阳光诺和重启并购朗研生命背后：标的业绩“过山车”

Core Viewpoint - The company Sunlight Nuohe (688621) has resumed trading on May 13 after announcing a restructuring plan, which includes acquiring 100% of Jiangsu Langyan Life Science Technology Co., Ltd. However, the market reacted negatively, with the stock price dropping by 3.63% on the announcement day, indicating investor skepticism about the deal [1][5]. Summary by Relevant Sections Acquisition Details - Sunlight Nuohe plans to acquire 100% equity of Langyan Life from its controlling shareholder Li Qian and issue shares to no more than 35 specific investors to raise matching funds [4][5]. - This is the second attempt by Sunlight Nuohe to acquire Langyan Life, with the first attempt having failed due to market conditions and regulatory inquiries [7][8]. Financial Performance - Langyan Life's financial performance has deteriorated, with projected revenues and net profits for 2023-2024 falling below those of 2022. Specifically, revenues are expected to be approximately 4.65 billion and 4.31 billion, with net profits of about 361.71 million and 543.86 million, respectively [8]. - Sunlight Nuohe's own financials show a decline in performance, with a projected first drop in earnings since its listing in 2024. The company reported a significant year-on-year decline in net profit of nearly 60% in Q1 2024 [9]. Market Reaction - Following the announcement of the restructuring plan, Sunlight Nuohe's stock price fell sharply, indicating a lack of confidence from investors regarding the acquisition [5][9]. - The stock closed at 44.3 yuan per share, with a total market capitalization of 4.962 billion yuan and a trading volume of 377 million yuan on the day of the announcement [5].