Piotech (SH:688072) Zheng Quan Shi Bao Wang·2025-12-05 22:17Core Viewpoint - The company,拓荆科技, plans to invest in 宁波芯丰精密科技有限公司 through an associated entity, 丰泉创业投资, indicating a strategic move to enhance its industrial layout and synergy in the semiconductor equipment sector [1][4]. Investment Details - 拓荆科技 intends to acquire 998.38 million yuan of registered capital from 芯丰精密 for no more than 270 million yuan, representing 16.42% of the post-financing registered capital [1]. - 丰泉创投 will invest 30 million yuan for 110.93 million yuan of registered capital, accounting for 1.82% of the post-financing registered capital [1]. - The total capital increase for 芯丰精密 from various investors, including 拓荆科技 and 丰泉创投, amounts to 99 million yuan, raising the registered capital from 57.89 million yuan to 60.82 million yuan [3]. Company Profile - 芯丰精密 specializes in the research and production of thinning, dicing, and slicing equipment and consumables, primarily used in 3D IC and advanced packaging processes [3]. - The company has core software and component R&D and manufacturing capabilities [3]. Financial Performance - As of mid-2025, 芯丰精密's total assets and net assets are projected to be 388 million yuan and -82.86 million yuan, respectively [3]. - Revenue for 2024 and the first half of 2025 is expected to be 56.35 million yuan and 15.87 million yuan, with net losses of 30.88 million yuan and 7.19 million yuan [3]. Valuation - The pre-investment valuation for 芯丰精密's capital increase is set at 1.8 billion yuan, while the valuation for the share transfer is 1.566 billion yuan due to the lack of special shareholder rights [3]. Strategic Intent - 拓荆科技 aims to strengthen its position in the semiconductor equipment industry through this investment, enhancing its product offerings in the 3D integration field [4]. - The company has successfully developed advanced bonding equipment and related detection devices, which are now in mass production [5]. Financial Growth - In the first three quarters of the year, 拓荆科技 reported revenues of 4.22 billion yuan, a year-on-year increase of 85.27%, and a net profit of 557 million yuan, up 105.14% [5]. - The company plans to raise up to 4.6 billion yuan through a private placement to expand high-end semiconductor equipment capacity and fund cutting-edge technology projects [5].