石基信息收购思迅软件13.50%股权 标的公司技术服务收入三连降毛利率逆势提升

Core Viewpoint - Beijing Zhongchang Shiji Information Technology Co., Ltd. (referred to as "Shiji Information") plans to acquire a 13.50% minority stake in its subsidiary Shenzhen Sihon Software Co., Ltd. through a share issuance, despite Sihon Software experiencing declining revenues but increasing gross margins in recent years [1][5]. Group 1: Financial Performance - Sihon Software's technical service revenue has declined over the reporting periods (2023: 268 million yuan, 2024: 253 million yuan, 2025: 86 million yuan), while software product revenue has also decreased (2023: 90.57 million yuan, 2024: 72.36 million yuan, 2025: 16.50 million yuan) [2]. - Despite the revenue decline, the gross margin for payment technology services has increased significantly, reaching 60.07% in 2025, compared to 42.72% in the previous IPO application period [2]. Group 2: Customer Structure - The top five customers of Sihon Software contributed over 80% of its revenue during the reporting periods, with the first customer, Suixing Pay, contributing 44.88% of the revenue in early 2025 [3]. - The gross margin for Sihon Software's payment technology services is significantly higher than that of competitors like Lakala, indicating a sustainable business model [3]. Group 3: Cost Management - Sihon Software has seen a continuous decline in operating expenses, with sales expenses dropping from 35.96 million yuan to 7.67 million yuan, and R&D expenses decreasing from 53.24 million yuan to 13.30 million yuan [4]. - The company has successfully transitioned towards SaaS, with SaaS software revenue increasing from 15.06% in 2020 to 43.66% in early 2025, providing a new growth driver [4]. Group 4: Acquisition and Synergy - The acquisition will enhance Shiji Information's control over Sihon Software, which has served over 700,000 retail stores and demonstrated stable profitability [5]. - The transaction is subject to regulatory approval, and its completion is expected to positively impact the financial structure and business layout of the listed company [6].