Jie Mei Technology Restructures Aifosi Technology to Extend Industry Chain; Target's 2025 Net Profit of 45.325 Million Increases 73.3%

Changjiang Business Daily ● Reporter Xu Jia

Through asset restructuring, Jiemei Technology (002859.SZ) will enter the ultra-precision machining equipment sector, extending its industrial chain.

On the evening of March 16, Jiemei Technology announced a restructuring plan, proposing to purchase 100% equity of Aifosi Technology through issuing shares, and to raise supporting funds.

Data shows that Aifosi Technology is a leading domestic developer and manufacturer of ultra-precision optical processing equipment, while Jiemei’s main business is the research, production, and sales of electronic packaging materials and electronic-grade thin film materials.

With this transaction, Jiemei’s business will expand from electronic packaging consumables to ultra-precision machining equipment, adding a new business segment. The company will achieve strategic expansion of its business scope, further consolidate its existing industry advantages, and enhance its overall competitiveness in the electronics and semiconductor supporting industries.

Changjiang Business Daily notes that Aifosi Technology currently has strong profitability, which will inject new momentum into Jiemei’s performance growth.

The restructuring plan shows that by 2025, Aifosi Technology will achieve operating revenue of 130 million yuan and net profit of 45.3249 million yuan, representing year-on-year increases of approximately 62% and 73.3%, respectively. As of the end of 2025, Aifosi’s total assets will be 197 million yuan, with net assets of 117 million yuan.

Proposed acquisition of 100% equity of Aifosi Technology

This restructuring by Jiemei will be divided into two parts: asset purchase and supporting fund raising.

Specifically, Jiemei plans to purchase 100% of Aifosi Technology’s equity from five counterparties—Zhou Lin, Yuanzhi Xinghuo, Ding Jie, Tao Shang, and Chen Yongfu—by issuing shares. After the transaction, Aifosi Technology will become a wholly owned subsidiary of the listed company.

Currently, the audit and valuation work for Aifosi Technology has not been completed, and the valuation of the target assets and transaction price have not been determined. This transaction is not expected to constitute a major asset reorganization or related-party transaction.

Meanwhile, Jiemei also plans to use an inquiry-based method to issue shares to no more than 35 specific investors to raise supporting funds, which will be used to repay loans, supplement working capital, pay intermediary fees, and cover transaction taxes. Among these, working capital supplementation and debt repayment will not exceed 25% of the transaction price or 50% of the total raised funds.

Changjiang Business Daily observes that this restructuring is an important move for Jiemei to expand its industrial chain layout.

Jiemei’s main business is the research, production, and sales of electronic packaging materials and electronic-grade thin film materials, with core products including electronic packaging materials (paper-based carriers, plastic carriers) and electronic-grade thin films. The company has established a strong industry position in these fields.

Jiemei has long aimed to become a global provider of electronic component packaging consumables, processing services, and overall solutions, and a leader in electronic-grade thin film materials and new energy-related materials. However, it has not yet entered the ultra-precision optical processing equipment sector, with its business still focused on electronic packaging materials and related extension fields.

Aifosi Technology is a domestic leader in ultra-precision optical processing equipment, based on high-end optical manufacturing equipment and processing technology, integrating equipment R&D, precision optical processing, and other capabilities, providing high-end optical processing innovation equipment and solutions to customers.

The restructuring plan states that Aifosi’s ion beam polishing machines are technologically advanced, with shipment volumes ranking among the top domestically. Their products are widely used in high-end optics, aerospace, semiconductors, and other downstream industries.

Therefore, Jiemei believes that this transaction will enable the company to quickly expand into the ultra-precision processing equipment sector, improve its industrial chain from electronic packaging consumables to ultra-precision processing equipment, achieve strategic expansion, further strengthen its existing industry advantages, and enhance its overall competitiveness in electronics and semiconductor supporting industries.

Additionally, after the acquisition, Jiemei will integrate both parties’ technological and market resources, increase R&D investment in ultra-precision optical processing equipment, and accelerate the domestication of high-end products. This diversified business layout will enrich the company’s profit structure and improve its resilience in a complex and volatile market environment.

Target assets total only 197 million yuan, earning over 45 million yuan annually

Beyond extending the industrial chain, acquiring Aifosi Technology will also inject new momentum into Jiemei’s performance growth.

Changjiang Business Daily notes that Jiemei was listed on the A-share market in 2017. At its peak in 2021, Jiemei achieved operating revenue of 1.861 billion yuan, with net profit attributable to shareholders and non-recurring net profit of 389 million yuan and 380 million yuan, respectively.

From 2022 to 2024, Jiemei’s revenue was 1.301 billion yuan, 1.572 billion yuan, and 1.817 billion yuan, with year-on-year growth rates of -30.1%, 20.83%, and 15.57%. Net profits attributable to shareholders were 166 million yuan, 256 million yuan, and 202 million yuan, with growth rates of -57.35%, 54.11%, and -20.91%. Non-recurring net profits were 147 million yuan, 255 million yuan, and 199 million yuan, with growth rates of -61.21%, 73.18%, and -21.94%. Performance has fluctuated significantly.

In the first three quarters of 2025, Jiemei achieved revenue of 1.526 billion yuan, up 13.74% year-on-year; net profit attributable to shareholders and non-recurring net profit were 176 million yuan and 171 million yuan, respectively, down 0.7% and 1.8%.

As for the target company, Aifosi Technology already has strong profitability. The restructuring plan shows that in 2024 and 2025, Aifosi’s revenue will be 8.0551 million yuan and 130 million yuan, with net profits of 26.1488 million yuan and 45.3249 million yuan. Notably, in 2025, its revenue and net profit are expected to grow approximately 62% and 73.3% year-on-year.

By the end of 2025, Aifosi’s total assets will be 197 million yuan, with net assets of 117 million yuan.

Jiemei also disclosed that Aifosi’s technology level has reached the angstrom-level processing precision, solving the “precision endpoint line” challenge in ultra-precision optical processing and successfully achieving domestic substitution. Aifosi has accumulated multiple patents and software copyrights covering core technologies such as ion beam shaping and magnetorheological polishing, forming a comprehensive technological moat. Its overall technology for nano-precision optical component polishing has reached an internationally advanced level.

Currently, Aifosi’s main clients include listed companies such as Fuguang Technology, Maolai Optics, and Wavelength Photonics, as well as research institutions like the Chinese Academy of Sciences and the University of Science and Technology of China, establishing a stable revenue base.

Multiple institutions analyze that this restructuring will enable Jiemei to develop four major business segments: electronic packaging materials, electronic-grade thin films, new energy materials, and ultra-precision optical equipment, further improving its one-stop service and overall solution capabilities for consumables and processing. Especially amid the rapid growth of AI industry, Jiemei is expected to see rapid growth in its main MLCC products, with ultra-precision processing equipment opening a second growth curve.

Editor: ZB