MDK(SH:688079) Chang Jiang Shang Bao·2025-12-11 23:41Core Viewpoint - Meidike's subsidiary, Zhejiang Meidike Optical Semiconductor Co., Ltd., is raising capital through a strategic investment from Zhejiang Fuzhe Shaoxin Integrated Circuit Industry Fund, with a pre-investment valuation of 2.18 billion yuan, indicating a 21% increase from the previous year's valuation [1][4]. Group 1: Investment and Financial Details - The strategic investor, Fuzhe Shaoxin, will invest 200 million yuan, acquiring an 8.40% stake in the optical semiconductor company, which remains a subsidiary of Meidike [1][4]. - The optical semiconductor company has experienced cumulative losses of 149 million yuan from 2023 to the first nine months of 2025 [1][6]. - Meidike's total assets reached 3.264 billion yuan with a debt ratio of 58.88% as of September 2025, reflecting increased financial pressure [7]. Group 2: Business Performance and Challenges - The optical semiconductor company reported revenues of 205 million yuan, 313 million yuan, and 264 million yuan for the years 2023 to the first nine months of 2025, with net losses of 40.66 million yuan, 42.48 million yuan, and 65.77 million yuan respectively [6]. - Meidike's revenue increased by 32.04% to 451 million yuan in the first three quarters of 2025, but net losses also grew due to rising costs in depreciation, labor, and financial expenses [7]. - The company is in a capacity ramp-up phase, facing challenges from long certification cycles for new technologies and increased operational costs [6][7]. Group 3: Future Plans and Strategic Moves - Meidike plans to raise up to 700 million yuan through a private placement to enhance its optical and semiconductor product matrix and capacity layout [8]. - The company aims to improve its financial resilience and operational capabilities through this capital increase and strategic partnerships [8].