连续四年亏损，控制权变更无果，这家照明龙头要跨界芯片

Company Overview - Beijing New Time Space Technology Co., Ltd. (referred to as "Time Space Technology") has been focusing on smart lighting engineering and has accumulated losses of nearly 700 million yuan over the past four years [1][4] - The company has established two main business systems centered around "night economy" and "smart city," covering various fields such as landscape lighting and smart parking operations [3] Financial Performance - Time Space Technology has reported continuous losses from 2021 to 2024, with net losses of -0.18 billion, -2.09 billion, -2.07 billion, and -2.62 billion yuan respectively, totaling approximately -6.96 billion yuan [4] - In the first half of 2025, the company incurred an additional loss of 66.27 million yuan, and as of June 2025, accounts receivable exceeded 400 million yuan [4] Acquisition Strategy - The company plans to acquire a controlling stake in Shenzhen Jiahe Jingwei Electronics Technology Co., Ltd. (referred to as "Jiahe Jingwei") through a combination of issuing shares and cash payments, marking a strategic shift towards the semiconductor storage sector [1][4] - The acquisition is seen as a critical move for Time Space Technology to seek a "second growth curve" after previous attempts to change control were unsuccessful [4] Target Company Profile - Jiahe Jingwei, established in 2012, specializes in storage chip products used in various technology sectors, including mobile devices and data centers [5] - The company has made significant advancements, such as producing China's first memory bar and being a pioneer in DDR5 memory module production [5] Industry Context - The global semiconductor industry is undergoing significant changes, driven by the rise of AI technology, which is elevating the strategic importance of storage chips [6] - The Chinese storage industry is experiencing a breakthrough period, with domestic manufacturers like Jiahe Jingwei filling critical gaps in the supply chain [6]