收购标的嘉合劲威业绩波动原因、持续盈利能力以及存货遭问询 时空科技回复

Core Viewpoint - The company, Shikong Technology, is responding to inquiries from the Shanghai Stock Exchange regarding its major asset acquisition plan, specifically addressing the performance fluctuations, sustainable profitability, and merger value of the target company, Jiahe Jingwei [1] Group 1: Acquisition Details - The transaction aims to acquire 100% equity of Jiahe Jingwei through a combination of share issuance and cash payment, intending to diversify into the storage industry to improve the company's weak main business performance [1] - Jiahe Jingwei specializes in the research, design, and sales of storage products such as memory modules and solid-state drives, showing significant performance volatility [1] Group 2: Financial Performance - In 2023, Jiahe Jingwei reported a net loss of 20.16 million yuan, but is projected to turn profitable in 2024 with a net profit of 42.26 million yuan, and continued profitability in the first eight months of 2025 with a net profit of 42.11 million yuan [1] - The performance fluctuations are attributed to the cyclical nature of the storage industry, which typically operates on a 3-4 year cycle, significantly influenced by supply and demand dynamics [1] Group 3: Market Conditions - The storage industry is currently at the bottom of its cycle in 2023, with low global market prices leading to reduced revenues and increased expense ratios for companies, including Jiahe Jingwei [1] - A recovery in demand, particularly driven by increased investments in infrastructure such as GPUs, is expected to boost the overall market and Jiahe Jingwei's revenue by 57.36% year-on-year in 2024 [1] Group 4: Inventory and Risk Management - Jiahe Jingwei has a large inventory scale, but the current high industry sentiment suggests a low risk of inventory impairment [2] - The company has emphasized that its business does not engage in high value-added areas, indicating a need for improved profitability, while being constrained by international trade conditions and supply chain concentration [2] - As the second-largest player in the global third-party memory module market, Jiahe Jingwei maintains stable supply chain partnerships and possesses strong core competitiveness through proprietary testing technologies [2]