Core Viewpoint - Zhiyang Innovation (688191.SH) has decided to terminate its major asset restructuring plan to acquire controlling interest in Shenzhen Lingming Photon Technology Co., Ltd. due to failure to reach consensus on key transaction terms amid changing market conditions. The company's stock resumed trading on February 26, 2026, after being suspended since February 4, 2026 [1][2]. Group 1: Termination of Major Asset Restructuring - The company announced the termination of the major asset restructuring plan, which involved issuing ordinary shares, convertible bonds, and cash to acquire control of Lingming Photon [1][2]. - The decision to terminate was made after careful consideration, as the company and related parties could not agree on core transaction terms despite ongoing discussions [2]. - The termination will not adversely affect the company's business operations, financial status, or the interests of shareholders, particularly minority shareholders [2]. Group 2: Strategic Investment Agreement - On February 25, 2026, the company signed a strategic investment intention agreement with Lingming Photon, agreeing to invest approximately 300 million yuan in cash to acquire a minority stake in the company [3][4]. - The pre-investment valuation of Lingming Photon is estimated to be between 2.7 billion yuan and 3 billion yuan, with the company expected to hold approximately 9.09% to 10% of the shares post-investment [3]. - The investment will allow the company to nominate a board candidate and hold veto rights on major decisions, although it does not aim to gain control over Lingming Photon [3][4]. Group 3: Financial Performance of Lingming Photon - Lingming Photon reported revenues of 51.38 million yuan and 113.77 million yuan for the years 2024 and 2025, respectively, with net losses of 92.97 million yuan and 53.50 million yuan for the same periods [5][6]. - The company's total assets increased from 256.80 million yuan in 2024 to 281.48 million yuan in 2025, while owner’s equity decreased from 184.12 million yuan to 161.33 million yuan [6][7]. Group 4: Synergies and Strategic Importance - The company’s product portfolio includes industrial models, intelligent perception terminals, and smart drones, which align with Lingming Photon’s technology, creating potential synergies in supply chain and market [7]. - The strategic investment is seen as a way to strengthen the supply chain, enhance research and development capabilities, and accelerate the implementation of smart terminal products [7].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688191 证券简称：智洋创新 公告编号：2026-011 智洋创新科技股份有限公司 关于终止筹划重大资产重组事项暨公司股票复牌的公告 重要内容提示： ● 证券停复牌情况：适用 因终止筹划重大资产重组事项,本公司的相关证券停复牌情况如下： ■ 智洋创新科技股份有限公司（以下简称"公司"）因筹划以发行人民币普通股股票、定向发行可转换公司 债券（如有）、支付现金（如有）等方式购买深圳市灵明光子科技有限公司（以下简称"灵明光 子"或"标的公司"）控股权，同时拟募集配套资金（以下简称"本次交易"）的事项，公司股票自2026年2 月4日（星期三）开市起停牌。经审慎研究，公司决定终止筹划本次重大资产重组事项，公司股票自 2026年2月26日（星期四）开市起复牌。现将有关情况公告如下： 一、本次筹划重大资产重组的基本情况 2026年2月3日，公司与灵明科技（珠海市）合伙企业（有限合伙）、臧凯等主要交易对方及标的公司签 署了《股权投资 ...

【导读】智洋创新终止重大资产重组，此前拟3亿元投资灵明光子 2月3日晚间，智洋创新公告称，公司拟以发行股票、定向发行可转换公司债券、支付现金等方式，购买 灵明光子的控制权，同时募集配套资金，预计构成重大资产重组。 智洋创新公告称，公司自筹划本次重大资产重组以来，积极推动相关工作，但受市场环境变化影响，交 易双方未能就交易核心条款达成一致意见。经公司审慎研究，决定终止筹划本次重大资产重组事项。 针对筹划重大资产重组事项，智洋创新自2月4日开市起停牌。截至2月3日收盘，智洋创新股价报38.41 元/股，总市值为88.98亿元。 交易核心条款未达成一致意见 2月25日晚间，智洋创新发布公告称，由于交易双方未能就核心条款达成一致意见，公司决定终止筹划 重大资产重组事项。 智洋创新拟转向投资入股 此前，智洋创新拟购买深圳市灵明光子科技有限公司（以下简称灵明光子）控股权，并募集配套资金， 预计构成重大资产重组。 如今，智洋创新拟以现金方式向灵明光子增资及购买部分股权（如有），投资金额暂定3亿元，并且计 划自2月26日开市起复牌。 2月25日，智洋创新与灵明光子签署《战略投资意向协议》，约定智洋创新终止以发行股票及/或可转 ...

Group 1 - The core point of the article is that Zhiyang Innovation (688191.SH) is planning to acquire control of Shenzhen Lingming Photon Technology Co., Ltd. through stock issuance, convertible bonds, and cash payments, which is expected to constitute a significant asset restructuring and related party transaction [1][4] - Zhiyang Innovation will suspend trading starting February 4, with the suspension expected to last no more than five trading days [1] - As of the close on February 3, Zhiyang Innovation's stock price was 38.41 yuan per share, reflecting a 2.13% increase, with a total market capitalization of 8.898 billion yuan [1] Group 2 - Lingming Photon, established in May 2018, specializes in high-quality dToF (direct time-of-flight) sensing chips and system solutions, with applications in automotive lidar, smart cockpit sensing systems, smartphones, XR headsets, and various robotic 3D sensor terminals [4] - Zhiyang Innovation is engaged in artificial intelligence, providing AI solutions across industries such as electricity, water conservancy, rail transportation, and new energy, aiming for commercial implementation of AI [4] - The company has expressed intentions to deepen existing industry applications while actively exploring new sectors to assist clients in digital and intelligent transformation [4]

Core Viewpoint - Zhiyang Innovation (688191.SH) is planning to acquire control of Shenzhen Lingming Photon Technology Co., Ltd. through stock issuance, convertible bonds, and cash payments, which is expected to constitute a significant asset restructuring and related party transaction [1][4]. Group 1: Company Overview - Zhiyang Innovation announced a stock suspension starting February 4, with an expected duration of no more than five trading days [1]. - As of February 3, Zhiyang Innovation's stock price was 38.41 yuan per share, reflecting a 2.13% increase, with a total market capitalization of 8.898 billion yuan [1]. Group 2: Lingming Photon Technology - Lingming Photon, established in May 2018, specializes in high-quality dToF (direct time-of-flight) sensing chips and system solutions, with applications in automotive LiDAR, smart cockpit sensing systems, smartphones, XR headsets, and various robotic 3D sensor terminals [4]. - The company is positioned in a growing market, providing advanced technology solutions that align with Zhiyang Innovation's focus on artificial intelligence [4]. Group 3: Strategic Alignment - Zhiyang Innovation is engaged in artificial intelligence, offering solutions across sectors such as electricity, water conservancy, rail transportation, and new energy, aiming for digital and intelligent transformation for its clients [4]. - The company has expressed intentions to deepen existing industry applications while actively seeking new sectors for expansion, indicating a strategic focus on external growth and industry integration [4].