Zheng Quan Shi Bao·2026-01-04 11:59Core Viewpoint - Yanjiang Co., Ltd. is planning a significant asset restructuring by acquiring control of Ningbo Yongqiang Technology Co., Ltd. through a combination of share issuance and cash payment, which may constitute a major asset restructuring [1] Group 1: Acquisition Details - The acquisition is still in the planning stage, with specific details regarding the share purchase ratio and transaction parties yet to be finalized [1] - Yanjiang Co. has reached a preliminary agreement with the controlling shareholder of Yongqiang Technology and its associates as of December 31, 2025 [1] Group 2: Market Performance - Yanjiang Co. shares rose by 11.68% on December 31, 2025, closing at 14.82 yuan per share, with a market capitalization of 4.9 billion yuan [2] Group 3: Yongqiang Technology Overview - Yongqiang Technology, established in 2019, specializes in the R&D and production of IC substrates and high-end display substrates, with applications in 5G/6G communications, AI, and data centers [4] - The company has received multiple rounds of financing, achieving a valuation exceeding 1 billion yuan [4] Group 4: Yanjiang Co. Business Overview - Yanjiang Co. primarily engages in the R&D, production, and sales of materials for disposable hygiene products, indicating a cross-industry acquisition [5] - The company has a strong position in the disposable hygiene product sector, serving major clients like Procter & Gamble and Kimberly-Clark [5] Group 5: Financial Performance - For the first three quarters of 2025, Yanjiang Co. reported revenue of 1.295 billion yuan, a year-on-year increase of 22.99%, and a net profit of 42.5 million yuan, up 27.95% [5] - The net profit for the third quarter reached 16.66 million yuan, with a year-on-year growth rate of 209.1% [5] Group 6: International Expansion - Yanjiang Co. has established localized factories in Egypt, the USA, and India, benefiting from global capacity layout and product upgrades [6] - The Egyptian subsidiary has a theoretical production capacity of 12,000 tons per year, with an expected ramp-up in the first half of 2026 [6] Group 7: Profitability - The net profit margins for both the domestic parent company and the Egyptian subsidiary have increased year-on-year, with the Egyptian subsidiary showing significant growth [7]