Dare Auto(SZ:300473) Xin Lang Zheng Quan·2025-05-22 07:19Core Viewpoint - Del Shares is advancing a financing acquisition of automotive interior assets from its actual controller, Li Yi, despite previous unsuccessful acquisitions leading to significant losses and concerns about high valuations and performance guarantees [1][2][3] Group 1: Acquisition and Financial Performance - Del Shares is pursuing a capital increase to acquire 100% equity of Aizhuo Intelligent Technology (Shanghai) Co., Ltd. from Li Yi, which is expected to enhance its product structure and market potential [2][3] - The company previously acquired Fuxin Jiachuan for 1.937 billion yuan in 2017, resulting in an addition of 1.1 billion yuan in goodwill, which was fully impaired from 2018 to 2022, leading to losses of 423 million yuan in 2020 and 916 million yuan in 2022 [1][3][4] - The total impairment of goodwill from the previous acquisition amounted to 1.34 billion yuan, while the total net profit since its listing in 2015 was only 600 million yuan [3][4] Group 2: New Energy Transition - Del Shares is focusing on transitioning to new energy, particularly in solid-state batteries and hydrogen energy technologies, with solid-state battery development initiated in 2018 [5][6] - Despite the emphasis on new energy, the company's R&D expenditures have decreased, with a reported R&D spending of 43 million yuan in Q1 2023, continuing a downward trend [6][7] - The management expense ratio has consistently remained above 11%, significantly higher than the industry average of 5%-8% [7] Group 3: Previous Financing Efforts - The company has attempted two capital increases in 2021 and 2022, raising less than expected, with the first raising only 300 million yuan and the second planned for 250 million yuan, both failing to meet project expectations [10] - The slow progress of these projects has raised questions about the true motives behind external acquisitions and the company's internal development capabilities [10]