业绩承压下的豪赌：时空科技跨界收购存储芯片厂商嘉合劲威

Core Viewpoint - After failing to transfer control, Shikong Technology is planning to diversify from landscape lighting into the lucrative semiconductor storage sector through the acquisition of 100% equity in Shenzhen Jiahe Jinwei Electronics Technology Co., Ltd. [2] Group 1: Acquisition Details - Shikong Technology announced a major asset restructuring plan on October 22, intending to acquire Jiahe Jinwei for cash and stock issuance to 19 parties, including its major shareholders [2] - The total amount of funds raised through the issuance will not exceed 100% of the transaction price, with the number of shares issued not exceeding 30% of the total shares before the issuance [2] - The raised funds will be used for cash payment, intermediary fees, taxes, and to supplement working capital, with a maximum of 25% of the transaction price allocated for debt repayment [2] Group 2: Jiahe Jinwei Overview - Jiahe Jinwei, established in 2012, is a well-known domestic memory module manufacturer focusing on the R&D, design, production, and sales of memory products, including memory bars and solid-state drives [4] - The company has established stable partnerships with major wafer manufacturers such as Samsung, Micron, and SK Hynix [4] - As of the signing date of the acquisition plan, the controlling shareholder Zhang Lili holds 22.14% of Jiahe Jinwei, while she and her spouse Chen Hui collectively control 50.20% of the voting rights [4] Group 3: Financial Performance - Jiahe Jinwei has shown growth in recent years, successfully turning a profit last year, with projected revenues of 854 million yuan, 1.344 billion yuan, and 1.123 billion yuan for 2023, 2024, and the first eight months of 2025, respectively [7] - Shikong Technology aims to enhance its profitability and create a second growth curve by entering the storage sector through this acquisition [7] Group 4: Shikong Technology's Historical Performance - Shikong Technology has faced declining performance since its listing, with revenues dropping from 897 million yuan in 2020 to 203 million yuan in 2023, and net losses accumulating to over 750 million yuan over four years [9] - The company has attempted various business transformations, including investments in smart parking and other sectors, but continues to face challenges in profitability [7][9] - Despite a slight recovery in revenue in 2024, the company reported an expanded net loss of 262 million yuan [9] Group 5: Recent Developments - This acquisition marks Shikong Technology's second major capital operation within three months, following an earlier attempt to change control that was ultimately terminated due to disagreements on key terms [10]