NSIG(SH:688126) Xi Niu Cai Jing·2025-12-03 07:24Core Viewpoint - Hu Silicon Industry has completed the acquisition of minority stakes in three semiconductor companies, enhancing its position in the 300mm silicon wafer market and aiming for better resource allocation and industry chain synergy [2][4]. Group 1: Transaction Details - The total transaction value for acquiring stakes in Shanghai Xinxing Crystal Technology Co., Ltd., Shanghai Xinxing Crystal Semiconductor Technology Co., Ltd., and Shanghai Xinxing Crystal Rui Semiconductor Technology Co., Ltd. is approximately 7.04 billion yuan [4]. - Hu Silicon plans to issue about 447.4 million shares at a price of 15.01 yuan per share, with a total fundraising amount not exceeding 2.105 billion yuan [4]. - Post-transaction, Hu Silicon will hold 100% equity in the three acquired companies, which is expected to optimize its internal resource allocation [4]. Group 2: Financial Performance - For the first three quarters of 2025, Hu Silicon reported a revenue of 2.641 billion yuan, a year-on-year increase of 6.56%, but incurred a net loss of 631 million yuan [5]. - In Q3, the revenue was 944 million yuan, reflecting a 3.79% year-on-year growth, while the net loss was 265 million yuan [5]. - The sales volume of 300mm silicon wafers increased by over 30% year-on-year, but the average selling price remains under pressure, leading to a revenue increase of about 16% for this segment [5]. Group 3: Operational Challenges - The company faced a significant cash outflow of approximately 827 million yuan in operating activities, an increase of about 36.96% compared to the previous year, primarily due to reduced operating profits and increased inventory [6]. - The semiconductor wafer industry is capital-intensive, and the newly acquired companies, established in 2022, may impose financial pressures due to high fixed asset investments and depreciation [5].