相中思澈科技！安凯微拟“借钱”并购谋救，公司业绩承压明显

Core Viewpoint - Ankai Microelectronics (安凯微) is planning to acquire an 85.79% stake in Siche Technology (思澈科技) for 326 million yuan amid financial pressures, as the company reported a net loss of 82.24 million yuan in the first three quarters of the year, indicating a significant decline in profitability [1][9]. Group 1: Acquisition Details - The acquisition does not constitute a related party transaction or a major asset restructuring [3]. - Siche Technology, established in 2019, specializes in innovative, high-performance, ultra-low-power IoT chip design, focusing on data collection, processing, and edge AI inference [3][4]. - The valuation of Siche Technology's total equity is approximately 385 million yuan, with the agreed transaction price for 100% equity set at around 380 million yuan [4]. Group 2: Financial Implications - Ankai Microelectronics is facing financial pressure, with a negative operating cash flow of 56.86 million yuan for the first nine months of 2025 and available cash of about 310 million yuan, insufficient to cover the acquisition cost [8]. - The company plans to finance the acquisition through a combination of self-funds and bank loans, applying for long-term loans to mitigate cash flow pressure [8]. - Post-acquisition, the company expects to see a reduction in working capital, potentially impacting liquidity ratios and financial metrics [8]. Group 3: Performance Overview - Ankai Microelectronics reported revenues of approximately 509 million yuan, 573 million yuan, and 527 million yuan for the years 2022 to 2024, with corresponding net profits of 39.84 million yuan, 26.84 million yuan, and a loss of 56.77 million yuan [9]. - In the first three quarters of this year, the company achieved revenues of about 351 million yuan, a year-on-year decline of 5.22%, alongside a net loss of 82.24 million yuan, indicating a worsening financial situation [9]. - The decline in profitability is attributed to reduced market prices for IoT camera products, increased R&D investments, and a decrease in government subsidies [9]. Group 4: Market Performance - Ankai Microelectronics' stock price has experienced volatility, reaching a low of 11.02 yuan per share on November 21, followed by a rebound with a cumulative increase of 14.08% from November 24 to December 3 [10]. - As of December 3, the stock closed at 12.64 yuan per share, with a total market capitalization of 4.955 billion yuan [11].