HNHS(600156) Tai Mei Ti A P P·2025-06-11 03:35Core Viewpoint - Huasheng Co., Ltd. (600156.SH) is planning to acquire 100% equity of Shenzhen Yixin Technology Co., Ltd. through a combination of issuing shares and cash payment, marking a strategic shift from traditional textile industry to intelligent computing center sector [2][3] Group 1: Company Performance - Huasheng Co., Ltd. has faced continuous pressure in its main business, with a declining trend in overall performance and a net profit loss for five consecutive years [2][6] - The company's revenue from 2021 to 2024 was reported as 9.24 billion, 9.01 billion, 5.81 billion, and 7.78 billion respectively, while the non-recurring net profits were -1.07 billion, -1.86 billion, -0.53 billion, and -0.61 billion [9] - The operating cash flow has been negative for most years, with only a net cash flow of 11.79 million in 2023, and a projected -64.09 million in 2024 [9][10] Group 2: Acquisition Details - The acquisition will involve 28 shareholders of Yixin Technology, with 23 being new shareholders as of 2023 [3] - The transaction structure includes issuing shares and cash payment, with additional fundraising through a private placement [3][4] - Yixin Technology, previously listed on the New Third Board, had a revenue of approximately 166 million in 2017 and a net profit of about 16.46 million [4] Group 3: Financial Strategies - To alleviate financial pressure, Huasheng Co., Ltd. has engaged in asset sales, including selling shares of Xiangcai Securities and transferring land use rights [9][10] - The company has a current cash balance of only 110 million, with a high debt ratio, which was reported at 49.59%, 57.37%, 50.54%, and 54.26% from 2021 to 2024 [10]