时空科技四年半亏损超7亿 从照明到半导体存储跨界收购业务协同性差、此前高溢价收购标的陷亏损

Core Viewpoint - The company, Time Space Technology, is planning to issue shares and pay cash to acquire assets, marking its entry into the semiconductor storage sector, despite its ongoing financial struggles and previous unsuccessful cross-industry ventures [1][18]. Group 1: Financial Performance - Time Space Technology has reported continuous losses over the past four years, with a cumulative loss exceeding 700 million yuan [5][4]. - The company's net profits from 2021 to the first half of 2025 were -18 million yuan, -209 million yuan, -207 million yuan, -262 million yuan, and -66 million yuan, respectively [6][4]. - Revenue figures for the same period were 896 million yuan, 746 million yuan, 330 million yuan, 203 million yuan, 341 million yuan, and 144 million yuan, showing significant year-on-year declines [6][4]. Group 2: Operational Challenges - The company's gross profit margin has been declining, dropping from 27.87% in the first half of 2023 to 18.26% in the first half of 2025, with a sharp decline to 8.52% in the second quarter [8]. - The net profit margin has remained negative since the first half of 2022, with figures of -16.94%, -69%, -46.23%, and -46.14% from the first half of 2022 to the first half of 2025 [8]. Group 3: Accounts Receivable Issues - The company's accounts receivable as a percentage of revenue was 279.99% in the first half of 2025, significantly higher than the industry average [10]. - A concerning 86.44% of accounts receivable were over one year old by the end of 2024, indicating poor collection efficiency [11]. Group 4: Acquisition Attempts and Market Reactions - Time Space Technology's acquisition of Jieanbo in 2023 did not yield the expected improvements and led to goodwill impairment due to the target company's poor performance [14][16]. - The stock price of Time Space Technology has shown unusual activity, with a 52.92% increase since September, often spiking before major announcements [19][2].