.66% [3]. Group 4: Strategic Initiatives - The company plans to acquire 100% of Tianjin Sigma Microelectronics to strengthen its radar chip design capabilities, with the acquisition application already accepted by the Shanghai Stock Exchange [4][11]. - Nanrui Radar is focusing on enhancing its core business, increasing market share, and managing receivables effectively to ensure timely cash flow [5]. Group 5: Dividend and Financial Strategy - The company announced a cash dividend of 0.5 yuan per 10 shares, totaling approximately 15.131 million yuan, which represents 26.57% of the net profit [11]. - The acquisition of Tianjin Sigma is valued at up to 370 million yuan, with a commitment for the target company to achieve a cumulative net profit of no less than 78 million yuan from 2025 to 2027 [11]. Group 6: Market Outlook - The company holds an optimistic view on the industry prospects driven by policies related to disaster reduction, water information technology, and the domestic production of air traffic control equipment [9].