Core Viewpoint - The company, Dike Co., Ltd. (300842.SZ), is expanding its storage chip business through the acquisition of a controlling stake in Jiangsu Jingkai Semiconductor Technology Co., Ltd. for 300 million yuan, aiming to integrate the complete testing and packaging service industry chain for storage chips [1][3]. Group 1: Acquisition Details - Dike Co. plans to acquire 62.5% of Jiangsu Jingkai for 300 million yuan, making it a subsidiary and consolidating it into the company's financial statements [1][3]. - The overall valuation of Jiangsu Jingkai is 361 million yuan, reflecting a high premium of 930.28% over its net asset value [4][5]. - Jiangsu Jingkai has committed to a net profit of no less than 1 million yuan for 2025, significantly lower than its 2024 net profit of 13.54 million yuan [1][6]. Group 2: Financial Performance - In the first half of 2025, Dike Co. reported revenue of 8.34 billion yuan, a year-on-year increase of 9.93%, but net profit fell by 70.03% to 69.81 million yuan [7]. - The company's core business in photovoltaic conductive paste saw a sales decline of 22.28%, with total sales of 879.86 tons [7]. - The newly acquired storage chip business generated revenues of 74.54 million yuan in 2024 and 189 million yuan in the first half of 2025, accounting for 0.49% and 2.26% of total revenue, respectively [7]. Group 3: Financial Health - As of June 2025, Dike Co. had an asset-liability ratio of 80.42%, indicating a significant financial burden due to cash acquisitions [2][8]. - The company reported a negative cash flow from operating activities of 330 million yuan in the first half of 2025, a decline of 151.78% year-on-year [9].

Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.34 billion CNY, a year-on-year increase of 9.93% [2] - The net profit attributable to shareholders was 69.81 million CNY, a decline of 70.03% compared to the same period last year [2] - The net profit after deducting non-recurring gains and losses was 88.49 million CNY, down 74.70% year-on-year [2] - As of June 30, 2025, total assets reached 9.25 billion CNY, an increase of 18.08% year-on-year, while net assets grew by 8.23% to 1.81 billion CNY [2] Product Sales and Market Position - The company sold 879.86 tons of photovoltaic conductive paste, a decrease of 22.28% year-on-year [2] - Sales of N-type TOPCon battery conductive paste reached 834.74 tons, accounting for 94.87% of total sales, maintaining a leading position in the industry [2] Technological Development and Future Plans - The company plans to enhance product technology research and market expansion to solidify its leading position in the photovoltaic battery conductive paste sector [3] - The high copper paste solution for TOPCon batteries has achieved mass production, with a clear timeline for large-scale production set for the second half of the year [4] - The silver nitrate project is expected to begin trial production in Q4 2025, which will enhance supply chain stability and reduce raw material costs [5] Cost Efficiency and Product Innovation - The high copper paste solution significantly reduces silver consumption by over 50% compared to standard processes [7] - The processing fees for TOPCon silver paste remain stable, while HJT and TBC paste processing fees are higher, indicating potential for improved profitability with the growth of new battery technologies [6] Semiconductor and Electronic Materials - The company’s sales revenue from storage chips reached 189 million CNY in the first half of 2025, with expectations for continued growth in the second half due to industry demand [9]

Group 1 - The company, Suzhou Guder, focuses on the semiconductor and photovoltaic sectors, with products used in various fields including aerospace, automotive, and clean energy [1] - In 2024, the company plans to accelerate the iteration of automotive-grade products and develop specialized IGBTs for photovoltaic inverters, while establishing a dual-cycle production capacity system in Southeast Asia [1] - The company’s subsidiary, Suzhou Jingyin, is a leading supplier of photovoltaic cell conductive paste and has pioneered the domestic production of solar cell silver paste [1] Group 2 - In 2024, the company’s silver pastes for PERC, TOPCon, and HJT batteries are expected to maintain high performance and stability, with XBC battery paste sales doubling [2] - The company indicates that despite many photovoltaic companies facing losses due to significant price drops, Suzhou Jingyin is less affected by industry cycles due to fast inventory turnover and stable gross margins [2] - The subsidiary in Malaysia has commenced production in 2024 and achieved profitability, with the overseas capacity expansion aimed at capturing market opportunities despite domestic overcapacity [2] - The company is actively monitoring new technologies in the photovoltaic paste sector to ensure it can adapt to market trends [2]