YINGLIU(SH:603308) Mei Ri Jing Ji Xin Wen·2025-07-04 15:07Core Viewpoint - The acquisition of a minority stake in Anhui Yingliu Aviation Technology Co., Ltd. by Yingliu Co., Ltd. is under scrutiny due to the company's ongoing losses and the valuation methods used for the transaction [1][3]. Group 1: Acquisition Details - Yingliu Co., Ltd. plans to acquire 28.4615% of Yingliu Aviation for approximately 484 million yuan, with the overall valuation of Yingliu Aviation set at 1.672 billion yuan [2][3]. - Yingliu Aviation reported losses of approximately 50.5 million yuan in 2024 and 11.91 million yuan in the first quarter of the current year [3]. Group 2: Valuation Methodology - The valuation of Yingliu Aviation was assessed using both asset-based and market methods, with the asset-based method yielding a value of approximately 1.213 billion yuan and the market method yielding 1.672 billion yuan, resulting in a difference of about 459 million yuan, or 27.45% [3]. - Yingliu Co., Ltd. argues that the asset-based method fails to capture the value of core resources and future profitability potential due to ongoing R&D investments and initial losses typical in the industry [3][4]. Group 3: Financial Arrangements - The company has secured a bank loan of 380 million yuan from Bank of Communications for the acquisition, with a loan term of 10 years and an interest rate of 2.75% [5][6]. - Yingliu Co., Ltd. maintains that its operational cash flow and existing financing capabilities will adequately cover both daily operational needs and the funds required for the acquisition [6][7].