Core Viewpoint - Meike Home (600337) is facing significant operational challenges, reflected in its continuous net losses and shrinking revenue, prompting the company to pursue a cross-industry acquisition of Shenzhen Wande Technology Co., Ltd. [1][8] Financial Performance - Meike Home has reported consecutive annual net losses, with figures of approximately -289 million yuan in 2022, -463 million yuan in 2023, and -864 million yuan in 2024 [9] - For the first three quarters of this year, the company recorded a net loss of about -220 million yuan, showing a reduction in losses compared to previous periods [10] - The company's revenue peaked in 2019 at over 5.5 billion yuan, but has since declined significantly due to various market challenges [8] Acquisition Details - Meike Home plans to acquire control of Wande Technology, which specializes in high-speed copper cables for AI computing and data centers, with a valuation of 360 million yuan [3][5] - The acquisition will involve issuing shares and cash payments, with the main transaction partner being Shenzhen Wande Yasheng Technology [7] Shareholding and Pledge Status - As of the end of the third quarter, Meike Home's controlling shareholder, Meike Investment Group, has 100% of its shares pledged, which poses a risk to the company's control stability [12][14] - Meike Group holds approximately 33.99% of Meike Home's shares, all of which are under pledge [14] Market Response and Challenges - Following the announcement of the acquisition, Meike Home's stock was suspended from trading, with a maximum trading price of 3.21 yuan per share observed recently [12] - The company has also faced issues related to employee salary payments, which have been acknowledged and are under internal review [12][16] - The overall market conditions for the home furnishing industry remain challenging, raising questions about the effectiveness of the proposed acquisition in resolving the company's financial difficulties [11][17]

Group 1 - The core point of the article is that Meike Home (600337) plans to acquire control of Shenzhen Wandeng Optical Technology Co., Ltd. through a combination of share issuance and cash payment, while also raising supporting funds [1] - Wandeng Optical specializes in the research, production, and sales of high-speed interconnect cable components and modules for AI computing clusters and data centers, being the first in the Chinese market to mass-produce and deliver 400G/800G AEC products to North American clients [1] - The company has achieved a nearly 70% share of the global market for cumulative shipments of its products over the past three years, with its 800G loopback module being the top seller globally [1] Group 2 - The domestic data center cable and module market is experiencing exponential growth in demand for computing power, data transmission speed and quality, heat management, and energy management due to the explosive growth of AI applications globally [2] - Lixun Precision, a leading industry player, has proactively positioned itself in the data center components market by innovatively creating a comprehensive solution for core components aimed at AI cabinets, which includes high-speed copper interconnects and thermal management [2] - The acquisition transaction is still in the planning stage, with Meike Home having signed a letter of intent for the equity acquisition and preliminarily identifying Shenzhen Wandeng Yasheng Technology Enterprise (Limited Partnership) as the transaction counterparty [2]