Ribo Fashion(SH:603196) Guo Ji Jin Rong Bao·2025-03-25 12:28Core Viewpoint - The company, Ribo Fashion, is set to acquire 71% of Yindile's equity for a total transaction price of 1.42 billion yuan, which includes 1.161 billion yuan in shares and 259 million yuan in cash, aiming to transform its business focus towards the lithium battery adhesive industry [1][5][9]. Group 1: Acquisition Details - Ribo Fashion announced the acquisition of Yindile, which specializes in lithium-ion battery adhesives, with a market share of 49% in the domestic PAA adhesive market [4][5]. - The financial performance of Yindile shows stable growth, with projected revenues of 503 million yuan and 638 million yuan for 2023 and 2024, respectively, and net profits of 181 million yuan and 204 million yuan [5][6]. - The acquisition will result in an increase in goodwill by approximately 640.5 million yuan, raising concerns about potential goodwill impairment if future earnings do not meet expectations [7][9]. Group 2: Market Reaction and Historical Context - The market reacted negatively to the acquisition announcement, with Ribo Fashion's stock experiencing a significant drop, including a limit down on March 24 and an 8.62% decline on March 25 [3][10]. - Ribo Fashion has a history of failed cross-industry acquisitions, notably the termination of a previous deal to acquire 100% of Shanghai Jinyuansheng New Energy Materials due to complex due diligence issues [11]. - The company aims to pivot from its struggling fashion business, which reported a revenue decline of 15.68% and a net loss of approximately 159 million yuan in 2024, to the more promising lithium battery adhesive sector [9].