康达新材频繁“收购+融资”仍连亏 两次将高价买来的重要资产“低价”卖给控股股东

Core Viewpoint - Kangda New Materials has been engaging in frequent capital operations and acquisitions, but it has faced continuous losses in 2023 and 2024, raising concerns about its financial health and the effectiveness of its high-premium acquisitions [1][3][12] Group 1: Recent Acquisitions and Financing - On June 20, Kangda New Materials announced the acquisition of a 51% stake in Zhongke Huami, continuing its recent trend of capital operations [1] - The company plans to raise no more than 585 million yuan through a private placement to fund project construction and supplement working capital [1][11] - Kangda has made several high-value acquisitions, including a total expenditure of 457.4 million yuan for a 100% stake in Biko Technology, which it recently sold 51% of for 188.48 million yuan, resulting in a significant loss [2][17] Group 2: Financial Performance and Challenges - Kangda New Materials reported revenues of 2.793 billion yuan in 2023 and 3.101 billion yuan in 2024, with net profits of 30 million yuan and a loss of 246 million yuan respectively [12] - The company has faced continuous losses due to factors such as significant goodwill impairment, reduced revenue from electronic information materials, and increased depreciation and financing costs [12] - The goodwill impairment losses for Biko Technology were 19 million yuan in 2023 and 118 million yuan in 2024, indicating ongoing financial strain [4][12] Group 3: Asset Sales to Controlling Shareholders - Kangda has sold key assets at a loss to its controlling shareholder, Tangshan Gongkong, including the sale of a 66.9996% stake in Caijing Optoelectronics for 405.88 million yuan, despite having acquired it for 409.7 million yuan [1][13] - The sale of Biko Technology's 51% stake was also at a loss, raising questions about the fairness of these transactions [2][18] - The company claims these transactions are part of a strategy to optimize resource allocation and improve operational efficiency [18]