Yifei Laser has announced a plan to acquire 100% equity of Shenzhen Xingqihang Automation Equipment Co., Ltd. through a cash payment, with a total transaction consideration of approximately 400 million yuan.
Upon completion of the transaction, Xingqihang will become a wholly-owned subsidiary of Wuhan Yifi Laser Corporation Limited (688646) and will be included in the consolidated financial statements.
Targeting Computing Power Industry Opportunities, External M&A Opens Growth Space
It is understood that Xingqihang has focused on the field of optical module packaging and automated coupling equipment for more than ten years, accumulating deep technical expertise. Its core products cover a full range of coupling equipment including TO-CAN, COB, BOX (Lens), and FA fiber arrays, and extend to cutting-edge areas such as CPO co-packaged optics alignment equipment, 1.6T high-speed coupling equipment, AI robot 4D sensing, and automotive Ethernet optical sensing. It has established deep cooperative relationships with leading global optical module companies.
The optical module coupling equipment segment in which Xingqihang operates accounts for a relatively high proportion of value in the optical module packaging process. According to data from Sihan Industry Research Institute, coupling equipment accounts for approximately 40% of the value, making it the highest-value equipment segment in optical module manufacturing. As computing power demand continues to climb, optical modules are evolving toward higher speeds and higher integration, placing greater demands on coupling precision and automation levels.
Wuhan Yifi Laser Corporation Limited (688646) has been deeply engaged in the field of laser processing intelligent equipment for more than twenty years, innovatively integrating laser processes with intelligent equipment technology. It has accumulated rich process data, automation integration, and large-scale delivery experience and capabilities in precision manufacturing scenarios such as new energy batteries, pan-semiconductors, and supercapacitors.
After the completion of this acquisition, the two parties will achieve deep synergy, complementing each other's advantages around the three main lines of "coupling + laser + packaging full line." This will accelerate the application of ultrafast laser processes in cutting-edge technology scenarios such as AI chips and optical modules, help Xingqihang improve the automation level and production efficiency of its full-category coupling equipment production lines, and gradually extend to front-end and back-end processes, transforming from a single-process equipment provider into a full-stack intelligent manufacturing solution supplier for optical module integration.
According to the announcement, the total consideration for this transaction is 400 million yuan, with a three-year performance commitment. The cumulative non-recurring net profit from 2026 to 2028 shall not be less than 93 million yuan, with an average of no less than 31 million yuan per year. If the performance commitment is exceeded, performance rewards will be granted. Based on three tiers of excess portions at 100%-120%, 120%-150%, and above 150%, incentives of 30%, 40%, and 50% of the excess performance will be awarded respectively, fully binding the interests of the target company's core team and demonstrating confidence in future development.
Explosive operating data validates Xingqihang's performance potential. From January to May 2026, its net profit was already close to the full year of 2025. Moreover, from the leading indicator of contract liabilities, contract liabilities at the end of May 2026 grew by more than 700% compared to the end of 2025, indicating strong order growth momentum, which will also provide support for subsequent performance growth.
This is not the first time Wuhan Yifi Laser Corporation Limited (688646) has expanded its capability boundaries through mergers and acquisitions. In 2024, the company acquired 51% equity of Wuxi Xinjuli for 30 million yuan, entering the smart logistics and semiconductor AMHS equipment fields. The transaction set an assessment target of cumulative net profit of no less than 120 million yuan from 2024 to 2026. Public information shows that Xinjuli's cumulative net profit for 2024 and 2025 has completed more than 100% of the assessment target, and the synergistic effects of M&A integration have initially materialized.
This latest move on Xingqihang continues the company's strategic path of rapidly entering high-growth niche tracks through external M&A, and further validates its dual-wheel-driven development logic of "organic growth + external integration" in the high-end intelligent equipment field.
Strong Internal Momentum, Consolidating the Foundation of Core Business Development
Policy tailwinds are also blowing strongly. The "15th Five-Year Plan" outline lists new-type batteries as a new industry and new track for cultivation and development. The recently issued "15th Five-Year Plan for the Development of the New-Type Battery Industry" explicitly proposes research on high-precision stacking, multi-layer tab laser welding, and other battery manufacturing technologies — precisely the core areas where Wuhan Yifi Laser Corporation Limited (688646) has been deeply engaged for many years.
The policy guidance of the track resonates with the company's technological layout, and its performance growth momentum continues to be released. Recently, Wuhan Yifi Laser Corporation Limited (688646) disclosed its third-quarter 2026 performance report, achieving operating revenue of 1.014 billion yuan in the first three quarters, a year-on-year increase of 76.36%; net profit attributable to the parent company was 2.6146 million yuan, turning from loss to profit year-on-year. In the third quarter, operating revenue was 340 million yuan, a year-on-year increase of 137.25%; net profit attributable to the parent company was 18.3853 million yuan, turning from loss to profit year-on-year, a significant increase of 170%, with overall operating quality steadily improving.
Wuhan Yifi Laser Corporation Limited (688646) adheres to innovation and quality development and attaches great importance to R&D innovation. In recent years, its R&D investment expense ratio has long remained above 10%. High R&D investment drives product iteration and upgrading toward high precision and high stability, maintaining the company's leading position in the lithium battery industry. It vertically expands around cutting-edge technologies in battery equipment, launching solid-state battery equipment, sodium battery equipment, and other new equipment, and horizontally expands into new businesses such as perovskite and supercapacitors around laser applications. The company was the first in the industry to launch a series of equipment specifically for supercapacitor manufacturing, covering different specifications such as the 33-60 series; and has reached 10-20PPM cylindrical supercapacitor packaging line and repeat orders with multiple leading customers. In the perovskite field, Wuhan Yifi Laser Corporation Limited (688646) has signed a batch order for 2㎡+ perovskite tandem laser processing equipment with a leading domestic photovoltaic company. The second-generation large-format perovskite full-channel laser processing system has completed delivery to leading customers in the first half of 2026, and the equipment utilization rate of the third-generation photovoltaic perovskite battery intelligent equipment has exceeded 98%.
The company deeply advances its "laser + intelligent equipment" platform development strategy. While consolidating its competitive advantage and market position in the lithium battery equipment field, it focuses on its core capabilities of "optoelectronics + intelligence," pursuing both ecological synergy and capital, and horizontally expanding into emerging industries. Against the backdrop of continued divergence in the prosperity of the new energy battery industry, Wuhan Yifi Laser Corporation Limited (688646) effectively smooths the risk of cyclical fluctuations in a single track through its platform layout. The company stated that this transaction is an industrial synergistic M&A based on its core capabilities in laser and intelligent equipment. Through this acquisition, it officially enters the optical module coupling equipment track, optimizes its business structure, and at the same time explores the application prospects of laser processing technology in the optical communication field, expands new business growth points, further improves the company's industrial layout in high-end intelligent equipment, and opens up new growth space.
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