Core Viewpoint - The company "孩子王" announced a strategic acquisition of 100% equity in "丝域实业" for 1.65 billion yuan, aiming to enhance its market position and operational capabilities in the personal care industry [1][4]. Acquisition Details - The acquisition involves two main steps: "孩子王" will acquire 65% of "江苏星丝域" from its controlling shareholder, while other investors will acquire smaller stakes [4]. - The total cash consideration for the acquisition of "丝域实业" is set at 1.65 billion yuan, with "孩子王" indirectly holding 65% of "丝域实业" post-transaction [5][9]. Financial Performance of "丝域实业" - "丝域实业" reported revenues of 619 million yuan, 689 million yuan, and 723 million yuan for the years 2022, 2023, and 2024 respectively, with net profits of 158 million yuan, 186 million yuan, and 183 million yuan during the same period [7]. - In Q1 2025, "丝域实业" achieved a revenue of 144 million yuan and a net profit of approximately 26.64 million yuan [7]. Strategic Investor - The acquisition introduces "巨子生物" as a strategic investor, which specializes in bioactive ingredients for skin care products, potentially enhancing "丝域实业's" R&D capabilities and product ecosystem [5]. No Performance Guarantees - The acquisition does not include performance guarantees, as "丝域实业" is considered to have a strong financial position and growth potential, with multiple bidders indicating a competitive interest [8][9]. Fund Allocation - "孩子王" plans to allocate 429 million yuan from its convertible bond fundraising to finance the acquisition, with a total investment of 1.65 billion yuan for the project [9][11]. Future Development Plans - Post-acquisition, "孩子王" aims to leverage synergies in member operations, market layout, channel sharing, and industry collaboration with "丝域实业" [11]. - The company is also exploring cross-industry growth opportunities, including a recent acquisition of 60% of "上海幸研生物科技有限公司" for 162 million yuan, marking a step in its "three expansions" strategy [12][14]. Financial Performance of "孩子王" - In 2024, "孩子王" reported revenues of 9.337 billion yuan, a year-on-year increase of 6.68%, with a net profit of 181 million yuan, reflecting a significant growth of 72.44% [14].
联合巨子生物，孩子王跨界收购丝域实业，押注养发护发赛道