FSPG(SZ:000973) Sou Hu Cai Jing·2025-06-19 07:36Core Viewpoint - The acquisition of Hebei Jinli New Energy Technology Co., Ltd. by Foshan Plastics Technology Co., Ltd. is a significant asset restructuring aimed at enhancing synergy in the polymer film materials sector, particularly in the lithium battery separator business [2][3]. Group 1: Acquisition Details - The acquisition price for 100% equity of Jinli is set at 5.08 billion yuan, with 400 million yuan in cash and the remainder in stock [2]. - The company plans to raise an additional 1 billion yuan to cover cash payments and improve liquidity [2]. - Jinli previously attempted an independent IPO but withdrew due to a downturn in the lithium battery industry [2]. Group 2: Financial Performance - Jinli's net profit attributable to shareholders, excluding non-recurring items, dropped from 296 million yuan in 2022 to 116 million yuan in 2023, indicating a significant decline [3]. - In 2024, despite a 30% revenue increase, Jinli reported a net loss of 118 million yuan, with gross margin decreasing from 37.72% to 21.85% [3]. - The company's debt ratio rose from 52.79% to 64.02%, reflecting increased financial pressure [3]. Group 3: Market Position and Clientele - Jinli's major clients include leading lithium battery manufacturers such as CATL and BYD, with sales to CATL reaching 717 million yuan in 2024, accounting for 27.45% of total sales [4][6]. - The company has a diverse shareholder base, including significant investments from industry players and venture capital [7]. Group 4: Shareholder Dynamics - The acquisition price of 5.08 billion yuan translates to approximately 9.25 yuan per share, which is below the cost for many external shareholders, leading to potential losses [8][10]. - The stock exchange price for the share swap is set at 3.84 yuan, providing a discount compared to Foshan Plastics' current price of around 6.3 yuan, which may help mitigate losses for investors [9].