Core Viewpoint - Dike Co., Ltd. plans to acquire 62.5% equity of Jiangsu Jingkai Semiconductor Technology Co., Ltd. for 300 million yuan, aiming to enhance its storage chip business and integrate its supply chain [2][5]. Group 1: Acquisition Details - The acquisition will make Jiangsu Jingkai a subsidiary of Dike Co., Ltd., which will be included in the consolidated financial statements [2]. - Jiangsu Jingkai specializes in storage chip packaging and testing services, having advanced packaging technologies and automated testing capabilities [5]. Group 2: Financial Performance - In 2024, Jiangsu Jingkai is projected to have total assets of 15.83 billion yuan and total liabilities of 11.96 billion yuan, with a net profit of 1.35 billion yuan [6]. - However, in the first four months of 2025, Jiangsu Jingkai reported a net loss of 3.72 million yuan, indicating a shift from profit to loss [7]. Group 3: Dike Co., Ltd. Financial Overview - Dike Co., Ltd. reported a revenue of 15.35 billion yuan in 2024, a year-on-year increase of 59.9%, but the net profit decreased by 6.7% to 360 million yuan [9]. - In the first half of 2025, the company’s revenue was 8.34 billion yuan, up 9.9% year-on-year, but net profit plummeted by 70% to 69.81 million yuan [13]. Group 4: Debt and Cash Flow Concerns - Dike Co., Ltd. has seen its liabilities grow significantly, from 784 million yuan in 2020 to 6.15 billion yuan in 2024, with a high debt ratio of 80.42% in the first half of 2025 [14]. - The company’s cash flow from operating activities has also deteriorated, showing a net outflow of 330 million yuan in the first half of 2025, a decline of 151.8% [13].

Core Viewpoint - The company intends to acquire a 62.5% stake in Jiangsu Jingkai Semiconductor Technology Co., Ltd. for 300 million yuan, which will make Jiangsu Jingkai a subsidiary and included in the consolidated financial statements [1]. Group 1: Acquisition Details - The acquisition aims to enhance the company's storage chip business and improve its industry chain layout, particularly in the DRAM storage chip sector [5]. - Jiangsu Jingkai specializes in storage chip packaging and testing services, possessing advanced packaging technologies and capabilities for various DRAM chips [2]. Group 2: Financial Performance - In 2024, the company reported a revenue of 15.35 billion yuan, a year-on-year increase of 59.9%, but the net profit decreased by 6.7% to 360 million yuan [6]. - For the first half of 2025, the company achieved a revenue of 8.34 billion yuan, a 9.9% increase year-on-year, while the net profit plummeted by 70% to 6.981 million yuan [8]. - The company's total assets were reported at 15.83 billion yuan as of December 31, 2024, with total liabilities reaching 11.96 billion yuan, resulting in a high debt ratio of 80% [4]. Group 3: Cash Flow and Receivables - The company experienced a negative cash flow from operating activities of -330 million yuan in the first half of 2025, a decline of 151.8% [8]. - The scale of accounts receivable has significantly increased, from 960 million yuan in 2020 to over 5.4 billion yuan in the first half of 2025, accounting for more than half of the current revenue [8][9]. Group 4: Market Position - As of October 14, the company's stock closed at 67.64 yuan per share, with a market capitalization of 9.589 billion yuan [10].