FHEC(SH:688362) Chang Jiang Shang Bao·2025-10-14 23:38Core Viewpoint - Yongxi Electronics (甬矽电子) plans to acquire 100% equity of Ningbo Yuchang Construction Development Co., Ltd. for approximately 486 million yuan to meet operational needs and eliminate long-term rental expenses [1][2]. Group 1: Acquisition Details - Yongxi Semiconductor, a subsidiary of Yongxi Electronics, intends to participate in the auction for the 100% equity of Ningbo Yuchang, with a base transfer price of about 486 million yuan [1][2]. - The main asset of Ningbo Yuchang is an industrial plant currently leased to Yongxi Semiconductor for production, which will be owned outright if the auction is successful [2]. - The valuation of Ningbo Yuchang's equity is based on an asset-based approach, showing a total equity value of 486 million yuan, with a book value increase of 262 million yuan, resulting in a 117.03% appreciation rate [2]. Group 2: Financial Performance - As of June 30, 2025, Ningbo Yuchang reported total assets of 1.719 billion yuan and a net asset of 224 million yuan, with a revenue of 27.075 million yuan and a net loss of 21.198 million yuan for the first half of 2025 [2]. - Yongxi Electronics achieved a revenue of 2.01 billion yuan in the first half of 2025, representing a year-on-year growth of 23.37%, and a net profit of 30.319 million yuan, up 150.45% [5][6]. - The company's overseas revenue doubled, reaching 509 million yuan, a 130.4% increase, and accounted for 25.33% of total revenue [5][6]. Group 3: Cost Management and Efficiency - The company has optimized its cost structure, with management expense ratio decreasing from 8.00% in the first half of 2024 to 6.61% in 2025, and financial expense ratio dropping from 6.07% to 5.15% [7]. - The gross profit margin for the second quarter of 2025 was 16.87%, an increase of 2.68 percentage points compared to the previous quarter [7].