NSIG(SH:688126) Sou Hu Cai Jing·2025-12-03 09:10Core 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 price for acquiring stakes in the three companies 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 Xinsheng Jingtou, Xinsheng Jingshi, and Xinsheng Jingrui [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, revenue was 944 million yuan, up 3.79% year-on-year, with a net loss of 265 million yuan [5]. - The sales volume of 300mm silicon wafers increased by over 30% year-on-year, but the revenue growth was limited to about 16% due to pricing pressures [5]. Group 3: Operational Challenges - The company faced a significant cash outflow of approximately 827 million yuan in operating activities, a 36.96% increase compared to the previous year, primarily due to reduced operating profit and increased inventory [6]. - The semiconductor wafer industry is capital-intensive, which may impact Hu Silicon's financial status due to high fixed asset investment and depreciation pressures [5].