Up-shine Lighting (SZ:301362) Xin Lang Cai Jing·2026-01-21 13:53Core Viewpoint - Minexplosion Optoelectronics (301362.SZ) is initiating a cross-industry acquisition to seek a second growth curve as it faces stagnation in its LED lighting business, which has been growing steadily for over a decade. The company plans to acquire Xiamen Maida Intelligent Technology Co., Ltd.'s PCB drilling business and raise supporting funds through a combination of share issuance and cash payment [1][21]. Company Overview - Minexplosion Optoelectronics has been listed for less than three years and is currently experiencing growth stagnation, with its main business focused on the research, production, and sales of LED lighting products [12][18]. - The company reported revenues of 1.529 billion and 1.641 billion yuan for 2023 and 2024, respectively, with a slight growth of 4.34% and 7.35% year-on-year. However, net profits showed a decline in 2025, with revenues dropping to 1.23 billion yuan and net profits to 150 million yuan [12][15]. Acquisition Details - The acquisition involves Xiamen Xizhi Precision Technology Co., Ltd. and Jiangxi Maida Intelligent Technology Co., Ltd., focusing on the PCB drilling business, which is expected to benefit from the growing demand in the AI era [1][6]. - Xiamen Maida was established in 2020 and has a strong focus on high-precision drilling tools, with a production capacity of approximately 15 million units per month, aiming to expand to over 50 million units in the next 2-3 years [6][7]. Market Dynamics - The PCB industry has seen significant growth, with the PCB sector rising over 124% since 2025. Leading companies like Ding Tai High-Tech and Zhong Tung High-Tech have accelerated production to capture market share [2][8]. - The global PCB drilling market is highly concentrated, with the top five manufacturers holding over 75% market share. Ding Tai High-Tech is projected to maintain its leading position with a market share increase from 26.8% to 28.9% [8][9]. Future Outlook - The PCB drilling market is expected to grow rapidly over the next 3-5 years due to increased demand driven by AI computing needs. However, the overall market size remains relatively small [8][10]. - Minexplosion Optoelectronics' acquisition is still in the planning stage, and the final transaction price is yet to be determined, with significant uncertainties surrounding the completion of the deal [21].