Core Viewpoint - The company, Shikong Technology, has resumed trading with a significant stock price increase of 9.99%, reaching 39.41 yuan, following the announcement of a major asset acquisition plan [1] Group 1: Transaction Details - The company plans to acquire 100% of Jiahe Jingwei's shares through a combination of issuing shares and cash payments to 19 counterparties, including Zhang Lili and Chen Hui [1] - The final transaction price and payment structure will be determined after the completion of auditing and evaluation work [1][2] - The cash payment for the transaction will be sourced from raised funds, self-owned funds, or bank loans, with the possibility of initial payments using self-raised funds before the completion of fundraising [2] Group 2: Fundraising and Use of Proceeds - The company intends to raise funds through issuing shares to its controlling shareholder, Gong Lanhai, with the total amount not exceeding 100% of the asset purchase price [2] - The raised funds will be used for cash payments related to the transaction, intermediary fees, taxes, and to supplement working capital for both the company and the target company [2] - If the fundraising is unsuccessful or insufficient, the company will cover any funding gaps through self-raised solutions [2] Group 3: Related Party Transactions - The transaction is expected to constitute a related party transaction, as the controlling shareholder and actual controller will be involved in the fundraising [3] - Prior to the transaction, there was no existing relationship between the counterparties and the company, but post-transaction, some counterparties will hold more than 5% of the company's shares [3] Group 4: Business Overview - Before the transaction, the company focused on night economy and smart city sectors, covering areas like landscape lighting and smart parking operations [4] - The target company, Jiahe Jingwei, specializes in the research, design, production, and sales of storage products, including memory bars and solid-state drives [4] - The acquisition aims to diversify the company's business into the storage sector, creating a second growth curve and enhancing profitability [4] Group 5: Financial Performance - As of the signing date of the proposal, Gong Lanhai holds 37.51% of the company's shares, making him the controlling shareholder [5] - Jiahe Jingwei's projected revenues for 2023, 2024, and the first eight months of 2025 are 854.30 million yuan, 1.34 billion yuan, and 1.12 billion yuan, respectively, with net profits showing a recovery trend [6][7] - Shikong Technology reported a revenue decline of 10.95% in the first half of 2025, with a net loss of 66.27 million yuan [9]

本次交易方案显示，时空科技拟向张丽丽、陈晖、深圳东珵管理咨询合伙企业（有限合伙）等19名嘉合 劲威股东收购其持有的标的公司全部股权。募集配套资金总额不超过发行股份购买资产交易价格的 100%，且发行股份数量不超过本次发行前上市公司总股本的30%，配套资金拟用于支付交易现金对 价、中介机构费用、补充流动资金及偿还债务、标的公司项目建设等，其中补充流动资金及偿还债务比 例不超过交易作价的25%或配套资金总额的50%。 本次发行价格确定为23.08元/股，不低于定价基准日前20个交易日公司股票交易均价的80%。锁定期安 排上，19名交易对方因本次交易取得的新增股份自发行结束之日起12个月内不得转让；宫殿海认购的配 套资金股份及原有持股自本次发行结束之日起36个月内不得转让。 作为本次交易的核心标的，嘉合劲威成立于2012年8月，注册资本1861.33万元，主营业务为内存条、固 态硬盘等存储产品的研发、设计、生产和销售，拥有光威、阿斯加特和神可三大品牌，覆盖消费级、企 业级及工业级市场，是国家级专精特新 "小巨人" 企业及广东省制造业单项冠军示范企业，拥有四十余 项发明专利。财务数据显示，2023年、2024年及20 ...

Core Viewpoint - The company, Shikong Technology (605178), is set to resume trading on October 23, 2025, following the announcement of a significant asset restructuring plan to acquire 100% of Shenzhen Jiahe Jinwei Electronics Technology Co., Ltd. This move aims to enter the storage sector and enhance the company's growth trajectory and profitability [1][3]. Company Overview - Shikong Technology's core business focuses on night economy and smart city solutions, including landscape lighting, cultural tourism, smart streetlights, and smart parking operations, primarily within the construction decoration and renovation industry [3]. - Jiahe Jinwei specializes in the research, design, production, and sales of storage products such as memory modules and solid-state drives, with three major product lines: Guangwei, Asgard, and Shenk [3][4]. Financial Performance - Jiahe Jinwei reported revenues of 850 million yuan, 1.34 billion yuan, and 1.12 billion yuan for the years 2023, 2024, and the first eight months of 2025, respectively. The net profits for these periods were -20.16 million yuan, 42.26 million yuan, and 42.11 million yuan [5]. - The financial data for Jiahe Jinwei shows total assets of approximately 12.99 billion yuan, total liabilities of about 6.94 billion yuan, and owner’s equity of around 6.05 billion yuan as of August 31, 2025 [6]. Strategic Implications - The acquisition is expected to create a second growth curve for Shikong Technology, accelerating its transition towards new productive forces and increasing new profit growth points, thereby enhancing its sustainable profitability [3][4]. - Post-acquisition, Jiahe Jinwei's assets will be consolidated into Shikong Technology's financials, which is anticipated to significantly improve the company's total assets and revenue figures, bolstering its core competitiveness and risk resilience [3][4]. Market Reaction - Prior to the trading suspension, Shikong Technology's stock price surged, reaching a 57% increase over the 20 trading days leading up to the announcement, indicating strong market interest and confidence in the company's strategic direction [7][8].

Core Viewpoint - Company Shikong Technology (605178) is set to resume trading on October 23, 2025, following the announcement of a significant asset restructuring plan to acquire 100% of Shenzhen Jiahe Jinwei Electronics Technology Co., Ltd. (referred to as "Jiahe Jinwei") to enter the storage sector [1][8]. Group 1: Company Overview - Shikong Technology's core business focuses on night economy and smart city solutions, covering areas such as landscape lighting, cultural tourism night tours, smart street lighting, and smart parking operations, primarily within the construction decoration and renovation industry [1][3]. - Jiahe Jinwei specializes in the research, design, production, and sales of storage products, including memory modules and solid-state drives, with three major product lines: Guangwei, Asgarde, and Shenk [1][4]. Group 2: Financial Performance - Jiahe Jinwei reported revenues of 850 million yuan, 1.34 billion yuan, and 1.12 billion yuan for the years 2023, 2024, and the first eight months of 2025, respectively, with net profits of -20.16 million yuan, 42.26 million yuan, and 42.11 million yuan during the same periods [5][6]. - The total assets of Jiahe Jinwei as of August 31, 2025, are projected to be 12.99 billion yuan, with total liabilities of 6.94 billion yuan and equity of 6.06 billion yuan [6]. Group 3: Strategic Implications - The acquisition aims to create a second growth curve for Shikong Technology, accelerating its transformation towards new productive forces and enhancing its profitability and core competitiveness [1][3]. - Post-acquisition, Jiahe Jinwei's assets will be consolidated into Shikong Technology's financial statements, which is expected to significantly improve the company's total assets and revenue [1][3]. Group 4: Market Reaction - Prior to the trading suspension, Shikong Technology's stock price hit the upper limit, with a cumulative increase of over 57% in the 20 trading days leading up to the suspension [8][9]. - The stock closed at 22.75 yuan per share before the announcement and rose to 35.83 yuan per share on the last trading day before the suspension, reflecting a 57.49% increase [9].

Core Viewpoint - Time Space Technology (605178) is set to resume trading on October 23, 2025, following the announcement of a significant asset restructuring plan to acquire 100% of Shenzhen Jiahe Jinwei Electronic Technology Co., Ltd. This move aims to enter the storage sector and create a second growth curve for the company [1][3]. Group 1: Company Overview - Time Space Technology's core business includes night economy and smart city systems, covering landscape lighting, cultural tourism, smart streetlights, and smart parking operations, primarily in the construction decoration and renovation industry [3]. - Jiahe Jinwei specializes in the research, design, production, and sales of storage products, including memory modules and solid-state drives, with three major product lines: Guangwei, Asgard, and Shenk [4]. Group 2: Financial Impact - The acquisition is expected to enhance Time Space Technology's total assets and operating income, thereby improving profitability and core competitiveness, as well as significantly increasing risk resistance [3]. - Jiahe Jinwei's financial performance includes revenues of 850 million yuan, 1.34 billion yuan, and 1.12 billion yuan for the years 2023, 2024, and the first eight months of 2025, respectively, with net profits of -20.16 million yuan, 42.26 million yuan, and 42.11 million yuan [5]. Group 3: Market Position and Technology - Jiahe Jinwei is recognized as a national-level specialized and innovative "little giant" and a champion enterprise in Guangdong's manufacturing sector, holding over 40 invention patents and having a notable presence in the domestic market [4]. - The company has advanced semiconductor storage chip testing algorithms and technologies, with over 20 core testing software, making it one of the few domestic companies capable of developing testing systems [5]. Group 4: Stock Performance - Prior to the trading suspension, Time Space Technology's stock price surged, with a cumulative increase of over 57% in the 20 trading days leading up to the suspension [7]. - The stock closed at 22.75 yuan per share 21 trading days before the announcement and reached 35.83 yuan per share the day before the suspension, reflecting a 57.49% increase [8].

Company Overview - A new company named Huayu Sanitary Ware Co., Ltd. has been established in Guangxin District, Shangrao City, with a registered capital of 6 million RMB [1] - The legal representative of the company is Huang Rong, and it is wholly owned by Shangrao Guangxin District Nanto Trading Co., Ltd. [1] Business Scope - The company's business activities include the sale of sanitary ware, sanitary ceramic products, enamel products, building decoration materials, waterproofing materials, metal fittings for construction, distribution switch control equipment, building materials, and retail of hardware products [1] Company Structure - Huayu Sanitary Ware Co., Ltd. is classified as a limited liability company (wholly owned by a legal entity) [1] - The company is registered under the construction industry, specifically in building decoration and renovation [1] Registration Details - The company is registered with the Shangrao Guangxin District Market Supervision Administration, with an operational period until August 22, 2025, and no fixed term thereafter [1]

Core Viewpoint - The report highlights the financial performance and strategic focus of Beijing New Space Technology Co., Ltd. for the first half of 2025, emphasizing the challenges faced in the night economy and smart city sectors, alongside efforts to improve cash flow and manage receivables effectively [1][3][8]. Financial Performance - The company reported a revenue of CNY 143.62 million for the first half of 2025, a decrease of 10.95% compared to CNY 161.29 million in the same period of 2024 [2][8]. - The total profit for the period was a loss of CNY 66.97 million, an improvement from a loss of CNY 82.48 million in the previous year [2][8]. - The net cash flow from operating activities increased significantly to CNY 79.70 million, up 196.98% from CNY 26.84 million in the previous year [2][8]. Business Overview - The company focuses on two main sectors: night economy and smart city development, aiming to enhance urban public infrastructure and promote nighttime tourism [3][4]. - In the night economy sector, the company has established itself as a leading service provider, integrating landscape lighting and cultural tourism [3][4]. - The smart city initiatives include the development of smart streetlights and smart parking solutions, aimed at improving urban efficiency and public service levels [4][5]. Industry Context - The night economy sector is experiencing increased competition, with various local governments implementing policies to stimulate nighttime cultural and tourism activities [6][9]. - The smart city sector is transitioning towards a more integrated development model, with a focus on digital infrastructure and innovative solutions to urban challenges [6][7]. - The report indicates a growing demand for comprehensive solutions in both sectors, driven by consumer preferences and government initiatives [6][7]. Strategic Initiatives - The company is actively managing receivables and optimizing cash flow to address the challenges posed by delayed payments from government clients [9][10]. - The successful launch of the "Guangan Night City" project demonstrates the company's capability in delivering immersive cultural experiences, attracting significant visitor numbers [9][10]. - The company is enhancing its governance and internal control systems to improve operational efficiency and compliance [10][11]. Competitive Advantages - The company has established a strong brand reputation through its involvement in major national events, showcasing its project management capabilities [11][12]. - A collaborative approach across various regions and business lines enhances market competitiveness and operational efficiency [11][12]. - The company invests in technology and innovation, developing proprietary solutions that integrate advanced lighting technologies with cultural elements [12][13].

Company Overview - Mingchuang Zhizhen (Shanghai) Decoration Engineering Co., Ltd. has been established with a registered capital of 22.67 million RMB [1] - The legal representative of the company is Chen Zhizhao, and it is wholly owned by Mingchuang Zhizhen (Wuhan) Decoration Engineering Co., Ltd. [1] Shareholding Structure - The sole shareholder, Mingchuang Zhizhen (Wuhan) Decoration Engineering Co., Ltd., holds 100% of the shares [2] Business Scope - The company's business scope includes engineering management services, installation services for general machinery and equipment, metal door and window engineering construction, sales of fire-fighting equipment, furniture, office supplies, and office equipment [2] - Additional services include wholesale of sports goods and equipment, sales of electronic components and electromechanical components, sales of electronic products, sales of construction decoration materials, sales of furniture accessories, information technology consulting services, handling and transportation, and 3D printing services [2] - The company is also involved in licensed projects such as construction engineering and residential interior decoration and renovation, which require approval from relevant authorities [2] Company Registration Details - The company is registered in Jinshan District, Shanghai, with its address at 6158 Nan Ting Highway, Building 3, Room 3369 [2] - The business license allows the company to operate until August 21, 2025, with no fixed term thereafter [2] - The company is classified under the construction industry, specifically in the building decoration and renovation sector [2]

Company Formation - Shanghai Liangtu Construction Engineering Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Zhou Wen, and it is wholly owned by Yinming (Shanghai) Architectural Design Engineering Co., Ltd. [1] Business Scope - The business scope includes construction engineering design, residential interior decoration, construction engineering contracting, and labor subcontracting [2] - Additional services include sales of building materials, landscaping engineering, sales of lightweight building materials, sales of metal fittings for construction, project management services, and various technical services [2] Company Details - The company is classified under the construction industry, specifically in building decoration and renovation [2] - The registered address is located at 301-25, 3rd Floor, No. 5, Lane 1111, Huta Road, Jing'an District, Shanghai [2] - The business license allows for independent operations except for projects that require approval from relevant authorities [2]

Company Overview - Shanghai Shiliang Construction Engineering Co., Ltd. has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Yao Weifeng, and it is wholly owned by Ximing (Shanghai) Architectural Design Engineering Co., Ltd. [1] Business Scope - The company's business scope includes construction engineering design, residential interior decoration, construction engineering contracting, and labor subcontracting [1] - It also engages in the sale of building materials, landscaping engineering contracting, and sales of lightweight building materials and metal fittings [1] - Additional services include project management, technical services, technology development, consulting, and information technology consulting [1] Company Structure - The company is classified as a limited liability company with natural person investment or control [1] - The business registration is valid until August 19, 2025, with no fixed term thereafter [1] - The company is registered under the jurisdiction of the Jing'an District Market Supervision Administration [1]