佳禾智能拟10亿元收购德国拜亚动力，品牌溢价转化为利润待考

Group 1 - Jiahe Intelligent announced a plan to acquire German audio brand Beyerdynamic for €12.2 million (approximately 1.0 billion RMB), with the final transaction amount to be determined based on financial data at the closing date [1] - Beyerdynamic, established in 1924, is a leading brand in the professional headphone market, known for its high-end audio products and strong brand recognition globally [1] - In 2024, Beyerdynamic reported revenues of €84.45 million, a year-on-year increase of 16.57%, and a net profit of €8.54 million, marking a return to profitability [1] Group 2 - Jiahe Intelligent's revenue for 2024 was 2.467 billion RMB, with total assets of 4.375 billion RMB, and headphones accounted for 77.25% of its revenue [2] - The acquisition is expected to enhance Jiahe Intelligent's brand revenue scale, operational capabilities, and facilitate expansion into the European and American markets [2] - The integration of technical resources from both companies aims to complement their strengths in consumer and professional audio products, accelerating technological upgrades and product innovation [2] Group 3 - Concerns have been raised regarding the high acquisition price of 999 million RMB, which is 14 times Beyerdynamic's 2024 net profit, indicating a high valuation risk [3] - Jiahe Intelligent's focus on OEM/ODM and lack of direct consumer market experience may pose challenges in expanding Beyerdynamic's presence in the mass market, potentially requiring significant additional investment [3] - The success of this rare cross-border acquisition in the A-share consumer electronics ODM sector remains to be seen [3]