Core Viewpoint - The acquisition of 63.2134% of Ouyi Bio by Jiabiyou for 830 million yuan raises concerns about the high goodwill of 682 million yuan, which could impact Jiabiyou's financial performance if Ouyi Bio fails to meet its profit commitments [2][3][4]. Group 1: Acquisition Details - Jiabiyou announced the acquisition of Ouyi Bio, with an assessment value of 1.316 billion yuan and an appraisal premium rate of 441.23% [3]. - The acquisition price of 830 million yuan represents a significant premium, with Jiabiyou planning to acquire Ouyi Bio at a 4.4 times premium [3]. - Following the acquisition, Jiabiyou's goodwill will increase to 682 million yuan, which constitutes 40% of its total assets projected at 1.687 billion yuan by the end of 2024 [3][4]. Group 2: Financial Performance and Risks - Ouyi Bio has committed to achieving a cumulative net profit of 270 million yuan from 2025 to 2027, but as of September 2024, it has only reported a net profit of 43.19 million yuan [8][10]. - Ouyi Bio's financial health is questionable, with a debt ratio exceeding 50% and a continuous increase in accounts receivable, which rose from 63.38 million yuan at the end of 2022 to 111 million yuan by September 2024 [7][8]. - The inventory of Ouyi Bio has also surged, with a value of 72 million yuan by September 2024, reflecting a 51.82% increase from the end of 2023 [8]. Group 3: Market Position and Growth - Jiabiyou has experienced slow growth since its IPO in 2019, with revenue growth primarily in 2022, while net profit has shown a declining trend [4]. - Despite efforts to diversify into pet and beauty sectors, Jiabiyou's core products, ARA and DHA, still account for nearly 90% of its revenue as of 2024 [5]. - Ouyi Bio's sales prices have been declining, yet its gross margin has improved significantly, rising by 10% over three years, surpassing industry averages [9][10].
嘉必优4倍溢价收购欧易生物,商誉激增6.82亿;标的年盈利不足5千万,估值却13亿