长鸿高科重启争议关联并购：百亿投资承压，多元化再落“险棋”｜并购一线

Core Viewpoint - Longhong High-Tech (605008.SH) is restarting its acquisition of Guangxi Changke New Materials Co., Ltd. amidst ongoing financial challenges and a significant debt burden, indicating a continued ambition for diversification despite previous setbacks [3][4][14]. Company Overview - Longhong High-Tech has faced a challenging financial environment, with a reported asset-liability ratio of 66.25% as of the end of Q1 2023, and short-term loans amounting to 1.4 billion yuan, while cash reserves cover less than 30% of its liabilities [3][12]. - The company has previously attempted to acquire Guangxi Changke but faced issues related to the target's financial performance and the method of payment, leading to the termination of the deal in October 2023 [5][6][7]. Acquisition Details - The new acquisition plan involves a combination of issuing shares, convertible bonds, and cash payments, aiming to alleviate previous cash pressure concerns [4][8]. - Guangxi Changke specializes in high-performance synthetic resin materials and has received long-term orders from major companies, indicating its strategic importance to Longhong High-Tech [16]. Financial Performance - In Q1 2025, Longhong High-Tech reported a revenue of 718 million yuan, a year-on-year decrease of 6.93%, and a net loss of 21.48 million yuan, marking the first quarterly loss since its listing [12][13]. - The company's aggressive investment strategy over the past five years has led to a significant increase in debt, with total liabilities reaching 2.369 billion yuan and a debt ratio of 61.39% by the end of 2024 [13]. Market Context - Longhong High-Tech's diversification efforts have included investments in biodegradable plastics and other materials, but these initiatives have not yet translated into profitability, as evidenced by declining gross margins across its product lines [10][12].