Group 1 - The core point of the article is the inquiry issued by the Shanghai Stock Exchange to Meiyan Jixiang regarding its proposed acquisition of a 65% stake in Shanghai New Jiyu Information Technology Service Co., Ltd. for approximately 106 million yuan [2] - The Shanghai Stock Exchange requested the company to explain the necessity and rationality of the cross-industry acquisition of New Jiyu [2] - The exchange also asked the company to provide reasons for the significant increase in the valuation of the target company compared to previous equity transfers, along with historical financial data [2] - Additionally, the exchange highlighted the need to fully disclose the risks associated with potential large goodwill impairment arising from this transaction [2]

Group 1 - The core point of the article is that Guangdong Meiyan Jixiang Water Power Co., Ltd. is planning to acquire 65% equity of Shanghai New Jiyu Information Technology Service Co., Ltd. for a cash consideration of 105.95 million yuan [1] - The Shanghai Stock Exchange has issued an inquiry letter regarding the necessity and rationality of this cross-industry acquisition [1] - The inquiry also requests an explanation for the significant increase in the valuation of the target company compared to previous equity transfers, along with a warning about the potential risk of substantial goodwill impairment from this transaction [1]

Transaction Overview - The company Guangdong Meiyan Jixiang Water Power Co., Ltd. is acquiring 65% equity of Shanghai Xinjiyu Information Technology Service Co., Ltd. for a total price of 105.95 million yuan [1][2] - The transaction aims to expand the company's BPO (Business Process Outsourcing) business and enhance its core competitiveness and sustainable development capabilities [2][3] - The acquisition will not constitute a related party transaction or a major asset restructuring, and it does not require approval from the shareholders' meeting [1][4] Financial Information - The target company, Shanghai Xinjiyu, has a registered capital of 10 million yuan, which was increased to 1 million yuan in April 2016, and currently has a paid-in capital of 1 million yuan [6] - As of the disclosure date, the target company has total assets of approximately 97.90 million yuan and total liabilities of about 53.30 million yuan, resulting in a net asset value of approximately 44.59 million yuan [9][17] - The target company reported operating income of approximately 66.76 million yuan and a net profit of about 4.92 million yuan [9][17] Valuation and Assessment - The valuation of the target company was conducted using both the income approach and market approach, with the income approach yielding a value of 163.23 million yuan, representing a 266.03% increase over its book value [10][18] - The market approach estimated the market value at 173.32 million yuan, indicating an increase of 288.67% over the book value [12][18] - The assessment results show a discrepancy of 1.01 million yuan between the two methods, which is within a reasonable range of 20% [18][20] Future Projections - The target company is expected to maintain a growth trajectory in the BPO sector, with a projected increase in operating income and profitability over the coming years [14][15] - The company anticipates a gradual improvement in gross profit margins, with forecasts indicating a gross margin of 11.07% for the second half of 2025 and increasing to 12.75% by 2030 [15][16] Transaction Structure - The payment for the acquisition will be made in installments, with the first payment of 40 million yuan due within five working days after the agreement takes effect [21][22] - The transaction includes provisions for performance guarantees and potential compensation if the target company fails to meet agreed performance metrics during the commitment period [2][21]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its acquisition of a 65% stake in Shanghai Xinjiyu Information Technology Service Co., Ltd, raising questions about the necessity and rationale of the transaction, as well as the valuation and performance commitments associated with the acquisition [1][2][3]. Group 1: Transaction Necessity and Business Integration - The target company, Xinjiyu, primarily engages in customer service and e-commerce outsourcing, which is unrelated to the company's current main business [1]. - The inquiry requests detailed information on the market size, competitive landscape, and technological changes in the e-commerce outsourcing industry, as well as the target company's business model, major clients, and employee structure [2]. - The company is asked to explain the necessity and rationale for the cross-industry acquisition, including the core competitiveness of the target company under a light asset model [2]. Group 2: Transaction Pricing and Goodwill - The acquisition is based on market and income approaches, with the target company's net assets valued at 44.59 million yuan and an estimated valuation of 173.32 million yuan, resulting in a valuation premium of 288.67% [2][3]. - The company is required to disclose the basis and calculation process for the income approach, including revenue, costs, and cash flow forecasts, and to justify the significant increase in valuation compared to previous transactions [3]. - The inquiry emphasizes the need to assess the reasonableness of the chosen valuation method and the potential risks associated with the large goodwill expected from the transaction [3]. Group 3: Performance Commitments and Incentives - The transaction includes performance commitments, with the target company expected to achieve a total net profit of no less than 55 million yuan from 2025 to 2028, and a minimum revenue of 90 million yuan for the latter half of 2025 [3][4]. - The company must provide evidence of the feasibility of these performance commitments based on market conditions, existing orders, and financial forecasts [4]. - The inquiry also questions the necessity and rationale behind the performance incentive arrangements and the measures to prevent early fulfillment of commitments or significant declines in performance post-commitment period [4]. Group 4: Related Party Transactions and Other Receivables - The audit report indicates that the target company has other receivables amounting to 1.1916 million yuan, including loans to shareholders, raising concerns about the independence of the target company [4]. - The company is asked to clarify the reasons for these related party transactions and the status of the receivables, as well as the implications of fixed assets being registered under shareholders' names [4]. - The inquiry calls for measures to strengthen internal controls and manage related party transactions effectively [4].

Audit Opinion - The audit report states that the financial statements of Shanghai New Jiyu Information Technology Service Co., Ltd. fairly reflect the financial position as of December 31, 2024, and May 31, 2025, in accordance with accounting standards [2][3] Management and Governance Responsibilities - The management is responsible for preparing the financial statements in accordance with accounting standards and maintaining necessary internal controls to prevent material misstatements due to fraud or error [2][3] - The governance layer is responsible for overseeing the financial reporting process [3] Auditor's Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error [3][4] - The auditor performs various procedures, including assessing risks of material misstatement and evaluating the appropriateness of accounting policies used by management [4][5] Company Overview - Shanghai New Jiyu Information Technology Service Co., Ltd. was established on March 25, 2013, with a registered capital of 100,000 yuan [6][7] - The company operates in various sectors, including information technology, technical consulting, and business management [6] Financial Reporting Basis - The financial statements are prepared on a going concern basis, and no significant doubts about the company's ability to continue as a going concern were identified [8] Accounting Policies - The company has established specific accounting policies and estimates, including provisions for bad debts and depreciation of fixed assets [8][9] - The accounting period for the company is from January 1 to December 31 [8] Financial Instruments - The company classifies financial assets based on its business model and the cash flow characteristics of the financial assets [19][20] - Financial liabilities are classified and measured based on specific criteria, including whether they can be settled in cash or equity instruments [27][28]

人民财讯8月18日电，梅雁吉祥(600868)8月18日晚间公告，公司以1.06亿元的价格受让侯兴刚、吴海燕 合计持有的上海新积域65%股权。交易完成后，标的公司将纳入公司合并报表。该交易不构成关联交易 和重大资产重组，且未达到股东会审议标准。通过此次股权收购，梅雁吉祥将拓展业务流程外包业务， 并整合标的公司。交易形成约7600万元的商誉，需进行减值测试。公司与交易对方签署的收购协议中约 定了盈利预测补偿条款，标的公司未来存在无法实现业绩承诺的风险。 转自：证券时报 ...

2024 年、2025 年 1-5 月财务报表 上海新积域信息技术服务有限公司 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-3 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并所有者权益变动表 | 9-10 | | — | 母公司所有者权益变动表 | 11-12 | | — | 财务报表附注 | 13-60 | 审计报告 XYZH/2025SZAA4B0424 上海新积域信息技术服务有限公司 上海新积域信息技术服务有限公司全体股东： 一、 审计意见 我们审计了上海新积域信息技术服务有限公司（以下简称"上海新积域公司"）财务 报表，包括 2024 年 12 月 31 日、2025 年 5 月 31 日的合并及母公司资产负债表，2024 年度、2025 年 1-5 月的合并及母公司利润表、现金流量表、所有者权益 ...

本资产评估报告依据中国资产评估准则编制 广东梅雁吉祥水电股份有限公司 拟以现金收购股权所涉及的 上海新积域信息技术服务有限公司 股东全部权益 产评估报告 深国誉评报字 GZ[2025]第 249 号 评估基准日:2025年5月31日 资产评估报告日:2025年8月15日 GUOYU EVALUATION 深圳市国誉资产评估房地产土地估价顾问有限公司 中国深圳市南山区粤海街道深圳湾科技生态园 12 栋裙楼 711 广东梅雁吉祥水电股份有限公司 拟股权收购所涉及的 上海新积域信息技术服务有限公司股东全部权益资产评估报告 · 目录 资产评估报告目录 | | | --- | | 资产评估报告摘要 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 1 | | 资产评估报告正文………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...

一、关于交易必要性及业务整合管理。公告显示，新积域主要从事客服、电 商外包业务，与上市公司当前主营业务无相关性。新积域注册资本 1000 万元， 除货币资金、应收款项外，主要资产为固定资产 7.22 万元、使用权资产 685.18 万元。请公司补充披露： 证券代码：600868 证券简称：梅雁吉祥 公告编号：2025-041 广东梅雁吉祥水电股份有限公司 关于收到上海证券交易所问询函的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广东梅雁吉祥水电股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日收 到上海证券交易所出具的《关于对广东梅雁吉祥水电股份有限公司购买资产的问 询函》（以下简称《" 问询函》"）。根据相关规定，现将《问询函》内容公告如下： "广东梅雁吉祥水电股份有限公司： 2025 年 8 月 18 日，你公司披露《关于购买资产的公告》称，拟以现金 10,595 万元收购侯兴刚、吴海燕持有的上海新积域信息技术服务有限公司（以下简称新 积域或标的公司）65%股权。根据本所《股票上市规则》 ...

证券代码：600868 证券简称：梅雁吉祥 公告编号：2025-040 广东梅雁吉祥水电股份有限公司 关于购买资产的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 交易简要内容：本次交易为广东梅雁吉祥水电股份有限公司（以下简 称"梅雁吉祥"或"公司"）以 10,595 万元的价格受让侯兴刚、吴海燕合计持 有的上海新积域信息技术服务有限公司（以下简称"上海新积域"、"标的公司"） 65%股权（以下简称"本次交易"）。本次交易完成后，公司将持有标的公司 65% 股权，标的公司将纳入公司合并报表。 1、交割风险。协议中针对交割前提条件、交割后事项作出了明确约定和安 排，公司将尽最大努力与交易对方和标的公司沟通协调，以便实现顺利交割和整 改。如因交割条件未被满足，则存在无法交割或者违约的风险。公司将根据后续 进展情况及时履行信息披露义务，请广大投资者注意投资风险。 2、业务整合风险。通过本股权收购，上市公司将持有标的公司 65%股权， 1 本次交易不构成关联交易 本次交易不构成重大资产重组 本次交易未达 ...