Core Viewpoint - Dajia Weikang is expanding its market presence in East China through the acquisition of Anhui Dajia Weikang Health Pharmacy Co., Ltd. for 116 million yuan, aiming to enhance its competitive position despite facing declining profitability over the past three years [1][8]. Group 1: Acquisition Details - Dajia Weikang plans to acquire 60.85% of Anhui Dajia Weikang at a total valuation of 190 million yuan, reflecting a significant premium of 2776.97% over its book value [2][4]. - The acquisition will make Anhui Dajia Weikang a subsidiary of Dajia Weikang, with the latter holding 65% of its shares post-transaction [3][4]. - The deal includes performance commitments from the seller, requiring Anhui Dajia Weikang to achieve specific sales and profit targets over the next three years [4]. Group 2: Financial Performance - Despite rapid expansion, Dajia Weikang has experienced a decline in net profit for three consecutive years, with a total decrease of 61% from 2022 to 2024 [1][8]. - The company's revenue grew from 3.29 billion yuan in 2022 to 5.23 billion yuan in 2024, but net profit fell from 51.08 million yuan to 26.57 million yuan during the same period [8]. - In Q1 2025, Dajia Weikang reported revenue of 1.3 billion yuan, but net profit dropped by 83.82% year-on-year [8]. Group 3: Business Expansion - Dajia Weikang has rapidly expanded its store count from 121 in 2021 to 1389 by the end of 2024, marking a growth of approximately 10.5 times [6][7]. - The company operates 119 chain pharmacies under Anhui Dajia Weikang, focusing on retailing pharmaceuticals, health products, and medical devices [7]. - The retail business accounted for 51.44% of total revenue in 2024, with a year-on-year growth of 78.83% [7]. Group 4: Financial Health and Liabilities - As of March 2025, Anhui Dajia Weikang had total assets of approximately 108 million yuan and a debt ratio of 93.85%, indicating high leverage [5]. - Dajia Weikang's goodwill reached 1.135 billion yuan, constituting 17.6% of total assets and 61% of net assets, raising concerns about the sustainability of its acquisitions [9].
达嘉维康高速扩店连续三年增收减利 11.35亿商誉压顶仍推溢价28倍收购