Core Viewpoint - Hengwei Technology (603496.SH) is planning to acquire 75% of Shanghai Shuhang Information Technology Co., Ltd. through a combination of issuing shares and cash payment, along with raising supporting funds for the transaction [1][6]. Company Overview - Hengwei Technology, established in 2003 and listed on the Shanghai Stock Exchange in 2017, had a market capitalization of 10.33 billion yuan before its stock suspension. The company operates primarily in two segments: network visualization and intelligent system platforms [5]. - In the first half of 2025, Hengwei Technology faced significant performance challenges, with revenue of 488 million yuan, a year-on-year decline of 23.19%, and a net profit of 17.82 million yuan, down 75.16% year-on-year [5]. Acquisition Details - The acquisition will allow Hengwei Technology to gain control over Shuhang Technology, which specializes in enterprise-level AI solutions. The deal is expected to enhance Hengwei's AI strategy [2][10]. - The transaction is not anticipated to constitute a major asset restructuring unless it is delayed beyond the current reporting period [7]. Shuhang Technology Profile - Founded in December 2017, Shuhang Technology focuses on localized AI solutions for enterprises, with a mission to apply GPT technology in business scenarios. The company has developed several proprietary technologies, including the S-GPT AI engine [9][10]. - Shuhang Technology has received various qualifications, including high-tech enterprise status, and holds numerous intellectual property rights [12]. Industry Context - The demand for scenario-based AI solutions is surging as enterprises undergo digital transformation. IDC predicts that the market for AI enterprise applications in China will exceed 300 billion yuan by 2025, with a compound annual growth rate of over 30% [13][14]. - The acquisition reflects a shift in the AI industry towards practical applications, with a focus on quantifiable commercial value becoming a key investment criterion [17]. Strategic Synergies - The acquisition aims to leverage the strengths of both companies, combining Hengwei's AI infrastructure with Shuhang's localized AI engine to create a synergistic effect [16]. - The customer bases of both companies are expected to complement each other, providing opportunities for cross-selling [16]. Challenges Ahead - Integrating a hardware company with a software company presents challenges, particularly in aligning organizational culture and management practices. Retaining Shuhang's core technical team and fostering innovation will be crucial for the success of the merger [17].

公开资料显示，上海数珩成立于2017年，是一家领先的企业级场景化AI解决方案服务商，公司融合业 务策略与可本地化部署的S-GPT AI引擎，将GPT技术应用至企业业务场景中，助力企业实现数字化转 型。 9月16日晚间，恒为科技（603496）发布公告称，公司正在筹划以发行股份及支付现金的方式购买上海 数珩信息科技股份有限公司(下称"上海数珩")75%股份，同时拟发行股份募集配套资金。交易完成后， 上海数珩将成为公司的控股子公司。 鉴于前述事项尚处于筹划阶段，为避免造成公司股价异常波动，恒为科技将自2025年9月17日起停牌， 预计停牌时间不超过10个交易日。 恒为科技表示，经初步测算，本次交易预计不构成重大资产重组，不会导致公司控股股东、实际控制人 变更。不过，如果交易未实施完成而延期至下一报告期，以最近一期未经审计的财务数据测算，可能会 构成重大资产重组。 从股权结构来看，张继生通过直接持股及间接控制多家有限合伙企业的方式，拥有对上海数珩的控制 权。目前，恒为科技已与张继生达成收购意向。 恒为科技主营网络可视化业务和智能系统平台业务，同时面向人工智能领域，开拓人工智能基础架构及 解决方案业务。在智算行业快速 ...

Core Viewpoint - Hengwei Technology is planning to acquire 75% of Shanghai Shuhang Information Technology Co., Ltd. through a combination of share issuance and cash payment, which will make Shanghai Shuhang a subsidiary of Hengwei Technology after the transaction is completed [1] Group 1: Acquisition Details - The acquisition is currently in the planning stage, and Hengwei Technology will suspend trading from September 17, 2025, for up to 10 trading days to prevent abnormal stock price fluctuations [1] - The transaction is not expected to constitute a major asset restructuring, and there will be no change in the controlling shareholder or actual controller of the company [1] - Shanghai Shuhang, established in 2017, is a leading provider of enterprise-level scenario-based AI solutions, integrating business strategies with a locally deployable S-GPT AI engine [1] Group 2: Business Overview - Hengwei Technology focuses on network visualization and intelligent system platform businesses, while also expanding into AI infrastructure and solutions [2] - The company has launched a series of AI integrated machine products and solutions, covering various application scenarios based on domestic GPU architectures [2] - The acquisition of Shanghai Shuhang is expected to create synergies in the application of AI technology and products in the enterprise market [2] Group 3: Financial Performance - In the first half of the year, Hengwei Technology achieved revenue of 488 million yuan, a year-on-year decrease of 23.19%, with a net profit of 17.82 million yuan, down 75.16% [2] - The network visualization business recorded revenue of 262 million yuan, a year-on-year increase of 43.48%, while the intelligent system platform business revenue was 226 million yuan, down 49.95% due to a decrease in orders for intelligent computing business [2] Group 4: Future Strategy - In the second half of the year, Hengwei Technology will focus on the introduction of domestic products in network visualization and enhance product solutions in mobile networks, satellite communications, and IoT [3] - The company will also advance its intelligent computing upgrade strategy, increasing investment in the research and development of domestic computing integrated machines and expanding industry scenarios [3] - Additionally, Hengwei Technology aims to increase market share in network security, computing servers, and switches [3]