On October 16th, Shanghai Nar Industrial Co., Ltd. (002825.SZ) reached its daily limit up, closing at 11.89 yuan per share as of midday.

On the evening of October 15, the company announced that it had signed a “Share Acquisition Intention Agreement” with Shanghai Feiguang Management Consulting Partnership (Limited Partnership) and Zhang Hua, aiming to acquire no less than 51% of Shanghai Feilai Testing Technology Co., Ltd. (“Feilai Testing”) through equity transfer, with the transaction valued at approximately 350 million to 400 million yuan.

According to the announcement, Feilai Testing specializes in reliability solutions for semiconductor chip testing, offering comprehensive solutions ranging from wafers to devices. Financial data indicates that Feilai Testing achieved a revenue of 123 million yuan for the fiscal year 2024, with a net profit of 1.9043 million yuan. Additionally, from January to June 2025, the company reported revenue of 92.4645 million yuan and a net profit that grew to 22.9338 million yuan.

Shanghai Nar stated that it aims to fully explore the reuse value of existing land properties, digital systems, management protocols, and other resources, ensuring the operational stability of Feilai Testing. The company seeks to leverage this acquisition for cost control, market expansion, and synergies in production technology to achieve effective resource sharing and complementary advantages.

However, public records show that Shanghai Nar's main business focuses on the research and production of digital printing materials, automotive protective films, and optical and electronic functional films in the precision coating sector. There is contention on how to truly realize the "synergy effect" in this context.

In response to investor inquiries, a representative from the company’s securities department admitted that there is “definitely no significant synergy within the supply chain,” emphasizing that the synergy effect mainly pertains to overseas land and plant resources: “We also have some factories in Thailand that can provide proof of origin, which might lead to some tax reductions.”

To ensure acquisition benefits, both parties have established clear performance commitments and compensation mechanisms. The controlling shareholder and actual controller of Feilai Testing have pledged expected net profits of no less than 28 million, 36 million, and 48.2 million yuan for the years 2025 to 2027, totaling not less than 112.2 million yuan over three years.

This is not the first engagement between Shanghai Nar and Shanghai Feilai. The announcement reveals that since August 2021, Shanghai Nar, through Jiaxing Huirong Equity Investment Partnership (Limited Partnership), has had indirect holdings in Feilai Testing and has basic knowledge regarding its operational team and market business.

Given historical financial data, the targeted company's products are in a rapid development phase as new products transition from initial commercialization to scaling, indicating potential for further improvements in supply chain management and enterprise digitalization.

The company has warned of uncertainties associated with the acquisition in its announcement. A spokesperson from the securities department stated, “Substantial cooperation between both parties has yet to commence. The announcement made last night was merely an intention agreement, with the specific completion time still to be determined.”

It is notable that this is not Shanghai Nar's first attempt to diversify into the semiconductor sector. In July 2025, the company terminated its plan to acquire no less than 51% of Jiangxi Lanwei Electronics Technology Co., Ltd., citing that "a final consensus on investment matters was not achieved."

(Disclaimer: The content of this article is for reference only and does not constitute investment advice. Investors act at their own risk.)