斥资14.2亿元，日播时尚“豪赌”锂电

Core Viewpoint - The company, 日播时尚, is making a significant move into the lithium battery sector by planning to acquire a 71% stake in 四川茵地乐材料科技集团有限公司 for 1.42 billion yuan, despite facing financial challenges and a substantial goodwill burden post-acquisition [1][4][5]. Financial Aspects - The acquisition price is set at 1.42 billion yuan, with 1.16 billion yuan paid in shares and 259 million yuan in cash, which exceeds the company's cash reserves of approximately 141 million yuan [3][4]. - The company reported a revenue decline of 15.68% year-on-year for 2024, totaling approximately 866 million yuan, and a net loss of about 159 million yuan, marking the highest loss since its IPO [4][5]. - Post-acquisition, the company will carry a goodwill of 640 million yuan, which could pose financial risks if the acquired entity underperforms [5][6]. Business Strategy - The acquisition aims to diversify the company's operations into "fashion + lithium battery binder" dual business model, potentially enhancing profitability and competitive edge [5][10]. - The target company, 茵地乐, has shown promising financial performance with revenues of approximately 503 million yuan and 638 million yuan for 2023 and 2024, respectively, alongside net profits of 181 million yuan and 204 million yuan [5][10]. Market Context - The lithium battery industry is projected to maintain a compound annual growth rate of over 10% in the next five years, driven by global trends towards electrification and clean energy [10]. - The industry is transitioning from a growth phase to a differentiation phase, where larger players are expected to dominate, making it challenging for smaller companies to survive [10].