Yutong Technology spends another 300 million to acquire 34% of Huayan! 'Packaging and precision components' synergy speeds up
In today's traditional packaging manufacturing industry, which is deeply trapped in red ocean competition, this nearly 300 million yuan increase in stake not only confirms the management's strong recognition of the target asset's technological barriers and strategic positioning but also signals that Yutong Technology's strategic layout of the "N business" (second growth curve) is accelerating from tactical incubation to deep integrated consolidation.
Valuation anchored at 880 million yuan for a no-premium increase; related acquisition priced at 299.2 million yuan
Looking back at Yutong Technology's acquisition path of Huayan Technology, the overall pace has been very fast with a clear valuation logic:
Previous acquisition (controlling 51%): In February 2026, Yutong Technology acquired 51% of Huayan Technology from Guandian Investment. Based on the audit report issued by Tianjian Accounting Firm and the appraisal report issued by Beijing Zhonglin Asset Appraisal Co., Ltd., the total equity of all 100% shareholders of Huayan Technology was valued at 880 million yuan.
This transaction (additional 34% stake): Yutong Technology plans to acquire 20% of Huayan Technology from Wang Huajun and 14% from Guandian Investment, totaling 34%. After verification by all parties, Huayan Technology's core operating conditions have not undergone significant adverse changes since the previous acquisition, and the transaction price for the 34% stake is 299.2 million yuan.
From a financial fundamentals perspective, as a nationally recognized specialized and innovative "little giant" enterprise, Huayan Technology delivered an extremely strong performance in 2025: achieving operating revenue of about 728 million yuan and a net profit of 63.6054 million yuan.
In the first half of 2026, affected by fluctuations in demand for some sub-categories of downstream consumer electronics and production line adjustments, Huayan Technology realized operating revenue of about 276 million yuan and a net profit of 18.5064 million yuan, showing a temporary decline compared to the same period last year. However, during this brief performance pressure window, Yutong Technology decisively chose to "increase holdings at par" to 85%, fully demonstrating the group's long-term bet on the underlying manufacturing capabilities and cross-cycle synergy value of this sector.
From 'External Packaging' to 'Internal Components': Building an Irreplaceable Integrated Service Barrier
After raising its holding ratio to 85%, the integration of Yutong Technology and Huayan Technology will go far beyond simple financial consolidation and move toward a deep restructuring of industrial elements:
On one hand, there's the upward empowerment of a 'super client network with a capital backing.' Yutong Technology has built decades of top-tier client trust and a cross-border delivery network in the global consumer electronics sector (including Apple, Huawei, and major first-tier laptop and smartphone brands), along with strong cash flow.
With a deeper acquisition, Yutong can directly bring Huayan Technology into the supply chain review lists of multinational tech giants, introduce high-standard hardware bidding opportunities, and provide R&D funding to help them keep up with AI hardware developments through process iteration.
On the other hand, it's about upgrading products from 'external packaging' to 'core structures.' Traditional packaging companies often play a supporting role for end brands and can easily get dragged into price wars. Meanwhile, Huayan Technology's expertise in metal powder injection molding, high-precision CNC machining, and industrial-grade 3D printing perfectly fills Yutong's gap in making hard, precision mechanical components.
Together, the two companies enable Yutong to deliver a one-stop, comprehensive solution to global clients: 'high-end eco-friendly anti-counterfeit packaging on the outside, precision functional components on the inside.'
When a supplier can not only provide environmentally-friendly custom packaging that meets ESG standards but also handle precision processing for foldable screen hinges, smartwatch metal casings, or the internal components of computing devices, the cost of replacing them in a brand's supply chain increases exponentially.
This transformation from a simple packaging processor to a high-barrier "integrated hardware service provider" fundamentally reshapes Yutong Technology's bargaining power and profit model in the global electronics manufacturing value chain.
The "N Business" drives the company in four areas: fully positioning in AI computing, embodied intelligence, and the low-altitude economy.
As the second growth curve supporting Yutong Technology's future valuation redefinition, the "N Business" is not just a series of scattered trial projects but has already built a tightly coordinated, advanced precision manufacturing matrix that deeply integrates cutting-edge AI hardware:
Huayan Technology (AI liquid cooling and precision metals): Focuses on MIM, high-precision CNC, and 3D printing. In response to the high-heat challenges triggered by AI computing bursts, its core products cover quick-release connectors, manifold pipes, and cold plates for AI server liquid cooling systems, as well as MIM components for high-frequency memory modules and high-speed connectors. With its stake now increased to 85%, Huayan Technology is leveraging Yutong's global business base to rapidly enter the AI liquid-cooled server market both domestically and internationally.
Renhe Intelligent (smart soft packs and robotic skin): Specializes in skin-friendly flexible materials and innovative soft processes, not only reliably supplying conformable materials for VR/AR headsets and AI smart glasses, but also proactively developing embodied intelligent robotic "haptic skins," bionic face coverings, and high-end smart cockpit soft interiors for next-generation vehicles.
Huabaoli (acoustic components and robotic EMS assembly): Promotes industrial-level coordination among "acoustic components, smart terminal hardware, and robotic manufacturing," moving from traditional speaker, noise reduction unit, and AI smart speaker OEM to full-device assembly of new smart hardware and even embodied robot OEM manufacturing.
Yutong New Materials (lightweight carbon fiber composites): Focuses on thermoplastic and asphalt-based high-performance carbon fibers, integrating ultra-lightweight, high-strength composite components widely into foldable phone frames, AI smart glasses frames, smart wearable casings, low-altitude economy UAV fuselages, and functional joints for embodied robots.
From a single-point champion in paper printing packaging to having absolute control over Huayan Technology with an 85% stake and seamlessly integrating a high-tech manufacturing consortium covering "liquid cooling, precision MIM, robotic skin, acoustic assembly, and carbon fiber materials," Yutong Technology is completing a deep transformation from a traditional packaging giant into a high-end industrial manufacturing cluster.