证券代码：605178 证券简称：时空科技 公告编号：2025-070 北京新时空科技股份有限公司 北京新时空科技股份有限公司（以下简称"公司"）股票价格于 2025 年 10 月 23 日、10 月 24 日连续两个交易日收盘价格涨幅偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票交易异 常波动的情形。公司股价短期涨幅较大，敬请投资者注意二级市场股票 交易风险。 公司于 2025 年 10 月 23 日在上海证券交易所网站（www.sse.com.cn）披 露《发行股份及支付现金购买资产并募集配套资金暨关联交易预案》等 相关公告。本次交易尚需提交公司董事会再次审议及公司股东大会审议 批准，并需经有权监管机构批准、核准或同意注册后方可正式实施，能 否通过上述审批、核准或注册尚存在不确定性。 标的公司主要从事内存条、固态硬盘等存储产品的研发、设计、生产和 销售，与公司主营业务属于不同行业，本次交易前公司无存储行业经验。 本次交易完成后，标的公司将纳入公司管理及合并范围，公司面临一定 的收购整合风险。 本次交易尚面临可能暂停、中止或取消、审计评估未完成、作价尚未确 定、交易方案调整、标的 ...

Core Viewpoint - The company has experienced significant stock price fluctuations, with a cumulative increase of over 20% in two consecutive trading days, indicating abnormal volatility [1] Financial Performance - The company's revenue for the years 2022 to 2025 was reported as follows: 330 million, 203 million, 341 million, and 144 million respectively [1] - The net profit figures for the same period were -212 million, -204 million, -266 million, and -66 million, indicating continuous losses [1] Acquisition Plans - The company plans to acquire 100% equity of Jiahe Jingwei, but the transaction is subject to approval and faces multiple risks related to approval and integration [1] Market Behavior - The current short-term stock price increase may be driven by irrational speculation, prompting a cautionary note for investors regarding potential risks [1]

Core Viewpoint - The company has announced a significant stock price fluctuation, with a cumulative increase of over 20% in closing prices over two consecutive trading days, indicating abnormal trading activity [1] Group 1: Transaction Details - On October 23, the company disclosed a plan for issuing shares and cash to acquire assets, along with related announcements on the Shanghai Stock Exchange [1] - The transaction requires further review and approval from the company's board of directors and shareholders, as well as regulatory authorities, introducing uncertainty regarding its implementation [1] Group 2: Business Integration - The target company specializes in the research, design, production, and sales of storage products such as memory modules and solid-state drives, which are in a different industry from the company's main business [1] - Prior to this transaction, the company had no experience in the storage industry, indicating a potential challenge in integration post-acquisition [1] Group 3: Risks Associated with the Transaction - The company faces various risks including the possibility of transaction suspension, audit and evaluation completion issues, undetermined pricing, adjustments to the transaction plan, high concentration of suppliers for raw materials, fluctuations in operating performance, and high customer concentration [1]

Core Viewpoint - The stock price of Shikong Technology surged to its daily limit after the announcement of a major asset restructuring plan, which involves acquiring 100% of Shenzhen Jiahe Jinwei Electronics Technology Co., aiming to enter the lucrative semiconductor storage sector [2][3]. Group 1: Company Overview - Shikong Technology was established in 2004, initially focusing on landscape lighting, and went public in 2020. However, the company has faced declining revenues and continuous losses since its first year of listing [3]. - Despite a slight recovery in revenue in 2024, the net loss has further expanded, with a 10.95% year-on-year revenue decline in the first half of 2025, resulting in over 750 million yuan in net losses over four and a half years [3]. Group 2: Acquisition Details - The acquisition of Jiahe Jinwei will be executed through a combination of share issuance and cash payment, with a share price set at 23.08 yuan [2]. - Jiahe Jinwei is recognized as a domestic memory module manufacturer with established partnerships with major wafer manufacturers like Samsung and Micron, showing growth in revenue and net profit from 2023 to August 2025, particularly achieving profitability in 2024 [2]. Group 3: Market Potential and Challenges - The semiconductor storage industry presents significant growth opportunities, and if the acquisition is successful, it could provide Shikong Technology with new profit growth points and enhance its sustainable profitability [3]. - However, challenges exist due to Shikong Technology's previous unsuccessful cross-industry attempts, indicating potential shortcomings in business integration and operational management. The competitive nature of the semiconductor storage sector and rapid technological advancements pose additional risks [3].

Core Viewpoint - The storage chip sector showed strong performance at the beginning of trading, with several companies experiencing significant stock price increases [1] Group 1: Company Performance - Xicai Testing, Shikong Technology, and Yingxin Development reached their daily price limit increase [1] - Companies such as Shannon Chip Innovation, Demingli, Jingrui Electric Materials, and Purang Shares also saw stock price increases [1]

Group 1 - A-shares experienced significant market activity with 50 stocks hitting the daily limit up and 8 stocks hitting the limit down on October 24 [1] - The memory storage sector showed strong performance, with companies like Shikong Technology achieving a three-day limit up and Dawi Co. achieving two limit ups in four days [1] - Aerospace-related stocks also performed well, with China Satellite and Aerospace Science and Technology both hitting the limit up [1] - AMD-related stocks saw gains, with Shengyi Electronics hitting the limit up [1] Group 2 - ST Yuancheng faced a continuous decline, hitting the limit down for 10 consecutive days [2] - Huajian Group experienced a three-day limit down [2] - Other companies such as Antai Group and ST Nanzhi also faced limit down situations [2]

Market Overview - Major market indices opened higher on October 24, with the Sci-Tech 50 Index rising over 3% in early trading [1] - The storage chip sector saw significant gains, with companies like Purun Co. and Aerospace Zhizhuang hitting the daily limit up, while others like Shikong Technology and Xianggang Technology also reached the limit [1] Commercial Aerospace Sector - The commercial aerospace concept experienced a surge, with Aerospace Hanyu and other companies hitting the daily limit up [2] Sector Performance - Strong sectors from the previous day, including Shenzhen state-owned enterprise reform, coal, and oil and gas extraction services, showed signs of pullback in early trading [3] New Stock Listings - N Chaoying debuted with a price increase of over 310%, opening at 70.1 yuan, focusing on the R&D, production, and sales of printed circuit boards, particularly in automotive electronics [4] - Daming Electronics began subscription with a total issuance of 40.01 million shares at a price of 12.55 yuan, focusing on automotive electronic components [4] Institutional Investment Trends - Social security funds established new positions in 17 stocks, while pension funds entered 15 new stocks during the third quarter [5] - The top new holdings by social security funds included Zhuoyi Information, with two funds appearing among the top ten shareholders [5][6] - The highest new holding by pension funds was Keta Bio, with a holding ratio of 2.71% [7][8] Margin Trading Activity - As of October 23, the total margin balance was 2.43 trillion yuan, with a decrease of 16.22 billion yuan from the previous trading day [9] - A total of 384 stocks saw net purchases exceeding 10 million yuan, with 17 stocks having net purchases over 100 million yuan, led by Shenghong Technology with 466 million yuan [9][10]

Core Viewpoint - The major asset restructuring plan of Shikong Technology has been implemented, leading to a significant increase in stock price, with a closing price of 39.41 CNY per share on October 23, and further rising to 43.35 CNY per share shortly after [2][3]. Group 1: Asset Restructuring Details - On October 22, Shikong Technology announced plans to acquire 100% of Jiahe Jingwei through a combination of issuing shares and cash payments, with the issuance price set at 23.08 CNY per share [2][5]. - The acquisition is expected to constitute a major asset restructuring, focusing on the night economy and smart city sectors, while also facing challenges in business synergy and industry chain integration [2][11]. - The stock price surged over 50% in the 20 trading days leading up to the announcement, raising speculation about potential insider information leaks [3][4]. Group 2: Financial Performance and Market Reaction - Prior to the announcement, the stock price rose from 22.75 CNY per share on September 2 to 35.83 CNY per share on September 30, marking a 57.49% increase, significantly outperforming the Shanghai Composite Index [4][10]. - Shikong Technology's stock has seen a total increase of 174.25% year-to-date, indicating strong market interest and speculation surrounding the company's future prospects [10]. Group 3: Business Transition and Future Prospects - Shikong Technology has transitioned from a focus on lighting engineering to core business areas in night economy and smart city solutions, including landscape lighting and smart parking operations [11][12]. - The acquisition of Jiahe Jingwei, which specializes in semiconductor memory products, is seen as a strategic move to enhance Shikong Technology's position in the information technology sector and improve asset quality [12][13]. - Jiahe Jingwei has established stable partnerships with major semiconductor manufacturers and is projected to generate significant revenue, with expected revenues of 8.54 billion CNY and 13.44 billion CNY for 2023 and 2024, respectively [13][14]. Group 4: Industry Context - The storage chip industry is entering a "super cycle," driven by rising demand, particularly in the context of artificial intelligence advancements, which may provide growth opportunities for Shikong Technology [15][16]. - Recent trends in the market show strong performance among storage chip concept stocks, indicating a favorable environment for Shikong Technology's strategic pivot [15].

Group 1 - The storage chip sector continues to strengthen, with multiple companies reaching new highs [1] - Purun Co., Ltd. is approaching a trading limit and has achieved a new high [1] - Companies such as Shannon Chip, Time Space Technology, Dwei Co., and Xianggang Technology have hit the trading limit, while Jiangbolong has increased by over 9% [1]

Core Viewpoint - The A-share market opened with all three major indices rising, indicating positive market sentiment and sector performance, particularly in storage chips, quantum technology, and commercial aerospace sectors [1] Group 1: Market Performance - The Shanghai Composite Index increased by 0.17%, the Shenzhen Component Index rose by 0.51%, and the ChiNext Index gained 0.83% [1] - Notable sectors with significant gains include storage chips, quantum technology, and commercial aerospace [1] Group 2: Sector Highlights - In the storage chip sector, stocks such as Yingxin Development and Shikong Technology hit the daily limit, while Xiangrun Chip surged over 9%, with companies like Xicai Testing and Demingli also showing gains [1] - The satellite navigation sector saw stocks like Shensai Ge and Aerospace Science & Technology reaching the daily limit, with Aerospace Hongtu rising nearly 9%, and other companies like Shanxi Huada and China Satellite also experiencing upward movement [1] Group 3: Declining Sectors - Conversely, gas stocks, coal stocks, and film industry stocks experienced notable declines, with Guo New Energy dropping by 7%, and Shanghai Energy and Yunmei Energy falling over 3% [1]