JCT(SH:603657) Xin Lang Cai Jing·2025-09-11 00:34Core Viewpoint - Springlight Technology plans to invest 50 million yuan in Beijing Shunzhao Technology through a convertible bond agreement, aiming to deepen its involvement in the smart home robotics industry and the Xiaomi ecosystem [1][2]. Investment Details - Springlight Technology will provide 50 million yuan in financial support to Beijing Shunzhao with a two-year term and an annual interest rate of 2.75%. The company has the option to convert this investment into equity [1]. - If the conversion does not occur, Beijing Shunzhao is required to repay the principal and interest [1]. Company Background - Beijing Shunzhao Technology, founded in July 2019, is part of the Xiaomi ecosystem and focuses on developing high-end cleaning appliances, including smart vacuum cleaners [1]. - Major shareholders of Beijing Shunzhao include individual investor Tang Cheng (29.4%), Shanghai Shun Management Consulting (14.7%), and Xiaomi Technology (9.9%) [1]. Financial Projections - For 2024, Beijing Shunzhao is projected to achieve revenues of 1.017 billion yuan and a net profit of 23.18 million yuan. The maximum valuation based on pre-investment estimates is 1.15 billion yuan, with a price-to-earnings ratio of approximately 50X [1]. Strategic Implications - This investment allows Springlight Technology to further penetrate the Xiaomi supply chain and the smart home robotics market, leveraging its subsidiary, Shanteng Technology, which is involved in the development and sales of various cleaning appliances [2]. - Springlight Technology is expanding its overseas production capacity, with existing factories in Vietnam and Malaysia, which will help mitigate tariff impacts and enable the company to secure overseas orders [2]. Profit Forecast - The company forecasts net profits of 46 million yuan, 101 million yuan, and 152 million yuan for the years 2025 to 2027, respectively [3].