今天复牌！重要资产收购，涉存储芯片

Core Viewpoint - The company, Purun Co., plans to acquire a 49% stake in Noah Changtian through a combination of issuing shares, convertible bonds, and cash payments, which will enhance its control over the subsidiary SHM and strengthen its position in the non-volatile memory market [1][5]. Group 1: Acquisition Details - Purun Co. intends to purchase the stake from Zhuhai Nuoyan, Yuanhe Puhua, and Hengqin Qiangke, with the goal of making Noah Changtian a wholly-owned subsidiary [1]. - The acquisition will allow Purun Co. to solidify its control over SHM, which is already a majority-owned subsidiary [1][5]. - The stock of Purun Co. will resume trading on December 9 following the announcement [1]. Group 2: Financial Performance - Purun Co.'s stock price has increased by 72.88% year-to-date [2]. - For the first three quarters of 2025, Purun Co. reported revenues of 1.433 billion yuan, a year-on-year increase of 4.89%, while net profit decreased by 73.73% to 59.05 million yuan [7]. - In Q3, the company achieved revenues of 527 million yuan, up 11.94% year-on-year, but net profit fell by 79.4% to 18.32 million yuan [7]. Group 3: Market Position and Product Synergy - SHM, the target company, is a semiconductor firm specializing in high-performance 2D NAND and related memory products, and is projected to be the fourth largest SLC NAND manufacturer globally in 2024 [5][6]. - The acquisition is expected to enhance Purun Co.'s product offerings and operational capabilities in the memory chip sector, as both companies operate within the same industry and have complementary product lines [6]. - The storage chip market is experiencing significant growth, driven by demand from emerging sectors such as AI and automotive electronics, with the SLC NAND market projected to grow from $2.31 billion in 2024 to $3.44 billion by 2029, reflecting a compound annual growth rate of 5.8% [7]. Group 4: Pricing and Demand Trends - The increase in NOR Flash prices is attributed to a dual-driven supply and demand relationship, with ongoing negotiations with downstream customers regarding price adjustments [8]. - There are signs of marginal recovery in overall industry demand, with some product prices improving compared to Q3 [8].