en.Wedoany.com Reported - On the evening of July 16, Suzhou Anjie Technology Co., Ltd. announced that its wholly-owned subsidiary, Suzhou Weisi Dongshan Electronic Technology Co., Ltd., has completed the industrial and commercial registration for the acquisition of a 51% equity stake in Suzhou Zhifeng MIM Powder Metallurgy Co., Ltd. Suzhou Zhifeng has become a controlled subsidiary of the company and will be included in the consolidated financial statements.
According to the announcement, the acquisition plan was approved by the company's board of directors on June 30. The transaction adopts a dual-track pricing model combining a base consideration with performance-based contingent consideration. The base consideration for the 51% equity stake is RMB 204 million. If Suzhou Zhifeng's audited net profit for 2026 exceeds RMB 40 million, Anjie Technology will pay a floating amount based on the excess range, with a maximum contingent consideration of RMB 51 million. The total payment for this acquisition shall not exceed RMB 255 million.
Suzhou Zhifeng specializes in Metal Injection Molding (MIM) as its core process, supplying products to the optical communication interconnection, new energy vehicle, and high-end medical sectors. Its core product is the optical module chip substrate. In 2025, the company's revenue from optical module-related businesses accounted for 96.08% of total revenue, and from January to April 2026, this ratio reached 96.04%. As audited by Rongcheng Certified Public Accountants (Special General Partnership), Suzhou Zhifeng achieved operating revenue of RMB 139 million and net profit of RMB 22.0733 million in 2025; from January to April 2026, operating revenue was RMB 87.9766 million, and net profit was RMB 14.1177 million. As of the end of April 2026, the company's total assets were RMB 134 million, and net assets were RMB 70.4301 million.
The valuation date for this assessment is April 30, 2026. Under the asset-based approach, Suzhou Zhifeng's book net assets were RMB 71.1685 million, with an assessed value of RMB 98.3508 million, reflecting an appreciation rate of 38.19%. Under the income approach, the total equity value of 100% was estimated at RMB 466 million, representing an increase of RMB 395 million over book net assets, with an appreciation rate of 554.78%. Anjie Technology ultimately selected the income approach as the basis for pricing. Anjie Technology stated that this high premium is reasonable. Suzhou Zhifeng holds two core industry certifications, IATF16949 and ISO13485, possesses a full set of mature production processes, stable customer resources, and a professional technical team. Its business is anchored in high-growth, high-value-added sectors such as optical communication, automotive, and medical, demonstrating stable profitability and long-term growth potential, along with significant intangible assets not reflected on the balance sheet. Additionally, downstream demand for MIM precision components continues to expand, and the industry as a whole carries a growth premium.
Yu Fenghui, a senior researcher at Pangoal Think Tank (Beijing) Information Consulting Co., Ltd., told Securities Daily reporters that Anjie Technology's existing production capacity is concentrated in die-cutting and stamping components, lacking high-precision MIM powder metallurgy processing capabilities. Optical module chip substrates impose stringent requirements on dimensional accuracy and heat dissipation stability, making it difficult to achieve rapid mass production and stable supply through self-developed production lines. Acquiring Suzhou Zhifeng directly fills this process gap, establishing an integrated precision manufacturing platform encompassing die-cutting, CNC (Computer Numerical Control), injection molding, and powder metallurgy. Subsequently, the company can simultaneously expand into new energy vehicle electronic control structural components and medical micro-device businesses, offering multiple categories of components to the same customer, increasing per-customer revenue scale, and hedging against operational risks from single-sector cyclical fluctuations.
Anjie Technology has long focused on precision structural components for consumer electronics and new energy vehicles. Although it had previously engaged in R&D, sampling, and customer submissions for optical modules, it had not generated any optical communication business revenue in 2025. This acquisition is a key step in the company's external expansion into emerging tracks, broadening the application scenarios of MIM technology in the optical communication field.
