Core Viewpoint - The company Wuxi Dike Electronic Materials Co., Ltd. plans to acquire 60% of Zhejiang Suote Material Technology Co., Ltd. for a cash consideration of 696 million yuan, which constitutes a related party transaction but does not meet the criteria for a major asset restructuring under relevant regulations [1] Financial Summary - The net assets of Zhejiang Suote decreased significantly from 1,049.78 million yuan at the end of 2023 to 622.80 million yuan at the end of 2024, a reduction of 427.04 million yuan due to share buybacks from two investors [1][2] - The total assets of Zhejiang Suote increased by 52.60% from 1,581.83 million yuan in 2023 to 2,413.82 million yuan in 2024, while total liabilities surged by 236.62% from 532.06 million yuan to 1,791.02 million yuan [2][3] - The asset-liability ratio rose from 33.64% in 2023 to 74.20% in 2024, an increase of 40.56 percentage points, primarily due to the rapid growth in operating assets and liabilities [3][4] Operational Performance - Zhejiang Suote's operating revenue grew significantly from 1,261.08 million yuan in 2023 to 3,553.32 million yuan in 2024, reflecting a strong market position in the photovoltaic industry [3][4] - The company experienced substantial increases in accounts receivable, inventory, and accounts payable, which contributed to the rise in both total assets and liabilities [4][8] Transaction Independence - The share buyback actions by Zhejiang Suote's shareholders were independent and based on their financial planning, with no intent to circumvent major asset restructuring regulations [5][6] - The timing of the share buyback and the acquisition transaction were independent, with the buyback occurring in late 2024 and the acquisition discussions starting in early 2025 [5][6]

Core Viewpoint - The assessment report by Zhongshui Zhiyuan Asset Appraisal Co., Ltd. regarding Wuxi Dike Electronic Materials Co., Ltd.'s acquisition of Zhejiang Suote Material Technology Co., Ltd. indicates a significant increase in the valuation of the target company, with a total equity value of 1.163 billion yuan, reflecting an appreciation of 518 million yuan compared to the book net assets of 645 million yuan, resulting in a valuation increase rate of approximately 80.4% [2][3][4]. Group 1: Financial Projections and Valuation - The projected sales volume of conductive silver paste for Zhejiang Suote is expected to grow significantly, with sales forecasted to reach 947 tons by 2028, reflecting a compound annual growth rate (CAGR) of 12.60% from 2024 to 2029 [17][18]. - The revenue from the main business, primarily from photovoltaic conductive silver paste, is projected to increase from 279.4 million yuan in 2025 to 489.8 million yuan by 2029 [18][19]. - The cost structure indicates that direct material costs, primarily silver powder, account for over 99% of the main business costs, making the company highly sensitive to fluctuations in silver prices [19][21]. Group 2: Industry Trends and Market Position - The global photovoltaic industry is experiencing rapid growth, with new installations expected to reach 530 GW in 2024, a year-on-year increase of approximately 35.9% [5][6]. - The photovoltaic silver paste market is projected to grow at a CAGR of 19.9% from 2020 to 2029, driven by technological advancements and increased demand for high-efficiency solar cells [8][9]. - Zhejiang Suote has established itself as a leading player in the photovoltaic silver paste industry, maintaining a competitive edge through continuous innovation and a robust patent portfolio [9][10][14]. Group 3: Technological Advancements and R&D - Zhejiang Suote has developed a comprehensive technology roadmap covering all technical routes for photovoltaic conductive silver paste, including innovations in low-silver metallization technologies [14][15]. - The company has achieved significant breakthroughs in laser carrier injection metallization technology, which has become a standard process for TOPCon cells, enhancing conversion efficiency and reducing production costs [10][14]. - Ongoing R&D efforts focus on adapting to market trends and developing customized solutions for specific applications, ensuring the company remains at the forefront of technological advancements in the industry [15][16].

Core Viewpoint - Wuxi Dike Electronic Materials Co., Ltd. is undergoing a cash acquisition of 60% equity in Zhejiang Suote Material Technology Co., Ltd., with significant financial performance improvements reported for 2024 compared to 2023, raising questions about sustainability and reliability of these results [1][2][3] Financial Performance Summary - Zhejiang Suote's revenue for 2024 reached 3.55 billion yuan, a 181.77% increase from 1.26 billion yuan in 2023 [2][11] - Net profit for 2024 was 50.91 million yuan, a 505.33% increase from a loss of 12.56 million yuan in 2023 [2][11] - The gross profit margin slightly decreased to 9.82% in 2024 from 9.88% in 2023 [2][11] - Accounts receivable increased by 128.86% to 1.20 billion yuan in 2024, indicating a growing reliance on credit [2][3] Customer Base and Market Position - The top ten customers accounted for 93.20% of total revenue in 2024, up from 87.41% in 2023, indicating a concentration in customer base [5][8] - Major clients include leading companies in the photovoltaic industry, enhancing Zhejiang Suote's market reputation [5][8] Asset and Liability Changes - Total assets increased by 52.60% to 2.41 billion yuan in 2024, while total liabilities surged by 236.62% to 1.79 billion yuan [9][10] - The asset-liability ratio rose to 74.20% in 2024 from 33.64% in 2023, reflecting increased financial leverage [9][10] Future Outlook and Valuation - The company anticipates continued revenue growth driven by the photovoltaic industry's expansion and technological advancements, particularly in N-type battery technology [12][13] - Future revenue projections for 2025 to 2029 indicate a steady increase, with expected revenues reaching approximately 4.89 billion yuan by 2029 [12][13] Goodwill and Impairment Testing - The acquisition is expected to generate goodwill of approximately 474.92 million yuan, with no indications of impairment found during the latest testing [14][17]

Core Viewpoint - The acquisition of Zhejiang Suote by Dike Co., Ltd. is a strategic move to enhance industry integration and upgrade, aligning with the ongoing "anti-involution" trend in the photovoltaic industry [1][4]. Group 1: Acquisition Details - Dike Co., Ltd. announced the cash acquisition of 60% equity in Zhejiang Suote, with a supplementary agreement to protect the interests of minority shareholders [1]. - The performance commitment from the controlling shareholder, Mr. Shi Weili, includes a net profit guarantee of no less than 68.1 million yuan, 90.8 million yuan, and 128.1 million yuan for the years 2025, 2026, and 2027 respectively, totaling a minimum of 287 million yuan [2]. Group 2: Technological Synergy - The acquisition will allow Dike Co. to gain control over the Solamet photovoltaic silver paste business, which has a strong technological foundation and a history of innovation [2][3]. - Solamet's advanced technologies, such as the Pb-Te-O patented glass material and LECO laser carrier injection technology, are expected to enhance Dike's product offerings and market competitiveness [3]. Group 3: Market Context and Growth Strategy - The photovoltaic industry has faced challenges such as overcapacity and price wars, prompting a shift towards high-quality development as emphasized by recent government policies [4]. - Dike Co. aims to optimize its business structure by acquiring quality assets, positioning itself to seize growth opportunities in a recovering market [4]. - The company is also exploring high-copper paste solutions to reduce costs and mitigate the impact of silver price fluctuations, which is expected to open new growth avenues [5].

SHANGHA IQE ONE III HAZU 上海市通力律师事务所 关于无锡帝科电子材料股份有限公司现金收购浙江索特材料科技 有限公司 60%股权之专项法律意见书 致:无锡帝科电子材料股份有限公司 敬启者: 上海市通力律师事务所(以下简称"本所")根据无锡帝科电子材料股份有限公司 (以下简称"帝科股份"或"公司"或"上市公司")的委托,指派陈鹏律师、骆沙舟 律师(以下简称"本所律师")作为帝科股份现金收购浙江索特材料科技有限公司(以 下简称"浙江索特"或"标的公司")60%股权(以下简称"本次交易")的专项法律顾 问。现根据深圳证券交易所创业板公司管理部于 2025年5月 30日出具的《关于对无锡 帝科电子材料股份有限公司的问询函》(创业板间询函[2025]第 72 号)以及帝科股份的 要求,特就有关事宜出具本专项法律意见书。 问题 2:公告显示,本次交易收购浙江索特的交易对方为安吉拔萃基金、无锡竹宇 i 投资、新沂汇瑾投资,交易对方与前次交易有所不同,且浙江索特股东发生过多 次变更。请你公司进一步补充梳理浙江索特发起设立目的、历次股权变动情况和 变动原因,并结合前述回复分析说明你公司本次交易、前次交易以 ...

浙江索特材料科技有限公司 2023 年度、2024 年度、2025 年 1-5 月财务报表审计报告 [2025]京会兴审字第 00300133 号 | | | | 一、审计报告 | | 页 1—3 | | --- | --- | --- | | 二、审计报告附件 | | | | 合并资产负债表 1、 | | 页 4—5 | | 2、 母公司资产负债表 | | 6—7 页 | | 3、 合并利润表 | | 页 8 | | 4、 母公司利润表 | | 9 页 | | 5、 合并现金流量表 | | 页 10 | | 6、 母公司现金流量表 | | 11 页 | | 7、 | 合并所有者权益变动表 | 12—14 页 | | 8、 | 母公司所有者权益变动表 | 15—17 页 | | 9、 财务报表附注 | | 18—111 页 | 审 计 报 告 [2025]京会兴审字第 00300133 号 浙江索特材料科技有限公司全体股东： （一）审计意见 我们审计了后附的浙江索特材料科技有限公司（原名江苏索特电子材料有限 公司，以下简称"浙江索特科技"）的财务报表，包括 2025 年 5 月 31 日、2024 年 12 ...

兴业证券股份有限公司 关于无锡帝科电子材料股份有限公司现金收购浙江索特材料 科技有限公司60%股权暨关联交易项目的专项核查意见 无锡帝科电子材料股份有限公司： 无锡帝科电子材料股份有限公司（以下简称"帝科股份"、"上 市公司"、"贵公司"）于 2025 年 5 月 23 日发布公告，拟以现金支 付方式收购浙江索特材料科技有限公司（以下简称"浙江索特"、"标 的公司"）60%股权，交易作价 6.96 亿元。根据公告，上述交易构成 关联交易，不构成《上市公司重大资产重组管理办法》规定的重大资 产重组，交易完成后浙江索特将成为贵公司控股子公司，纳入贵公司 合并报表范围。 2025 年 5 月 30 日，贵公司收到深圳证券交易所关于现金收购浙 江索特材料科技有限公司 60%股权暨关联交易项目的问询函，委托我 司作为贵公司的专项财务顾问对以下问题发表专项意见： "公告显示，根据你公司和浙江索特 2024 年度经审计的资产总 额、资产净额和营业收入，以及本次交易对价情况，你公司本次交易 收购浙江索特控制权均未达到重大资产重组标准，而按照浙江索特 2023 年末净资产 10.72 亿元以及浙江索特 2024 年盈利情况计算 ...

无锡帝科电子材料股份有限公司 关于深圳证券交易所现金收购问询函的专项核查意见 深圳证券交易所创业板公司管理部： 无锡帝科电子材料股份有限公司（以下简称"帝科股份"、"上市公司"或 "公司"）于 2025 年 5 月 23 日披露了《关于现金收购浙江索特材料科技有限公 司 60%股权暨关联交易的公告》，并于 2025 年 5 月 30 日收到贵部下发的《关于 对无锡帝科电子材料股份有限公司的问询函》（创业板问询函〔2025〕第 72 号） （以下简称"《问询函》"），会计师对问询函的有关事项进行了认真核查与落 实，现将有关情况回复说明如下： 问题 3：公告显示，2023 年、2024 年，浙江索特营业收入分别为 12.61 亿元、 35.53 亿元，净利润分别为-0.13 亿元、0.51 亿元；2023 年末、2024 年末，净资 产分别为 10.72 亿元、6.45 亿元，资产负债率分别为 33.17%、73.52%。请你公 司： （1）补充说明浙江索特 2024 年收入、净利润较 2023 年大幅增加的原因， 并补充提供毛利率、前十大客户变化、应收账款变化及经营活动现金流情况， 结合前述回复说明浙江索特经营 ...

中水致远资产评估有限公司关于深圳证券交易所 《关于对无锡帝科电子材料股份有限公司的问询函》 之专项核查意见 深圳证券交易所创业板公司管理部： 中水致远资产评估有限公司（以下简称"中水致远"或"评估机构"）接受无锡 帝科电子材料股份有限公司（以下简称"上市公司"或"帝科股份"）委托，担任帝 科股份收购浙江索特材料科技有限公司（以下简称"索特材料"、"浙江索特"、"标 的公司"）部分股权的评估机构。上市公司于 2025 年 5 月 23 日披露了《资产评 估报告》，并于 2025 年 5 月 30 日收到贵部下发的《关于对无锡帝科电子材料股 份有限公司的问询函》（创业板问询函〔2025〕第 72 号）（以下简称"《问询函》"）， 对问询函中所涉及评估机构的有关问题进行了认真分析与核查，现就有关事项发 表核查意见。 如无特别说明，本核查意见中所述的词语或简称与《资产评估报告》中所定 义的词语或简称具有相同的含义。本回复中任何表格中若出现总数与表格所列数 值总和不符，如无特殊说明则均为采用四舍五入而致。 问题 4.公告显示，根据中水致远资产评估有限公司出具的《无锡帝科电子材 料股份有限公司拟收购浙江索特材料科技有限公 ...

无锡帝科电子材料股份有限公司 信息披露暂缓、豁免管理制度 第一章 总则 第一条 为了进一步规范无锡帝科电子材料股份有限公司（以下简称"公司"） 信息披露暂缓、豁免行为，加强信息披露监管，保护投资者合法权益，根据《中 华人民共和国保守国家秘密法》《中华人民共和国证券法》《上市公司信息披露 管理办法》《上市公司信息披露暂缓与豁免管理规定》等法律法规、规范性文件 和《公司章程》的规定，结合公司实际情况，制定本制度。 第二条 公司按照相关法律法规及深圳证券交易所（以下简称"深交所"） 相关业务规则的规定，实施信息披露暂缓、豁免业务的，适用本制度。 第三条 公司应审慎判断存在相关法律法规及深交所相关业务规则规定的暂 缓、豁免情形的应披露信息，并接受深交所对有关信息披露暂缓、豁免事项的事 后监管。 公司和其他信息披露义务人不得滥用暂缓或者豁免披露规避信息披露义务、 误导投资者，不得实施内幕交易、操纵市场等违法行为。 第二章 暂缓、豁免披露信息的范围 第四条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息涉 及国家秘密或者其他因披露可能导致违反国家保密规定、管理要求的事项（以下 统称"国家秘密"），应当根据相关法 ...