JIEQIANG EQUIPMENT(SZ:300875) Chang Jiang Shang Bao·2025-09-18 07:35Core Viewpoint - The company, Jieqiang Equipment, is facing ongoing performance pressure and plans to enter the nano-carbon materials sector through the acquisition of Shandong Tanxun New Materials Co., Ltd. for 46.9 million yuan, acquiring a 51% stake [1][4]. Group 1: Acquisition Details - Jieqiang Equipment announced a plan to acquire 51% of Shandong Tanxun for 46.9 million yuan, with an overall valuation of 103 million yuan, reflecting a valuation increase of 1656.72% [1][4]. - The acquisition aims to diversify Jieqiang Equipment's business into the nano-carbon materials field, which is a significant strategic move for the company [1][4]. - Shandong Tanxun is expected to achieve a cumulative net profit of 55 million yuan from 2025 to 2027, with a commitment that no annual net profit will be negative during this period [1][5]. Group 2: Financial Performance - Jieqiang Equipment has reported a cumulative net loss of 372 million yuan over the past three and a half years, with a net loss of 86.87 million yuan in the first half of 2025 [3][9]. - The company's revenue for the first half of 2025 was 107 million yuan, showing a year-on-year increase of 1.44%, but the net profit decreased significantly compared to the previous year [8][9]. - The company has not distributed cash dividends since 2022, indicating ongoing financial challenges [9]. Group 3: Business Risks and Challenges - The acquisition comes amid high pressure on Jieqiang Equipment's core business, which has been struggling since its listing in August 2020, leading to significant losses in subsequent years [2][7]. - The high debt ratio of Shandong Tanxun, at 94.3%, raises concerns about the financial stability of the acquired entity [5][4]. - The company acknowledges the risks associated with entering a new business area and the potential for goodwill impairment if Shandong Tanxun's performance does not meet expectations [3][5].