Naradar terminates the acquisition of 100% equity stake in Tianjin Sigma

Securities Times Reporter Zang Xiaosong

Naree Radar (688522) announced on the evening of March 23 that the company’s board of directors has approved the relevant proposal to terminate the acquisition of 100% equity of Tianjin Sigma Microelectronics Technology Co., Ltd. (“Tianjin Sigma”).

Naree Radar is mainly engaged in the research, development, production, and sales of fully polarized active phased array radars. It previously established China’s first ultra-high spatial and temporal resolution X-band dual-polarization (dual-polarization) active phased array weather observation network; its self-developed “TDKFT0104 Ku-band dual-polarization active phased array radar” can be applied in areas such as three-dimensional transportation, border defense, and airspace management.

The target company, Tianjin Sigma, mainly focuses on the research, development, design, and sales of digital, analog, and mixed-signal application-specific integrated circuits (ASICs), including optoelectronic sensors, MCU chips, touch chips, and power management chips. In 2023 and 2024, Tianjin Sigma achieved operating revenues of 104 million yuan and 124 million yuan, with net profits of 5.6086 million yuan and 11.5874 million yuan, respectively. As of the end of 2024, Tianjin Sigma’s total assets were 117 million yuan, and owner’s equity was 76.014 million yuan.

Naree Radar has been planning this acquisition for over a year. A disclosed announcement last year showed that the 100% equity of the target company was valued at 370 million yuan, with 50% paid in shares, i.e., 185 million yuan. The issuance price for the shares to purchase the assets was 42.93 yuan per share, with a total of approximately 4.3093 million shares issued, and the total amount of supporting funds raised not exceeding 185 million yuan.

On February 27, 2026, Naree Radar’s board approved lowering the transaction price to 326 million yuan. Less than a month later, Naree Radar announced that the acquisition had fallen through.

In its latest disclosed announcement, Naree Radar stated that since the planning and initial announcement of this transaction, the company has actively organized all relevant parties to promote the process. “Due to changes in market conditions and other factors, in order to effectively protect the interests of the listed company and all shareholders, after careful research, the board of directors has agreed to terminate this transaction and withdraw the related application documents.”

Naree Radar emphasized that the termination of this transaction is a decision made based on current market environment changes after careful consideration by the company. “Currently, the company’s production and operation are normal, and the termination of this transaction will not have a significant adverse impact on the company’s operations and financial condition.”

The performance quick report disclosed by Naree Radar shows that in 2025, the company achieved operating revenue of 460 million yuan, a year-on-year increase of 33.26%; net profit of 108 million yuan, a year-on-year increase of 41.58%; and net profit after deducting non-recurring gains and losses of 97.7899 million yuan, a year-on-year increase of 14.24%. During the reporting period, leveraging product technology and brand advantages, the company gained recognition from clients in various fields, with new contracts for hydrological rain radar increasing significantly; existing orders accelerated in confirmation and implementation, leading to a substantial increase in revenue and continued rapid growth in performance, with a notable improvement in profitability.