SUNFLOWER(SZ:300111) DT新材料·2025-09-21 23:07Core Viewpoint - The company Xiangrikui plans to acquire 100% equity of Zhangzhou Xipu Material Technology Co., Ltd. and 40% equity of Zhejiang Beid Pharmaceutical Co., Ltd. through a combination of share issuance and cash payment, aiming to enter the high-end semiconductor materials sector and create a second growth curve [2]. Group 1: Company Overview - Xiangrikui is a pharmaceutical company with main products in the fields of anti-infection drugs, cardiovascular drugs, and digestive system drugs. Its primary revenue comes from raw materials and formulations, with clarithromycin raw materials being a significant component [3]. - The company has previously attempted two cross-industry ventures, both of which were unsuccessful. In April 2023, it announced plans to purchase high-efficiency solar cell production equipment for approximately 827 million yuan [3]. - After acquiring 60% of Beid Pharmaceutical, Xiangrikui divested its traditional photovoltaic business to focus on the pharmaceutical sector [3]. Group 2: Financial Performance - From 2020 to 2024, Xiangrikui's net profit showed a declining trend, with figures of 56 million yuan, 53 million yuan, -1.14 million yuan, 22 million yuan, and 7.83 million yuan respectively [3]. - In the first half of 2025, the company's operating revenue was 144 million yuan, a year-on-year decrease of 8.33%, while the net profit attributable to the parent company was 1.16 million yuan, down 35.68% year-on-year [3]. Group 3: Market Potential - The acquisition of Xipu Material will allow Xiangrikui to enter the high-end semiconductor materials market, which is expected to grow rapidly due to the rise of downstream industries such as semiconductors and new energy [2]. - The market size of electronic specialty gases in China reached 22.08 billion yuan in 2022, with projections to grow to 31.66 billion yuan by 2025, reflecting a compound annual growth rate of 12.8% [2].