WINNOVATION(SZ:000620) Chang Jiang Shang Bao·2026-01-29 01:17Core Viewpoint - Yingxin Development is seeking to transform its business by acquiring a 60% stake in Guangdong Changxing Semiconductor Technology Co., Ltd. for 520 million yuan, aiming to expand into the technology sector and improve its financial performance [1][3][8]. Group 1: Acquisition Details - The acquisition price for the 60% stake in Changxing Semiconductor is set at 520 million yuan, with the company planning to use its own and raised funds for the purchase [1][3]. - Changxing Semiconductor has a strong background in NAND Flash chip packaging and testing, with established production capacity and technology [1][3]. - The valuation of Changxing Semiconductor shows a book value of 149 million yuan and an assessed value of 927 million yuan, resulting in a valuation increase of 777 million yuan, or 520.69% [1][4]. Group 2: Financial Performance and Projections - For the fiscal years 2024 and 2025, Changxing Semiconductor is projected to generate revenues of 406 million yuan and 646 million yuan, with net profits of 2.21 million yuan and 74.57 million yuan, respectively [3]. - The performance commitment includes a net profit of no less than 75 million yuan for 2026, and cumulative net profits of at least 155 million yuan for 2026 and 2027, and 240 million yuan for 2026, 2027, and 2028 [1][8]. Group 3: Current Challenges and Strategic Shift - Yingxin Development has faced significant revenue declines, with a 21.47% drop in 2024 and a 48.38% drop in the first three quarters of 2025 [9]. - The company reported a gross margin of only 6.74% for the first three quarters of 2025, indicating challenges in its current business model [2][10]. - The strategic shift towards technology, particularly in the semiconductor sector, is seen as a way to mitigate risks associated with its existing business operations [1][8].