MAIXINLIN(SH:688685) Shang Hai Zheng Quan Bao·2025-11-28 19:09Core Viewpoint - Jiangsu Maxinlin Aviation Technology Co., Ltd. is responding to an inquiry from the Shanghai Stock Exchange regarding its joint investment with related parties and plans to increase capital in a controlled enterprise, Photon Computing [9][10]. Group 1: Investment Details - The company plans to invest between 201 million and 311 million yuan in the joint venture, holding a 99.5% stake through the partnership with Bai Bing, who holds 0.5% [9][10]. - The investment is positioned as a financial investment aimed at enhancing operational capital and expanding market share for Photon Computing [10][11]. Group 2: Financial Implications - The funding for this investment will primarily come from the company's own funds and bank loans, which may increase the company's liabilities and financial expenses [7][42]. - The company has set up mechanisms such as performance commitments and buyback clauses to mitigate risks associated with the investment [45]. Group 3: Market and Competitive Landscape - The industry is experiencing intensified competition, particularly in the field of supernodes, which are critical for computing power and technological competitiveness [3][21]. - Photon Computing is positioned to benefit from the growing demand for intelligent computing centers, but faces risks from potential policy changes and market dynamics [2][20]. Group 4: Operational Synergies - The investment is expected to create synergies between the company's existing aviation component business and Photon Computing's operations, enhancing overall competitiveness in the computing market [37][39]. - The company aims to leverage Photon Computing's technology in optical interconnects to improve its own computing service offerings [38][44]. Group 5: Risk Management - The company has outlined various risks associated with the investment, including market competition, product innovation, and talent retention, which could impact Photon Computing's performance [3][4][5]. - A thorough due diligence process is in place to ensure compliance and mitigate potential risks during the investment phase [18][29].