Original(SH:603991) Zheng Quan Zhi Xing·2025-07-31 16:15Core Viewpoint - The company is undergoing a significant asset swap and acquisition to enhance its position in the semiconductor materials sector, aiming to improve asset quality and profitability through the integration of a high-potential target company, AAMI [1][2][10]. Group 1: Transaction Purpose and Integration Control - The transaction involves divesting loss-making assets and acquiring profitable, high-potential targets to enhance the company's asset quality and profitability [2][3]. - AAMI, a leading semiconductor packaging materials company, will provide the company with a competitive edge in high-precision and high-reliability applications, crucial for sectors like automotive and communication [4][7]. - Post-transaction, the company will hold approximately 99.97% of AAMI, allowing for strategic control and governance improvements [10][12]. Group 2: Financial Impact and Performance Metrics - The transaction is expected to significantly increase the company's asset scale, with total assets projected to rise from 636.02 million to 4,766.39 million yuan, a growth of 649.41% [10][11]. - Projected operating revenue will increase from 364.56 million to 2,608.08 million yuan, reflecting a growth rate of 615.40% [11]. - The net profit attributable to the parent company is expected to turn from a loss of 30.53 million yuan to a profit of 17.49 million yuan, indicating a substantial improvement in operational performance [11][12]. Group 3: Market Position and Competitive Advantage - AAMI has established itself as a top player in the semiconductor lead frame market, ranking fifth globally with a market share of 9% [6][7]. - The company aims to leverage AAMI's advanced production capabilities and established customer relationships to enhance its market position and drive growth in the semiconductor materials sector [7][17]. - The integration of AAMI is expected to strengthen the company's supply chain resilience and contribute to the development of a robust domestic semiconductor industry [10][12]. Group 4: Management Structure and Operational Independence - AAMI will maintain its operational independence post-acquisition, with its existing management team continuing to lead the company [24][26]. - The company plans to implement a governance structure that respects AAMI's existing culture while enhancing operational efficiency through improved management processes [26][27]. - The integration strategy includes maintaining AAMI's established organizational structure while introducing transparency in decision-making and operational oversight [26][27].