Yanjan(SZ:300658) Xin Lang Cai Jing·2026-01-05 09:14Core Viewpoint - The company, Yanjiang Co., is planning to acquire control of Ningbo Yongqiang Technology Co., Ltd. through a combination of issuing shares and cash payment, which is expected to constitute a significant asset restructuring [1][5]. Group 1: Company Overview - Yanjiang Co. was established in 2000 and specializes in disposable hygiene product materials, including PE perforated film and 3D perforated non-woven fabric, used in products like sanitary napkins and diapers [1][5]. - 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 attributable to shareholders of 42.5 million yuan, up 27.95% year-on-year [1][6]. Group 2: Acquisition Details - The target company, Yongqiang Technology, was founded in December 2019 and focuses on high-end integrated circuit interconnection materials, with products including IC substrates and high-end display substrates [2][6]. - Yongqiang Technology has achieved performance certifications from major companies such as Intel and Huawei, and has a production capacity of 100,000 meters of ultra-thin PP materials per day [2][6]. - The company has established a 30,000 square meter production base, with a second phase also completed by the end of 2022, expected to generate an annual output value of 1.8 billion yuan and a net profit of 400 million yuan upon reaching full capacity [2][6]. Group 3: Strategic Implications - The restructuring plan reflects the transformation anxiety and opportunities within traditional manufacturing, as Yanjiang Co. seeks to enter the semiconductor supply chain amid slowing growth in the hygiene products sector [3][7]. - If the acquisition is successful, Yanjiang Co. could become the first A-share company to operate in both hygiene materials and high-end electronics, potentially leading to a revaluation of its valuation system [3][7].