DKEM(SZ:300842) Chang Jiang Shang Bao·2025-10-16 00:09Core Viewpoint - The company, Dike Co., Ltd. (300842.SZ), is expanding its storage chip business through the acquisition of a controlling stake in Jiangsu Jingkai Semiconductor Technology Co., Ltd. for 300 million yuan, aiming to integrate the complete testing and packaging service industry chain for storage chips [1][3]. Group 1: Acquisition Details - Dike Co. plans to acquire 62.5% of Jiangsu Jingkai for 300 million yuan, making it a subsidiary and consolidating it into the company's financial statements [1][3]. - The overall valuation of Jiangsu Jingkai is 361 million yuan, reflecting a high premium of 930.28% over its net asset value [4][5]. - Jiangsu Jingkai has committed to a net profit of no less than 1 million yuan for 2025, significantly lower than its 2024 net profit of 13.54 million yuan [1][6]. Group 2: Financial Performance - In the first half of 2025, Dike Co. reported revenue of 8.34 billion yuan, a year-on-year increase of 9.93%, but net profit fell by 70.03% to 69.81 million yuan [7]. - The company's core business in photovoltaic conductive paste saw a sales decline of 22.28%, with total sales of 879.86 tons [7]. - The newly acquired storage chip business generated revenues of 74.54 million yuan in 2024 and 189 million yuan in the first half of 2025, accounting for 0.49% and 2.26% of total revenue, respectively [7]. Group 3: Financial Health - As of June 2025, Dike Co. had an asset-liability ratio of 80.42%, indicating a significant financial burden due to cash acquisitions [2][8]. - The company reported a negative cash flow from operating activities of 330 million yuan in the first half of 2025, a decline of 151.78% year-on-year [9].