JSZY(SH:600770) Chang Jiang Shang Bao·2025-06-10 23:29Core Viewpoint - Zongyi Co., Ltd. (600770.SH) is expanding its business in the semiconductor sector despite continuous losses in its main operations, planning to invest 220 million yuan in Jiangsu Jilai Microelectronics Co., Ltd. to gain controlling interest [2][3][5]. Business Expansion - The company intends to increase its stake in Jilai Micro by 220 million yuan, acquiring 45.28% of its shares post-investment, which will make Jilai Micro a subsidiary [3][4]. - This acquisition will allow Zongyi to enter the power semiconductor chip and device R&D, production, and sales, optimizing and extending its industrial chain [2][5]. Financial Performance - Zongyi has reported continuous losses over the past three years, with a cumulative loss of approximately 250 million yuan from 2022 to 2024 [7]. - The company's revenue for 2022, 2023, and 2024 was 375 million yuan, 322 million yuan, and 348 million yuan respectively, showing no significant change [7]. - The net profit for the same years was -320 million yuan, -174 million yuan, and 30 million yuan, indicating ongoing financial struggles [7]. Market Reaction - Following the announcement of the restructuring intentions, Zongyi's stock price experienced volatility, dropping 28% from its peak of 7.55 yuan per share on May 22 to 5.38 yuan on June 10 [6][8]. Comparison with Jilai Micro - Jilai Micro has demonstrated stronger profitability, with revenues of 236 million yuan, 256 million yuan, and 49.2 million yuan for 2023, 2024, and the first quarter of 2025 respectively [9]. - In 2024, Jilai Micro's revenue and net profit are expected to account for 73.56% and 51.63% of Zongyi's total, respectively, indicating a significant impact on Zongyi's financial performance post-acquisition [10].