存储芯片再现大手笔收购！普冉股份收购诺亚长天31%股权，间接控股SHM

Core Viewpoint - Company Puran Co., Ltd. has signed a share transfer agreement to acquire a 31% stake in Noah Changtian for a total of 144 million yuan, which will result in a 51% controlling stake in Noah Changtian and indirect control over SkyHigh Memory Limited (SHM) [2][5]. Group 1: Acquisition Details - The acquisition involves purchasing shares from three shareholders of Noah Changtian, with a total transaction amount of 144 million yuan [2]. - The net asset value of Noah Changtian was assessed at 463.36 million yuan, reflecting a valuation increase of 1.46 million yuan, or 3.26% [2]. - Following the transaction, Puran Co., Ltd. will hold a 51% stake in Noah Changtian, thereby gaining control over SHM, which is fully owned by Noah Changtian [2][4]. Group 2: Financial Performance - Noah Changtian's projected revenues for 2024 and the first eight months of 2025 are 863 million yuan and 687 million yuan, respectively, with net profits of 23.75 million yuan and 47.49 million yuan [2][3]. - As of August 31, 2025, Noah Changtian's total assets are reported at 521.84 million yuan, with total liabilities of 173.47 million yuan and net assets of 348.38 million yuan [3]. Group 3: SHM Overview - SHM, established in December 2018 with a registered capital of 6 million USD, specializes in high-performance 2D NAND and derivative memory products [4]. - The company is a joint venture between SK Hynix and Cypress Semiconductor, focusing on firmware algorithm development and storage chip testing solutions [4]. - The global market for SLC NAND is projected to grow from 2.31 billion USD in 2024 to 3.44 billion USD by 2029, with a compound annual growth rate of 5.8% [4]. Group 4: Strategic Intent - The acquisition aims to enhance Puran Co., Ltd.'s core competitiveness in the memory chip sector and to enrich its product line through deeper business synergies with SHM [5]. - The company emphasizes the importance of independently developing advanced 2D NAND technology for the Chinese memory chip industry, which is crucial for achieving domestic substitution and building a foundation for future advancements in 3D NAND technology [6].